The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1889-09-04
4 FINANCIAL FRAUD.
Woodruff, Iyes'S Confidential
Clerk, ConfesSeS.
HOW SCHEMES WE'RE WORKED.
The Napoleon Begins His Career as Peer
Mantle Sensation in Wall Street
The Pair are in Jail

Especial to THE HERALD-E xaminerJD Dispatch
New YORK, Sept. Woodruff, Henry
S. Ives's confidential clerk, has confessed;
the man whom Napoleon Ives called "that
d FOOL" has shown the public, and will
soon make clear in a court Of Justice, how
the firm of Ives & Stayner managed to fail
for $50 600, 900 with no capital to start with
except cheek and rascality. The confess
sion IS long and to every one but Wall
street man, tedious document Little
bits here and there possess some humor,
but Edward H. Woodruff is not, strictly
speaking, humorist and is an extremely
matter of fact man. His confession, how
ever, will no doubt be sufficient TO land
young Ives and his older partner in the
states prison for wholesome number of
years.
Woodruff knew Ives when they were
both clerks receiving respectively 81 and
Sc week. This was in 1881. In October.
1888, began the rise and fall of the house Of
Ives. In that year Ives, in modest way,
set up for himself, employed Woodruff as
clerk and promised in the event of his good
behavior to take him into the firm. Wood
rufus story reveals Ives as an extremely
poor Spectator. Whenever Napoleon tried
to gamble in Wall street he invariably got
'pinched." Woodruff cites any number OF
such instances. Ives's fort was as an
operator through banks and brokers of
schemes more or less nefarious and al
most always savoring of downright rob-
berry. Woodruff shows that these larcen-
Gus proceedings were planned in most cases
to get capital. Indeed, Ives's method of
getting money was a sort of perpetual rob
blng Peter to pay Paul,
His debenture bond scheme was nothing
more than this: Ives telegraphed to Robert
Dunlap, says Woodruff, broker of Gin
cinnati, asking him to receive for account
of Henry 5. Ives certain number of these
bonds and deliver them to Albert Meter.
Dunlap refused to do so, because he
thought he did not have enough money, but
in some manner Ives got somebody in Gin
cinnati to receive five or six thousand dol
lars worth of these bonds, to pay for them
and ship them to broker in Chicago, who
received and paid for them and shipped
them to broker in st. LOUIS, who received
and paid for them and shipped them to
broker in Philadelphia, who received and
paid for them and was to ship them to
Henry S. Ives in New York. The idea
was to obtain the use Of the money for the
time the bonds were out and until
L0GY CAME DdCh 10 Ives. 1ul5 LTdu-
saction having been started, netted Ives
$1,000, with which he placed another
scheme, the Mutual Union corner, and
which was frustrated by the Intervention
of the Stock exchange. Ives was in no
wise discouraged. He went down to the
Continental bank with new set of de-
benture bonds. But the old ones, instead
of returning to Ives, went to the bank, and
so Ives was caught. Woodruff insisted
upon restitution. Ives at first refused, but
fnanly consented to pay up, and so the ex-
traOrdinary tale continueS-a series of
desperate chances taken, often most sue
cessfully but very little indignation in
Wall street, but on the contrary, ad-
miration for Ives cunning and lack of
scruple.
The universal and large transactions are
fully explained as well as the partnership
with Stayner Stayner is well described
by Woodruff as man without capital but
with friends. and these friends were Henry
Gillig, whose banking connections were
utilized, and Meyer, the great rubber
king, whose money was most OPPORTUNITY
borrowed 1t was with Meyers 'stuff''
that the Columbus, Hamilton Dayton
deal was effected.
There is little new in this part of Wood
ruff's confession. that has not already been
made public, but as a revelation of methods
and as a confirmation of what has been
charged and suspected, the confession will
be invaluable to the district attorney who
will try and send New York's Napoleon To
Elba, which in this case will probably be
Sing Sing