The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1890-12-03
STOLE $350,000.
Extensive Forgeries by Broker
Smith in New York City.
The Junior Partner Wrecks an
Old and Wealthy Firm.

Albert q. Smith, OF No. 204 Columbia
street, Brooklyn, junior partner of the oroK-
erage firm of Mills, Robson & Smith, OF No.
95 Broadway, New York City, is locked up
at Police Headquarters on charge OF forgery
amounting to $780, 900.
Smith acknowledged his guilt before his
arrest TO which he submitted voluntarily.
and transferred all the property he possessed
to W. A. Watson for the benefit OF his cred
itors. Mills. Robson & Smith also made an
assignment for the benefit OF their credltltors
late that same afternoon.
The discovery of the forgeries, which cover
O period of six years, was accidently maze
ny Mr.. Watson, who is stock clerk In the
employ of the firm.
Smith in his confession says that he
used the money to reimburse custom,
lost money upon his suggestions.
After making an open breasto OF his dolngs 70
his associates in the firm, he said he had
made up his mind to surrender himself to the
authorities. Lawyer Walker Logan, the at
torney for the firm, accompanied Smith "a
his residence. No. 2O4 Cumberland street,
Brooklyn, and thence to Police Head
Acting Chief Byrnes, to allay possible e1.
citement and wrong impressions, yester-
day considered it proper to make
public the facts Of the case. Smiths
method was something akin to that
of Charles Bedell, the dishonest clerk IN
the employ Of the law firm Of Shipman, Bar
low. Larocaue g. Choate. The loss resulting
from Smiths misdoings will fall upon the
firm of Mills Robeson & Smith, which has
been in existence since 1872 and has always
heen known as q reputable drm.
About six years ago Smith became embar-
rassed and to make his way out OF the difh.
Guilty adopted the scheme which finally led
to his downfall. How he managed to evade
discovery for so long a time seems
strange, but it Is supposed that as
he was a member Of the firm he
was beyond suspicion on the part of the
employees. His modus operandi was quite
simple. He would buy seven, eight or nine
shares of first-class stock and by adding a
unit or the letters 'ty' or "ty" raised them
to seventy, eighty or ninety shares. These
he deposited with the firm as a private ac-
count, thus making his partners responsible.
Smiths crime is forgery in the first de-
gree, and as he has confessed his guilt ne
cannot escape a long term OF imprisonment.
Twenty per cent Of the total amount Of
Smiths forgeries will be recovered by the
firm. The stocks which have been raised
are not total loss, and less than ten per cent.
Of their market value was borrowed upon
them. This would make the total loss to the
brokerage firm about S270, 900
The firm Of Mills, Robson & Smith IS ir-
retrievably ruined, however.
The home of Albert II. Smith, No. 2O4
Cumberland street, Brooklyn. is handsome
four.story, brown stone dwelling, overlook
ing Washington Park. It is sumptuously
furnished. His wife died last August and
three years before he lost his daugh-
tor, beautiful girl Of eighteen years.
he is President of the Brooklyn Riding and
Driving Club. Smith had been member OF
the exclusive Oxford Club since its orsaniza-
ton, but was by no means frequent visitor
at its house. he was too, Secretary OF the
homeopathic Hospital. For many years he
was member Of the Clinton Avenue Con-
eregational Church, but at the death of DR.;
Buddington, its long time pastor, attached
himself to Plymouth Church, with which he
is still connected. Knowing that exposure
was inevitable, he resigned from the clubs
some time ago.
Smith is about forty.fve, and has lived in
Brooklyn twenty-eight years.