The sun. [volume] (New York [N.Y.]) 1833-1916, 1891-08-11
STOLE THE PEOPLES CASH.
BUILDING ASSOCIATION PROVES
TO BE A SWINDLE
A,cu. 100000 Received ana Most of It
rIows Into the Pockets of tho Omcers-
x....rer Morton Gone with 100000.

co,c,co, Aug. 10.-Alfred Downing. Presi-
a.,, and N. II. Tolman. Vice. President OF the
S.,ionaI CAPITAL Savings Building and Loan
Is.o.ia,ion Of North America were arrested
..-aav BY Post Ofiicc Inspector Stewart
sSsrg.d with using tho mails for fraudulent
purposes - 49,.
h.en conducting this association have swim
sl,d ,hous ands OF people from every state In
~. Union md taken in about 100000. and
.,s,r. no,hins in return. The victims hall
tom Maine to California. There are still two
:. .r NJ large aud 1t is believed they got away
With most OF the funds.
ror al, months and more letters have been
,eeei,ed from all parts OF the country by tho
pos, Office aud city authorities protesting that
ths National Capital Savings Bniluing ana
Io.n Association OF North America was not
that It's projectors represented 1t to DO, and
that II was collecting money and making no
mans Inspector Stewatt has been working on
tha e,se for four months He found that the
concern had agents In every State IN tho
Union who were selling the s20,OOoOOO OF
stock. The scheme vas advertised through
thoso agents, TO whom wore sent circulars and
documents showing the association to b" gilt.
.a,sd At tho time Capt. Stewartto charge OF
AGAR and secretary. WINS apparently the re.
snonsble man and handled the cash received
in largo amounts every day.
Cant. Stewart visited the company's ONCE
sreouently disguised rs letter carrier. In
crd.r to secure evidence. Several weeks ago
Mortimer disappeared and to-day. after hav-
inc waited In vain for his return Stewart dc.
eided 10 secure the other Visible members Of
the combination. George 0. Ferguson. OF
Lincoln. Neb.. representing about sixty vic
tims In his city. was summoned here. With his
assistance the necessary svidenSs was com,
sssses. Mr. Ferguson in an interview said:
town b. 81 a local iiEm. sotine ii GOOD faith. The
ihe Building and Loan Association plan. and
a sS 81 d shsTss for s. cents sarh
srsyment Of tl1.05 each month for ninety - elk
months: At the end Of which tine s.n ; ,seeS
s - %'nS iss @ and a. IS fP
ns g. '3 Tie MAIDS one $500 loan
= o.ssr. e invest. ana hupdr.as sent
d i tSe loans they sspscted to make contacts
for homes; and stores were let and building !ns
Ssu Ph money What R'vs s. sneub snd
University. who was quite q heavy investor:
S to sna 70 s
b. such nne business man. and give such
sns Sc: hs hs rooa .Sad back sS
Eli tho e c.ss bsiors tho Post ONCE authorities
christ vent over the books Of the concern and
been made IN as many diIersnt States; These:
~ .s,S Other iosps Gould e found. sithous9 ~
RRS Sndrsds 81 psopis. from the places where the
sinsis loan. vas placed: rough estIm AZ AZ ot
the amount Of money RECEIVED 10 Si7S 0O9 In
:: ':.t sas n: II. es BOOKS snoa L
ss % AZ the States but M ths n9ss sStye
as1sstou fex %.sS San
srsnsmiss.d ~ Sund1eds dollars daily
.s.a :ss MAn 10. spa moths
concern, L Is said. did 9 heavy business In
PhlIadelphis, but It eprearss that the antho y,
% The sssoeiatlon was organized on Feb. 81.
xxi s' be sas SoF Fis:d Hs;r H. rem.u
csPresident; Louis +. Mortimer. General
AHsn nae; and Secretary. A.. ,...,.. ..,..
.na < enss a % e tie eonoeln WIFE
capital OF $40. 0O0. 900. Mortimer was good
MANAGER, and soon had the money flowing IN
until t6e closing Of the Phiiadslphia branch.
when len, MortimsT came back here and began
Ally Ee ousted Downing and elected F. A.
Wentworth. President Downing threatened
trouble. and Mortimer, saying his son. was
sues sssn III IS said 1 hs
kimost $4,000 that the ass so had in
est heard o. July 10. at f6i Eighth sVsn Mas
Ssw , Yort s,tyi President Downing and Vice
they were not I'm It," Both alleged that they
nsd bssyS. gotten mere than small salary out
EoItimer was the man who got 1t all. We
started In what believed to be an honest
Mortimer to Be- an hon man as had f known
5m 10 the business for number Of
EaG fs%s s ssss 2 e..
T. +: Sss: Fs%.S
i shoush he ss.d says, he made nothing
nd 'n asked that p. M9i%ss Who n "a:
s s,s name az an incorDoEa,or; He consented
ses s 20 sa ase!qss
Ssss Whom
rested. Tollman admitted that since The
FORMATION OF the association no knew OF $Sl 900
having been taken In.
inspeStor Stewart said no was we'll satisfied
ss as ., and
R RsnIy bitten. holh Of them" said inspector
AZ about the swindling that was going on. but
ne my Sid not ee' much OF the money Mortimer
least doubt b. got away with clcan sl5O.0
1911 nave gone TO his office time and time
Sfsin disguised as a letter carrier and seen
n!m sign HUNDREDS Of registered letters con-
ss,oinG hundreds Of dollars. and he smiled
"a sc wor fslas, and smooth man generally
pys minutes with him that he MAS the sgusrest
business man on onrth."
downing and Tolman were teld In 90 600
6o9ds each By. Commissioner Hoyne. 10th
HSsihiN{ myers on hand; and Tollman was quick
ossiied out Downing was unable to secure
SSoSasmen and spent the time in custody OF a
H may MARSHAL. Ono Of the ATTORNEYS for the
n ns! said there Was no doubt the concern was
, .na r e tho core. but no believed Downing
MAJ. i sn;Insn were simply victims OF morti-