The evening world., 1893-10-17
A Wall Street Broker Pounoed
Upon by Creditors.
Charged with Hypothecating More
Than $3.50, 900.
All tho Money, He Says. Went Into
Wall Streets whirlpool.

'''N VI no '''@N S'''''''b '''''
a desire to speculate with other peoples
years a wall street broker and member
Of the Stock Exchange, Is a prisoner in
Ludlow Street Jail on the charge OF
hypothecation. In nearly every way his
case Is similar to that of Weeks. the
fugitive lawyer, except that the amount
stolen Ii not so much. Patton made
away with about $500
OF all that amount only 81 600 has been
saved from the wreck, according to the
sworn statement of the affiant. The
remainder. according to Patton's own
statement, dropped into the whirlpool of
Wall street over Cordage and Reading
stock.
There Is another story going around
an unveriiied one-that there was a
woman In the case. and that high living
had much to do with the brokers' down
fall. This is denied by his friends.
Among the number 'who do not believe
II Is Collector Kilbreth, who had been
Patton's counsel and knew him for
years.
~ think" said the Collector to an
Evening World" reporter this morn
Ing, that Patton is not half as bad rs
he Is painted. Had he been given a
chance l believe he would AVE got on
his feet. The fact Is, he has "A lot OF
wealthy, relatives. and by arresting him
money out OF them"
This view is borne out in the main by
Robert, II. Honeyman, OF 40 Wall street.
counsel for the creditors. He told the
reporters he was anxious only to get
back all the money he could. He knew.
of course, hat one OF Mr.. Patton's rela-
tives was II millionaire.
patton, of COURSE he added. was
well known and trusted. If he had mt
been he would never have been given
these large amounts Of money. He
heated every. one OF his creditors, In
cit ding. myself. 1t Is because | do want
to get back all the money possible that
| do not want to discuss the matter. l
am sorry the facts have come out, as the
Of Eetting the money back"
Patton. who was lodged In Ludlow
Street JAN last night, is not anxious to
throw much light upon the matter.
called upon him this morning he said
he would not discuss, his p%redicament.
An he had to say had been told e. his
Hts arrest had been a surprise to him.
Patton Is the senior member Of the
firm OF William L. Patton 4 Co. Wall
were considered among the solid men Of
the street. on that day he made an as
signment to barclay f.. V. McCarty.
Tho m the fact OF the assignment
became known several small houses in
the street closed their doors. Henry l..
Satonstall. whose sister Patton married.
was Patton's partner,
The assignee's report, which IL now on
file In the Court of Common Pleas, shows
that the liabilities OF the firm are SIS, 90
and the actual assets less than $1,000.
actual loss to the creditors.' or this
amount, according to Patton's confession
to his Creditors. he transferred $3.50 600 Of
IL to his own account. 1t was all. he
SAWS, lost In Wall gtrppt
is9bert Is. ~Honeyman. who made the
afhdayit upon which an order OF arrest
was issued by Judge Patterson. says
at 10000 were fraudulently disposed OF
by Patton the day before the failure.
They were given as collateral to the
Holland Trust Company and the Man
The Craig estate Is n creditor to the
extent OF $1,000, and 1t was on this claim
that the order OF arrest was GRANTED,
Duryea,, $4,000; Robert b. Honeyman
$4,000; Judge Potter. OF Providence, $50.
600. and 8 II. Valentine. a retired law
The millionaire relative referred to is
his uncle. Ludlow Patton. who lives al
Orange. n; I, The broker Is the son OF
gntional clergyman, who, at the time OF
his death, was President Of the Colum.
bian University at Washington.
only y snort time ago n portrait in oil
OF ms rather was presented TO the Uni
versity. and the broker made n speech
az the ceremonies. He formerly lived a,
Plainleld, y. j., but after the fnilurt
went to live with his brother-in-law al
Westheld. N. J.
soon after the failure he sent his wife
and two children to England, where the,
are now -staying with his sister. Fat
ton was f~orty-nine years old the day h,
failed in Wall street.
Henry l., Saltonstall, Patton's brother
in-law and partner, Is the son OF ex,
Coy. Saltonstall, Of Connecticut, anC
L. known throughout the country as IN,
OF the foremost patrons OF bicycling
At the Worlds Fair bicycle meetin,
this summer he presented the Salton
stall International challenge cup. valued
at $1,000. Ten years ago the partner,
succeeded the firm of Patton & Vande
venter, Of which LUDLOW Patton was
member