Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1894-11-29
Nearly s,.ooo,ooo Involved.

The biggest financial sensation in
South Dakotas his ory has just come
to light in the collapse OF the land
and loan firm of Pierce. Wright * Co.
1t Yankton. The failure Of the firm
was brought about by the discovery OF
forgeries perpetrated in issuing school
bonds, tax sale certificates and other
securities through the London branch
OF the house. The frauds thus perpe-
trated will probably aggregate II ,O0O,-
600. The firm OF Pierce, Wright 4
Co. is composed wholly OF J. T. NJ,
Pierce, Mr.. Wright having witt-
drawn from it some years ago. The
"6rm' has had offices at London,
Eng, Spokane, and at Holyoke, Colo. +,
places. The principle office of issue
been MIR. Pierce's place OF residence.
his various issue Of fraudulent papers
were negotiated and turned into cash.
Mr.. Pierce has dealt largely in school
district bonds and tax certificates.
These have been generally Of ticti-
by the Wholesale and forged or fic.
with seals, yeritications, etc. He
seems ave found ready marke,
for his l. is paper, probably through
the good standing of his London
house Who is responsible for the
various acts OF forgery is only mat.
ter of conjecture. Perhaps Mr. Pierce
did some OF it or did none OF it. Tha,
it was done there rests the evidence oI
Nd t,ia n h
bond issues he has covered the South
Dakota counties of Yankton, Bor
Homme. Hutchinson, Turner, Clay
and Union, SO far as is known The
business has been going on many
years
A sample OF the fOrgeries.
The last school bond to come to lig h
is dated December /, 1893 1t pur
purted to be tho bond of independent
school district No. . OF Bon Homme
County. 1t was for the sum Of $25, 900
payable to J. p. Crennan, who died
several years before it was issued. w.
H. Brown Of Yankton is the alleged
notary. who atte,ted the document
An opinion as TO its legality is ut.
tached signed Gamble Bros PER H.
S. Gamble The firm of Gamble
Bros. was not in existence at tha
time and H. $. Gamble was never ,
member of the firm The signatures
are forged. This paper was sold Il
English parties and has recently beei
made the subject OF investigation b,
I. Mallinson of Texas, an Enelishman
This is given as Il sample of his work
The aggregate amount of trauduien
school bonds and tax certificates i, no
known, but is very large, and there
are in addition numerous fraudulen,
mortgages, which have been palmet
of upon unsuspecting Englishmen
Fioated Nearly a million.
1t Is the opinion OF a gentleman in ;
business that Pierce has tloatad fron
9500,00O to 81 900, 600 worth of thi
manufactured paper. He has bull
most substantial improvements in tn,
city being the result OF his invest
ments. He has lived extensively. too
maintaining IN establishment 'ther,
and one in London. He has put SlI5.
600 into the grade and right OF way o
the Yankton and Norfolk Railroad
though there is belief that the mon
ey for the railroad work was not ,
portion of his income from the schoo
bond tax certificate factory. Thi
amount OF money has probably no
b'cu out into the grade, though there
is good authority for the statemen
that the sum named was subscribet
aud paid by Englishmen for in, 1t
ment in the railroad Pierce lef
England October 5 for America, ant
it Is supposed he is now in Mexico
He Is married to ianktou woman
whom he left in London. Rich de
velopments are expected in a fe,
dava