Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-11-27
SWINDLtD FOR A COOL MILLION.
A SMOOTH Young ENGLIsHMAN's
CAREER IN DAKOTA.
story of His Beputed Transactions,
showing How He Rapidly Mounted
the Ladder OF Foriune-woried
English Capitalists ana Got Away.

Yanktown. S. D., Nov. 22.--The En-
glish capitalists who have been deal
ing in South Dakota paper during the
last few years have been investigating
the validity OF their holdings, and
charge that in nearly every instance
they have been swindled through ]. L..
NJ Pierce. an Englishman. who has
been living the past three years in
London. Fresh evidence is daily ac-
cumuiatlng, but enough has been
gathered. they say, to indicate that
Pierce has realized fully 100000 in
five years through fraudulent and
forged papers, school bonds. tax deeds,
certificates, mythical township bonds.
etc.
The nrm Of Pierce, Wright & Co.
has offices In Yanktown, in London. in
Holyoke. Col. and Spokane. Wash.
Pierce gave the impression that the
New York correspondents of the firm
were Gilman. Son s. Co. OF No. 62
Cedar street. The FIRMS London bank
ers. he said, were Barclay Bevan * Co.
1t has been known for three or four
years that forged school district bonds
to the amount OF about 100000 had
been fioated. some OF them having
been sold in New York. one bond for
10000 was discovered by the pur-
chaser to be worthless and was re-
turned TO the seller, VINO took 1t up.
Interest coupons on the alleged
fraudulent outstanding bonds have
been received here regularly through
the banks and have been promptly
paid by Pierce, Wright & Co., but the
coupons which arrived today will not
be paid. because Pierce, who Is man
aging the London office, is reported to
have Ned, 1t is supposed to Mexico,
with perhaps 100000.
In 1884 j. l.. NJ. Pierce, with scarce
ly funds sufficient to reach his destl-
nation, arrived in Lemars, Iowa, from
England, He came ostensably to
learn farming with a lot OF other
young Engllshmen, the majority OF
whom were more fortunate than he In
having wealthy parents. Pierce was
ambitious, and soon conceived the idea
of establishing a brokerage office in
Yankton. for the purpose OF floating
American securities on the English
market and luaning English money
to American borrowers. He married
an excellent young lady, the daughter
OF DR.. McCiregor Of this city. Pierce
asSNsldltu with nlmselI anolner En-
glishman named Wright. doing busl-
ness under the firm name at Pierce,
Wright q Co. Tie YauktOn office
did not do large business. and
branches We're established at Spokane,
Wash. and at Holyoke, Col. large
amount Of English capital was Sc
cured, and loan investments were made
as Pierce saw fit
Pierce then began to erect buildings
here. He built the Union block at a
cost Of $4,000, the Pierce hoted at a
cost of $1,000. and number of resi-
dences worth, all told. $4,000. Then
Pierce's fancy turned to railroads and
he undertook to build the Yankton.
Norfolk and Southwestern railroad
from Yankton to Norfolk, Neb.. and
two-thirds Of the grading was COM
pleted at cost Of $4,000 But Pierce
was not discouraged,
In May, 1883. school bonds said TO
aggregate $500 900 on school townships
in the various counties of South Dalxo-
Ia We're sold. some in New York and
some In England. Nobody seems 10
know who issued the bonds They
purported TO be genuine. having the
alleged Endorsement OF reputable busl-
ness and professional men OF this city.
THESE bonds were negotiated by PIERCE,