The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1894-12-01
nEeREATY AnKTONFAluRE
How J. 7. NJ. Pierce Got Away
With Two Millions.
he Arrived 1t LetIars From England in.
1ssA . rsnniless Youth-Got . Hls
Start by Teaching British
Youth Now to Ham
die Hoes.

AOuUu 1oW 10 nan
die Hoes.
YANKros, 8. D., Nov. 2s.-Ths swim
dies psrpetratsd ON English capital
lists by j. T. NJ. Pierce, the Yankton Ma
poleoa Of finance. IRE simply astound-
Ing, and involve nearly SO, 900, 900.
j. I. NJ. Pierce is charged
with having plated fc-
titious townsites and of bonding them
fer nearly 100000 with floating
fsrged and fraudulent school bonds to
the amount Of $500, 900; Of hypothecat-
ing forged and fraudulent tax sale GER
~tifcates to the amount OF s225, 900; of
selling bonds on imaginary silver
miRes, Of bopding the Yankton, Nor
folk and Southwestern railway, which
is only partially graded, for 5000, 600.
and with other acts equally as fraudI-
lent, by which English investors were
duped,
His First Appearance.
In 1884 j. I. M. Pierce, with scarcely
funds suf1cient to reach his destination,
arrived at LeMars, from England. He
amt osteasibly to learn farming, with
. lot of other young Englishmen, the
majority of whom We're more fortunate
than he in having wealthy parents who
paid all expenses. Pierce, who Is PEE
culiarly shrewd, and who has since
shown himself to be wonderfully reck-
less, soon abandoned farm life and pro-
cured work in a livery stable belonging
to Mike Madden, another Englishnan
who lost his entire fortune, and who
is now setting type in n Norfolk.
Neb., printing Office. Pierce formed
the acquaintance Of c. D. Maclagan, a
young Englishman of means, but a
lightweight mentally. Together Pierce
and Maelagan bought two farms in Ne
braska, eighteen miles south of Yank-
ton, where they undertook to impart
the knowledge of farming to young
Englishmen, who were induced to go
upon The farm through the influence of
the Maclagan family in England.
These boys puid for the privilege of
wording on the farm from $500 to $500
. year. Pierce was ambitious and he
conceived the idea Of ablishing a
brokerage office In Yankton for the
purpose OF floating American securities
on the Enghsh market and lonning
English money to American borrowers.
After two or three years on the farm
M%aclaEan's mind became unbal-
snacd and he was taken
home to England. 1t was then
found that Piercs had title to about all
OF the property that had once belonged
to Maclagnn. Pierce's accumulation of
wealth soon became apparent. He
married an excellent young lady, the
daughter Of DIR. MacGregor, of this
city.
1t was at this time, or a little later,
that Pieroo announced that his aunt
had died and left him a large legacy.
(His aunt was u Miss Milward. a con-
n~ection Of the English needle manufac-
t~urers). He associated with himself
another Engltshman named Wright,
doing business under the firm name of
Pierce, Wright & Co. The Yankton
office did not. do a large enough
business, and branches were established
et Spokane, Wash, and at Holyoke,
Colorado. A large amount of English
capital was secured, and loans and in
vestments We're made as Mr.. Pierce saw
fit. Pierce nov began to erect build
ings here. Union block was built at a
cost of $4,000, the Pierce hotel ut n
| COol u GUY SOOOs anu Ii NUN DGr Oh resi-
dences aggregating $3.50 0 more. Then
his fancy turned to railroads, and he
undertook to build the Yanlton, Nor
folk and Southwestern railway, from
Yankten to Norfolk, Neb., and two
thirds of the grading was completed, Mt
q cost of S75, O0O. The British losses
in Australia frightened the English
capitalists, from whom Pierce was
drawing funds. and the supply was cut
off.
This was the proper time for another
aunt to die and leave him a legacy. He
was obliged to leave Yanlston to avoid
creditors. He evidently secured fnan-
cial assistance in London. where he has
been living during the past three years
in tho most luxurious ease. About the
5th of October last it is alleged that he
engaged passage on one of the Atlantic
liners, for himself and family, but the
steamship agent declares that but one
passenger came-presumably Pierce.
He Becomes n Napoleon.
J Now ome the interesting part Of
the story, fresh details of which are be-
ing received daily.
Pierce was bound to become a high
roller and a Napoleon of finance ct all
hazards. In May, 1889, school bonds,
said to aggregate $500, 900. on school
townships in various counties of South
Dakota, were sold, some In New York
and some in England. Nobody seems
to know who issued these bonds. They
%purported to be genuine, having the al
legged Endorsement of such reputable
men US 8. A. Boyles, w. P. Dewey, jr.,
d. L. Jackson and others, and
in the instance Iof the bonds
supposed to have been issued
by school district No. 81, Yapkton
county, tho regularity of their issue
was attested by the name of N. NJ.
Hills, county superintendent OF schools.
These bonds were negotiated by Pierce,
Wright g. Co., and interest coupons
have been paid regularly by that firm.
On tho cad of December lust, school
bonds to the amount of SOS, 900, on
school districts In Bon Homne county,
turned up. Their regularity was seem
ingly indorsed by Gamble Bros, the
leading attorneys of this city, but
these, like the first Issue. are fo:geries.
The Bon Homme county bonds were
made payable to John P. Crennan, a
mar who died three years before the
bonds were issued.
The last mentioned bonds are now
the property of the North American
Trust company.
A short time since. it is said, q party
of Englisbrnen arrived ut Yunkton en-
route to San Francisco. They had what
purported to be q letter of credit from
Pierce to his Ynnkton house calling for
$40, ooo. There was no money on hand
and they got nothing, and will lose
their deposit with Pierce.
A week & Mr.. McClosky Of Bel
fast, Ireland, arrived here in the inter-
terests of himself and friends. who
thought they owned the electric light
plant and other property. They are
Investigating.
Fraudulent and forged tax sale GER
tifcates said to aggregate sees, 900
have been discovered as among the u.s.
sets Of certain English investors. To
somo of these certificates the name of
Il. 3. Wynn, cashier of :he American
State bank, has been appended as tes-
tifying to their regularity.
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