The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-11-12
ANOTHER METHOD.

credit of Well-known banking firms.
Ascertaining that a certain banking
firm in Broad street was well known
in Virginia, the sWindlers started
bogus banking firm, with name al
most identical, in Stone street. At the
Stone street place agents of the
swindlers received credit on the books
for large deposits. Then the agents
would go to Virginia and buy large
amounts of commodities on credit,
giving a reference to the Stone street
house. An agent working under the
name Saliman bought lumber worth
$4,000 from a dealer in Virginia, who
knew that the standing of the banking
house in Broad street was good, and
supposed that the reference given by
Saliman was to that house. He tele-
graphed to the bogus house in Stone
street and received the reply: sail
man is all right. He has $4,000 on
deposit here"
Saliman got the lumber, sold it for
cash and got away with the money.
and the dealer in Virginia lost the
value Of the lumber.
A NEW ONE.
A number Of such transactions were
made by the swindlers before it was
necessary to close the Office in Stone
street and beat a haSty retreat to new
quarters under a new name. The
swindlers also started a coal and oil
company and sold shares on the pre-
Tense of owning coal and oil lands in
Kentucky 1t is believed they made
less by that enterprise than by other
methods of swindling.
Although the exact sum is not at pres
ent known, it is thought the swindlers
obtained nearly s. 000, 900 through their
operations. 1t is understood Valentine
has been indicted by the grand jury
of Brooklyn, and that the main wit
ness against him was May Vintage.
District Attorney Backus of Brooklyn
would neither deny nor affirm the re-
port that an Indictment had been
found. The man will be arraigned be-
fore Justice Hurd in the county court
today.
1t is said by the police of Hoboken
that Valentine was at the head of a
fraudulent concern which existed and
cleared large sums in that city a year
or two ago. Valentine was then, it is
alleged, at the head of q firm which
opened an office in the Second National
bank building in Hoboken and began
soliciting lumber invoices from all
parts of the country. The Shipments
received were sold for whatever thew
would bring. a fictitious credit was
established by means of fraudulent
t~l4AS viii Il commercial agency and
large amounts of the firms paper were
discounted in Boston and other cities
at large rates.
AN EXAMINATION.
This led TO an examination of the
company's financial status by the Do
lice, and it was found that they did
business on a credit basis almost en-
tirely. Meanwhile many of their notes
went to protest, and the authorities
of half dozen cities reported the facts
to CHIEF Donovan. He began an in
quiry into the methods q, f the firm and
was Indignantly referred to the Second
National bank. Valentine, it is said.
had secured the confidence of the Of
ficials of the bank and was negotiating
with them for big loan. He had dis
played big roll of gilt-edged securi-
ties as collateral, which were said to
have amounted to $4,000, and were
afterward suspected to be forged pa
pers. The negotiations were stopped
on Chief Donovan's warming and the
firm asked to withdraw their accounts.
They did so promptly, and, learning
that the police were on their track
left the town soon afterward.