Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-12-31
HI BR0KlA COT /,
NEW. YORK sPOsTMAsTER LOST ALL.
THROUGH ssFRIEND.,,
PUT UP HIS LAST D DOLLAR.
He was Given a Job la.s President of
National Mercantile Agency Mt
$1,000 q Year-He Indorsed Notes,
Now He HASN'T n Gent.

NEW YORK. December 2s.-{SpeciaD.-
Charles a. Hess, attorney for postmaster
Cornelius yanCott. declared this after
| noon that Mr.. VanCott has lost evary. doi-
lar he possessed as result OF his adsen :
ute in the National Mercant1- @ ASency 81 MI =
Willis T. Gridley, whose arrest he brought
about on the charge OF falsifying the
books OF the company
Lawyer Hess charges, also, that the
books Of the company were actuaiiy
changed by Miss Edna Ranney, OF Stra-
cuse Miss aRanney, tt is said, is pro-
tege of Gridley's, and when he came from ON
Syracuse three years ago, he brought her
with him. She was employed as book
keeper by the company, and the books.
according to Hess, were changed by Grti'
ley's orders.
Lawyer Hess said: -4ss
POSTMASTER Vancott, about a year ago.
was invited to become director in The
National Mercantile Agency. whose of
fees were at No. FL Broadway. There
was a possibility that.suef asconcerr. by
skilful MANA cement and careful financing,
would have a good field and provesa sue
eessfuI venture. The principal stock
holders were Willis Z. Gridleys and mems
bers of his family. VanCott, on account Of
his standing and reputation. was elected
president He accepted, relying, as he had
right to-. on others who We're supposed 20
be practical and experienced, to look after
the management and details OF the con-
Germ.
1.-THE venture did not turn out as an-
ticipated by FanCott and il became ueces-
sary to borrow money. VanCott, having
explicit confidence in Grfdley, Endorsed 4
number Of notes in his individual name
with Gridley. which were either sold or
discounted, and the proceeds were pre-
sumedz to have been paid into the treas
ury OF the company.
Because Of gross mismanagement by
those who had charge Of its affairs. the
concern became insolvent, and in July
last an involuntary petition in bankrupt
cy was filed against it. @
about the time OF the filing of this Pc
t.tion. notes endorsed by EanCott and
Gridley came due. and up to date my eli :
ent has been Obliged to pay out his life
savings-upwards OF s1S,0o0-to meet these
papers.
There is till outstanding unpaid about
$4,000 worth of paper. containing the IN
dorsement Of VanCott and defendant.
.'Gridley is Just as liable as =vanCot.
and IS well able to pay. but refuses to pay
his share, and is trying to gobble up
the small assets Of the company and TO
bankrupt VanCott. In order to cary out
this scheme, GridIey directed the book.
keeper to falsify the books OF the COM
pany.
False entries were made showing that
VanCott was adebtor in the sum of nea'-
ly $1,000 when In fact he was a creditor
for upward OF $4,000. The books We're
actually changed by .Misss Ranney. one OF
the defendants, protege Of Gridley, by di-
rectton of the latter.
This has been most unfortunate at
fair Ior Van Colt; every dollar - he hal
in the world has been paid out by him 70
meet obligations for which he was moral
~, and, Sperha ps, legally. responsible. Van
Colt neither directly. nor indirectly. bene-
fitted in this scheme to the extent Of Il
single dollar. and never even received any
part Of his salary, which was fixed a.
s., coo a year
Gridley was arrested at his offica
charged with forgery. He was arraigned
in Centre Street Court and released on.
bail. The case was set for January 2.
Miss Ranney was arrested in Syracuse
and brought here tonight. She also was
released on bail. Postmaster VanCott re-
fused to talk, saying, however. that he
suspected something wrong, and when
Gridley and Mss Ranney went to their
homes in Syracuse for the Christmas tlo,i
days he put experts on the books and thus
Is f,o-