The Providence news. (Providence [R.I.]) 1891-1906, 1903-01-01
EVERY
DOLLAR
IS GONE
Postmaster Van Cott Of New
York Ruined by Collapse Of
National Mercantile Agency

Rev York Jan. i-Cornelius Won Cott,
postn,aster OF New York, through hts
counsel. Charles A. Hess. announced
yesterday that his savings of lifetime
had been swept away In the wreck OF
the National Mercantile agency, with
which he is said 70 have connected him-
sclf trusting entirely to his friends TO
care for his interests. He now owes
| 5000, which he In not able to pay unless
time In granted 10 him.
Mr.. Van Cott has caused the arrest OF
willis r. Gridley. said TO be wealthy
lawyer, and Miss Edna Ranney. both OF
Syracuse II Is charged FIAT the books
of the agency were falsihed 10 permit
the misappropriation OF s2l.i3e.2i. Miss
Ranny is alleged to have faisihed the
books.
For many months the affairs OF the
National Mercantile agency have been
in litigation. The concern was declared
an involuntary bankrupt last July
Later the few assets were disposed OF
bringing only fraction of the amount
required 70 settle the debts. Mr. Van
Colt explained that he had been per-
suaded rather against his Will 10 lend
his name TO tnc dkonCy, "HtNh Woo VI
Ganixed three years ago to compete with
Bradstreet's and Dun's commercial sgen-
cies. He was 10 receive a salary OF $4,000
not one penny OF which was ever paid
90 him.
Mr.. GRIDLEY DENIES ALL.
Mr.. Grdley asserts just as positively
that an outrage has been perpetrated In
his arrest He says the courts have been
made use OF by Mr.. Van Cott to work
a personal spite. He promises retaiia-
tor.
when Mr.. Van Cott appealed to Cap
tain Titus chief OF the detective bureau,
for his assistance in arresting Mr. Grid
ley and Miss Ranney he said the National
Mercantile agency was organized In Sep
tember 1899, with a capital OF SOo,oW
cornelius Van Cott was made president,
willis 7. Gridley, secretary. treasurer
and general manager, and Il. w. Catlln,
a nephew OF General BENJAMIN r.
Tracy. assistant treasurer. 10 captain
Titus. Mr.. Van Cott said:
The company has been doing consid-
erab business dealingi In Eegotisole paper
! thought n good profit was being made
II was necessary from time to time TO
issue promissory notes, and / signed
these at the request OF Mr.. Gridley. At
the end of the year instead OF having
profit OF $4,000, as had been led 10 ex-
pect. I found that owed the agency
$1,000 l had an expert accountant go
over the books. and learned that Grid
lev and Miss Ranney. whom he employed
as bookkeeper, had conspired 10 defraud
me-
BAIL FOR BOTH PRISONERS.
Willis r. Gridley was arraigned in Cen
tire Stree, court yesterday afternoon ana
held I'm 5000 Bond was furnished. Miss
Ranney. who was arrested In Syracuse,
was brouaht to New York last night.
She was taken Immediately to the home
Of Magistrate Pool. where she was ad-
mitted TO bail. She was represented by
w A. Shepard, OF $50 Nassau street. on
whose advice she made no other state
ment than that she was gultless of the
charge against her and that she had
never In any manner wronged Mr. Van
Cott or conspired against him with Mr..
Gridley. In statement issued last night
for Mr.. Van cott by his counsel Mr..
Hess said
Every dollar that Mr.. Van cott pos
ressed in the world has been paid out
by him and ne finds himself still In
debt $1,000. He will pay II ALL but he
must have time TO do II. Gridley, who is
wealthy man and who Is equally re-
ponsibls with Mr.. Van Cott. has refused
10 pay one dollar Of the obligations.
When the agency was organized the
principal preferred stockholders were
willis T. Gridley. his mother and other
relatives. Then Mr.. Van Cott was per-
euaded to enter the concern. His name
was needed. and foolishly he lent II 10
Gridley. When IL became necessary To
borrow money, Mr.. Van Cott, having
implicit confidence I'm Gridley. indorsed
several notes with him. These notes
were presumed TO have been disposed OF
for the benefit of the agency.
"Of the $1,000 outstanding in notes 5000
is due TO the mother Of Gridley. who owns
the Salt Springs National bank. OF SYRIA
cuse Gridley's brother holds note
for s24oo. and the balance is held I'm New
York city
"Of Miss Ranney I know little. We
ohase that she falsihed the books so "a
20 divert s2l. 1861 70 Gridley which should
have gone into the treasury OF the agency
and that Grldley persuaded her TO do
this.
Things have changed greatly since We
were young" said the reminiscent friend
That's right" answered Mr.. Cumrox
''I used 10 get these blood and thunder
historical novels for ten cents apiece