The Wenatchee daily world. [volume] (Wenatchee, Wash.) 1905-1971, 1909-08-24
WENATCHEE MEN
INVESTIGATED
LOAN AGENT OF SEATTLE WHO
GOT $4,000 By FALSE PRE-
TENSES IN LITERATURE SENT
TO WENATCHEE.

A number of Wenatchee people
were very much interested this morn
ing by story that came from Sc
attle 1t is regarding the operations
of w. w Smith, loan agent who
had fitted up palatial offices and ad-
vertised cheap loans. A great deal
of literature was sent into this city
and the claims of this man were in
vestigated by a number of local peo-
pie. John A. Gellatly, w. S. Gehr
and others called on the man while
in Seattle but his proposition did not
look good to them. The story as it
came from Seattle is as follows:
Evidence of one of the most dar-
ing swindles ever perpetrated in Sc
attic was brought to light this after
noon when Prosecuting Attorney
George F. Vanierveer issued war
rant for the arrest of w. w. Smith,
who until Saturday night conducted
a loan office in the balcony of the
Realty Owners Syndicate, ZIG Cherry
street. Smith, who is now missing,
is wanted for the obtaining of ap-
proximately $4,000 on false pre-
lenses.
Smith arrived in this city about a
month ago from Denver, Colo, and,
holding what then appeared to be the
best credentials from the leading
banks there, rented two rooms from
the Realty Owners Syndicate. He
advertised widely he stood ready to
loan money on property at per cent
much lower than given by reputable
offices here. Shortly afterwards he
received abstracts from not less than
so land holders in Oregon, Idaho
and Washington. who sought to take
advantage of Smiths rate.
Business Proves Brisk.
When he saw that business was
going to accumulate rapidly, Smith
made the rule that those making ap-
plications for loans would be requir-
ed to make an initial deposit Of I per
cent on the amount they desired on
property. In the meantime he would
hold the abstracts, make an examina-
ton of them and negotiate the loan
from eastern capitalists whom he was
supposed to represent. He agreed to
float the loans in a month from the
day he opened business, and this day
fell due last Saturday.
In view of the fact that they had
received neither their abstracts nor
the loans, several local men, whose
names have been withheld, went to
Smith the first of last week and open
" charged him with swindling them.
They further declared, it is said, that
If he did not return their deposits
to them on the instant they would
give him licking on the spot. Fear
mig that they would make good their
threats, Smith. returned them the
money and the abstracts. These
three men are the only ones who
have not been made victims of
Smiths confidence game.
Victims Throng Office.
The Office Of the realty concern
with whom the man now sought by
the police was lodged, although the
Realty Owners Syndicate maintained
stoutly this morning that Smith had
no connection whatsoever with their
firm, was crowded Saturday with the
persons who had expected to receive
their loans as Smith had promised.
All were informed that their man
had disappeared last Thursday and
had not been seen since. 1t was then
that they realized they had contrib
uted their money for the benefit of
Smith, who, it now appears, did not
even bother to make an examination
or the dDSCrdcCS.
The Realty Owners Syndicate had
Smiths mail stopped this morning
and notified the prosecuting attorney
of what had taken place Vanderveer
appeared and seized $50 abstracts on
property variously situated in three
states, which Smith had left behind.
1t is now believed that Smith OBJ
tanned stationery from the Denver
banks and wrote his own references
He had also mentioned Bradstreet's
land Dun's in way of reference as to
his integrity and backing. but these
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