Rensselaer Republican, Volume 19, Number 50, Rensselaer, Jasper County, 18 August 1887 — A SYNDICATE SUNDERED. [ARTICLE]

A SYNDICATE SUNDERED.

Henry S- lyes & Co, Fail 820,000,000. W l . Inlated Investments Equal to the Ferd Ward Robbery—Two Indiana Railroads Involved—W bat Great Cheek Will Ac- ’ complisli. The firm of Henry S. Ives & Co., of New York, suspended last week, causing intense excitement in interested circles. The liabilities exceed $20,000,000. Henry S. Ives is a young man, twentynine years old, and looks more like a divinity student than a railroad financier. He appeared in Wall street about seven years ago, and was a clerk for G eorge Opdyke k Co., bankers. Then he was connected with the house of Denslow, Easton & Herts, and later with the firm of Meeker, Ives & Co. The h ouse of Henry S. Ives & Co. is only about two years old, and it was not Ives who furnished the capital. He became known to the country hut a few we eks since in the C. H. & D. railway purchase-and later by the purchase of the Vandalia railroad from W. R. McKeen, figuratively knocking the i breath out of the great Pennsylvania company. The announcement of this bold stroke created great excitement in business circles at the time. The— transactions 'were carried out in the name of the so-called IvesStaynor syndicate. The firm igured the same time with Robert -Garrett, of the Baltimore & Ohio road, and came near getting possession of it also, and, now as the bubble has burst, the peculiar methods employed entitle Ives to be dubbed “Napoleon II.” of Wall street, Ferdinand Ward being “Napoleon I,” After having obtained possession of the C. H. & D. Ives used the preferred stock of the road to secure his other loans. The w T ay he would get hold of this preferred stock was in this wise: He would give a check to the road for the amount of his purchase. This check would be certified by Henry Ives A Co., as bankers for the road. The certified check would then be accepted by Ives & Staynor as the road’s officers. They would endorse it with the road’s name, and it would then be deposited with Henry S. Ives & Co., bankers. Not a dollar passed in the transaction, but Ives got the stock all the same, and paid for it, too —on paper. It is also claimed he has managed to glut the Vandalia in a similar manner. It is probable he will be proceeded against for criminality, and may share the fate of Ferd Ward. Firms, individuals and railroad companies are included in the general slaughter. Statements are that the Cincinnati, Hamilton & Dayton’s claim is about $5,000,000; the Vandalia claim about $2,500,000; Wm. Fellowes. Morgan A Co., $2,000,000; L. B. Harrison, of the First National Bank, $1,000,000, Alfred, Sully; $400,000; The Farmers’ Loan and Trust Company, $300,0o0; Irving A. Evans, of Boston. $287,000, besides many other amounts to various railroads and a number of loans which were made out in the name of brokers. The gmotmtrtrf these cannotr be ascertained-. __ -: :

A Mother's Cruelly. A case of maternal cruelty comes from Springfield, Ohio: Severs months ago Mrs. Daniel Harigan, was accused of Jiaving starved her baby. The agent for the Society for the Prevention of Cruelty to Children waited on her and found that she was feeding thje child on sour milk, and the little thing, but three months old, was a mere skeleton and was covered with filth. The ut natural mother promised to do better, but never did, and a week ago, for the purpose of preserving the child’s life, it was taken to the orphan’s home. Wednesday it died. Physicians made a post-mortem examination and stated to the coroner that death was caused by starvation. The coroner held an inquest, examining a long list of witnesses, and thewoman will Hkely have to suffer for her sins. Mr. Harigan earns good wages, but afraid of his wife. There was no necessity for ill-treating the child.