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AN APPARENT SWINDLE.Alleged Hanking Institution for Fml-grants— A One-Man-Power Concern—latent of Their Operations.New Youk, July 9.—At yesterday's meeting of the board of emigration commissioners Mr. Stephenson said he had discovered the existence of a concern styling itself the American Emigrant Company, at No. HO State street, which had received depositsamounting to $130,000 from emigrants. Itcould produce no articles of incorporation and the man who was apparently running the concern, one J. C. Savery, had admitted that the depositors had no security except his individual bond.The concern advertises for deposits in papers printed in foreign languages throughout the country, and sends agents into Castle Garden to solicit deposits personally from immigrants. It had redeposited some of its deposits in various Now York banks in the name of J. C. Savery of Des Moines. Iowa. One depositor, who susjiectod that something was wrong, tried to draw out $2,000, but was obliged to take part of it in bonds of a Missouri concern in which Savery is interested. The “company” was known up to last September as the American Emigrant Company of Hartford, and Bartholomew, the Charter Oak insurance president, was then its president.When Bartholomew fled to Canada after wrecking the Charter Oak, it is claimed that he took with him part of the funds of the Emigration Company and Savery and a man named J. C. Callanan,. then bought out the concern, and ostensibly assumed all the liabilities. Savery says he invests the deposits in western lands, and has $50,000 worth of land so acquired. He claims that the certificates of deposit show that the depositors are secured, but Mr. Stephenson exhibited a certificate for $20 which he had himself deposited, and it is simply a receipt for so much signed by an agent named Jeanson, in Savery’s employ.One Warner is manager for Savery, but will give no information about the business. Mr. Stephenson thought it strange that this business had been going on for twenty years and none of the Castle Garden officials had ever reported it to the board. On Mr. Stephenson's suggestion a rule was made prohibiting all persons except authorized railway representatives from transacting business with emigrants inside the buildings, and that the business of persons having access to the buildings be reported to the board. Mr. Stephenson will lay the matter before the state and city authorities.
Newspaper Details
Warren Daily Mirror
Warren, Pennsylvania, US
Sat, Jul 09, 1887
Page 1
Full Page
Clipped by
Don B.
USA 09 Mar 2023
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