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Daily Press And Dakotaian
Yankton, Yankton County, South Dakota
What is this article about?
In a dispute reported from Philadelphia, broker Wm. E. Elbert accuses ex-President Morton of the Market Street Railway of deceiving him with fraudulent stock over-issues, leading to his ruin. Morton counters that Elbert knew of the fraud and demanded money, steering him deeper into trouble, vowing to face consequences without suicide.
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BROUGHT TO RUIN.
New York, Sept. 24.-According to a dispatch from Philadelphia, Wm. E. Elbert, broker for ex-President Morton, of the Market street railway, claims that Morton fully deceived him and brought him to ruin by his fraudulent over-issues of stock, and that he was totally ignorant of the bogus character of the stock. To this Morton replies that Elbert is the only one that had the slightest idea of there being any fraud or wrong in the matter. "I yielded to all his demands on me for money. It was always the cry. I must raise him money. At one time for commissions; at another, interest: but at all times money. When I was trying to 'pull for the shore' and get out of this trouble honorably, that man held the rudder and steered me into the stream, where he kept me. I know the ordeal I have to go through with, and with my sensitive nature, it is terrible, but I will try and meet it like a man. I would not do like Ralston, of San Francisco-commit suicide."
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Domestic News Details
Primary Location
Philadelphia
Event Date
Sept. 24
Key Persons
Outcome
elbert brought to financial ruin; morton facing legal ordeal but vows to endure without suicide
Event Details
Wm. E. Elbert claims ex-President Morton deceived him with fraudulent over-issues of Market Street Railway stock, of which he was ignorant. Morton replies that Elbert knew of the fraud, demanded constant money, and steered him deeper into trouble.