There was great excitement in New York on the 16th
August, caused by a colossal failure and still more colossal fraud. One of the richest firms in New York, that of Ketchum, Son, and Co., failed for an immense amount, the failure being due to the private speculations of the younger partner, Mr. Edward Ketcham, and the frauds of which he had been guilty to meet his losses. It is said that he had forged gold-cheques to the enormous value of 500,000/. in the name of Charles Graham and Co., whose business he was for a time managing. The cheques, it seems, were never presented at the bank for payment,—never at least till the dis- covery was made,—but he raised money upon them, giving these cheques as securities, and relying on the name of his firm, than which none stood higher in New York, to obviate all distrust. He escaped with 12,000/. in cash, writing a confession to his father (whom he had ruined), and requesting him to provide for his wife and children, coolly remarking that for himself he had already provided. Graham and Co. are of course also ruined. The offender has not been caught, but the panic in Wall Street, which at one time assumed great proportions, had nearly subsided.
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