A REMARKABLE SWINDLE.

Poverty Bay Standard, Volume X, Issue 1121, 12 August 1882, Page 2

A REMARKABLE SWINDLE.

An extraordinary swindling ease has just been tried before the Correctional Chamber of the Seine. The prisoner is one Sorano, who some little time ago founded an establishment in the Avenue de l'Opera, to which he gave the nrme of the Banque Orientate, The object of the institutioh woe, as given out in his circulars, to give public the benefit of a coutrivandß which enabled him to offer to holdeS of depreciated and non-paying Turkish’ securities sure and certain dividend on their capital, This contrivance eonsisted in buying French Three per Cents, and having them carried on indefinitely from one settlement to another on the security of the Turkish Stock in question. Persons wishing to avail themselves of tho good offices of M. Sorano had nothing to do but to bring him their stock. For every deposit of IOOf. worth of Turkish Rentes of four obligations, or four lots, the depositor received a certificate, allotting him 30f. French Government dividend, payable quarterly at counter of the Banque Orientale. In proof of the prosperity of the undertaking M. Sorano,in hislatestcireular, announced that tho Banque Orientale had acquired a property in the Rue des Pyramides producing a net revenue of 100,000 f. A journal was also founded, called L'Orient Financier, each number of which set forth in glowing terms the advantages of the institution. By these means a largo number of holders of Turkish securities were induced to entrust their bonds and certificates to M. Sorano, who, instead of employing them as promised, speculated with them for his own advantage until the the last financial crisis. The Banque Orientale was soon afterdeclared bankrupt, with liabilities of 2,454,089 f., and only 500,000 f. assets. Criminal proceedings were then instituted by the defrauded creditors, and M. Sorano has been convicted and sentenced |q three years’ imprisonment.

_< A Northerner travelling in the .South saw a harnessed team in the field, and the negro tired man sitting on the grass and gazing steadfastly towards the top of a tree. “ What are you looking at ?” the stranger asked, j “ Does you b’long ’bout hyarwas ' the negro’s response. The traveller assured him that he did not. “ Well, den, boss,” said the colored laborer, “ I wan’t ’zactly lookin’ at noth’n up dat tree ; I was just trying to hurry tip sundown.”