The sun. [volume] (New York [N.Y.]) 1833-1916, 1870-02-07

How MIR. Pinckney Realized $500 In
transactions with the Fireproof Ware
house Company-Another Wall street
Bubble Bur-t-The Tables Turned In n
Police Coart.
The brokers Pinckney were examined before Jus
ucc Cox charge OF stealing ave one thousand dol
lar bonds rom tle fireprooG Warehouse Company az
It's once Pine street The testimony on tae eIsm.
nation pictured the company a. product OF Wall
street intrigue, like many spurious concerns OF it,
character that have teen organized under the gen.
era law Of ls49. Il IL pretended that the Company
is possessed In fee Of large quantity Of real estate
IN New Jersey but It is alleged that the property IA
in the North River IL 10 further alleged that the
concern Organized by one Charles O. Richard
son, who is extensively cnFagrd IL such business
bonds.
II became necessary in order to disp pose OF them 10
get some well kno.n broAer To act as the agent OF
the Company. Mr.. Pinckncy, a wtll.kt own
broker, ~ No. ~ Wall street, was consulted,
and an Arrangements wa. effected. Mr.. Pinckncy,
however, made 50 ne h. quiries about the concern,
and went to jersey C.ty to sec the property.
which was claimed ~ belong 10 the corporation. On
searching, he ac"ran,d that the properly described
IN the charter Ay IN toe North River. extending to
the middle thereof, sol covering the whole OF
creek known b some Indian AppeIauon lie re-
turned 70 the CIV. sat 'hed that the Flreproof
warehouse Company NIr itraud Of the first watrr.
IHe tonpanys analogous got wind ~ Plnckney's
movements, nd VAS d, oIn,d necessary to restore
the shattered confidence OF that gsbtlemau accord
nigh they sent sIol p-cou 10 his ufic . w.o tx
pfVssed U,s.re 10 purcu dye thousand dollars
worth VI the Iunpan, = bonds. Pour Thousand dol.
lars In money Was untied tuT hvr thousand iu ud-
Mir, PhcAncy, not beng aware OF tie tr.oA,
warned tnc genLeu al o! the wOrthlessness G. the
bonds, but he insisted, and TIE money w.s
paid and the bonds we're delivered.
Ptnckney WIS then informed Of the game and that
this move had BEEN made TO impress AIm With the
| salablenees OF tue stock 70 that L0 m.ht recon-.
mend II to his patrons and seil It. lie had sixty
thousand OF the bonds g. sell According To the COZ.
tract, he was not to deliver the money bc.orc the
termination Of ninety dayr. lie had been 10 consid.
cradle trouble aoou; the concern and hal prom
lscd good bonus for his services, II be did
sell bond. Therefore, he resolved to Insure lnn-
self and get his commission At any rate. In bnef
then, tho identical bonds which sold by kim TO
the stool pigeon were few days alter ward bought
In Wal street BY lawyer IRON sad stoo pigeon Tor
two hundred dollars, and Nj. Pinckney now stands
ready TO deliver them whenever the Company may
want them.
Mr. PiucSncy has netted three thousand eight hun
dred dollars 81 the traDsacuOn The attorney for TIE
COMPANY openly declared IN court that not the
bon Ia they were alter, but the tatu. MI Pinekney
says that he bougnt the bonds OF Jhas ID. Richard
son, VINO Was IN acting agent and director OF the
Company.
VIM. L Gilbert, the President OF the Company, now
asserts that Richardson stoie the bonds, Justice Coz
dismissed the complaint against Mr. finekneJ and
granted q summons Tor richardson, and set the
further examination down ioT Fec. IA, at ii A NJ