The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-03-18

was uAiHiy o5nuucu " tuOse WIZ WcfC iutctoSeCu
in ton the one hand the Continental Bank, and
on the other the firm Of eddie Austin, brokers at
No. II Bread street. though, Of course, there was
great deal OF conversation about the matter among
financial men generally, who naturally feel. the
importance OF such matter to them, wnere such
frauds Us this could be perpetrated in SO bold q
manner.
1t appears that the firm of Oddie h Austin was
only recently formed, Mr.. Oddie having been
member of the Stock Exchange for some time. Mr..
austin, who had, until recently, been a clerk in
another firm, formed partnership with Mr.. Oddie,
promising put $40 900 in the firm, which he did,
80 to have the privilege OF the Stock Exchange.
On Saturday Mr.. Austin wished to have a check
of $4,000 certified, and sent in the name
OF the nrm to the Continental Bank,
where he was IN the habit Of making
the firms deposits. He gave as collateral security
for the certincation OF the check 400 shares of
Wabash and 100 shares OF Fort Wayne, and the
bank accepted the collateral. The wabash certif-
Gates are in the name Of Philip Speyer Co., Kuhn
h Loeb and KENYON, Cox h Co. The endorsements
OF Speyer h Co. and Cox 4 Co. were apparently all
right, but those OF Kuhn, Loeb Co. were wrong
In the omission OF the 500"
THIS ERROR WAS SOON DISCOVERED
In the bank, whose officers sent Immediately down
to the drm Of Kuhn Loeb Co., which pronounced
the endorsements being wrong and lorgeries.
When the firm OF OddIe Austin was called upon
for an explanation neither OF the gentlemen COM
posing 1t was to be found. 1t was known that Mr..
eddie mad been out OF town on shooting
excursion for some days, and his absence
caused anxiety, but the disappear
ance of Mr.. Austin caused some surprise. A
gentleman told the reporter that about an
hour before the discovery of the forgeries he went
n Mr. Ausfin having in his forged
certificates as collateral on loan he had made to
the firm. Mr.. Austin drew q check for the amount
and took the certificates back, and almost immedi-
atey after sent them up to the Continental Bank,
where the money was loaned upon them. When
the forgeries were found out some one went down
to the Office of Oddie Austin and told the latter
about the fact. Mr.. Austin simply said, ais that
SOY" and, putting on his hat but leaving his
coat in the Office walked out and has not been
heard OF since in spite OF the fact that most per-
sistent Efforts have been made to find him or to
gain some intelligence from him. This sudden
absence strikes the officers OF the bank as being
VERY STRANGE
and almost unaccountable except with the most
damaging suspicious.
The same firm hypothecated 100 shares OF
Wabash and 100 shares OF Fort Wayne with j. b.
Murray for loan of ST. $780, and it said that 200
shares in another loan have been found, in this
case the certificates bearing the names OF Whitley
Nelson Oh the face, but endorsed by Whitley
Il Watson on the back. 1t Is stated that another
100 shares have also been found This however,
could not be authenticated, but it is believed to
be so.
HERALD reporter called on Mr. Z. c. Timpson,
the cashier OF the Continental Bank, yesterday
afternoon, and asked him II he could give any par
ticulars Mr. TimpsOn was quite willing to speak.
Have you any suspicion as to who the cnpable
parties are in this transaction ?" asked the re-
al could net say positively, but II Is evident that
the whole affair is all organized movement
answered Mr.. Tlmps0n.
us the firm Of Oddie Austin suspected OF any
thing wrong in the matter 2"
'Iwould not venture to say that. At present we
deavoring to find IL all out"
"ln what manner were fOrgeries committed
Were the designs and face of the certificates
."Oh. no. only the signatures were forged not
the certificates themselves. They appear to have
been torn out OF the stub book and endorsements
forged to them. But who did 1t, OF hew it was
done, remains to be seen. Among
THE EMPLOYEES OF THE BANK
the general opinion seemed to prevail that the firm
of Oddie Austin was to blame, and many sar-
castle remarks were made at the expense Of the
a crisis as this. From what was said it would
appear that Mr.. Austin is almost wholly
in the street that had not the plot been discovered
on Saturday afternoon the street was to have been
hooded yesterday with these certificates, and an
enormous amount Of money made in this way.
The premature discovery OF the affair through the
bungling way In which it was done prevented the
contamination Of the little game. 1t is also be-
person, 1t is clear that the affair could not have
been worked up by one person.
The reporter called afterwards upon the firm
but neither Mr.. Oddie nor Mr.. Austin was in. 1t
Is proper to observe that no suspicion attached
residence some distance beyond Long Branch, in
New Jersey. whittier he teOk party last week for
fishing or shooting excursion. Only Mr.. Austin's
whereabouts are unknown. 1t was generally I'M
derstOed In Wall street that
THE DETECTIVE OF THE STOCK EXCHANGE
knew that such plot as has been described was IN
progress. II this is fact IT seems very eXGraord-
nary that this gentleman, If he knew ei such
thing, did not take hold OF it in time to stop the
present frauds and the losses they entailed.
The theory Of the private Wall street detectives
is that the rumOrs that any extensive frauds were
their belief the fact that If the orgerIes were to
have been OF large amounts the blank certificates
OF stock themselves would have been forged and
not distracted from the stub-book. 1t is evident,
the detectives say, that when these certificates
were torn out OF the book of the company that the
sny very 'Hn large se s.
have been speedily. discovered. This theory
Detectives have been put in pursuit of the sus-
pected parties by the officers OF the bank, and
The clear losses on the matter are the
about thirty-six thousand dollars, but on the Con.
tinentai Bank itself the losses are not fifteen
thousand dollars and may be reduced to about
seven thousand dollars, as 1t is hoped that
ONE OF THE CERTIFICATES Is GOOD.
The firm also had about eight thousand dollars
on deposit In the bank. The other losses fall on
outsiders.
Some OF the evening papers OF yesterday say
that Austin has really escaped with the money
This does not seem to be certain yet, and there
may be reasons why this gentleman is not on hand
and yet not be culpabe. Mr.. Oddie is expected to
he in the city to-day. lie was telegraphed to
twice yesterday. and during the Afternoon q
gentleman started to find him at his duck shooting
IN New Jersey.
Return of Mr.. j. w. Oddic-His State.
ment.
Mr.. John W. Odde, OF the firm of Odde Austin
arrived in town last night, after an absence since
Thursday night, and proceeded to the Aston House.
He received the kilograms recalling him while out
on the beach at Barnegat, where he had gone
shooting, and after crossing to the mainland in an
open boat in gale Of wind, at the risk of his liIc
succeeded by dint Of hard travelling in reaching