Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1891-03-05
n4NK WRHcRNHs coNvIcrED.
Work. DUNCAN and Pfciner sent To Jail.
To BE Tried on Another Charge.

Work, DUNCAN and Pfciiier sent To Jail
10 Be Tried on Another Charge.
PHILADELPHIA, Feb. 25.-A sensation
was caused in court Of common pleas
this afternoon by Louis h. Pfeiiler,
president Of the defunct Bank OF
America, Withdrawing his plea OF not
guilty and entering 4 plea of guilty as
indicted. Pfeifler was indicted Jointly
with James S. DUNCAN, cashier of the
bank, and George f. Work, on the
charge of rehypothecating and convert.
Ing to their own use securities deposited
as collateral with the Bank of America.
The trial began Yesterday, and was CON
tinued this morning. Shortly after the
usual recess Of the court this afternoon,
counsel for Pfeiiler arose and, address
ing Judge Arnold, said that, upon con-
sultation with his fellow counsel and
his client, they had decided to with
draw their plea Of not guilty and plead
guilty, II had been rllmored for several
days that Pfeitlcr would plead guilty,
but when he did not change his p lea on
the opening of the trial yesterday, i
was generally supposed that he would
fight the case through.
President Pfeiifer's testimony in sub
stance was that Work, although not an
officer Of the bank, was really the head
and front Of the institution, That Work
did most of the tinanciering, and that II
was by Works direction that he, as an
officer of the bank, when money was
needed would negotiate the rehypothe-
cation of securities"
The hearing Of testimony in the trail
of George II. Work, Louis Il. Pfaitfci
and James S. DUNCAN, charged with re-
hyp0thecating stocks and securities in
connection with the failure of the Bank
of America, was concluded Thursday
| in Philadelphia, and argument of copn-
sci was begun Friday morning. The de.
fence claimed that President Macfar.
lane, now u fugitive, was the respon.
sblA person for the rehypothecation
ana that Work had nothing to do with
it, Work and DUNCAN were among the
witness examined.
PHILADELPHIA, Feb, 2S.-The three
hank wreckers, George f. Work, Louis
Il. pfeiifer and James S. DUNCAN, slept
last night in Moyamensing prison
| wht re il is probable that their stay viii
be quite a prolonged one. Work and
DUNCAN We're convicted during The
afternoon of fraudulently taking anc
converting to their own use securities
deposited in the Bank of America a.
| collateral for notes, and Pfeiifer hac
previously pleaded guilty to the indict
inent found against the three and Johr
i. Macfarane. Bail was refused fol
them, and sentence wassuspended pend
ing argument ON motions for new trials
The days proceedings, so full of i'm
port to the accused officials, were LITTLE
late in getting under way, and only one
witness was called, Secretary and Treas
rlrer Wilson Of the American Life In
surance Company, who was put on thu
stand by the prosecution to show tina
Work, and not Macfarlanc, had paid in
terest on note for $16s, 1876 in 1887, il
part payment for which the $l0,00l
note, with the rchypothecated securities
was given. This testimony occupied
but few minutes, and District Attor
ney Graham then entered upon an elo
quent 90-minutes arraignment of til,
bank wreckers and their methods.
Mr.. Graham created some surprise by
announcing that the commonwealth ha(
decided to abandon the two of the 3.
counts in the bill Of indictment which
charged that the Drew, Scott, Farrel
and Crooks notes were rehypotheeateC
without authority.
Continuing his address to the jury
the district attorney read the law Il
show that there was no loophole of es
cape for the defendants, and reyiewe,
the testimony. For DUNCAN, who, HI
said, had made himself responsible il
the eyes of men and God for the SAT
keeping Of the papers of depositors, HI
declared that there was no excuse in hi
betrayal Of his trust.
Judge Elcock made a plea for DUNCAN
in which he declared that nowhere hal
il been shown that the cashier had con
verted anything to his own use. He to-
reviewed the four notes which had beef
rehypotheCated, and claimed that the
had been stolen from the bank by Mac
farlane. Stolen property carried no It'll
with it, and so the notes could be turne
over to their owners at any time.
After recess of about an hour, dur
ing which the jury deliberated and at
dinner, they returned to the court roor
at Abs p. m. Work sat at table writ
ing letter as the jury came in, AM
strove hard to appear cool and calm
Pfciifer looked interested in the fate of hi
fellows, and DUNCAN had look Of eve
more nervous apprehension than usua
There was entire quiet in the court ROOF
rs Crier Hart asked the jury If they ha
agreed upon verdict, and was told b
/ the foreman that they had, and that
: was guilty" Work bent his head
J little lower, and Dungun looked frigh
ened Clerk uensZey DolleQ the iur