New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-04-11
". II. HILDRETH INDICTED.
HE WAS PARTNER ~ ABE STEIN &
CO. THE BIG HIDE FIRM
THE TRoSECI IION THE GRAND JtHN's
SEARCHING INVESTIGATlOS

MANY MILLIONS or CAPITAL INTERESTED ~
THE PROSECUTION -rrE GRAND JrHY's
SEARCHING lNvEsTIGATioN
The Grand Jury yestcrda, ended It's consider
alton 81 the case II William n. Hdrcth. of the
firm of Abe Stein & CO. dealers in hides and
leather. who is charged with grand larceny.
Seven Indictments Will be handed down this
morning The Grand Jury has spent week on
the case. and has examined many witnesses. in
cludlng representatives. Of the firms Of Brown
Brothers & Co.. Hcidclbach. Ickeheiner & Co..
Iazard Fr;.rcs. the Bank ~ New-York. John
Monroe 4 CO.. Henry Schroeder. Ladenburg.
Thalmann < Co.. Drexcl. Morgan CO.. q.
Arnsinck q Co.. the German Bank .of London
dinitcd) Barring Magoun e Co. The London
and Rive Plate Bank. the British Bank II South
America London and lianscauc Bank ana
Dcnnistown. Cross q Co.. of London. Testimony
was also given by Frank Breaker. Of the firm
II Breaker q Chapman. accountants. who wef"
engaged by some Il the banks interested to go
over the books ~ Stein a CO.. and who were ais"
commissioned to do So by the receiver.
An unusual circumstanc" was the fhct that
Uildreth himself was allowed To 60 before the
Grand jury He declared that he had done
nothing wrong In disposing "f IN" goods held
under the trust certificate IN the way he did. but
all the bankers declared to the contrary De
Ianccy Nicoll Is his counsel. whll" winner 4"
Garfield represent the cOmplainants.
Tho facts laid before The Grand Jury disclose
remarkable way Of doing business. stein q co.
you'd get from two 10 four big loans on a
single. SHIPMENT Of skins They did ms by I'M
nnrting the bales then exporting them on the
same vessel then getting them back here and
finally hypothccatng them ON each transaction
they made a loan ,
Tn. history Of one lot 81 skins. sixty bales.
viii give an insight into the methods. The ship.
,n,nt was valued AT $3.50 \ loan was obtained
On II from KIcmwort Sons Il Co. bankers OF
Londou to whom u trust certificate was gwen.
'rhr skins were shipped here on the I.udgate
HiIl under letters Of credit issued L" Ednahds
& Rarrett Of Boston. special partners IN stem q
| 90 The documents were sent 10 stein ~ CO.
who res hipped the bales 10 England on the i-uI-
gate Hill They raised $500 by teIIlhg ntai
/ covering the merchandise to badthbuTp' ! mar
mann a Co This sum had To be repaid before
possession If the goods could be fegalncd. lheh
The skins were sent back to New-l"rk on the
paris the British Bank Of South America tiihi-
l itcd, advancing 81 800 on them. ArrlNlnS mere
/ the bales wArc pledged with Flint u Co Tor S4'"oo
This lad been going on since july J. Inc HTih
/ Fatalities were over Sl.O0OOOO ana the unsccur"d
\ creditors will hardly receive " cents on thc
/ dnlnr No complaint has been made agansi
c,nin TIe was abroad while these transactions
,,orn hcinp made The trial VIII doubtless last
a long time and will be Of great interest 10 the
/ commercial world The exact status OF the trus'
/ oor,iNcate which is largely employed by I'M
snrters will come up. Al. the bankers insist
/ ,ha, tho merchandise covered by trust GER
,i0cotn rnust be held until the draft Is paid; or
/ ,f - &c sold the proceeds must be turned over 70
/ the bank making the loan