New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-01-13
PRICE THREE CENTS.
W. H. HILDRETH ARRESTED.
GRAND LARCENY CHARGED
A MEMBER OF THE FIRM OF ABE.
STEIN CO. HIDE AND LEATHER
IMPORTERS.
HIS OPERATIONS SAID TO HAVE DEFRAUDEu
LONDON BANKS TO THE EXTENT OF
S75.Co0-RELEAsED IN $4,000 BAIL

LONDON BANKS TO THE EXTENT OF
s75,cco-RELEAsED IN $4,000 BAIL.
William H. Hildreth. member Of the firm Of
Abe. Stein & Co.. hide and leather importers,
at No 81 Gold-st.. who failed on December !.
with liabilities OF S1.COO.OO0 arrested yester-
day. 1t is charged that he committed grand
larceny by rehypothccating eleven bales of goat
skins the title TO which vested in the
British Bank Of South America, Limited. with
headquarters in London 1t is charged that the
partners fraudulent operations Of this kind
amounted to $4,000 as far as they have been
discovered up To the present time. The goat
skins mentioned worth $4,000.
Since the firm failed and David VILE was made
receiver some Of the ere litor banks have been
making an investigation of its affairs. The
British Bank Of South America laid criminal
charges before the District-Attorney. After an
examination of the books had been made. Colonel
Fellows secured bench warrant from Rec0rder
Smyth in General Sessions for ths arrest OF
Hildreth This warrant was given 10 Detective
Sergeant Won Gerichten Mr. Hildreth. however.
learned that his presence in General Sessions
was demanded, and surrendered himself. He was
acc c)mpanied by his lawyers, ex-Surrogate Daniel
c. Rollins and a. Hershfield Of Horwitz &
Hershfeld, and by Jacques Krakauer, who was
prepared TO become his bondsman
THE RECORDER FIXES THE BAIL.
Recorder Smyth fixed the bail at $4,000. Mr..
Krakauer. who was identified by Mr.. Hershfed.
qualified in $4,000 being the owner of the prop
erty Nos II. l3 and II West Thrty-second-sts
which is worth $500 000 He is woman's tailor
at No. 39l Fifth-ave., and lives at No. lO9 East
Seventy y-frst-st Mr.. Hildreth was released. lie
said to a reporter for The Tribune that the
transactions on which his arrest was based were
Oh, h.. firm had h.lan
ing on for eight or ten years. The offence was
purely a technical one" Mr. Hershaeld explained.
The charges were thus described by Assistant
rict-AttOrney John y. Lindsay: Stein * co.
would obtain advances from banks with which
they bought goods. The firm would give trust
receipts covering the merchandise TO the banks.
These trust receipts specifically acknowledged
that the title to the goods remained vested in
the bank Legally, Stein & Co merely held the
articles warehousemen. In some cases. how
yer they soll them without paying back the
advances made by the banks In other in
stances they pie iged such goods to obtain loans
from other banks Still third class of offences
is similar to the second the difference being
me rely technical
The British Bank Of South America places its
loss at S3S 900 Its correspondent here Is the
Bank Of NcwYork. Wilmer * Garfield, Of No.
4S Wall-st are counsel for the British Bank in
these proceedings and Mr. Canfield laid the
cas-, before the Dstrict-AttOrney. Mr.. Garfield
would say nothing about the charges. The
German Bank IF London. is also complainant.
The complaint has not yet been laid before the
Grand Jury. and the warrant Of arrest was
based ION information and belief The de-
fendant demanded an examination. Hildreth's
home Is in Larchmont Manor.