Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-29
LOSS TO THE CITY BANK
Vanderlip Thinks Securities
Intact.
CALLS FORGER NOVICE
DRAGNET OUT FOR THE MAN
WANTED.
Wall Street Thinks It Was a One Man
Job Daringly Con-
CALLS FORGER NOVICE
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. September 29.-whether or
not the swindlers who secured securities
worth $3.50 900 from the National City Bank
by means of forged check and certifica-
ton were able to negotiate the securities
by putting them up collateral for
new loan within the twenty-four hours be-
fore the robbery became known was the
question that the Pinkerton detective
agency was trying hardest to answer to-
day. The swindlers had to work quickly
If they realized anything from their crime,
as they had only Wednesday afternoon and
Thursday morning in which to negotiate
the stocks in any form. If they did so at
all, 1t was doubtless done, as the detec-
tives think, by putting the securities up
with some innocent party as collateral for
a loan.
Frank A. vanderlip, v.ce-president of the
National City Bank said this morning that
he was confident that not single share of
the stolen securities had been marketed as
yet.
II am confident said Mr.. Vanderlip,
that the securities have not been negoti-
ated, but believe the man who has them
found them white elephant on his hands.
1 do not think that an arrest in the case Is
likely to be made today, as persons ia
miliar with banking operations say that
1t should be a simple matter to narrow
the robbery down to very few persons
to whom suspicion would naturally be first
directed. But it is regarded not I'M
likely that if the securities returned no
questions will be asked and no further at
tempt be made to punish the Swlndler, as
it appears to be the intent of the parties
interested to hush the affair up.
Il do not think there was time to market
the securities before the robbery was dis
covered, even IL the thief knew how to go
about it. A person has to be known to be
able to market big amount of securities
in the street. But l am inclined to believe
the swindler in this case was novice,
and that he has not been able to negotiate
a dollars worth of the collateral. If he
has not already done SO 1t would be impos
sfble now, as the publicity given the case
would render any attempt to borrow on
the securities futile"
One-Man Job.
The impression in the Wall street district
tins morning seemed to be gaining ground
that the robbery was what is known as
''one-man' job-that is, that a novice or
beginner yieIued to a sudden tempta ton
when he happened to see the opportunity to
get the securities, and that he worked the
game without accomplices.
The Pinkerton men are drag netting the
Wall street district for the young man
who presented the check at the bank and
got the securities. He seems to be the
oilly ptTSOH WHOm the ponce can connect
in any way with the case, and the detectives
believe that when he is caught all the
facts in the mysterious case will come out.
In spite of a determined effort on the
part of all concerned to keep the facts from
becoming public it became known that the
National City Bank was the victim of the
robbery, which was first reported by the
Wall street ticker service yesterday after
noon. These stocks and bonds, worth $3.50, >
coo at yesterdays market values, were held
by the institution as collateral for call
loan, and were stolen by means of cleyerly
forged certified check. perpetrated by some
one thoroughly acquainted with Wall street
methods and with inside knowledge an
parently, of the actions of the National City
Bank.
The missing securities were deposited at
brokers, at 81 William street, on Tuesday
as collateral for call loan of $4,000
and were taken out by the forger on
Wednesday. The check presented was for
S3O0O3I.5 80, the amount of Pearl & Co g loan
plus one days interest at AZ per cent the
amount charged by the bank 1t was
drawn on the Hanover Bank whose GER
tiHcation it apparently bore, and was signed
with a clever forgery of Pearl & Co.'S sig
nature.
Familiar With Methods.
What will help the detectives more than
anything else in running down the swindler
Is a peculiar feature of the transaction
which seems to place the guilt with some
body intimately familiar with the methods
of the National City Bank, because whereas
Pearl & Co.. the brokers, who negotiated
the loan at the bank. understood that they
had negotiated the loan at the rate of Az
per cent. and SO entered 1t on their books
the bank was charging ~ per cent and
such was the entry on its books. That the
swindler's check covered interest at the rate
charged and entered on the banks books Is
regarded as significant.
1t is the custom in great banks like the
City National to set the rate of interest for
call loans IN the morning between 10 and
IL O'Clock. A loan of per cent for one day
may be raised to per cent on the next
day. the ordinary procedure being to call
up the maker of the note on the telephone
during that hour to give him the proper
notification. The answer then comes back
from the maker of the note as to whether
the new rate is acceptable. According to
Pearl & Company the securities were with
drawn by the swindler before the bank had
chance to call up their office.
AS the theft occurred on Wednesday aft
ernoon and was not discovered until IL
o'clock yesterday. when the forged check
was returned by the Hanover National
Bank marked mo funds" the thief may
have already disposed of the securities to
some innocent person and made away with
a good profit. If such is the case the police
may experience more difficulty in capturing
him than If he should attempt to dispose
of them hereafter, as such an attempt
would be detected at once now, owing to
the puoicity WhlCh las oeeH SNeh W TIC
theft and the order sent out to stop trans
fer.
Bank Must Make Good.
The City National Bank will have to make
good the loss, II the securities are not re-
covered, but the amount Is only baga-
telle in the assets of the institution and its
loss will be by no means seriously felt. All
that Is known OF the identity Of the per-
son who got the securities is that he was
a young man. one of long line of messen-
gers who can be seen before the loan clerks
window of the National City Bank at al
most any time. The majority of these mes-
sengers bear wallets chained or strapped
to Them which contain their certified checks
or securities.
On Wednesday morning one of these
young men on the line placed certified
check for $500, 637 80 through the little cubby
hole OF window. saying in the usual
sto i1at tsh hid