The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-03-25
STOREYCOTTON CRASHGRREST
POSTAL AUTHORITIES NAB STAN
LEY FRANCIS, PROMOTER.
Held in 100000 Hail After Hearing
He Ran the United states Trust Co.
and Was opposed 20 He wealthy
Taken 60 Prison on Trolley Car.

no mn NAANFA EAAANa ANNaN W.
and Was opposed 20 He wealthy
Taken 60 Prison on Trolley Car.
PHILADELPHIA, March 24.--As a climax
to the collapse Of the Storey Cotton Com
pany and the consequent crash Of the
Provident Investment Bureau, the United
States postal authorities to-day caused the
arrest OF Stanley Francis, promoter Of
the United States Trust Company, with
Offices on Third street below Market.
Francis was supposed to be a millionaire.
United States Commissioner Craig, after
hearing evidence which connected Francis
with the Storey Cotton Company, held him
In 100000 bail, the highest security ever
fired in the local Federal courts. Francis
insisted on telephoning for his automobile
to take him TO prison. The deputy marshals,
however, persuaded him to DO satisfied
with a trolley car.
In Moyamensing Prison Francis is now
awaiting a further hearing Of his case
next Friday. He refused to make any
statement at the hearing which took place
in Commissioner Craig's Office at 5 O'Clock
this evening. He declared that he would
make his defence when the proper time
came.
Shortly before his arrest the various
officers of the United States Trust Com
pany, men whose integrity is above sus-
picion, had summoned Francis to meet
them in the Offices OF the company 10 eX-
plain some OF the charges that have recently
been made against him Franci, did not
appear, but wa. represented by counsel.
Apparently the explanations did not
satisfy the majority Of the officers, for
nearly all resigned at onoe. They all be-
lieved that the company was a trustworthy
concern when they entered II and they
explained that they severed their connec-
ton with IL because Of Francis,
Attorneys Z. j. Pershing and Robert NJ,
Anderson, who represent the majority Of
the creditors Of the Storey Cotton Com
pany and the Provident Investment Com
pany, instituted the proceedings through
the postal authorities. They declared that
they knew nothing and cared little about
the United States Trust Company, their
chief concern being about Francis's con-
nection with It.
The warrant for the arrest contained
the names Of six other men who are wanted
In connection with the Storey Cotton and
the Provident Invest ment Bureau cases.
United States MARSHAL Myers went to
the Francis Building with the warrant.
Several others we're with Myers. They
were met at the door by an Office boy.
The boy refused to let them In. The
men pushed him to one side and passed
through q pair Of swinging doors to a rear
room marked Private Myers knocked
upon the door. There was no answer.
The deputy marahAl put his shoulder to
the door. threw al his weight against Il
and fell into the room. Francis was sitting
calmly behind desk.
what can do for you, gentlemen'' he
asked.
They told him and he agreed TO 60 with
them. At S o'clock the hearing was begun
in the Office Of the United States District
Court in the Federal Building. United
States District Attorney j. Whitaker
Thompson conducted the proceedings
Tho hearing was held behind closed doors
A detailed story Of all that took place wa
obtained from Attorney Pershing, who
with Mr.. Anderson assisted in the prosecu-
ton.
THE exact charge against the man.
said Mr. Pershing, was conspiracy using
the mails for fraudulent purposes, and
everything covered by these two formal
charges. Francis was as cool as ice. He
made no statement
1t was testified that he was a director
Of the Storey Cotton Company, had helped
TO declare fictitious dividends for that
concern, and that the company had never
dealt in cotton OF done any outside business
except in one OF two trivial instances. 1t
was shown that the mailing lists OF the
Storey Cotton Company and the Provident
Investment Company were interohanged.'