The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-09-29
HUGE SWINDLE ON
ROCKEFELLER BANK
National City Bank of New York
Is Robbed Of Nearly
$4,000.
THIEF GETS AWAY
AFTER DARING ACT
Financial Headquarters Of the
System" Is Easily Vic
timized.
ew York SIN Special Service.

New York s in Special Service.
New York, Sept. 29.-With the an
nouncement that the National City
bank-the Rockefeller Standard Oil
100000, the Wall street district has
been stirred as it has not been in many
a day. The theft is one Of the biggest
In years and scores of detectives are
on the hunt for the smooth young
crook who perpetrated it.
By means of a forged check on which
there was forged certificate, the thief
got possession Of package of securi-
ties, the value of which, according to
prevailing prices today was $3.50, $50.
Here is list Of the securities that
were obtained from the bank on the
forged check with their approximate
| market value:
One thousand United States Steel
common, $37 800; 1000 Rock Island
common, $4,000; 700 Missouri Pacific,
! $73, 500; AZ American Tobacco, 6 per
cent bonds, $4,000; 200 North Ameri-
can, $4,000; 1000 Metropolitan stock,
1926, 900; Wabash debenture bonds, Sc
ries B, par value $21 ,000-$15, $40; to-
The details of the swindle make it
clear it was the work of one of the
most daring and coolest thieves that has
ever struck Wall street. He obtained
the package of securities from one of
! the largest and richest barking institu-
lions in the world. The detectives
who are at work on the case are con-
WINGED it was the work of what they
call AN inside man.
How the Fraud Was Worked.
i The. firm Of Pearl & Co., stock brok-
ers of ~ William street, arranged a
few days ago to get loan of 100000
from the bank in question to carry
out a large stock operation. It was a
call loan and the note was the usual
one-day slip of paper. The interest
rate was ~ per cent. The brokerage
firm put up as collateral the securities
named above.
The transaction was completed soon
after the bank opened on Wednesday
Der Of the brokerage firm, got the loan,
Dyer Pearl, the senior member, being
absent in Europe. It was understood
that the loan could be called in or paid
!. at any time.
I. A few minutes before the closing
hour in the afternoon a young man
} appeared at the bank from which the
loan had been obtained. Under his
; arm he carried one of the large wallets
used by bank messengers in the fnan-
cial district. Walking briskly up to
/ the paying teller Is window, the young
pay the loan made to Pearl & Co.
few hours before and withdraw the
> securities deposited as collateral.
At that the swindler coolly showed
thru the paying teller's window a
2 check apparently drawn on the Hanover
for $soo,os7.5o. The $3.50 represented
one days interest on 100000, the
amount of the loan for one day.
The Paying Teller Caught.
/, The paying teller inspected the check
, and found nothing about it to. excite
his suspicious: The signature sig Of + Pearl sl
1raeticsa EYE ana a the on
J. the check also was one he was ae-
r customed to see on checks from the
s Hanover National bank.
] Without a question. the paying tellen
J. got the securities and passed them out
a to the young man, who did not appear
r to be in the least hurry, but calmly
= took time to place the securities in his
= wallet. This done, he walked out of the
), bank and disappeared.
The bank ioffcials, accustomed to
. large transactions of this kind every
9 day, gave no further thought to the
: matter and did not awake to the fact
: that the bank had been swindled until
q Yesterday morning, soon after the open
< ing hour. The forged check had been
!. sent for collection in the regular way
thru the clearing house. When 1t was
presented for payment at the Hanover
with the words emo goodo written
r across its face. Because of the large
amount Of the forgery the words mo
account" were added by way of expla'
nation.
s The bank at once notified the Pinker.
tons. to whom detailed description OF
the young thief was given by the pay
: ing teller. The detectives went ovel
the ground and then decided the thie1
was someone employed in the financial
district. It is admitted that the iden
le tity of the swindler is not known.
% There were two points about the
3 check that soon proved it to be 9 for
% gery. The signature of Pearl & Co
N Was rather bungling in it's lines ane
le the certifcation was made by an ole
le stamp that was retired by the Hanoy e.
N National bank months ago. In addl
s. ton to that, the name signed to thu
t. certifcation was not the one used a,
d the bank at the present time. The sig
nature in the stamp was that OF CaSn
Ter Burns, who has been away on Ms
vacation for more than week and Il
not expected to return to MS post Iol
rs another week.
.. F. slayback, junior member of thu
firm of Pearl & Co., says his firm vii
q not be any loser by the theft.
8 With the announcement sent out by
1e the Pinkertons, telling Of the theft Of
y the securities, there was a warning
os against their purchase by anyone. That
A. Of course, made the securities worth
e less to the holders, as they could MOI
"a be sold, but it is believed the thiei
le lost no time in obtaining loan on TIT
entire lot.