Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-30
ARREST STILL FAR Off
New York Bank Securities
Coup.
PAPERS NOT LOCATED
BANK OFFICERS DO NOT OFFER
REWARD.
Detectives Still Working Hard. but
Without Any Apparent Re-
sult-Have Hopes. 4
Special Dispatch to The Star.


NEW YORK, September ao-Arrest in
the swindler case by which S359.33O In se-
curities were stolen from the Nationa,
City Bank last Wednesday by means az a
forged check seemed still some distance
off today. The story that a famous ref
rich-quick operator was suspected of en-
g1neerlng the coup lacked confirmation or
even the persuasive color of probability
The Pinkerton people gave out the stereo-
typed line of Pinkerton talk: They are stili
at work: there are no new Developments,
but there may be some by tonight. how
ever; none of the missing stocks and bonds
have turned up; that is about all; good
day.
AT the City Bank this morning IL was
authoritatively stated that the thieves
had not made any overtures looking to the
return of the pilfered collateral for a re-
ward The officers of the bank professed
to be as much in doubt ever regarding
the whereabouts of Pearl & Co s S3gl3S0
worth of securities which had been depcs-
1ted on a loan and which were secured on
Wednesday by the mysterious young man
the Hanover National Bank They say
none of the missing shares of stock has
turned up in Wall street. and this asser-
tion is echoed by the detective bureau.
A New Theory.
new theory which is receiving some at
tention in the street is that the swindlers
did mean or still mean to realize on their
investment in crime by altering the num-
bers on the securities or changing the
amounts of the shares and then marketing
them 1t is argued that man smart enourh
to initiate the signature of Pearl & Co and
forge certification of the Hanover Bank
on the bogus check would have the ability
to successfully erase the original figures
and numerals on the securities and dis pose
of them. However, experienced bankers
and stock brokers do not think this is pos
sible- So far as they know such trick
has never been turned in this country Be-
sides, In view of the publicity given to
Wednesdays robbery, any stocks or bonds
of the issues to which the missing securities
belonged turning up anywhere would be
subjected to more than passing scrutiny.
Cashier Morse of Pearl & Co., the stock
brokers who owned the missing securities,
said this morning: I'VE have so far made
no delrRnd on the City Bank for the se--
curites or their equivalent In due season,
of course. we will look to the bank for the
stocks and bonds, but at present we have
no intention of hampering the bank in any
way in its effort to locate and recover the
stolen collateral
AS has been stated. Pearl q Co suppoeed
the loan had been entered at AZ per cent.
The bank books show that interest at a.
per cent was charged The thieves knew
the correct rate of interest. for the forged
check had one days interest at Az per
cent added to the amount of the loan. 1t
has been suggested that some one had an
opportunity to see the envelope containing
the securities between the time it left
Pearl & Co.'S and the time it was handed
in at the City Bank as a loan and so
learned the value of the securities and the
interest, but here new point arises
Cashier Moore said: AS the loan was
entered in our books at "A per cent II is
only natural to suppose that the heading
on the envelope reserved for that purpose
also contained the figures Az per cent To
the best of our knowledge and belief the
envelope was SO marked Consequently
any person who saw the envelope would
suppose that the interest was AZ, and
not AZ. The thief knew. then, as we did
not, that the interest was AZ"
At the bank 1t was stated that it would
have been very possible for the loan clerk,
in accepting the securities. to have over
looked the error in the account of the
interest written the envelope, even
though he booked the loan at Az. Ths
error purely clerical one. would have
been discovered when the brokers withdrew
their securities, if not sooner. Such mis-
takes, it appears, are not altogether un-
known in the street.
Had Confederates.
Some of the oldest detectives In the finan-
cial district are quoted saying the theft
could only have been designed by man
whose methods they have had occasion to
know and study professionally from time
usual work of forging the check and pass
ing it, but to this man they attribute the
ingenuity of the plot. If their suspicious
be correct, the head of the conspiracy. they
declare. VIII never be foolish enough to try
to market the stolen securities. His game
would be to hold them for reward Plaus-
ibility is lent to this line Of argument by the
fact that 1t may be impossible for the bank
to secure duplicates of the bonds that are
included in the batch of missing collateral.
To replace the stock certificates would be
comparatively easy. The bank gives a bond
in perpetuity for double theft value in or
der to protect the parent company in case
they should turn up. and then duplicates
are issued. But some of the bonds are not
certified, and the parent companies are
very apt to decline to duplicate them, even
though an indemnifying bond were given
In such a case the bank would suffer the
dead loss of the amount of the bonds unless
it recovered the originals.
AT the City Bank today an officer made
this statement:
We have offered no reward for the re-
turn of the securities and have had no
overtures looking to such a move from
the man or men who stole them. So far
we have taken no STEPS TO secure the issue
of duplicates of the missing securities. We
anticipate no serious trouble in doing this;
should we decide on such a step, however.
that Is a bridge which we do not expect TO
cross until come TO 1t.
1t has been suggested since ii developed
how easily the City Bank was imposed
upon that plan TO circumvent imitators
of the same swindle might readily be de-
vised by attaching duplicate lists Of the
securities to the checks rendered In pay
ment when collateral deposited for loan
was being withdrawn.
The bank clerk could then make Direct s
between the securities as list T
ed in the envelope which contained them
and the list accompanying the check. A Z
thief might learn. the total amount OF the
and the interest, was done in
this instance, and still be quite unable
to get list of the Individual securities
themselves.
The Pinkertons showed renewed activity
In the case today. They hoped to have
some tangible results to show for their
three days search by evening, 1t was said,