New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-08
SW[NDLERS' NETS FULL.
DUPES FEAR EXPOSURE.
Worthless Paper Small Part OF
TmperiaI Trustee Com panys Lure.

The list Of victims OF the Imperial trustee
Company OF Jersey City. several OF whose pr
moters were arrested i'm this city on N""'
grows day by day information is coiiNeS' -,
the postal inspectors who MADE the arfes' -
stories told bv the victims show that the use
OF the Hanover Bank. Of Boston IN pa''.e
worthless paper only one OF seVei"i
DDS employed by the swfndlers
posrofHce INSPECTOR Jacobs said yesterday thal
he had talked with several men IN this city VIM
had lost money in the swindles, but "i'i'e '"'!
described the adroit methods used they oecii,'eu
10 have their names made public because ~
feared the effect their own hnancial staiiuii's
and on the stock Of legitimate corporations VIZ
,,.,,,,t .be,- are connected The refusal OF su0h
victims 10 become complaining witnesses MI
Jacobs said. prevented him from '"nHe' "ie
- -, +be alleged promoters Of the frauds IN
,t,s oi,,- with the Imperial Trustee company
officials now un6er arrest.
one Of the promoters. 10 prove that ne iaN
be.n deceived. exhibited 10 the postal au'io'i-
ties notes he had accepted for his commission
On 2 transaction with the Imperial trustee
,-o,,,sn, The notes were signed by the cor
-, whose bonds the Imperial Trustee
(,ov7na,v has guaranteed and promised 10 SELL
snd were 10 be paid by the Jersey CITY 0oilNet
o,,- Of The proceeds derived from such SAFE
Had he thought for moment that the Imperial
Connpanv was not acting In GOOD ialth anu
,,.,,er exnectes 70 really market the securities.
the promoter explained ne would nave ehoeAN-
or.d 70 hoat The securities elsewhere. The pro-
rno,er insisted ,ha. he knew brokers who had
carried business - IRE Imperial Company IN
Jersey city ir soo3 :sith. believing the con-
csr, 70 - IS sc.ve-. and as solid as IL repre-
scented itsels - -
A LAWYER hsvs-c c1scss Al wall-st- went 10
,.e Tnspecto- Jacobs yesterday and said client
of his had been d-pe5 ny TIE Imperial Trustee
Company. through me agency Of man named
Walter Grey Ferrsid- Fernaid. the lawyer said.
took his client 10 the Imperial Trustee Company,
where Mr.. White agreed 10 guarantee the issue
OF bonds OF an industrial corporation OF good
standing. The sum Of s4O6o was demanded by
the Jersey City concern. the lawyer said, and
$3.50 was required 10 be paid down 70 bind the
bargain Later. the lawyer said, his client be-
came suspicious and withdrew the business.
Inspector Jacobs dug up Fernald's records.
He found that Fernald. unless he has been re-
leased recently. is spending term in Jail in
Toronto. Canada. having been convicted a year
ago for operating green goods" scheme in that
CITY Major Little one of the best known of the
local postal inspectors once arrested Fernald for
using the mails for fraudulent purposes. and had
him indicted. Later because none OF the alleged
victims would appear against Fernald, the in
dictment was dismissed.
The crime with which Fernald was charged
was operating as the manager OF the Robert 7.
Simpson Estate. Limited" under the alias of j.
F {. Scudder" The prospective heirs of the
Simpson estate had been organized by "Scudder'
into stock company, and hoped, under his man.
agement TO get their share Of fabulous estate
Of that name IN England. It Is said the heirs
paid ont large sums of money for alleged legal
fees supposed searches Of title and detective
work all OF which money, IL was later discov-
cred went into the capacious pockets of Mr.
Scudder'
E w Jacobs who is on the commissioners