Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-02-22
WAR|NG ARRESTED
ON FRAUD CHARGE
Broker Who Once Operated in
Washington "The Newest
Thing in Insurance."
TAKEN INTO CUSTODY IN
ROCHESTER, N. Y.
Left This City Following His Indict.
ment by the Grand Jury.
IN HIDING SINCE JULY. 1909
Admits His Identity. 1t Is Stated,
and Agrees to Return for
Trial.
Left This City Following His Indict.
ment by the Grand Jury.
IN HIDING SINCE JULY. 1909

Harry j. Waring, who is charged
with organizing the Bank DepositOrs'
Insurance Company. that operated the
newest thing in Insurance.. with offices
AT 1925 F street northwest. which were
Taided by post office inspectors last
year, was arrested last night at the
Towers Hotel, Rochester, y. Y, where
lie was registered under the name of
Harry Walton. He .and his associate
Edward NJ Carroll, were indicted. July
~ 1900. under section $3.50. r. s., for
using the mails with tho intention to
defraud. but WarinE eluded arrest and
fled the city. Later il was reported
that. he had committed suicide. and the
search for him was for a time aban :
doned
Because il was charged in the warrant
for his arrest that he had used the name
% President Taft among others for the
purpose of defrauding banks and trust
companies all over the United States, the
search FOR him was resumed. He was
finally run down in Rochester by Post
Office Inspector Carter B. Keene.
Indemnity Scheme.
The company operated by Waring pre-
sented scheme to the banks and trust
companies 10 idemnify their depositors
against loss by failure suspension,
setting forth that as soon as q bank ac-
cepted its Insurance it's stock would in
) crease 20 per cent in value and its de-
posits would double. IL purported to
have million dollars paid up capital.
and its scheme took with a great many
financial institutions. Waring is said to
have cleared $4,000 by the scheme.
The company claimed il was incor-
porated by Congress, and the act of in
corporation had been approved by Presi-
dent Taft. 1t used, without authority,
the-Rames of a number of prominent men
in financial circles in the city as its off,
GERS and members of its board of direct
ors. The latter part of January, 1908,
il was found TO be in correspondence
with banking concern of Defiance,
Ohio. and later receipt from the COM
pany for 500 paid IL for insurance was
discovered.
Bank Failure Leads to Discovery.
The scheme was unearthed through the
failure of small bank which the COM
pany had insured. Its president at once
telegraphed TO Waring, who wired back
that the company's travelling auditor had
started for the scerfe of the failure. The
same night Waring locked up his Offices
in this city. after taking all the money i'm
! the safe, and never returned. He mailed
tue key 10 the offices back to his land
lord few DAYS aftetward.
IL is said that since he left Washing
ton Waring had obtained good posi-
tioa with 2 Philadelphia firm under an
assumed name. and was about TO start
for San Francisco TO take charge of a
branch Office there. He is said 10 come
Of good family in western New York
He began his business career in Buffalo
Gov. Alonzo 3. Cornell.
Interested in Oil.
While with Gov. Cornell, il is said, the
latter became interested in an oil com
many, through the efforts OF one James g.
kellogg now an ex-conyict, and waring
was takeaeto New York by Gov. Cornell
to become treasurer and handle the
money OF the concern. Kellogg, however
made one j. Huntington Davis his gen
eral manager. and Davis outwitted young
Waring. This, II is said. was Waring
first lesson in high finance and wildcat
scheming.
When arrested Waring admitted his
identity and consented TO come TO this
city At the United States marshars Office
il was stated this afternoon that Waring
had not yet been received in custody.