The sun. [volume] (New York [N.Y.]) 1833-1916, 1913-11-27
$2O7,OOO Loss Of Banks Reduced
by Attachment Of
Deposits.
TRIAL IN PENNSYLVANIA
Method Of Negotiating General
Electric Certificates
Called Simple.

having got S2O7. 900 on loans with forged
General Electric stock cert'hcates III
about one month. Is In the Tombs. held to
await reouisition papers from Pennsyi-
van.a. The specific charge against him
is obtaining $4,000 by false prctences
from Charles T. Brown. e,,e Philadelphia
broker who handled his loans for him
Between 100000 and &l1o,0OO OF the
money said to have been obtained by Foye
is either In the hands OF the authorities
or has been located and impounded by
attachment. The exact amount had not
been computed last night Ninety-seven
thousand dollars of this is In the cert!-
fed check found in the young mans pos
session with the s5.2c6 cash when he was
! arrested.
Forty thousand dollars was found In
the Knickerbocker- c Columbia Trust Com
pany and another deposit was located. II
was said last night. in the Hartman Ma
tional Bank. bringing the total sum up
to about $4,000.
! Ills Method Was simple.
I While writs Of attachment were lying
| about to AL banks that might have hau
| Foye's accounts and detectives were visit
ing safe deposit vaults. the investigators
obtained a coherent idea Of Foycs method
! O! procedure. They say /; was simplicity
itself. but for the possibility Of an ac-
complice. although there is nothing tangi-
blc on which to base the latter assump-
ion.
Foye got the Job in the Farmers Loan
and Trust Company several months age,
when he Is said to have got In bad favor
on the exchange, of which he has been
a member since 1907. His salary was
s75 a MONTH upon which ne had TO live.
The Farmers Loan and Trust Company
is the Official transfer agent of the Gen.
eral Electric Company and the Guaranty
Trust Company il the electric company's
registrar IN this city. In order to facili-
tate the transferring OF stock tho General
Electric Company keeps its books Of
blank stock certificates with Its transfer
agent. the certificates being only signed
by the proper officers OF the company. bu
invalid unless counters!gncd by the reg
istrar and the transfer agent. II is Z
universal custom In the business world {,
do this
Farmers Loan and Trust Company. told
. q reporter for TIVE Sun yesterday thai
the nature Of Foye's job in the inst!,a
ton made IL impossible for him TO hav,
. free access to the books containing tn,
partly signed certificates.
! Got Blank Certificates.
However it was done some time AROUND
October 90 Foye is said to have secure,
book of blank certificates and from
. the back Of one Of them managed to eX
tract about twenty-sx 100 share Ger
. tihcates.
In any event. the certificates wer'
( taken and filled out with the name D
: James T.. Foye as the holder and tn
c names of an officer of the Guarant!
g Trust Company, the registrar. and tn
d Farmers Loan and Trust Company a
the transfer agent in their proper places
It The forgerles we're skilfully done. who
d ever did them. The signatures of differ
o ent names are not made with the sam
n pen nor with the same Ink. nor do trs
It have any strikingly similar characteristic,
It Foye quit the Farmers Loan and Trus
e Company on November I. but a week be
= fore that date he got leave to go t
= Philadelphia. where he appeared at tn
Office Of Charles T. Brown h Co. securit
investment and loan brokers' who max
j. IL a practice to negotiate loans ON goo
II collateral with Philadelphia banking il
stltutions
Foye had good letters of reference
" From the days he worked for Gate
~ L. Al..i. lralA hra a,,.
he was favorably known to many finar
ciers, and one of his letters WAS write
by the late Charles G. Gates, These h
IL said to have presented to Charlie
~ r. Brown along with one 100 share ce
tihcate with statement that tine hold'
wanted q $4,000 can
e. Gets $4,000 Loan Essily.
There was nothing wrong ON the face
T., IL with tn. certificate, and Il $4,000 los
-. IA only IA bagatelle In the banks who {
a call loan business. Mr.. Brown kne
, that he would have no trouble in gettiI
M the money, as General Electric was sell!f
90 around Sla7 share. He had the &C
e. tif,cate assigned in blank and put !.
own note through the Corn Exchan'
I bhuk VI IIAbouc'psb"' "N''e WV
. tvi!ca,. as coll1rera;.
The loan was taken without question
W That left twenty to twenty-five certi
Gates yet unused. These all are believ
i, 10 have gone through banks In Philad'
h. pha since that time.
T. Had Foyc been satisfied with his ear
I, successes 1t is said he might have kt
ri. up the deception until the first divide
~ day came around. The police say he
~, came over ambitious on Tuesday. no
II" ever. and tried to make coup by bt
rs rowing 100000 on sixteen separate Ger
flcates representing par value OF $lG
IN 900 and market value around $22l.0
lts Chandler Bros x Co.. who had 500 shal
an of the, loan, simply az matter OF p'
caution, 'telephoned to the Farmers Lo
and Trust Company to be informed Il
ic- certificates OF the numbers given had !
been Issued and that there was no sha
lse holder OF record named James Il. Foy
ter Mr. Brown appeared as complaining "
IL. ness and said that OH Tuesday Foye i
received a $4,000 certified check fr
him ON false pretences. Magistrate Brs
Al, at once held him to await the a"rivSl
a. Feau''''''n 'a'''- -'.