The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-09-27
PACK WALL STREET
ZONE WITH GUARDS
Placing Secret Service Men in
District Is First Step to
End Robberies.
SURETY CONCERNS MOVE
Conferences to Work Out Plan
to Protect Messengers
Being Held.
'URETY CONCERNS MOVE

The establishment of a large number
of secret service men throughout tina ,
financial district by some OF the leading
surety companies is the first important
step to be taken in the campaign to puf
an end to the countless holdups Of mes.
senger boys and the resultant loss OF
thousands upon thousands of dollars
worth of negotiable securities. Tha,
such action has been taken and that the
territory surrounding the so-called wall
Street district is packed literally with
private detectives in the employ Of the.
surety firms became known yesterday.
1t was also learned that further plana
for making the life Of the messenger bow
something besides one robbeS, after an
other are being worked out Several
conferences of those most interested have
been held and 1t is anticipated that an
announcement will be made early next
week regarding the method to be adopted
In putting stop to the epidemic of rob.
berries which has held Wall Street in i,s
grasp for the last three or four months.
An official of one OF the important
surety companies said yesterday in COM
menting on the situation: THE inves.
tigating departments of the surety com
paries have been detailed In some cases
" iCip III lllt WITH. ClOCh tXCnanRa
firms are employing special police 10
accompany and look after the messen.
gers. The Police Department has de-
tailed extra plain clothes men to the
district. Altogether more than 200 ad.
dtt'onal men have been thrown into this
business OF crime prevention and de-
lection in the financial district"
Surety companies as well as Stock
Exchange firms have awakened at last
to realization of the seriousness Of ths
situation. 1t is known that the surety
concerns which protect brokers against
loss from employees will refuse soon TO
give bond on any messenger carrying
bonds of par value of $1,000 or more
unless he be accompanied by an armed
guard of Fl years of age or older.
Conferences between representatives
of the New York Stock EXCHANGE OF
the Association of Stock Exchange Firms
and of the surety companies have been
held in the last few days, and a plan
is being worked out which, it is believed,
will bring about the end of the present
situation. Some details of the plan are
in the formative stage, but 1t was said
yesterday that in all probability every.
thing will be Strengthened out to such
an extent that some announcement can
be made early next week. Among those
who are giving the matter the closest
attention are President Remick OF the
New York Stock Exchange and Presi-
dent Woolsey of the Association of Stock
Ia change Firms.
Some relief is expected when the new
| Stock Exchange Clearing Corporation
begins to function in December of this
year. That new corporation. which will
| be housed in the basement Of the New
York Stock Exchange building, will az.
sumo the work of the present clearing
house and will undertake, in addition
| the clearing of stock balances anC
money loans through the means o.
credit extension. One of the worst fea
| lures of the bond tlseft situation is that
with the heavy requirements OF the STOCK
| market of the last few months, stock
| brokers have found necessary scores Of
new and additional messenger boys and
| sometimes the needs of the firm have
been so imperative that only the most
| cursory investigation of the boy could
be made, which has led sometimes to
| engagements of very undesirable youths
to handle large amounts of bonds and In
| one case at least a previous offender
| was hired to carry some $4,000 or $50
coo worth of bonds. with which he dis
| appeared
Inc ADVENT OF the new clearing Houee
plan will make unnecessary the employ
ment of so many messengers, as tns
work of deliveries and clearing will be
facilitated greatly through the new Or
ganization. When the cutting down Of
the number of messenger boys comes
through the opening of the new clearing
house, only those who are the most
trustworthy and therefore the most de-
| sirable will he retained.