The New York herald., 1922-09-03
SWINDLERS POSING
AS BUCKET INQU|RERS
PREY ON FINANCIERS
Make Rounds of Business
Offices Saying They Are
U. s. Officials.
WANT TO SEE BOOKS
Scheme Is to Buy Out Stock
holders and Float New
Bond Issues.
ONE ATTEMPT FALLS FLAT
Crook Calling Himself District
Attorney Bungles Tele-
phone Conversation.
ONE ATTEMPT FALLS FLAT

The origin of many mysterious tele-
phone calls that Benjamin f. Schneider,
Assistant District Attorney, has been
receiving since the District Attorneys
office began it's anti-bucket shop cru
sade last spring was revealed yester-
day when Mrs. Ada M. Barr, expert
financing, officer for the Acorn Petro-
leum Company. with offices in the
Liggett Building, at Forty y-second
street and Madison avenue, told Mr..
Schneider of certain persons who had
tried to examine the books Of her COM
pany by falsely representing them
selves as members Of the District At
torney's staff.
After going into Mrs. Bars case
Mr.. Schneider announced that he was
certain that organized gangs Of crooked
stock manipulators have been making
the rounds of business offices and OBJ
tanning inside information by repre-
senting themselves as coming from the
District Attorneys office. with the
view to buying out the stockholders
and bondholders by offering them a
slight profit and thea floating a new
bond issue.
Case Of Petroleum Company.
Mr.. Schreiber said that he had re-
ceived many puzzling telephone calls
during the last few months from per-
sons who wanted to know when his rep
resentative would be around to examine
their books. Upon investigation hs
would find Invariably that no one In the
District Attorneys Office had complaints
against such persons. He would have
investigated the source of these mysteri-
Gus calls before, he said. had there not
been such a raft Of legitimate COM
plants on file.
Mrs. Barr told Mr.. Schreiber that the
Acorn Petroleum Company was sue
cessor to the Oklahoma Texas Refining
Company, which went into the hands OF
receivers more than two years ago. due
to excessive stock Issues. The Acorn
Petroleum Company bought out the old
company for 100000. which amount
was taken UP through her. she asserted,
to safeguard the old stockholders. The
new firm had issued bonds totaling $780,
900. which had paid 10 per cent. divi-
dends, but no stock had been issued. sho
said.
Mrs. Barr told Mr. Schreiber that one
day early last month a man unknown
to her suggested by telephone that she
issue stock and sell 1t at low figure
He would put 1t on the market and sell
II at big profit, of which he was to get
SO per cent. he said. Mrs. Barr said
she informed him that no stock would
be issued
Later that same day she said a man
calling himself Assistant District Attor-
ney Schreiber telephoned her that he
had received complaints regarding the
operation OF the Acorn Petroleum Com
pany from 100 stockholders and an ex-
animation OF the company's books would
be necessary.
Mrs. Barr said she replied that the ac-
cusations were ridiculous and that the
company's books were at Tulsa. Okla.
She said the unknown person talking to
her then said:
II know you have data of some sort.
I don't want to harm You, but there
are many suspicious things I'm connection
with your business. There are two men
in your office who control a leather
company which failed and YOU are In
volved. But I've examined these men
and found them to be clean. honest
gentlemen.
Its necessary TO Investigate, but
don't want to hurt you. l Will send
you man from my office. You put
him to work at salary OF 500 or 500
a week and let him examine your books,
and everything will be all right"
Mrs. Barr said she again replied that
his charges were ridiculous. that the
two men he referred to only had office
space, and was about to. hang up the
telephone receiver when the unknown
man persisted:
''By the way. should like to meet
you." she quoted him as saying.
why did meet you some time ago
while in your Office with Mr.. and Mrs.
she said che replied. "Oh. yes.
I recall" he said. and then his conversa-
tion fIoundered and he hung UP the re-
ceiver abruptly.
Mrs. Barr said that her uuestioner had
evidently already dispatched his man TO
her office, for an unknown man, VINO
had been seen about the office several
times before. walked in few minutes
latter and appeared greatly surprised
when informed that he could not ex-
tt.n