The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-23
FRENZIED F NANCE
LEADS ITAL IAN To
FORTUNE IN WEST
Many Prominent Men Are
Victims of Scheme of Dap
per Young Barber and
Banker

Italy of dozen years ago, who later
became a barber in Chicago, is be-
ing sought tonight along the Mexican
border, while bankers and, state Of
flcials in the east and middle west
trace his career in frenzied finance.
career which has already cost In
vestors from a half million to mill
lion dollars or more.
The missing barber-banker is
Joseph NJ. Marcino, or Joseph Biata,
a dapper man, 81 years old, just
little over feet tall and remark
ably broad. IF you see man about
feet, 2, and almost three feet
broad it's Marcino," detective who
is directing the search said today.
While detectives are searching for
Marcino, who disappeared in Buff
falo, N. Y, last Friday after he is
alleged to have peddled nearly $780,
600 worth of stolen securities, Frank
l.. Taylor, ex-railroad fireman, who
rose to the position of $50 week
president of the First National bank
Of Warren, Mass, when Marcino OBJ
tanned control of that institution, is
awaiting arraignment tomorrow on
charge of embezzling national bank
funds.
Worked For Burns.
Taylor told operatives who ar
rested him that he at one time
worked for the Burns Detective
Agency and also had been a secret
agent OF the department of justice.
Burns agents here figure the
known losses from Marcinos oper-
tons at $4,000 and say they expect
much more to appear before the In
vestigation is complete.
Through manipulation of the funds
of the Niagara Life Insurance COM
pany of Buffalo, N. Y, they said, In
vestors have lost s24S,0oo.
The closing of the Warren, Mass
bank last week revealed shortage
Of $4,000. Taylor claims Marcino
cleaned out the banks vault and
later peddled the stocks in and
around Buffalo.
The failure of the Mechanics and
Merchants bank in Philadelphia,
February IL, added another S130,000
TO the total.
A New York congressman is said
by the detectives to have lost sum
estimated at from $4,000 to $780,
600 through his faith in Marcinos
schemes.
The detectives are also investigat-
ing the connection between bank
a, Wayauwga, Wis, and the Buffalo
insurance company. Securities for
merly owned by the Wisconsin bank,
in which Marcino is said to have OBJ
tanned a controlling interest ABOUT
six months ago, have turned up in
banks in and around Buffalo, where
they are said to have been pledged
by the insurance company as security
on loans.
Career Began In 1918.
Marcino's career as financier,
according to Burns men, who have
been following him for several years,
started about 1917 or 1918, when he
fathered scheme for starting new
bank at ottawa, ILL.,, and buying out
the existing bank. AS a result OF
that scheme he was indicted by the
grand jury there for operating con-
fidence game, but disappeared.
He was next heard from in Califor-
mia. where the bank OF PERKS, Cal,
failed after he had become connected
with 1t. Losses of approximately
$4,000 to depositors there were re-
paid, Burns men declare, When
chicago attorney made a trip to the
coast to square Marcino's accounts
and save him from prosecution. Inc
money used to repay the losers is
said by the Burns men to nave peen
obtained from Marcinos father-ln-
law, Abraham Goldman. wealthy
Chicagoan, connected with the iurnl-
ture exhibitors exchange.
The California bank failure. how
ever resulted IN Marches dropping
from sight for some time. Burns
oneratiyes say he went to- Mexico,
and later to Italy, where he became
a purchasing agent for the Italian
government.
Reappears in America.
After the war he reappeared In
America, and obtained the confidence
Of a large number of ex-soldiers of
Italian parentage. In this stage of
his career, the detectives describe as
wearing a flamboyant purple tie
which furnished a background for an
emblem, more than an inch in diane
ter, of the high degree Of a world
wide secret order. The Burns opera
tives say Marcino boosted ne was
among those present when the same
degree was conferred on President
Harding by an Ohio lodge.
His after the-war rise was me-
teoric. Backed by the money of his
father-:n-law, he branched out into
many money making schemes At
various times he attempted to obtain
control of two chicago banks ana
similar institutions in other cities
and did eventually buy up the Bison
Holding company of Buffalo, and
through that concern obtained control
Of the Niagara Insurance company.
Next he bought control of the Phila-
delphia bank by depositing with 1t
funds of the insurance company fol-
lowing up this step by borrowing
s125, 100000 from a New York bank
on the strength of his Philadelphia
deposit, which Is said to have been
withdrawn and used elsewhere.
The Warren. Mass. bank was pur-
chased next and Taylor installed as
president. That .Marcino was an eco
nomical bank owner was indicated
when detectives today questioned Tay
lor about the intimate details of the
banks operation. Marcino, he said,
couldn't afford to hire a president
and cashier, both at salaries of $40
week, so dispensed with the cashier
and made Taylor president at $50 a
week. He was assisted by an assist
ant cashier.
Not Always Successful.
Marcino's operations, however, |
were not always successful, according
to the agency. He attempted to OBJ
tain control of a bank near Muncie,
Ind, ani lost $4,000 to 100000 The
Burns men say Marcino later en-
ployed an Indiana banker as an Of
fetal of the Philadelphia bank.
For the last two years another