New Britain herald., 1929-10-22

to a billion dollars in money value" "
 Bond houses hire young, unre- liable boys for S15 or S2O a week rather than pay responsible man ! $35 or $40, and We are helpless to prevent it." said Ranulph Kingslay, vice. president of the National Sure ty company, the largest bonding company covering securities in New York.
 The small boy bond carrier has been an easy prey to thieving rings ever since 1919. when crooks dis covered how 10 cash in on so-called nOn-ncgotIahle securities" Mir. Kingsley said With bond in his possession. the thief now goes to some outside city and opens a bank account.
 Having established credit, he horrows on the bond. getting from 61 to so per cent of it's value, ac- cording 10 the nature of the se- curity and slips out before the bank can discover that the paper has been stolen"
 Guaranteed Messengers
 Tn an effort 10 set an example for its own protection, the National Surety Company now has q depart mont entirely devoted to hiring mes sonsers and furnishing these re- liable cOurjcrs to their clients They have placed some 500 of these men around the financial district and guaranteed their integrity
 Last spring the New York Stock Exchange, for the protection of it's members, organized the Stock Clear ing Corporation which handles bonds in much the same manner as a clearing house handles checks. Bonds for delivery are all sent to a central point, where bonded mes Sengers sort and carry them to their destinations without a dupli- cation of effort in delivery. This system is growing in popularity and may be the solution of the present loose practice of handling securities.
 But while millions are carried about unprotected, billions are being handled in mobile arsenals which could defy an army of bandits. The armorcd truck company which handles all Of the Federal Reserve money, now has 80 cars in opera ton. Neither the company or the banks will reveal the amount Of money transported during the day, but each truck is bonded for sS.OOO,- 900, making the entire treasure fleet liable for S640, 100000. Each Of the four men who guard each truck also is individually bonded for $S.0O6 GOO.
 How Banks Handle Money
 'Gt is foolish to heard and guard money and securities in burglar proof vaults for months and then send it out at the mercy of d 15- year-old boy" w. R. Huntington, an official. said Our trucks handle money for the New York banks like so much grocerics-and we've never lost a dime. In the morning we go to the Federal Reserve bank, get the days supply of money and de- liver it to six or seven hundred banks throughout the cty.
 ''The New York banks don't like to pay interest on surplus money, so every evening we revisit the banks and bring their extra money back to the Federal Reserve bank. where it is counted and hnled and made ready to go out again in the morn ing
 We have four men on each truck, but they never work together on consecutive days. Every morning there is a new shuttle of men and routes and there is absolutely no chance of plot matching among the guards. 4 few years ago when the Federal Reserve bank moved to it's new building, We transported nine billion dollars in a day and a half"