The sun. [volume], September 21, 1919, Page 8, Image 8

About The sun. [volume] (New York [N.Y.]) 1916-1920

Image provided by: The New York Public Library, Astor, Lenox and Tilden Foundation

                
1 " ' a
8
WALL ST. ACTS TO
END BOND THEFTS
Careful Scrutiny of and
Guards For Messengers
Among Suggestions.
BUREAU TO BE FORMED
Known Losses Near Million,
"With Many Thefts Kept
- From the Public.
Ths continued epldemla of robberies of
Urge amount of securities In, the flnan
elal district has aroused ths brokerage
firms and the surety companies who pro
tect them against loss to radical action,
the first step of which will be the forma
i tlon of a large Investigating bureau, cen-
; trally located In the financial district,
through which every brokerage messen
ger and clerk employed In a position of
trust will be closely checked up. With
the thefts of bonds and other -securities
. of almost dally occurrence the situation
has become such that those concerns
most deeply Interested have decided that
aomethlne must be done and done Imme
dlately to check the prevalence of the
robberies.
Formal announcement was made yes
terday by Joel Ratlibone, general mana
ger ox the National Surety company.
which has been the heaviest sufferer from
the Wall Street wave of crime, that
"members of Stock Exchange firms and
officials of the surety companies are
working together on a plan for the
amelioration of the objectionable general
conditions represented by the many re
cent thefts of Liberty bonds by stock
brokers messengers.
Mr. Rathbone Indicated that It was
likely hereafter that surety companies
will refuse to accept liability for stock
brokers' messengers carrying more than
110,000 unless accompanied by an armed
guard over 20 years of age. These are
the outstanding developments of the
situation which has had Wall Street by
the ears for several months and rep re
sent the result of a large number of
Important conferences which have been
held recently by those most concerned
In the affair. It Is believed that these
two steps will go far toward preventing
much of the thievery which has been
going on.
Whether or not this ruling will ulti
mately apply to Industrial and. railroad
bonds as well as to Liberty bonds has
not been determined by the surety com
piles so far as can be learned. In re
ply to a question on this point Mr. Hath
bone said that "up to the present the
whale trouble seems to be largely with
Liberty bonds, which are so easily negO'
tlateU."
Chrck Vv Meuengerii
Tnrertlgatlon of the records of met-
' aenger boys employed by stock brokers
over whom surety companies carry
bonds of protection has been very close.
Dut in some cases. It was said, a cer
tain laxness on the part of the brokerage
h house Itself In making reports to the
surety company Is responsible for fail
ure to check up a boy who has been
, hired. It was pointed out that In one
Instance a boy had been employed by
a firm for quite a length of time before
this firm notified the surety company.
as provided In; the bonding agreement,
and on the very day the surety company
received notice that the boy had been
r hired as messenger .and began to In
vestigate him. It was ulao notified that
, he had absconded -with some MO.000 or
JjO.000 worth of various securities.
But the greatest difficulty In the In
vestigation end of the business has been
the fact that with only one exception
all of the boys Implicated In the'varlous
robberies have been first offenders. They
have been rigidly investigated by the
surety companies and have been founfl
to have a perfectly clean .record..
"Every surety company has a very
elaborate Investigating bureau," one
prominent Insurance man declared yes
terday. "We have ten or twelve men
who do nothing but investigate the rec
ords of persons engaged by various
clients of ours for positions of trust.
One of the conditions of the brokers'
blanket bond under which he Is pro
tected by us Is that as soon as a mes
senger Is engaged by the person or firm
bonded we are to be notified, whereupon
we Immediately Investigate. Until the
last two or three months no one ever
thought It was necessary to exercise
extreme care In this work, for no such
condition as we have now had ever before-
arisen. Brdkers, therefore, were'
Inclined to . be somewhat' deficient In
promptness. However, that Is not the
real difficulty. In all cases except one
which our company has handled no
amount of Investigation has led us to
believe that the boy under considera
tion was other than honest. The same"
Investigations made by the brokers
themselves would not have resulted In
anything other than an engagement for
the boy, nor would any surety company
refuse to take a risk on him. For their
records were almost Invariably clean."
It was pointed out that both the sure
ty companies and the brokerage firm
feel that the question has now become
sufficiently serious to be beyond a mat
ter of personal profit and .to have be
come one of menace to the community.
As one man In close touch with the situa
tion phrased It yesterday, "It Is an ex
pression of the general post-war rest
lessness, temptation, extravagance, eto.,
which must be checked before any great
headway can be made. We are all dis
cussing the situation and a half dozen
plans are 'now under serious considera
tion." f
Many Losses Unprotected.
While the thefts are by no means con
fined to Liberty bonds and Victory
notes, these form a vm- inini.ii.
bartlon nf 1h u irrrl ,
securities stolen. Estimates of the
numoer ana value or stocks and bonds
which have disappeared via the ab-
....... D iwuvv III I C L C i I V
months are very difficult to obtain. It
nnuwn nowever, inai surety com
panies alone have suffered. In excess
of halt a million .dollars on their poli
cies, to say nothing of. the tremendous
losses Incurred by brokerage firms and
banks not fully protected by policies.
In addition there have been many In
stances of thefts which have never been
Imported outside the brokerage and
surety circles, either because they were
too small to be of Interest publicly, or
because of the dislike In some brokersge
houses to publicity on what they re
gard merely as nn Item to be charged
against profit and toss.
But the number of Liberty bonds list
ed as stolen and missing Is staggering.
On August 23 of this year ths Federal
Reserve Bank of New York published
a. bulletin containing the numbers of the
bonds of the five Government war Issues
which have been reported to them as
stolen or missing. Tills bulletin showed
that up to tint time there wero In this
list 4,141 Individual bonds of a total
value of iet7,050 In Liberty and Vlo
tory bonds alone. In addition, there are
a large number of bonds which have
never been reported or listing, besides
a great number which have been re
ported since the date on which the bul
letin was published. Conservative es
timates of the value of Liberty and
Mctory bonds which are thus unac-
rim'1 f?r rUn.,om brea .uters 0f
million to a million dollars. The larger
fli
$647,050 Stolen Bonds as
Listed by Reserve Bank
JUIE following Liberty and Vic
tory Bonds were Hated as lost
or stolen in the last bulletin pub
lished by the Federal Rcsorve
Bank of New York. Many rob
beries which have occurred 'since
thnt date- have "raised the total
number of missing bonds of this
character to more' than three
quarters of a million dollars, ac
cording ot conservative estimates:
Number ot
Denoml- Total
nation. valu.
$50 $122,250
100 124,300
500 86,500
1,000 280,000
5,000 6,000
10,000 30,000 v
$647,050
londa.
2446
1243
171
280
1
3
4143
proportion by far of these bonds are
Hi demonlnation of $60 and J100, these
being the most easily negotiable as well
as being outstanding In far greater
numbers than those for higher amounts.
A few, however, of the listed bonds are
of denomination of $5,000 and $10,000,
nail Bonds Also Stolen.
But the thefts are not confined by any
means to Liberty Issues. Railroad and
Industrial bonds In large numbers also
are among the missing. This was
pointed out by a prominent Investigator
as a very significant feature of the whole
situation. "It Indicates that no matter
how hard a bond may be to negotiate
some one la willing to steal It and take
a chance on disposing of It." And to Il
lustrate Just how significant this, point
appears, he pointed out that only re
cently a railroad bond which had been
In a list of stolen securities turned up
In the hands of an entirely Innocent in
vestor, who had purchased It through a
reputable brokerage house.
"The surety companies," he said, "are
now Investigating' the proctss by which
the bond was marketed and found Us
way tnto the ordinary routine of reputa
ble dealings." One Impression which Is
known to have been created quite gener
ally aa the result of the many successful
robberies 1b that- there "Is an organized
clique, back of the whole situation a,
clique through which a perfectly honest
messenger boy of Immature years Is per
suaded by glittering prospects of a rosy
future to become an absconder. That
this organization has connections of
high repute Is the theory held by many,
for they argue how else could thes
stolen bonds come again Into circulation
when their numbers are printed and
spread broadcast' among dealers In se
curities. Not a little criticism hag been aimed
at the police for their failure to stop or
even to check the epidemic. Ot all
the robberies reported, In recent memths
n comparatively few have been c.eared
up and only In rare cases have arrests
been made. Wall Street men, however.
are taking full cognizance of the situa
tion, and they firmly believe that by co
operation between themselves and the I
surety company, aided by the efforts of I
the police, an end can be put to thai
thievery. ,
PUBLIC IS ASKED
TO HELP FIGHT FLU
Cop eland Gives Simple Rules
That Will Help.
Dr. Royal S. topeland, New York
city's Health Commissioner, Is preparing
against a recurrence of the Influenza epl
demlc. In a bulletin Issued yesterday he
asks, the city's S, 000,000 to aid him and
their neighbors by observing simple rules
of hygiene, such as the Immediate treat
ment of colds and the Instant report to
the nearest health authority or physician
of any case that manifests the slightest
symptoms of flu.
Dr. Copeland says thai too much con
fldence must not be placed In prevent
ive serums, IntBmucIi as the causltlve
germ has not yet been certainly defined,
The bulletin lias It that 90 per cent, of
the deaths during the flu epidemic last
year were due to pnuemonla. Induced by
the flu secondary pneumonia.
A conference was held recently In the
offices of the Department ot Health,
where It was decided to bend every effort
toward the study of the so-called Influ
enza bacillus, the filterable viruses and
and the pneimiococct as possible factors
In common colds and Influenza leading
to p'enumontn. At that conference were
Dr. William II. Tark, director of Iabsra
torles for the. Department of Health; Dr.
George W. McCoy, director of the hy
gfenlc laboratory for the Public Health
service, and Dr. M. J. Koseneau, sjrofea
sor of Hygiene and Preventative Medi
cine at Harvard.
The dally inspections of school chil
dren Is still being conducted and Dr.
Copeland asks that all who will volun
teer for nursing duty will send In their
names to the Department of Health.
JEWISH FUND $6,750,000.
Drlvi- (6 llular Tea Million Ui-
(ended Our Week.
The pledges, of 102 trades to the
United Building Fund campaign of $10,
000,000 were reported yesterday ut the
close o'f the 'week's drive as $6,7C0,000.
Contributions have come In from many
othsfr sources, but the actual total has
not been compiled.
On the vote of eighty-two chairmen
of trade committees It was decided to
extend the camoalKn throuch another
weeK anu a programme of rally meet
ings was announced. The fund is to
be devoted to Jewish Institutions for
the care of children.
A Lavas Assrirtmontl
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DIAMONDS
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THE
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Store Opens 9 A. M.
FASHION WORDS TO THE FASHION WISE
Little Sketches: and Short Talks to Give Ypu a
w- Sidelight on the Subject of Your New Fail Clothes
''THREE tier pockets made
this velour suit trebly
smart. And its long, aim
pie lines lend great distinc
tion. It is available in the
popular colors with either
natural opossum or Hudson
seal collar.
$79.50
A silvertone suit has flat
folds of its own material
over its hips and rows of
buttons to iccentuate its
long lines. Brown, blue, tan
or rookie. $69.50
RUSSIAN lines to this
AX- very American dinner
gown. Gold embroidery
brightens the long navy
Georgette tunic and flying
squirrel bands it softly. The
foundation" is -of clinging
satin. i $185
AN over-blouse of navy
Georgette with most art
ful embroidery in American
Beauty silk and jet beads.
Jet balls dangle prettily
from the loose sleeves. Picot
edged ribbon serves as a soft
belt. Price, with tax, $48.
Blouses that tuck in the
skirt but with many new
fashion ideas. A wide range
of styles and colors priced
from $5 to $40.
A RIPPLY sweater with a
rv- brushed wool Tuxedo
collar. Ia black with white,
purple-with white, turquoise
with buff, French grey with
white, peacock with white,
Copenhagen with white.
$16.50
Other sweaters range 'from
$3.85 to $25.
A
VERY trim" boot for
afternoon wenr and
available in a number of de
sirable combinations. Patent
leather with grey .top, pa
tent leather . with grey
suede top, kid with grey
top and kid with grey suede
tdp. And these all black
shoes always right pat-i
ent leather with black kid
top or all black kid. $10
SUN, SUNDAY, SEPTEMBER 21, 1919. -1
0
M
59TH TO 60TH: THIRD TO LEXINGTON ONE BLOCK FROM PARK AVE.
White kid gloves of gleam
. ing freshness are. oftentimes
the point of accent that a
costume needs to lift it to
real smartness. WS have
the gloves in several styles
of trim perfection priced
from $1.69 to $3.50 the pair.
LJAZEL brown suede cloth
1 drapes itself into a
crown and upper brim for
this very chic chapeau. And
greenish taupe beaver faces
it. Not content with these
two attractive features, the
brim elongates itself on one
side and takes a tempting
tilt. Indian coque feathers
in copper color are the only
trimming touch. $18
The new skirts have very
charming ways with them
especially the accordion
pleated ones in softly toned,
plaids. Or perhaps you
would prefer those with
plain color tups and bands
of plaid also accordion
pleated. Or the box pleated '
onea that are stitched flat
over the hips and then flare
gracefully. The prices range
from $4.95 to $26.95.
T"HE beaded bag pictured
A above is one of 'a group
of exquisite bags that we
have just received from
Paris. Colorings are too
lovely for description and
designs as artful as only
French hands can make
them. $25
Others $15 to $125.
Smart tailored purses very
small and trim of silk
striped moiree or mocha.
They have the fittings that
every woman likes but so
skilfully placed as to take a
minimum of space. Plain or
gold mounted. $8.35 to $16.75
Heavy frames are still great
ly in demand and truly
they make the most dignified
bags for women of mature
years. Splendid ones (re
productions of sterling
frames) on well-made bags
of velvet. $5.95 to $24.95
CCORDION pleats are
II the feature of th skirt
and mandarin shoulders and
sleeves make the waist. In
addition to its unusual lines,
this navy tricotine frock has
gilt thread embroidery to
commend it. And how youth
ful it is ! $65
Taupe tricolettehas a tunic
that does clever things in
the way of lines 'and self
color braiding. A decidedly
slenderizing frock. $69.50
N
G
TpHE little sketch is a,very
A inadequate way of show
ing this very exquisite col-,
lar. It is most artistically
embroidered on finest ba
tiste and edged with real
Val to give it softness. We
just received it from France
one of many charming
jcollars awaiting your choos
ing. $7.98
Lace collars our own im
portation. $1.98 to $29.60
N
EW silks one pauses in
awe before their rare
beauty of coloration and
their ingenious weav. Tin
sel and metallic brocades for
luxurious evening gowns and
wraps lustrous satins, bro
cades, satin Francaise for
street or' formal frocks.
Chinchilla satin an alto
gether new departure and
exquisite. Satin broadcloth,
charmeuse the clinging
fabrics that lend themselves
so well to draped effects.
Woolens, too, find new ways
of being smart. Bokhara,
Peach Bloom, Chevorona,
silk and wool Duvetyn, .two
tone Silvertones, Velour
and all the staples that are
always wearable and always
wanted. Fur cloths, too, in
plush, baby lamb and cara
cul effects.
A SLIM little slipper of
black kid or patent
leather. Faultlessly finished
and built on a last that will
be comfortable despite its
slender lines. ' $8.50
Cinderella's foot was her
fortune and so would any
woman's be if she wore
such hosiery as this! Lace
ankle effects in most charm
ing designs. $1.09 to $4.75
'THE back of this coat is
A decidedly and pleasantly
different self -color cord
ings and new lines are the
secret of its charm. The
nutria collar is effective on
blue, reindeer or black ve
lour. The lining may be '
plain or patterned which
ever you prefer. $89.50
A DIAMOND mounted
rx wrist watch with a plat
inum face and white gold
back. Its shape is simple
and though the face is tiny,
the figures are distinct.
Mounted on a black silk rib
bon. $250
D
, Carry a dainty handkerchief
it is so small a 'thing and
makes so great a difference.
A little fluff of a hankie
with a bit of hand embroi
dery or a tiny scallop has a
charm all its own. Pretty
ones range in price from 25c
to $5.50.
QSTRICH has come into
its own with a ven
geance. It now waves
proudly atop the smartest
of hats and drops coyly
over their brims. Take this
black velvet hat, for exam
ple. What would it be with
out its graceful king blue
feathers? And what other
trimming could be half so
effective? $10
Veils that are worthy of the
very newest and loveliest of
hats veils that are worthy
of the prettiest face that
ever concealed itself behind
one. Right from Paris (one
of our representatives chose
them) and stamped with un
mistakable charm and orig
inality. Prices range .from
25c to $3.50 a yard.
A MOLESKIN wrap of
the loose, luxuriant, all
enfolding variety. Fashion-,
ed of finest moleskin and
finished with a wide border
of the skins set horizontally.
Lined with brocaded pussy
"willow in mole color. $595.
And other fur coats $125
to $795.
Foxes always becoming
and now more popular than
ever. And here they are
made into scarfs of every
color and style. Open or
closed effects. Priced from
$34.75 to $350.
Skunk and lynx still remain
two of the most practical of
furs. And when they are
fashioned into such attrac
tive stoles, capelets, animals
and chokers they add beauty
to practicability and become
doubly desirable. They are
priced from $27.50 to $225.
The muffs to match them
(in barrel or canteen
shapes) are $39.75 to $75.
TpHE semi-ripple effect that
looks so well on a slim
figure. And the squirrel
collar and pockets blend so
softly with the silvertone
(either blue or brown) of
which this suit is so skilful
ly fashioned. $no
An Oxford suit is always
splendid for morning or in
formal afternoon usage.
And this particular Oxford
suit is designed for wear
with separate furs. It is
trimly braided and well cut.
$55
Other suits from $25 to
$129.50.
gssssss
L
Store Closes 6 P. M.
FLUTTERING fringe in a
1 ' gracefully curved line
and this satin frock at once
takes its place in the very
foreground of smart fash
ions. Black, navy or taupe.
$65
Robins egg blue velour (or
other street shades if you
prefer them) fashions a simple,-
long-of-Iine frock for
wear with separate furs.
The knee-length tunic is em
broidered. $55
DEAVER brown Bolivia
AJ trimmed with softest
beaver -what could be pret
tier? And notice the long
rows of small self-color but
tons that. line the sides. $195
Other Coats $19.50 to $259.
A NEW overblouse with a
-rx perky little peplum and
a soft, self-fabric belt
Fashioned of navy Georg
ette with coral pipings or of
taupe Georgette with beige.
Prettily beaded. The price,
including tax, $16.92
Other Overblouses in the
shades you want to harmon
ize with your new Autumn
suit. $8.95 to $48
'pHE kind of satin gown
that one Wears to dinner
or theatre with a conscious
ness of being T7ell clothed.
An unusual coat effect pro
duces charming lines and
the beading is most effec
tive. Navy, taupe or black.
$69.50
A
WALKING boot of
smart lines and satisfac
tory last is shown here. In
brown calfskin or in brown
with buckskin top. Also
black with gray buckskin
top. $10
Silk hosiery with attrac
tive embroidery and color-
II ings of unusual design.
$2.25 to $4
53554
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