True Stories of Crime from the District Attorney's Office

Excerpt: ...Before long the pile of two hundred Overland 4s was gone. So was a large quantity of other securities, for John and Prescott had dropped cotton and gone plunging into the stock market. Here, however, they had no better success than before. Of course, a difficulty arose when the interest on the Overland 4s came due. The coupons had to be cut by some one in the bank, and although John usually cut them he did not always do so. Sometimes the loan clerk himself would take a hand, and call for a particular lot of bonds. John, however, was now fertile in devices. The owner of the larger pile of six hundred bonds usually wrote to have his coupons cut about the twenty-seventh of April. John would make up a collection of six hundred bonds of the same sort, carry them up and cut the coupons in the loan cage. The other man generally sent in a draft for his interest on the second or third of May. But now the bonds were away, scattered all over the Street. So John started a new operation to get the bonds back and straighten out the coupon tangle. He substituted with the brokers an equal number of bonds of other companies, the interest upon which was not yet due. There was a large block of Electric 5s and Cumberland 4s which served his purpose admirably, and thus he kept up with the game. When the coupons became due on the latter he carried back the first. It kept him and Prescott busy most of the time juggling securities