The Great Northern Railway of London has been victimized by
a fraud rivalling that of Charpentier and Grelet on the Great Northern of France, but by a different process. That fraud .con- silted, practically, in a stealing of shares. The New York fraud, like Robson's, was an over-issue of shares, with the difference that the American manager was under less check, while Robson's over-issue was covered by fraudulent transfers. Mr. Leopold Redpath, -the " gigantic" Robson of King's Cross, effected his fraud by the simple addition of a " 0 " to the amount of stock which he issued as registrar ; and thus called into fictitious exist- ence stock representing 15,0001. or 20,0001. a year. A portion of that " swag " was his real income, while his apparent salary was 2501. or 3001. a year. When Robson's fraudulent transfers were detected, the Crystal Palace Company thought to impose a check on such practices in future by consolidating the very nu- merous shares of the Company into a stock ; and we then took occasion to express a doubt whether any formal precaution of the kind would be effectual. Two weeks have not elapsed, before we have a working example to confirm our doubt ; Redpath's fraud having been easier of execution, and six or seven times larger in the amount of property stolen. The eases of Robson and Grelet are said to have awakened the drowsy Great Northern Directors to examine the leak that had already puzzled them in their dividend-fund-20,0001. a year too much running out I Pro- bably Redpath's case will lead to other inquiries.
Previous page
