The concerns most frequently used by the men in their transactions,
the police say, were known as National Fire Proofing Company of New
York and the Federal Trust Company of South Dakota. The fire proofing
company was stated to be capitalized at $1,000,000 and the trust
company at $100,000.
Offices for each concern were at 1138 Broadway, New York. From there,
it is charged, circulars and pamphlets were sent out to investors
in all parts of the country, and it was also a practice of these
concerns, it is alleged, to open accounts with banks and exchange
bogus notes for good ones.