The story of how Walter became a superhero was apparently published in more than one newspaper. This is the second (unidentified) article I found relating the events of that day (and apparently the Great Bear Spring Company is still around. You can read the history of it here):
‘RIDE’ VICTIM IS RESCUED BY COP
Ridgefield Is Roused As Autoist Chases Foe
Shouting that he was being taken for a ride, John Ponzi Marchese, 210 Twenty-first Street, West New York, caused the arrest in Ridgefield last night of Adolph Solimine, 520 Ninth Street, West New York. Solimine was booked on a charge of assault and battery and committed to the County Jail, Hackensack.
Sergeant Walter Gallagher, who was off duty, heard howls and then saw Marchese dash out of the woods near Gallagher’s home on Virgil Avenue. He ran into his house, grabbed his gun, and reached the street just in time to halt Solimine, who was pursuing Marchese in an automobile. Pointing the gun at Solimine, the sergeant ordered the man to stop. Solimine submitted to arrest.
Marchese said that on New York Avenue, a thoroughfare on which there are no houses and which is fairly well hidden by woods, Solimine hit him in the face. Marchese said he attempted to jump from the car, but Solimine grabbed his coat and ripped a pocket off.
Fleeing through the woods shouting “Where is a cop? — that man tried to take me for a ride”, Marchese reached Virgil Avenue, where he was rescued by Gallagher. The shouting brought a score of residents from their lawns and porches, fearing someone would follow the man with a machine gun. A search of Solimine’s car and clothes failed to reveal any weapon. Both men said the trouble arose out of an alleged loss of about $700 which Solimine accused Marchese of taking from him. Solimine, who says he is employed by the Great Bear Spring Water Company, Ridgefield, said he “made book” until recently on horse races.
He said he employed Marchese and, one day, allowed him to “take the wire” over which results of the races were received. By waiting for the results of some of the races and then claiming that certain persons had placed bets on the winners, Solimine charged Marchese was able to “beat” him out of about $700. Marchese denied it.
Marchese accepted an invitation to ride with Solimine yesterday afternoon, but when he reached his home in West New York, Marchese said he was not allowed to get out of the car. Instead, Solimine kept riding until they reached the lonely spot in Ridgefield, where he claimed he was punched in the face and after that jumped from the car.
Solimine maintained that he was going back to the Great Bear Spring Water Company to report to his employer and asked Marchese to take a ride with him. He denied the assault and explained that his pocket was torn when he caught it on the car door.
As Solimine alighted from his car at Gallagher’s command he spoke in Italian to Marchese. After that Marchese became reluctant to talk. Neither man would reveal what was uttered.
Marchese, who is 33 years old, has, according to police, a record as an automobile thief. Solimine is 23 years old and is said to be a former pugilist. He said that he has been employed in his present job for five years.