The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-12-30
GAMBLED AWAY S15O,OOO
Mr.. Baldwin Populated and S~peculated,
and Ruined Himself and Partners.
Wayland Trask & Co., New York Stock Brok-
ers, Forced to Suspend-Receiyer Asked for
the Union Life Insurance Company.

NEW YORK. Dec. 29.-The, failure of the
firm of Wayland Trask g. Co. was an
nounced to-day from the Stock Exchange.
The firm was composed of Wayland Trask.
Theo. Baldwin and A. N. Rankin, and had
Offices at No. Is Wall street. Mr. Trask re-
fused to say anything about the failure,
and referred every one to his lawyer. Is. ii.
Stern. Mr.. Stern gave out the following
statement concerning the firm:
The suspension is due to the fact that one OF
the partners, Mr.. Theodore Baldwin, has been
Specializing on his own account, and with the
$150.00O. Nothing was known OF his operations
on Monday or Tuesday. when some OF the banks
sent to Trask & Co. for additional margins on
their lines. This led to an Investigation, and 1t
was discovered that the books were all wrong.
and that many fictitious entries had been
made upon them. Mr.. Trask saw that he
could not honorably continue In business. and
resolved to suspend. Baldwin has confessed
everything. and Is now at work helping the ex-
pert with his work in STRENGTHENING out the
books. Baldwin's method OF operating was TO
enter a number of fictitious names upon the
firms books and conduct his speculations under
those names. The money TO margin these &C
counts he took from the firm. and covered up MS
tracks by making false entries on the books. He
also conducted operations with other firms In
Wall street. also using his firms money. and
this, of course. must be made good.
Mr.. Stern would not say whO these houses
were, nor could he give an approximate es-
innate of the amount OF assets and liabili-
ties of the suspended firm until the expert
examination was concluded. He said that
the $3.50. 900 lost by Bald win was also an es-
timated amount. 1t might turn out to be
much more. Baldwin's speculations have
been going on for about three years, and
were, of course. entirely unknown to his
firm. He has been speculating in almost
every stock on the list, and while il vas
rumored that he had been especially hard
hit on Northern Pacific. Chicago Gas and
Omaha. lawyer Stern said it looked as II he
had lost in every thing he touched. Bald
win became q men Der of the present firm
in 1881, coming to them from L. T.. BENEDICT
81 90. He was u resident of Brooklyn, and
has always had an excellent reputation.
1t could not be learned whether or not pro-
against him. He Is said to be completely
broken down by his misdoings. and has ex-
pressed his willingness to do any thing
asked of him.
Mr.. Wayland Trask has been o member
of the Stock Exchange for t~wenty-four
years. n is very popular. Over S3O0.0 900
WAS offered to him to-day by various firms
TO help him out, but he declined all assist.
ance until he could discover the real
amount of his partners defalcation. The
firm had no outstanding contracts on the
exchange, having notified the firms with
which they were dealing to close ont their
contracts. They also sent around this
morning and paid Oft all their loans at the
banks. Mr.. Trask said to-day that he had
been up nearly all flight for the past three
days trying to straighten matters out.
Insurance Company Mismanagcd.
New YORK, Dec. ga committee Of SIX
directors of the Union Life Insurance Com
pany have, through their counsel, request
ed the State Insurance Department to bring
suit for the appointment of q receiver for
the company. The committee. In it's COM
plant, declare that the funds of the COM
pany have disa ppeared, and in some cases
have been misu sed. They also charge that
the company has been grossly mlsmanaRed,
and hat It is insolvent. They lay the
blame for the present condition of affairs
upon President Louis Z. Levy.
The missing funds are said to aggregate
between $4,000 and $4,000. 1t is charged
that the books are not properly kept and
the affairs of the company are IN a bad
condition. Late this afternoon William
Abbott. secretary of the company, issued a
reply to the charges, IN which he claims
that the charges were instIgated by former
directors in the company. who were disap-
pointed ut not being reelected, and are now
taking revenge by publishing untruthful
reports intended to injure the company.
He declares that there has been no misuse
of the funds of the company and no use OF
the funds which have not been regularly
approved by tho board of directors.
Enjoyed Mckinley Law Prosperity.