The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-03
A BROKER UP FOR FRAUD.
says We Played Nlitchelis TIPS and Lost Every
Time Mitchell was Expelled frein the
Consolidated Exchange Last sun'uner for
Ernud-waa an Agent Tor Biind Pool Men.

AhNCut WEN
Consolidated RSchnnre Last sunamer for
Frnud-was an Agent rer Biind Pool Men.
Oscar f. A. woisner, q Brooklyn young man
with q small fortune. sought to become a capi'
talist through the medium Of Wall street. He
a goodly SLIGO of the small fortune. and
now he wants to have his broker sent to prison,
first. for Turing him into the world OF specula-
tion, and, secondly, for losing the money he had
placed in his hands.
Tho broker is William e. Mitchell Of 10 Wall
street, and yesterday no was taken into
custody by Detectives HefFernan and Null
ry Of Chief McCullagh's staff on a charge
of grand larceny preferred by young Weisncr.
He was highly indignant at what he termed an
Outrageous performance, but accompanied the
to the Centre Street Court, where no
succeeded in so impresslng Magistrate Meade
with his eloquencc that he was paroled in tho
custody of his counsel.
Young Weisner ia bowildered by his losses,
and can't quite understand how 1t all happened.
One thing he is certain OF, and that is that he
was the victim Of fraud. He says he Is going
to push the case to the bitter end, II it costs
him moro than Wall street did. Nevertheless,
II he could get q part of his $500 back he
thinks no might feel more merciful.
weisner lives at 387 Seventh avenue, Brook.
Ign, and according to his story. no became
acquainted with Broker Mitchell, who lives at
55s Hancock street, Brooklyn. last January.
How the acquaintance started doesn't appear,
but at any rate. 1t was through Mitchell's tales
of tho money to DO made in Wall street that
Weisner first got the idea Of increasing his
own fortune. Weisner says that in February
Mitchell came to him and told him that he had
o lot of friends on the Consolidated Stock and
Petroleum Exchange who were In the habit of
giving him tips whenever any real good thing
cam along. He couldn't use all tho informa-
ton he got. he said. and was willing to share 1t
with n likely young man like Weisner.
Weisner became interested, and when, as he
asserts, Mitchell anne to him 2 few days ,9,s later ter;
that ougar would rise, he asked what he should
do to take advantage Of sugars ballooninH ten
Buy said Mitchell, according to weisner;
SO, not knowing how to buy himself, he says no
Sugar didn't do anything for several days. and
Weisner, almost had nervous prostration. 1t
finally dropped, and from Mitchell WsisneE
been wiped out, Weisner says that ne would
have made trouble right there. only he was lg,,
Mitchell when tho broker said that the loss OF
81. 500 was a nero incident In the world Of spec
ulation and that the judicious placing OF Q
much smaller amount would bring II back with
many other hard American dollars In no time.
Still q little stunned, but more hopeful, Weis-
ner went homo to await another tip from
BY and by one came. 1t was to the effect
that Chicago Gas would surely rise; This
struck Weisner as q far more reasonable prop.
says that he invested $500 without delay. BY
Of his s'% own ,n on Wall street. 1A He had re read the
financial columns and the news of the OK
changes, in the newspapers; and felt very sure
knowing something about 1t. So when he read
that Chicago Gas had really gone up he jumped
on his hat and coat and hastensd to Mitchei's
offico prepared TO take homo n satchelful OF
money. He says that the broker met him with
Il sent a chill up his back. He asked for his
profits In a less %exultant tone and was informed
a slight fall before the big rise and his money
had gone i n q lit little too 3, soon ld;, He he ny vas soE wiped ped
SSei aiS r sisS1 eaa to so RTo % lyn very Res sI much " de.
light. There was. still that chance of q small
cause Nit Told him SO. ~
from the misfortpnes Of The past, got a tip from.
Mitchell t. c that ~ Union oIa paSiic y; WAS as a good t hing,
m Ai tSM do %ondePps ia'sWa e Is 1ns but I's Up s @S@0h m
the hands of his broker and away it went after
the rest; ..u ,.,,.u u,., w,,.n.u
asked him what had happened to Union Pacific.
Then and there the young man from Brooklyn
more. No more tips for him. he said to Mitch.
ell, whereat the broker showed signs OF genuine
em9tion: l, vas too bad. he thought, that
and left Wal street for good, he thought.
though. 'p Tiere came 01 a tip h"" on Chicago SIaaso Gas.
Weisner had had u weakness for Chicago Gas,
as 1t was the only stock no had ever come any.
try it Just once more; he took 800 TO Mitchell
home, resolved not to read the papers at all. but
to trust to luck and go to his broker at the end
Of the week and sec how @SoI he t had IONS out; He Q
10 Wall street full Of confidence.
Wiped out" was Mitchell's laconic remark.
tainted. lie read the papers for a week back
when he got home that night and found that
Chicago Gas had been going up and down like a
the stock was wabbling up or down when his
money went on. he says.
about Wall street Weisner told his troubles;
why. you've been DONE said his friend.
wall street. Make a holler. whether it does
straightway to. the District Attorney, office
went Weisncr. He was turned over to Assist
ant District Attorney Earring. who heard his
story, procured a warrant for Mitchelrs arrest.
ciined to talk about the case. but his la y
said: ,,-
the same as betting on n horse race to speculate
in stocks. MI. Mitchell as a broker handled his
money lot MIN 11c IOSt anu tnhI . jill Iuero ID
to IL. Absurd to talk of fraud"
Assistant District Attorney Earring intimated
that there would be Two more arrests in tho
case.
"But don't say a word about It," he said. I'VE
haven't got 'em yet, and we don't want to give
'em the tip. Sh!"
There will be an examination in the case to-
day In the Centre Street Court. Wcisner says
| that he will produce absolute evidence of fraud.
Mitchell says no can't.
Broker Mitchell has been in hot water on
account of alleged questionable transactions be-
fore. On June "a the Governors of the Consoli.
him for obvious fraud" lie was convicted.
| according TO the report OF the Governors. ION
his own admissions and on the evidence pro.
duced." Mitchell was accused of assisting the
operations OF the discretionary pool men, for
ness of Sam Kellar a. Co. and W. +. O'Connor
& Co., and his transactions on the exchange In
the month of March last amounted TO between