New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-11-24
ARRESTS FOLLOW FAILURE
CHESTER B. LAWRENCE. JR., THE BRO
KER. ASSIGNS-HE AND TWO EN-
PLOYEs ACCUSED OF LARCENY.

chester B. Lawrence. jr, a stock grain and
cotton broker. at No. 80 Broadway made an
assignment at 10 a. m. yesterday for the benefit
or creditors. George H. Wolbert. his book
keeper and cashier. is the assignee. Mr.. Law
renee. Mr.. Wolbert and Edward B. Underhir jr
manager of the business. arrested by Cen
tral Office detectives in the evening and locked
up at Police Headquarters. They are charged
with grand larceny on the complaint of Mrs G.
r. Rouckendorff. of No. "a West Eighty fourth
ST. Captain McClusky consulted with the Dis
lrlct Attorneys office before making the arrests.
magistrate Deuel. went to Police HEADQUARTERS
ana admitted the three men to bail.
MI Lawrence is member of the Consolidated
stock and Petroleum Exchange. Charles W.
caring, his counsel, said not over $4,000 was
due to creditors. At the Consolidated Exchange
1t was reported that the debts would amount to
about 100000. Mr.. Underhin. the manager
said in the afternoon that the liabilities would
not he known definitely until the investigation
oI the books, now being made was completed.
Mr. Unoerhill would not give the amount Of the
assets
MT. Lawrence had been doing an apparently
prosperous business. He employed a large force
o. assistants. Besides the main office at No 30
Broadway, there are branch offices at No 621
broadway No. 30 West Twenty-third-st No.
l'3oo Broadway and No. $40 Madison-ave.
answering scores Of questions asked by fright
ened and angry creditors, many of whom
women with small accounts Asked for the
cause of the failure. he said:
Our troubles precipitated by the action
or Mrs. e. r. RouckendOrf. of No. "a West
ElghtY-fourth-st a customer who gave us three
oohos' or 81 ooO each. to secure her investments.
She was not successful in her speculations, and
at present she is debit to US about $500. Five
days ago she demanded, through her lawyer.
r. W. Ellington, of No. 20 Broad-st., a COM
plete statement of her account We told her
counsel that his client had been given BIZ
monthly statements since the opening of her
account last March. and that because of the
rush of business it would be impossible to give
out complete statement at that time. Her
counsel asked for the repayment of the $4,000
represented by the margin, and refused to give
our house, and so frightened other clients that
Mr.. Lawrence was obliged 10 make
siSnment- He discredted at the banks
and on the floor Of the Exchange.
Mortimer H. Wagar, president Of the Consoli-
dated Stock and Petroleum Exchange. said:
Mr.. Lawrence came to me at II o'clock this
morning and told me of his embarrassment He
has not failed as far as the Exchange is con-
cerned. Every one of his transactions has been
done according to rule on the floor and has been
placed upon the Clearing House sheets Mr..
Lawrence said he cOurted the fullest investiga-
ton He became member OF the Consolidated
Exchange in March 1899. and has borne
good reputation. He was bly, crippled by
customers owing hlm money, and because of
mistakes in the office due to the very large
amount of business transacted He must have
done some private specializing No stocks were
traded in this morning for his account All his
loans and borrowings will be closed up to-day.
c. w. Earring, attorney for George H. Wolbert.
assignee said in the afternoon:
Mr.. Lawrence enlarged his offices last summer
and fas since been doing an enormous business
The expenses have footed up to $1,000 a day,
and he did daily business of sixteen thousand
shares, in lots of from fifty to two hundred
shares. The market has been bullish for the
hOnChr heavily
and many errors were made by them, which
Mr.. Lawrence had to assume. He found himself
short of the market, and compelled to
assign
Mrs G. r Rouckendorff, who is accused by
Mr.. Lawrence of forcing him to the wall. said
yesterday at the office Of her counsel, r. W.
Ellington. No. 20 Broad-st.:
Every word those horrid brokers have told
you about my hbelling them is false l simply
wanted a statement. They refused to give it
and are now circulating stories to hurt my repu-
tation. They are trying to rob me, and I shall
get even with them in the courts.
Mr.. Ellington. her counsel. said that he had
not demanded the three 81 900 bonds from Mr.
Lawrence. He had tried for the last week to
get simple statement of his clients account
He denied that his client had precipitated the
troubles of the firm. or that she had repudiated
any of her orders.
Benjamin F. Foster, a lawyer al No. 80 Lib
erty-st. who represents three of the Lawrence
creditors for a total of $500, said yesterday:
I shall try to get the case out of the hands of
the dummy assignee. l shall proceed against
Lawrence on the ground that he accepted orders
from customers after he knew that an assign
ment was imperative.
Mr.. Lawrence lives at No. 81 Washington
ave. Brooklyn, and is the of Chester B.
Lawrence a well known storage warehouse
man.