New-York tribune., 1910-07-25
BROKERS MAY Be LIABLE
Stock Exchange inquiry Likely
in Russo-Chinese Bank Theft.
TOOK BONDS FROM CASHIER
Strict Rule Prohibits Carving
Accounts of Employees
Wider's Lawyer Talks.

--e theft Of the $4,000 worth If
ronds from the local agency Of the
Rrssso-Chinese Bank. ar Nc 52 Pine
street. which E. de Markowski. an in
--,scrcr from the main Office of the in
srt-uticn IN 81. Petersburg. announced
- saturday had been taken by the
cashier Of the agency, Erwin Wider.
may lead - an investigation Of the af-
lsi~ by the Board Of Governors Of the
View York Stock Exchange. wider's
-ou7seI Leon +. Ginsburg. said vester-
7sv thar he would probably issue =
statement to-day at his office. No. 132
Nassau street. which might put his
client IN z different light.
Re accuses the banking officials o4 had
faith N giving out Wider's name and
threatens 70 divulge the names of the
brokers' who. he says. accepted the bonds
ero- The S1.2eo q year cashier as mar
Et1s for his speculating schemes. al
though the brokers knew that Wider did
not have the consent or power Of attor-
-e- ~ his banking house 10 offer the
bonds
r this proves 20 be true. and the
ecnds are found IN the possession of ce~-
-zt- brokers'. Il may go hard with the
~-ns with which Wider did business
such transactions would be in violation
~ r,e rigid rule passed bv the Stock
Exchange On March so last following
ne lamentations OF the Hughes
--r-~lssion
This -lle provides that the taking
nv caring Of speculative account o.
-he making Of 2 speculative transaction
IN which clerk Of the exchange or Of
member OF the exchange or Of bank.
trust COM psny- banking or insurance
---rzn- Is directly or indirectly inter
=rrez. unless the written consent OF the
=-rlov=r has first been obtained. shall
rs deemed an act detrimental 20 the in
-=-ss- and welfare Of the exchange" Il
za requires that every member Of the
-zrhzrEe use due diligence to learn the
essential facts relating to every account
z--=u-=d by himself or by his clerks or
-----sentat tp-es. and also relating to the
-zs rf q name for the account other than
thar ~ the party interested.
Lsv-e- Ginsburs said that Wider
confessed 70 tie bank officials that he
-z5 used -he bonds in speculating, and
-zE continued in his wrongdoing be
rsus= q The slump II the market Wider
Lad assisted the bank officials in finding
e-z recovering the bonds. the lawyer
$40 and It vas agreed that the whole
AFFAIR should be kept quiet for the tine
-=--E until civil suits were brought for
--= -=-orsr-- Of -he bonds Nfr. Ginsburg
=z-1 there vas no question that the
brokerage ----s vho had accepted the
---6s would ulrinatelv have to return
--=-. and he was absolutely sure that
--=- would I'll be returned
3 sl1--z,ssed that the bonds we're not
--1nd with the expediercv desired BY
~ Rank officials. and that they deter
---=5 . expose Wider and prosecute
--- -1z--e- vigorously. Z de Markow-
r.- -1a Russo-Ch-nese Bank inspector,
a-- julius Goldman. counsel for the
hank. both said that = rigid and dill
z=-- PROSECUTION vas in order
Tz=- has nor heen er his home. No
= -r---- Hope Place. The Bronx. since
-==- Monday night He lived there with
-= ---e and infant daughter They
--=-- away With him LAWYER Ginsburg
-.-=z f- rh= same house. He tranklV
----=7 -ez-erdav that he knew where
7----- --ss and said that ne was within
--A hundred miles Of This CITY He did
--- =z- whether or not he could produce
rs -Z-=r- WHENEVER h might be wanted
---5=---~ --= bank officials are not viii
--E 70 rake chances on that score, for
-l~ who we're said 70 be detectives
--=-= watching he house Yesterday
LAWYER EE-s-1~g complained 20 Mr
Goldman OF r-= presence Of tlve men
-r- he believed we're detectives. and
asked he counsel Tor the bank 70 see
mar --e- we're called of I vas not
earned Ecv- 1I- Goldman replied 70 the
~=--=s- ~- 7T-ders counsel. but the De
------== were stu there last night
T75=~s counsel 1ntimated that there
rs ccrsde-aalv more than the $4,000
-s-r--lz -zE=r from the agenCy's strong
low --ucr more than the $4,000 Of
---6z did Wider take7- M Ginsburg
-7z asked
=-- zc-z5Ce~s bly, more than that,
he replied. yes considerably more. But
--a s-o--r over and above the S4eESo
mas +r stocks and not N bonds.