New-York tribune., 1910-07-27
RANK CASE Up TO
DISTRICT ATTORNEY
erokers Who Had Accounts with
Wider To Be Examined by
Mr.. Mott.
DEALT IN CASH WITH ONE
statements of Wall Street Men
Indicate That Greater Part
OF Haul Was Not Used
for Margins.

sfscove-ed. Inspector E. de Narkowski.
with julius Goldman. counsel for the
tocsI agency OF the Russo-Chinese Bank.
- Ne. ~ Pine street. yesterday told the
,nu story Of the agency's dealings with
Erwin Wider. the cashier charged with
the theft Of something like S645. 900
worth Of securities from the local
scencv. The story came out when they
called upon the District Attorneys
Office 10 investigate the entire matter.
ID 10 the time of their decision to
ia al the facts before the District At
torney Mr.. de MarkoWski. the ranking
Official Of the bank, and Mr.. Goldman,
the counsel. endeavored in every possi-
rle way 10 keep the details of the huge
theft from the public, but yesterday
they finally threw aside all dealings with
ire missing cashier looking toward the
recovery Of the securities and put the
whole matter IN the hands Of the prose-
Gators Office
Leon 3. Ginsberg. attorney for Wider,
7-ho said that Goldman and de Markow
SKI entered into 4 ~gentlemen's agree
rnent' that Wider should not be pur-
sued or prosecuted, maintained his atti-
tude Of awaiting definite charges. in
cictrents OF a warrant against his
Client and intinlated strongly that 10
secure either against Wider the bank
officials would have TO disclose q great
deal Of interesting information so far
Withheld.
Ginsberg and the heads Of the brok-
e-age firm with which 1t is known that
Wider dealt viii be summoned by the
acting District Attorney tomorrow, and
viii be asked in detail as TO their Tela-
tions with the missing man.
The list Of stolen securities and the
names Of three Of the Stock Exchange
firms who had accounts with Erwin
Wider were made public yesterday.
Accounts Closed Before Discovery.
Zach Of the three houses which ad-
r-irted i connections with Wider said
that the account had been closed before
his Cisa ppearance. and from the amount
named by one firm the detectives at
work on the case said yesterday that II
vzs IkeI5 that the most OF the
stolen securities were never used TO IL
crease margins in & falling market
Wider himself Is still missing with
his wife and baby girl, and the investi-
gators believe that ne has with him
either the securities or the money ne
borrowed on them.
That view Of the case was shared oy
E member Of the firm Of J s Bache &
CO. which closed its account with Wider
OF July G. 1909 He said that Wider 5
dealings with the firm had always been
= cash 50 that the cashier must have
borrowed on or sold what securities he
had stolen Up 70 that time, instead OF
placing the actual bonds and shares OF
STOCK Is security 10 cover his margins
with that firm, at least
When Wider's account with Bache &
CO. became active. after a period OF
several months. during which it was
S-aE-arc. q member Of the firm wrote
10 The board Of governors Of the Stock
Exchange, asking for q ruling on the
bylzv which prohibited members from
dealing with employees Of q bank or
ECsr company.
TIE board decided. in the abstract
ard without knowledge Of the particular
case referred 10 by the stock brokers,
that q cashier was classed as an official
and not an employe. so that II was per
tec-lE allowable for a member Of the
exchange 70 accept his account
Further than that. if Wider followed
The same course IN dealing with other
exchange rrrns that he did in dealing
with Bache & Co. no firm would have
been guilty Of accepting stolen securi-
lies on margin. and the man or mer
who accepted the securities as oollatera
Tor cash loans would be able TO assert
thar --e.- .rere innocent purchasers
Had Banks Power, Say Brokers.
Bache & Co. also said that Wider had
e power Of attorney Tor the bank, whicr
Mould have furnished him with all nee
-ssarv authority 10 negotiate cash loans
on securities belonging 70 the bank On
tn.s point q law firm which does a large
business with Stock Exchange mem Der!
said that IN any case the tendency o
The courts had always been TO protec
an innocent purchaser Of stocks, ant
that = purchaser Of bonds would be sur
TO se upheld in his title by the courts.
Il may be that II these cases come L
ira said a member Of this firm, 'th'
facts viii develop that the Russo-Chi
aese Bank has given Wider certain au
thoritv or has done some act whici
would prevent II from recovering from
Iae innocent purchaser
J : Bache 6, Co. made the following
stsrement with reference to their connec
ton with Wider's account with them
Drefacing il with the declaration tina
the cashier had never brought any Sc
curiues into their Office but had dealt al
ways in cash:
he had an account with Wider som
time ago We threw IL out on July :
1868 because il became active. and "
we're suspicious. II was a small &C
count al the start. but when the accoun
became active the firm asked Wider {
summit q financial statement. which h
refused TO do and the firm asked hin
- take his account up. which he di'
lToHply or the following business da3
L r Dick. of Dick Brothers & Co, sal
that his firm had carried an accoun
with Wider. hich had been handled il
= satisfactory business way and ha
been closed out by him at his own re
quest
-Wider's name is not on our book