The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-07-24
Wider's Lawyer Says He
Gambled Through Stock
Exchange Houses:
WAS WIPED OUT IN SLUMP
Got Into the Bank for q Good
Deal More Than $4,000
Helps to Trace Bonds.

One OF the travelling inspectors Of tho
Ruaso-Chinese Bank Of II. Petersburg.
who was here when Il was found on Thurs
day that $50 100 worth Of bonds had been
stolen from the local agency. signed u
statement yesterday in which he declared
that the securities were taken by the
cashier. a German named Erwin Wider
The attorney for the bank added that
Wider had confessed. and that for this
reason he had no hesitancy in making
his name public. Wider's own attorney
supplemented this later by saying that
Wider had used the bonds in stock specu-
lation in Wall Street and had been wiped
out in the recent slump. This IL likely
10 interest the governors Of the Stock
Exchange. No banking or brokerage
house came up yesterday with the infor-
nation that IL had or had had any Of tho
securities OF which the numbers had been
published by tho agents OF the bank
The Russian inspector from the narent
Of in the case until yesterday. when he
came in by way OF his statement He IL
z. Markowski. who drops In on the agen-
cies when they expect him and when they
don't. and IL Is his business to he the eyes
Of the Russian directorate This present
visit began just after Gustav GertZ.
the New York agent. had left ten DAYS
ago for a vacation In Europe. which
had been planned for some time Mar
kowski found Carl Schulz In charge under
the title OF procurist with power OF at
torney for the bank. Another official.
n. Frommel. shared Schulzs resp nsi-
bility.
II IL believed that the loss Of the bond,
from the agency's strong box was dis
covered by Markowski in the course
Of his examination. This came on Thurs
day and on Friday julius Goldman 81
the law firm Of Steinhardt h Goldman
at III Broadway was consulted by tn
b1nk officials. The result OF their over
night investigation. which they said
they were conducting without tho aid
Of the police or any private detective
service. was The following statement:
NTw YORK. July ~. 1910
In order to avoid any misapprehensiou
and the falling OF suspicion upon entirely
innocent persons / beg 10 state in behalf
OF tho agency Of the Russo Chinese Rank.
Of which am Inspector. into whose charge.
together with the attorneys for the hank,
this matter has been entrusted nv the board
Of directors. that the thert Of securities that
has taken place from the said bank has been
definitely ascrrtained To have been COM.
mittcd by the oashier Of the bank. ono
Erwin wider
The matter Is being prosecuted with all
due diligence.
The foregoing contains all the fact, Tor
publication. MARNow-EI
SOS? Pine street. New Work
Wider lived with his wife and a three
months old baby at 81 Mount Hope placs.
The Bronx In tho same hous> liv,t
Leon r. Ginsburg. a lawyer Of Isg Nassau
street, who says that he il wider's per
sonal counsel He admitted last n,rht
tina, Wider had taken all the bond. tina.
the bank had advertised and added thaJ
tho published sum didn't come near rep
resenting the total amount O.! his takingS
but h. SAID that Wider had gone To a.,
hank and had told the officials about
his thefts 81 his own accord and that hs
had assisted them In finding the bonds.
IL was a breach II faith said Ginsburg.
that Widcrs name should have been
mentioned at this time. The plan was.
a. ne understood IL. for the bank to take
civil action after the whole thing hal
been cleaned up. and Wider anticipating
no trouble had not tried to get out %
the way At the present time hc IL within
100 miles Of New York. according To his
counsel
Wider. tho Law yer said. had taken ths
bonds to use in speculations with per-
factly reputable firms. and in the slump
u the market within the last seven weeks
he had gone on putting up margins until
ne was forced To make a complete admis-
sion TO the bank
This was entirely unexpected said
Gnsburg last light. referring to- the pub
LEGATION 81 wider's name. 1t W a. bad
faith on the part 81 the hank officials
and We had no idea that il was coming.
Mr. Wider has been here all the time and
he wasn't afraid 20 show himself
Both he and myself have helped In
the investi CATION and ~ have been tho
ones To show tho bank where tho 50
curities were have known Wider over
since he came hero 20 live when he was
married n year ago last April. and have
baon in the closest touch with him in
this investigation
This taking of bonds by Wider has
been going on for tho last seven weeks
and the reason for his continued wrong
doing has been the slump In tho market
I can't 60 into the merits of the case
when people break faith with you you
are certainly up IN the air The arrange
ment was this Nothing was 10 be said.
that was my understanding. until the
inv estig CATION was completed. A. that
time civil suits were 10 be brought or u
tho bank wished b make n goat out Of
Mr. wider Il was up 20 them. But in tho
m "a ntime the whole thing was To have
been kept dark.
I don't believe that any young man
should he placed In the position OF being