The New York herald., 1922-05-02
BUCKETING
TO Be TRIED MAY is
American Exchange to Be
Moved To-day for Place
OH Docket.
VINDICATION is SOUGHT
Stock Swindling Cases Held
Up by Calendar of Crimes
of Violence. =
BANTON BUILDS EVIDENCE
Withholding of Dier and Rus
kay Books Prevents Two
Important Proceedings.

The indictment of the American
Cotton Exchange for bucketing will be
moved for trial to-day before Justice
Marcus in the criminal branch of the
Supreme Court. The case probably
will be fixed for trial on or about
May 10.
1t is expected that this will be the
first important trial of those cases
which resulted from the recent dis
closures of bucketing i'm the financial
district. 1t was at the request of it's
attorney. George Gordon Battle, that
the trial of the exchange was placed
on the preferred calendar.
Immediately after its indictment.
following John Doe inquiry by Chief
Magistrate William McAdoo. Mr.. Bat
tie asked for a speedy trial. saying the
exchange sought to be vindicated and
regain its prestige. District Attorney
Banton consented to speedy trial on
condition that the six indicted di-
rectors of the exchange would not de-
lay their individual trials. Hugo
Wintner, Assistant District Attorney,
will prosecute the exchange
Crimes OF Violence Ahead.
Mr.. Banton explained why other al
legged bucket shop operators have not
been tried. He has desired to rid his
trial calendars of crimes Of violence and
has been Handicapped by the work of
sorting stock fraud complaints and pre-
pairing cases
Benjamin F. Schreiber. Assistant Dis
trict Attorney, has been working stead
| lily on fraud cases since early in the
year. In the last few days Mr.. Banton
| has assigned two other assistants
William F. McKenna and Thomas j. W.
Geraty-to aid Mr.. Schneider.
Mr.. Banton would not say when he
expects to try the bucket shop cases.
He thought that by the end of this week
he will have cleared his calendars of
crimes of violence sufficiently TO enable
him to concentrate on the others.
His policy. he said will be to mass
them off the calendars one after the
other. For this reason, he said. he
wishes to have all his bucket shop cases
ready for trial at the same time.
Great Mass of Complaints.
Many indictments have been found
against alleged swindling brokers. but
these represents n small part Of the
complaints received by the District At
torney. When brokerage concerns were
failing every day. hundreds of COM
plants were received. These had to be
examined carefully to determine IL
prosecution was warranted.
Another serious obstacle in the way
of the prosecution of many bucket shop
cases has been the District Attorneys
inability to seize the books of bankrupt
firms. Two cases pending in higher courts
may establish legal precedents that will
benefit the District Attorney materially
! in handling of bucket shop cases.
These arc the cases of +. ID. Dier a.
60. and S. S. Ruskay e. Co. In the
first the District Attorney hopes TO
prove that when bankrupt firm fails
{, stipulate. when its books are turned
over to receiver. that ii reserves it's
constitutional prerogative not to pro-
duce Its books as evidence against it,
self. then the constitutional right is
waived.
In the second case. in which the
riuslay firm claims 1t did stpulate that
/; reserved it's constitutional right. Mr..
Banton hopes the court will overrue
the guaranty. William Larkin has been
appointed n special master and is in
vestigating this case and will report to
Judge Learned Hand in United States
District Court.
Judge Hand has ruled in favor OF the
District Attorney In the DER case. but
granted a stay Of thirty days. which
expires May 10. pending an appeal. to
tie Supreme Court. Judge Hand~re-
serves the right on May 10 TO extend
z tie stay. depending on the time when
( the appeal can be heard by the Supreme
z. court.