The New York herald., 1922-11-15
WASSERMANN TRIED
VAINLY TO GET LOAN
suicide Bankrupt Broker Was
at Ropes End With
Banks.
PRIDE ACTUATED DEED
Friends Say He Worried Over
Firms Fall and Wife's
Divorce.
PRIDE ACTUATED DEED

Wassermann Brothers. stock brokers.
of AZ Broadway, members of the New
York Stock Exchange since 1883. went
into bankruptcy yesterday. The fall
ure, following the suicide Monday of
Jesse A. Wassermann, a member,
closed dramatically the career of a
once prominent house. Mr. Wasser-
man was 33 years old, the son of Ed
ward Wasserman.
An involuntary petition in bank
rruptcy was filed by Robert p. Lewis.
AZ Broadway, attorney for petitioning
creditors who later was appointed at
torney for the receiver Edward H.
Childs, lawyer, of SO Wall street. Mr..
Childs said his brief examination in
dicated liabilities would not exceed
assets probably by more than S25O,o0O,
and that a basis of settlement likely
could be agreed upon without diff
Guilty.
The bankruptcy revealed that before
firing the shot that ended his life young
| Wassermann made desperate EFFORTS TO
obtain sufficient funds to keep above
water the house mis- farner, Edward
Wassermann. had made one OF the
| largest in Wall street. The urgent ne
cessity of Immediate cash was oc-
casioned by an order from the New York
Stock Exchange that the firm make
report of the status OF it's business by
yesterday afternoon at / o'clock.
Tried to Get Loans.
| Mr.. Wassermann called together the
members of the firm Saturday afternoon
| to discuss means of rehabilitating the
| firms solvency before the hour or ac-
count to the stock exchange should ar
rive. At that meeting it was agreed
that IL a loan OF $235.o00 could be OBJ
tained a report of solvency could be
presented to the exchange.
Apparently the firm already had
reached the end of it's rope with banks.
Wassermann asked Isaac Spiegelman,
one OF the firms customers, for loan
of S250,000, and was refused. He is
said to have tried in several other d.
rections to obtain the money.
No member of the firm, however and
none of his friends suspected he would
seek death as a way out OF his diff
cutics.
Harold A. Content, 120 Broadway. at
torney for the firm and schoolmate and
life friend of young Wassermann. said
he had lunch with the suicide last week
and did not And him respondent. Mr..
Content said as did other friends, and
as Wassermann's last notes Indicated,
che suicide was due in large measure
to grief over the divorce which his wife
obtained from him in Paris two months
ago. though the deed itself probably
was precipitated Immediately by fall
ure TO obtain money 60 relieve his finan-
cial stress.
Career was Brilliant.
Botn Mr.. Content and Mr.. Lewis said
they knew Of no evidence of bucketing
customers orders or other misconduct.
The records of the District Attorneys
Office show no complaints against the
firm Mr.. Content said that Wasser-
mann never traded on his own account.
There was a report that he had lost
money in speculation. Concerning that
report Jesse Wassermann made the only
utterance upon either the suicide or the
bankruptcy II was: mo Wassermann
ever spcculated."
Mr. Lewis. Mr.. Content and numerous
friends OF the Wassermanns In Wall
Street agreed that the cause OF the
bankruptcy was steady decline In the
firms business In recent years without
corresponding decrease in overhead.
Directly. Mr.. Lewis added. the position
Of the firm was due to the purchase OF
larger amounts OF stock for the accounts
OF customers than the firm had resources
70 pay for on demand
The decline OF the firms business ap-
parently began when II was robbed OF
the leadership ~ Edward Wassermann.
who died fve years ago. Eddie" Was
sermann. as he was Familiarity known
In Wall Street was man OF brilliant
Continued on Page Nine.