New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1923-06-08
Involuntary Petition in
Bankruptcy Filed
Against Winkelman &
Company After Queer
Actions by Officers Ex-
cites Investors
Doors Shut and Then Re-
opened-Liabilities Listed
at s1,750,0OO and Assets al
$780, ,000-Solvent, Law
yer Claims.

New York, juno s,-An involuntary
petition In bankruptcy was filed IN
federal court today against the stock
brokerage firm OF l.. l.. Winkelman e.
Co, second largest member OF the
New York curb market.
The petition was the climax OF an
exciting forenoon around the Winkel-
man offices during which the doors
Of the firm were temporarily closed
only TO be opened again for business.
Liabilities of the Winkelman firm
were placed at sl,7so.ooo and assets
at sl.5o0.0oo in an application for
receivership made before Fedora,
Judge Bondy, Judge Rondy named
Charles l.. Livingston receiver with
bond of $4,000.
Suspension of the Winkelman firm
from the New York curb market was
announced shortly before noon.
Say They Are Solvent
George Gordon Battle attorney for
the firm. issued statement declaring
his clients asserted they were solvent
and intended to cooperate with the
receiver to the fullest extent for the
protection of their customers.
Firms Records Disappear
District Attorney Benton, who is
investigating charges Of bucketing
against several bankrupt brokerage
houses, today called on the police to
aid him In tracing records of the
curb market house of l.. l.. Winkel |
man Co, which disappeared a. few
minutes after an involuntary bank !
ruptcy petition had been filed.
Mr., Benton rushed Assistant Dis
trict Attorney Gibbs to the Winkelman !
house as soon as he learned of the
crash but Mr. Gibbs reported he had
been informed that several large
packages, presumably records of the
firm. had been taken away in taxi
cab
Mr.. Battle denied that any records
had been removed from the Winkel
man offices after announcement of
the failure.
"Dist. Attorney Banton will fnd,'
he said that ali the records are in
the offices as they were before filing
of the bankruptcy petition"
In announcing the suspension the
New York curb market instructed
other firms having contracts subject
to the rules Of the exchange with
and Co. to close them out
without unnecessary delay.
The bankruptcy of the firm re-
quilted In extensive forced liquidation
Of many stocks, which yielded | to 8 .
points. Standard Oils of Indiana, and |
Ohio, were among the leading stocks 5
to lose point or, more.
The firm has offices in Chicago
Philadelphia, Cleveland A kr n, r
Marietta and Findley, {
Ohio. Pittsburgh, Baltimore. Miwau- e
kee. Parkersburg, w. Va, Greensburg,
Fa, and Tniontown, Pa,
It was the largest house actively in
business on the curb market today,
he only other larger one that Of
ZONES and Baker having gone into &c
and been suspended last
week.
Members of the firm are l., I. Win
ieman and A. l.. Nicholson. Mr.
formerly was a member of
he consolidated stock exchange. but "
esigned several months ago after an RI
Investigation of his affairs had been p
instituted by the board of governors, ct
A year ago Mr.. Nicholson figured VI
II a sensational court case when he ST
aused the arrest of Miss Mavena III
2ichman an actress, whom he II
harged with having held him pris- p ,e
ner in her Riverside Drive apart DC
nent for three days and nights ;.
orcing him to sign checks for large 81 81
ums and robbing him of a $4,000 -. -.
tickpin and other jewelry, Miss =.
,ichman was indicted for grand lar -,
eny, but has not been brought 10 'I
rial.
John w. Curtis. president OF the
lew York curb market. in a state
lent this afternoon. declared that the
IVY committee of the curb had
ought to examine the books of l.. L.
vinkelman & Co on Wednesday but i,
ad been unable to get them because
ley we're informed the books had
cen subpoenaed by Attorney Gen.
herman of New York state