WHY A BANK CLERK FELL

Evening Star, Issue 14535, 10 December 1910, Page 3

WHY A BANK CLERK FELL

Erwin Wider, cashier of the TtussoChinese Bank Agency at New York, has now confessed (says tho New York correspondent of the 'Telegraph') that lie stole nearly £IBO,OOO in securities from the agency's strong box. While he is anxious to rommenco Ills prison term in expiation of his offence, and to lose no tinio in beginning life over again, lie protests that ho is merely the dupe of circumstances. Ho came to the United States from Germany nearly four years ago with expert knowledge of tho banking business, and says: " I was practically allowed to rim the bank and have access to all the bonds." Tho temptation, ho states, was too much for him. The more work ho did Ihe more, be protests, bo was allowed to do, until be had tho run of tho bank business from A to Z. The business, Wider says, brought him into contact with men of great wealth, and the lunches to which they invited him ccsfc them as much as he earned in a week. Sometimes, he says, he tried to return the hospitality, which was hardly possible, because his salary was £5 a. week, only enough for a single man to live on in a small New York hotel. Then ho thought to himself: '"l'lieeo men do not know so much about finance as I do. They have grown rich in Wall street by speculation, and why should not I do the same?" lie was "imbued with the idea of "getting rich quick," and he listened to wily friends who bad "sure things" in tho stock maiket. I had no savings of my own, and so I helped myself to the cash and securities of which I had charge. 1 put up bank securities on margin, and Wall street took my money without asking a suspicious question. Tho stocks went up and down, but I went under.

Wider 7>ainted a vivid picture of bis mental anguish at the brokers' constant demands for more margin. By this time he .had married, and had a wife and baby, for whom he desired! to piovide luxuries. It was a case of "more margin, more margin " all the time.

I hated to see the brokers' messenger come into my office. I know instinctively that ho would demand mere margin, "and to supply the margin J simply ladled out securities from the bank to meet tho demands. Nothing seemed easier. J had (infers v.\ many pies. bill.

everything seemed to go against me. One dav hj memorandum came .showing 1 was a 'laser of about £40,000 in the cotton market. The total appalled me. By one sudden turn, in less than ten days, the cotton market jumped my way, and my loss of £40,000 was out, and I was about even on the transaction, but my other deals had not turned to my credit, and they steadily piled up losses against me. At last 1 was forced to admit that I could not stem the tide. I realised that it would take the fortunes of the Eockciellors, the Morgans, and all the rest unless the luck were with the outsider. I was the outsider.

Wider, who is a smart-looking young German, ends his i-onfu'ssion with two morals. First, he warrs ynmg men agiti'iso the lure of simulation, and. worldly, he advises the banks to pay their employees according to responsibilities.