UNDOING OF BROKER
EXPOSED BY CLERK WASHINGTON, April 15. I George W. Lutes, a Stock Exchange . clerk in receipt of 43 dollars a week, ' reluctantly admitted to the Securities : Exchange Commission that it was ho | who, after eight months of tortured doubts, finally gave word to the I Gratuity Fund trustees which led to it ho undoing of the broker Richard Whitney, who was sentenced to five i years' imprisonment for stealing 103,1 000 dollars’ worth of securities from the New York Yacht Club. Lutes, who was executive officer of i the committee, knew that Whitney hold bonds too long. “I was afraid of Whitney,” he told the commission. “J frequently suggested to Whitney that I was ready to take delivery of cash securities when convenient, but Whitney never found it convenient.” Blair S. Williams, governor of the Stock Exchange, admitted feeling uneasy in November when Whitney reI quired two days to return a million dollars in cash securities to the Gratuity Fund which he was supposed to ha\o hold for safe keeping.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/WC19380418.2.46
Bibliographic details
Wanganui Chronicle, Volume 80, Issue 90, 18 April 1938, Page 7
Word Count
173UNDOING OF BROKER Wanganui Chronicle, Volume 80, Issue 90, 18 April 1938, Page 7
Using This Item
NZME is the copyright owner for the Wanganui Chronicle. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of NZME. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.