WHITNEY AFFAIR
STOCK EXCHANGE CLERK’S EVIDENCE WORD GIVEN TO TRUSTEES BONDS HELD TOO LONG By Telegraph. —Press Association, Copyright. WASHINGTON, April 14. George W. Lutes, a Stock Exchange clerk in receipt of 43 dollars a week, reluctantly admitted to the Securities Exchange Commission that it was he who after eight months of tortured doubts finally gave the word to the Gratuity Fund trustees which led to the undoing of the broker Richard Whitney. Lutes, who was executive officer of the committee, knew that Whitney held bonds too long. “I was afraid of Whitney,” he told the commission. “I frequently suggested to Whitney that I was ready to take delivery of cash securities when convenient, but Whitney never found it convenient.” Mr Blair S. Williams, governor of the Stock Exchange, admitted feeling uneasy in November when Whitney required two days to return a million dollars in cash securities to the Gratuity Fund which he was supposed to have held for safe keeping. SALARY CUTS ON NEW YORK EXCHANGE NEW YORK, April 14. Stock Exchange employees’ salaries are being cut by from 5 to 12 per cent. The reductions will take effect on April 16.
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Wairarapa Times-Age, 16 April 1938, Page 9
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193WHITNEY AFFAIR Wairarapa Times-Age, 16 April 1938, Page 9
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