Y in Jail?

Nicholas Roberts, graduate of Yale's Sheffield Scientific School in the class of 1901, has done much for his alma mater. In 1918, risen to be vice president of famed S. W. Straus & Co., the bondhouse that advertised "44 Years Without a Loss to Any Investor," he rallied the spirits of Eli with a great party for the Yale football team, "win, lose or draw," in his barn at Montclair, N. J. Nick Roberts' barn party speedily became a famed annual event. To it was added an additional ceremony, the presentation of a bowl to distinguished alumni who had "won their Y in life."

Notable were those so honored: President Atterbury of Pennsylvania Railroad, President Hutchins of University of Chicago, Dr. Harvey Gushing. Boston's famed surgeon. In 1931 when Eugene Meyer was given his "Y in life," Mr. Roberts (now president of S. W. Straus) received a letter from an alumnus of Leland Stanford, saying: "The award represents discrimination and judgment on the part of the givers. . . . Yours faithfully, Herbert Hoover."

Last week as Mr. Roberts, aged 54, strode out of No. 70 Pine Street, Manhattan, a middle-aged woman pointed at him. Her two male companions accosted him, showed badges, marched him off to Old Slip police station, a tiny building, modeled after a Florentine palazzo, that stands among dingy tea and spice warehouses down on the East River.

There Mr. Roberts was unceremoniously booked on a charge of grand larceny brought by Miss Anna Kuhlmann, 55, and her sister Katherine, 52, both unemployed. They declared that in 1928 they had invested $10,000 through S. W. Straus & Co. in what were misrepresented as first mortgage bonds. Said Mr. Roberts that evening: "It was admitted by counsel for the complainant, at the arraignment, that the complainant had no dealings with me and had never seen or spoken to me. It seems obvious, therefore, that the charge against me is based upon false allegations and is wholly without merit."

But holders of millions of dollars of Straus Bonds were bitterly delighted, for many of their bonds have gone into default and Straus & Co. folded up last spring. All they remembered was that they had lost money in spite of Straus & Co.'s protestations of conservatism and good faith. When Nick Roberts came out of Tombs Court under $5,000 bail, a man shouted, "Here, do you want one?" and threw a handful of bonds at him.

Cried a second: "Now you're going to get it!"

Cried a third: "You've got it coming to you!''

Cried a fourth: "He's always in conference. He'll be in conference a long time now."

Chanted a fifth: "Jail, jail, the gang's all here!"

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