New-York tribune., 1909-04-20
u'CARREN WANTS STOCK
u1II COST HALF MILLION.
Ennis s Stoppani ReceiUer Nay
Hare to Buy Shares IN Market.

sald - :. tho firm under blind account No 3S9 and
creed 10 pay every dollar of it. provided the
hAD pa, e+ock was delivered TO him. This Mr. Rus
a. has agreed to. and the stock viii be delivered
= she end Of the week
p-,,-nt No 3S9 shows that Senator McCarren
Atsos on margin early in February, 1907 800
P of Analgamated Copper, 2,OO0 shares of
,,rr Rapid Transit and 50 shares of United
80 Rubber preferred. The account shows that
o-7rer stock obtained at 1872 The price
ue ~ the other stocks is not stated, but accord
p the market price at the time, must have
As & between 74Iz and 75a. for the Brooklyn Rapid
-. stock and between 1865 and 1914 for the
- States Rubber stock EcCarren Will have
u. the receiver the market value of the stock
+bs time he gave the order. which, including
D. t, commissions and carrying charges. will in
-, +be payrlent by him of close to S50O000.
-ra the stock he has arranged to deliver to
tor McCarren is coming from Mr.. Russell did
a1, hut as most Of the securities in the posses
~ - the firm have been hypothecated, with the
,ntion Of a few mining shares. it is probable
%. r. will have TO go into the open market for it.
-ssarr prices this would call for the expenditure
. b;e mart Of about *;55.cco AS Senator McCarren
.sEa5 10 have account No 339 transferred to
hss otber brokerage house which he will name in
r. 5svs II IS PROBABLE that the transaction will
S--aneed = bv this firm purchasing the securities
= -g-ring over the receiver the difference in
=. -,srker value at the time The order origi-
,y aced and the market value to-day.
-. :, has been inactive since the day it was
80 and that the firm has been carrying it all
-, time without Senator McCarren having put up
- additional margin. In fact according 10 coun-
= <,- The receiver. trace has yet been found
- ,be books of McCarren having put up any mar
= 81 all and at one time during the height of
IA manic the account shows that he owed the firm
more than s49e,e0.
wCARREN'S EXAMINATION POSTPONED.
=. examination of Senator McCarren in regard
Ns account with Ennis & Stoppani which was
!, have taken place to-day before United States
Commissioner Alexander, has been postponed for
,-s week for the reason, according 10 Mr. Russell,
bst Nc~arrens legislative duties require his pres
ssce a. Albany that day
ve;.her Charles F. Stoppani Thomas A Ennis
- -be lstrers nother-in-aw and sister-in-law. Mrs
4 Riley and Miss Florence Riley, have been
sornd by the process servers. and II was learned
~ excellent authority that all four had left the
crv The whereabouts of the two last named Is
=. ,1rou-n tut the receiver was in communication
vi-b The partners through third person yesterday
,,s said he was reasonably sure that they would
.,urn as soon as they had recovered sufficiently
tom the shock OF the failure, provided public opin-
"a, rss MOI aroused much against them.
Mr. Russell said that far as he was concerned
Asre would not be any criminal prosecution Of the
ts,kruvts and that he did not think any such &C
tim would be brought. The duty OF the receiver
he said was 20 get much money as possible for
and to this end II was necessary ioi
hin 10 hold conference with the members OF the
81, ard he thought any customer who did any
hing 70 prevent them from returning here wouId
be making mistake
Mr.. Russell said that a further examination OF
-,s books Of the firm showed that the assets were
better than had been apparent at first ana ulal
the general creditors would fare better than ne hao
- s-s+ thought and might receive as much as %
cents On the dollar Between two hundred ana
,bree hundred certificates Of stock. supposedly be-
longing 10 customers Of the firm. had been found
in safe deposit vaults he said. and between 325,ooo
and $4,000 IN cash belonging to the firm had oeeh
deposit in various banks
MORE FOR THE CREDITORS
In addition he said, one New York bank had
s-,i4ated collateral amounting to $500. 600 which
az hsen nut lIp by the firm to secure loan The
suatv for the creditors remaining after the fqui-
ssion Of this loan, he said, amounted to between
TsBee and 100000 which would be returned to
ths receiver in the form Of collateral
He had also found. he said, that concern called
the Ennis Tire Company cwed Mr.. Ennis 100000
0her assets were in sight, he said, and on the
shole the outlook was not as black as it had been
Il the outset Mr.. Russell stated that he had cut
6oEn the expenses of the firm from $4,000 TO $500
week and that he would cut them still lower
According to a former confidential man Of the
srn who has had access to the books. the iiabili-
as wiI not exceed s. 600 0O0. and $4,000 OF this
amount is due TO Mrs. L. j Stoppsni, mother Of
tAs junior member OF the firm Mrs. Stoppani is
Understood be a wealthy woman and 1t Is
thought that she will be willing TO waive her claims
against the firm. if by so doing a satisfactory set
uement could be made with the creditors. The re-
osiver il is understood, is working with this end
4 view This would leave only about 10000 due
ne general creditors and there are enough assets
h sight wipe out considerably more than one
saf Of this Indebtedness.
II some Of the other large blind accounts are
sled hy.t Tho 6aato he
wi be done. the firm will come near paving off all
CUNTS Nos 500 and col show unliquidated debit
Balances % $500 and $4,000. respectively. Counsel
ior the receiver said yesterday that unless the
owners Of these and other blind accounts stepped
Gp ana made good their Indebtedness they would be
breed 10 settle The owners OF these accounts have
noi been traced vet, but the accountants hope
e learn their Identity before long. 1t is believed
st one Of the accounts represents the speculative
account Of the firm.
BLIND ACCOUNTS BLAMED
It vas said on authority yesterday that the di-
rect cause OF the failure was now believed TO be
que to the refusal Of the owners of blind accounts
N9s 80 800 and sol TO respond TO calls for margin
The receiver does not care TO say much about
sse blind accounts lust at present, in the belief
nat the men who are conceaing their identity be-
Aho thin viii come forward and settle II let alone.
s@ahy of these accounts, it WAS learned. are owned
y out-of-town 1t was learned also that
NE receiver opened negotiations yesterday which
4 hopes will result in the recovery Of $4,000 for
he creditors
There was a report in Wall Street yesterday that
re'er Doelger, jr-. had had an account with inc
an and that he had instructed Samuel inter
@Eer, Bis lawyer. 20 bring suit to recover s2SW"
which he asserted was due him. The rumor was
Hot credited in quarters which should have been
"eA Informed on the question
eniess they shoi:ld undergo sudden cnange OF
s;t is not expected that either OF the partners
y lne failed firm will be present at the examina-
aen into the affairs Of the concern to-day before
NO1fnlssioner Alexander
1Ae members of two New York Stock Exchange
muses. and officers of several banks and trust
Sl1panies pJft ,zbfcl, fbe firm had transactions