New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-05
Stoppani and Hotchkin
PennilesS, Both Say
in Testimony.
Mr.NY WOMEN LOST
MONEY IN CRASH
Creditors Complain to Whitman
of Business Methods En-.
ployed by Firm.

Neither Joseph H. Stoppani nor Walter
q. Hotchkin. OF the bankrupt Consolidated
Stock Exchange firm Of Stoppani & Hotch-
kin, has a home 20 shelter him. Both
testified to that and TO fine disregard
Of the most ordinary bushes precautions
Yesterday in the hearing conducted by
Leon Iauterstein, counsel for the as
signee, in the office of Abraham :. Gill
bert 43 Exchange place
In the fourteen years they had been In
business together they had never looked
over the clearing house sheets. put &C
countants to work their books, or so
much as sat down together 10 figure out
roughly whether they were making or
losing. Personally Stoppani. who was
the business head OF the firm owes some
$4,000 or so-he wouldn't venture guess
as to the exact amount-to his relatives.
Nobody owes anything. TO him so far as
he can recollect.
Hotchkin. colonel of the 22d Regiment
Engineers, NC. n. y, and member of
many clubs. who seems TO have been a
passive member Of the firm chosen sim
ply for his social prestige. has about
$500 coming to him on personal notes
which he had forgotten entirely until Mr..
Iauterstein called them TO his attention
yesterday.
Last night Stoppani slept in the home
OF a cousin who lives in Brooklyn. His
partner is staying with friends in Yon-
kers. According to the report made by
the accountants who are at work on the
books the visible assets of the firm have
dwindled from 5000 TO 5000 while the
value Of stocks deposited as collateral,
which seem 10 have vanished completely,
has Jumped from $4,000 to $4,000.
Some Of the creditors. it was learned
yesterday, have been to District Attorney
Whitman TO complain of the methods OF
the brokers. 1t was said at the District
Attorneys Office that no steps looking
toward prosecution had yet been insti-
tuted as the result of these complaints.
More complaints will probably be made.
One creditor expressed bis intention OF
appealing to a magistrate and another
was sent to the office of District Attorney
Cropsey in Brooklyn.
Half a dozen creditors attended the
hearing. One was a gray-haired woman
who. with her sister, had purchased out
right fifteen shares of Chino Copper and
left the certificates in the care OF STOP
PAM & Hotchkin. The certificates have
not been found.
Il am not alone in this" said the
woman, There are at least hundred
other women who don't know what has
happened to their money. / just thought
I'd come down here even If 1t did rain
and see If l could get chance to ask
Mr.. Stoppani or Mr.. Hotchkin what they
did with my stock certificates. My sister
is in the hospital or she would come, too
II isn't as though we had bought stock
on margin. We purchased 1t outright
and those certificates were just like Sc
many certified checks"
The primary object Of the examination
Yesterday was to trace the $500 shares OF
stock which, so far as the expert ac-
countants can discover. seem to have
vanished without leaving trace. II
these could be found the firm could prob
ably pay more than 100 cents on the dol
lar. Small progress was made. 1t was
found that a small deficit occurred II
account No. 10, which was the mistake
account" to which were credited all the
mistakes made in executing orders.
Account No. 20. the firms speculative