New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-17
Shares Worth 100000 Are
Reported Missing by
Assignee.
FINDS NO CRIMINAL
PROSECUTION BASIS
Books Not Balanced in Fourteen
Years-Creditors Appoint
Investigators.

Creditors Of the defunct brokerage
firm of Stoppanl & Hotchkin yesterday
heard the report of the assignee on the
affairs of the company, which shows
that the liabilities exceed the assets by
s25s,571 is, and that $500 shares OF
stock are unaccounted for. No trace can
be found Of the stock, which represents
a sum approximating 100000.
About $50 of the 700 creditors were
present al the meeting. which was held
al the Broadway Central Hotel. The
heaviest investor in the bankrupt firm
was William T. Fisher, retired lawyer.
Of Glen Ridge. n. j., who lost $4,000.
Practically no hope was offered IN
the report for the recovery Of any or
the money invested with the concern
The District Attorneys office, which has
been appealed to by some of the credl-
tors, according to those present yester-
day. has found nothing on which
criminal action can be brought Colonel
Walter 3. Hotchkin and Joseph S. Stop
PAM. the members of the firm, were ar
rested and held in $1,000 bail on
charge of grand larceny by Magistrate
voorhees, in Brooklyn, June 2. This was
in an individual suit, the complainant
being John J.. Smith, OF al North Cd
ST, Greenpoint. lie charges that he de-
posted two Steel bonds and check for
1000 to purchase thirty Steel shares
and thirty b. r. T. There was nothing
given to Smith TO show that the trans
action had taken place. The hearing In
4 Ln1A Tt.V
a resolution TO raise fund for the
purpose of proceeding criminally against
the firm was voted down. After some
discussion, 1t was suggested that the
best procedure would be for the indi-
viduals to lay their specific cases before
District Attorney Whitman, who IT was
explained by r. r. Looming, who rep
resented him at the meeting, would in
vestigate every case thoroughly and
proceed accordingly. He Is interested
in the case" Looming explained, and IL
fraud can be shown, he will prosecute.
Leon Lauterstein, attorney for a. s.
Gilbert, the assignee, in explaining to
the creditors the difficulty encountered
by the experts who worked on the books,
which had not been balanced in fourteen
years, told them that they, like count
less others who invest in Wall Street
did so without the least knowledge Of
affairs in the district
Following the reading Of the report
B. w. B. Brown, a lawyer, of 81 Broad
way, who represents Fisher. acted as
chairman of the meeting. He is TO ap-
point committee of five. who are to
attempt to learn what has become of
the $500 shares of stock, and use their
concerted action in proceeding against
the members of the firm.
The statement which is made by
Park, Potter & Co, certified accountants
Subject TO errors and omissions, in
view Of the fact that there has never
been a trial balance taken from the
books" and because Of the missing
$4,000 shares OF stock. is as follows:
Cash in banks, subject TO claim of attor-
neys fees by Olcott, Bonynge. Gruber e
McManus, $2O3 70; proceeds from sale Of
office furniture and fixtures at all the
Offices. s1,129 81; sundry debtors for
amounts apparently recoverable, ST.
054 9S; seat on Chicago Board Of Trade,
approximate value, $4,000. Not shown
on books: Stocks on hand, said TO be
the property of Stoppani G. Hotchkin
1891; automobile of J. II. Stoppani APP
proximate value, $500. used by Stoppani
for eight years; Long Branch real estate.
owned by ]. NJ. Stoppani. subject to re-
lease of dover. approximate, $1,000; APP
proximate equity in securities pledged
as collateral with the Mechanics and
Metals Pank, subject 20 claims of GUS
toners whose collateral has been so
pledged $4,000. The liabilities are;
Due to sundry customers, S247,SS9 As;
other brokers, approximate, against
which the value OF the seat on the Con-
solidated Exchange is offset. $4,000;
due TO relatives OF J. II. Stoppani for
moneys borrowed by him, as per his
sworn testimony, $4,000. This obliga-
ton cannot be found on the books
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