New-York tribune., 1918-06-14
Same Securities Were Un-
loaded on Public at
From 81 to So
Figures Cornpany's
Assets at 1888, ,478
Amusement on Jurors
Faces Shows Effect
of Testimony
Three cents a share!


ant, placed on the much vaunted En-
crson Motors stock, unloaded on the
public at anywhere from So to IS a
share
Sitting in the witness chair in the
United States District Court yesterday,
Mr. Berkeley, who throughout the sum-
mer of 1917 examined the Emerson con-
Germs books for the Department of
Justice. at the request of Assistant
United States Attorney James W. Os-
borne, I'd, made the calculation which
produced this result.
For more than an hour previously
he had been testifying to the innermost
secrets revealed by the ledgers of the
Emerson corporation, of c. r. Berry &
Co. and of the Matches firm, in Boston.
He had told of the $S15,993.56 total
cash receipts the Emerson books
showed of the s737,636.72 disburse-
ments. He had traced the Berry. or
Wilson, takings through New York,
Chicago. Omaha, Boston and Toronto.
lie had given the real figures on the
various other subsidiary defendants
now on trial before Judge Martin T.
Manton. He had made his own esti-
mates therefrom of the value of the
Emerson company's assets, placing the
figure at S2s3,47s.81.
Jury Seemingly Impressed
If the little ripple of undisgused
amusement that passed along the
ranks of the jurymen be any guide,
%[o$
mon was the most convincing reveia-
tion of & day that contained more
than its full share of surprising testi-
mony incidentally, it was the last
full day which the prosecution will re-
qulre in the presentation of its case
against the fourteen individuals and
four corporations charged with hav-
ing conspired together to use the mails
to defraud.
In answer to a question from Judge
Manton, the prosecutor said he needs
only few hours more to come to a
conclusion in what has proved one of
the most intricate cases brought to
trial here in many months. The court
thereupon announced that the defence
should hold itself ready to begin re-
buttal this afternoon. On the earnest
plea of George Gordon Battle, how
ever, attorney for Broker Wilson,
Judge Manton finally consented to give
the opposing side until Monday for
preparation of its opening.
Meanwhile Mr.. Osborne has very few
loose ends left to tie up. Yesterday
he practically completed his case
against such of the defendants as have
received only incidental attention
heretofore. Chief amongs these are
Loomis & Reiss and Will H. Stetson,
both of whom acted as brokers for the
Emerson shares.
Stetson Literature Identified
Mr.. Stetson is the man who, as his
attorney, Colonel William Michael
Byrne, has had occasion to point out,
carried picture of the Emerson Four
"ready for the road" on his literature.
A good deal of this literature was
identified yesterday by. Stetson's for
mer stenographer and read to the
& Reiss. William M. Bell by name, was
also put on the stand.
Mr.. Bell is the man who managed
the showroom at Broadway and Fifty
sixth Street, afterward taken over by
the Emerson Company itself, where an
Emerson demonstration car" was on
display. In the course of his inter-
rogation the court became curious as
to whether the object of this car was
mobiles or merely of Emerson stock.
A series of relentlessly pointed ques-
tions brought out the fact that if any
Emerson cars were sold here they were
not paid for, although considerable
quantities Of the stock were disposed Of
by all three of the statesmen in at
tendance.
"Were you ever in the automobile
business?" asked the court finally.
mo, sir" admitted the witness.
Reverts to Humphrey Case
Besides presenting the case against
Stetson and Loomis G. Riess, Mr.. Os-
borne also reverted to his charges
against Henry B. Humphrey, the Bos-
ton advertising man, and Nicholas F
Wilson, king-pin of all the stock bro.
kers, concerned with the Emersonian
project.
A part of the case against Humphrey
upon which the District Attorney ap
pcared to set much store was rulee
out of court after an extended argu
ment. That this defendant had, how
ever, made strenuous efforts to dis
abuse the minds of newspaper men O,
any distrust of the Emerson propo
sition after he had received an un
favorable report of the company from
the Bishop Service was testified to BY
Michael F. Hanson, general manager
OF "Thc Philadelphia Record"
Mr.. Hanson told how, after hi:
paper had refused the Emerson adver
tising copy, Mr.. Humphrey first SEN
one Of his agents on to Philadefphis
and then followed himself in an en-
deayor to get this decision changed.
II told him, though" said the wit
ness, shat we had very rigid rules a.
to the acceptance of advertising mat
ter and that had heard the Emerso,
car had u Ford motor"
Considered Bad Investment
Later Rowe Stewart, advertisin,
manager Of the same paper, made thi
still more specific when, testifying t.
the talk he, Mr.. Hanson and Nj
Humphrey had had, he declared he toll
the Boston advertising agent that from
the standpoint of his readers he di,
not consider the Emerson good in
sestment.
"Wc had heard" he continued, "tha
an Emerson ear put on exhibition
at the Hotel Continental. in Philadel
phia. was an assembled car, gotten to
gether for exhibition purposes. Whel
one Of our solicitors tried to purchas
+. car he was persuaded to buy stocl
instead.
''In my opinion" this witness con
GUIDED, "the company existed largel
nn paper"
Mr.. Humphrey, though, was far fron
willing to let the matter rest at that
Apparently he quite genuipely believe,