Evening journal., 1919-10-17
BROKERS FADE
AFTER OFFICE RAID
ConIInued from FIrst page.

continued from First Page.
today said no complaint had been made
TO his department today against Brow
er and Chllds. One complaint mad
been made several days ago. in which
the complainant had been advised as
10 a course 10 pursue, but nothing
further had been heard from him.
Brewer and Childs are known 20 have
done a big business for many months.
Most Of the dealing by the patrons has
been on margins ana ON the INSTALL
ment plan OF payments
About nifty men called at the brok-
erage offices this morning TO try 20
get the money they had paid on stock
purchases, but they found the offices
closed. and no card or statement on
the door to add TO their comfort.
It was learned that Brewer and Childs
are two months In arrears In the rent
for their offices.
Deputy Attorney General Green said
that on Tuesday OF last week man
complained 10 the attorney-generals
department about his inability 90 get
his money from Brewer and Childs.
Mr.. Green said the man was advised as
10 how 10 proceed and was requested
/ 10 keep the attorney generals depart
ment Informed OF developments. Moth
/ ing further was heard from that man,
however.
/ 10 was learned today that W. +. Nance
manager OF the Wilmington oillce OF
I Brewer and Childs was arrested about
I two weeks ago on a charge of EN-
J bezzlement and was held I'm bail by
Magistrate ellis. The magistrate, how
ever, kept the arrest secret from news
paper reporters.
From what could be learned today,
the managers duties were clerical
mostly, and ne forwarded the money
he received from investors 10 the
firms main Office In New York, which
NAV result In the Federal authorities
taking a hand in the investigation. The
firm supposedly dealt on margins ana
on the twenty-monthly payments plan
Of selling stocks 10 It's patrons.
Those who besieged the companys
Office in this city today seeking the
money they had paid in were reluctant
10 discuss their dealings or give their
names.
According 20 representatives OF The
Philadelphia district attorney. The al
legged swindle will amount 10 between
$4,000 and 100000. IN Philadelphia
alone. Branch offices also have been
operated In Wall street, New York: In
Wilmington and I'm Harrisburg, The
concern also purposted 10 have
branches at Trenton and Pittsburgh.
victims OF the alleged swinde laid
valuable information before the dis
trlct's attorneys detectives, which win
lead. Il was said, TO a thorough inves-
tlgation OF various firms purporting 10
conduct legitimate brokerage bust
nesses in prominent office buildings
in Philadelphia.
What developed during the last few
days into a quiet run on the Brewer
& Childs offices began about two weeks
ago, when several investors who had
( bought stock on an insiallment scheme
! favored by the house ordered rs sale
at market quotltions. When they at
/ tempted 10 collect their money. they
received nothing better than eyasiye
answers from The members Of the nrm
Others had The same experience. and
In a few days the brokerage offices were
swarming with men and women who
had been lured into the net Three
victims whose losses totaled 5000 fin
ally appealed 20 Assistant District Al
torney Gordon. and on their informa-
tion a quiet investigation was immedi-
ately put under way.
70 was found that Chllds. the junior
member Of the firm, had apparently
left Philadelphia on Monday. Brewer
was ordered 30 report at the Philadel-
phia district attorneys office at Q
O'Clock yesterday morning. but he
failed TO keep his appointment. Detec-
tives made search Of the city. but all
they could find was evidences that the
two brokers had pulled up, stakes and
fled. Then warrants were issued for
their arrest by Magistrate Rooney and
placed in the hand Of Major Samuel
10. Wynne, FIRST assistant TO Chief
COrtelyOu, for service.
Assistant District Attorney Gordon
stated that every complaint lodged
against brokerage houses in Philadel-
phia, when on any foundation at ALL
will be Investigated with a view toward
arrestlng all offenders and yiolators Of
the bucket shop law.