Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-01-21
.L|AB|L|T|ES.JUMp II
INBROKERC CRASHES.
Assets Almost Nothing Com
pared With Debts in Simon
Schaeffer Tangle
SUE DlER'S EX.ASS0CIATES

The assets Of bankrupt brokerage firms
are daily receiving fresh evidence oJ
huge indebtedness. while assets have
dwinded to almost nothing in proper
ton 70 losses
Accountants reports snow assets oI
less than $4,000 rs compared with liza
bilities Of about 5000 900 in the wreck
Of Simon .Schaefer Company, of 1908
Arch street.
At the same time four suits vere
lodged in civil court against Colonel
Henry d. Hughes, formerly partner
Of Elmore ID. DER. for the recovery Of
funds invested with this firm when II
was operating as Hughes 4 DER.
Liabilities Of the Dirr failure are es-
timated at moro than 5000. 900, while
the assets so far brought 70 light are
not more than 10 per cent Of this
amount Both Colonel Hughes aud Dicr
with Charles A. StOnchome. another
former associate in the business. and
Harry j.. Lawrence. DER 5 social sccre-
tsry. will be gri,lcd next week by the
receiver. Manfrei W Enrich. Of New
York in the hope that they can br held
responsible for some Of rho firm debts
The discoverV that tho Simon.
Schaefer Company had failed for such
lstse omedht came "a Furnrls' even
20 me recciver' Francis \. Walsh. "
nad eeen thought that the business "i
this firm was relatively small
Huge Wire Service Tolls
But the report made TO Mr. Walsh
by Stint, McGrath & Carlson not
only Indicated the extent Of the bust
ness, but also explained how victims
were roped in. u shows that from
oeptemper; I'ZV' 70 January OF this
seai ,o,sL ol Sll; I-2'"" was spent
Ipr ,,S"sgrsph ana teI'poonr service IN
,os rL; LL;niladeIphln once .,,-o-
This sum compares with S46.%5S.6I
eating that BY far the greater rort Of
the business was conducted over the
telephone. SumptuouS furnishings we're
bought for all five branch Offices. but
the stuff is expected to bring little ac.
tual cash at receivers sales.
Suit for divorce has been brought
ny Mrs. Florence e. Stein. Of llOl
South Peach street. against John !.
Stein, one OF the members of the
Simon -Schaeffer Company. who is
some of the profits of the concern wr-1t
TO the entertainment of other women
The other missing members Of this
firm are Maurice Il SchaefIpr, of 46Il
Chestnut street. and Harry Simon. who
lived in an apartment ON Riversida
drive, New York
The suits against Colonel Huebos IN
the Dier faiITre roro Iod,oL sL,s,,n -
Attorney John p ConnolIr ror,nor
City Solicitor. ComnIoinonts 40 VI
and Mrs. Paul W. KrorIse SI1 Eric
avenue: Lille Krouse tbeir dan,htor
and n. B. Coar. of I,ansdnio H.
Krouse bought $4,000 worth or stoo,: T.,
the Magnatc Conner Comnor, ,,.Siin
his wife and daughter oacb irrosto'I
$3.50. Mr. Coar took S7OO of tho same
stock.
:,
say STOCK Is Worthless
Is contended In the actions brought
y! tnsse claimants that the stock was
or,"rss; ,'I0 me transactions all took
non ana the retirement from the firm
OF IoloneI Hughes.
,n,u; Sunse 'h3mpson; in Fedora Court.
Graham G. Woodward ns amnroisors ,rir an,
.nt piFr assets preparatory to public
@,e;
Inc Chandler ease also was rcviver
tt nsu 'onn a. iii'l. referee. announced
,n ,a' ne ana y, Howard Reber. attorney
on Tmosdo d,u'tr', would 60 to New York
w ward 0SsuaE : Ti,.,o 10 take testimony from Ed
ChandIcr % Rrotberps q parsner r. IN the ne firm Of
nomrnnr, rn proInerS * TO. The au-
nouncement was made following a rec.
some ,in,e e@'ns @ -,
nav to tho tr"sto ago Nr. sool lL,Il" n offered to
ments eyterdinn 80 @S"-o'uoV IN install.
having t;mo - over number Of years,
,sise tbo Inv mooo oS that arrangement TO
cred the sum SS%ti mentionod tohG>. HE consid-
y. tne inueotedness OF the firm. BY thar
ae.noa ne sought to stay the foreclosure
mortgage given by StuaT Little.
hu Wnlch Is now held by the trustee as
an @ asset.
me creditors will consider The offer at
a meeting 10 AXE place on Thursdov ,r
the Office Of John VI. Hin rceero' 80 ;'
bankruptcy, in the Penn Suuors R,,ir! !"
ing. There will be anotber croL;tors, L;+c'"
meeting on Monday in AR Iri,It' HTe"Il9rS