Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-04-10
DER, UNDER GRILL,
HAS MEMORY LAPSE
Broker Finally Shouts He Will
PAY Dollar for Dollar"
to Angry Clients
ON CASH RECEIVED

VR0UE UN CASn hECeIvEU
r. -. DER. former head Of the de-
funct brokerage firm Of +. ID. DER &
Co., had a sudden and almost complete
lapse Of memory at the first hearing at
which creditors managed to got him to
try and tell what he knew about
missing S3,OOO.OO0 or so of the firms
assets.
The hearing was in tho New York
office Of Seaman Miller. referee in bank
ruptcy, at = Rector street, on Sat-
urday afternoon. Every time Dicr for
got something the crowd of creditors,
men and women. grouncd and jeercd.
This made Dier mad
WELL he finally shouted. Il will
pay you, dollar for dollar. il it takes
the rest Of my natural life
Mr.. Dier was questioned by Saul 5.
Myers and Arthur Garfield Hays. at
torneys for the receiver. The first in
Quiries were persistent, as 70 his pres
cnt mode Of living and the property pos
scsscd by his wife.
When pressed to tell how much jew
CRY his wife has. Mr. Dcr said he did
not take notice of such things, and
that he had nor been able TO discuss
business with his wife. owing to her
illness. He said he knew Mrs. DER had
a diamond ring. diamond pin and n
pearl necklace. the latter bought in
Philadelphia in 1910 at Caldwc,l's for
about" $4,000.
Both Mr.. Meyers and Mr.. Hayes then
went thoroughly into the purchase Of
the necklace. trying to bring out that
il was bought with more than S45 GOO
Of the firms money.
well. the books will tell, You have
the books
Afraid Of the Books
"Will you stand by. tho books"
Il don't want 70 deal with the
books"
Mr.. Dior said his former partner.
Henry ID. Hughes, had bought the neck
laces, ono for Mrs. Di"r and one FOR
Mrs. Hughes. Ilo said he did not know
how Colonel Hughes paid for the neck
| laccs.
| "At any rate. your wife has n neck
! lace worth more than $40, O,Om!'
Il don't know that she has it, You
know how sick Mrs. bier has bocn"
Under pressure Mr.. Dior said hc
( would do all he could with his wifi"
and her attorneys to got surrender
| OF her property to the receiver. Hr
couldn't say definitely if hc has spen.
100000 on his wifes .icwelry in the
! last three years. She is the second
said he recently took his son Robert out
! Of college because no had no money to
keep him there. Vigorous jccring at
this point.D
Mr.. Dier told about the house hr
! bought ''in n nice section of Atlanti"
City. near N"ntnor." for S55,OOo.
which represented cash payment Of
only $4,000 lie could not believe. the
/ cost approximated Sl00,O00. Three
mortgages lie against the property, the
owners, a trnSt company'S and that of
n furniture dealer. this latter mortgage
taking effect month before the der
! { Go. failure. He could not say what
had become Of Mrs. Dicr's Packard car
sell one Of his NV" s,ickpin> for 500 "a
get money to live on. h" said.
Just Can't Remember
The attorneys then went into the
transaction between Mr.. Dier nnd
Charles 4. Stoncham that led to Mr.
DER taking over the brokerage ac-
counts Of Charles A. Stoncham & Co
Mr.. Stoneham wanted 20 per cent. ht
said, but accepted "a cut in commits
sions--Or what do you call it?--Or
Stoneham S2l0,Wo." lie said he coult
not remember t" what extent he tool
over Stoneham accounts. whether l
vas nearer 81 900 OuU or so. 900 900.
"Whrn Mr.. Ston"hum turned owe
tho accounts to NOu, i" had certain
collateral belonging to his customers
Did hc turn this collateral over to you 2
II don't know ] hay" no way o
knowing.
Surely you know II YOU got til
col'atoral.'
Il was laid M in bed at the time.
What do you say you owc--a dcbl
balance Of between 5000 900 and So,
OUO. .O00:'
That's what they say. but W
shouldn't owe ovcr 81. 700, ,OOO."
How do You account for the short
age"
".tsk tho Cashiers"
Il cant account for II. left every
thing to the cashiers in the cage, Gu
Stroh and Fred Andrews. Tho book
should tell. He admitted that An
drcWs, a so week clerk three year
ago, was drawing $500 week at tn
tim" Of the failure
Mr.. DER could not remember ho'
lnurD nc drew ont 0f me concern
1921. but ho remembered he had p,
in between $500. 900 and SiOO 900, HI
profits from III" concern and partly out
sido earnings, including $500 900 give
him aS n present by .Jacob Nold".
hosiery dealer, Reading, Pa. who die
thr"" or four years ago.
When asked pointblank if h" d
not sell out his customers stock an
II he did not know h" was short mi
lions Of customers property, Mr.. Die
said he did not know.
, When asked If he was denied a.
cess TO his concern y books, Mr.. Die
said he was no auditor and did N
understand books.
Knows lie Got the Money
"Thcn how did YOU know you mat
the profits you just referred tof
They gave me the money al
didn't We have auditors repOrtS?
"Don't YOU know that Andrews, 20,
cashier, was lonning money to DER
Co. on the securities you gave HING
II knew he brought the money
but ] thought he was getting it fro
Stoneham or Delaney
III StrOh says you gave customer
securities to Andrews TO sell, was
mis,akcn?'
eyes -
"Do you know that taking money
a concern when ii is known TO be IL
,o,vent Is q crime!" This question WI
overruled.
The hearing was adjourned 70 An
II at 4 o'clock. "a.
f 2 /. \ y p j i E ,