New-York tribune., 1922-04-09
IDier Admits He
Knew n othing
About Business
Can't Even Read a Ticker
and Never Sold Stock.
He Says; Left Everything
to His Office Employees
Calls Himself 'Organizer'
Declares He'll Work Rest of
Life to Pay Up 100 p. c.;
His Creditors Cry 'Boast!'

Elmorc D. DER, former dentist and
head of Che bankrupt brokerage firm
Of +. d. Dier & Co., declared yesterday
that he would cndeavor to pay his cred
itors dollar for dollar. He was under
examination before Seaman Miller, ref
cree in bankruptcy, at proceedings
having for their purpose the tracing Of
assets of the concern. which failed
with more than $3,000,0Oo Of liabilities
and thousands Of loa.rs throughout the
country.
Dier's assertio.. t.iat he would work
the remainder Of h9 life to make good
was not seriously received by the cred
itors attending the hearing.
That's boastN' shouted one, and
the words were taken UP in chorus.
According to Dier's testimony he
knew little or nothing about the bust
ness OF which he was the head. He
expressed equal knowledge concerning
the possessions OF his wife and about
his other aHaila. Dicr passed respon-
sbility for the actual conduct of the
business TO Colonel Hughes. his former
partner. and TO his employees, Fred
Andrews, Robert Shrimptou and others
lie WAS a dentist, he said, fresh from
the Klondike md from college, when
he met Colonel Hughes eight years
ago. His role was that OF organizer.
and the details of the business were
left TO the "mcn in the cage"
81 never sold stock in my life" der
testified, when asked if he knew what
became Of the securities Of the firms
customers. Il wouldn't know how to
read ticker
To most Of the questions put to HIM
by Arthur &. Hays and Saul s. Myers,
attorneys for Receiver Manfred w
Enrich, Dier replied. 'I don't remem
ber," III tones at times placid and again
irritated.
No Adjustment Plan Produced
DER was represented by Charles
Winter. associated with Nash Rock
wood his chief attorney MIR. Rock
wood was to have appeared with
proposed adjustment plan, but it was
said he had been called out Of town
by previous engagement.
where is The plan?' demanded the
creditors. There was no response. II
\
eral Of the women who lcveled cutting
Glanccs at the dentist broker.
After many evasions Mr. Myers
brought from der the admission that
he had been living with friends in this
city since the failure, while his Wife
was in the hospital good portion Of
the time. Recently, he said. he lived
in an apartment at $50 Park Avenue,
rented by the mother Of Harry j. Law
renee, who Mr.. Myers said had been
sought in vain by process servers. The
present Mrs. der is the brokers' sec
ond wife. but he could not recall The
first name Of his mother-in law. a
Mrs. Dclange, Of Philadelphia. Dicr
said he had son, Robert, by his first
wife, and that he had been compelled
to withdraw the son from college "be-
cause he didn't have money enough to
put him through
"Well, isn't that too bad" remarked
one OF the women creditors.
der testified that lie was without
funds OF property, except two life in
surance policies for $4,000 each and
"a couple Of pins" lie described his
wife's property as $4,000 home at
Atlantic City. dimond pin, diamond
ring and pearl necklace. The neck
lace, which became the principal sub
ject OF inquiry, DER said, was pur-
chased in 1919 b. Colonel Hughes at
for his own wife.
Don't you know the ,ecklace your
wife possesses cost more than s45,oOo?"
asked M Hays.
Il don't relnember.'
"Was the necklace Tor your wife
purchased with your authoritvw'
Il don't remember
Didn't You have an understanding
with Colonel Hughes that each ycar
money was to be spent to add pearls to
the necklaces ~
~ done remember"
"At any rate the necklace that YOUR
wife has was purchased with money Of
customers OF Hughes & Dicr, was IL
not?"
ut was purchased by Hughes A.
Dicr when VIC were solvent"
Don't you know that your wife has
tho necklace now and was ready to turn
1T over the estate for the benefit Of
creditors, and the reason il vas moi
turned over was because your attorney
objected?'
Il don't know
"Win you tell these creditors that
you viii use your influence to have this
turned into the estate ?"
Il can't answer for Mrs. Dier. ar,
ready to do anything can for MY cred
ltors. l want to pay them dollar for
dollar and will do SO if given q chance"
He Knows Little of Necklace
Dier said he did not know if Nirs
Der still had the necklace. The last
tune he saw it, he said, was three OF
four months before the receivership
re was also vague about the automo.
p!ie and an expensive fur coat which
his wife was said to have possessed
SSetching his career, DER said h,
was rorty-four years old. He vent t,
the Klondike when he was twenty wears
old. later attended dental co!leee or
and passed several Years