The New York herald., 1922-07-02
BANTON TO GET AID
IN FULLER FAILURE
7
Prosecutor Expects to Re-
ceive Evidence Without
Resort to Books.
LLLY 10000 VICTIMS
Bankrupt Firms Partners
Known in Wall Street as
Liberal Spenders.
CUSTOMERS STILL WRITE
Complaints of Losses of Sc
curities Continue to Reach
Authorities.

A person officially connected with
the bankruptcy proceedings against
F.. NJ. Fuller Co., stock brokerage
firm which failed last Tuesday for
estimated liabilities of s5,000,000, de-
clared last night he would do his part
to aid in any prosecution that may be
directed against the concern.
This man. whose name cannot be
disclosed, went so far as to say that
he would try to send to Jail any one
who appeared, after a thorough exam
nation, to have been guilty. or crimi-
nally responsible, for the collapse of
the brokerage house. He declared
that prison was the proper place for
any such persons.
1t was pointed out that although
District Attorney Banton is prevented
from gaining access to the books Of
the concern through the stipulation OF
the bankrupts that they reserved their
constitutional rights. yet there are
other ways to obtain evidence against
the defunct company.
The existence of various papers that
can be uncovered and the statements OF
customers who have lost money were
pointed out as excellent sources Of in
formation that would enable the prose-
cutting authorities to determine II any
traces of criminality can be attached to
the firm.
II was learned at the office of the
receiver for the bankrupts. VINO did
business at 80 Broad street that ac-
cording to present indications the as
sets of the company would be very
small. An effort will be made to find
out If any assets have been concealed.
and II so, to take over all such for the
benefit of the creditors.
Scant hope was expressed, however,
that the creditors. estimated at 10000,
would ever realize any great percentag ge
of their losses. Hasty estimates OF the
present status of the concern place the
liabilities at between si,00o,c00 and 5000
600 and the assets at nearly N.0o,ooo.
These figures are not considered defi-
mite, however.
Accountants are at work upon the
books. under the direction of the re
ceiver Samuel Strasburger. and as soor
as they make a report and can fur
f.isf a list of securities handled by
the firm hearings before a referee viii
be begun.
The receiver said that letters con
tinucd TO be received from recent Gus
toners of Fuller & Co.. asking why
they had not gotten either the money
or stock owing them on orders theJ
had placed. The majority of these or
ders. it was learned. were small. rang
ing from $50 to 800.
Fuller and his partner. Frank MCGEE
who were members of the Consolidated
Stock Exchange. before their failure
- we're known in Wall Street as high
rollers" men who spent money without
consideration or restraint.
Stock brokers who arc ready spenders
seldom have the faculty Of putting
aside money to form surplus capital.
Legitimate brokerage houses. as rule
have plenty of securities out on collat-
eral loan. 1t is known that the con-
Germ has strong boxes full Of securities
but the character and values Of these
holdings have not been determined.
Benjamin F. Schneider. Assistant Dis
trict Attorney in charge of the investi-
CATION of the Fuller financial crash. said
he and his assistants. Thomas J. w
Geraty and William r. McKenna, would
spend this week In collecting and sift'
Ing complaints Mr.. Schreiber said
I'VE have received numerous com
plants against the company, and SOM
Of them are very good ones. person
ally am Of the opinion we will be abl'
10 make out a case without the aid o
the books. We have been particular,
fortunate In the character OF the com
plants we have gotten.
'Of course. having the books woult
make everything easier. but think W,
can ferret out and punish any crime tha
may exist without them. We are get
ting what / should call a good break
from some of the customers of the con
Germ who lost funds through It's opera
tons"
Mr.. Schreiber said he and his tw,
assistants had given UP the idea of TAX
ing any vacations in order to continu
their work on this case and follow VI
bucketeering generally.