The New York herald., 1922-04-09


business to Dier was told by the Wit
ness He stated that Stoneham had
held out" for 20 per cent. payment on
the equities OF customers he turned over
10 DER, but 10 per cent when IL was
finally offered.
Dier's Deal with Stonehsm.
Dier testified that the Stoneham nego-
tiations were begun before Hughes was
expelled from the Philadelphia Stock
Exchange. and were carried on for a
number of months. DER said that he
didn't know enough about the business
TO transact this business himself, so
he and Stoneham left the matter to their
aids-Ross r. Robertson and Fred
Andrews--who put the deal through" :"
That the Dier firm was running a
short account known as mo. 80" was
also disclosed in the testimony yester-
day. DER said he had no idea of how
much business was transacted. whether
or not there were profits or losses. and
could not estimate within 81, ,O00, 900" of
the amount 1t cost the firm TO operate
each year. He admitted that new
system of bookkeeping had been en-
tered into, and that Nash lockwood
and Senator Clayton Lusk had Cooked
over the books" about the time the
tickers We're taken out OF Dier's offices
by the Stock Exchange. Senator Lusk,
he said, helped him TO get the tickers
back
Dier was asked what had become OF
the six or seven barrels OF liquor which
were taken from his Atlantic City home
az night recently. He denied knowledge
OF what had become OF the liquor and
said he had never had any valuab Bile
stock Of liquor He interjected pathetic
accounts OF how he is unable to meet
the premium payments of his two life
insurance policies OF SOS. 900 each: how
he has had to take his son. Robert.
away from college for lack OF morey.
end how he is without a single
nickel"
He said he had been boarding with
different friends. including Mrs. Law
renee. mother of one of the members of
ms Arm. who has an apartment at $50
i'ark avenue. He said he also STONED
over night at several hotels In the city.
but could not remember what hotels
they were.
Il can't stop at any big hotels since
! lost every cent in the failure" he
shouted at the examiners, while the
creditors gibed and jeered
Boarding Around with Friends.
That Hughes had bought the pearl
reclSlace valued at more than $4,000
for Mrs. Dier was the statement of the
witness. He said that Hughes did not
make a present of ii to Mrs. Dier, but
that "he was buying one for his own
wife. and so he had to buy one for my
wife" The bill for the Jewels was paid
by checks on r. d. Dier & Co. A heated
controversy took place between the
Hughes and DER women as to who had
the better necklace. and several addi-
tional gems were added later on. These
were also paid by check drawn against
T.. d. DER & Co. However. DER said
all that should be explained by Hughes
as he knew more about 1t than Dier
cid.
Mr.. Winter asked for an adjournment
saying that IL appeared that the purpose
of the questioning was to grill his client
and make him uncomfortable before the
creditors. You are not here to kill any
cne.' he said to the attorneys. so why
/ grill Mr. DER as you have done?"
Referee Miller granted an adjourn
ment until o'clock of April IL. when
DIer will again take the stand At that
time the proposed plan" for complete
payment Is expected to be completed by
| Nash lockwood. attorney for DER.