New-York tribune., 1922-03-13
nier Receiver
Foresees 25%
For Creditors
$4,000 Fund for Failed
Brokers' Debts Depends,
However. on Acceptance
Of Stoneham's 100000
()ther Civers Anonymous
t,nposition Among Clientele
Insists on Full Explanation
Of Deal Between Firms
1ther Civers Anonymous

Manfred W. Enrich, receiver for E.
= n;sr & Co., the firm of brokers that
..;lea for more than s3,ooo,ooo, said
.s,srday he believed it would be pos
.;,s 70 pay from 90 to % cents on the
,.,,sr to the six thousand creditors.
This percentage was contingent, he
IA upon raising fund Of s75O,000
=. more. included in which would be
A. s2oO, 900 contribution from Charles
stOneham, part owner of the New
y.-s Giants. The latter's offer, MIR.
s,,;eh said already had taken tangible
nr The baseball magnate has de-
,,,,red securities to the receiver that
III he placed among the firms assets
.s soon as the legal sanction has been
,btained.
az consider MIR. Stoneham's offer a
..,y excellent settleme1. for the der
.rsS;tors.- Mr.. Enrich said, "and I
.saIl nrge 8 confrmatioc Of it on the
.rsditors and the court"
Some Creditors Still Reluctant
Referring to the reluctance Of the
.,onn Of creditors represented by Dan
.lW Blumenthal to accept the Stone
avn offer without. he said, giving care
S'l consideration to the conditions and
.;rcnm ~ stances, Mr.. Enrich declared,
notbing had come to light to indicate
hat the Stoneham- transaction, by
Th;ch the der house took over the
elients Of the Stoneham company when
.hs latter retired from the brokerage
business. was anything more than a
olain business deal.
In addition to the Stoneham fund,
Wr Enrich sad that he had in pros
nact 500 900, which he believed would
come from a former associate Of the
n;er firm. This man has been COM
municated with and agreed to con-
tribute such q sum. though he is not
directly liable for the failure and it
viii entail d considerable sacrifice.
Nsr himself has nothing, the receiver
aid he was convinced.
Il feel it my duty" Mr.. Enrich con-
cnued, "to get the most money possible
tr the creditors. A good settlement
I'd prompt one is going to yield q
ssst deal more than 8 vast number of
rsuits. that Will keep the case in
wrt for years and consume most of
y proceeds in the expenses of litiga-
an'
III. Enrich was not willing to dis
dose all of the sources from which the
EiO!0OO fund, or more, is to come. Saul
YYers. who is handling the settlements,
iso is dislnclined to reveal the names
eontributors, as some of them are
IL L Il. l. l.
hcgevsr, that the fund can be raised
properly managed.
w. Blumenthal passed yesterday
residing testimony. The Stoneham
uuasy was not TO be accepted. he de-
daNt, Until more was known about the
shala tansaction.
Eints Transaction Explained
T,all depends upon what took place
u the time the transfer was made by
goneham to the Diers-a great deal
sspends upon the way the business
gss conducted by Stoneham," Mr.. Blu
nanthal said. "The creditors are en-
alled to know this.
Il see no reason why at this time
here should be any offer from Stone
ham. 1t may turn out that it is bona
tds, moral Obligation but if Mr..
Si0neham wants to sec the creditors
iSsn care of, he will permit me to
s1amine both himself and Mr.. Robert
Nn.'
This afternoon, before Chief Magis-
''ate McAdoo Assistant District Attor-
hey Jerome Simmons will examine
President Weld of the New York Cot
Ton Exchange and Judge Graham, of
iae American Cotton Exchange. Mr.
Smmons said yesterday that he ex-
pected these witnesses would consume
Tie entire hearing