The New York herald., 1922-01-17
.DIER &C.,, BROKERS,
FAILF0R $4,OO0,O00
Firm Formerly Hughes & Dier
u Had Many Branches
Through Country.
RECENTLY LOST TICKERS
Senior Partner Hopes for Re-
cOvery - Complaints to
District Attorney.
RECENTLY LOST TICKERS

The brokerage firm of Il. d. Dier &
Co, AZ New street, members of the
New York Curb Exchange, and with
a score Of offices throughout the coun-
try. went into bankruptcy yesterday
when an involuntary petition against
the firm was filed in the United States
District Court. Judge Julian W. Mack
appointed Manfred w. Enrich of go
Wall street as receiver. with bond
of $4,000.
The petition, which: was filed on be-
half of several creditors. was for spe-
cific claims of more than $1,000. but 1t
was stated unofficially that the La
bfities viii approach s4.00o,O0O. The
three petitioners who acted through
their counsel, Saul s. Myers and
Arthur Garfield Hayes, were Samuel
C. Rudman, Washington, d. c.; Ruben
Lilienfeld, 143 West Sixteenth street,
and Charles c. Hansen of 77S Prospect
avenue.
The firm, which was known as Hughes
C DER until few months ago, IS said
TO have been one of the largest concerns
operating on the curb market and was
a member of the New York Produce Tx
change and also Of this Chicago Bears Of
Trade. The suspension following the
bankruptcy proceedings was announced
by the New York Curb Market Associa-
tion.
Commissioner of Accounts David
Hirshheld recently examined two der
employees regarding the alleged activl-
ties of Senator Clayton r. I.usk on be
half OF the company, which has been
seeking the replacement OF the ticker
service which was removed from It's
offices last May. Soon after the action
OF the Stock Exchange in removing It's
ticker service the Philadelphia Stock
Exchange expelled II. ID. Hughes. a
member OF the firm. Witnesses before
Commissioner HIrshficld testified tint
Senator Lusk acted in the capacity Of
an attorney for the firm TO get the ticker
service rcinstated.
Several complaints were received yes
tcrday by Assistant District Attorney
Jerome Simmons. lie dispatched detec-
tives with subpenas for the books Of .hc
firm, but when the detectives arrived
AOhlu ln' blUt'S III TIC ldnUS OA Nli
Government appointed receiver they re-
turned without the books.
A statement issued for lockwood e.
Lark. attorneys representing the firm, In
part said:
1T is understood that the liabilities
approximate s3,000.0o0 to si,000o.oOo
and the IMMEDIATE cause OF the failure
is attributed TO nonliquid assets. It is
understood that the firm owns extensive
mining properties and mining interests
situated In Arizona and Mexico. which
represent large Investments. and Mr..
Dier is reported as being very hopeful
through conservation OF the assets and
reorganization OF the firms affairs Il will
be possible through such mining and
other assets TO rehablitatc the firm and
reestabllsh it's credit.
Through adverse rumors the firm
suffered a considerable run OF impor-
tunate creditors for the last week or
more. II Is understood that the receiver
will conduct an immediate and careful
examination into the affairs of the com
pany. which proceeding will necessarily
be involved, due to the number OF active
accounts carried with the firm. the same
$500 in number. and the
many offices IN which the business is be-
tng conducted"