New-York tribune., 1922-03-21
Dier Adjudged
In Contempt as
Creditors Meet
Referee in Bankruptcy Is
sues an Order Directing
Broker to Appear at
the Next Conference
Outbreaks Mark Session
Counsel Dcnounces Bauk-
rupt as Swindler; Trans
fer by Stoneham Rccited

Elmore D. DER, former head Of the
bankrupt brokerage house of +. D.
Dicr & Co., whose liabilities amount to
approximately s4,00o,OO0. was ad-
judged guilty of contempt of court and
a certificate ordered issued for his
presence when he failed to appear yes
| terday afternoon before Seaman Mil
ler. referee in bankruptcy.
The action was taken in the course
! OF stormy meeting of more than, 100
DER creditors in the Office of Mr.. Mil
ler, at Rector Street Many of the
indignant creditors applauded when
Saul S. Myers, one of the attorneys for
Receiver Manfred Enrich, assailed
| Dier as "a swindler who has feeced
the public out of millions"
Called to elect trustee for the
DER estate, the meeting became a
bedlam, and Referee Miller was force d
time and again to rap for order.
At the conclusion of the meeting
MIR. Myers made public the testimony
OF Charles A Stoneham. chief owner
of the New York Giants. who was head
Of the firm of Charles A. Stoneham &.
Co., which early last year transferred
its business to DER E. Co. The broker
sportsman has contributed 100000 to
the proposed fund of $40O 600 for the
benefit of the creditors. but insists he
is in no way responsible for the DER
failure
Transfer by Stoneham
Stonehams testimony, which was
taken in secret at the Bar Association
in this city on February 90, showed
that he had made the transfer of Gus
toners accounts to DER e. Co. on the
statement of DER that he was worth
three or four million dollars and with
out any investigation of Dier's financial
| condition.
Among the creditors at the meeting
yesterday were many women, some of
whom had come from Chicago, Milwau-
kee, Philadelphia, Boston and Cleve-
land, where the Dier firm had branch
Offices. After q long colloquy, during
which Daniel W. Blumenthal, repre-
sentng creditors with claims aggre-
eating 100000, expressed opposition
receiver Enrich was named trustee.
Mr.. Blumenthal finally withdrew his
! opposition, making the election unani-
nous.
Nash lockwood, attorney for DER,
was interrupted by shouts of "He is a
swindler!" when he attempted to ex-
plain that DER was working on a plan
which would assure payment in full to
all creditors, and the demand that he
produce the broker.
Expect to Raise 100000
Referring to the creditors fund. to
which Stoneham, William D. Hughes, a
former partner with der; Jesse Starr
and b. f. Shrimpton, former Dicr office
N anager. have contributed, Mr.. Myers
said it was hoped TO increase the fund
! by an additional 100000 or $500 600.
"By going after Dicr. Mrs. Dier and
| Fred Andrews, who was cashier of the
New York Office. we expect to bring the
total amount up to S900O0O,' said Mr..
| Myers. 81 have no hesitancy in saying
that this was gigantic swindle.
"Dier was and is swindler. We
want to examine him concerning the
assets he transferred to his wife. We
understand he has house in Atlantic
City valued at $4,000, and another
home at Ardmore, Pa worth 100000
and jewels valued at $4,000 given her
out of your money. It is our purpose
| to pursue her, and we also will keen
after Andrews, who, we believe. Just
robbed the till
Favor Stoneham's Offer
Favorlng the acceptance OF the Stone
ham contribution, Mr.. Myers said he
believed it was far better to confirm the
offer than to engage in expensive liti.
cation. which might take years and be
unsuccessful. Receiver Enrich con
CURED in this view. He said that al
first Stoneham had offered 100000 "tt
get rid of the nuisance of the matter,
but that Mr.. Myers had succeeded il
having the amount doubled.
Mr.. lockwood, urging the creditor,
to cooperate in the DER plan of read
justment. said:
'Treat this matter MS business