The New York herald., 1922-02-09
S45 CLERK SOUGHT
TO LIQUIDATE DIER'S
John V. Mcintyre Failed to
Raise $4,000 Fund From
Creditors.

The record of St5 a week clerks
dream OF high finance was unfolded
yesterday before Alexander Gilchrist, Jr.,
Commissioner in Bankruptcy, when John
v. Mcintyre OF so Morningside avenue
was questioned about the tangled affairs
OF i. ID. der e. Co, brokerage. which
went into bankruptcy three weeks ago,
Mcintyre. under questioning by Arthur
G.. Hays, counsel for the receiver. said
he had been employed by the receiver
for a week after the firm went into
bankruptcy. 1t was while working for
the receiver that he conceived his idea.
He and Il. A. Dahl another bookkeeper.
sent notices to the 5000 creditors OF
Il. u. Dier & Co. inviting them to
meeting In Bryant Hail. The notices
were mailed from ell Fifth avenue.
In the notices to the creditors. Nc
Intyre explained. he said he thought he
would be able to get them more money
than the receiver could and The asked
for S. from each one for expense
money. II all of them had sent in the
s. Mcintyre would have had $4,000.
Actually. however, only $3.50 was sent In.
Mr.. Hays said he heard of the meet
ing. which was held two weeks ago to-
night and that he went to Bryant Hall
and got the several hundred creditors
who were there to agree to the ap-
pointment of a committee consisting of
those who had the largest claims against
e. D. Dier & Co. Mr.. Hays thereby
hindered McIntyre's scheme, for Nc
Intyrc at best had claim Of only
$1,100 against the company. The COM
mittee was selected. with Joseph G..
Busscr Of Sc East 15Sth street'as chair
man.
The meeting of creditors at Bryant
Hall was presided over by Henry M.
Connolly, lawyer of Ill Broadway. Nc
Intyre said at the hearing yesterday
that in his independent recovery scheme
he intended to employ Connolly as coun-
sell with q part OF the $4,000 he had
hoped for.
Mr.. Hays produced a copy of the cir
cular letter which Mcintyre sent to the
creditors. II promised them "goodly
sum- on their money.
What did you mean by a goodly
sum-" asked Mr. Hays.
II meant 25 cents on the dollar
though ] wanted 1t to appear that they
could get more than that" said Me-
Intyre.
Mcintyre said that 10 his certain
knowledge two of the officials of r.. ID.
DER & Co. had withdrawn s1,000.000
between them from the funds of the
COMPANY Wltnln Tie lew WttN6 l'itSculiiB
the bankruptcy. 1t was this s1,000,000,
he said, that he hoped to recover.
why did you Think asked Mr.. Hays,
that you could do better than the re-
ceiver?'
II thought that criminal proceedings
would be necessary to bring out the
facts"
what criminal acts did you think
the firm was guilty of?"
For one thing, / knew they bncketed
their orders"
Mr.. Hays asked Mcintyre what mo-
tives caused him to send out the circu-
lars to the creditors Mcintyre said:
II WAS doing It in public interest.
I was sorry for the poor devils who
lost their money with r.. ID. DER &
Co. didn't expect cent for my
self"
"But didn't you expect to get any
thing at all out Of it?''
II thought it might give me name
and that It might help me if ever
decided to go into the brokerage busi-
ness for myself"
CHICAGO, Feb. 8.-The Central Trust
Company was appointed to-day receiver
for the Chicago branch OF r.. D. DER &
Co. brokers, by Federal Judge X. M.
Landis. following the filing of an an
cillary petition in bankruptcy in favor
of Samuel c. Redman OF Washington.
d. G.; Reuben IilicnfeId and Charles
Hansen of New York creditors of the