Imperial Valley press., 1930-12-12

/ it should not shake public faith IN
the building and loan business.
II am taking the affairs OF this
institution he said, lin order to
conserve the remaining assets for
/ the benefit Of creditors. The loss
/ is certain to be heavy but the exact
amount cannot be determined until
the completion of an exhaustive
audit and appraisal of assets"
/ Whitmore "deplored this heavy
! failure" but insisted that "the fact
/ remains that fundamentally the IL
nancial set-up of building and loan
associations is sound
District Attorney Buron Fits can
celled a scheduled hunting trip and
ordered various principals in the
case brought before him.
/ He called F. l. Morris, foreman OF
the grand jury, and special ses-
sion of the jury was ordered Tor
today to hear Beesemyer and wit
neSSeS.
Fits also sent two investigators
TO bring Dewey Tackaberry, of 538
FormOSa street, to the district attor-
neyS office for questioning. Tacka-
berry was said to have maintained
offices at the Guaranty Building
although he was not connected with
the company.
In a formal statement, Fits said:
i would like the public to know
that both myself and my office Will
make every effort to recover every
poSsible asset for the benefit OF
those who suffered losses.
If Beesemyer should plead gull
ty and be sentenced to prison, l will
take steps to have him held here
while we trace down every asset
which may be recovered. We do not
mean to let escape a penny which
might be recovered"
Beesemyer, clad in jail denim, was
taken before District Attorney Bu-
ron Fits shortly after 10 a. m.
He refused to pose for photo
graphers and dismissed reporters
with the brief statement:
The less said about this the bet
ter for the city of Los Angeles.
While Beesemyer was III the dis
trict attorneys office, crowd OF
approximately 800 people assembled
before the Hollywood headquarters
and the downtown Los Angeles
branch of the Guaranty Association
Many of those present said that all
their money was invested in the
company,
Police were sent to both Hollywood
and the branch office to preserve
order among the investors.
Started Five Years Ago
Judge Palmer informed neWSmen
that Beesemyer began juggling his
accounts as long as five years ago.
The first defalcation, he said
came when Beesemyer took S25 900
from the association funds to invest
in a Hollywood department store
To protect the original S25 900
Beesemyer continued to withdraw
association money until finally S.
100000 was taken to meet this in
veStment
Palmer said that following this
unsuccessful venture, Beesemyer lost
almost S2,000,O00 attempting to pro-
mote an oil company two years ago
Subsequently, he said, Beesemyer S
investments in oil grew.
OF all these oil projects, only one
was successful, Palmer said. That
was the Elmer Oil Company, oper-
ating in the Venice area. Six wells
owned by Beesemyer are making ap-
proXimately $500 a day, it was said
The publisher reported that BeeSe-
myer had a stack of personal notes
totalling some 100000. There were
other losses with which Palmer was
not familiar, he said. Judge Palmer
reported that even as BeeSemyer
made his confession he pleaded tor
more time and said that If he was
given lust one more week" he could
make everything all right.