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r- 4 says exchange mm got dier securities * _______ 1 Boll & Co. Man Tells of i Transfer to Carpender, | Caffry & Co. j BANKRUPT HAD $40,000 Philadelphia 'Belay House* Took All Legitimate Commissions on Sales. | BIT WAS NOT SUSPICIOUS. Thought I)ier Rich and Never Questioned Similar Buying1 and Selling Orders. Sffrial Dispatch to The New Yohk Herald. PmiAriELPHiA, May 15.?How the defunct brokerage firm of E. D. Dier & Co. of Now York dill business through the Philadelphia house of f Prank P. Boll & Co., which acted as . a "relay station" between Dier and the New York Stock Exchange, was made known here to-day at a hearing before David Hoffman, referee, through the testimony of Joseph F. Hickey, one of the partners of Bell & Co. While it was shown that, first and last, the Dier outfit had five accounts with the Philadelphia house and that there was rather grave mixing up of these accounts, the outstanding fact developed was that it was to Carpcnder, Caffry & Co. of New York that Bell & Co. transferred the aecurl* ties held for Dier when the account was closed out. Carpender, Caffry & Co., a NewYork Stock Exchange house, was suspended a week ago for doing business with Dier. It has been in a dispute with Saul S. Myers, attorney for the , receiver for Dier & Co. over an a] - j leged offer to compromise its Dier ac-1 counts for $50,000. Dier Hnd 940,000 Equity. Arthur O. Hayes, representing the receiver, had established by questioning Mr. Hickey that on December 28 Dler had with the Reii firm securities estimated to be worth more than 170,000, nd owed thereon $33,600. It was admitted that Dler & Co. had an equity of nearly Ito.ooo. Hickey was asked: "When you closed out the Dier & Co. account, what did you do with these securities?" "They were delivered to our New Tork correspondent with instructions to deliver them to Carpender, Caffry & Co." Mr. Mickey was not sure Dier & Co. | 1 ad confirmed the instructions by mall, t ut he was certain that his firm had | rrnflrrred the transaction and that his | letter files would so show. Then Mr. j Hayes said: New. Mr. Mickey, our hooks show j that Dler A Co. are still Ion* with j jeur firm and that they still have an j equity of $??.noo here." "Wrong: absolutely wrong," said the j w itnass. Mr. Hares admitted after the hear- ! tng that Mr. Mickey was probably right ! and that this substantial part of the Dier A Co. assets probably had been | transferred to the New York house of t Carpender. Caffry & Co. ' "Kverj Order Kaerated." Throu- '-out the hearing, which occasionally was heated. Mr. Mickey f" ugbt to prevent any reflection on his firm. Ho contended stoutly that every rider that Dler A Co. had sent to i Dell A Co. had actually been executed and that the books would show It. Invariably the transaction had been carried out through one of the New Yotk correspondents of Bell A Co. on the New York Stock Kxehnnge "And din you cnari?" the full comrni-Bioii* on every transact Ion?" "W. did." "And you divided the commission with your New York correspondent?" "We did." Furthermore, said Mr. Hlckey. the ] Philadelphia firm charged Idler & Co. from one-half to three-quarters of 1 per cent, more than It cost them for money, bringing down the Interest chargn monthly, eo that the Interest actually was compounded every month. Tims It was Indicated tint I>ler A Co. were not making anything legitimately on trnneaetiona put throng 11 the Phlla- 1 lii-lphla house Mr Hlckey denied ah-/ solutely, however, thai there had been anything to Indicate that filer A Co. were-renins securities of their customers or crossing order*. He was asked : "Would not the fa-1 'hat filer A Co. were buying certain Stock* to-day and selling exactly the aame stocks wtthln a day or so excite your suspicions?" "Most certainly not. Not with a house Hurt had fifteen branches. That happens every day." That orders to sell the same amount of stork as had been bought would match In the Clearing House b admitted, but he din not admit that this was equivalent to a nullification of an order He Insisted too that there was no reason why Bell A co should be "concerned" nhout what filer A Co ware doing with lis customers' securities as long a a the account whs properly margined and every transaction Intrusted to his firm put through. Bell A Co.. said th- wl'ness, had 'lone s r > ?r Hii'nr* ? l?i?r -in-* lain. The book* ""bowed tna? the (hung* waa made from lltiKheii A Plf in DUr A Pn. on Mny 1!* ln*t Pol. Hinhv hid a The New Milk I Everybody Wants 1 ROGERS RICHEST MILK Extra heavy in butter fat and other pure milk solids*. FRESH PACKED ' IN CLASS Takes the place of fr355JSM bottled milk for table use and cooking. ' ECONOMICAL J H. R. NOLTE, F20 Amsterdam Ave. j I peritonei account opened In Novemjei 1920. with the firm with a check rof 15.000 made out to Hughes. The witness could not remember whether this was a Hughes & Pier check or not. There was a second credit of $5,000 on March 21, 1921, when more margins were called for. but he could not remember whose check wts given. The ledger sheets tearing the account were marked In evidence, hut were not admitted as an exhibit, pending a courl decision on an objection made b) Walter B. Gibbons of 14 -It'. South Penri Square, of counsel for the Bell com' pany. Hayes questioned *Hlckey further : "Was any money transferred from the Dier & Co. account to Hughes's account after Dler & Co. had taken over the business? "1 bel'cvc It was." The record showed that $6,000 had been transferred the next day, May 20. "On whose instructions was thai done?" "Col. Hughes's." ltirr liitliiiice Once $241,542. It was brought out. as indicating the amount of business that Dler & Co "relayed" through Philadelphia, thai when the change in the firm was nucdt Dier's debit balance with Hell & Co. wat $241,512. Regarding E. D. Dier's personal account. the witness testified that thlf only involved one transaction?a loan ol approximately $17 000 ou about $40.00( worth of American Railways-N'ationa Uas 5 per cent, bonds. These wer, shifted from Dier's own account to th? Dier l& Co. account and then, on Dier's objection, were transferred back again The amount of the loan was reducec by interest payments to about $15,00( anc! on December '27 last, two weeks be. fore the failure. Bdl & Co.. so Mr Hlckey testified, were instructed iny Dlei to change the $15,000 to the Dier & Co account and to turn over the bonds tc the Philadelphia manager for Pier ii Co, James Reil'y. t his was done, h< said, and a receipt taken from Relllv which showed the numbers of the bonds The witness could not remember whcthei Reilly bud signed th receipt as repre seating Pier personuily or the firm, bu said he would produce the receipt. Fifth Account In Augnat. Besides the four accounts mentioned those of Hughes & Dier. Col. Hughes Pier & Co. and E. P. Pier, Bell & Cc also carried an account in the nan* cf Dlcr, Lawrence & Starr. This ac count was only opened last August, bu the witness had not connected the ac count with the new Stock Exehang rule, adopted in August, prohlhltin] brokerage firms going short of thel customers' stocks. He was asked: "Isn't it a fact that they used th Pier. Lawrence & Starr account to sel stocks bought in the name of Dler i Co?" "No: they did not." "Pidn't you know that the Pier. Law rence & Starr account was, in fact, i nullification account?" "No." The witness said Bell & Co. had one asked Hughes and Pier for a state ment of their financial position, but hai been content with an assurance tha everything was "all right." Pier & Cc had never been asko^l for such a state ment. "I thought they were rich," salt the witness. Bell & Co., however, asked Pier & Co to withdraw its business and close th< account last October. This was done, h< said, because Pier & Co. had moved their business to New York and "th' range wan too long" to do business sat' Isfactorily. In addition, what with thr Dier, Lawrence & Starr account thlngi were always "getting mixed." Mr. Hickey insisted that it "had nevei dawned" on him that IMer & Co. werr selling customers' securities. He said "If we had known that we would hav< called them and stopped it. VVe wer< carrying out every order they placer with us. and the exchange knew we har relations with them. We did not knov that Hughes had been expelled from th( Philadelphia Exchange for bucketing because the exchange never made knowr the reason for ita action." The hearing is to be continued her< on Thursday, beginning at IX lo'cloek and a ooniplete examination of Hell A Co.'e books relating to the Pier businest Is practically certain, lasting manj weeks. TO DKFKNIJ JJEGRO ST,AYEIl. Millard H- Ellison of 2 Rector street was assigned yesterday by Judge Notl In General Sessions to defend Hug! Chambers, the negro who shot anil killer" Patrolman Pohndorf of the West 135th street station last week. franklin <A Store of Indiv / FIFTH AVENUE, 3; ffir <J)tCadame '"K'.t f?r OF TWILi f 5i & 7 M h m M_ & A WOMAN AS HER SU GRACELE \ EST SUIT T ^'avy cB/uey ' \ Customized Sun A 7 0 THE FARM BLOC BEATEN IN VOTE ON TARIFF Senate Rejects, 81 to 28, Amendment Raising: Rate on Citrate of Lime. ! tauvuav rrn bbvpw vrnil'i' I V IIUllU ?f i 1VMIX i Defeat Followed a Vigorous Roundup and Despite Support of Five Recruits. . Sprcial Ditpr.h h to Tub New "Voik Hbhui.d?* York Herald Bureau. | [ Washington. D. May 15. I Members of the Senate farm bloc were defeated to-day In the first test of strength on their program for sub; st&ritial increases in the rates on agrit cultural products carried in the ReJ publican tariff bill. By a vote of 31 to 28 the Senate j s rejected the amendment offared ' by ' Senator Johnson (Cal.) proposing a j rate of 9 cents a pound on citrate of ) lime in lieu of ft cents as recommended by the Finance Committee. After the roll call Senator Johnson gave notice that he would demand another record vote on the item when the bill Is taken in the Senate proper. The defeat of the bloc I", taken by Republican organization leaders as evidence that the bloc, which claims from twenty-five to twenty-seven members. will not be successful in its announced1 program to boost generally rates on farm products, 'a , , ^ Bloc leaders did all In their power ^ to muster their full voting strength. ' They arranged pairs for absent mem* bers anil prevailed on some Democrats t who would not vote for the increase - because of their party policy for low j ? tariff rates to remain away when the r roll was called. Five Republicans who never have ? been count ml as members of the farm k bloc voted with the bloc for the higher duty on citrate of lime. Even with those recruits there was a majority of ~i three against them. The five Republicans added to the | list to-day were Senators McCormlck *' (III.), Page (Vt.), Newberry (Mich.), i Moses (N. II.) and Wadsworth (N. Y.). t! Altogether twenty-fjve Republicans M voted for the increase. The Democrats j j who joined them are all members of the bloc. They were Senators Ashurst (Ari*.), Kenrick (Wyo.) and . Broussard (La.). I Washington. May 15 (Associated ? Press).?Another fight over products of - the Far West followed disposal of the i mittee rRtes of sixty cents a gallon on olive oil in containers weighing not more than forty-four pounds and fifty cents a gallon on all other such oil. These rates were approved after the Senate had rejected by overwhelming majorities amendments by Senator 1 Walsh (Dent., Mass.) to cut the figures 1 to the thirty cents and twenty cents in ' the Underwood lav.'. s A committee rate of five cents? p<>u|?<i ' on the hydrogemated or hardened oils i ' and fats was agreed upon without a roll call. * Senator Lodge objected to the pro' vise under which the duties on oils used in the manufacture of non-edible prod! nets such as soaps would be refunded. "If you are going to let in such oils duty free, do it openly," he said. "Do not do it by the back door of a proviso." Senator Frellnghuysen (Hep., X. J.), 1 contended that It would take fifty t years to develop the soya bean oil i Industry in this country, but Senator 1 Ladd disagreed, saying the city meat i packers were planning to writer the sov.i bean oil field. a fin w w l w wr W* idual Shops &&& 7th and 38th STS. '? SUIT l Fabrics i.oo ; "he ?racele ffuit r 'That Qraceful 'orig Coat~?uit ?cn First in The uit r&hob. zJhnd ^ r7 ecn Everywhere (j)W IS AS SLIM IT AND THE S THE SLIMHERE IS- . . ' Ulack or ^Heige r Shot ? First Floor ^ NEW YORK HERALD, BROKER LICENSING ~~ SURE, SAYS BANTON Criminal Docket Clear in a Month, Prosecutor Tells City Club. SCORES OLD PENAL CODE Justice Cropsey Says Fight on Wrongdoing Must Start With Children. DUtrlct Attorney Bnnton. speaking at a dinner at the City Club last night. j arraigned the bucketeers In the financial district and said that despite the defeat of his blue sky measure at Albany brokers soon will be placed on the same plane with bankers and insurance men and will be forced to take out licenses and make their books public to the prosecuting officers of the State. Mr. Banton said ; "la there any reason, why we should make those men sacred when we take away your immunity? If it were not that our penal code is most archaic and that the Legislature refused to consider my measure we would be able to take core of those common crooks. "I had hoped to get my measure through the Legislature, but the president of the New York Stock Kxchangc sent a telegram to Albany and certain Senators theie heard their master's voice and voted the bill down." Promises n Surprise. Mr. Banton referred to brokerage failures and to the Dier case in particular by saying : "One particular case, where the firm failed for nearly $5,000,000 and with less than $200,000 in assets, demonstrates how I have been obstructed in my efforts to obtain the firm books and prosecute the guilty persons responsible for this failure. I want to get the brokers licensed like any other business men, and, mark my words, I'm going to see that 1 get it! The Wall Strert Journal said 1 didn't know what I was talking about when I wont to Albany with the meusure, but I guess the bucket teers will find out that 1 know well enough what I want when they are forced to get licenses. "The people of New York City seem to have some idea that I am a dreamer. They will find out that I am also practical enough to take steps toward active work when I _got those common crooks in Wall Street." Dorkrt Cleared In u Month. Referring to the "so-oalle# hysteria about a crime wave." Mr. Banton said that the printing of the news of crime and the resultant hysteria was a great asset and had afforded him the tools to work with, as he had been able to get some speedy action from the courts. He went on: "We are rapidly overtaking the crime hero, nnd within a rwontn will be up to , date. We have come to the place where the man Indicted to-day is up for trial ; nevi wfpk instead of a ttelav of from ten to eighteen months. If there was suoh a thing as a crime wave we are stemming It. "I am like a man trying to catch Linoleum top uteel des You pay nc for thi \^TITH all their the modern d ation ?durabilitybed? fire resistan more for these de aieei. Made in single ai flat top and typew See these desks send for booklet s IVorld's largest makers c 369 Broadway, Ph HOME OFFICE AND FACTO , TUESDAY, MAY 16, ! In an ox cart the man In the 1922 auto mobile. It can't be done unless condij tions are chanKed radically. We are j using the penal code built Iif 1828 and | put into effect in 1841, and is entirely out j of date. "Within a year the matter of ball j won't mean a thing to a criminal, so swift will the trial follow his arrest und Indictment!" Mr. llanton pleaded to all citizens who want to aid materially In cutting down crime to serve on the Juries and not plead 9ff for various excuses. No "Crime Wave" Mays t'ropary. Justice James C. Oropsey of the Su preme i nun in uiuum^u. unt u?^>i n there was a "crime wave," told the club members that it was within the iwer of every good citizen to help cut down the "excessive amount of crime now in the city" by taking a personal interest in the welfare and upbringing of the young boys of the city. He urged : "Tackle the proposition from the right end and prevent the boys being criminals. it's far easier than trying to correct them after they have served a prison sentence." More courts, judges silting through the summer in lieu of their present three months' vacations, good prosecuting^ officers and an efficient police department are the vital essentials for a well run city, said Justice Cropsey. He assailed the newspapers for printing too much crime news, saying: "Stop reading this news and the papers will stop printing scare heads on crime stories. They act as incentives to others who believe it is easy to commit crime." Raymond B. Fosdick, author of wot ks on police systems of Europe and America, compared the crime in th?> cities of the United States, and said that in this respect we have here a "perpetual crime wave" due to the lack of European standards of right and order nnd to the heterogenous popula cities. He suggested that the Cleveland "crime commission" be tried, out here. Nelson's. Spencer, president of the City Club, presided. He said the dinner In a sense was a celebration of the thirtieth anniversary of the founding of the club by Edmund Kelly, in April, 1892. HORSE RACING IN PALESTINE. Jaffa, Palestine, May 15.?Arrangen.^nts Dre being made here for horse racing on a regular system. A site for the course has been selected near the village of Selmah, in the neighborhood of Jaffa. ' j NOW ON EXHIBITION IN /fc, SILO'S Fifth Ave. ? TUxia Art Galleries mTy 40 E. 45thRSt. Vanderbilt Ave. JAMES p. SILO, Auctioneer, WILL HELL ESTATES' SALES ANTIQUE AND MODERN FURNITURE RUGS, HANGINGS. Etc. REMOVED PROM RESIDENCES IX BUFFALO & ALBANY ALSO A FINE LIBRARY OF BOOKS Sale Days?Wednesday, Thursday & Friday, May 17, 18 & 19th. at 2:30 P. M. Each Day k 60 inches x 34 inches ) more % is steel desk advantages over iesk?ease of oper linoleum writing ice ? you pay no isks of Art Metal id double pedestal ' riter models. i at the store or howing all styles. if steel office equipment lone, Canal 3060 RIES, JAMESTOWN, N. Y. I _1922. SUICIDE BLAMES HIS MOTHER. Hrr Fault, Mra. Schlolt 'Wrote, Then Took Polaon. By swallowing several ounces of lysol in her furnished room in 245 East Seventy-first street, Mrs. Martha SchlotC, 23, committed suicide last night, j The following note was found: | "Benny, dear?I'm tired of living. l'len.se notiry mother, ana ten ner u is her fault. Goodby. Martha." The woman's husband. Otto Schlott, of 302 ICast Sixty-second street, called at the house a short time after his wife's death. Mrs. Hchlott's mother also called, but refused to say where she lives or to grive her name. AHEAD OF THE TIMES ' EXTRA RICH. VACUUM PACKED. ROGERS RICHEST MILK i There's a big demand for this ! money saving milk on account of its great economy. FRESH PACKED ' ' IN GLASS For cooking, tabic use and infant feeding. PATRICK McSHARRY 1487 Amsterdam Ave. s=sSfiE=3E== I ^ Whei t< A COLUI / % chanct man. The talk, the bus around and "That m ? asked me tc "This wil to be his Ex want to hur a complime view. "But reaj the Execute a busy man I cannot do On the othe "What w have to tur may call 01 course, I m that someoi "Then, t< Maybe I wc I In citing th? *'point a inor We simply If you thii experienced ' force a doub The Execu you put the advantage of perience in s I I In Fir In SHOPPIN I In PARK AVEN r? h In HAI fi In THE ' ' - >" - \ Neither \ nor ba< YOU can dri out fear c ' backache, or si It is one beve no drugs of ar Milk is good, food-and-drink drink a quart a dairymen's Co-operative Ass i utica. a to say" ) a frien( t ABIA TRUST COMPANY rep: ed to be in the office of a well-k telephone rang. After a fev ly executive hung up the r^cen said? in is the fourth friend of min > settle his estate, 11 interest you," he said. "J. B ecutor. I have accepted becav t his feelings. He thinks he is nt. Probably he is?from hi lly, I never expect to have tim >r of his estate or anybody el anrl T liavp mv nun affairs tn justice to outside work that t hand, I cannot say fNo' to ill be the result? When he d n the matter over to an ass 1 me occasionally for some a ay do a little work, hut I can le else will do most of it. do, J. B. and I are about the n't be here when he goes." ? t above incident, we feel it um al or adorn a tale." r say this: lk twice you will probably prefci Trust Company as your Executor tful compliment upon a busy frie tor's fees, fixed by law, are the sa burden on a friend's shoulders the-Columbia Trust Company's ettling estates. I ^ANCIAL DISTRICT: 60 Broad IG CENTRE: 5th Avenue 61 3., IUE SECTION: Park Avenue 6 ILEM: 125th Street & 7th A^ BRONX: 148th Street & 3rd , \lemher of Federal Reserve System leadache ;kache nk milk with >f headache, eeplessness. :rage that has ly kind in it. wholesome .. You should day. I i League iociATioN, Inc. ! N. Y. I ' gsgg=n 'No" 1 resentative nown steel 1 r minutes' rer, turned e who ha9 . wants me ise I don't paying me V is point of te to act as se's. I am > attend to. takes time. J my friend. ies, I shall istant who idvice. Of ' assure you ) A same age. lecessary to to name an rather than nd. * me whether or take the years of ex4 A > way 4th Street ff 48th Street i /enue [ Avenue :