New York Herald from New York, New York • 4

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In FltANPK hy an Important n. clety with rnorlirn tneehartlCSI ln)ti caJrtlruM wprks In 1'arle mid to M. TiflOMO VI vlonnr, Stoneham's Testimony in Bankruptcy Case Is Released. CK EDI TORS INCENSED Denounce Head of Defunct Brokerage as Swindler and Thief. TRANSFER I)fcAL SHOWN liaseball Man Sold $5,380,000 in Securities for on Buyer'b Word.

Secret testimony of Charles A. Stoneham, owndr of the New org Giants, in connection with the failure of the brokerage firm of E. D. Dier ft was released yesterday by Manfred W. Ebrich, receiver, after having been withheld since Kebruury 22, when it Was takOn at the New ork Bar Association.

The testimony the of the transfer of Stonehtttn's business to the Dier house, and was made public after a stormy meeting of creditors at the offices of the referee, Seaman Miller, at 2 Rector street. Elmore D. Dier, head of the brokerage. was adjudgred in contempt for failure to appear at this meeting, and an order oiling for a warrant for his arrest was issued. Naali Rockwood, attorney for Mr.

Dier, pleaded with more than five to withhold jiirflgment of his client, and promised that a payment of all claims in full would bo made by Mr. Dier. providing a the details of which Mr. Rockwood would not disclose was successfully cnglneered by his client. Uler Called Swindler.

Vt is understood that tills "plan" calls for the creditors accepting a small payment In ash and stock In mining propositions In Mexico for the balance. Cries of derision and anger greeted Mr. Rockwood when he asked that Mr. Dier should not be termed a "He is! He is! He is a thief and a swindler of the worst kind was shouted back at him, and screamed by many of the women creditors. Mr.

Rockwood promised to liave his client at the offices of the referee at 11 o'clock Friday morning, 'where Dier will be questioned at length regarding many transactions of both a business and personal nature, including his lavish gifts of furs and art objects to his wife. That Mr. Stoneham. in transferring the accounts of his brokerage to E. D.

Pier Co. made no Investigation of status of the latter, but took the word of Klmore D. Dier that he was "personally worth several million," was admitted by the baseball man under examination by Arthur G. Hays. Dier ft Do.

altfo bought the customers lists and cards anjl good will of the Stoneham business for 1100.000 and which Mr. stoneham said were at least $100,000 more. These expenses were Incurred In the running of Stoneham's business until such time as the disposal of all of the securities belonging to hid had been completed, which he testified continued for several months. It was brought out in the testimony that Mr. and Mr.

Dier had "bitter words" on more than one oocaslan regarding tho slowness with which Dier took over tha Stoneham accounts and Mr. admitted in several places that he and Dier had had serious differences regarding their deal. Manr Creditors Bscladed. The meeting in Siamaa Miller's offices was attended by many creditors from tbe middle West. Quite a few were unable to crowd into the rjooms.

Creditors stoad on chairs and desks, and at intervals in their demand for Mr. aW in exprersing their pinion of the "swindle" that the referee 4iad difficulty in keeping order. After the meeting three overflow meetings of creditors were held and a decision to fight the i proposed settlement reached. The thrae groups will hold a mass meeting at Bryant Hall on March 29. The Miller meeting was opened by Saul Myers, attorney for the receiver, after reviewing the work so denounced bier as a swindler amid the cheers of the assemblage.

Mr. Myars attacked Daniel W. Bluraenthal far his activities on behalf af certain aradltors. saying that he had opposed the work of the receiver and had furnished the only opposition in tfce enttre affair. He then asserted that be felt that the settlement jf offered by Mr.

Stonebam should be accepted as a "very aood offer" and "unhesitatingly recommended to the creditors and the eaurt that acceptance of Mr. gtoneham's offer be made." Mr. Khrtch told the creditors of the amount of cash In hand and of (ha katlemcnt plan and said Mr. Stoneham would give the $200,000 "to get rid of the nuisance of the whole matter." Mr. fihrlch urged that the offer be accepted In lieu of suing Mr.

Stoneham. Mr. Rockwood stood up to ask that the creditors withhold Judgment the uproat broke out. Ha finally managed to say that the would get "100 cents on the dollar" by the "plan" which Mr. Dier Is working on.

Mr. Rockwood asserted that "ve months before the failure E. D. Dier had placed more than 1600.000 of his own money intb the business. "Hi has nothing now." he continued, "and would more Uian willing to give all he This was greeted with derisive laughter by the creditors.

Mr. Roehwood that they appoint a committee af three, one of whom wan to be Mr. Blumenthal, to deal with Mr. Dier plan. This whs lgughed down, and noisy demands th he Mate the details of tire plan were shouted.

Th- plan, he answered was "not In Just at resent." Mr. Myers then said he believed that the um of contributions already made could bo swelled to more than by "going nfter" Dier and Ma wife. Wanted to In 1020. The testlmoy of Mr. Stoneham.

which bas been the subject of considerable Inquiry and speculation Tor several revealed the manner in which the bustII RARE BOOK SALE-DUTTON'S 1 I 681 Fifth Ave. near 54th fI Chicago's Masonic Temple Is Really Sold at Last Special Dupatih to Tub Yosk Hbsald CHICAGO, first skyscraper und for years the world's highest building, the Masorilc Temple, was Bold to-day for $3,100,000, of which $1,800,000 was paid In cash and the rest assumed in a mortgage. The purchase price is approximately $1,000,000 more than the building ost when Jt was erected In 1893. Kight persons have choHem the temple as a place to end their lives. They either leaped from the upper to the pavement or jumped over the rails In the rotunda.

Another way in which the fame of the building brought misfortune is that it becamo a favorite bait for sharps and "con" men. Several times ii year for many years gullible rustics have reported to the police th.ey had bought the temple from "strangers'' for iumg ranging from $5 to $6,000. ness was transferred to the Dler establishment, Questioned by Arthur O. Hays, with L. Barton Case, Leo Bondy and Ross F.

present, Mr. Stoneham told of starting In the brokerage business in 1807 and of taklnr Mr. Robertson as his partner in 1911 or ill2. The matter of transferring the business to Pier was discussed, he said, at the St. Regis, about February 1, 1921.

"For about a year previous we had been letting It become known that we ere getting out of business." Mr. Stoneham testified, "and Dler approached us with a proposal to take over our business. We were about to turn over our offices Hartford, Cleveland and Detroit to another Stock Exchange house when Dter tc Co. found this out and Instituted now negotiations to take the business over. We had had several conferences and never arrived at any satisfactory arrangement at that time.

"After several conferences with Dier we arranged to start turning over the business, starting with the Chicago accounts. and we wanted to do this as rapIdly as possible. The Chicago. Milwaukee and New York accounts amounted to $5,383,000 wltlt debits of more than The stocks were figured at their market value of the date of the conference, which do not remember." Got for fteenrltles. Later Mr.

Stoneham was again askel the basis of valuation of the securities contradicted himself, saying that the prices were on those quoted on the date of delivery to Dler A Co. On the negotiations Stoneham testified that he was to receive $3,200,000 for $5,300,000 worth of securities, the rest to be carried as a balance. Dler would merely pay the debit balance on the stoeks delivered, he said. Mr. Stoneham testified that he figured the customers' equity 40 per cent received from Dler.

about 60 per cent, of the value of the securities. Speaking of the trouble with Dler. ho continued "After we had nearly had a fight over the whole thing, a lot of bitter words end all, I told thum they would have to take this stock. Dler came to my office and said he had made other arrangements about the stoeks, and that I could go ahead and sell the stocks and credit the amounts to his account, which I did. 1 am still liquidating some of the stocks which I bought from Dier." Possession Not Transferred.

Stonehsm's testimony, as shown in tht; transcript, Was Ir. part: "What was the physical transaction1? Wero stocks actually 'delivered by you to Dler?" he was "They didn't want asked them to take them but Jhey had other arrangements." "How did you feel toward these 'other "I figured if we turned these stocks over to them (Dler Co.) and they threw them on the market they would owe 1200.000 or more, and as we were bitter with each other It would have been difficult for ua to collect, so instead of liquidating them through Dier we bought them back and tried to liquidate them ourselves. In other words, I did not intend to place the liquidation of tbost acepunts In his hands to have a large Indebtedness to us." "pid you actually have all of th? of "We hafl every one. I would attempt to llqwldate otherwise." "When you found that. Dler Co.

were tin able to take over of those account? why did you not transfer those accounts to another house TJ "Became two-thirds of the had been transferred Is, twothirds of ail the stock had been transferred. Here Mr. Stoneham hesitated at We could not transfer. In the beginning we transferred the accounts to Hughee Dler taking indebtedness you see there. $3,200,000.

as our basis. Our theory and our intention was that we would deliver all of the steaks that belonged to customers and at tlie conclusion we would receive $3,200,000," "So the arrangement was that those stocks which Dler did not take delivery of Dier would sell to you?" would buy from fifm." "You at all times held thla atock?" "Every bit of It." "It was not physically transferred to Dler St Co. at any "No." "Then the net result of that transaction was that you purchased from Dler A Co. the stock that was to have been turned over to Dier on your customers' accounts?" "Well. I had no means of knowing how the accounts stood." The testimony of Ross F.

Robertson, who also was on the stand, will be released to-day by Mr. Ehrlch. Hie next meet of the creditors will take place on Friday morning at eleven o'clock. EITEL GOES TO SEE FATHER. Leaves 'Berlin Itb Wife to Visit Former Kalaer.

Rkri.in, March Prinze Eitel Frledrich, second son of ex-Emperor William, left to-day with his wife for Doom to visit his father. WllUam recently suffered from a severe cold, but is now reported to be in good health. HOUSING LAWS WIN III HIGHEST COURT U. 8. Supreme Tribunal Upholds New York Decision oil Relief Measures.

Special Dispatch to Tint Nsw Yosa New York Ilrnild Bureau. I Washington. U. M. I The United States Supreme Court handed down a decision to-day the validity of the emergency housing laws of New York State.

The de-' clsion, rendered by Justice was baaed on two cases brought before the court from New York city. They were: The Edgar A. Levy Leasing Company. vs. Jerome Slegel and "810 West End Avenue, Inc." vs.

Henry K. Stern. It Is a complete victory for the tenanta and is regarded as a blow to profiteering landlords. In the housing laws of New York Justicc Clarke pointed out changes made in.the substantive law and amendments to remedial statutes of the State for the purpose of securing to tenants 4n possession of houses or apartments, occuplcd for dwelling purposes In described cities, the lepra 1 right to continue In possession until November 1, 1922, by the payment of a reasonable rental to be determined by the courts. In tha Levy case the court said: 'A described apartment was leased to the defendant from October 1, 1918 to October 1, 1820, at $1,450 per annum, payable In Iqual monthly Installments; that in June, 1920, the defendant exactod a new lease for two years beginning on the expiration of the former one at a rental Increased to I2.H0.

payable in monthly Installments, and that ho refused to pay the Installment due on October 1. 1920. Judgment for one month's rent is prayed for. Justice Clarke said in his opinion that the defendant In the first esse, Jeroine Siegol, admitted execution of the leases as stated, trtlt declared the sccond one was signed under coercion and duress of threats of eviction and that Ihc rent stipulated under the new lease it; unjust, unreasonable and oppressive. In the second case, the court pointed out, the defendant, Henry It Stern, is a tenant holding over after the of bis lease and he refuses to surrender possession.

claiming the right to retAln the apartment under the emergency housing laws. tlphsldi State's Power. In his decision denying the -pleas of the plaintiffs and upholding the constitutionality of the emergency hquslng laws of New York, Justice Clarke, after commenting on the appointment of housing relief committees fey the Legislature and Mayor Hylan. says: "All agree, that there was a sreat shortage In dwelling house in the cities of the State to which the acta apply, that this condition caused widespread distress, that extortion in the most oppressive forms wss flagrant in rent profiteering, that for the purpose of Increasing rents, legal prooess was being abused and eviction was being resorted to us never before, and that unreasonable and extortionate increases of rent had frequently resulted in two or more families being obliged to occupy one apartment, which was resulting in Insanitary conditions, disease, Immorality, discomfort -and demoralising welal conditions. "If the court were disposed, as It jit not, to IgnoVe the notorious fact that a grave aocial problem has arisen from the Insufficient supply of dwellings In alt large cities of this and other countries, resulting from the cessation of building activities incident to the war, nevertheless.

these reports and the very great respect which oourts must give to the legislative declarations that an emergency existed, would be amply sufficient to sustain an appropriates resort to the police power for tha purpose of dealing with it in the public interest." Then the court adds: "The States have a wide discretion as to the remedies which may be deemed necessary to achieve a constitutional purpose, and It is very clear that that diacretion has not been exceeded In this Instance by the State of New York. The Judgment of the Stata courts must be affirmed." LUCILE. FORCED INTO BANKRUPTCY Modistes Stud to Owe 000, Against $75,000 Assets. Creditors of Ladle, of 19 East Fifty-fourth street, the modiste establishment founded several years ago by Lady Duff-Oordon, died a bankruptcy petition against the firm 1n Hie United States District Court yesterday. Lady who has been In Europe fot the laat seven months, is said to recaive $800 a week for the use Of her name.

The president of the New York corporation is Otto B. Scliulhoff. Inabilities of the concern ara mated at about with assets of $75,000. According to J. L.

Goodman of Shaine Welnrito. attorneys for the petitioning creditors, the business of dropped from $750,000 In 1920 to $400,000 in 1931. These are about 190 creditors, 150 with claims of lesa than $250. BULGARIAN CABINET HAS FULL CONTROL Legation in Paris Denies Dictatorship Is Established. Tarts.

March denial was made by tba Bulgarian Legation of the report received by a Paris newspaper the Bulgarian militarists had over; thrown the Stamboulisky Cabinet and established a dictatorship. "The Cabinet ia In full control of Bulgarian affairs," the statement. "The false report that It had been overthrown emanated from Interested sources in Vienna." rr A New Golf Style Louis Berg has developed a new Golf Style that is a true Sports Suit. Freedom to a larger degree, but with a cut and finish that is superlatively smart. In imported fabrics, $100.

See the model. LOUIS BERG, Tailor to The 'Four 'Thousand UXW3X T4S FIFTH AVENUE Highlit Dollars. Eleven Among 150 to End Service WASHINGTON, March 20 Nearly a dozen "star" destroyers which saw action against enemy submarines in the North Sen flu ring the world war are Included In the ISO destroyers to he "decommissioned" by order of Secretary Denby prior to June 30. The dozen veterans, each of which proudly wears on its forward funnel the emblem that denote) I a xutvensful bout with a German U-boat, are the i'wker, Benham. O'Brien.

McDougal, Cummlngs, Conynghain. Porter, Davia, Allen. Wilkes and Wadaworth. The Jarob Jones also is listed, but she is a successor to the ship of that sunk in action during the war. COTTON FIRMS FAIL WHILE CHARGES FLY Continued from First Page.

of the other members of the American Cotton Exchange. Before Georgia went "dry," Randolph Rose, was a Uquor dealer In Atlanta, the business having been established by his father, the State law becajne effective in 1908, Rose moved his liquor business Just across the line to Chattanooga, whence he served his Georgia patrons under a mail order provision of the Georgia law. Rose got Into trouble with the Georgia authorities, however, and several prohibition law violation indictments were returned against him and he paid a fine. Soon after moving to Chattanooga. Rose began the promotion of various tobacco and soft drink concerns, and ultimately went Into bankruptcy in Tennessee, after which he came to New York.

The complaints against the offioers and directors of the American Cotton Kxohangc and six or eight members, growing out of the John Doe hearing, will be presented to the Grand Jury today by Jerome Simmons and Benjamin F. Schrelber, Assistant District Attorneys. Some or all of the witnesses used in the John Doe hearing and several in addition will be called before the Grand Jury. The only officer of the exchange against whom charges will not be preferred is A. W.

Graham, who is immune through having testified at the John Doe hearing, though Mr. Graham had expressed willingness to take the 0tand and waive immunity. FOB MINNEAPOLIS BRIDUE. WASHitfdTow. March to construct a bridge across the Mississippi River at Minneapolis would be granted the Northern Paclfle Railway Company unde a bill passed to-day by the House and sent to the senate.

RECEIVERS NAMED FOR ISLAND OIL CO. $30,000,000 Corporation Has Big- Excess of Assets, but Is Short of Heady Cash. The Island Ol! and Transportation Corporation of Liberty street, a $30,000.000 concern whose subsidiaries own and operate oil wells and pipe lines In Mexico, was placed yesterday In the hands of H. Snowden Marshall and Arthur J. Stevens, as Joint receivers, by Judge Knox, in tlie United States Distriot Court.

The action was upor. a bill in equity filed by the Antlllian Corporation of Dover, whose claim Is representing an unsecured loan to the defendant. The bill declared the Island corporation was without sufficient ready funds to continue its business.and meet Its obligations as they mature; that the corporation cannot obtain more loans, and that its gold notes have been offered in the market without result. It it further set forth that overdue bills are being pressed and threatened litigation might dissipate assets to the Injury of A statement by Francis Tj. Kohlman and Carl J.

Austrian representing petitioning creditors, said that tho company's profits in 1920 were around 000 while in the unfavorable conditions of iHKt lear the net income was about "Two years ago." said the statement, "the company owed in the neighborhood of 19,000,000. That indebtedness has been reduced by about $4,000,000. Assets exceed liabilities by a large margin and the company is believed to be entirely solvent." The lawyers said the company possessed substantial holdings in oil producing territory of Mexico. The receivership. It was stated, was a friendly action, which would result in the reorganization of the company.

The company, which stock and J3.SOO.OOO bonds outstanding, controls ten subsidiary concerns engaged in producing, refining and marketing Mexican petroleum. It was formed In January, 1917, and as certain property was Involved which was claimed by the Metropolitan Petroleum Corporation lengthy litigation soon got under way. The disputed points finally were settled, the Metropolitan company receiving a large block of Island Oil stock. The Island Oil Transport Corporation waii a heavy producer and shipper Mexican oil In 1920 and owns pipe lines with a capRdty of barrels a day. It owns or leases 70,000 acrea of land In Mexico besides large undeveloped acreage in Cuba and Colombia.

Production i declined last year. The statement by the petitioning creditors' attorneys yesterday said that widespread reports of tho appearance of water in Mexican oil fields had affected the company's credit. earliest spring this dainty side-gore shoe in patent leather with pearl gray tope is Very appropriate. Pearl gray hosiery, of course, to match tope, making it difficult to tell where the shoe ends and the hose begins. This shoe fits itself exquisitely to the ankle without laces, buttons or buckles, and responds with absolute flexibility to the'wearer's movement.

SHOEMAKERS TO WOMEN West 57 Bi Street S. Altaian Enchanting: Hats that are brimful of the audacity of Youth, weave their spell of allure for everyone who enters the French Millinery Salon on the Third Floor. Here are adorable hats that have the cachet of Paris fresh upon them; and here are other adorable hats that first saw the light in B. Altman own ateliers' (in the establishment). And it would be difficult, if not impossible, to determine which among them possesses the more distinction, the greater charm.

And in another section of the same interesting Salon one may find a new and exclusive importation of Paris Mourning: Hats flUfttson Anttntr JftfUj Avrtntt tub 3311) Bttnft Mfto fori Why You Should Come to Us To Borrow on Your Real Your Expenses Are Less People are inclined to think that money is money and that it makes little difference where you borrow it. If it costs you less to borrow oir mortgage from us than it does elsewhere, this is one good reason for borrowing" from us. On ordinary loans of medium size our chirge is one per cent, plus the charges for papers, stamps and surveys. For building loans or unusual loans the fees are higher. We stand ready to quote in advance to you the exact cost of securing, the loan and if you want to borrow money on any of your properties we shall be very glad to have you talk it over with our Department.

Title Guarantee Trust Co. Capitol $7,800,000. Broadway, New York. 1)7 Wut 125th New York. 149th New York.

90 Bay St. George. S. I. Surplus $11,000,000.

175 Rcmaen Brooklyn. 350 Fulton Jamaica. Bridge Plaza North, L. I. City.

Mineola, Long Island. Mc.Cisfcheon's Fifth Avenue, 34th and 33d Streets Blouses of Distinctive Superiority THE Blouse illustrated is of fine quality Dimity, collar and cuffs trimmed with everpopular fluting and the button panel attractively ornamented with a lovely frill of fine Batiste. We believe this value carrnot. be equalled at $3.75. IT'S that last Httle nicety of correct cutting and finishing, that last frill, bit of lace, or sprinkling of color, that makes McCutcheon Blouses so strikingly superior.

There are Tub Silk Blouses, in Radium, Habutai, Crepe de Chine, and Pongee; other novelty Waists in Dimity with flecks of enlivening color in bindings and edgings, with Peter Pan, Peggy, and Tuxedo collars; and real mannish Shirts of striped Broadcloth. Prices range from $2.75 to $15. And in dress Blouses, there are exquisite models of fine French Batiste all hand-made; adorable little snatches of hand-embroidery, hemstitching, and tucking; others, masterpieces of hand-work with real Irish, Val, and Filet Laces. Each waist is truly lovelier than the last. Priced from $5.50 to $20.00 each.

When you see these Blouses you will at once recognize their distinction of style and perfection of workmanship. Discriminating women always appreciate McCutcheon Blouses. Be Sure of the Right Location for Your Suburban Home A DVERTISEMENTS of the best Real Estate for sale or rent throughout the entire New suburban district are published in The New jYork Herald. Turn to Herald Real Estate Advertisements Every Day THE NEW YORK HERALD 280 BROADWAY Telephone Worth 10,000.