The sun. [volume] (New York [N.Y.]) 1833-1916, 1890-06-13
NOT A SOUL SUBSCRIBED.
NAPOLEON FRAzER'S aILT-EDGED GER
TIFICATRS LET ALONE

worth of wIid PeansylVnnia Land On
which the Great Financial Scheme Was
Founded Was Got from the Owner by
| n Trick, and Not by Purchase.
The sunlight shed In the last few days uron
| the affairs OF the United States Land and In
| vestment Company seems to have withered the
| luXuriant three million dollar tree planted ny
| william L., otherwise Edgar, Gray in some
Pennsylvania tax titles, and watered by the
Napoleonio genius Of Rudolph Gordon Frazer
until It's spreading branches promised to cover
$40. 100000 OF water rights owned by somebody
else out In California The subscription books
were open yesterday at the Office OF the Amer
lean Loan and Trust Company for the $I5OUOO
OF per cent trust certificates OF indebtedness.
which conservative investors" have been 80
eloquently urged to buy at OBS. Nobody sub
scrbed.
The developments OF yesterday were not
calculated to increase the confidence OF In
yestors In the new gilt-edgcd security. Young
Napoleon Frazer had already admitted that the
only basis for the nearly $3,0OO,OUO OF secur!-
ties which he was floating for the investment
company was lot Of tax titles to Pennsyl-
vania lands for which he alleged $4,000 had
been paid. and a claim to q controlling interest
In a paper company which In turn claimed an
interest In certain California water rights.
which are in possession OF another company.
Yesterday 1t turned out that the PENNSYLVANIA
titles we're originally held at $4,000, instead Of
$4,000 and that even the $4,000 was never
paid to the owner. but that the deeds were
stolen outright, and furthermore. that the
lands since then have again been sold for
taxes. Besides this the lands are several
miles from any railroad. no paying coal or
iron mines have been developed on them, and
1t Is said that 1t is at least doubtful whether
any such mineral riches exist.
s. Q. Mingle Of Williamsport. Pa. was the
man who owned the Pennsylvania tax titles.
The company agreed to take the lands for
50. OOO and asked Mingle to let them have the
deeds for submission to their attorney. Mingle
gave up the deeds. which we're already signed.
but IN which the name OF the purchaser was
blank. After being put of by the company
from day to day for awhile. Mingle smelled
rat. and soon found out that deeds for his 6.0OO
acres had been put on file In Bellefonte, Pa.
and that q mortgage was already recorded
against them. Minge hired q lawyer and
began proceedings for fraud. 1t was discovered
tibet the blank deeds which Mingle had given
Van Nechten OF New Jersey AMI that Van Nech-
ton had transferred the property to the invest
%Th Seed m o as d
dislodgo It Minge had the satisfaction, how
ever; OF keeping one officer OF the company in
Ludlow street Jail for three months.
Meantime the investment company Jailed to
pay taxes on the land. and some two years ago
It was again sold for taxes.
Mingle was told. after he began suit aga inst
the company. that $4,000 had really been given
IL hs Mh A Th Ns
deeds. had oeketed the money and had a big
spree on # This Y9s never e3p ame Cow.
who s counsel for Henry A. Herbert formerly
President Of the company. said yesterday
siair had been perfectly honorab Die. One day
Herbert found that Gray had key to the safe
and had taken ont IN small Il, lots from time to
disposed Of them. MIR Herbert immediately
demanded the return Of the bonds, Gray hus-
which he delivered to Mr.. Herbert. Mr., Her.
bert handed IN his resignation and marched of
and Mr.. Herbert handed the bonds over to tho
Sheriff who still retai ms them. the company
having failed to NE the M neceSSsary Indemnity
Mr. Harrison said, was Of doubtful legality, but
it was taken to secure innocent persons from
0e Ths H6sed Hast To had
plantations 70 make YESTERDAY: Secretary Van
to them Well recon- mended and wanted to put
out o loan OF t5.000.000. Afterward they CON
Guided 10 Issue the $4,000 Of trust certificates
all their debt in a 35.OOO.OOO mortgage.
% a @ % hS s osT
o rSsTs wa f no
Ing in tho affair suspicious and agreed
after the usual Investigation to guarantee the interest
We learned OF GrAyG connection with the company,
but they showed usA mass Of documents which ind.
peAlA and as 1t was twentyyoAr.0ld AFFAIR and as lie
was only clerk OF the company, didn't think II OF
importance enough to cause US TO break of relations
il Is NOT true 0s Frazer intimatsS that We to
share in any dvvy of the amount subscribed for the
certincAteR All were to set was tho $40 for every
certificate and all prot in tho matter besides the
the Of the money pending pAymsnto interest %
course II We had known what We now know, We would
never have had anything TO do with the company As
Il Ia We are. suppose legally bound BY our agreement
What snail do about cannot say They have not
yet deposited either bonds or cash with Isuppose
we shall have to take them II they are offered but
shall make every effort TO see that parties
tious value on tho securities
James G. Wetmore. one OF the directors Of
the company. wrote yesterday to THE Sun. an
nouncing that the directors Of the company
would mako a statement to the public CON
corning its affairs In q few days" Pending
this he asks THE BUN to print the following:
Since the election Of the said Board OF Directors at
tho two years last May the property
OF the said company has Increased three tim then
value In bringing about this result, the Board OF
directors have not made use OF bribery boodlsbm or
the giving Of fsAsts TO boom its bonds or stock As to
dollar bondG stock or cash for their services az
directors, and, Furthermore, have not received any
promises from the stockholdoS other persons for
payment In the future
M Iyon Hit bv AN INDIGNANT HuahouA