The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-06-07
THAT SYNDICATE SUIT,
Some Further Light on the
Mutual Land and Build
ing Syndicate" Suit.

There Is being operated at No AZ Mont
gomery street a concern which pleases to
call itself the Mutual Lana aud Build
ing Syndicate' On file in the clerks
office of the Court of Common Pleas are
papers in suit. which describe some
very interesting features and Incidentally
case in which w illiam Thorpe, who
says he is from Iowa, says the company
wheedled about four hundred dollars out
of him. and the COMPANY maintains that
1t was victlmized by Thorpe to the exte ut
of about 81 900.
The story was briefly told in yeterday's
JERSEY CITY NEWS.
Thorpe appeared at Prosec utor Win
fields office yesterday and insisted upon
having the business methods of the con-
cern Investigated and the officers aud
trustees indicted. The Prosecutor turned
the whole matter over to Senator DAILY,
who made his first investigation of
the concern yesterday afternoon,
and discovered that the officers
way, ]. r. Baker, a railroad supply
man of this city; Vice President,
o. W. Roper, Secretary and Treasurer,
also of this city, with ex-Judge Roderick
B. Seymour, of this city, as counsel. The
company in few words. loans money.
THoRPE's CLAIM
Thorpe. who has instituted proceed
ings. represented, it is alleged. that he
was President of the American Midland
Railway Company OF Iowa. aud possessed
q capital of about $500, 900. He wished
pany aud in "a nice manner
| drew one of the senior members of the
| concern into, his scheme on short order
| Thorpe desired to purchase q tract OF
land In Denson Township, Lucerne
| County, Pa. To do SO he desired TO bor-
row $4,000 from the company He be-
came shareholder and paid about S400
| into the concern. The comoany's apprals-
| er examined the la nd aud reported it TO
be worth $4,000. Agreements were then
entered Into, whereby the purchase
should be made. It was understood
was to pay $4,000 for the land.
but subsequent developments revealed
/. the fact that he secured it for 5000. The
day on which Thorpe was to receive the
| 900 the company, he alleges, produced
but $1,000. Thorpe made the purchase
from A. P. Goepeck and paid $1,000 on
| account aud gave Judgment notes for the
remaining $1,000. The first two of the
| notes were paid by the company. but
| then payments stopped, the discovery be-
| ing made that the property did not pos
sess value of $4,000.
THE PROPERTY WAS SOLD.
| As a result. Goepeck sued Inorpe and
toreclosed. the property being sold at
| Wilkesbarre and bringing $2.345. Goe-
peck took every cent Of this in satisfac-
zion of the notes he held. Thorpe alleges
] that the property was bought in by the
company, but Counsellor Seymour denies
| this. AT any rate. Thorpe lost the prop
| erty, lost the amount he had paid into
the concern. and the company still holds
mortgage issued by him for $4,000 on
| the property.
He is now bringing suit, through Coun-
| selior Steen of Eatontowp, N. j., for the
recovery OF the $1,000. of the $4,000 loan
| made to him. but which was never paid
Senator DAILY has now been retained to
| investigate the workings OF the company.
| Counsellor Seymour speaks in harsh
| terms of Thorpe, and stated that II he
could locate Thorpe he would cause his
arrest for fraud.
"But,n said Mr.. Seymou r, 'if we do
arrest and prosecut to him we cannot get
anything, aud rather than he being the
| injured person he is the winner. We are
! the ones who should com plain. We lost
about 81, 900 In the deal"
The case will be heard in the Court Of
| Common Pleas.