The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-08
SUING GREENE FOR MILLIONS,
S'POSE RECEIVER OF ASPHALT
TRUST SHOULD VIM
New Works. Police Commissioner de-
scribed ms No Longer Rich In Spite
OF the Immense Promotion Fronts
the Receiver Charges Against Film.

OF the Immense Promotion Fronts
the Receiver Charges Against Him.
As Gen Francis v Greene is journeying
to Yellowstone Park with Gov. Odell 1t
was not possible yesterday TO get his
views on tho order Of Judge Kirkpatrick,
signed at Trenton on Monday, directing
Henry Tatnall Of Philadelphia, receiver of
the Asphalt Company of America, to bring
suit against Con. Greene and others to re-
cover profits which, il was alleged, the
General and his associates made in the
organization of the Asphalt Trust and in the
selling Ia the trust of the stock Of some
of the constituent companies.
The report of the receiver and the order
of Judge Kirkpatrick give the public the
first definite and detailed information OF
the real condition of the Asphalt Trust after
Gen. Greene and others had concluded
their financial experiments with it, The
receiver turned the books over to the Audit
Company Of America, which reported sew
eral months ago. The findings we're care
fully guarded. II IL assumed that IL WAS
on those findings that Judge Kirkpatrick
based his order.
I appears that all that the receiver W as
able To get from the sale of the assets of all
the once prosperous companies composing
the Asphalt Trust was 50 1884,. 900, and that
there il still due the creditors of the concern,
s27 100000. OF this amount the receiver,
under the order of the court, will seek to
recover from Gen. Greene and others s2i.-
600 900, which, it is alleged, is the amount
due for the stock Of the company issued to
hn, fall, q
Therefore, that the Police Commissioner Of
New York and others controlled a company
which became practically bankrupt under
their management, through stOckholdings
for tho most Of which they did not pay,
Gen. Greene was. perhaps. the person
NEST active in the formation OF the trust.
For many years he WAS the president Of
the National Asphalt Company, the par ent
of the trust and corporation which re-
turned handsome dividends on its stock.
AS a result OF the financing Of Gen Greene
and his associates, about all that is left
to the stockholders OF the National, who
exchanged their shares in that company
prospective returns from the 2AOOO 600
worth Of lawsuits to be brought against
Commissioner Greene and others.
According TO report, Commissioners
Greene lis not 80 rich AZ he used to be. Only
a few days ago he mortgaged his town
house for a considerable sum. He has
disposed Of his Newport villa and his steam
yacht, and when he was appointed Police
Commissioner it was said hat he wanted
the job because he needed the salary. II
this he true, 1t IL Just possible that ne
couldn't produce much Of his share Of the
s24 600 900 should a lawsuit go against him.
Remarking yesterday on Gen. Greenes
apparently reduced circumstances, a law
yer Interested in the asphalt litigation
called attention to three of the charges
made against Gen. Greene and others by
Receiver Tatnall. One of these charges is
that Greene and TWO others by transferring
to the Asphalt Company of America 1875
shares of the stock of the United Asphalt
Company, made "A profit Of at least 81, 500, $50
in the gold certificates of the acquiring COM
pany. II IA third of the profit went TO Gen.
Greene the transaction represented to him
something over 1888 900.
Another charge is that Greene and two
others, from the sale Of 9,499 shares Of the
stock of the Warren-Scharf Asphalt Com
pany to the trust, made profit Of at least
$3.50. 098 in the trusts gold certificates. II
Gen. Greene came in for third Of this,
the transaction Melted him an apparent
profit of nearly SlSO0OO. The receiver
alleges, In connection with this charge,
that the sellers turned this stock over TO
the trust at $?40 share. while its par value
was 500, and that Greene and his ASSOC
ciates had acquired most Of the Warren
Scharf stock soon after they had decided
it would be good thing to form an asphalt
trust.
A third charge is that Greene and six
Others, after it had been decided TO form
the trust, acquired the stock of the Trini-
dad Lake Asphalt Company for S4s.5O a
share and turned IL into the trust at 500
a share, making profit OF s73,i77. II
they we're equal part ners in this transac-
ton the General got an apparent profit
of more than SO 600 on the deal
One-third the apparent profit on these
three transactions alone is 81 ,O7s, COO In
commenting on this the lawyer above. re-
fcrred to RI m lrked that it had set m ID to
som, folks that, in view of his peculiar
ability as a tinancier, Gen Greene INST
have suffered unusual reverses since sc ma
body undertook the job of realizing some
thing out of the wreck Of the asphalt trust.