The sun., 1905-08-02
CLOUD ON MAYOR BBLCHER.
PATERSON STIRRED By REPORTS
ABOUT HIS BANK LOANS.

AIss by Report That lie IL Missins. which
II Denied-Signatures on Some Of
the Collateral Found BY Bank Ex.
aminer Prom 0unced Not to he Genuine.
The New Jersey State Department Of
Banking and Insurance has referred to
Prosecutor Eugene Emily Of Passaic county
the results Of an investigation which is
said to require from Mayor William II.
Belcher Of Paterson an explanation Of for
geries aggregating about $4,000.
In the investigation Of the affairs Of trust
companies In Paterson the Banking De-
partment discovered number Of loans
made to Mayor Belcher for which COL
lateral was furnished In the form Of stock
books or receipts OF the Manchester Build
ing and Loan Association, Of which Mayor
Belcher IL president.
In tho usual course Of it's investigations
the Banking Department examined these
loans and found that In some cases the
name Of Secretary George Alice Of the
Building and Loan Association had been
forged in others the books we're entirely
fictitious, and In other cases they had been
pledged elsewhere and were therefore
OF no value as collateral to the trust COM
pany.
Three trust companies are said to be
involved in the loans. the Hamilton, the
German-American, and the Citizens. The
amount OF the loans held by the German
American Trust Company is about 5000,
and there is said to be 35, 900 distributed
between the other two
The Banking Department, upon dis
covering the state Of affairs and that the
amounts involved did not In any way affect
the standing Of the trust companies. did not
assume to act, but instead submitted facts
disclosed to the Prosecutor.
Mayor Belcher Was elected In 1908 on the
Republican ticket. A report was current In
Paterson yesterday that he was missing
| and that his friends were somewhat
| alarmed for fear that something had hap
! pened to him. According to one report
the Mayor had not been seen since last
Friday, when he was at the City Hall and
transacted official business.
| At the office OF Belcher Chalmers, how
ever, 1t was said that the Mayor was at his
farm at Midvale, where he had been sick
for the past month. He was In Paterson
on Monday, it was asserted.
1t was learned IN Paterson last night
that an examiner sent by David o. Wat
| kins, Commissioner Of Banking aud Insur-
ance at Trenton. who had been making
an inspection Of the Affairs Of the German
American Trust Company. discovered last
week securities Of the Manchester Building
and Loan Association which he decided we're
worthless and which had been given to the
trust company BY Mayor Belcher as security
for loan OF t5,eOO. The Mayor was sent
for. According to the general report. he
admitted that Secretary Allee's signature on
the mpugned securities was not genuine.
As result of the examination there was
| a meeting last night of the directors Of the
German American Trust Company. While
the officers of the trust company refused
10 uAAc my oIoeouohSe ~ Voo ooAo eANV oe
the meeting It had been decided not to take
any action against the Mayor.
The friends of the Mayor say that they
know where he il. 1t was also said by his
friends that they would make good any
loss.
The Mayor Is vice-president Of the Silk
| City Safe Deposit and Trust Company.
He Is also attorney for the company. He
is the first Republican Mayor Paterson
has had in twelve years.
| Belcher went to Paterson about twenty
years ago from a town in central New
York. He was a mason, but studied law
and was admitted to the bar. He was
never prominent in politics until he became
q candidate for Mayor against John john
son in 1908.
| He has practised law right along, even
| since he became Mayor. He is about 4s
years old and was married about a year and
| a half ago. He is a member of a number OF
clubs and fraternsi associations In Paterson