The sun., 1906-02-20
RANK TO ROOST ON THE CURB
ALONGSIDE 4 TITLE 60. AND 4
UHOLE FINANCIAL PLANT.
,ugcn,'s Landlord Gets Tired of Ills Bank,
iIis savings Bank. Ills Safe Deposit
60. and liis Apparatus for Guar antee-
Ing title More Than Dozen Suits.

Trouble IA pling up for Frederic F.
Nugcnt the promoter Of tho Equitable
Title Guarantee Company, the Gotham
safe Deposit Company, the Van Court
and, Bank and an unnamed savings bank.
aIlof which were to begin business on the
,re,r-fs. Of 1877 Greenwich street, but have
,o, done So District Attorney Jerome's
attention has been called to Nugent's
method. and Constantine NJ, Scheid, owner
of the Greenwich street building, has &C.
cured di-possess warrant. which will be
si.-urd at noon Tomorrow, to put the finan-
clal institutions out on the curb.
The allied concerns owe SCheid 5000
Tor rent. Nugent is also being sued by
several men whom he induced to subscribe
for stock in his companies, besides various
emulovecS who want their salaries and
moneys they paid in to secure their places.
There are other suits pending. Some men
haye complained that their names were
used without their consent In Nugent's
literature despite notice to Nugent Still
others say that Nugent had no right to sell
stock in his title guarantee company, which,
Attorney General Mayer has decided. has
not fulfilled the necessary legal require
ments for existence.
The SuN ha, told Of the placarding Of the
Greenwich street place early last year with
signs telling what was going to he done
therein He applied to the Commissioner
of Insurance at Albany for a license to do
lrsiucss as title company. The applica-
lion was referred to Attorney General
Mavcr's Office for approval as to form, and
on January 81 of last year Nugent was
authorized to so aheai and get up his COM
rany Articles of incorporation were drawn
up and by laws adopted on February 7.
The law requires that these be filed within
ten days at Albany with proof that 10 per
cent of the capital has been subscribed and
raid up. These articles were not filed
until December 80 last. They were then re-
lerred to the Attorney General and dis
approved An amended copy Of the arti-
cles was presented to the Attorney General
on January 10 last and that also was dis
approved.
Meantime, it is alleged, Nugent had had
stock in the concern sold and bought what
is called plant" on Staten Island from the
Richmond Title and Realty Company.
This plant" consisted Of old abstracts and
maps. In Jamaica Nugent engaged a man
ramed Dean to represent him and open
Offices an lawyer to secure business.
ore wa % Qat $Su Il week ana tne Otnar $40
Nugent also hired a bookkeeper and
auditor for the company at $1,000 year
and asked him to subscribe for twenty
shares of the stock: On September the
auditor was engaged definitely and he paid
Nugent 81 900 He vas ,s, told to go out and
10 bookkeeping, but to searching titles
and addressing envelopes. The auditor
has obtained judgment for his 81 900 and his
salary Two checks that Nugent gave to
L.. L.
came back marked no good. One. for $50,
was pat through the bank second time
and paid
A very we'll known man found that his
name was on the literature sent out and he
gave Nugent positive notice that it must
be taken off. He received word that this
would be done. but nevertheless, when the
delayed articles of inc corporation were sent
to Albany on December 81, he was down as
a subscriber 20 ten shares Of the title COM
Jerome, who said that unit some act was
complained of involving the loss of money
he wished to hold action against Nugent in
abeyarce.
Nugent went on getting furniture for
his companies and put in vaults for his
for the fittings have been obtained, but
Sheriff Hayes can find no property to seize.
1t all belongs to some one else than Nugent.
Nugent engaged a man named n. j. Red
UelQ 10 D6 cashier Ol IIe van NOuTtunOL
Rank. Redhe!d hustled around and got
some subscribers for the stock, and the
money, amounting to some 81 900. was put in
the Market and Fulton National Bank until
the Van Courtlandt Bank opened. Nugent
wanted Redfeld to check out some Of this
money to pay bills, but Redfed refused,
on the ground that the money belonged
10 the subscribers Nugent then had an
assistant cashier elected and the board of
managers ordered him to check out the
money. Redteld went to the Market and
situation, with the result that the on.ce
Of the bank refused to honor the check
and the money is now tied up. A lawsuit
IS now pending against the Market and
Fulton bank to recover the money for the
alleged Van Courtandt Bank.
With the suits for salary, for the re-
covery of money paid in subscriptions to a
company which had no legal existence,
for rent and for fittings more than dozen
lN.N l. st.rN