The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1907-05-22
BANK EMPTY;
STOCKHOLDERS
HOLD INQUEST
Receivers Named for the
Standard Title and
Trust, Phila-
delphia.
Had Gorgeous Offices,
ImpreSSing Investors,
But Paid No Rent.

PHILADELPHIA. May 22-Two re-
ceivers have been appointed for the
Standard Title and Trust Company at
1lS Chestnut street. The court acted
upon complaint OF stockholders. who
declare that they were defrauded- il is
said criminal proceedings viii follow.
More than 81, COCO II is said has been
obtained from the sale OF stock in Chi
cago. Philadelphia, New York. and
small towns East and West Chicago
alone yielded $4,000: New York S250000
and Philadelphia 100000
There has been a mystery about the
Standard TITLE and Trust Company for
weeks. It's officers are all out-of-town
men. The list OF officers Of the com
pany, shown on the stationery, contains
names which have been used without
even the knowledge or consent Of the
owners. This is the case with at least
one Of the directors. The list Is as fol-
lows:
PTohibitionist Politician.
President S. X. Ford. Of Chicago.
first vice president, II. Cohn, of New
York: second vice president. L A Han
neF. OF Cincinnati; treasurer, II. Z Az
pinwall. Of Freeport. III.
One O. the directors is Homer J.. Cas-
tie, Of Pittsburg. prohibition candidate
for governor Of Pennsylvania in the last
campaign. He is also the company 5
counsel.
The company made its debut on Feb
ruary 6, when the city was Hooded with
circulars. saying: eve have purchased
the exquisite banking house at 7l3
Chestnut street and have a capital and
surplus OF Sl.500.G0. OF which $4,000 is
paid in. The par value OF the stock ls
S25. and it has been sold to subscribers
at s75.'
Rent Was Not Paid.
On the same GATE the company took
charge OF the building at 7ls Chestnut
street and began 10 soIicia ....z...s,...
sending out through the mails all its
literature, covering the whole country.
apparently. First, Il was announce,
that the company would open for b,lsi-
ness on March l. Then the opening wa :
postponed to April II. and when MAY I
passed and there was stiH no conpan,,
in evidence, the owner OF the building
began to get anxious. There was then
Sl00 due in rent.
Finally the uncertainty grew to such
an extent that action was taken. At
torneys Furth and Singer. representing
Lawrence w. FaUse. a stockholder. and
James c Kirk, one - the directors.
went before Judge ACtn. in Common
Pleas Court. No. /. and fled afidayfts
that their subscriptions 10 stock Of the
company were obtained "by false and
fraudulent representation made bv the
concern last February that it had 500 ooo
capital and 100000 assets. whereas {,
did not have. and has not today, assets
exceeding $4,000"
Judge Agill granted their petition for
receivers and appointed Israel FTocht
and Carol b. Wilson.
1t was discovered that one OF the
methods OF the company to secure rnoney,
Mas 10 oiter men in responsible posi-
uons e.-ce!lent Offices in the cou75srx,
If they subscribed to the stock Man
indeed the State banking commissioners s
agents said, accepted these terms.
Bank Clerks Duped.
One cashier in BIuefeld. w. Va
national bank gave up a lucrative posi-
ton and subscribed for $500 Of the
stock in the company He is here still
but has been unable TO find any one al
the bank excepting the janitor and the
state banking commissioners deputies.
A clerk In a Camden trust company
mortgaged his house TO buy stock. con-
diuonal upon securing a good position.
There are said to be many such in
stances One Philadelphia director. it is
declared, gave his note for s50O.O0Q "a
take up part OF the capital stock. Most
Of the stock was apparently sold through
financial agents IN New York. The re-
ceipts for the certificates sold bear the
names of Ford, Hunter, AspinwaU, and
Massinger
Emanuel Furth, attorney for the stock
holders and the bank. says that he has
sufficient evidence to secure criminal
convictions against certain men bach
Of the concern.
1t looks Ike a preconcerted fraud .
said Mr.. Furth ''AlI the money that
was paid in seemed to flow out of ths
coffers of the bank through some mys-
terious channel Whether that channe
was a legal one or otherwise is whai
we viii have To find out
All persons who went to the bank Il
subscribe 10 the stock were impressed
by the ricr appearance of the bank
new office.