The news-democrat. (Providence, R.I.) 1906-1909, 1907-07-16

The Home Realty company is said TO be
directly connected with the Commercial
Corporation. Eugene w. Marchant OF 2i5
Althea street and his family weIe Induced
to part company with $1,000 which repre-
sented insurance on the life OF the late
Arthur Marchant, who died on April I.
effected through the office or Isaac l..
Goff & Co., In the Manhattan Life Insur-
ance company.
Mr.. Marchant and members OF his fam
lily say that they were induced to invest
the 5000 In bonds OF the Home Realty
company by an agent representing the
office OF Isaac l.. Goff a. Co., who intro
duced Everett T. Durham, who person
ally delivered the bonds I'm Mr. COTS Of
fee. Representatives OF the Home Realty
company secured the signature of Mrs.
Marchant her husband asserts at IL
o'clock at night, having obtained those OF
other members OF the family that same
night, one son having been called i'm from
North Attleboro at IL o'clock. The bonds
were delivered two days later and subse-
quently Mr.. Marchant asserts. Durham
endeavored to persuade him TO change
these bonds for stock in the Commercial
Corporation. The coupons for these bonds
are payable at the office of the Central
Trust company and the same corporation
is to pay the principal I'm 1925.
PRIEST GAVE NOTE FOR 5000
A prominent French Catholic priest says
that he was taken In an automobile by
Col Goff and Mr.. Durham. shown all the
properties OF the Home~Reaity company
with the exception OF Oakhurst. and upon
their representation that the properties
were free from membranes and that
the money was needed for building opera
tions only he was induced to agree TO pur-
chase $4,000 worth OF bonds. giving his note
for that sum. The bonds have not been
delivered and the priest says he Is pre-
pared to resist the collection of his note.
These transactions were in April and May.
at a time when the insolvency of the
Home Realty company was presumably
known to those who were Offering the
bonds
Col. Goff. who IL at his home, is said
to be suffering from nervous prostration
and will not be I'm a condition 20 discuss
his business affairs for day or two.
After a meeting of the creditors COM
mittee yesterday in the office OF John s.
Murdock attorney for the Atlantic Ma
tional bank, Mr. Murdock gave out
statement that the affairs of the Home
Realty company are in a much worse
state that was shown by the report read
10 the creditors by Edwin c. Pierce. The
assets are said to fall far below the fig
ures given by the bookkeeper. who has
agreed TO make another statement show
ing the real assets. The committee has
called for an examination by an expert
accountant OF the books OF the Home
Realty company, the Peoples Trust COM
pany, the Rhode Island Agency and the
Commercial Corporation. for the reason
that the last three named companies have
been very much mixed UP in the busi-
ness affairs OF the former.
ASSETS POOR.
The committee examined one page only
OF the yoluminous statement submitted by
Albert @. Porter, the Home Realty COM
pany's bookkeeper. on this there were
assets which footed up s32 900. When these
came to be looked into II was found that
they represented, in a few instances, lots
which had been mortgaged TO purchasers
and in the main homes upon which the
principals had paid all but few dollars,
so that there were practically no assets
other than what may be figured out as
equity In the lots and buildings.
One transaction is that OF Alfred Swan
son OF the committee. He contracted with
the Home Realty company to build dou-
BILE house for 5000. On this he paid 500
and gave q mortgage to the Peoples
Trust company for $1,000. About 1890
worth of work had been done on the
building. He Is made TO appear as a cred
itor OF the Home Realty company to the
extent of $1,000. There were IL other con-
tracts. on each of which had been paid
but small part of the contract price.
The fling OF liens upon property at
Washington Park seriously perturbs the
residents of that section of the city as
Washington Park is Col. Cons pioneer
hor,e-building enterprise.
III. Conley a. Co. yesterday placed an
attachment upon the property of The
Home Realty company. The sum named
is $500.
The latest development is the issuing
of writs of replevin in the name OF Phil
lips Lead and Supply company to regain
possession OF materials which the con-
cern furnished to the Home Realty COM
pany. The point which is made is that
the Home Realty company purchased
these materials knowing at the time the
orders were given that 1t was insolvent,
and therefore deceit was practiced as
against the Phillips Lead and Supply
company.
COL. QUINN'S VIEWS.
Col. p. II. Quinn, counsel for the Bur-
rows & Kenyon company. states that
those who have bought homes on monthly
payments, or who have had homes built
for them under contract, and who have
not received deeds for the same, will
surely come in as creditors, and will not