New-York tribune., 1907-12-07
DOUL--' RANKS TITLE,
4 QUESTION or s70o,o0o'
Borough Receivers Fear Transfers
Were Made Under DWess.

C;rca the receivers of the Borough BANK h''o
had an opportunity of examining the ranstei
to the bank Of property Vaiued a' %'0o' -
Howard Maxwell, William Cow, Ar'hui
Campbell and others some doubt mas aiisoi So
their minds to just now Vaiuaoio ~ -
fers are In the first place. TINS propei'S
only transferred after threats mac peeii i'-
against the men believed to be respohsioie ~
rI,a condition of the bank. Such TRANSFER
made under duress, the receivers thihA' ne
M. he binding in court. And even II the vaiio-
O., ,f +ba assignments or transfers should not
ha attacked the receivers have some DOUBT as
IN whether or not the property actually pelons'
IN the bank or is simply held as collateral ioi
the loans made to the men making 'he 'i"''
fers.
Tho rece;vers are somewhat skeptical about
the value of the equity they hold In the Hoihs
Park Gardens Company. some Z'oVV oA 'i'
600 shares of the concern were optaiheu ny
the hank in the great 'shakedown. bu' -
seems that Parvis Harbaugh has suit asaiils, .',
Ward e. Cow, who owned the company Tor 0VV
-, T. cor,es I'M for trial in Queens County
on Monday.
11.rha,gh WAS an employe of Ward & Cow,
Tho receivers say. and practically managed the
real estate ventures for them. Some dispute
arose and Harbaugh brought suit. The HONS
Park Gardens Company has been In the process
of LIQUID alton since last April. On November ~
tho oueens County Trust Company was suost-
tuted as trustee of the property ln'piace VI
Ward & Cow. ,
The depositors' committee OF the Borous"
pop, said Yesterday they had expert opinion.
based on the sales already mace. that liie ~
,,aindar of the property was worth So29,ooo'
Clarence ]. Shearn, counsel for the receivers
,,,ada a demand yesterday the Oriental Bank
fo- tho return of the famous s250,00O note signed
"T3orough Bank. per Howard Maxwell. -presl-
denf- which was later repudiated in resoiu-
ton of the directors.
1t seems that some time before the SUSPENSION
of the Borough Bank IL had s26O0eO In per
cent city bonds on deposit with the Guaro'an
Trust Company The loan was reouced anu
s1es 600 Of these bonds were returned 10 lhe
Borough Bank. Then. it appears they "e'o
turned over TO the international Trust Company
This is shown on the books, but on the other sioe
80 +ba ledger IS an entry of 100000, which
seems TO wipe out the obligation OF 'he inter
national Trust Company So far the receivers
have been unable TO get HacA VI ~
bonds or the money.
Coprsa1 for the Guardian Savings BANK
rr,su institution in South Brooklyn. VIII ASK
nerroission to withdraw the S65,oto oL I'".
bank from the Borough Bank AS oepoSi'S u
savtnps hanks are preferred claims. this can
no dome 1t is probable that the Guardiah cav
ings Bank will get its money next week.
1t was learned yesterday that City ChaInper-
lain Martin had withdrawn 100000 from the
Borough Bank the day before it suspended
~ the request of a committee OF the deposl-
tore of the BOROUGH Bank Controller Herman A.
Metz consented yesterday to take the permanent
reca,vershfp of the bank, without compensation.
~ Justice Belts would consent to appoint MIN
u,ben the question comes up at Kingston on De-
cember II The depositors say they VIII Win
draw their opposition TO a permanent receiver
ship II Justice Belts consents to appoint MT
Mat, at hopa the bank will be able TO
omen" said the Controller in discussing the sub
ioct There's no provision in the city charter
against my accepting such position would
not receive any salary, and It is a state Job.
an way"
The depositors' committee announced last
night that Controller Metz had promised TO put
In and keep in some s5O.O0o of his own money
in case the bank was able to resume. George
A Zabriskie has promised to put IN s2S.0o0. and
the depostors of the sth Ward branch were get
| ting I'D a pool of $4,000 for the same purpose.
The examiners of the Brooklyn Bank found
about 100000 In loans for which William Cow
is said to have been responsible. Among them
are the following: note Of f. w. Doolitte for
$50 600 secured by a second mortgage on lands
in East Orange this mortgage cannot be found
and there Is no record OF its assignmenD;
loan of $4,000 to the Franklin Mills. of Lock
port, guaranteed by Ward & Cow (these mills
have burned down. the receiver learns. and he
does not know about the insurance.; $1,000 to
| the Interstate Advertising Company. and $3.50
to a man named Lovejoy.
The indictments that have been found from
! the investigation Of the Jenkins Trust Company
and the williamsburg Trust Company. some
five I'm number. 1t is said, will be handed I'm on
| Monday On that day the investigation OF the
/ BROOKLYN Bank will be started. The grand jury
/ yesterday busted Itself with the examination of
| books and documents.