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, Pnila-
delphia.
Had Gorgeous Offices,
ImpreSSing Investors,
But Paid No Rent.

PHILADELPHIA. May 1.-TWO re-
ceivcrs have been appointed for the
Standard Title and Trust Company at
5l3 Chestnut street. The court acted
upon complaint of stockholders. who
declare that they were dcfrauded. IL Is
said criminal proceedings Will follow
More than Sl.OO0.0OO. il is said, has been
obtained from the sale Of stock in Chi
cage. Philadelphia, New York and
small towns East and West Chicago
alone yielded Si5O.O0O; New York S25O,Oo0,
and Philadelphia 100000.
There has been a mystery about the
Standard Title and Trust Company for
weeks. Its officers are all out-of-town
men. Tie 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:
PrOhibitiOnist Politician.
President s. X. Ford. of Chicago;
first vice president. II. COhn, OF New
YORK; second vice president, E. A. Han
ner. Of Cincinnati; treasurer, II. E As
pinwaH Of Freeport III.
one Of the directors is Homer l.. Cas-
tie, OF Pittsburg, prohibition candidate
for governor Of Pennsylvania in the last
campaign. lie is also the company 5
counsel.
The company made its debut on Feb
ruary g. when the city was Hooded with
circulars, saying: we have purchased
the exquisite banking house at 7l2
Chestnut street. and have capital and
surplus Of 81 10000. Of which S1.2o0.OU0 -
paid I'm. The par value of the stock ia
So. and il has been sold 10 subscribers
at $40.
Rent Was Not Paid.
On the same date the company took
charge of the building at 7IS Chestnut
street and began to solicit business.
sending out through the mails all its
literature, covering the whole country.
apparently. First, it was announced
that the company would open for bust
ness ON March !. Then the opening was
postponed to April II. and when Nav I
passed and there was still no company
n evidence. The owner OF the building
l'g"r Z" get anxious. There was then
S,l"e due in rent
FINALLY the uncertainty grew to surh
an extent that action was taken. Al
torneys Furth and Singer. representing
Lawrence w. Fausc. a stakeholder. and
went before Judge AgiH. in Common
Pleas Court. No. ], and filed afidavits
that their subscriptions to stock Of the
company were obtained by false and
fraudulent representation made nv the
concern last February that il had 500 con
capital and Si.001O90 assets. whereas II
did not have. and has not today. assets
exceeding $1,000
Judge AgiIl granted their petition for
receivers and appointed Israel Hecht
and Carol b. Wilson
It was discovered that one Of the
methods OF the company 70 secure money
was 10 offer men in responsible. posi-
IONS excellent offices in the company
II they subscribed 10 the stock. MANY.
indeed. the state banking commissIC ner's
agents SAID, accepted these terms
Bank Clerks Duped.
one cashier in a Blueheld. 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 20 find any one at
The bank excepting the janitor and the
state banking commissioners deputies.
clerk In a Camden trust company
mortgaSed his house TO buy stock. con-
oidonal upon securing "A good position.
mere are said 10 be many such in
stances one Philadelphia director il is
declared. gave his note for 500. 600 TO
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, AspinwaH, and
MasSinEer.
Emanuel turth, attorney for the stock
holders and the bank, says that ne ma 6
sufficient evidence to secure criminal
aarr
OF the concern.
1t looks Ike a preconcerted fraud. %
said Mr.. Furth. ''AU the money that
was paid i'm seemed 10 flow out Of the
Golfers OF the bank through some mys-
ferrous channel. Whether that channel
was a legal one or otherwise IS what
we will have to find out"
All persons who went 10 the bank 70
subscribe to the stock were impressed
by the rich appearance OF thee bank
new office