New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-30
NEW YEAR END LOANS.
JORDAN INDICTMENTS.
Charges Based on Transactions 1cith
Mercantile Trust and Others.

The indictments against ex-Controller Jordan of
the Equitable based partly on the Equitables
transactions with the Mercantile Trust Company
at the end of 1s04-transactions which the Arm
strong committee did not touch on according to a
synopsis of the indictments which Assistant Dis
trict Attorney Kresel made yesterday. The in
dictments against Jordan. 1t was learned based
two sets of transactions, the so-caled Kuhn
Loeb" loans and the Equitable's transfer TO the
trust company at the end of 1904 of certain loans
which the Equitable had made but did not wish
to report.
AS to the Equitable Mercantile transactions It
appears that at the end OF December. 1904 the
Equitable had four loans it's books made to
Adolph s. Ochs. These loans amounted to 100000
1t also had on its books loan that II had made to
one of it's clerks named Louis NJ. Bailey. amount
Ing to $1,000 and there was also due to the society
from various other concerns and individuals an
amount little than 100000
1t is said that for certain the Equitable
did not desire to report these loans accounts in
its annual statement, and arrangement was
made whereby the Mercantila Trust Company adj
vanced to Bailey the of s137.OOo the precise
amount of the Ochs Bailey and miscellaneous other
loans. Bailey apparently put up collateral for
this loan the collateral that the Equtab Bile held for
the Ochs loans This done at the end of De-
cember, 1904. and AT the beginning Of January. 1905
the Equitable paid the Bailey loan and took back
the securities.
Certain of the forgery indictments are based on
the entries in the books covering those transactions
The perjury indictment Is predicated on the Edui-
tables annual statement for the year ended De-
cember II. 1904. which. it is alleged Mr. Jordan as
controller, signed and in which these loans 20
Kuhn. Loeb & Co. reported s such. and the
loans transferred to the Mercantile Trust Com
pany were omitted
Mr.. Jordan. who disappeared from this state on
the OF the Armstrong Hughes investigation.
appeared personally in court yesterday. and
through his counsel William C. Arnold pleaded
mot guilty to the indictments which the special
Nav grand jury fled against him. There are nine
teen indictments, II was learned. against Jordan.
one for perjury and eighteen for forgery in the
mentS in the sum $1,000 Eugene {. Potter a
real estate man Of No. 1855 Broadway giving the
seven story building ana plot at Broadway and
District Attorney Jerome gave notice that he
would move Iordans and all other insurance cases
Mr.. Arnold on behalf Of his client made mo-
ton to inspect the grand jury minutes. which Mr..
Perkins lNew York Life and Hegeman Metro
politan ltfeD precedents
however: II regret sincerely that | can't
view the decision of Justice Fitzgerald in the
honor that the position taken by your associate on
the bench Of the supreme Court is Incorrect
Mr.. Ochs said Yesterday that he was not con-
suited about nor was ne in any way party 10
the transactions which have resulted in the
plants against Mr. Jordan. His transactions with
the Equitable were regular and businessl.ke ana
simply those of a borrower who deposited coll
lateral upon terms which acceptable and
profitable 10 the company Mr.. OChs said that in
ing of large business establishments having
extensive building operations and found a need of
The loans referred 10 I'm the Jordan matter were
time loans which nlatured two years ago. when
assistance Of the Equitable any Of its auxiliary
companies.