New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-26
SHONTS'SPLEAGRANTED
UindsOr Trust WI Explain Fully
Its Part in the JOyce Loan.

Theodore p. shonts has won his fight for frank
explanation the public by the Windsor Trust
Company concerning its connection with tho noto-
rious Joyce loan. Al meeting of the board Of
directors Of the company yesterday afternoon Mr.
Shonts and August Heckscher appointed "A
special committee To investigate the whole affair
and make early report. The account given by
President Young and Jordan J. Rollins the ex-
ecutive committee it's meeting a week ago
seemed to satisfy that body but Mr.. Shonts.
who insisted that the trust company owed it to it
self TO take the public into it's confidence.
Mr.. Shonts's ideas had their influence with other
directors who backed him UP in his stand despite
the statement of Mr.. Rollins. made this week. that
the trust company had nothing to explain and
President Young's reference to District Attorney
Jerome's generation of the company a certif-
cate OF good character.
Besides Mr. Shonts. those OF the directors at the
meeting yesterday were President Young. Mr. Rol-
Inns A. Gordon Norrie vice-presdent and secre-
tary OF the company; August Belmont. ir.. John
FOX. Gerald l.. Hoyt, Cornelius Vanderbilt, Clar-
ence ". Watson and Robert II. McCurdy. The
first business brought up the question of the
Joyce loan The letter addressed the board by
Stirling Birmingham. the discharged employe Of
the company, who figured I'm the transaction,
read. and at Mr. ShOnts's suggestion IT voted
unanimously To allow Birmingham to make a state
ment Birmingham not 10 be found. how
ever. and the committee then appointed
Mr. Heckscher is out Of town. hut he
returns he and Mr.. Shonts will make exhaustive
investigation Of the Joyce loan case. far is il
concerns the Windsor Trust Company Mr. Shonts
said Yesterday that there would be delay about
the investigation. Probably the first thing 10 he
done by the committee will he to hear Brming-
HAMS story. after which President Young and Mr.
Rollins viii have a chance tell ot the part they
took in the transaction.
our sole purpose" said Mr. shonts lis to pro-
the Windsor Trust Company as an institution
ana put II right before the public a thing that
should have been done weeks ago when this mat
ter first became public. Our investigation viii 10
conducted with that end in view. regardless OF
Individual or individuals II may affect
Birmingham. meanwhile, had visited the Tomhs
court. where he held for trial in the Court of
Special Sessions the charge OF accepting S25n
I'm connection With the loan. The discharged man
sger Of the bond department Of the Windsor Trust
Company said he only too willing 10 E7t a
chance 70 tell his story 10 the investigating com
mrtee
The agreement between tho United states Fide-
ity and Guaranty Company. which furnished thA
Sa5 90 hail for Persch. Clark & Katz. the three
men indicted for their part IN the Joyce affair.
was shown Assistant District Attorney Mott
yesterday morning II Is understood that the in
dsmni'ors whose names District Attorney Jerome
insisted on knowing. put UP 5000 cash with the
surety company and that the remainder ~ the
amount. ti5cn guaranteed by twelve men.
John ? Mcintyre. counsel for Persch. said yester-
day ha had Rad positive assurances that T.. !. Field
& % were not represented among the ndennlrors
either directly indirectly
Psrs~h was downtown early YESTERDAY morning
20 SEQ Nj MCINTYRE. He made light %, his stay
I'm 'he ToUhS. and then started ~ 20 his old quar-
tors A. No . William street. where p" has desk
room with Waiter l. clark another ~ the group.
who was Implicated IN the Toyeo loan and indicted
T. was iu this ONCE that charles katz who e.
also indicted. made the proposition 20 kaufman IN
pat through the joyce loan.
Adams. the Boston broker rs stIn IN
the Torhs. hts attempts ro Obtain bail having
proved futile r. rs said that In addition 30 the
seventeen coupon bonds - 'ha ohio Copper Com
panv which DO offered for security no also had
"a thousand shares - tine Pie Vein Mining Com
pany. hur the persons % Whom he sQresl"d wanted
better assurance the value and status ~ this
collateral than Adams was able give