New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-19
YOUNG VISITS JEROME
WON'T Make COMPLAINT
WndsOr Trust Head Refuses to Act
against Birmingham.

| dent Young, when the proposition TO exchange
| s4s,5o in cash for $1,000 worth of Matthew NJ.
Joyces copper stock in the Offices of the company
| on August was first presented to him, thought
it unusual enough to ask for Mr. ROllins's opinion.
| 1t was said that President Young was guided
| tirely by the advice of this cOmpanys counsel in
consenting To allow the Windsor Trust CCmparys
| name be used in the transaction.
More mystery added to the complications al
| ready existing when President Young. still acting
on Mr.. Roinss advice. declined yesterday to make
d complaint against Sterling Birmingham, the dis
missed employe of the trust company, for accepting
| $40 in connection with the deal.
1t explained In the statement given out by
| the trust company on Saturday that Birmingham
was discharged when # ascertaned that he
had accepted a commission of $50. In that state
ment it pointed out that 1t would be- mani
testify improper for the company TO comment upon
the while the District Attorney was investi-
eating Birmnghams connection with the transac-
ton.
Both President Young and Mr. Rollins. who is
director well counsel of the Windsor Trust
Company. will have chance to explain before the
grand jury to-day their part in the transaction and
10 smooth out the tange resulting from the state
ments Richard S. Kaufman made to the District
Attorney in regard President Youngs acceptance
of Kaufmann's proposition.
The statements of the officials that they in
sisted that it should be distinctly understood by
both the borrower and the lender that tho trust
company simply acting a clearing house do
not agree with those of Mr. Kaufman. The latter
has said that President Young made It condition
OF the acceptance of his proposition that the letter
OF acceptance should be returned 10 the trust COM
pany. President Young says he has the letter of
acceptance in his possession. bat Kaufman kept
copy. which is now in the possession OF the Dis
trict Attorney.
AGREES WITH JOYCE STATEMENT.
This letter shows It is said that President Young
accepted Kaufmann's stipulation that the name of
his principal should not he disclosed and that the
trflEf ida hat ne
rover should open account with the company
This would agree with the statement made by MI.
Joyce. that to get the loan he told he would
have to open account with thu trust company.
The letter. coupled with kaufnann's statements
about it's contents. dscloses. it is said under
standing that the trust company to receive
1900. OF which $500 go 10 Kaufman as
broker; that the borrower not to be member
Of the family; and that the ostensible lender
Of the money 10 he handed over to Joyce was Henry
Ihlman. an emroye ~ Charles Katz. president ~
ths Eastern Brewing Company. President Young
has stated that he thought Kaufman vas acting
for Mr.. Katz himself
l. Kaufman has explained that he gava $3.50 70
birmingham. because when he was intrusted with
the commission by Katz he sought ont Rirming
ham. whom he knew Birmingham told him. he
SAYS. that n the Windsor Trust Company didn't
put the deal through. there two three other
places where he thought he could arrange the loan
Kaufman saws he promised TO paw Birmingham
$3.50 for his trouble AMI did reimburse him when
Birmingham succeeded In engineering the deal
Birmingham. In accepting the money. told Ksuf
mani. according to the latter. that he didn't think
President Young would have any objection. Kauf-
mann received $500 from KatZ who had promised to
give him $4,000 II he effected thA loan. Of this
amount ST. o0o. he says. went n the Windsor Trust
Company. $500 split w between Birmingham
and Kaufman and $500 from Katz went n Hauf-
mann himself
Tho District Attorney learned yesterday that
President Young. Mr. Rollins and Birmingham were
the only in the Windsor Trust Company
who knew 81 the transaction. Vice President Ford
and the cashier. Il is said. asn-knew % a. This
information has not served 20 Placate Theodore T.
Shonts and other directors. who are determined
that tho company must clear itself ~ any
faint Of suspicion I'm tho public mind.
Mr.. sHoNrs is POSITIVE.
Mr. shontss letter 20 President Young Is said 70
state in uncertain terms his conception Of the
duties Of a director and he has insisted that ire
spective OF the feelings Of any one the Windsor
mus, come out with a frank and convincing ex-
PLANTATION Of the whole affair. II Is expected that
the report OF the executive committee will be made
70 the regular meeting OF the full board on Tues
DAY.
some questions are likely be asked President
Young at the meeting of the directors regarding
the charging OF fee Of 81 COO for the of the
Windsor Trust Company's in the transaction.
when the usual custom In such cases is To charge
only A nominal fee. which in the Of the Joyce
loan would not have amounted. It is said. to more
than so
Further light on the loan may be thrown to-day
by Donald l.. Persch. the young fnancier who is
still in the Tombs awaiting the raising Of $4,000
bail As a result. It is said, OF District Attorney
Jerome's suggestion to John f. Mcintyre In court
on Tuesday that Persch make clean breast Of the
transaction. Mr.. Mcintyre had conference yes
terday with the District Attorney. after which he
went Persch who. II is understood, has
made up his mind to tell his story to The District
Attorney IN the hope OF getting himself out OF his
present unpleasant position.
John F. Sherwood who took Joyce's securities
from the Windsor Trust Company's Office. forgot
the until Birming ham called II his attention.
day two later Katz who then had the note.
found IL bore Endorsement and he asked Kauf-
mann to take II around TO Birmingham and get II
fixed mp, but Kaufmann remarking the careless
ness OF the Windsor Trust Companys officials
did take the trouble 10 do So
Matthew NJ Joyce reiterated his statement yester-
day that birmingham had tOlc him that President
Young said he could not get the loan without
opening an account with the trust company and
that he must keep balance of from 5000 To So
600 there. Mr.. Joyce said he deposited the full
amount OF the loan. HS.500 the day he received IL
with Vice President Ford. He received "A certih-
fed check for $4,000. He still has open account
n the Windsor Trust Company. but withdrew most
Of his money from the institution after discover
ing that his collateral was for sale on the curb.
L. J. FIELD BEFORE GRAND JURY.
The examination of Walter L. Clark the broker
who made the proposition 10 Joyce. and who was
arrested last week for grand larceny. was adj
journed yesterday until August 20.
Leonard J. Field. who says he lent the 10000 10
John F. Sherwood. before the grand Jury with
his books yesterday. but unable To explain it
said. why the stubs of two checks SIS 600 each
left blank Field has explained how the
entries I'm his books regarding the Joyce loan trans
action came be made I'm Sherwood's handwriting
Sherwood at one time bookkeeper for L. j.
Field & CO.. and it is understood that he consented