New-York tribune., 1911-04-02
IMANY UNSECURED LOANS
Inventory Of Washington Savings
Bank Shows Loose Methods.
$77,250 ON TURRELL'S NOTE
Carnegie Trust Company Investi-
CATION Again Reaches Out to
Chamberlain HYDE.

| Tho inventory Of the Washington Savings
, Bank. one of the institutions controlled by
Joseph q. Robin and which was compelled
to close by reason of the operations OF the
convicted high financier. was filed yester-
, day In the County Clerks office by Orlon
/ II. cheney. Superintendent of the state
! Banking Department. 1t presents much tho
/ same condition of loose management that
was shown by tho inventories OF the North
crn Bank. with which Rotin was associated
and Of the Carnegie Trust Company. Ihe
assets of the Washington Savings Bank are
! set forth as s1i45,0o2 rs. These are divided
az follows: Bonds and mortgages. ssS3,slo'
stocks and bonds, f4oJ So 80; cash In pank'
/ SIS 754 I3; other assets, s6,92S& 81.
! The bank lent Theodore Werner sS,0O
! on two mortgages but Superintendent Che
ney saws the mortgages do not appear
among the papers The schedules Of the
Northern Bank showed that Werner oh
tanned loan Of $3.50. putting up as col
lateral 80 shares Of the State Savings Bank
| OF Butte, Mont. 2 Heinze company. In the
Northern Bank Werner had to pay only
per cent interest, while others paid 6 per
cent.
New York City Bonds Missing.
| No security appeared for o loan OF sso.01
in a mortgage for $3.50 oc, represented AS
running from the Fidelity Development
Company to the Title and Guarantee Com
pany of Rochester. and as covering. certain
premises in Tie Bronx for two loans Tor
1900 and saoOtD respectively.
| In regard 10 New York City bonds Of 1850
worth $4,000 the inventory said: ''The last
| 80 Nor,
ing to s60,Ooo, are carried on the books as
having been purchs sed during the months
Of September. October and November. 1910
but the securities themselves were not
! found among the assets
The cash due the Washington So avings
Bank is distributed as. follows: Riverside
Branch Of the Northern Bank. 1850 81
! Plaza Bank, 1854 u: Empire Trust Com
pany. slo.2oi a.; Carnegie Trust Company
$3.50 50, and Bank Of Suffolk, stony Brook
Long Island. s4.55 IS.
Among the largest mortgagors Of the
bank are the Fidelity Development Com
pany, the Pelham Parkway Realty Com
pany. the Wading River Realty Company
4 the Bankers Realty and Security Company
and Theodore Werner and Clara l.. Werner
Loan Of ,s77,25o to TurreII
The inventory of the Carnegie Trust Com
pany is still prolific Of interesting transac-
tions. the latest to draw attention being
time loan Of s17.25o to Herbert Turrel. Tur-
rel is treasurer of the Oxzyn company,
Sixth avenue concern which manufactures
a cold cream. The company has a capital
Of $4,000 but Turrell was able to negotiate
his loan on December 2S 1910, the day after
the Northern Bank was closed, on a per-
sonal note without Endorsement and with
out collateral.
The note came due on Tuesday, March ~,
and George w. Egbert, the Carnegie Trust
receiver requested a settlement. He re-
ceived word. IT is said from William j.
Cummins by telephone that Cummns had
certain stocks in a vault in the safety de-
posit vaults OF the Carnegie Trust Com
panv whose proceeds might be applied to
/ the payment OF the Turrel note.
The grand jury, which did not sit yester-
day. has set Joseph A. Broderick, the State
| Banking Departments Investigator, to work
/ searching the records OF the Carnegie Trust
! Company to see whether any business con-
nection existed between the Astor Mortgage
Company and the Carnegie Trust or the
! Cummins syndicate The investment OF
court moneys by City Chamberlain Hyde in
mortgages held by the Astor Mortgage
| Company is now the subject of an inquiry
| being conducted by the grievance commit
tee Of the Bar Association. Howard Town
send, its chairman, is keeping in close touch
with the District Attorney as the investiga-
tion proceeds. The committee will report
to the Appellate Division Of the Supreme
| Court.