Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-04-12
Carnegie Trust Officials Forced
Into Bankruptcy.
CREDITORS TAKE ACTION
Failure of New York Concern Basis
of Proceedings.
RECEIVER NAMED BY COURT
W. J. Cummins, j. Arthur Moore
and Martin j. Condor De-
PENDANTS in Suit.

NEW YORK, April 12-Three involun-
tary petitions In bankruptcy. aggregatine
S13.5OOOOO. were filed here today against
three officers of the failed Carnegie
Trust COMPANY now in the hands or the
state Superintendent of banks. The re-
spondents are W. ]. Cummins, president
of the trust company: ]. Arthur Moore,
1r., and Martin ]. Condor, directors.
Their financial status is given in the petl-
tions as follows:
Curnmins liabilities, S5.OOO.OOO and as
sets 100000; Moore, liabilities OF S2,OUU'-
OOO and assets of 100000; Condor, Ia
bilittes of s6,5OOOOO and assets of $JOO,OOo
Payson Merrill was named receiver for all
three under bond of 100000. But three
petitioning creditors are named. Wnlcn Is
all the law requires, but their lawyers
said that many more are associated with
them.
Allegations of Creditors.
The creditors who appear are her
man Brewster, $50, 900; Herbert Hatfield
s9G44. and James S. Watson. $SO.OOO, all
for money loaned. They allege against
C,1mmins In their petition that preferen-
,ial payments have been made since no
became insolvent. and that there has Deen
transfer and concealment OF consioeraoie
property with intent to hinder, oelay anu
defraud creditors. The lawyers Ior .n1
creditors are Samuel J. Koenig. formerly
secretary of state for New York, ana
Parsons, Closson and McIlvaine.
Mr. Koenig said today that the actlons
filed by him and his associates were no. =,
brought against the respondents as oi-
rectors in the Carnegie Trust Company
but as individuals.
."These claims have been presented Tor
payment" he continued, and. thougn nut
refused. nevertheless they have not Deen
naid because all three Of the respondents
were connected with the Carnegie Irust
COMPANY. whose condition we all Know
II was decided to put them into BANK
ruptcy to show what their exact assets
are and to protect all creditors.
Claims Aggregate $6, 5000, 900.
..rh. creaitors are numerous and their
claims will aggregate certainly so'ooo'"o'
and probably more. In order to protect
themselves fully they have filed in some
instances duplicate claims. which ac-
counts for the larger aggregate amount
appearing in the papers.
Payson Merrill. the receiver, sald ne
knew absolutely nothing of the nature
or the intent of the proceedings oeyono
the fact that he had been appointed re-
ceivNr. T..
MT. CumEn1uS Is uhuCA StoA W -
Nashville, Tenn, his home. Mr.. COnooh
said at his Offices that he would nave no
statement to make. Mr.. Moore Is under
stood to be In Rome, Italy, where MS
father is so seriously Ill that he has not
been informed Of the complications IN
which his son has been entangled since
the failure Of the Carnegie Trust Com
pany.
Beside. being a director of the Carnegie
Trust Company Martin ]. Condor Is pres
ident and director of the American Snun
Company. one of the subsidiaries OF the
American Tobacco Company.
Moore's Business Connections.
Charles a. Moore, jr.. is a son of the
president of Manning. Maxwell & Moore,
one Of the largest makers of machinery
in the country. He was formerly secre-
tary and a director of the company, but
resigned within the last two months. The
Carnegie Trust Company. long on the
edge of failure, was thrust over the
precipice by the failure and Indictment
by Joseph G. Robin. president OF the
Washington Savings Bank. and an officer
closely connected with the Northern
Bank of New York. which also failed.
The proceedings taken by the state
banking department against these two
banks showed that Robin, who had for
merly been a director of the Carnegie,
had given it his paper for large amounts
even after his resignation, and the mere
shadow of his name was sufficient to
bring on run which the bank could not
withstand.