New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-04-13
TRIO ALLEGED bANKRUPTS
Carnegie Trust Directors Put IN
Hands OF a Receiver.
CUMMIMS. CONDOR. MOORE
Their Liabilities Are Estimated
at 100000, Sc, 100000
and $4,000

Charles Arthur Moore. ir., IN bankruptcy
proceedings An involuntary petition was
fled against each one Of these three car
reggie Trust directors by the same cred
itors on claims assigned them 10y tue
Twelfth and Nineteenth Ward banks and
two directors of the hungarian American
Bank.
Condor president Of tho American smut
COMPANY who owns an expensive couhtr!
place at Pelham Manor. is the most deep
~ involved. apparently. His liabihues arc
put down as s;.5D0OoO and his assets as
ssoaor Next comes Cummins, now under
indictment for grand larceny. with hapih-
ties estimated az 10000 and assets Vaiueu
At $4,000. Moore. who Is al present III
Italy, AT the bedside Of his SICK iather'
owes $4,000. it is alleged. and has as
sets valued at 10000.
The potitorng creditors are Herman y
Brewster, Herbert Hatfield and James D
Watson. Brewster says Condor owes MN
$1,000 Cummins $4,000 and Moore N'"o
HatfeId's claims are Six hundred ana
for,v-four dollars against Condor, 1854
against Cummins and S9,SH against Moore
Watson is down for $4,000 due from con-
con. $4,000 from Cumnlins and $4,000 from
Moore. All these debts are for money lent
payson Merrill the Receiver.
Judge Holt. in the United States District
Conrt. appointed Payson Merrill. Of No. l2s
Broadway, receiver for all three, WIN d
bond of $4,000 in the case of Condon' Oh
400 oco in the case OF CumniDs and or 60
600 IN the case OF Moore. Mr.. Merrill re-
oe,ved official notice of his appointment
ista in the afternoon and fled his bonds
He said that although unfamiliar with the
details OF the cases he had received Calls
from several attorneys connected with
them, who Informed him Of the action OF
the court.
Samuel s. Koeng, former Secretary OF
state, was one Of these. NJ. KoeniG. whose
ONCE is in the same building as the Carne-
gle Trust COMPANY No. lis Broadway. and
the law firm OF Parsons. Closson Il Nell
vaine, OF No. 20 William street. appeared in
court for the creditors. The petitions they
Fled FOR. their clients charged Cummins
and Moore with preferrins creditors and
with concealing or removing part OF
their property or permitting It's removal
with an intent "to hinder, delay and de-
fraud creditors" Condor is charged SIM
ply with preferring creditors.
Puts City Money in Jeopardy.
This action VIII NdCAle In' dllHtl1nNlil
witch .he Savoy Trust Company levied
porne time ago against Mocre's home in
Greenwich. Conn. II may also jeopardze
tho safety % the $65o000 Of city money
which the Carnegie Trust had when it coli
spssd three months ago.
The payrnent Of this huge city deposit.
no dollar Of which was in danger. accord
ing 10 a recent statement OF the City
i,.rx .ph nfr nr
three alleged bapkrupts. ii Is also guar
anfeed by four other directors o. the trust
COMPANY Cummins. Condor and Moore
are also susrsntors OF the payment of the
Dve7 note ri s3es.coO. and OF the Carnegie
loan. So ooo.CnD These obligations form no
small part Of their indebtedness
The assets Of the three men consist, 3C-
oordins 70 the creditors. Of equities in GER
tain securities of CurnminE concerns put M
ui,h credto~ banks as collateral All three
now were being sued on several notes. the
petitions related. and judgments were about
70 BE entered against them. The creditors
also said that several institutions holding
collateral were ABOUT to close out tho
securities 10 their detriment, that several
unsuccessful attempts had been made 70
read3ust the affairs Of the alleged bank
n rupts. and that several creditors were
about 10 pursue different means 10 obtain
n their assets.
psrer for s2,5oo,0oo in the Banks.
The so-caIled Cummins concerns consist
81 the Tennessee Packing and Provision
Company. tho Cummins- Bennett Company,
the Cassetty OIL Company, the Enterprise
Soap Works. Merchants Wrebound Box
Company, Merchants and Manufacturers
eecurity Company. Independent Fertilizer
Company, and the Tennessee Packing and
Stockyards Company, the last Of which is
the holding company for all the rest The
Plat Iron Works, OF which Joseph j.
Reichman is president is not strictly a
Cummins property, although he and his
friends were heavily interested in ". a
committee of creditors is now trying to
get Bank Superintendent Cheney to help
them save 1t.
Banks in this city which together held
more than s2,50o, 900 Of so-called Cum
minis paper ore the Liberty National, Mer-
camille National. National Reserve Nine
teenth Ward Plaza, Empire Trust Com
pany. Guar disn Trust Company. Savoy
Trust Company. Windsor Trust Company
Madison Trust Company. Northern Bank
Trust Company of America, Central Trust
Company, Twelfth Ward Bank, Fourteentr
Street Bank and Public Bank. All these
banks have city deposits. TOO, but that is
what the grand jury and not the bankruptcy
court Is interested In.
City Deposit in Plaza Bank
The grand jury pumped ". McMsstel
Mills, president of the Plaza Bank. for IN
formation yesterday concerning a possible
connection between his banl3s loan o.
$4,000 10 the Van Norden Trust Company
Up0 the Madison Trust Company, and Z
city deposit Of 500, 900 received on May %
1910. The Van Norden at that time wa!
controlled D. the Carnegie Trust Company
and the loan made about the same time tn
city deposit was forthcoming was secured
by the stock Of another bank, also con
trolled by the Carnegie Trust Company
Furthermore. the Plaza Bank, the rec
ords show, had been in the habit before TIM
Of receiving city money in small lots o.
s25,o00 each
other witnesses before the grand jur.
we're Robert &. Lewis. president of III
Guardian Trust Company; a. NJ. Barrett
assistant secretary Of the Guardian Trus
Company, and VI. Ferguson. secretary o
the Central Trust COMPANY. Lewis corob
Grated. II is said the testimony OF William
\ Barber director Of the Guardian Trus
Company given the day before og3rding
sitv deposit OF 500. 900 received on october
. 1910. and loan 70 Cummins the mex
day Of $4,000. These facts were supported