Daily Kennebec journal., 1911-04-13
THREE PETITIONS.
&.
Involuntary Bankruptcy
Action in New York.
Against Officers Of The Failed
Carnegie Trus! Company.
Many Associates of Men Eamed-.
Their Financial status.

New York. April 12.-Thrce involun-
tary petitions in bankruptcy aggregat-
ing $13.530,000 We're filed here today
against three officers of the failed Car
negie Trust Co. now in the hands OF
] TIE state superintendent OF banks. The
I respondents are William J. Cummins.
one % the heading directors Of the
Trust CO.. Charles \. Moore, Jr., and
Martin ]. Condon. directors. Their IL
nancial status is given in the petition
as follows: Cummins, liabilities $1,000
600 and assets 100000: Moore, liabili-
ties, s., ,e00, 600 and assets 100000; Con-
don, liabilities, $500, COO and assets.
$500, coo. Payson Merrill was named re-
ceiver for all three under bonds OF
100000.
But three petitioning creditors are
named which is all tie law requires.
bat their lawyers said that many more
are associated with them. The creditors
who appear are: Hermann c. Brew
ster, s31.OG0; Herhert Hatfield, S9644,
and James s Watson. Sc $50. all for
money loaned. They alege against
CunminS in their petition that prefer
entail payments have keen made since
he became insolVent and that there
has been transfer and concea,ment of
considerable property with intent to
hinder. delay and defraud creditors.
The lawyers for the creditors are
Samuel J. Eoenig. formerly secretary
of state for New York, and Parsons.
Closson K McIlvane. Mr.. Koenig said
today that the actions would not bg
brought against the respondents as di-
-, riE ENY-TtG - httf
az individuals.
"These claims have been presented
for payment" he continued, and
though not refused. nevertheless they
have not been paid. Because all three
Of tho respondents We're connected
with the Carnegie Trust Co. whose
condition we all know, it was decided
to put them into bankruptcy. to show
what their exact assets are and to
protect all creditors.
1.-THE creditors are numerous and
their claims will aggregate certainly
sc ,o00,000 and probably more. In order
to protect themselves fully, they have
fled in some instances duplicate
claims. which accounts for the larger
aggregate amount appearing in the
papers."
Ir. Merrill, the receiver, said he
knew absolutely nothing of the ma
ture or the intent of the proceedings
beyond the fact that he had been ap-
pointed receiver.
Mr.. Cummins is understood to be in
Nashville Tenn, his home. Mr.. Con-
don said at his offices that he would
have no statement. Mr.. Moore is un-
derstood to be in Rome, Italy, where
his father is SO seriously i'll that he
has not been informed of the compli-
cations in which his son has been en-
taIHgled since the failure OF the Car
negic Trust Co.
Besides being a director of the Car
negie Trust Company Martin j. Cong
don is president and director of the
American Snuff Co., one of the sub
sidiary companies Of the American
Tobacco Co.
the president of Manning Maxwell &
Moore, one of the largest makers of
in the country. He was
formerly secretary and director Of
the company but resigned within the
last two months.
The Carnegie Trust Co, long on rlle
edge of failure, was thrust over the
precipice by the failure and indictment
of Joseph G. Robin. president of the
Washington Savings Bank, and an
officer closely connected with the
Northern Savings Bank which also
failed.