New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-05-11
BANKERS DIZZY FINANCE.
Built Theatre in Same Way That
WaIIingford Exploited Therein.
Il YEARS AHEAD ON SIS, 900
Induced Cohan and Harris to Pay
for Last Year of Lease Before
House Was Built.

The exploits Of Get-Rich-Quick Wallins-
ford which were flashed before the public
as an opening Offering of the COhan-l Harris
Theatre seemed 10 go int" eclipse Ncstcr-
day. when tho full tale ~ hiEh finance on
, shoestring was unfoldcd before Judge
Mayer. in the United States District Court,
at the trial Of Herbert T. Jennings. creator
Of the building that iuCoscs the theatre.
Mr. Jennings al one time controlled tine
First National Bank Of OncOnta. y. y.
and was also president OF the Mount Yer
non National Bank Tho first was closed
on March %. 1911. the latter a DAY i2tcr.
and Mr.. Jcnnngss free uso Of tho funds
of the Mount Vernon bank Icd 20 am indiot-
rent Of him AMI Samuel +. Raymond
charging them with misapplicat"u "f tn'
hanks funds 10 the tune ot nearly SlG"o,
though, according TO the prosecutor, tno
hank lost nearly 10000
The wonderful possibilities Of success
that we're dormant in the real cstat"
-'hrueS cf Nj. Jennings were made part
~ his defence. and isaac T.. Levy. Assist
ant United States Ntoru~y. promptly We
.pon5cd with am unfolding Of the real sig
niGcaucc Of tho cutorpri-or. Through {. "
Rcamr. formerly cashier 81 tho First Ma
iional Bank az Oueou;p and now city
chamberlain there. Ia hrou<h, out 'hc tact
that JcuninEs managed TO burden that
tank witt son. IN oC worthless notes which
he hal discounted for Use m his schemes,
END Moss Greenwood. real estate broker
and associate i'm come " the Jonriu-s c"-
tcriIis5s ola the sto', Il en"r~uI"s r,"
estate fr2ucs
w. tL 455con
''"'
The Broadway ana "''N-'h'T" OF ee'
L-iidins COMPANY. Nhi'h 'i''''" ''' 20,
h&A-'iaFrl' 1h'du' h"'u','-' ~ SO, ~,
WI" "'''"' O'''"' ,......
'hcsc VII" "uil'n'. u vas '....,
II his testimony S'u7
to that OF NalhnSIoru, '"'"'"N7 ,''''' ''
hIE' MAI! H. J. ''~-, ''.'' ''O ''' CO..
% hff ''''' III ''"N"'- ~ 49,, ....,,.
,.i,,,,.l .,dIgn.,. consideration. she even
won't further and promised $1,000 as
building loan, 90 bee changed 'a''' mo
FIST mortgage ON Tn" structure.
The, i'm some manner not e%P'a'h'"'
Hr Greenwood said ne Su'ceedr" III get
tins a contract from IN" Nohah-'diII"
company leasing the future theatre 10!
tUeu,y-onc wears at a rental of $13.VV'
= year. and to nay i'm advance one year
rent. to he applied To the last year. the
twcnty-nrst Of their lease.
The company was then formed with an
Issue Of capital stock for $l,2oO,ooO ana
second mortgage bonds for $'oo'ooo. TO-
ccther with the money on hahd' theS'
we're used to make deal win the = i''
Gray Construction Company Tor the cree
ton of the building, Willie az per cent ~
the stock and second mortgage Don" ISSUE
went to Jennings ana ms assn" ". .'S -
consideration OF an advance u ''OV'V'.
All that the building was l" Cost WIS
$500 600
The government to"'eiiN'' ''''
uings and his friends not only olu hoI
,,coduce tho 500 900 but that Jennings
49,, .,,o,,d mortgage
Hnioaoed many oi t". {"
ionds on the Mount vernon DAMN d' N''
FIR IL c. 6. Company.
T''o SseSS w