Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-01-13
SAYS GREYLOCK
LAND CO. HAS NO
MONEY IN BANK
Edith Grassland, Secretary OF
Firm, Tells Court of Con-
GERMS Methods.

! : That the Greylock Land Company.
which concern owns Greylock Manor
an immense tract Of land in Belle
vile. has absolutely no money to It's
credit In the bank. was the sworn
Statement made yesterday by Edith
Z. Grassland. secretary of the firm
before Vice-Chancellor Emery In
Chancery chambers.
The testimony was given on petit
4ion brought by George L. King and
others. asking the appointment of
receiver for the company. Final de-
: eision in the case may be made to-
morrow.
: The company sold strips of land to
Heveral dozen persons. payment on
which land was to have been made In
1nstalments. When the final payment
was made. the contracts read. the
purchaser would receive a deed. free
and clear of all membranes.
, : George L. King, o. c. Rhodes,
Joseph and Anna Perkins, Arthur c.
MASON. Frank A. Hillock and others
zNere among the buyers. Before they
made final payments. the papers set
Forth. the petitioners learned that the
land company had given blanket
MORTGAGE to the Clinton Hill Building
S4flu 1OdH A6SOClhLiOA AOA PosVVS p-bN
that there were judgments against
She property amounting TO s2.S26.55.
by reason of which fact the buyers
were enable to get clear deeds.
= Through Attorney Charles II.
Walker the matter was brought into
court. Lawyers Philip j. Schotland
and Eugene Dotto represented the de-
PENDANT company.
: Miss Grassland giving testimony
yesterday. said the Greylock Land
Company. with other concerns. occu-
pied offices at 207 Market street. The
rent. she said. was $50, of which
amount one-fourth was paid by the
defendant company. Her salary, Miss
Grassland testified, was SIS. which
was only partly paid by the Greylock
Land Company. Further she said,
there were thirty-eight outstanding
Contracts and 81 300 in outstanding
notes on which 6 per cent. interest
WAS charged and payable monthly.
: did the failure of the Roseville |
Trust Company involve the Greylock
Land Company financially" Attorney
Walker asked.
= ut did not involve our company in
any way" replied Miss Grassland.
: Miss Grassland said she had been |
secretary and treasurer of the con-
germ since December II last; that the
expenses of the concern. which in |
cluded rent. salaries etc. amounted
% approximately 5000. and that the
Receipts for the month Of December !
were less than $500, while for the pres
snt month the receipts to date were
about $500 Most of the funds OF the
concern are said to have been used
20 buy releases Of the mortgage.
: witness. In answer to a oue-Hon |
nut by Lawyer Walker. said the COM
bany had no money in the Essex |
county Natioral Bank. nor had the
8rm any money to its credit any, |
where.
: Whether or not the petitioners were
creditors was the question that pre-
Rented Itself to the Vice-Chancellor. |
He believed the petitioners had a |
elaim. he said. but instead Of being |
Creditors they were debtors of the |
company inasmuch as some Of them |
had not mnde final payments on their
contracts.
: A. w. Harris counsel for the Gin
4on Hill Building and Loan Associa-
hon. went on the stand to testify |
fnat the building and loan association
had taken a blanket mortgage for |
IS 900 on 1872 lots of the Greylock |
Manor. According to a report from |
the secretary of that concern there |
was still due on that MORTGAGE $1,000. |
He.said the mortgage did not provide |
Cor releases.
= after an examination" witness
said. II find that out of 1872 lots mort |
gagged. 124 lots IRE still unreleased; |
1wenty-six have been conveyed by the
land company to seventeen buyers !
three lots were sold subject to the
lmortgage: nine have been sold out
right and the agreements of sales are
not on record and that there are
eighty-nine lots still unsold." Witness
said that he had instituted foreclos-
ure proceedings against the land
company
: Here Vice Chancellor Emery took
occasion to remark that everyone
whose contract has not been filed
should have come in this suit in order
70 protect his own rights.
= ATTORNEY Walker went on the wit
ness stand He made one statement.
It was TO the effect that an official of
The Essex County National Bank
lad told him the land company bad
forty-four cents to It's credit in that
bank
= Argument on the case will be heard
Tomorrow at 2:30 p. m.