New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-05-15
Father Paid S75O,OO0
Taken by Son for Specu-
lation, Family Charges.
S1,2SS,0OO SOUGHT
BY WILL EXECUTORS
Accused Brother Asserts Dead
Parent Used Property He
Held in Trust.

Efforts on the part Of Miss Cora
Langdon Van Norden and the Rev.
Theodore Langdon Van Norden, as ex
ecutors Of the will of their father,
Warner Van Norden, founder Of the
trust company bearing his name, to
collect sl2SS.000 from their brother,
Warner NJ. Van Norden, which they
alege he is indebted to the estate. has
resulted in serious charges against
the defendan. brother. and by him in
his answer against his dead father.
The allegations against Warner VI.
Van Norden in the suit which came 10
trial yesterday in the Supreme Court
are that while he was president OF the
Nineteenth Ward Bank he INDUCED in
speculations that reached more than
slO,00OOO0, and that in order TO meet
the losses growing out of these specu-
lations and 10 carry on the specula-
tions he misappropriated more than
S75O.O00 from the funds of the Nine
teenth Ward Bank. Il is alleged that
his father made good this money to the
bank, besides paying other losses By
his son. and that to do this it was nee
cssary for thefather to sell largi y I-
ings OF securities.
Van Norden, who also at one time
was president Of the Van Norden Trust
Company and owned the Van Norden
Magazine. has answered the suit against
him by alleging that his father rad
used for his own purpose certain prop
erty turned over TO HIM by his son
with a power Of attorney, that four OF
the five notes on which the action is
brought were satisfied, while the MIN
note. for 100000, held by the senior
Van Norden, was given by the defend
ant without consideration, the son max
ing counter claim agains, the estate
of his father, which, III turn, IS disputed
by the brother and sister as executors
Millions in Speculation.
The instrumentation alleged against
Warner NJ. Van Norden took place IN
ions and IS made on information and
belief. The allegation reads: ne de-
fcndant. then president OF the Van
Norden Trust Company, became IN
debted 10 certain brokers for losses IN
CURED in speculation in sum exceed
ing s1O.O00,000; that the deceased IN
order &c save the defendant from De
ing forced into bankruptcy bought from
defer dant substantially all ms prop
erty and securities at prices Tar eN-
reeding their market value; thaI even
at such prices they were lnsufncleht
10 cover the defendants Indebtedness
and that deceased furnished tundS
wberewith TO pay the difference that
tho defendant then promised decedeHt
not 10 engage again IN specularoh' pu.
failed to keep such promise ana 'nSt
defendan, through loans hohiIhd'iF
made TO other persons. but Tor MS own
use and benefit. borrowed from the
Var Norden Trust Company ana from
the Nineteenth Ward Bank. OF both OF
which institutions he was president
and a director. sums OF money largely
IN excess Of the loans permitted by
law to be made 10 one individual .,
The executors said that IN April,
1909 the State superintendent of
Ranks gave orders that the loans made
70 Van Norden, the son, be taken up
within a short period thereafter and that
al the sons request his father took up
the loans.
In order to make good these loans to
his son. il is stated. Mr.. Van Norden
was compelled to sell all his stock IN
the Van Norden Trust Company, the
Nineteenth Ward Bank and the Twelfth
Ward Bank. in which he had con
trolling or large interest. The allega-
tion continues. on information and oe-
lief. that thereafter the defendant in
Cured further losses in speculation
and in order 10 meet them and 70
carry on such speculations misappro-
priated large sums OF money, exceed
ing s75O.OOO. from the funds of the
Nineteenth Ward Bank. Of which ne
was president; that decedent made
good such misappropriations. and in
order 10 do so sold. pledged or encum-
bered all his remaining property avail
able for such purposes
Van Norden Left Seven Wills.
The first public intimation OF the
large Indebtedness cf the son 70 his
father came when the will Of Mr. Van
Continued on page 5. column