New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-15
VAN NoRDEN
GAVE MILLIONS
TO SAVE SON
p,uker Mortgaged Home
for Spectators Sake
Saws Estate Appraiser
nJrD INSOLVENT
AFTER SACRIFICE
,,.,r,rnan Testlfes Brothers
nsnial of Liability on Notes
10 Father Was Untrue


.A.r's tremendous sacrifices for
-, uso had lost several million
,n,r N the stock market is the
~ ,ols BY the transfer tax ap-
~ -, =, ,he estate Of Warner Van
ysrden. founder of the trust company
,,,rins bis name, who died on January
,o,a The estate Of the former
.aI,o1sire banker is in'Olvent, and
,,,,, ,ggr,gatinc more than sl'ooV'-
.w r.;cb the decsdent received from
a. ,o, Warner MontsiEne Van Nor
.. w,o succeeded to the headship OF
.~,,, Company snd became presi-
,,,le Nineteenth Ward Bank are
.,.,.5 in the appraisal by Albert J.
=, -. appraiser. As Of no value
,v,.for this son. II is asserted that
-. Va, Norden bankrupted himself in
:. ,so-t 10 straighten out the indeot-
...,. that grew out Of the sons
...-ous spseulations, which at time,
cached slO,OOO,OOo.
~. Rev. Theodore Lsngdon Van
v,-5sp. smother son Of the late BANKER
has. testimony furnished most Of the
..,,--st,on on which the appraiser
,,,.5 his report. placed the deflcit IN
=, estate Of his father at s7oO'ooo'
u.-r m. Van Norden IS now being
,s.s bv his brother and his sister
v,, Cora Lsngdon Van Norden' az
,,.,p.ors OF the will Of their father
d, n. amount he IS alleged 10 owe
as estate.
Home Mortgaged for Son.
n. report containing these details
=, ,,,hsrly devotion 10 q son SHOWS
s,t M Van Norden turned over prsc-
a,,lly oil bis stock holdings and mort
,,,.d his home and garage 10 save his
a, Nr. Van Norden left gross as
~, amounting 10 ss4.963. Debts and
,A.r deduction. amounted to S443.7l6.
/ n. schedule OF assets are 81 shsres
4 the Van Norden Trust Company now
n fiuoidstiOn. The appraiser said IL
"a, unlikely that the stockholders
would ever receive anything on their
holdings in the corporation. Besides
n, po,.s OF Warner w. Van Norden,
III. estate holds a note for $4,000
mad. by his wife, Mrs. Grace I. Van
Nord.n. There was also q loan OF
100000 made 20 Mrs. Van Norden oy
Der tsther-in-lav.
Although the name o. Warner VI. Van
yordsn is directly connected with notes
tri loans OF more than Sl.O00,OOO, he
is said 20 have received from his father
Or had debts settled by Mr. Van Nor
cen 70 the extent Of S2.0e3.2OO. Inc
difference is made up by notes Of stock
brokers' and clerks iu the employ OF the
Van Norden Trust Company, who, II is
uid, really we're dummy representa-
tyes for the son.
In his testimony the Rev. Theodore
langdon Van Norden said OF his
brother: "He was lying" referring 70
ms Brothers denial Of liability on
some Of the notes.
Says Brother Lost Millions.
Nr Van Norden. in answer 10 q
question as 10 how much the assets OF
hs fathers estate would have
amounted 70 II il had been turned into
,ash, said:
"A, the time Of fathers death, !
mink il was 100000" The liabilities
q the time OF the bankers death, said
tis son. spproxmated s632.000.
In 1905 and 1909" said the clergy
ran, Warner ". Van Norden lost
hrge amounts % money-amounting 70
nllhons Of dollars His property was
wiped out. Az that time my father
naae good his Indebtedness and sac
rheed most OF his own property. in
ne latter part of 1909 Warner VI. Van
Nofden again lost money, and at
tempted 10 mako good by obtaining
i,nos from the Nineteenth Ward Bank,
o. which ne was president. About the
.'N o. February, 1910, these transac-
,oh' uoh' eliminated and II was ascer-
nlned that Warner u. Van Norde1
oseo the bank about S750,000.'
continuing his testimony and always
Is'trrng 10 his brother by his full
zane zane and not indicating the relation
mp; Ny. Van Norden said that his
o'o,her put UP several hundred thou
aho collars, but lef, unpaid and un-
secured ar Indebtedness 70 the bank
amounting 20 S330.000 There was also
ttaoher Indebtedness Of $4,000 20 the
e1ht. HIS notes, which had been dis
.osh'ed by the bank, 10 was stated.
mounted TO $4,000
Aided by Family.
Ihen, the witness recited, came tho
.ssoning by the father, brother and
se' o. Warner VI. Van Norden. The
.ssnef and two sons signed an agree
~ WIN the bank 70 reimburse the
s'H1auon for the debts Of Warner,
was then It's president The father
-, mortgage for 100000 on his
x' st East Sixty-second Street,
s,,S s,sn already carried a mortgage for
Dr,Vov' and another on his garage, at
v, Si1ty-second Street The Rev.
nr esi sh Norden gave q mortgage for
vy5VOV on his farm, at New Salem,
81 ana Miss Van Norden contrib
~ soVV'OOO Of bonds Of the London &
oorough Company.
"e clergyman said that his brother
.,,., indebted about 81 200, 900 20 the
IA e .' OF their father. and that he has
f.,n transaction which the brother re-
su 20 as unusual" left the bank
,,S ,,Sessufed by Warner, IL was stated,
fer ,sso n,s iather made early settlement
Va, SS0V'gOo cash. The estate of Mr..
10 ~, NcIden Is still indebted s2s6, ,s44
of s a.. nineteenth Ward Bank because
A's son. O' OS inc DahNei i''
d, Vt me failure OF the "Van Nor
ys, S~sga5ineY and the merging Of the
Norden Trust Company and the
W,,s rust Company. now defunct,
70 neI sn NJ. Van Norden went TO China
Nee missionary work. His return 10
mil ,ork was not generally known
sb.. she viii Of his father was filed,