The New York herald., 1921-08-19
IRONBOUND LAND CO. 1
PLANS RESTITUTION.
Slutzkin, President, Asks
Legal Aid Society to Set
tie Its Affairs.
FRAUD CHARGE RESULT
One Victim Got Lots in a
Swamp. Far From Ones
That She Purchased.
FEDERAL AGENTS BUSY
Complaint Is Made Against
Irving Home Builders
Corporation.
FEDERAL AGENTS BUSY

Persons who purchased land from
the Ironbound Realty Corporation,
which has offices at Beekman street.
stand chance of getting back some
If not all of their money paid to that
corporation. AS a result of the land
frauds investigation Maxwell Slutzlxin,
president OF the corporation, which has
holdings in Plainfield and elsewhere
in New Jersey, yesterday offered to
surrender all the affairs of the cor
poration to the Legal Aid Society.
His complete capitulation was made
at the end of the afternoon session in
the John Doe proceedings before Fran
els X Mancuso in the Municipal Term
Court. The Magistrate had left the
court and all witnesses and spectators.
except those who had had dealings
with the Ironbound corporation, had
been dismissed. James ]. Wilson, As
sistant District Attorney, representing
the people, asked the Ironbound pur-
chasers to remain. He explained to
them the offer of Slutzkin. This was
received by the score of men and
women with joy. not unmixed with
some doubt.
Would Liquidate Affairs.
It was explained by those conducting
the investigation that the lronbound
Realty Corporation has more than
5000. 600 due it from various purchasers
"A
Legal Aid Society to take over its land.
adjust all claims. arrange for deeds to
be given to purchasers and to make
restitution to them so far as possible.
Various claimants have instituted pro-
ceedngs against the corporation to nave
it's charter revoked. The case Is now
before the Attorney
Mrs. Bertha Lewis. wife Of James z.
Lewis. an invalid, of 765 Eighth avenue,
told on the witness stand how her entire
savings of eight years, amounting 10
nearly $780, had been swept away by
real estate company which sold to ner
lots in a New Jersey swamp. Mrs. Lewis
has two children and she said she wanted
~ nrovile a home in the suburbs for her
family. She rents rooms in her Elghth
avenue house.
The Irving Home Builders Corpora
tion's representative called upon her and
offered her a lot free In Metuchen
Heights provided she would buy an ad-
ioininr lot. Mrs Lewis agreed to pay
$50 down and $500 for the property
which she said was designated as lots
IL and IA in Forest street, Metucnet,
Heights Later representative cauea
and told her he had an offer Tor Si.Voo
for her lots and that she would nave
that sum in hand inside Of two weeks II
nf
har irstalments. Mr.. Lewis drew this
s,,m from the savings bank and his wire
maid the money over. but the promised
sale did not take place.
Needs Lots n Mile Away.
Instead Mrs. Lewis says that the deed
she received from the company did not
co,.,r the lots she was shown by the
connany's representative and wnlcn sne
hargained for. The lots decided TO net
were one mile from the ones she pur-
chased. they were in a swamp Wals.
deep and there was no street. AFTER ex-
ploring the Metuchen Heights oistrlc-
she called at the tax collector otiics
at Metuchen and was told there tnat ,'",
property in which she believed she hiid
purchased lots was not owned by the
Irving Home Building Corporation. but
belonged to a man with offices In Park
row. and that 1t was TO be sold for un-
paid taxes.
The certificate issued by the realty
company to Mrs. Lewis, which the AS
sistant District Attorney read In court.
stated that the lots were free from en-
cumbrance, that they were high and
dry and not swampy
BENJAMIN Hefland. a salesman for tie
Irving Home Builders Corporation, ties.
titled that he quit the company after
three months because he found its Of
ficers were not living up to their con-
tracts with the purchasers of lots. Mag
istrate Mancuso directed the Assistant
District Attorney to draw up a COM
plant against two members of this
realty firm.
~@rrCrn HnTnTyn H%rAy