Article Text
LUNGHINO INDIGNANT AT RUMOR HE WAS FLEEING Tells Courier-Express he has nothing to fear; says all can be explained Flashing indignation, Joseph J. told The Express in an exclusive interview at police headquarters last night that he had no intention of fleeing the country and that was into custody in New York was on way to catch the 11.50 m. train for Buf'Not only would have taken that train, but had known rant had been issued for my arrest have returned to Buffalo sooner. have nothing to and there not a single reason why should The pudgy, little man, hundreds thousands of dollars just and who had only when handed his over to Desk Lieutenant George Wessner, took his philosophically. Says Transactions Legitimate "There is not one single sight draft that can discovered in the affairs the Commercial Trust Company that is entirely "The he continued, "on whom the sight drafts were drawn ordered the stock attached to the drafts. When the stock took sharp drop, some of these persons simply on paying off the losses they had satisfied these facts will be Lunghino came into police headquarters 7.30 o'clock in company Deputy and Detective Albert Zaepfel, who brought him from New York, and Commissioner Austin Roche and Francis W. Cullen, Lunghino's attorney, who met the party at the station. Lunghino's record taken immediately. He gave age as and his as 415 He then was taken to the Bertillon where he was photoand fingerprinted. Then he was taken to the commissioner's of- Unable To Raise Bail Lunghino and Attorney Cullen befutile effort high ball of $100,000. It was nearly 10.30 o'clock when he was lodged in cell. While the efforts were made to obtain bail, John Kane, district remained headquarters as representative of District Attorney Moore. fortune and the fortunes of his family were swept away in the fall of the Commercial Trust Company, was greeted just before he was put in cell by relatives friends who assured him every effort to raise ball would made today. The rise and fall of the Italianbanker fair become of the most of Buffalo finance. Starting in a small private bank in Dante piled up the modest fortune that enabled him to organize Commercial Trust with capital and surplus of $1,400,000 and the names many Buffalo on the board of 'directors. $250 in Bull Market The Commercial Trust Company issued at $70 share, had meteoric to nearly $250 share during the bull market of 1928 and 1929. Lunghino's bank became the fourth largest and he branched out in his financial affairs by organizing the Commercial Share Corporation. The share corporation stock was at $10 share, and in months was selling as as $30 share. Although reported to have heavy in the stock market, Lunghino survived the crash of 1929. he continued to support both the Trust and ComShare stocks. His also absorbed the Genesee National bank. which merger resulted in stock that threw much more stock on the open market. The task of picking up all stock offered was too much for Lunghino, it reported, he became The bank examiners then directed Lunghino to the bank stock and its affiliate, the It was shortly thereafter that the alleged, found the affairs of the bank in that it came necessary to close the or induce one the larger banks to over the institution. Marine Trust Company took the Trust and deposevery cent. There was no the depositor lose anything. assets of Trust are now being 11quidated, but so far there has no indication what percentage investments stockholders receive. any. Keeps His Nerve Lunghino said he went to New York ten days ago in final effort to induce New York capitalists to take over the bank and rehabilitate still think." Lunghino said thrusting out his chin, "that I could (Please Turn to Page Two)
