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Second Suspension Follows. New York, N. T., March 25.-The Mount Vernon National bank at Mount Vernon, N. Y., suspended business yesterday afternoon by decision of its directors. The institution has a capital stock of $200,000 and deposits of, more than $500,000. Its president, Herbert T. Jennings, was vice president of the First National bank of Oneonta, which suspended Wednesday.
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MT. VERNON BANK CLOSED Suspension of Oneonta Concern Makes Directors Cautious. The Mount Vernon National Bank. of Mount Vernon, with a capital of $200,000. was closed yesterday by its directors. Herbert T. Jennings, its president. is also an officer of the First National Bank of Oneonta, which was closed by its directors on Thursday. The cashier said the bank was solvent and able to meet all its obligations, but It had been decided to close its doors, so its creditors and depositors would be assured that they were protected. He also said the accounts of the bank would be examined by the government examiners for the benefit of the depositors. He also said that the closing of the bank was caused primarily by the closing of the bank in Oneonta Thursday. The directors are Herbert T. Jennings, Samuel W. Raymond, Jacob Norden, John L. Fee. E. M. Benford and Edward H. Patterson
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MOUNT VERNON BANK SUSPENDS BUSINESS Cashier Declares the Institution Is Entirely Solvent. New York, March 24.-The Mount Vernon National bank at Mount Vernon, N. Y., suspended business today by decision of its. board of directors. The institution has a capital stock of $200,000 and deposits of more than $500,000. Its president, Herbert T. Jennings, was vice president of the First National bank of Oneonta, which suspended business similarly yesterday. The Mount Vernon National bank. is entirely solvent and able to pay depositors dollar for dollar, according to a declaration by Samuel W. Raymond, cashier and a director. The institution was closed as a precautionary measure,
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BANK CLOSED DOORS. Mt. Vernon National Bank Closed as a Precaution. New York, March 24 - The - Mount Vernon National Bank at Mt. Vernon, N. Y., suspended business this afternoon, The institution has a capital stock of $200,000 and deposits of more than $500,000. Its president, Herbert T. Jennings, was vice president of the First National Bank of Oneonta, which suspended business yesterday. The Mount Vernon National Bank is solvent, according to Samuel W. Raymond being closed to insure depositors and creditors that their interests would be protected in the face of the suspension of the Oneonta bank,
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NATIONAL BANK SUSPENDS New York, March 25.-The Mount Vernon National bank at Mount Ver non, N. Y., suspended business yesterday afternoon by decision of the directors. The institution had a capital stock of $200,000 and deposits of more than $500,000. Its president, H: T. Jennings, was vice-president of the First National Bank of Oneonta, which suspended Thursday. The Mount Vernon National bank is entirely solvent and able to pay dollar for dollar to depositors, according to Samuel W. The Raymon, cashier and director.
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CONDENSED DISPATCHES. The Mount Vernon National Bank at Mount Vernon. N. Y., suspended business Friday by decision of its board of directors. The institution has capital stock of $200.and deposits of more than $500,000. Its president. Herbert 1. Jennings, was vice president of the First National Bank of Oneonta, which suspended business simlarly Thursday. The Mount Vernon Naional Bank is entirely solvent and able to ay depositors dollar for dollar, accordto a declaration by Samuel W. Raynond, cashier and director. The instituion was closed as a precautionary measMr. Raymond said, to insure depositors and creditors that their interests woul be protected in the face of the suspension of he Oneonta bank with which the Mt. Verinstitution is closely allied. Misbranding of coffee, Geneva gin and vanilla and lemon flavoring exracts constitute the most common riolation of the pure food laws, acording to the department of agriculure. Upon analysis it has been found hat many vanilla and lemon extracts limitation products, colored with oal tar dyes. As a result of several lecisions which have been rendered ecently the department is making eforts to see that the pure food laws not violated. Government sleuths ave seized many consignments of ood products recently which on being inalyzed have been found to be either mitations or to contain ingredients inurious to any person eating them. Wild, uncivilized Indians, who live ipon acorns and salmon, with an ocasional bit of meat from livestok, which they steal. and who still use OWS and arrows, inhabit the canyon Deer Creek, about 15 miles northast of Vina, Calif. This information vas received at the bureau of Indian ffairs Friday from A. L. Kroeber, urator of the Museum of Anthropolgy, University of California. Alhough an investigating party sent out the university last winter spent bout 1 month in the section occupied these Indians, they were unable to ind the band. They did, however, disover ample evidence of the existence a tribe. The writer suggests that he Indian bureau start an investigawith a view to putting these peounder government supervision. A plot for the escape of three or patients of the government hosbital for the insane at Washington was mearthed by the authorities Thurslay night when Arthur Barnes told of he plans of a band of the patients. The plan, as told by Barnes, one of he patients, contemplated that while play was going Friday night in Hitchcock hall, an outbuilding of the nstitution, where a majority of the guards would be concentrated, the paients should make their break. At the ime nine guards would be on duty to vatch over the 300 criminal insane atients and the guards were to be ttacked in the same manner as a guard was handled Monday night when fivo Darnos
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NEW YORK BANK SUSPENDS BUSINESS New York, March 24.-The Mount Vernon National bank at Mount Vernon, N. Y., suspended business this afternoon by a decision of its board of directors. The institution has a capital stock of $200,000 and deposits of more than $500,000. Its president, Herbert T. Jennings, was vice president of the First National bank of Oneonta, which suspended business yesterday. The Mount Vernon National bank is entirely solvent, according to Samuel W. Raymond, cashier and a director. The institution was closed as a precautionary measure, Mr. Raymond said, in order to insure depositors and creditors that their ,interests would be protected in the face of the suspension of the Oneonta bank.
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VOTED TO SUSPEND Mount Vernon, N. Y., National Bank Directors Closed Intsitution. New York, March 25.-The Mount Vernon National bank at Mount Vernon, N. Y., suspended business at three o'clock yesterday afternoon by decision of its board of directors. The institution has a capital stock of $200,000 and deposits of more than $500,000. Its president, Herbert T. Jennings, was vice president of the First National bank of Oneonta, which suspended on Thursday. The Mount Vernon National bank is entirely solvent and able to pay dollar for dollar to depositors, according to a declaration made yesterday afternoon by Samuel W. Raymond, cashier and a director. The institution was closed as a precautionary measure, Mr. Raymond said, to insure depositors and creditors that their interests would be protected in the fact of the suspension of the Oneonta bank with which the institution here is closely allied. The directors are Mr. Jennings, Mr. Raymond, Jacob Norden, John L. Lee, E. M, Benford and Edward H. Patterson.
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Philip Tillinghast has been placed in charge as receiver of the efunct Mount Vernon National bank of Mount Vernon, N. Y.
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BANK'S STOCKHOLDERS SUED. Philip Tillinghast. receiver for the Mount Vernon National Bank, filed suits in the United States Circuit Court yesterday against Arthur H. Jones, Herbert L. Brown and Henry C. Henderson to compel the payment of the assessment levied against them as stockholders of the bank to pay its indebtedness The stockholders of the bank have to meet a deficit of $200,000. and demand has been made upon each stockholder to pay $100 a share on October 11. The three men refused, and the receiver began action for $5,000 against Henderson and $1,000 each against Jones and Brown.
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JENNINGS ARRESTED Bank President Charged With Misapplying the Funds. New York, Dec. I1.-Herbert Theodore Jennings, president of the Mount Vernon, N. Y., National bank, now in the hands of a receiver, was arrested today on an indictment returned by the federal grand jury, charging him with misapplying $20,000 of the bank's funds.
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MOUNT VERNON BANK SHORT Herbert T. Jennings Charged With Misapplication of $20,000 New York, Dec. 12.-Herbert Theodore Jennings, president of the Mount Vernon (N. Y.) national bank, now in the hands of a receiver, was arrested yesterday afternoon on an indictment returned by the federal grand jury, charging him with misapplying $20,000 of the bank's funds. Jennings was arraigned before United States Judge Holt and placed under $25,000 bail. In asking for high bail, Assisant United States Attorney Levy said the bank's loss exceeded $100,000, and that funds of the institution were loaned by Jennings without security to "dummies," one of whom was a $5-a-week office boy. The discovery of the alleged worthlessness of the various loans came about from the official examination of the books of the insolvent bank. When the government examiners completed their work the matter was placed before the federal grand jury, and the indictment followed. President Jennings obtained bail last night and was released.
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New York Banker is Charged with Fraud NEW YORK, Dec. 11.-Herbert Theodore Jennings, president of the Mount Vernon (N. Y.) National bank, now in the hands of a receiver, was arrested today on an indictment returned by the federal grand jury charging him with misapplying $20,000 of the bank's funds.
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HELD FOR BANK'S FALL H. T. Jennings, Head of Mount Vernon Institution, Arrested. BAIL FIXED AT $25,000 One Time Associate of Robin Is Charged with Misapplication of Funds-Cashier Indicted. Herbert Theodore Jennings, president of the Insolvent Mount Vernon National Bank, lawyer, promoter of electric railways, of national and state banks, and even chains of them, and recently real estate speculator, was arrested yesterday on a federal indictment charging him with misapplication of the funds of the Mount Vernon Bank in his building enterprises. Jennings was arrested in his office in the Fitzgerald Building, No. 1482 Broadway, He is president of the Broadway and Fortythird Street Building and Hub Building cempanies, which erected the building. He was arraigned before Judge Holt in the United States Circuit Court and held in $25,000 bail for trial. Asking for high bail, Isaac H. Levy, assistant United States attorney, said the loss to the Mount Vernon He National Bank approached $100,000. added that Jennings lent funds of the bank without any security whatever to "dummies" acting in his interests, one of whom was John H. Behan, a janitor, while another was Maurice F. Killeen, an office boy, earning $5 a week. The collapse of the Mount Vernon National Bank came on March 24, when rumors of the closing of the Oneonta National Bank reached Mount Vernon, where it was known Jennings was interested in that institution. Philip Tillinghast was appointed receiver for the Mount Vernon Bank, and recently he found it necessary to assess each stockholder of the defunct institution $100 a share to meet the deficit. Some of the stockholders refused to pay, and the matter is now subject to litigation in the courts. The indictment mentioned besides Jenrings the cashier of the bank, Samuel K. Raymond, who, it was said, would surrender to Marshal Henkel to-day. Through the misapplication of funds by Jennings and Raymond, the indictment charged, the bank lost in all $154,908.06. of which $95,899 was charged to wrongdoing by Jennings. The first misapplication of the bank's funds, according to the indictment, was made on July 6. 1910, when Jennings and Raymond placed in circulation two certificates of deposit for $10,000 each, payable to the order of Josephine M. Fairchild,
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Bank Officials Indicted, New York, Dec. 12.-Federal authorities today are seeking a high official of the Mount Vernon National bank, indicted by the federal grand jury as an alleged accomplice to the loss of more than $200,000 from the institution. Herbert Theodore Jennings, president, was arrested yesterday and released on $25,000 bond. It is said the peculations may reach more than $400,000. The bank is in the hands of a receiver. Jennings, it is charged, sunk large sums in building operations, among his business associates being Edmund K, Stallo, father of the Stallo girls, of Cincinnati. It is said Jennings made immense loans in the names of clerks, office boys, stenographers and janitors. Your neighbor is using Clover Leaf flour with great success. tu-th-sat-tf
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Banker Under Arrest. NEW YORK, Dec. 11.-Herbert Theodore Jennings, president of the Mount Vernon, N. Y., National bank. now in the hands of 8 receiver. was arrested today on an indictment returned by the federal grand jury, charging him with misapplying $20,000 of the bank's funds.
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BANK CASHIER SURRENDERS Indicted with President Jennings-Held in $10,000 Bail. Samuel K. Raymond, cashier of the Mount Vernon National Bank, who was indicted jointly with Herbert T. Jennings, its president, for the misapplication of funds of the bank aggregating more than $150,000, surrendered himself yesterday to Marshal Heakel. He and Jennings pleaded not guilty before Judge Holt in the United States Circuit Court, and the bail in Raymond's case was fixed at $10,000. Raymond is married and has two children. He lives in Mount Vernon. The indictment charged that he, as cashier of the bank, made unsecured loans to dummies, acting in the interest of Jennings. Mentioned among the dummies were John H. Behan, a janitor; M. F. Killeen, an office boy, earning $5 a week; Moses Greenwood. jr., and X. P. Wilfley. Killeen, the office boy, is in the employ of Henry C. Henderson, a lawyer, of No. 41 Park Row, counsel for Jennings. In his testimony Killeen said that the notes, aggregating $7,500, signed by him, were brought to him by Mr. Henderson, who asked for his signature The lawyer, Kilteen said, assured him that no financial responsibility would arise from signing the notes, and that they would be taken care of at the proper time. When Receiver Tillinghast took charge of the Mount Vernon National Bank he found Killeen's notes and brought actions for the recovery of the money. Killeen said he was served with papers in these actions, and that he simply turned them over to Mr. Henderson, his employer. Mr. Henderson would not discuss the matter, saying that he represented Mr. Jennings, and that the defence would be made in court later on. When asked about Killeen's testimony to the effect that he secured the office boy's signature to the worthless notes Mr. Henderson said that if.the boy said so it was all right, but he would not talk about it.
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the course the committee probably will follow." HIGH OFFICIAL IS SOUGHT Bank Said to Be Out $400,000 by Peculations. New York, Dec. 13.-Federal authorities are seeking a high official of the Mt. Vernon National bank, indicted by the federal grand jury as an alleged accomplice to the loss of more than $200,000 from the institution. Herbert Theodore Jennings, president, was arrested Monday and released on $75,000 bond. It is said the peculations may reach more than $400,000. The bank is in the hands of a receiver.
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MT. VERNON BANK SOLD; WRECKERS GO ON TRIAL. $115,000 Paid for Assets, and Depositors Will Probably Get 50 Per Cent. The assets of the wrecked Mount Vernon National Bank were bought last night for $115,000 by Andrew J. Cobe of No. 149 Broadway. The sale was made in the presence of 150 depositors, who assembled at Elks' Hall, Mount Vernon, to listen to the reports of Comptroller of Currency Murray and Receiver THE linghast. Mr. Cobe first offered to buy the bank building and assets for $148,000. but the Comptroller decided not to seh the building. The wrecked bank was examined in December, 1910, and closed the following March. Up to that time the directors held weekly meetings, but failed to see anything wrong in the management of the bank, although the shortage then was over half a million. The president. H. T. Jennings. and the cashier, S. K. Raymond, were indicted on twenty-six counts. By a peculiar coincidence their trial comes up to-day before Judge Hough In the Federal Court. Some of the transactions by which the president and cashier are alleged to have continued the dividends are almost without parallels In financial records. On one occasion. It is charged. three notes for $7,500 made out to a $5-a-week office boy were discounted by the bank and the amount used to pay a dividend. The bank has already paid Its depositors 15 per cent., and under the new arrangement with Cobe It is expected they will receive about 50 per cent.
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OF MISUSING FUNDS Mount Vernon Banker Sentenced to Six Years for Skyscraper Deals. SHOESTRING FIRST CAPITAL Raymond, His Cashier, Let Off with Suspended SentenceDummy Notes Were Used. Herbert T. Jennings. president of the Mount Vernon National Bank, C. Raymond, the and defunct Samuel cashier late of institution. were found guilty last night of willful misapplication of the bank's funds. The jury, which went out 3 o'clock in the afternoon. brought verdict ten minutes at in the guilty before mid- all night. declaring Jennings on counts of the Raymond guilty on all of and twenty-two indictments but the two jury them. In the case of Raymond strongly recommended clemency. George Gordon Battle counsel for Jenrings. asked the court to appoint some day next week for sentence Judge Mayer agreed to this but when Mr. Batthe went back to the counsel's table and talked for an instant with the two defendants he changed his plan and turned around to make application for immediate sentence Mrs. Raymond, who had been sitting in a chair inside the railing began to sob quietly. Mrs. Hutchinson and Mrs sought to comfort Judge was prepared to dispose Holdridge Mayer evidently her. at once. for he asMr. Battle's second He of sent the to case nodded motion his in sentenced Jennings to six years the Atlanta Penitentiary After Mr. Eattle had made a motion for a new trial. in with custom. Raymond was called to the bar. Judge Mayer accordance explaining suspended sentence upon the cashier. that his action was influenced largely by the recommendation of the jurymen. The charges against Jennings and Raymond. on which they were tried before Judge Mayer in the United States District Court, were wilful misapplication of the bank's funds. and in the case of Jennings four counts of the indictment charged embezzlement Herbert Theodore Jennings, president of Vernon National Bank. promoter of electric lawyer, the Mount railways, Broadway of national and state banks and was arrested on on an indictment skyscrapers, 10. 1911, embezzlement charging December him with misapplication and of the funds of the Mount Vernon Bank. The free use of the depositors' money Jennings had his as president of the was capacity to which resorted bank in large ly due to the many risky speculations in Broadway real estate in which he had engaged in the last few years. It was the starting of costly buildings on nothing more than a shoestring that ultimately led to financial straits of the building enterprises launched by Jennings. The first great real estate scheme launched by Jennings was the Broadway and Forty-third Street Building Comwhich erected the Fitzgerald Buildpany, ing. It inclosed the theatre now known Cohan-Harris Theatre, which was with a performance as opened the And, of like "Get- the Rich-Quick Wallingford." most daring scheme of this fictitious genius of easy finance. the enterprise ad- of Jennings was started without the risk vance of a single cent by him or the of a penny of his own fortune. But trouble came while the building half finished, and to raise the funds necessary was for its completion Jennings dum began to discount notes made by disand the only place he could count mies, them was the Mount Vernon Bank. John H. Behan, janitor in the Fitzgerart Building. and M. F. Killeen, an office earning $5 a week. drew notes at of the boy request of Jennings for thousands dollars. Meanwhile Jennings had started ob- the Hub Building Company, which had tained the ground lease at the northeast cerner of Broadway and 42d street, added and proceeded to build there. This money difficulties, and the discountnew of notes became a more common ing As a result of these real estate in schemes practice. and gome minor enterprises to Westchester Jennings caused a loss the Mount Vernon Bank of over $400,000. according to the charges. The bank had to be closed on March 1911. as soon as rumors of the closing 24. the First National Bank of Oneonta, Jenof had also been controlled by which reached Mount Vernon. Philip was appointed Tillinghast rings. receiver its stock- for bank. and he had to assess deficit the holders $100 a share to meet the caused by Jennings. FIRE IN THE BANKERS' TRUST