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EX-PRESIDENT OF D.C. BANK SUED ON NOTE Eldridge E. Jordan, former president of the United States Trust Company, was named defendant in a suit filed today by Tucker K. Sands, receiver for the company, to recover $57,906.43, alleged to be the balance due on a note for $81,601.21 given by Jordan July 10, 1913.
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SUES TO RECOVER $57,906. Tucker Sands Acts for Defunct U. S. Trust Company. Tucker K. Sands. receiver of the defunct United States Trust Co., today filed suit in the District Supreme Court against Eldridge E. Jordan, former president of the company, to recover a balance of $57,906.43. The suit is based on a note for $81,601.21 given by Mr. Jordan July 10. 1913, on which a credit of $23,694.78 has been indorsed.
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Sues Trust Company Head. Tucker K. Sands, receiver for the bankrupt United States Trust Company of this city, filed suit yesterday in the District Supreme Court to recover $57,906.43 from Eldridge E. Jordan, former president of the trust company. Sands claims that this amount is still due on notes aggregating $81,601.21 signed by Jordan, the difference, $23,694.78, having been paid.
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LEGAL NOTICES. WILLIAM G. JOHNSON, Attorney. IN THE SUPREME COURT OF THE DIStriet of Columbia.-In re dissolution of United States Trust Company. a corporation. Equity No. 33086.-This cause has been referred to the auditor, on motion of William K. Quinter, receiver of the United States Trust Company. with directions to state the account of Tucker K. Sands, heretofore acting as receiver of said corporation. to recommend to the court proper allowances to said Tucker K. Sands and to his counsel. for services rendered, and to further report to the court as to the disposition made of the assets of the United States Trust Company and the present claimants to any net assets arising out of said receivership, notice is hereby given that I will proceed with said reference on Wednesday, the 15th day of September. 1920, at 10 o'clock a.m., at the auditor's rooms in the United States Court House, Washington, D. C. HERBERT L. DAVIS, Auditor. jy30,au6,13
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# LEGAL NOTICES. WILLIAM G. JOHNSON, Attorney. IN THE SUPREME COURT OF THE DIS- trict of Columbia.—In re dissolution of United States Trust Company, a corporation. -Equity No. 33086.—This cause has been re- ferred to the auditor, on motion of William K. Quinter, receiver of the United States Trust Company, with directions to state the account of Tucker K. Sands, heretofore acting as re- ceiver of said corporation, to recommend to the court proper allowances to said Tucker K. Sands and to his counsel, for services rendered, and to further report to the court as to the disposition made of the assets of the United States Trust Company and the present claim- ants to any net assets arising out of said re- ceivership, notice is hereby given that I will proceed with said reference on Wednesday, the 15th day of September, 1920, at 10 o'clock a.m., at the auditor's rooms in the United States Court House, Washington, D. C. HER- BERT L. DAVIS, Auditor. jy30,au6.13
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# LEGAL NOTICES. WILLIAM G. JOHNSON, Attorney. IN THE SUPREME COURT OF THE DIS- trict of Columbia.-In re dissolution of United States Trust Company, a corporation. --Equity No. 33086. -This cause has been re- ferred to the auditor, on motion of William K. Quinter, receiver of the United States Trust Company, with directions to state the account of Tucker K. Sands, heretofore acting as re- ceiver of said corporation, to recommend to the court proper allowances to said Tucker K. Sands and to his counsel, for services rendered, and to further report to the court as to the disposition made of the assets of the United States Trust Company and the present claim- ants to any net assets arising out of said re- ceivership, notice is hereby given that I will proceed with said reference on Wednesday, the 15th day of September, 1920, at 10 o'clock a.m., at the auditor's rooms in the United States Court House, Washington, D. C. HER- BERT L. DAVIS, Auditor. jy30,au6,13
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Auditor's Report Stirs Echoes Of Bank Run Here 11 Years Ago United States Trust Company Had $6,000,000 in Deposits-Gotl Hearty Support in Crisis From Leading Bankers. BY 1. A. FLEMING. Bank of Chicago, for an address before the A. B. A., on Wednesday of The passing of the United States last week. Mr. Reynolds concluded Trust Co., one-time mighty financial inhis address as follows: stitution of Washington, was recalled "There is a growing tendency to give last week through the report of Herbert attention to larger production and larger L. Davis. court auditor. of the receivernational income. It should be a source ship of Tucker K. Sands, one-time promof gratification to us that the national inent banker of this city, and also of the income of the United States is the largsecond receiver, William K. Quinter, in est in the world's history. and the per handling the liquidation of the assets capital income is higher than in any of the company for the benefit of the shareholders. other country. But, looking forward. we need not be. so much interested in The statement was also made in conthis or so much concerned over it as nection with the filing of the report that over larger production and larger nathe trust company named had "failed in 1913. tional income through better management. better use of capital, more efficient As a matter of fact the United States labor, the elimination of waste. There Trust Co. never failed. A run started will be income enough if we will look on the main offices of the company on after the other things. There will be Tuesday afternoon, November 18. 1913; bank profits enough if we are good spread slowly during Wednesday and managers. became a wild and furious scramble at "And so we are brought again to the the main office and the five branches on banker's obligation-the one that he Friday afternoon. the 21st of the month. cannot shirk or dodge-the one of Then at the Shoreham Hotel that gathering and distributing capital. He night, some time between 9 o'clock and muet do it in a way that brings profit midnight, arrangements were completed to him, of course, but, more important, whereby the Munsey Trust Co. took over it must aid in increasing the national sufficient assets to guaranty the payincome: it must work for more effective ment of the $6,000,000 odd deposits and production it must be so done that it the different premises under lease as will bring greater wealth. main and branch offices. leaving the "If this be a worthy ambition and shareholders of the $1,250,000 institua worthy cause, if bringing to the tion to go by the board or to be served people the things they desire IS as they might in liquidation. At that time the United States worth while. there is no place in our Trust Co. operated the main office scheme for socialistic experiment or where the Merchants' Bank and Trust communistic blah. For myself. wish to live where economic forces Co. is now housed; the Dupont branch, operate. where private property is now operated by the latter company; protected, where enterprise is free also the present quarters of the Franklin National Bank, the bankand competition is under no restraint save that of justice. I could not come ing room formerly occupied by the Merchants and Mechanics' Bank at before you on a platform of social distress, unrest and dissatisfaction. I Seventh and G streets northwest, the northeast corner of Fourteenth and wish to build confidence, not impair U streets northwest and the northor destroy it. I would rather be an east corner of Twentieth and Pennappraiser of the things that make for sylvania avenue northwest. prosperity-of the things that make for good. for comfort. for intellectual A Big Institution. and moral progress, not for a day or It was a big institution, with one a week or a year, but for all time." of the finest locations and banking offices for the head office. from which Absorbed by Illinois-Merchants. negotiations had been carried on for The old Corn Exchange Bank of the purchase of the Merchants and Chicago, once presided over by "Old Mechanics' Savings Bank, with three Hutch," and dating back about to branches, and the Fourteenth Street Civil War days, has been absorbed Savings at Fourteenth and U streets by the Illinois Merchants Bank. It northwest, paying United States also did some absorbing itself in late Trust shares at $150, plus $20 a share years. for the Merchants and Mechanics'
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$50,645 ORDERED PAID. Court Gives Judgment Against Former Receiver of Firm. Tucker K. Sands, former receiver of the defunct United States Trust Co., must pay to his successor, William K. Quinter, substitute receiver, $50,645.17, alleged to be due the corporation by reason of mismanagement of the former receiver, according to an order signed today by Justice, Hitz of the District Supreme Court approving a recent report of Herbert L. Davis, auditor of the court. Unless the money is paid in 10 days. the court directs Receiver Quinter to bring suit on a bond of $100,000 given by Mr. Sands when he was appointed receiver with the Massachusetts Bonding and Insurance Co. as surety. Out of the funds now in his hands, Justice Hitz orders Quinter to pay to the District of Columbia $20,000 on account of the latter's claim for taxes due from the corporation. The balance of the funds is to be used in prosecuting the suit on the bond.
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$24,500 COMPROMISE IN SURETY BOND CASE Court Orders Receiver of U. S. Trust Company to Settle for Alleged Shortage. Justice Hitz of the District Supreme Court yesterday authorized William K. Quinter, substituted receiver of the United States Trust Co., to accept the offer of compromise made by the Massachusetts Bonding & Insurance Co. to pay $24,500 in settlement of the company's liability under a bond of $100,000 as surety for Tucker K. Sands, former receiver of the defunct trust company. The corporation known as Bradley Hills, Inc., which is interested in the litigation, took exception to the order of the court and noted an appeal to the Court of Appeals. Recently Herbert L. Davis, auditor of the District Supreme Court, filed a report in which he held the former receiver, Sands, to be responsible for a deficit of $50,000 in the funds of the United States Trust Co., and suggested that suit be brought against his surety. The court directed Receiver Quinter to sue, but the compromise now makes that unnecessary. When he receives the $24.500, the court directs, Receiver Quinter shall pay the District of Columbia $2,856.49; the International Banking Corporation, $5,333.33; holders of stock in the United States Trust Co., $15,600; Attorney William G. Johnson, $1,000, and the receiver's fee of $1,000. Should there be any balance after payment of costs of the proceedings it shall be paid to the bonding company.