New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-08-20
NEWYORK, MONDAY, AUGUST 90, 1888
UNION COLLEGE TROUBLES.
TRUSTEES DENOUNCED BY HOWARD POT
TER
PLATT POTTER AND THE REV. j. 7. BACKUs Ac-
CUsED OF MIsUsING TRUST FUNDS.

| IL,
| PLATT POTTER AND THE REV. ]. T. BACKUs AC-
CUsED OF MIsUsING TRUST FUNDS.
lDY TELEGRAPH TO THE TRIBUNE
ALBANY, Aug. ia new and sensational incl
dent in the Union College troubles has come to
light here In the form of letter addressed to the
Rev. j. Trumbull Backus d. D.. the eminent Pres
byterian minister. by Howard Potter, of New-York
City. member of the banking firm of Brown
Brothers a. Co. Both trustees of Union College.
and Dr. Backus is one OF the btterest opponents Of
President Potter, while Howard Potter Is brother
of the president. and one of the latters strongest
partisans. The letter in question bears no date
but was recently written. In printed form 1t has
been sent to all the trustees of Union College, ln-
cluding the State ofcers who trustees exoicIo,
with the caution mot for publication" written at
its head.
Mr.. Potter takes Dr. Backus to task for certain
statements which appeared o historical circular
of certain college trusts written by him, and claims
that he so phrased the circular as TO suppress facts
and create impressions relative to trusts
by persons now deceased, who were identified with
them during their lifetime. Mr. Potter claims
that the circular mentioned contained false aud
deliberate statements and insnuations against
the lato Dr. Eliphalet Mott aud James
Brown. After citing facts to prove his asser-
tions, Mr.. Potter directly charges Dr. Backns and
Platt Potter with dishonest and unlawful practices
trustees of the college. In effect he alleges that
taking advantage Of their trust positions they set
aside for themselves certain residue certificates Of
the trust estates for which they paid into the col
lege treasury small and inadequate sums and on
which they have since realized and continue to
realize enormous profits as individuals.
Continuing the letter readsi "A full history OF
the land given in dividends and comparison of
values of those allotted the college with those al
lotted to yourself and Mr.. Patt Potter will show
that individual interests were always first served
ana that the lands which are now tho
subject of the partition suit, together with those
set OFF TO the college alone the poorest in loca
tlon and value 1t has been truly SAID that Union
College at least congratulate itself in getting
the skin of the orange after 1t has been thoroughly
squeezed. The college books will not show what
additional profits you and Mr. Platt Pott CT made
upon these transactions but the records Of Kings
County, where the lands lie do furnish some evil
dence that In the selection of the lands set oil you
had no cause to complain You selected from the
cream and made no pecuniary mistakes"
Tho letter here cites several cases where DR..
Backus made great profits on the lands selected by
him for his individual benefit. aud continuesi The
troubles OF Union College have been before the
public for O year past. Opposition or the most
determined character has developed against Its
are leading spirits, What prompted this bitter op-
position 7 The answer il here Ycu have Tor six
teen years held at cost of $4,000 certain cer-
which yon have received $4,000 in land
dividends and realized additional profits from
the snles made By you. Platt Potter has
for the same period been the owner of and inter
ested In eleven of these certificates and has
received dividends. etc" As an additional reason
Mr. Potter saws that because President Potter sent
H. IA. lat i'm n n
10 the college the erttcates held by him. on the
ground that IN law ana morals he had no night to
them while assuming 10 act a. trustee OF the lnsti-
tuition. DR. Backus and Platt Potter at once
epitated tho war upon tho president. The letter
closes by oiting legal opinions TO show that trus-
tee cannot. directly or Indirectly become the owner
OF the trust estate.