Evening journal., 1888-07-03

It has been known for some time that
Walter Cummins, ESQ, judge Of the NUM-
cipal Court, had become involved fnan-
ciaily for a very large amount. but the
exact sum and the reasons for the failure
were not 30 we'll understood. The strests
have been filled with all sorts OF rumors In
respect to the failure, and here aud there
men In the offices would come down to
details on certain detached operations Of
the financier. Judge Cummins had been
associated with various loan associations
az counsel and director for many years.
He was at one tins counsel for at least
three loan associations and director in fully
as many. For the amount OF his
worldly accumulations he was en-
trusted probably with greater sums OF
money by his conAding fellow
beings than ever fell TO the lot OF any
young man in this city. As counsellor he
had almost absolute control OF thousands
Of dollars collected monthly through the
searching instrumentality OF the loans. He
searched the records and satisfied them in
placing mortgages. and thus the security
not merely OF thousands OF dollars, but all
the savings as we'll as the worldly hopes
and expectations OF hundreds OF poor fami-
lies were almost unquallhedly entrusted
to his honor and his care. Iu this way be
soon came 10 be looked upon as a most
Trustworthy and therefore a very fortunate
young man. Directors Of loans and hand
lers OF real estate spoke OF him with re-
tpsct. His future was evidently secure. NJ.
L. Lichtenstein, who left this community
recently under the most unfortunate cir
cumstances, was won't to speak OF Walter
Cummins in the highest terms. He had
not only an exalted opinion OF the young
flnancier's ability, but he had, moreover,
the most implicit faith in his honor and
integrity. Mr.. Lichenateln re echoed the
sentiment Of the loan circle. Before he
entered upon his career as financier he had
served term es city solicitor.
He read law with Mr. BaYard, end thii
would have given him carte blanche Il
society and 70 the councils OF the Demo
cratic party, il his family prestige had no
already accomplished these desirable oh
jects for him. He is tho son OF George w
Cummins, OF Smyrna, who was for an,
years a hourishlng merchant at that place
and who is now a retired gentleman o.
wealth and influence. His connections Il
every respect added to his position here
and literally his way was paved to soc let.
and into public confidence
This was the condition OF things up {
within a year ago. At that time To
directors Of the Perpetual Loan Association
bscams dissatisfied with has services an
methods and deposed MIN as counsellor
He was a director, too, at the time, but hi
term as such was not then ended and
was allowed 20 hold over one year.
week ago he was removed as q director
kut dissatisfied az the stoekholC
ers and directors OF the Perpetuu
Lean Association we're, they would hay
resented TO a man ons year ago the charp
that Cunmins was employing all sorts
questionable and unprofessional means
raise money, and yet such was the case. 4
has even used city funds, which came inl
bis hands as judge Of the Municipal Cour
Repeatsdly did he hold such moneys unit
he was driven to pay it over to the prop
: authorities by threats OF exposure on q
part Of bis official associates. But moi
and worse than this. money which hs
p been placed In his hands for investmea,
e was diverted into channels Of personal u
q nd never accounted for.