The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1890-08-19
Mr.. Hogencamp's Grip-ShouId the
City's Money be Tied Up in
One Bank.

SAA0 ~NAA-
The action of the Board of Finance
this morning in sustaining Fraud
Cleveland's veto of the resolution
transferring the coupon account of
the city from the Hudson County Ma
tional Bank to the New Jersey Title
Guarantee and Trust Company, shows
the pernieious grip of the Second Ma
tional Bank and its President, Mr..
Hogeneamp, upon the affairs of the
city. For a long time people have
known that there was a secret infu-
ence which controlled the actions of
Orestes Cleveland in many pub
lie matters, especially those re-
lating to the finances of the
city. That influence is the
president of the Second National
Bank, William Hogencamp. The Sc
cret of his power may be in ancient
history-if it is, he and Orestes Cleve-
land alone know it. That power com
pels Orestes Cleveland to appoint as
members of the Board of Finance men
who are the creatures of H~ogencamp's
will. Through these creatures Will
lam Hogencamp directs the finances
of the ~city-where it's money shall be
deposited and how it shall be spent.
To thinking business men the state
ment that most Of the city's money
is deposited in the Second National
Bank will be sufficient.
When last month the Board of FL
nance passed a resolution transferring
the coupon account from the sturdy
Hudson County National, which
everyone knows to be solid as a rock
financially, to the young and power
full Trust Company, sensible people
approved the general policy of diyid-
ing risks, and also of helping new and
deserving concerns. But the opinion
was freely and generally expressed
that some account should have been
transferred from the Second National
Bank, which already had more than
its share, instead of from the Hudson,
which had less. The members of the
Board Of Finance voting for that res
olution were John Edelstein, Charles
w. Allen and John Kenny. Thomas
E. Bray and George r. Hitler were
present, but were excused from vot-
ing. Orestes Cleveland vetoed the
resolution at the dictation of William
Hogencamp. This morning John
Edelstein, Charles ". Allen, John
Kenny and Thomas E. Bray voted to
sustain Cleveland's veto.
There is a significance in this whole
action which business men and tax
payers would do well to regard. Why
should William Hagencamp be SO
anxious to retain an almost absolute
control of the eity's deposits2 The
Hudson County National Bank on ly
receives sufficient of theE city's money
that it may be said to be a city depos-
itory. Why should the greatest bank
in the whole State of New Jersey, the
First National of this city, not receive
a share of the city's deposits?
Why should not the New
Jersey Title Guarantee and Trust
Company, an institution governed
by the best men in the community,
receive a share of the city's deposits?
Why should not the Hudson County
National, a rich and conservatively
managed bank, receive 0 of the
city's money than it does? Mr.. Hogen-
camp may be an honest man. We do
not deny it. Mr.. Hogencamp may be
a great financier. We do not deny it.
The Second National Bank may be
d solid institution. We do not deny
it. The Second National Bank may
be ready and willing to pay every cent
it owes the city on demand. We do