New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-10-18
A REPLY TO MR.. PRESTON.
THE BANK sUPERINrEyDENT's NEGLECT on
DUTY.
Mr.. FAssETT's CRUSHING ANSWER TO THIS DERD.
LlcT OFFICIALS COURSE IN REGARD TO
THE ULSTER SAVINGS INSTITUTION.

THE ULSTER SAVINGS INSTITUTION.
Troy, Oct II Special. Jacob Sloat Fassett,
the Republican candidate for Governor, arrived
here this afternoon. Early this evening his at
tention was called to a statement made by Charles
w. Preston, of Kingston, the Democratic Super
intendent Of the Bank Department, assailing him
for what he Senator FassetU had said in relation
to Preston's responsibility for not detecting the
fact that the Kingston Savings Bank was being
robbed Of half million dollars. Mr.. Fassett
thereupon dictated crushing reply to Mr.. frcs'
toms statement, in which be said
Through the public press Bank superintendent
Preston asserts that In my statements nave e'uSnv
Intended 10 DO Injustice for political purposes TO the
Bank Department and to him as It's Superinendens-
He also volunteers the Information that the law re-
quires savings banks be examined once IT, two years
and that since he has been superintendent ne has
complied with the law and, IL correctly reporSNi, no
further says that there information or intina.
ton that the Ulster County savings insutauon @ vas
Of the Bank Department about two weeks ago. lie
closes his Interview In the following words .u..
conventions. / was elected a delegate to the judicial
Convention of this district without any particular enor'
and voted for d. Cady Ilerrick.' ,.
All Of which interesting information Is the resnit
OF my having exercised the right of citizen to sris.
10 intention of Offering apology, and take advantage
OF the occasion to renew with emphasis the charge
tcndent Preston in connection with the. wind
Ing up Of the Ulster County savings % SSo St.P ss ps
uuires that every savings bank shall be examined at
least IN two years and in addition IL empowers
the Superintendent to examine them whenever In ms
Judgment the conaitIon or management of anv such
corporation is such TO render an examination Oh s
lad nothing occurred to create suspicion that tbs
affairs OF this bank wegc mismanaged its examlnauoh
SFW MSuiu OF fo' next next year But sometilng did
transpIe which rendered it not alone eXpedient bus
necessary that the bank should be subjected 10 an
Immediate and critical examination. On september
II last the trustees Of the bank removed It's treas-
and he was placed under arrest. The news,
papers of the State on the 1Sth contanea
amount at from 100000 to $4,000. II the Bank De-
parment any useful purpose, 1t shonla nase
September Is at the latest, and 1t is but fair 10
assume that it had the Information particularly az
superintendent Preston, and the greater portion OF ms
time passed there Immediately upon pom 'ae 6ev o,s o
the bank superintendent, without delay, to Institute
thorough examination OF the affairs Of the bank Exam
Institution on the morning Of september 10 at the latest
We're they sent there thenl NO. why ho1 s Anu !.
reonired to answer From such information as it has
been possible obtain, i appears that an eXaeaOn M m
90 and by October the examiners had discovered that
$46O 900 Of the funds OF the bank haq been S'Ven s
tember 10 the disclosures would have been made by
the 23d of september and the bank closed ana , 1913
saved to all those who made deposits between tlat ae
and The final closing. Of the bank on oetopes tss
g.. some one must be resPoniilole act Tor who !ho
aiii 10 iS Mr. PreSton,s statement that he has not
"doctored, any caucuses or controlled conventions
Democratic Convention held in Albany, september
"a for the lid Judicial District, In which the tOlow.
in the convention, the credentials Of the various dele
gates were presented, and not little surprise was
manifested by the presentation OF the GAINS OF CON
testing delegate in the lVth Albany District NO 9ter
contests were made and motion Of Charles NJ Pres
ton superintendent Of the state Ranking department.
| committee contested seats, composed OF Superln
| tendent of Banking Charles VI. Preston, Nunam
| and Anlt
man Tilden superintendent Preston, chairman OF the
favorIng the contesng delegate which was adopted.
| and the regular sitting delegate, Eugene McLe'.l
was ousted. The contesting delegate Mr.; McEiwaln.
| a young man from COhOes, preSe4Ied Juuso 'ae"o
| II. Clute's name" ,,.r
This does not look as though Mr.. Preston originally
favored Mr. Hrrck very much WHAT appeaea IN ene
and the presentation Of the name OF JUDE o oiale, b
another Albanian, by the eleven delegates rom tne
and is now widely known was the real record OF u.e
| day 1t was this Mr. HerrIck must submit In writ
ing to certain o9rdons lie must & e9nSf fhs s1pon 20
| ment of a designated man his successor. lie mnse
pledge himself to support two designated honinauos
nomination for The Judgeshp. There may have been
even other conditions These at least are anthenie
IS net pertinent where tn pretty eTn pan SS %s S9 %o
| projected it. 1t IS enough now to emphasize the
dominant fact that the offer was an insult @ to MT
! and TO every right minded man and woman In IT,
And the offer was incontnenty and absolutely
become become judge lie would not subject himself
| or the office to which he aspired to any smirh
of intrigue lie would stand for selection alone on is
| rrolnty The convention adjourned to october by a
vote of IL TO 3. Why did not Preston vote with tle
three Herrck II he favored his nomination then
| on October Mr.. Herrick nominated by a unani-
| NOUS vote OF course Preston voted for him then,
as his previous orders had been countermanded.