New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-10-28
BAD BANKING DEPARTMENT
TALK ABOUT PRESTON AND CAHILL
nrNocp,rs As WE'LL AS REPUBLICANS DIS
GUsTEp WITH 1NEFTTCIENcY AND
NEUTRALITY-SUSPICIOUS.

Tho arrival y, Charles NJ Preston, state superin-
,opdcn+ NJ Ranking al the Hoffman House III No""''
NIGHT may have been due to the need Oh "ce'is inc
Tammany managers here to attempt sumo rP,- "
tho criticisms which have been leVeheu "V iil' "
istration The facts massed against MN III 9es'o'
DAYS Tribune may spur the delinquent o'a'e oiioei
=, concoct some sort Of reply unless forverI shame
nSao1. onv attempt TO excuse the methods
h,ch have caused great dissatisfaction among bahR
s Who look TO a viglant and non-political manage
mont of the State Banking department -,
II was r1lnored I'm Wall Street mat MI FresVon Wal
hore IN examine the Holland Trust Compauys atairs
-.,de,, Robert e. Roosevelt denied that Mr. Preston
s ~ ~ ne company's Office lie said that Chief
rart EXAMINER Lawrence F. lCahill had, however
,o.p making an examination for the last two weeks
The examination practically over ana MI Caliiu
uos nj work on his report. MI. hooseVe" sau Vha'
the examination was made in the usual course OF inc
EXAMINERS business, and he declared that tne Gun"
pany was all right .,,, ~ Mr.
chuI 10 somewhat tardy 1t IS TO be hoped that
80 was no delay born out of favoritsm 10 MI
poosevet as one of the Democrats who Work for ram
many Hall freely lending the title OF PresuenU Va d
trust company" 10 ratification meetings H'e"ueu ~
ren 10 perpetuate the infamous msule OF the secret
o,,,ico tpnta It is also hoped that Temmanys per
,icoa,s influence did not blind the eyes OF EXAMINER
Cobu while he went over the books Of the Holland
1,r,s+ COMPANY Wall street may malign that com
many hut there are many bankers OF DOth poh'ical
narties who have questioned It's methods OF oohg
husiness and any official Investigation ought 10 DO
ah,ve the possible reprOach OF all adnh1Vuro oI lHe
Tammanv Hall politics of Mr.. Roosevelt ana Examiner
Cabu The talk Of Wall Street has been common
nropertv for months past and ought to have come u
h ear NJ any efficient aud unpreudiced state oihoer
hor0ed with the duty OF protecting deposl,ors ana
creditors Of financial institutions PTompter ac'oh
by Mr. Cahill would have been better for phe gooa
name Of the Holland Trust Company and for MI
Cablus pretension wortnly to hold his place
A morning newspaper published extensively inc
charges made by Lieutenant Edward S Farrow, founder
Of Barnegat Park ~ j., In suit brought by nm
against the Holland Trust Company George W. van
ctchlen Christian T. schramme Edward H. Murphy
the NewYork improvement Company and others
The substance Of the allegations is tbs the oeienoi'
combined 10 wreck the Barneeat Park Scheme' ''A'
10 accomplish this, promissory notes OF ule oo'np"
were discounted al ruinous and fnuouleht F"'es anu
that mortgages 10 secure the trust company "0ie "a
ecuted prior TO the recording OF the trust o' "
acnre bonds to be issued by the Barnegat company
- ,-A racardinr these charges, President Roose-
colt NJ the Holland Trust Company, yesterday saAu
~ do NOT wish TO make any statement aOouV 1lS
attack for the reason that no matter what s"y III
nrnt these assaults are kept up Ihere i aPP U"Vy
an effort TO make the public believe that t1e nol"nl
Tst Conopany is on trial and not Lieutenant fhfro"'
40
a. nronertv and was assured by Lieutenant farro"
rat ihev were notes Of United States Army oHcefS.
WITH regard 10 the agreement between the barnes@'
,arv and Mr. Schramme and Mr.. Van slc+den
tina Holland Trust Company Inns nothing 10 no. MI
w. CicIsn ts no longer an olcer OF the tr1st com
anv and while he may not have been just the nsn'
oan 10 he secretary Of financial company re-
i've h. Is Thoroughly honest. it Is not Eue t"s'
any bonds Of the Barnegat Park Company wore W.
tanned on any false representations" ., .,u.
rbere WAS considerable talk around the frth avenue
Hotel and the Hoffman House about the EMERGENCY u
the State Banking Department as shown IN the uiS
| match In The Tribune from Albany. Inc pnesen'~
ton OF the rottenness of this Important uePar'
was convincing. There was no a'VelnpV III | -.
tc,s 70 misyead and one Democrat, who Is president
-, a hant in Wall-st said: 81 am sorry to believe
this report but do not sec how it can be oeineo
! tnov, something about that department. l''
| mcers are lacking in training and all th'
| Qualifications needed 10 make Bank Examiner enclen
bev NAV be honest but something more than honesty
| l. needed do hope this exposure, for the soou U
the Democratic party will gain much prominence
There are nearly 100000 depoSltors III tle sdNtn
banks OF this State and If they were once aOuseu u
the danger of having their interests qua ~ .,
eficient men they would, irrespective OF party, NO.
! ~ have a change You know that Wheh man
eorningS are in danger the principles Oh one parry VI
he other do not influence HIM. ne II gong 10 VIZ
| for the men and measures who VIII save INN Aio'A
The president OF another large National bank Sa ri
| % the State bnThing Department needs thOVuBh
orgsnizatiOn and that can only be erected Dy Ise
Dnhican Goyernor Mr.. Cahill mas disguise the stree
by his ignorance and he has been tou io .bot "a,
01ca yrbsn he was examining an institution thst n'
| didn't know a good loan trOm-a bad one. uOH
want 10 nsnuate blackmail, but there nave pee,
some curious things III colhec tt inetitntions
| examination of some OF our strongest Hsutuuons'