The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-05-03
Hotel Piazza.
KNIGHTS RESIGNATION.
Rather Lively Meeting OF the Directors OF
the Board of Trade Iass Night

Rather Lively Meeting OF the Directors OF
the Board of Trade iass Night
The directors of the board of trade held
a short but rather lively session last night.
Usually the meetings of the board are
tame, and, therefore, last nights meeting
was a positive recreation. IL was o'clock
when President Clement called the meet
ing to order.
Reports Of several committees were
heard, some Of which were very interest
I ing. as they contained news relative to the
contemplated location of two or three inn
portant commercial institutions in the
city.
President Clement called attention to
the humane duty of charging the fund
for the Oklahoma cyclone sufferers, and it
was the unanimous opinion that further
canvass be made of the city for funds, and
in accordance Herewith committee was
appointed for that purpose.
The next most important business was
action upon the resignation Of Newell
G. knight as Il member of the
board of directors. His letter OF resigna-
ton stated that on account of Populistic
laws. etc, his firm, the Knight Investment
company. had decided to leave the state
and that lie must 90 with it, y motion
was made and seconded that the resigua-
ton he accepted. An amendment was
made that the res gnation be accepted and
that the board express its sorrow at his
departure, etc, which amendment was not
seconded. This precipitated crisis. and
one gentl eman arose and said lie though
r., I,,.
wards modified it 10y suggesting that Mr.
Knights resignation he accepted with
pleasure"
The cause of the diverse opinions land
they We're not very diverse, eIther) con-
corning the manner of Mr. Knights sepa-
ration from the board of directors, seemed
TO be letter which Mr.. Knight wrote to
the commissioner of foreign mort
gage companies of Massachusetts,
in which he roundly abused
the laws of Kansas relating to invest
ments This letter was of a very dam
aging character for it substantially stated
that investments were not safe IN this
state. 1t also seemed to be inconsistant
for it stated that all his investments were
not only profitable but secure. he letter
was published in the Boston Herald 10y
the commissioner III the nature OF a warn
ing to financial institutions 10 beware of
Kansas In addition to this letter Mr..
Knight sent circulars of a similar tone TO
all his stern patrons. The next day
after the publication of the letter the Bos-
ton Herald made it the theme of long
editorial, bitterly assailing the debt pay
ing character and capacity or kauas aud
warning the people who had money to IN
vest to beware OF the state. An apology
was made for Mr.. Knights conduct in
this respect, and it was stated taat he
meant no harm by what he said. Another
gentleman rose to his feet and said that
Mr.. Knight was guilty Of
similar discretion in this city
some two years ago. that was
about the time OF the failure of
the Woodmsn bank and the savings
bank. 1t appears lady had some m oney
to invest and she asked Mr.. knights
opinion and advice as to where TO place it
for safety. Mr.. Knight is alleged to have
asked her to give him the money to de
post it for her in St. Louis. stating that
the Wichita banks were all rotten and
unsafe. This was at time when there
was great strain on the banks OF this
city: when a statement of that Kind might
have precipitated panic
The gentleman who made this statement
said that even in view OF these two bad
breaks or the part Of Mr.. knight, he was
still willing to vote TO accept his resi- na-
tion without the criticism which so many
thought he ought to be subjected 70. The
feeling was strong against Mr.. Knight.
bug action was deferred by the announce
ment OF the president that the messing
lacked one OF having q quorum.
Il was tire opinion 81 many that Mr.
Knights CORES pondence, Including his
circular letter, ought to BE- published.