The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-05-05
4 REILLY FROM MR.. KNIGHT.


! ask that YOU kindly, liz the spirit Of fair
| ness. grant me the space to explain my
position with regard to certain commuui-
cations of lline that were discussed at a
| meeting OF the directors Of the Board OF
Trade last Tuhsday night.
would first say that my letter Of resig-
nation over which the controversy arose
was written aud mailed TO the president
of the board Oh Monday, the 1st inst, be-
fore l had the least suspicion that what
had done with regard to my private bust
ness was creating public comment. Most
assuredly, had | known OF this adverse
criticism, my letter of resignation would
have been withheld pending any oontro.
versy. Since, however, the matter has re-
| ceiyed such public notice, feel it incum.
| bent upon me TO explain the situation
more fully than ] otherwise might, il
order that the citizens of Wichita may
appreciate the position of myself and the
company Of which | am vice president.
have neither written nor said anything tC
merit censure from any one, and am read !
to stand Or fall on an accurate presenta
tatlon OF the facts.
In the first place, | wish to say that my
letter was not politics, but business.
COuCcuS INdt ID per cent Vi LIE ISODlE
party are honest iii their convictions, but
they are fundamentally wrong. aud their
! ignorance and errors VIII Cause loss of
millions of money TO this state, and VIII
eventually ruin II unless they are Geposed.
Again, would say that | was not pres.
ent, very naturally. at the meeting Tues
day night, else, had | been, many charges
that were made would never have been
uttered, or, If uttered, would have been
promptly refuted
Then, again, Mr. Editor. the tone and
language with which your reporter clothed
the account of the meeting should have
been entirely lacking. | realize that a
live journal is after news, bat six years of
active labor in behalf OF this CITY, in and
out of the dictatorship of the board of
trade, should have entitled me to more
respectful notice At your esteemed paper
hands. l have just cause, then, to be III
dignant, but l waive it. and proceed
to say that the circular letter of
April II. which was correctly printed
in the Beacon Of Wednesday of this
week and which, by the way did not con-
tain the name of Wichita in it, was writ
ten to our customers and friends for the
purpose of informing them of our reasons
for withdrawing from Kansas. We have
won our reputation and credit by being
frank with our clients, aud in justice TO
ourselves we had to tell them the eXsct
truth-that we leave Kansas because the
states credit has been intellectually i'm
paired, as explained III our opening para
graph, and because, with all due Difference
to your opinion expressed in yesternay's
editorial, we would not loan "A dollar
under the existing laws. That circular
was mailed TO no one but our customers
aud friends. IL was not sent to n newspa
per nor was it our Intent that IL should
reach the press.
From your report Of the meeting Tues
day night it would seemed that | was
blamed not so much for our circular, as
for writing letter to Hon. j. Il. Reed,
commissioner Of foreign mortgage corpar-
atoms OF Massachusetts. As my fellow
citizens are not generally aware of the
the regulations of the sale of mortgages in
the eastern STATES, / would explain that
Massachusetts, Connecticut and New York
have passed stringent laws: regulating
mortgage companies; that Il commissioner
Il appointed IN each state to supervise ana
examine the companies; that we have to
pay license fees and taxes in those three
states; and that the commiSs iOnerS, once Il
year at least, personally inspect our books
amp our securities here III W lchita, requlr-
ing IN addition one or two sworn state
meuts of our financial condition each year,
and all of this information, and answers to
most lnqulsitorlal questions, are annually
published by these three commissioners in
book form Tor public distribution. Ii
was my duty then Il had no option in the
matter) 20 write these commissioners, Of
fcially withdrawing from their states,
and in order TO preserve the credit Of our
company, ! had 10 tell the reasons there
for, and | naturally requested them (since
Withdrawals are taCltly understood 10
mean financial barrassmenD that in
mentioning our withdrawal in their an
nll3l rpnDrf. thew state that ret red
solvent and Tor The reasons given. These
letters were private and presumably con
iidential. Commissioner Reed of Boston,
however, did not so treat IL and To our
great regret sent it TO the press We wish
to emphaticallv say that he had no author
Itv for having either the circular or our
letter printed. or even for exhibiting them
TO anyone l. it, then, reasonable 10
censure me for the unauthorized act of
another?
To the totally false statement with re-
gard to my attitude toward IA lady depos-
IUiug money with us at the time of the
Barring failure, | have TO say that on the
day OF the closing Of Woodinan's bank,
when there was almost panic Throughout
the city. II LADY member of the board OF
the Children's Home came into our office
and stated that the ladies desired to leave
their building fund with Us. | remember
distinctly my conversation, and IL
will be corroborated by the lady
herself, that strongly urged her to leave
the money in the bank where it was. sug
costing that. if they were anxious with re-
gard to its safety, they request the presi-
dent to secure the deposit IN some salts
factory way. since it was trust fund for
a benevolent purpose. This suggestion
did not please her aud she theu asked
womau's question. what would you do
with the money if we gave it to your To
this replied, IN order 10 reassure her, As
she was much disturbed, that we would
send it TO the Bostrfans bank, s.. LOUIS,
where we always kept our largest deposit,
but | cast no reflections or criticisms on
banks in this city The money was forced
upou Us and we took it. Some two days
h, hunks hid II TINT 1 hid N alt the