The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-02-27
rWo FAMOUS BANK CASHIERS.
RTr. onininn's rail- Recalls That or Frnnk MAY
OF tho Hank Of RnrInnd.

LONDON, Feb. 19.-very few persons would
compare tho Chemical Bank of New York with
tho Bank OF England, yet there is really a good
deal OF resemblance between Thorn. Both are
famous, the English bank moro so than the
American. because II is older and has govern.
mental connections that the New York bank has
not. All the financial world knows the Chcmi.
cal Bank because OF It's famous stock, that
fetches In open market about forty times its par
value. The world over, the names Of the two
banks are synonymous with bedrock soundncss
and security. 1t was n great shock, therefore,
when the news got around the other day that
the cashier Of this New York bank had boon
forced to resign, because by errors of Judgment
he had caused n possible heavy loss to the bank.
Tho recent trouble in tho Chemical Bank
differed from that which afflicted the Bank Of
England In November. 1893. BY so much rs the
Bank OF England is more important than tho
Chcmica Bank. by so much was the news of
the resignation Of its cashier O shock to the
financial world. Frank May had been in tho
employ OF the bank many years, and most En-
Elishmen expected the Queen to abdicato rather
than Frank May TO resign. Everybody know
Frank May; bis name had been on every bank
note put out by the bank for twenty years; and
handled "a bank note, ii follows that his name
was known to about every one.
an SH ihseS W S6s, : MI Ero NoS seb bs q IS1, when he em 1t Was
-|f esAF AA'A tStb nv
OF the bank. But that sensation was nothing to
the effect on tho financial world when il came
out that Mr.. May had not resigned Voluntarily,
but had had to do so. The bank shares fell on
the market, there was greTt excitement, and o
general demand that tho bank should issue a
statement and explain things. The bank didn't
do 80, but by and by tho facts in the case came
out, in spite or the banks attempt at secresy.
The facts were, creditablo to Mr.. Mays heart,
but not to his character for integrity. His son
was n partner In the stockbroking finn OF Cole.
man & May, who were Interested in several ap.
parently large trust companies. So was Mr..
May. who used his position us tactical manager
OF the bank TO interest the banks customers
IN them too. The companies were in difficult
ties. 30 Mr.. May lent tho banks money
to them. on very. remarkable security. 1t was
said at the time that stock OF an American COM.
puny actually In bankruptcy was accepted by tho
bank us collateral on Mr.. Mays
tion. Coleman 4 May sold out before the crash
came; but the bank is said TO have list al ,000,-
600. and the losses OF private persons who had
taken Mr.. Mays advice was large. too. So Mr..
May had TO resign. and to-day the chief cashier
OF the bank q is Horace Bowen. formerly chief ac-
countant. He signs the bank notes. just rs MIR.
May used 10 do. IL he serves as cashier for us
long n time as his predecessor his name may be.
como as famous in time; perhaps more famous.
because bank notes travel further than they
used to. Mr.. May died just about n year ago,
on Feb. y. 1897, only "a years old. but very
much aged since his retirement from the banks
employ.