New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-01-12
MR.. HEPBURN'S ALLEGED LETTER.
HE SAYS HE DOES NOT REMEMBER WRITING
1T TO SECRETARY GAGE.

Much comment was caused among downtown
bankers yesterday by the publication in THE
World" and THE Herald" part OF the
official correspondence called for by Congress, OF
the following letter TO Secretary Gage from A B.
Hepburn vice-president of the National City Bank.
and now vce-president of the Chase National
Bank:
New-York. June 5. 1897.
bs pear MT Inc Nauonai hey viceresi-
dent through the consolidation of the business Oh
banks designated as United States depository ana
| write to request that in any changes when may
be made under the Administration we may not DC
We should like to remain United States de-
or course. the. bank is very strong, and If you
you will see that we also have very great political
claims, in view OF what was done during the can
'"'' '''' A. B. HEPBGRN vice-President.
Mr. Hepburn said yesterday afternoon that he
had no recollection of having written the letter or
of having had any correspondence with the sec
rotary Of the Treasury at that period. He added
that he had only a few days previously become
vice-president of the National City Bank, and
pointed out that in view of that fact he naturally
would not have known much about any contribu-
lions which might have been made by directors OF
the National City Bank nine months or more be-
fore. President Stillman. OF the National City
Bank. said in regard to Mr.. Hepburn's letter:
The date of the letter indicates that it writ
ten few days after Mr.. Hepburn became vice
the Third National, of which he had been presi-
dent. had just been consolidated. 1t appears to
nave been personal letter, and ii is natural 10
suppose that Mr. Hepburn wrote letters of similar
tenor to great many Of his business aSquaint-
as he could to the bank with which he had Just
paign subscriptions l may say that Board Of
Directors includes prominent Republicans ana
the Republican directors may have contributed to
the Republican National campaign fund But there
National City Bank subscribed a dollar to that
fund. Mr.. Hepburn probably doesn't know Secre-
suggestion that directors had been subscribers to
the campaign fund would not have had particle
Of weight with him.
Gage dated April 8. 1899, Mr. Stillman said that he
had recollection of having sent 1t. This letter.
as published in THE World is as follows;
AS you have doubtless noticed in the press. the
money market has been quite unsettled during the
We have loaned very literally in order to allay
apprehension. but at such rates as would tend TO
force liquidation in highly speculative securities.
think this has been accomplished and the declines
winch nave taken place Will have wholesome
This uneasy feeling. however will probably not
day the 10th. on the Chicago and Alton business.
thlnK IL would tel9 10 helP InaoIerS III you b Jc
we are TO make on account OF central Facln ti
meet with your approval, and that you will ad-
wise me either tomorrow on Monday morning by
I inclose the weekly statement of the Associated
Banks of this city. Our own position tonight e.
Call loans In Wall Street of $50 O 600, ana caSh il
vaults. $S1.69S,OOO
Mr. Stillman referring to this letter. said that
the National City Bank, unlike various other
banks. had never refused to loan money on indus
trials 1t had always been willing to loan mod
rates that class of collateral than on the
denied emphaticaIly that the National City Bank
had received advance information from the
plated action.