New-York tribune., 1911-10-18
v. !. CUMM|NS ON TRIAL
Former Carnegie Trust Head
Accused of S14O.000 Theft.
SEVEN JURORS ARE CHOSEN
Conspiracy in Wall Street Is
Hinted at by Defence
Hyde Trial Next.

william !. Cummins. who succeeded q. g
Dickinson as the guiding spirit Of the Csr-
negie Trust Company. appeared yesterday
before Justice Davis i'm the Supreme Court
10 stand trial on the charge Of grand
larceny. Cummins is out under $4,000 BAH
following the grand jury's action last
spring in returning seven indictments
against him IN the interim he has lost
neither weight nor color from worry.
The specific charge under which he is
a last IN face jury is that OF the larceny
Of $4,000 lent in foIr checks by the Nine
tcenth Ward Bank TO take up loans secured
by stock of the Nineteenth and TWeltth
Ward banks. the object being 10 prevent
the dumping OF this collateral on the mar
ket and its consequent depression. Cum
minis ar the time was a director OF the
Nineteenth Ward Bank, and he and MS
Carnegie Trust associates we're heavy hold
or. of the stock OF both tine banks men
toned. II vas Of particular importance 70
them that this stock maintain its price.
"Bi. RHr' Cummirs ia accused. however
Of having converted the checks n the
Nineteenth Ward Bank - his own use in
spita Of an agreement that they be held
in trust bv tho Carnegie Trust Company FOR
tho release or purchase Of this stock The
records submitted 20 the grand jury last
erriu~ show tnat the cIec ks-ono for 5000,
Gravu AGAINST the National Reserve Bank.
one FOR 5000 drawn aeailste the Mercan-
tiIc National Bank, ono FOR 10000. drawn
against tho chase National Bank, and
fourth for 100000 drawn against The En-
nirc Trust Companv. ell or them payable
20 tho Carnegie Trust Compsny, were in
do~sad oyer to cummus. on the other
hand. no entry appeared on the books Of
tho trust department Of the Carnegie Trust
Conpanv showing either tho receipt Of the
money or the purchase - the stock.
YestcrdaE was devoted 10 selecting =
ur,. hut when court adjourned. shortly
after : o'clock. only seven tsle=men OF the
special panel had qualified, although seven
tv-fyo had been examined. Some OF those
rejected had been depositors in the car
ra-ic Trust or in one oc its allied banks
or I'm ono or tho two banks wrecked by
Joseph c. Robin. Others know tho de-
fendant or Max u. Steuer. his lawyer, or
District Atorrcv Whitman too well. Stil
others said they hId decided opinions con
cernine tire innocence or guilt OF the for
NOR banker. one Young man rrolessed
friendship for lI g. Dawson. Of j. p.
Morgan & 60. SO he would not do
II appeared from tho conversation be-
tu.o,r NJ Steuor md .ho talesmau on this
point that the defence would attempt 70
prove "A conspiracy of older Wall Street in
forests against tho g Jmmius clique 70 force
them ont oc banking. cummins's friends
have pointed out before that tho threat TO
dump the stock Of the Twelfth and Nine
tenth Ward BANKS ON the market was
merely move iu what thcv called the
general campaign 10 en1bsrrass him.
The names OF the seven jurors chosen so
fer are:
Estev T. Dayton. manufacture of fling
cabinets. so. 81 Edgecombe avenue:
Edward Adams salesman No. III West
10th street
!. Holmes Butler women's suits. Hotel
Caleb r. Hunt. advertising. 30. 81 West
~ WillIam sherwood. ro1ror. 80. ioel THIRD
% -. r. Kav. plaster 80 co7 West s7th
street
stuart g. AlEcr. granite 40. -"' Nert
afh street
C,.mmins came % New York from Nash
vile in 1908. and bought some OF G. 9.
DicI;inson's stock in the Carnegie Trust
Comqanv. getting his friends 20 buy more
OF IT, lie wanted TO finance several com
panv promotions through ownership OF the
Carnegie Trust Company. But that institl-
ton. already burdened with bad risks IN
herited from the Dickinson regime. SagSei
under the strain. Twice Andrew Carnegie
TO safeguard his name. came 10 its rescue
but n nnally collapsed January !. 1911
out az its failure grew Cummins's in
dlctments the indictment aud conviction
o. Joseph =. Reichmann, it, former rlesi-
dent FOR signing false statement ~ It's
condition TO the Banking Department ana
,be Indictment of Charles II. Hyde. for
merry CITY Chamberlain who is charged
with using his power over city deposits tO
get loans for Cummins. The Hyde trial Is
f.Il.u- lnuI Of l-IlmrLlina