Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-01-07
State Takes Possession
OF New York Financial
Institution.
DEPOSITS AGGREGATE
ABOUT NINE MILLIONS
Beyond Declaring Company In.
sound Superintendent Will
Make No Statement.

NEW YORK, Jan. Tho Carnegie
Trust Company. one of the largo bank
ing institutions in the city, with de-
posits OF nearly 100000. closed its
doors today by order of State superin-
tendent of Banks Cheney. The suspen-
sion hardly caused a ripple In the finan-
cial district. where ths trust company
was often reported in q zhaky con-
dition-
Superintendent Cheney IN an official
statement said an examination of the
trust company had caused him ito
conclude that 1t is in an unsound con-
dition to transact business and that IL
is not SAT for 1t to continue"
State banking officers ere now prob
ing the company's books. officials OF
the trust company have made no stats
ment and the extent OF liabilities rs ul-
known. Bankers, however, said de-
positors would be paid In full
The organisation Of the Carnegie
Trust Company In 1907 by the late
Charles C. Dickinson brings out some
interesting modern financial history.
Mr. Dickinson interested q number OF
prominent financiers In the company,
and Leslie M. Shaw, former secretary
OF the treasury, who had large bank
ing following in the West. was made
president. Through Mr.. Shaw's con-
nection the business of the company
became large.
The name of Mr.. Carnegie was used
to add strength to the undertaking. but
ME- carnegie shortly aiter inc ,ortn1-
1loii ol the COMPANY fepuo.a.eo 'ne uso
VI ms name WIN tue oon.pans'
TpiehNipsoil, .ne oreai'Nei' "ho "~s Ao'
merry n.aee DanA sAssnAils1s oe'o.-.S
VICE pissiuen. oi ene 80, a ~ :
soushe 70 olc'a.e 10 ia'so ueerce .no
tnanAseihent oh eie eoirpsy
aoout
sisheu ano a, Ia,. DcA,nson Deoao 49,
luent' Aioupios "a '"o MI
ooiipany uese.opeu - "ne. 1a. sN.,,.a
sun at.einpseo " ,oini o'iA.A "a o
WIN lne Naihesie A.us' ga.sn
,Ia. las <ron' I'1 - y o -
rus oonp1ns, .,ie s 1Jins 80,
pahh anu A"eil.n "aio we"
soosnt anu o. nf'.@'e nau se e1
cohlroi Vi 'ie an Noiuo" ooip".y
ana were ne"FiS poi'iase
VI .iie osner ooiiAs "noh .1o
panhiis uop"i 'ii1eh' po' ''0p " 'A0
present pan
Durins .he Dichihson regime .ne
carnegie Trust became in'oi'eo Win
.ho ioeN'y uuns ~
iaheu' causins iiahs oa'none in1','u
'ioiis .hrousnou. eAe oouii'iS 0oiisNeA
apie hhancial ioss.
Dickinson Resigns.
Mr.. Dickinson resigned and Joseph B.
Reicbnlann temporarily took the presi-
dency In order to effect some reforms
and eliminate certain paper held by
the institution. Mr.. Reichmann retired
several months ago and j. I. Howell
formerly president OF the Fourth Ma
tonal Bank OF NASHVILLE Tenn'' be-
came president
me CITY Oh new fork nao on ue-
posit win the Carnegie lrusl AT tne
close OF business yesterday Sooo'ooV'
Inc STOCK Market renecteo the iaii-
ure Wlth snsnt ZIP IN PRICES WHICH
just as siharuy recoVeieu "he.i l. Woo
seen that the SUSPENSION woulo IN no
wise lnVoiVe tne seapii'y oi any o'iiei
financial institution.
not long aIter Mr. DnchihsoL retroi
ne aled IN a hospitai mere. anu !. was
saiu liae- .iio eaose " I.s W.. -
the lnhaiatlon OF poisonous eases in
tne Iapora.ory VI oneiiis. Al 800 %, :.
Ton. riis oeath was So suuu.l sna1 ~
save Iise " funiois 'A@' ne '1~o eo'
lhItteo suiciue'
ihis was vigorously oenieu Wy
yves ana pheuiionia was oiiiSiahS uo
Ine Carnegie trust Conpaily occu-