New-York tribune., 1911-01-08

J. Cuumins with stories Of Dickinson
and his methods of doing business, and
this determined Cummins In his pur-
pose to get Dickinson out OF the trust
companv.
He had previously been trying to get
rid Of Dickinson because OF the refusal
OF several we'll known men TO go into
the company. Among them was brao-
lev Martin, jr.. and Mr.. Martin became
a member OF the board OF directors aite'
Mr.. Dickinson resigned az president IN
December. 1909. following a fall from
his horse in Central Park In OCTOBER OF
that year.
The Carnegie Trust Company was OF
eanized by Dickinson in 1905. and was
djsIjked by financial men and was III
trouble from the start The first thins
that happened was a squabble over the
name Dickinson said that he had per-
r,iesion from Mr.. Carnegie TO use MS
name for the company. Mr.. Carnegie
denied this. and then Dickinson saiu
/ chat he had named the company after
Carnegie, Penn. On August 49, leVo'
Az Carnegie wrote letter from skioo
-. =. q friend I'm this city in which
he said:
"come time ago / received a note ask
ING if I would object to the uso Oh my
,,oroe for a financial institution. wrote
A.. nreferred that It should not oe
,,sod as thought it was mistake 10
name anything after man still i''ihe'
have no interest in the trust coiii-
pany." had
I,arlv in 1907 Leslie NJ. Shaw VINO mao
,,,st left the Treasury Department oe-
oor,e president of the Carnegie irust
Cororanv and at once began cam
naign for the deposits Of country paiihs
He wrote a large number OF iel'eie -
| ba nkers throughout the country III
which he said that he had done great
deal for the country bankers as secre-
tar-v of the Treasury, and that then as
president Of large trust compah! i'
could do still more than he had been aole
To do as a government official,
LARGE Country Bank Deposits
Shaw's campaign was very successiui'
and the Carnegie Trust Comany was ai-
ways known as having large country
bank deposits. In late years specldi
effort had been made to get the deposits
of Southern banks, and the company had
heen reaching out for South American
business. Many circulars were sent 10
South American countries sohcltlhs
business there. When the doors were
closed the deposits from banks amounted
TO nearly S4O00OO0, almost halt the
total deposits Of the company.
A few months after Mr.. Shaw TOOK
office reports began to be circulated thdt
there was to be a S5O000OOO trust com
ranv consolidation with the Carnegie at
the head OF It. This plan fell through
and then in September OF 1907 Mr. Shaw
announced a plan of forming chain OF
out-of-town concerns with the Carnegie
Trust Company IN this city as the head
of the combination. The Carnegie ac-
| ouired $4,000 OF the stock of the Me-
chanics' Bank and Trust Company, OF
Knoxville. Tenn, In pursuance OF this
I plan, ana II was lDen tildN us ouN Ni ''D-
ing in the South began.
The panic OF 1907 put an end to this
plan. and only the help Of Mr.. Carnegie
saved the trust company, which was ex-
pected daily for several weeks to col.
lapse. Mr.. Shaw then came up with
new plan to gather in the depositors OF
the companies that had gone under. A
meeting was organized to be held in the
Carnegie Lyceum, but when the people
got together they acknowledged that
they did not know what they were there
for, and the meeting broke up in dis
order.
Shaw Quits Carnegie Trust,
Mr.. Shaw wound UP "a president of
the company after about a year IN Office.
and in March, 1905. Charles c. Dickin-
son again became president II was
under the incumbency of Mr.. Shaw that
the Fidelity Funding Company, Of which