New-York tribune., 1911-04-04
Expect Carnegie Trust Assets TO
Yield Over S. 900, 900.
AROUSE BANKING INTERESTS
Publicity Over Case Feared as
Likely to Cause Investigation
of Whole Field.

Carnegie Trust Company deposi'ors'
whose money has been tied up In the hands
~ a receiver since the failure Of the COM
many in January. had a g.immer % Aope
Yesterday from two sources which MADE II
seem possible that they would get their
money back possibly nearly in full
!, was definitely announced at the state
Ranking Department that the oher pre-
,jouslv made for the assets of the Carne-
gie Trust Company had been refused IniS
,fIer was understood TO have been $5,ocV'"J
and was said 20 have been made by me AS
sets Realization Company. II IS believe"
that the department's refusal of the ohei
was not made unless there was good rea-
son to believe that more than that amount
would be realized in some other way.
The second bright spot for the depositorS
came in the story which was circulated IN
banking circles yesterday that certain
bankers in the Clearing House Association
wore getting together with the idea OF
throwing their influence on the seventeen
hanks which hold claims against the cum
Minis group of fnanciers to persuade them
TO forego their claims at least unIl aller
one of the chief reasons for this appar-
only altrlistic move is said to be that the
banking interests generally fear to have
lie present publicity of the Carnegie trust
COMPANY case continued indefinitely ue-
cause they are afraid IT may ledG 10 leS-
islative investigation of tie hdnklhS neN
similar to the Hughes investisauon oI 'he
life insurance field. Another reason Is lI4dl
the conservative banking interests, t"oUsh
they make no professions of lnenaShlp or
admiration for Cummins. want 10 see hH'
have the opportunity To rehablhtate t'oSe
of his industrial schemes which might ID
nursed along properly. 10 long way tow
ard cancelIing the Indebtedness oi MS syn
dicate loans.
Anari from these specific reasons. u Is
AN accented fact that the publicity a;ien'-
ing the prosecution of the investigation h'o
mo tangled affairs of the Carnegie trust
crowd Is becoming more and more as
tasteful 10 the banking interests genefaiN'
and they do not consider II Sooo th'hS
FOR the business.
orion ~ Cheney. Superintendent of Banks
IS not prepared to make any statement con
cerning the attacks ON his department nor
docs he want To answer the Complains
voiced pv the Governor in an interNie" on
SUNDAY Mr Cheney feels, it is said that
the records of the Banking department
must speak for themselves and are open To
4he Governor or any one ne may appoint
for the purpose cf investigation a. any
time
The grand iury which has the Csrreaic
Trust cases i'm hand. heard Joseph g. ho"in
again Yesterday. and also Domrn'ch A"-
hattie. who is director and memoer o..
tho executive committee If the Savor Trust
company.
Robin IS said 10 nave been simply cleahnt
up the odds and ends Of his previous sto-
res to the grand jury and going over what
he knew of the relations of the carnegie
Trust Company officers with officials oi
the state banking Department
Ahbatte was reluctant witness. hut
when rc finally made up his NINA TO il he
was able 10 support the stories Of Bower
and Hemmerliug with regard to the de-
posits cf city money with the Savoy ooinci-
dent with loans by the Savoy to the cum
minis group.
Assistan, District Attorney Clarke. Who
conducted the Investigation before -
Grand Jury Yesterday i'm the absence of j-e
somethins more definite from the officials
of the Savoy Trust Company than t1e}
have testified 90 as vet The Investigation
made by Mr. Whitman before the presen
tation 10 the grand jury. it is understood.
disclosed 10 him that the Savoy ofh'id' IS
were among those who were not satisfied
with the mere promise Of Cumnins that lie
could secure city deposits through ms
friendship with City Chamberlain Pyde.
but that they had 30 be shown. and that
they were shown Conciusively that cum
mins was not hlufiins before they went
along with the arrangement for exchanging
CourteSies
II Is understood that the grand Jury VIII
hear TO-DAY stories in confirmation Of the
facts already learned concerning the loans
of the Hungarian-American Bank TO the
Cummins group.