New-York tribune., 1911-02-18
ANOTHER CARNEGIE SUIT
.a;,ors Sue to Wind Up the
s,sS tennessee Packing Company
WOULD HASTEN SETTLEMENT 7
.a;an Trust Men Apparently
Sus s;,od of Waiting Develop
ments in New York.
n.,.rr.nh to The Tribune. ]

NE Tenn. Feb. Is.-An Involuntary
Nsh'" bankruptcy was filed in the
Ttaon -..,as District Court here to-day
rn'ec tennessee Packing and Stock
'sainS' co,,nany by J. b. Casey, II. b.
s.,u and John j. ilefneS' al q NeN
S-s'' vessrs. Casey and Tierney set up
Iaa - $500 each and MI Russell sets
claim Of $500. ., =, us., .or,
lns the company preferred as credi-
rih' S-ol companies having claims and
- .,r,rnitted acts Of bankruptcy.
sEsH threatened 10 break down the
OS0.' ,oom at The Duncan Hotel before
90 ). !. could be had on William j. Cum
ss'N had Of the concern, J. B. Reich
r1s here also. Both were officials Of
ss'r s.ess carnegie Trust Company OF New
NeA ,nanv is part of the Cummins in
l 4, NASHVILLE ana is capitalized at
Hs.' The directors are w. J. Cum
H. Kress. c. A. Moore jr., j. B.
..srann. Mardn J. Condon' Jordan
-, Henry Livingston Harry Ander-
.,s ]. A. HaTSinson.
.ls,t,on 10 the packing plant at Tenth
- and Harrison street. the company
,,srated the stockyards formerly
the Union stock Yards. and also a
risrt and an fee manufacturing plant.
Cummins stated that tho filing OF
o.ti,iop would in no way interfere with
0osrsticn Of The Tennessee Packing
s,ockvsrds plant John Cummins, his
- stated that the action was the re-
- ,,friendlv interests I'm New York.
,s., the Tennessee Packing and stock
= company had until March IA 10 an
~. bin and that it would be an
sgea
"a .,,b knocking man down" he said,
-, ,hey want O. kick him after they get
- sown They have started 10 kick the
,,o,s ere this time however"
an, u Tierney. n. 3. Russell and J. b.
| c,s,y are connected with the Guardian
r,us, Company. of NO. l7e Broadway,
vs,s holds a note of the Tennessee Pack
y, Company for $1,000 The Tennessee
ps,krg Company Is controlled by William
cgunins. Martin J. Condor and Joseph
wesmann. directors Of the failed Car
,,,s Trust Company. They also control
n, patt Iron Works. Of Dayton. Ohio.
Al tbe time Of tne failure Of the Carnegie
7,ust Company, Cgmmins, Condor and
ge,hnann had built up an extensive
rssme Of financial speculation, all sup
pre5 by the Carnegie Trust Company.
Tssy had brought in with them Charles y.
| Yeors. jr.. and they We're the owners Of
u Madison Trust Company and the
Tvelfth and Nineteenth Ward banks, as
rsl a. the Carnegie company. TO all of
csse institutions they owed large sums of
rsney and they were heavily Indebted to
laarew Carnegie who held as security for
Is loans a large stock interest in both the
Fshnessee Packing Company and the Platt
| Len Works They had their paper also in
esyer other state and national banks and
ilgst companies so that their liabilities
outside Of the delts of the Madison Trust
! Company and the Nineteenth and Twelfth
! Ward banks we're estimated at $4.O0O.O0O.
WTn tAs Cnegie Trust Company failed
he IaaiOn Trus, conuarv and the Nine
.snt Ward snd Twelfth Ward bank, were
Ikea away from the combination and the
mole speculative scheme collapsed. The
Aer b9Bkt sud trust companies at once
.snsndee payment OF their loans. William
Sason Cromwell was brought into the al
ar a. attorney for Charles a. Moore, jr,
gt 10 save Moore became attorney, as
vel for most OF the banking Institutions.
"a Ms efforts "a save his clients he tried
% form a committee OF the creditors OF
ne combination 20 take over the manage
nsnt Of the Tennessee Packing Company
M their other properties, but the New
iaIS creditors refused the undertaking,
Ga sne Southern creditors were called
.'on As recently as Wednesday d COM
I,ies Of creditors was engaged il apprais
ns l.s value Of the plant of the Tennessee
Fstsng Companv
ne New York creditors in the mean time
ave become impatient. and the action OF
@s Guardian Trust Company is believed
+" g TIE frst move In an attempt TO wind
y ne affairs Of Cummins Condor q Reich
SAaA The result for the stockholders OF
as laTnegie Trust Company Of the li1uida-
80 o. that institution will depend in =
zise measure oa the settlement Of The
siai's Of Cgmmins, Condon & Eeichmarn.
ilfI debts 10 the Carnegie company are
~s' and they are not paid II Is like
~ be Necessary % assess the stockhold-
q N order 10 pav the creditors.
fiatE L. Croker. OF the firm of Croker
~sS & Wickes attorneys for W. J. Cum
~N said last ngut that, though he had
sag nothing before Of the action Of Tier
~ Russell and Casey he assumed that
vas part Of "a general scheme 70 reor-
s1lz- all the companies affected by the
7'sni failure of the Carnegie Trust Com
''! he stated that the Southern banks
-.l bed the Vaner Of the Tennessee
sAhs Company had representatives, II
'ssn'Ile about q week ago. he believed
~s thoroughly over the situation, anc
supposed that they had decided that this
@ ne easiest method Of setting matters
1sht
vas possible. he added. that two or
| ne small creditors might have got tired
'~ung for The New York end 10 be set
w and have taken this course TO get
~ money back But in such a case, ht
me action would undoubtedly be dis
-1sso TIE only reasonable thing TO sup
vas thar a thorough reorganizatior