New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-19
CARNEGIE MAY SEE THAT .
DEPOS|TORS ARE PAID
IronmaSter Feels That MANY
Were MisIed by Use of His
Name, It Is Said.
HOW CONSENT WAS WON
Letters That Passed Between
G. G. Dickinson and Laird
OF Skibo When Company
Was Formed.

/ certain depositors in the Carnegie
trust Company heard yesterday from
persons close to Andrew Carnegie whose
names they refused 10 divulge. that the
lronmaster would see that all depositors
In the company were paid in full. Mr.
Carnegie had finally become convinced
II was said. that a large number OF un-
/ fortunates intrusted their savings to the
institution because II bore his name. an1
although not 10 blame for the company's
debts. he has decided TO see that no one
suffers
NO confirmation Of this joyful news
could be obtained last night from Mr..
Carnegie or his advisers, or from Orion
H. Cheney. Superintendent Of Banks or
his lawyers. Mr. Cheney had heard of
no such offer on Mr.. Carnegie's part
one of the reasons why Charles H.
Hyde. the former city Chamberlain.
/ placed such large deposits OF city money
in the Carnegie Trust Company. he has
explained TO friends. was that he had re-
ceived assurances from r. A. Franks.
Andrew Carnegie's confidential man Of
business as had Superintendent Cheney
and President Howell, that the IRON
master would aid the company. Mr..
Hyde, II was learned yesterday. got wind
about this time last year that all was not
as it should be with the trust company.
He went TO his old friend. Cummins.
and said. See here. Bill what about
these unfavorable reports I have been
hearing Of your company? I've got a lot
of city money in there and don't want
10 risk it,"
That's all right. Charlie" was Cum
mins's reply. You come down to my
place in oyster Bay. I'll have Carnegie's
man, Franks. there to meet you He'll
set your mind at rest"
HYDE did go 10 Cummins's country
place. and there met Mr. Franks. with
whom he was closeted for two hours.
during all of which time the two dis
cussed nothing but Carnegie Trust af-
fairs The City Chamberlain came away
relieved in mind.
Members Of the depositors' committee
o. the Carnegie Trust Company. who also
regard Mr.. Carnegie as morally, IL not
legally. responsible for the payment OF
the cOmpGny's debts, cited yesterday the
fact that the mere use Of the iron
masters name by the trust company had
persuaded a number OF Scotchmen TO de-
posit their money there.
First Appeal to Mr.. Carnegie.
Z. G. Dickinson. founder and first
president Of the Carnegie Trust Com
pany. wrote the following letter To Mr..
Carnegie, asking him that he allow the
trust company to use his name:
S3 Fifth Avenue.
New York. August 81. 1895.
Mr. Andrew Carnegie.
SkibO Castle. Scotland.
Dear Sir: The undersigned committee
have been requested 10 write you a. fol-
lows:
There are trust companies and banks in
New York and other American cities
named after
Ex-Goy. Levi p. Morton-Morton Trust
Company.
Hon. Warner Van Norden Van Norden
Ex-Prest George Washington Washing
ton Trust Company.
Ex-Prest Abraham Lincoln-Llncoln
Trust Company.
Ex-Prest James Garfed-Garfeld Trust
Company.
Ex-Prest Thomas Jererson-JeGerso
Trust Company.
Hon Alexander Hamilton Hamilton
Trust Company.
And many others. including the Astor Ma
tional Bank. New York. the Girard Trust
Company. Philadelphia. etc.
The committee represents stockholders
organized under "A special charter Of the
state Of New York. and the supervision OF
the Department of Banks, OF a trust COM
pany with a capital and surplus OF Five
Million rs 5OOO.Cp)) Dollars 10 DO a regular
banking and trust business In the city OF
New York.
Recognizing that the name Of Carnegie"
stands for integrity. fidelity. energy and
success IL was agreed 70 name the COM
Danv the Carnegie Trust Company" Of
New York and while in the selection of
the names for the other companies above
referred 10 il has not been possible Ia OBJ
tain the consent of those after whom the
institutions have been named. and in the
others the consents have been freely given,
n asked the committee respectfully asks
YOUR consent to name its trust company
carnegie Trust Company" OF New York
The committee has learned that there il
in Pennsylvania a railroad "A station. a
national bank and trust company named
Carnegie.
hanks for the state government for MANY
Years and has been the vice e-president OF
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