New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-24

Banking Department Now in
Charge of the Carnegie.
FAILED TO GET ON ITS FEET
Bic Debtor to Carnegie Trust
Business Will Go On as
Usual for a Time.

- r. Van Tuyl jr.. state Superin-
- ~ Ranks, assumed control yester-
49,, ~ the Carnegie Safe Deposit company
-, i, charge OF II George w Egbert.
go Dsrutv superintendent OF Banks.
-. h,,s,ress Of the company Will he con-
- - peual pending the completion OF
arrangements which may De mace lor
,,,,as4ion or FOR sale. Inc unsaus-
t..,o-y condition OF the company is gwen
~. s,,nerintendent Van Tuyl as the reason
for his taking It over. 40.
The Carnegie Safe Deposit company the
,,o,its and offices Of which are IN the oase-
800 n, No u5 Broadway, directly under
- oecos Of the failed Carnegie Trust
',a.,,s,, was organized In the fall OF 1905
~. me late c. c. Dickinson, at mat time
-.,.,5s,t ~ the trust company. and asso-
,.,o,ss Of his in the management OF that
,ns,I,,,tior. and opened its doors for ousl-
ness in June. 1905
r,s vaults are said 10 be the largest In
On, world and are constructed OF Harvey
ned pickeI-steel armor plate manufact-
,,~,5 nv the Bethlehem Steel Company.
The safe deposit company sub-leases its
,,-.-,ises from the Carnegie Trust Com
rsnv its ten-year lease having six years
am 10 run. as has the trust company $
ease Of the banking floor and basement.
superintendent Van Tuyl made the fol-
lowing statement yesterday regarding the
cause Of the taking over Of the safe deposit
company.
The Carnegie Safe Deposit Company $
statement 10 the Banking department
shows that the company owed on notes
S4Osq75 aud that 9S3 shares Of its stock
were carried on the books of the failed
Carnegie Trust Company as an investment
These shares were of the par value OF
800 and were carried on the Carnegie
Trust Cumpanys books at "A book value OF
aSs Nj making the total Indebtedness oil
the safe ospOsit company 20 the trust com
rany S57796. OF the Carnegie Trust Com
panv', investment 9I3 shares OF the safe
deposit company were placed with the
failed .Etna Indemnity Company IN con-
urctiUu with "a bond given 10 the state OF
New York TO guarantee the safety OF de-
posits of state funds IN the trust company
Until September 4 onc-thiTd Of the gross
receipts ut the Carnegie safe DepOsl'
Company were turned over 10 the Banking
Department 20 be applied on the indebted
ness of the company TO the failed Carnegie
Trust company. Interest is due on the
Carnegie Safe Deposit Company loan, and
for On, month OF september the company
has failed 20 turn over 10 the Banking
Department the proporuonate gross re-
ceipty which the department exacted.
The company has been given every pos
sibe opportunity 10 put the concern IN
shane satisfactory 10 the department. Not
being able 20 do so, the directors of the
safe deposit company agreed with the SUI
rarirtendent that the best interests Of the
cor7uany would be served by the depart
rrent taking possession Of its business.
The action does not in any way JeOpar-
die the rights Of the box holders as the
business of the safe deposit company is 70
b. continued IN the usual manner by the
banking Department under the direction
Of Special Deputy Superintendent Egbert.
The officers and directors Of the Car
negie safe Deposit Company, as given in
"The Directory OF Directors are. Presi-
dent. Stanley O. Dickinson. brother Of the
late Charles c.. Dickinson. vice-president and
general manager Frank D. Hearn secre-
tary and treasurer. J. J. Dickinson, jr.i
directors David Homer Bates, Liston l.
Lewis George C.. Smith, J. j. Dickinson
and the three officers named.