The Detroit times., 1911-01-07
TAKES CHARGE OF
.CARNEG|ETRUsTC0.
State Officer Closes Doors Of New
York Bank That Was Founded
In 1907.

NEW YORK, Jan. THE Carnegie
Trust Co. was closed today by State
Superintendent OF Banks Cheney.
The company was chartered in
1907 and had a paid up capital OF
$l,50O.000; surplus and undivided
profits of $737,00O, and gross deposits
OF about $S.9OO,000. j. T. Howell was
president.
o. II. Cheney head OF the state
banking department, issued the fol-
lowing statement:
The superintendent OF banks has
taken charge OF the property and
business of the Carnegie Trust Co.
The examination of the affairs OF this
company has caused the superintend-
ent to conclude that II is In an un-
sound condition TO transact business,
and that II is not safe for 1t TO con-
tinue.
The examination is not yet COM
plete and no lurther. statement can be
made at this time"
The late Charles &. Dickinson. who's
mysterious death on May "a, 1910, fol-
lowing gas poisoning while witness
ing chemical demonstration in
Scranton, Pa. has never been thor
oughly solved, was one of the prime
movers in founding the Carnegie
Trust Co, which opened for business
Jan. /, 1907. After the company had
been doing business for a few months.
Dickinson resigned in favor OF Leslie
NJ. Shaw, formerly secretary Of the
treasury. Dickinson remained as a
vice-president and virtually manager
OF the trust company Shaw held the
presidents Office only few months
and Dickinson was reelected.
Shaw's resignation was due, II Is
said to politics, Dickinson alleging
the former secretary was beset with
Bee TO become president OF the
United States"
The Carnegie Trust Co. grew under
the aggressive policy Of Dickinson.
His management, however. eventually
drew considerable criticism because
of certain unsecured loans made to
George p. Sheldon, President of the
indictment. II wah authoritatively
insignificant in amount and that the
trust company sustained no loss.
A short time before Dickinson's
mysterious death. Rudolph Kleybolte
e. Co., got an order from the court
for the examination OF Dickinson, his
brother. and Robert B. Moorehead,
secretary of the Carnegie Trust Co.,
In the matter OF a loan Of $1,000,000
r:ade to p. J. Keiran, Of the Fidelity
Funding Co, which had been put part
ly in the name OF Kleybolte & Co., Ii
was alleged, in order to avoid having
SO large loan in the name OF Keiran.
Dickinson died OF pneumonia and
kidney disease. II was said, but ii was
further declared that the contributing
cause of his death was the inhalation
OF poisonous gases in F. w. Lange's
laboratory in Scranton, Pa 1t was
said that Dickinson and others were
there witnessing the experiments OF a
chemist on non-corrosiye metal,
while other stories were that Lange
claimed to be able to make silver or
gold from baser metals. The mystery
was never cleared up, for the Scran-
ton chemists denied that any gas Dick
inson has inhaled had contributed to-
ward his death. There were reports
that Dickinson had committed suicide,
but these reports we're strenuously
denied. Some time before his death,
Dicki' son was thrown from his horse
in Central Park and his skull frac-
tured.
WASHINGTON, Jan. beyond a
slight fury, national banks will not
be affected by the closing of the Car
negie Trust Co.. according to Deputy
Comptroller OF the Currency Kane,
who stated TO-DAY that the brunt OF
the blow would probably fall on New
York state banks.
More than 1.000,00 is involved in
the closing Of the trust company, the
last report of the institution TO the
state banking department on Nov. 10,
1910, showing total assets OF $11,-
110,600.
The Carnegie Trust Co. was a mar
gin depository of the New York Cot
ton exchange, but 1t is said 1t had
not received a large percentage OF
the business OF the exchange lately.