The evening world., 1911-02-03

<tIIGN 80
age. and with his fixed determination
to remain out Of business. came to get
possesson OF these two Industrial cor
poraticns. reflects credit upon Mr..
Cumnins as n plcader, promoter and
tradeta The way "A close friend OF
Mr.. carnegie put IL: "Cummlns simply
hypnotIzed the great advocate Of
peace"
There Is said to DE no doubt that
the members of the Cummins syndicate J
were deluded by The late C. G.
Dickinson, the founder Of the Car ,
negle Trust Company, Starting with
the ownership OF a few shares Of
the trust company, sold to them at
sl5 n share. following a wash sale OF
the stock made for their especial bene-
ft. these men were clcvcrly drawn
further and further into the affairs OF
the company unit! there was no escape
for them. pluckily they appear to have
staked their aggregite wealth in a
determined effort to rescue the institu-
ton from the odlum OF a former
regime.
SbiliIUlHo WduC u TIuHNC
In Justice to the associates of Mr..
Cummlhs 1t must be stated that had
their case not been "A good one 1t never
would have received the consideration
of Andrew Carnegie. Mr.. Cummins had
less to lose than his associates. for 1t
Is generally recognized In the financial
district that following the panic OF
1907 he came North with the avowed
| infpntIpn nf attaining hunkfnp gpnnap=
lions for institutions which he had
left behind In the South. The others
relied entirely upon his jurgment. his
wonderful optimism and his ability to
wriggle out OF a tight corner.
W were caught like rats In a trap"
said u member OF the syndicate to an
Evening World reporter to-day. Upon
our heads fell the animus Of the entire
banking interests of the city. which
had been arrayed against Mr.. Dickinson
because of his business methods In
which we had no part. Fools we may
ha we been, but never did we have any
Intention OF wrongdoins, and our coun-
sci has assured US that there Is nothing
we have done for which We may be
ashamed when all the facts are known"
So far as the state Banking Depart
ment has been able to learn the wealth
OF the members OF the Cummlns syn
| wv 1 niN btfll ~ ~ lllillhlN
In the stock of institutions ioaded with
the weight OF others. To keep these
Institutions running in conformity with
the law both Superintendent of Banks
Cheney and his predecessor, Clark
Williams. we're forced to impose con-
ditions which doubtless seemed hard to
the new owners of those institutions.
But the banking authorities absolutely
deny having any intention Of bringing
- -.A- - IT, WElA
now appear to be the sufferers.
Engaged csrnegie's OBLIGATION"
This Is the situation which was pre-
scented to Mr.. Carnegie In the fall OF
1900 Mt a conference In his Fifth AVENUE
mansion, at whloh were present Messrs,
Williams and Cheney, with their coun-
sci, Jordan Rollins. representing the
state Banking Department, and Mr..
'umnins, acting as spokesman for his
friends. II was pointed out by Mr..
Iummins that Mr.. Carnegie had a
moral obligation In the matter, mas
much AS he had permitted the institu-
ton bearing his name to run. ana In 20
doing he had f. directly allowed a de-
ception upon honest men who had
} bought the stock In the belief that he
r had approved tho use Of his name.
1t va also called to Mr.. Carnegie.
attention that he had previously com,
to the assistance of the Institution, ant
that the presence on the Board o
Directors OF Mcssrs. Bates n Chandler
two veteran telcgraphers once assocla
= ted with Mr.. Carnegie, had lent colo
] to the representations OF Mr.. Dickinson
= who had read at the directors meet
ing a supposedly genuine letter from
y, Mr., Carnegie authorizing the use 0
= his name for the trust company.
Mr.. Carnegie at once recognized tn
claims OF Mr., Cummlns's argument. II
d admitted that the members ~ the Cum
= Minis syndicate had no means Of kno
O ing that Mcssrs. Bates and Chandlr
h had gone on the board simply bccaus
they saw MIR. Caruosio's picture hans
Ing over Mr.. Dickinsou's desk.
"You appear % need 4 banker at tn
4 head OF your Institution said Nj
Carnegie to Mr.. Cummins, "Contrar
@ to all precedent, J shall help YOU"
: Carnegie Pissed on President.
Mr.. Cummins and his friend, ais
showed Mt. Carnegie how they had pu
tNplr hands in their pockets and pal
or obligations created hy former nd
"A minis.r1t.oiIs, This was admitted b
the officials OF the state EarlAng Dc
II partmeut, and Mr., CARNEGIE hec1nc s
lntcrcoted In aiding the Gentlemen WI
; were attemDt!ug 10 resl.gitato the ca,
nNEat llAFA NkHiHF"hf| .''' fM
t. O pass upon their seleetlon FOR a ne
'' president,
r. President \. s, Frlssell OF two Fifl
n, Avenue Bank was selected by NJ. CO
ner.r as his representative, TO who
A the Cummirs peop'e should suhnI
:, thor candidate. Three names we
- sent to Mr, Frissell All were report
r by him as first class bankers, but ON
or one was in a position to sever D
lie connection. This man was Preside
NJ. J. II. Howell Of the Fourth Nation
Rank of Nashville. whose name h.
Al been suggested by Mr.. Cumm,ns pc
49, sonally.
Here Is a brief note written by N
NJ, Carnegie early in 1910, Immediately pr
ID. t. his sailing Cor Scotland:
A. | think Mr.. Howell viii do. IL
bs appears to be the one available man
u ANDREW CARNEGIE.
Under these auspices Mr., Howell ca,
North and became the new preside
oil l 49, 49,. 80 -.