The evening world., 1911-04-11
Five Advisory Bankers Find
Complications to Prevent
Proposed O. Per Cent.
ONLY HALF FOR A N
Banks Want to Sell Plat
Works to Pump Trust to
Satisfy Claims.

developments or the greatest Interest
20 deposltors IN the Carnegie Trust Com
pany will proceed from a meeting in
progress this afternoon at which Ave OF
the leading bankers OF the city are In
attendance. These bankers are Presi-
dent James N. Wallace OF the Central
Trust Company, President Walter Il.
Frew of the Corn Exchange Bank,
President A. II. Wiggin OF the Chase
National Bank, President C. ii. Kelsey
Of the Title Guarantee and Trust Com
pany. and Vice-President J. r. Talbert
OF the National City Bank.
The fate OF the depositors with re-
gard to what they may recover prac-
tically rests with these Ave bankers,
who are giving their valuable time to
consideration Of tho tangled affairs of
the Carnegie Trust Company. They met
for the first time yesterday in secret
session and probably will think they are
In secret session to-day until they see
The Evening World.
Cheney Asked Advice.
Information as to their activities
leaked from the State Banking Depart
ment. II appears that Superintendent
Of Banks Cheney has been unable to
satisfy himself as to the offer OF the
Assets Realization Company for the
assets of the Carnegie Trust Company.
In order to settle whether this Is an
adequate offer and for the best interests
OF the depositors, he called upon the
Ave bankers mentioned above for ad-
vice.
The Carnegie Trust Company owes
depositors approximately s7,sOO,c 600. II
the offer Of 100000 for the assets Is
accepted. the depositors. on paper.
would be entitled to a return of about
SO per cent. But the committee of five
bankers has discovered that there are
obstacles In the way OF a settlement on
this basis.
In the first place. $500, 900 Of the de-
posts are preferred. The depositors
OF this sum must be paid in full. Sec
ondly, deposltors OF an amount approx
mating $4,000 o " the ank about that
amount. 50 they are already squared
off on the basis of 100 per cent.
The best the bankers can figure out is
a return OF about IS per cent. to de-
posters. except preferred and debtors,
under the most favorable circumstances.
Some OF them are of the opinion that
the general run OF deposltors will be
lucky to get back 80 per cent. OF their
money. The stockholders will get back
nothing.
To Protect Depositors.
Certain of the depositors have formed
committees for the purpose OF protect
Ing their interests. John Il. Bland of
Baltimore. President OF the United
states Fidelity and Guarantee Company.
is chairman OF "A deposltors' committee
and he appeared at the meeting of the
ankers yesterday with some advice
and suggestions.
The task of getting the assets into
shape for realization Is complicated by
the claims of II against the securi-
ties OF various enterprises put up by
the Cummins group of nnanciers for
loans. a dozen New York banks let
Cummins and his associates have large
sums of none on security based on
the Platt Iron Works of Dayton, o.
Want Plat Iron Works.
President Krech OF the Equitable
Trust Company, Bradley Martin OF the
Nineteenth Ward Bank. and sullivan
" IIOIlW Ell, CbAlAsti 1OA AAN bipbp VI
banks holding Plat Iron Works Sc
curitles, have been trying to get Supt
Cheney to sign a liquidating agree
ment which could premit them to take
over the Plat Iron Works.
II IL reported in the financial district
that II the banks get the Plat Iron
Works. they will sell the concern to the
International Pump Company for a sun
which viii about pay off their claims
The Plat Iron Works has been hghtinl
the International Pump Company or tn,
Pump Trust.
The Supreme Court Grand Jury re-
sumed it's investigation into Carnegie
Trust Company AFFAIRS this afternoon
Joseph j. Bach, cashier OF the Public
Bank. l.. c. Haynes, vice president anC
secretary OF the Guardian Trust Com
pam and Charles w. iAecks, a director
/, OF the Liberty National Bank, wer,
{ I among the witnesses summoned TO ex
plain the connection " loanl
made by their institutions to the Cum
, minis group and deposits made witt
/ their Institutions by City Chamberlain
Hyla.