New-York tribune., 1911-01-08

! States steel bonds was paid off in the
| regular course of the business of the
| company.
we had about 40 per cent OF quick
assets in the bank, and We could have
realized on them and come through the
storm, II time had been allowed US"
| "If that was the case. why didn't YOU
make use of these quick assets?" Mr..
Lewis was asked
why" he said. "the whole thing came
SO suddenly that there was no time"
But you knew that the banking De-
partment was making an examination.
Was not that a sufficient warning?"
! NO" Mr. Lewis said. The -un or
the bank was Of only three or four days
duration, and we did not think our doors
were going 10 be closed just because the
Banking Department wanted to look
over our books"
Mr.. Lewis was asked the general nat
ure of the assets Of the company.
Expects to Pay Dcpostors.
Quite a number Of our assets are
slow" he said, but IN the course ot
time all OF them will be liquidated, and
the depositors will get all their money
and the stockholders will get a large
proportion Of their holdings-nearly
ALL"
How about the loan to Robin" was
asked, "and the security that he put up
for his note?"
Robin tried three times Mr.. Lewis
said, ito get loan OF $4,000 from US.
We refused him twice but the third
time he put up securities that were sat-
isfactory. They covered the amount Of
the note fully"
Were the securities bonds or stocks
of his own companies?" was asked
There was a draft on the Atlantic
National Bank of Providence" Mr..
Lewis said What the other securities
were I do not care TO say. ! will say
only that they were perfectly good
Ex-Judge William A. Keener. one ot
the directors and until recently associ.
ated with Mr.. Lewis as counsel OF the
company, said yesterday:
THE company was solvent. There
we're no discrepancies or the books.
There were 40 per cent of quick assets
which would have met all demands.
cannot see any reason for closing the
doors"
DO you think the action 90 the state
Ranking Department was hasty. he
was asked.
"I am a lawyer and not Il financier,-
Judge Keener replied
No Aid from Other Banks.
,Other banks and trust companies ala
not offer TO come to the aid OF the
Carnegie company. however, though the
fact that the run was in progress had
been known for several days. Inc
weekly bank statement yesterday
showed a gain OF SlO,SOO,0o0 in actual
cash on hand and a gain OF Sl2,ooo.0U
in surplus reserve, while there was DE-
crease IN loans of S22,OOOOOo. When
the president of one of the large banks
was asked why the Carnegie company
was not helped when the bank STATE
ment showed this condition, he said:
"A farmer picks bad apple out OF
barrel 20 save the others
In another quarter II was said that
from four 10 six more banks ana truS
companies would probably close their
doors within the next two years. Here
the trouble OF the Carnegie company ana
the danger that confronted the other IN
stitutions were laid in large part 10
jealousy. II was said that the old ana
conservative institutions in the nnanciai
y district resented the coming into ther
field of a new set OF men from the
South and West. and that there was =
determined spirit to weed them out
Still arother bank president said;
"Why should bank vrecker Ike
Robin be allowed TO come down here ana
take our going and conservative ousi'
ness and play tricks With it?'
The second time that report credited
Mr. Carnegie with going TO the help OF
the institution that bore his name vas
when the Columbus g. Hocking pool
collapsed in January. 1910. II vas SAID