New-York tribune., 1911-03-24
SPONSORS FOR BIG notes.
toptinued from hrs mage.

ming the letter he had absolutely no sus-
picion OF any irrcgularity in the Car
necie Trust COMPANY.
More Rollins correspondence came out
Yesterday. consisting Of letters 10 Super
intendent Cheney and 70 CUmmins.
Reichmann. Condor and Moore from
Jordan ]. Rollins explaining his attitude
in acting as counsel both for the Bank
ing Department and for the Cummins
syndicate and also explaining why ne
withdrew. as counsel for the latter In
April 1910. In his letter 10 Mr.. Cheney,
dated April 10. 1910. Mr.. Rollins says.
AS you have known from the outset.
7 have been devoting practically hall OF
my time since March or April. l'At 10
cleaning up the unwarranted condition
that then existed in the Carnegie Trust
COMPANY. Because Of the character OF
its management ! was unwilling TO act
as its attorney"
He goes on 10 say that he met CUM
Minis. whom he recommended so highly
to Charles H. HYDE. less than two
months before writing that letter. Inc
meeting occurred in Nashville. he adds
where he learned from trustworthy clti-
zens Of the high esteem in which the
promoter was regarded there. and that
AZ Cummins's earnest request he con-
seuted TO act as counsel for him and his
associates in advising them what shouid
he done to put the Carnegie Trust Com
pany in a proper condition
Tho agreed he writes. that he should
not he asked 70 iutercedo for them with
the i;auFinG Department and that ne
should ne at liberty 10 tell the BANKING
Superintendent whatever he learned as
a result Of his relations With them. HIS
advice 10 them. he says. was ITO exert
everv effort toward collecting the va
ricus notes and obligations held by the
COMPANY and to avoid making any loans
or advances except on readily market
able paper or securities
Says They Were Not Frank.
In his letter withdrawing as their
counsel he tells the Cummins syndicate
members the following:
7 now learn from data collected by
the Banking Department in its exam
ina,ion Of the Carnegie Trust Company
not vet concluded that the character Of
its assets X much the same as before
YOU became 90 actively Identified with
the company az its controlling and
directing officers; that conditions exist
ing in the company. vital TO proper
understa nding of its needs were not dis
closed 10 ne. although, as you knew, Il
was nv desire 10 be fully advised about
al matters. that steps and policies which
il would have been impossible for me TO
approve have been taken or adopted
without consultation Wit me or con-
trary 20 my advice. and generally that
that frank confidence which is essential
TO enable counsel 10 protect adequately
a clients interests has not been &C
corded me
II must. therefore decline longer 10
advise YOU relative 10 any matters con-
nectcd with the companies referred to
or 20 act as your counsel. II Is needless
to say that | regret the necessity Of my
taking this position. Very truly yours.
JORDAN !. ROLLINS"
The City Chamberlais said that no
record existed of any warning from Mr.
Rollins that the Carnegie Trust was no
longer fit depository for city money.
Mr. Rollinss letter 10 Superintendent
cheney has little statement appended.
signed by Cummins and Reichmann in
dorsinC the letter A. a true explanation
of the lawyers stand. The writer by
the way explains further down in the
letter that his firm represented the car
negie Trust COMPANY in the litigation
arising over tho settlement of the Phcnix
loan