Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1911-01-07
Carnegie Trust Company
of New York Closed
by State.
SHAW ONCE ITS HEAD
One of Big Financial Institu-
tionS of Country a Victim
of High Finance.

New York, Jan. THE Carnegie
Trust company was closed this morn
ing by direction of the state superin-
tendent of banks. The capital is 81,
100000, and deposits $4,000, 900. The
institution was in serious trouble in
the panic of 1907 and has never full5
recovered. It's late president, Dickin-
son, died last year under peculiar cir
Cumstances.
SHAW WAS PRESIDENT.
The institution was organized in
1907. and after the retirement of Les
lie NJ. Shaw from the office of secre-
tary Of the treasury, he became it's
president. The name of Carnegie. as
applied TO the institution, attracted to
it a great deal of attention, but the
adoption of this name was without
Carnegie's authority or approval. II
IS understood he was not stockhold-
er and not Immediately identified with
st.
SHAW SOON OUT.
Shaws connection with the bank
ceased after few months. because of
n difference with other officers of the
institution. II is understood a year
ago the institution was in more or less
trouble growing out of tho fact one OF
its chief officers. in connection With
wellkrown banker of Wall street, had
effected a large loan from the Carne-
gle Trust company to enable him 10
buy out and consolidate with il an
other institution But this falling
through. left the Carnegie institution
with large amount of funds locked
up.
IT'S LAST STATEMENT.
The financial status of the Carnegie ,
Truss company, according to its In
statement of Nov 10, is:
Loans 81 1862 500.
Stocks and bonds investments, 81.
$4,000.
Due from trust companies, banks
and bankers, S1.517,3o0.
Cash available, s1,05S.000.
Aggregate deposits, SS,S95, zoe.
Company had capital of s1.50O.oO0.
with surplus and divided profits of
$751; 800
LIST OF OFFICERS.
Ofhcers of Carnegie Trust company
are:
President. T. Howell.
Vice Presidents-Robert L. Smith
and James r. Currau.
Secretary-Robert f. Morehead.
Assistant treasurer-W. L. Sampson.
Assistant secretary-A. E. Chandler.
The list of directors includes many
prominent in financial circles.
BROUGHT ON by ROBIN.
The viscissitudes of the Carnegie
Trust company caused numerous
changes In the directorate recently. !
The name of Carnegie Trust COM
pany was brought into the Robin
Northern bank scandal by the re-
port of the state superintendent Of /
insurance policies in relation to af- !
fairs OF the indemnity company in /
which he accused Robin OF kiting.
checks TO conceal a loan made to
himself There had been with /,
drawal OF funds from the Carnegie /
Trust almost since the time the
Robin scandal broke.
CITY MAY BE LOSER. /
New York. Jan. THE city of
New York had one deposit with the I
Carnegie trust at the close of busi-
ness yesterday. $650,000
The stock market reflected the
failure with a slight dip in prices
which just as smartly recovered I
when il was seen the suspensions
would in nowise involve the stability
of any other financial institution.
SHAW Is SURPRISED.
Philadelphia, Jan. Leslie NJ.
Shaw. former president of the Car
negie Trust company. now a resident
of this city. was surprised to learn the
company had closed. Shaw said the
company's paper was all good when he