New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-11-24
DEPOSITS FOLLOWED
LOANS TO CUMMINS
Coincidence Shown at Hyde
Trial, Despite Objections
by His Attorneys.
EIGHT BANKERS TESTIFY
Savoy Trust Official Confronted
with His Testimony Before
Grand JurJ-SiX Name
Ex- Chamberlain.

Ex- Chamberlain.
over the strenuous objections OF ex-
City Chamberlain Hyde's counsel the
prosecution introduced into the Hyue
trial Yesterday the testimony Of eight
bankers concerning the coincidence OK
loans by their institutions to William
J. Cummins and his crowd, in control
Of the Carnegie Trust Company, and
the receipt by the lending banks Of city
deposits All of these witnesses ap-
pcared reluctant to testify, and one,
who eventually proved the strongest
from the point of view Of the prosecu-
ton. ate his words on the stand when
confronted with the testimony he had
given in the spring of 1911 to the grand
jury.
Richard W. Jones jr., former vice
president Of the National Reserve. led
the procession. Next came William F..
Holloway. formerly president Of the
Hungarian-American Bank, followed
by r. Ross Appleton. former president
of the Fourteenth Street Bank; by
William A. Barber, chairman Of the
executive committee of the Guardian
Trust Company; by Willis G. Nash,
president Of the Mercantile National
Bank; Arthur Baur, secretary and
treasurer Of the Savoy Trust Com
pany: Joseph J. Bach, vice-president Of
the Public Bank, and John Alvin
Young, former president of the Wind
sor Trust Company.
With no exceptions these eight men
said that on or about the day they lent
money to Cummins or TO the Cummins
crowd or to the companies in which
they were interested they received
fresh city deposits. With only two ex-
ceptions they admitted that Cummins,
in making application for the loans,
brought up the subject Of city deposits.
Baur. the Savoy Trust man, was
the one who cOntradicted himself. 1t
was a tense moment in the courtroom.
John Kirkland Clark, the Assistant
District Attorney, had ELECTED from
him that the Savoy Trust had made on
September 9. 1910, two loans, one to
Joseph B, Reichmann, then president
OF the Carnegie Trust Company. for
$4,000, and the other to Charles Ar
thur Moore jr.. another member Of the
Cummins group. for $4,000. Both
these notes were Endorsed by Cummins,
Reichmann, Moore and Martin j. Con-
don, president Of the American Snuff
Company
Savoy Got $4,000 City Deposit.
He had also learned that the day be-
tore-september S-the Savoy Trust
Company had received $4,000 de-
post Of city money; but when he asked
the witness if Cummins, in applying
for the loans, had mentioned the sub
ject Of city funds, Baur said mo"
The witness had held two converse
tions with Cummins within few days
before the loans were made, and on
neither occasion had Cummins men
toned the subject Of city money, he
said.
See if this will refresh your recol-
lection on this point remarked Mr.
Clark, as he handed a transcript Of
grand jury minutes TO Baur.
Baur read It. and as he handed it
back observed:
There was nothing said about our
getting city deposits in return for
loans"
That's not what asked you, Mr..
Baur," said the Assistant District At
torney. II asked you II Cummins said
anything about city funds"
He only asked me what amount Of
city money we had at that time on de-
posit In the Savoy Trust Company"
Then Clark, when Justice Gof had
overruled the emphatic objection Of
Max D. steuor, Hydes lawyer, took a
hand at reading the grand jury min
utes himself. He continued
Did you not testify before the grand
jury: told him we had $4,000 Of
city money and he told me he was
very we'll acquainted with the City
Chamberlain department and he
thought that he could increase the
amount"
Il did," said the witness.
was that trus?"
1T was"
Details of Savoy Loans.