The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-30
Charge, Alarming shrinkaRe.

Mr.. Richards AZ the meeting Sald uHht
nc was satisfied that apparently disas-
,rous results followed the methods en-
Moved NV those IN charge Of the l'uu-
dation since the hank suspended four
wears ago. he said, the bnvestigation
showed that tho cash on hand had been
reduced from s3i3,602.1S 10 sS6,1'7ao'
making 4 total loss Of S2i6. S2i.Ss. or an
average annual loss OF s6i.co6.2@. He
said that If this pro rata loss continued
the balance ~ tS6.TI7.9o would be wiped
cut in approximately seventeen months.
Mr. Richards said that the sum Of
SeO3.t5o had been ru' IN To protect tho
equities
He said thar last wear $4,000 was paid
out FOR repairs on r"al estate, and he
mad found that - per cent. or $4,000
nrrht he saved by asking for bids on
such work.
Mr Richards explained at Greas length
his plau for q yearly saving OF S1l,l9O
salaries including doing away with
Mr. Dpdsc's t5.0on year and a further
S5,oUo q year on taxes.
~. declared that he believed his depart
ment could mako an annual saving 10 the
derositors Of Sii,19O.
II looked for a time though Mr.
Rcha rds would have fairly comfortable
afternoon until Milton J. Gordon. president
OF the Lamont Realty Company, said
that he understood Mr.. Richards had
placed IN charge Of the affairs OF tho
Union Bank 2 Mr. Hogan Che meant
HorganD. He then proceeded to make an
attack or liorgan.
IF MIR Hogan is one ~ tho depart
mcnt' Gordon continued. you can ap-
pvecinte tho confidence I have IN the de-
partrnent. It's true Charles +. Murphy's
nephew viii give Us the same insurance
rate as Benedict & BENEDICT But what
confidence can we have IN gang OF
politicians
'Hurrah. shouted the crowd
Don't hurrah" SAID Gordon, this Is
a case Of dollars and cents
"Nrr. Richards I believe you're honest
in Your Intentions" no went on. hut |
believe YOU arc on the wrong track n
YOU want to do m" 0rn thing why not
have a committee Of d'positors 10 assist
YOU
an right" said Richards. appoint 'cm
70 work with me. I'll advice with such a
committee right along
Matthew r. Horgau then got tho floor.
He said that about thirteen Years ago his
unfortunate marriage led him to tho
divorce courts. I'm lSgS he was appointed
IN = department n Albany and ut was
supposed falsidod an account lie said
the rccurd Al Albany showed that he
didn't. bur was commended instead by his
chief for his good work. lie added "1ll
stand ON my record
Lou, n Goldstcu. Assistant District
the Banking pepar tnent in connection with
the banks liquidation. said that single
transaction could NOT he pointed out that
showed loss.
Denies nottar Wasted.
"I challenge anybody 80 show where one
dollar was wasted" ne said. Ninety pei
cent. of the money that Was ,ld out was
for contractual ohli-dtions. - YOU put Mr.
Dodge ont YOU are going 60 cripple tn,
department. ] tell YOU. Mr. Richards, W.
nave tho facts and YOU nave not.
"How about the Insurance matter? Mr.
Dodge selected Benedict g. Renedict. The.
had handled the work properly. / can
understand how any charge should III
made Thlt is unfair. Politics should no
enter the department When you APP
point Democrats because they are Demo
Gratis YOU are doing a fatal injury to IN,
State BANKING Departments in New York
You are there to protect dcposltors. not I,
give Jobs. IT'S bad principle to put Bene
dict ~ Bcucdic. out and these peopl,
tMurphy's nephew In for reasons of you
own
Mr. Richards explained that he CAV,
the Insurance work to Charles r. Murphy
Ir. because ne believed In competition
\ committee Wa appointed to act will
the dcpositor-' executive committee, bu
n fore it's subcommittee had a chanc,
70 call on Mr.. Richards, the Bank Super
lntcndcnt left the building