Newspapers / The Charlotte Observer (Charlotte, … / Oct. 18, 1911, edition 1 / Page 6
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Tml Of Cumminb Mmks Ciisis Of a Spectacular Careei New York, Oct. 17.—0ne of th« Host spectacular careers in American An&nclal annals, comes to its crisis to day when William J. Cummins, “master mind” of the Carnegie Trust Company, now defunct, goes on trial before the criminal division Of the New York state iupr«me court charged with grand larceny of |140,000, misappropriated, it is alleged, from the funds of the institution. The trial is one of eleven counts found against him In the indictment of the grand Jury on March 21, the total alleged de falcations amounting to. $350,000. The entire banking world is watch ing for the developments of the trial, which may be vital and far-reaching.in their results. Not since the trial of Charles W. :Morse Jiave financial cir cles been so enwrapped In excitement. A political upheaval in the state is one pcBsIbllity that may result from the expected revelations. The star witness for the prosecution is Joseph G. Robin, former head of the wrecked Washington Savings Bank and Northern Bank, v.-ho was convicted for his “skyrocket” schemes and is awaiting sentence. Following the verdict of “guilty” last spring. Robin decided to turn state’s evi dence and testify In the trial of Cum mins and cf former City Chamberlain Charles H. Hyde, who is under Indict ment for alleged criminal action in depositing New York city funds with the Carnegie Trust, when he was al leged to know of its unsound condi tion. Robin’s banks had extensive dealings with the other company, and he has said that his testimony will dis close conditions unparalleled in re cords of “hish finance.” Joseph B. Relchmann, president of the Carnegie Trust Company until •hortly before It was closed on Jan uary 7 of this year, who is now un der five months’ sentence for violation Df the banking laws in connection with the Carnegie Trust’s operations, alio is expected to prove an impor tant witness for the state. He Is out on bond pending his appeal to the ap pellate division of the supreme court. Relchmann declares he was merely a tcol in the hands of Cummins, who he lays, controlled the institution and all .ts big dealings with an iron will. Cummins will be represented in court tomorrow by some of the fc^e- OQOEt legal talent of the state, led b> Max D. Steuer, a brilliant pleader and criminal lav.yer. Arrayed against thtm •c'-ill be District Attorney Whit man and a corps of special assistants, who have been working on the case for months hunting down evidence and prep ring it for presentation. Tiic n'axlmum penalty in case con viction results is ten years in the pen itentiary. The Ccmegle Trust Company, in which Cummins made his last opera tlons prcduced sensations from the day it was founded by the late Charles C. Dichinsun, former state bank ex aminer. It attracted public attention first through its dispute with Andrew Carnegie over the use of his name. Mr. Carnegie at first objected to hav ing the InEtituticn named after him, and even went so far as to consult law yers and authorities in Washlni^on with a view to compelling the founder to rechristen it. Failing In that after it had been alleged that the name had been taken from a town in Penn sylvania and not from him, he toler ated the Institution, and, after Charles M. Schwab, one of his friends, had been induced to become a director of it, he became quite friendly to it. Leslie M. Shaw, former secretary of the treasury, was made president of the institution Immediately after he left the cabinet. It was during his regime that the company became con nected with P. J. Kieran of Fidelity Funding Company fame. Kieran made dupes of almost every Catholic Church and religious order of that church In the United States, and when the ex plosion came, the trust company had to carry more than $500,000 of his se curities. Dickinson, who owned the stock con tered him by making him director of the Carnegie Trust Company. Cum mins soon after this came back to New York. About this time, the Van Nordens, who owned control in the Van Nor- den Trust Company and the Nine teenth Ward and Twelfth Ward Banks, desired to retire from the banking field. They offered their stock to a syndicate of the Empire Trust Com pany directors. While the latter were dickering over the price, Dickinson and Cummins heard of the proposed deal and snapped up the stock, as they said, right under the noseses Of the Empire Trust people. Then they announced their plan to merge the four institutions, but the" state banking department, then under the superintendence of Clark Williams, opposed them on the ground, as al leged, that the law would not permit the merging of banks and trust com panies. The real reason, however. It was said, was something entirely dif ferent. Cummins in trying to learn the secret, discovered, it was said, that the real trouble was caused, by the personnel of the management. Cummins promised to bring about a change diplomatically,. and soon thereafter Mr. Dickinson, who had been severely injured by a fall from his horse in Central Park, retired. Joseph B. Reichmsn, the young head of the National Starch Ccanpany, gen erally regarded as a Standard Oil af fair, was selected by Cummins as the fitting president for the Carnegie Trust company. Although in delicate health, he accepted the post. The first trouble the company ex* perienced under the Relchmann reg ime came in connection with a loan the company had made through a bro ker to a man who turned out to be an ex-convict. The broker and his principal quarreled, with the result that the latter rushed to the district attorney’s office and said that he had been defrauded out of $400,000 In bonds. This was distorted Into the report that $400,000 worth of bonds had been stolen from tlie vaults of the Carnegie Trust Company. The name of the institution was linked with the crash in the Columbus Hocking Coal and Iron Company stock pool, which had been under the man agement of James R. Keene, and a run on the insttution was the outcome. Subseuently President Sheldon of the Phoenix Pire Insurance Company was exposed as an embezzler, as a result of stock market gambling, and some of the securities belonging to the com pany which he had pledged, were found in the Carnegie. That started another run. Meanwhile a messenger boy had sto len a registered package containing $30,000 and had eloped with a Jersey City girl. This brought more unpleas ant notoriety on the company. The boy was not prosecuted, however. He is the nephew of a well known New York politician. Finally Relchmann resigned as pres ident and was succeeded by James Howell, of Cummin’s Fourth National Bank in Nashville. The selection of Howell was approved by Carnegie, whose attitude toward the institution had changed so much that he had help ed it on the occasion when it had been hard pressed by the runs cause by the rarious unexpected happenings. This help had been extended at the reuest of Mr. Schwab and consisted of the loan of more than $2,000,000 of United Stages Steel Company bonds. Finally be became tired of aiding the concern and, on the night of the crash, when appealed to once more for assistance, declined to extend it on the advice of banker friends. Cummins himself spent all that night, January 7, in the house of May or Gaynor, pleading with him in the absence of City Chamberlain Hyde to direct the latter’s depty to put $500,> 000 more of the city’s money on de posit with the' institution for twenty four hours. The mayor declined to Interfere and the next morning the state banking department descended trol la the institution, then broke with j on the institution and closed its doors Bhaw. The latter sold his holdings j forever. Then it was found that the and retired from the presidency, 1 company at one time had $1,000,000 of which was rescued by Dickinson who set about seeking the business of country banks and sold much of the *t' k to small bankers all over the United States but principally in the southwest. Cummins, who has since been so much in the public eye, then a commission merchant in Nashville, Tenn., and interested in the Fourth National Bank of that city, was one of the men to whom Dickinson sold some stock. Dickinson learned that Cummins was associated with the Cudahys and other men of money, flat- whether in businew or social Ufe depend* ^oet hertth. Would you dominate instead of walking in the ruck? As whStaan wya "Do you not see how it would serve to have eyes, blood, complexion clean and sweet, to have such a body and soul that when you enter a crowf of desire and command enters with ym and one is your persooality?** Have Eyes, Blood and Complexion Clean and Sweet ••IBP STATeaiEIITS PROM RBUABLB pCOPLBt 1 h»T* tuflem} an iny life with my e?®#* Snce talcinE Milam I can- rei« prat uid do enMB^iatiy ^ a|i atmosphere ' impressed with How to Milam has given me a grMta^^e cleared and softened my skw. H.W. Lay don. wray, N. C. Milam nas iwtored my tiaht almost «!► tiraly. ^uae. W. E. Grin(*t. Secy, and irea®. Westbrooks Elevator Co.. Danvtlle. Va. Milan cured me cf eczema after I had suffered witti it 26 years and despaired of relief. C H. wmiai», salesman fox Ouett, Peabody A: Co., Troy, N. Y. without. F. D. No. at from trM summer readful akin disei^ ■■ ' until! I auffer^ wjth a crca— om which 1 tewd get no relirf until kdMilvn. Thia to t&e first .Spring and r I have AU.«ROOT fob HIBREN,**' I HUWaBY WIFE BR^AKK* Prin^^o. Oct.' X8.-^Wlth the elec- tlbn of a president for Princeton Uni* ®***aahe» Store Front of Husband Who veralty for Thursday, and with the . Give* Family %2 a WeeK rooting hard for Dr. John Orldr Hlbben,. professor of logic, the commit tee choa»n to select a president was tight as a dam today about its proba ble action. Thli, too, despite the {aot that Dr. Hibben la gen^Uy believed to have'the call on other candidates Norfolk, Va., Oct. 18.—Because bet husband gave her mily $2 a week to providfifdr herself and four children Rosa Rossen here briAe almost the entire front of Louia Ro^seh’s tailoring establishment id libertir street. Rosseu ordered his wife out of hip and that be is the choice of when she demanded more money the alunmi, faculty atudents. chlldrifti. 8h« w*M|t. member would discuss reached the street 8h6 Dr. Hibben, it is known that there is the plate glass window* with opposItioB to him in the committee. | and took particul^ pain* to The fact that otlwr men have b^n gmash that part of the^lass where the considered is well known. They are Dr. i Rossen appeared in gold let- H. A. Garfi61^, of Williams; Dr. John woman, whose bands wefd Finley, of City College, and Professor lacerated, told the police her buS- Henry Fairfield Osborn, of the Museum! had ndt been providing for his of Natural History. [ fAmily. “I can’t buy enough food for children to eat for a» whole week with $2,” she said. It will cost Rossen many timed $2 to repair the damage to his glasS, Safe. The Joker. ^ . In the station resturant, the ham sandwiches were pilled u£)on the end of the counter when the 11:30 pulled in. The passenfters had t^n mminuets to get a lunch, and the short, fat man realized this as he rushed in and called tor a ham sandwich. The wait- ter picked up one of the buns and in three Mbs WinxriftedPoatoo.731 PattcrscmAvai. have Roanoke, Va. NOT LOOK, FEEL and BE at Your B«st7 ^^ymrdruetittM^boHie* «f MilKm on on money badt if not bctt^ftisd. *‘You’d better fumigate these biUs before you go home. They may be covered with microbe*," said tie slid it "'half way dawn the counter to * druggist one Saturday evening, as be the hungry one. When the short fol- handed a few faded, worn and soiled low looked uj> and saw th^re was no silver certificates to his clerk. * ham between the bun he slid it back ; “No danger from that source,” re- up the counter at the same time ex- ’ sponded the latter, “a microbe plaining. “Deal these over again could not live on a drug clerk’s Sal- waiter, I got the ^oker.” J ary.” Painful Operation Saved —By— Thies’ Salve I " Ci Mr. A. Thies: It gives me l>l^ure to inform you that great wife’s breast was radically cured by the of your Salve, in the short time of days. Her sufferings, which seem^rt to be unbearable, were allayed aft^r the first application of a plaster thA high infiammatton disappeared ranidiv and a complete cure followed in suph an incredible short time. I am the more thankful to you as my physician thought an amputation of the breast the only salvation. I can not recom mend your salve strong enough to bii Similarly afflicted. Yours very truly, ED SUTTON Stoaehill, Ala. 25 Cents ALL DRUGGISTS. That's Different. “I don’t believe in luck,” said the optimist. “Then how do you count for the success of other people?” asked tho pessimist. •s ‘The Winninfl Widow” Coming. A musical and harmonious treat is apparently in store for the patrons of the Academy of Music Friday miftinee and night w^hen Max Spiegal’s latest musical comedy “The Winning Widow” will be presented. This is the w^ork of Frank Kennedy, Will Heelan and Sejrmour Furth and “The Winning Widow” was written expressly for the purpose of giving ample away and scope to the unique talents of Perle Barti, Joe M. Fields and Geo. B. Scan lon. These clever players are known from one end of the country to the other through their clever ^ork in musical comedies. Max Spiegel has sur» rounded Miss Barti and Messrs. Fields and Scnion with the best company that mMiey could procure. The chorus t ICF IHE t LHW > >X in “The Winning Widow** has been pronounced by critics to be the cham pion collection of as pretty and talent ed young women ae was ever seen in a musical comedy. Besides countless features and novelties there are twenty musical numbers. Seats are now on sale at Hawley**. the city’s mcmey on deposit, and at the time of the failure the balance due the city was $650,000. The money had been deposited by City Chamberlain Hyde. Ibstead of calling loans when in position of stress, the bank had ob> tained the city deposits. During that time Cummins was spreading out in every direction. He bought the Platt Iron Works, financed the Tennessee Packing Company and a Mexican smelter. In the west be lent money to lumber concerns and o^er enterprises and he also financed pro Jects of various sorts in the east. Many of these were of fantastic nature, most of them lost money and, as a result, the Carnegie Trust Company, which bore the brunt of the operations, fin ally went under. Shortly after the ckislng of the Trust Company’s doors, the States Su perintendent of Banking Orion H. Ch#- It is the duty of every expectant removed from office and la- mother to prepare her system for theChamberlain Hyde resigned. ccminff of her little one; to avoid as far as possible the suffering of such occasions, and endeavor to pass through the crisis with her health and strength unimpaired. This she may do through the use of Mother’s Friend, a remedy that has been so long in nse, and accomplished so much good, that it is in no sense an experiment, but a preparation which always produces the bwt results. It is for ezernal application and so pen etrating in its nature as to thoroughly lubricate every muscle, nerve and ten don involved durin|f the period before baby comes. It aids nature by ex panding the skin and tissues, relieves tenderness and soreness, and perfectly prepares the system for natural and iste motherho^. Mother's Friend has been tised and endorsed by thou- lands of mothers, and its nse will prive a comfort and a benefit to any woman in need of such a remedy. Mother’s Friend is sold at drug alom. Write for book for expectant mo^h- trt« which con- 'tJttSS much valuable information. ^FRIEIDlf It is believed likely that both will tes tify &t the trial of Cummins. RISKS JAIL TO VISIT JAIL. Detectlvc Nabs Young N!an Accused of Forging Cheeks. Atlantic City, Oct. 18.—Sought by the local police since last April, when he is accused of bavins cash ed two fbrged checks, Harry Mur phy has been arieted by Detective Bamshaw a tew ntomenis aher he had left the home of a young wo man acquaintance. The checks bore the signatures of Charles Spencer and Walter B. Thompson, and were cashed by Mendel Kesduner, of Ne. 2321 Atlantic avenue. Murphy left the city immediately afterward, but is sal dto have retnm* ed at varions times to see the young woman, with whom he had become infatuated, and Bamshaw has kept a close watch on tlM house. Blessed is the lawyer, for while Abe family scrai^etti over the inher itance, he merrttr speCkdeth the same. Many a man keeps hi* head abore water who doesn’t let the grass gro^ feet. “The Qlfl In The Taxi.’* The cast presenting “The Girl in The Taxi” is composed of players each and •veryone of whom is a comedian of the first rank. No actor unable to evoke laughter from his audience has a place in the "line up” and the, result is a perfectachysm of merriment. “The Girl in the Taxi” will be seen here at the Academy of Music Saturday afternoon and night. Seats will go on sale tomorrow morning at Hawley's. FIREP AT BIROS, SHOT WOMAN. Bullets of SparrewHuntIng Beys May PiHwe Fatal to Neighbor.^ Wilkes-Barre, Pa., Oct. 18.—While hanging clothes on a line in the hack yard of her home, Mrs. Sarah Roihstein was shot twice in the back, and her condition is serious: Two boys in a nelghboringy ard who wore shooting •sparrows fired the shots. What’s In a name^? ner is really line. A course din- It’s an ill wind breath of scandal. that blows the THl BLOOM OF YOUTH TO THE AGED CHEEKS By Associated Press. Omaha, Neb., Ott. IS.-^ln the bat ties (ft economic forees lor supremacy, the law must be obeyed, even though it seems to favor one class as against another. This view was expressed by Attorney General Wickersham in s speech before the American Prison Association here tonight. Punishment in some form, declared the attorney general, is still necessary to prevent cflme. “This IS especially the case,' he added, “in a community and at a time, when divers economic fo^'ces are struggling with each other fdr^ the masters in the state, and v/here laws are enacted through the infiucnce of one class or classes td control the action of another class who are iinwilling to aoecpt them ss rules of action, because unconvinced of the wisdom or justice of the legisla tive policy which they embody. Yet a consideration of the nature of social organisation will demonstrate the ab solute necesMty of all classes of soeie- ty conforming to requirements pre scribed by the duly constituted au thorlties—however wise or unwise thoss regulations may appear to those whose conduct i» sought to be con trolled by them. But within its constitutional scope, the acts of the legislature stand until repealed as the mandate of organlze!L society, uid the continued effective^ ness of organized society requires that obedience to such laws be compelled: The attorney g«ieral lengthily dis cussed the broad question of , pun ishment for crime and the administra tion of the federal parole law. Modem penid legislation, he sald, is based on a: rscognitlon of the exped iency of endeavoring to reform the criminal, and so great a stress has been laid on that feature* in dealing with criminals, Uiat “we sometimes forget that in order that punishment may act as a deterrent upon others it must appear as a badge of disgrace, and not Simply a bestowal of benevo lence.” Mr. ,Wickershani favored the exten* sion of the parole law to include life prisoners. He regarded it as an ln congruity that prisoners sentenced to long terms for vicious crimes should be eligible for parole, when the imsn convicted Of second degree murder must remain in pri^n'for life. If the lawmaking power, continued Mr. Wickersham, considers reforma lion. Conditional liberation and rein Statement t6 a normal position in socle, ty possible in these cases, “It is difii- cult to sny on what principle the same possibility and hope^ of reformation* liberation' and forgiveness should not ba extended to on« guilty of murder under circumstances not puinishable by death. While there is life there should be hope. It may be far oft, d^ layed, a dim, distant possibility, but it would seem that that Iiope should be. held out as a lK>sible attainment to the meanest wretqh who is allowed to live. The Justice of man should aim at the perfection of divine justice, and ^ough finite wisdom not knowing ^e hearts of men, may not always deal justly with offender^ yet It should not ‘shut the gates of mercy* against the meanest of God’s creatures.'* Since the parole was placed in wper- ation last autumn, the attorney general said, but one phsener had violated his parole. The 200 ]^soners who were paroled from_ the time the law was put into eset^ in the autumn, of 1910 to Jun^ SO eatned nearly $22,000, (Prom Eastern Style Keporter.) Even w^ advancing age it is an easy matter for women to quickly re gain that charming smoothness and delightful tint and youthful bloom to wir age-mar^d or furrowed cheeks. Ifierely dissolve a email package of mayatone in one-half pint of witch- hasel, then freely apply this lotion td the face, neck sad armsj and massage lightly until it disappears. ^ ^ Continued using will gradually ban. toh wrinkles, sallowness ^d_t^cl^ and give to the skin a «dtiightful smoothness. The mayatone lotion Is SOTtblnc ^ te®der skins, asjl Its use 4iiooura«es and I sMTrii pt^les, blsotnsan* and other facial blemishes. Such delight ful results follow tbo use of the may- attiiq lotion that artiflcial a^ to beaulsr «2! whereas, if they had remained in pris on, the attorney getneiml pointed out they would have been • eharge on tlie government. expressed the be lief that the parole boards should be enlarged by adding two unofficial per» son* selected from among prominent locality ta wUch the prison is situated. MBDlQtKB THAT IH A NOUStHOLD T CONFIpENQi. T »»d Tar Comnound. sk a^ 01 aSS Tar 0 .... 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TR YON ST. ^ELE^HONE 1530 m r^rjr^Yri Pardee court sent I igainst cers’ pose Irom leged anti' ....... entered, ney O bama Btat the said: "T bill Groc--^ certain to be trust “The today, Lted mer the tion or the iaw. ”By t»ers IS who lted fr turers sd boy grocers Ing to any son be Igrand be but it be ina ected. the bee has to Bay. The fcre to ent 01 bnly tl kny oy relieve In t Wll b( Shows, fcially horse lest Jorth bome |ind X rom
The Charlotte Observer (Charlotte, N.C.)
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Oct. 18, 1911, edition 1
6
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