Rensselaer Republican, Volume 26, Number 13, Rensselaer, Jasper County, 23 November 1893 — ALAMODE HAUGHEY. [ARTICLE]

ALAMODE HAUGHEY.

Th* ' Old Ijuly of Threadneodlo Street” 1-®.. Uttle Nervous. The New York Herald’s London correspondent cabled as follows, Friday, regarding the trouble in the Bank of England: “Another Sensation has burst upon the financial world, involving no less an institution than the Bank of England. Some days ago it was publicly announced that Chief Cashier F. May, of the bank, had resigned his post after twenty yean of service and would retire on a pension liberally voted by the directon. It now appears that Cashier May not only retires, but his resignation was demanded by the directon and'no pension was given to him, for the reason that he has Involved the bank in a heavy loss. The cashier was intrusted with almost absolute power In making investments. A short time since the directon found cause to question the soundness of his judgment, which-* was subjecting the bank to unaccustomed loss. They voted to retire him on half pension. After a further Investigation of the nature of his investments they decided to retire him peremptorily and refused to pension him. It seems that this officer’s son was chairman >or leading director in some of the so-called trust companies, of which so many have gone to the wall during the past twelve months, revealing a lamentable state of financial unsoundness. In the companies in which his son was so deeply interested the cashier of the Bank of England invested large sums of the bank’s money by virtue of the discretionary power intrusted to hhn. The collapse of the companies swamped thess Investments of the Bank of England’s money. The amount is not yet definitely known, but it is not less than 91,000,003 and may possibly be 92,000,000 or 93,000,000.