, 1877-09-09
REPORTING PROGRESS.
The State Savings Depos-
itors Told What Has
Been Done.
a Corrected List of Assets and
Liabilities Submitted for
Their Inspection.
Mr.. Wentworth Warns Them to
Shun All Politicians and
Shysters.
What Mr. Dayie Has Been Able
to Find Out About Spen-
GERS Account.
His Deficit Gradually Ran Up
from 100000 to Half
a Million.
How Bu1k1ey Was in the Habit
of Cooking Up the
Books.
Argument on the Motion to Appoint
a Receiver Postponed.
What Mr.. Dayie Has Been Able
to Find Out About Spen"
GERS Account.
His Deficit Gradually Ran Up
from $500, 900 to Half
Million.
How Bu1k1ey Was in the Habit
of Cooking Up the
Books.

LONG JOHN.

Receiver Postponed.
LONG JOHN.
H1s REPORT TO TUE CREDITORS.
Another meeting Of the depositors in the
State Savings Institution was held at tho
Tabernacle last evening. As before, only ttoso
Sho exhibited their books were admitted, but
the attendance was not as large by one-third as
that at the gathering week previous. Then
the victims OF Spencer were excited and full Of
anger; now their blood is cool, and, realizing
the situation, they can calmly look the matter
in the face, hoping for the best.
At S O'Clock Long John " arose on the
platform, and said: will commence this meet
Ing as did the other, by reminding you that
this is strictly 4 business meeting, aud thcm
yon listen, and the quietcr you are, the more
you will know about your property. This is
your business, aud business is business There
src some here who were not here last Saturday
night, and since that time we have found out
some things that nc dion't know then. rccog-
MIC in this assembly number Of good business
men, who understand this thing from the begin
ming; but there are others who do not UNDER
stand bookkeeping. You knew notn-
ing about the way in which these
great banks keep their accounts, and we
will try to make it plain to sou. I think the
better way to commence will be ask you 10 lay
aside your prejudices. Whatever may be your
rvcconceiycd opinions, abolish them Tor the
time betss, and begin with the statement that
saa11 be- made ta-night. Time has elapsed, and
the excitement hiss cooled of considerably.
There we're great m=ny very excited people
here at the other meeting, and some new COM
ers thought was going to be fooled by trap
sprung, and they feared some harm would be
done. Others came with the idea that they
could run the meeting, believing there
WAS some financial or political capital
TO be made out of it. Some Of
the Committee are heavy depositors- Others,
like myself. are not. But we have all looked
upon ourselves as the eyes OF the depositors, all
of you not being able to go to the bank and
look over the books You sent Us there to do
just exactly as If you were thereto loo6 over
the wreck and sec what vas left. We proceeded
with our duty with that view, hut hadn't pro-
grcsscd far before
THERE CAME AN OUTSIDE PRESSURE.
We we're getting too inquisitive We might
hurt somebody By proceeding with our inquiry.
But We thought, as misery loves company, il we
could get another man in with the
1900, he wouldn't be any worse
Of than the balance of them. When
the news first reached your cars rou were afraid
that there WAS something wrong about it. The
idea seemed to perrade your minds that perhaps
what Spencer did not steal the new comers
might steal: When these assets get into court
thcy arc matter of record, aud you know e1-
aetl! where ron stand: You 'ranted to know
whether it WAS going to be properly inyento-
1ied on the court records. We found $l2.QtO in !
cash-all they had to protect themselves against |
run Then there Was q little over 81, GOO ia 4!
into the bank and found only these,
> large sofn Of money with him.
That was the general ooinion in Chicago. Our |
find ont that he really TOOK OF any money. Hc |
zaF hare made false entries in his books, and |
must hare done SO II be carried of funds With |
hin. But he lett these S12,e and, If be took |
There is one item OF credit against which draft !
for Il, 500 was drawn, perhaps in the regular Or
der OF business. Spencer undoubtedly looked |
upon the bank rs good propcrtyy-as one OF the
wanted to control it and use it to make
great man Of himsclf,-a Vanderbilt,
or Cooke, or Scott,-all the time using
your money to help him do it.
the other stockholders to see his ambition and
to dattcr him; and to threaten him that, if he
did not buy their stock, they would sell to
somebody else, and he might lose his chance to
control the bank. Consequently the stock
went up very lligb and, determined to control.
Spcaccr kept on buying and buying at cxorhi-
taut prices, aud taking your funds to buy with.
THE BANK BOUGHT ITSELF.
another thing. Spencer made i most des-
pcratc effort to carry the bank over the panic
sacrificed everything, he could sacrifice to sus-
tain the credit Of the institution. When he got
control Of it he begun to spread out,
and had an ambition to ,e control n
tas oany. % and you = arc in for s5ooooo, stock aud
bonds. At that time there were at least two OF
The Dock Company in the panlS, and it was very
easy for them to set this thing up for Mr.. SpeH-
rer, and make him think that having one good
DovK Company. So be not only bought out
their interest in the bank, but in the Canal Com
nany also. You have noticed good dca! OF
outside pressure upon the Committee ever slnce
against them, We were to 50 into the bank
IS far as We could and tell you what
vas there, and leave the matter with YOU
The question arose, Are you going to tell every
body the different men that have been engaged IN
.his thing! Are you going 10 tell who the t1e
debtors to that institution are? We are here
[or that purpose. The assets are the property
If these dcpositors. and they know OF what
hey consist. .(Applause-] Que Of the man
ion upon the poor people is the anxiety to seem
ich whether you are rich or uot,-not to DC
ich, but to make people believe you arc: ana
III sorts Of deyiccs are rcsortcd to Keep
he Republic LifeInsurancc Companies.
md Protection Life-lnsurancc Companies,
md don't know hoT many others,
.ottcn up with great swell, and the men at
he head run them for the express purpose ol
appearing to own so much stock. In prosperity
hey pocket the profits, but when losses come,
he poor people have to stand them. lap
'lausc.] Il was on account Of the DEVELOPMENTS
made regarding these institutions that
ALL THE RINGS. COMPOSED OF POLITICIANS
nd others, brought pressure to bear, not wish
ng the people to be told how they did things |
ome said 4.Long John had no business IN iere,
$ he would make fuss:" !Applause. I9e Tom
aittee went in with Determination to ind out
Il there was, and then tell it. confdcntlail5 70
he depositors. [Applause. We gaze Tue az
c!opmcnts from day to day to the reporters. II
here is any blame attached, am the man tnat {
ill take the consequences. {Applaqse.l 1nc
Committee has acted in good dalth- thcfc IS
NJ ignominy attached to their work, put 1t on | I
y hcad. Il there is any credit, you may glve
to them. lApplause-l You will understand