Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-11-25
HOERR HEARD FROM.
The Missing Cashier Tele-
graphs From Butler.
HE'S COMING HOME TODAY
DepOsitOrS Are Promised Every Cop
per Owing to Them.
SOME IDEA OF THE ASSETS GIVEN.
The Books Show the Bank to be $4,000
Ahead Of Liabilities.
SOME IDEA OF THE ASSETS GIVEN.
TIE STOCKHOLDERS MEETING NEXT

Mrs. Hoerr, wife of the Lawrence Bank
cashier, received telegram from Der hus-
band yesterday, stating that he was in But
Ter, and that he would be home Monday
morning. Mrs. Hoerr was overjoyed on re-
ceiving the intelligence. She stated the
telegram informed her that her husband left
the city after the crash came because he dis
liked meeting his many friends whom he
knew in brighter DAYS. She said Mr.. Hoerr
was known by almost every resident in the
ward, and to have net them after the failure
OF the bank became known would have al
most driven him crazy. She said since he
has been in Butler the strain of the past few
days has completely unnerved him, and he
is now in a sick bed.
Mrs Hoerr remarked that her husband
felt certain that the bank would meet all
its liabilities, and that if the people who had
money deposited with it would give the Off
GERS of the institution a fair show, so that
they could handle the assets properly, they
would come out on top. Mrs. Hoerr said
that she had number of shares in the bank.
She had bought them in her girlhood days
out of the money she earned as teacher in
the ward schools. Indeed, she said every
cent she owned was either in stock or in the
vaults of the bank. She incidentally re-
ferred to the kindness of the creditors of the
bank. They mad called at the house and did
all in their power to console her, and offered
her substantial sidsto tide her over until the
difficulties had been adjusted.
SHE FELT CERTAIN
that when her husband returned he will
manipulate the disordered affairs of the
bank and place the institution in better
light than it has hitherto been in. She
thought that her husband should not have
gone away at such a time, but she ac-
counted for IL by his extreme sensitiyeness
The following telegram in this connection
was received from Butler last night:
Cashier John Hoerr, of the broken Lawrence
Bank, was here on Thursday evening. He sent
a telegram from the depot to friend in Pitts
burg, and was not seen here afterward. A
venerable gentleman who has known Hoerr
since Childhood firmly believes that be is in
Butler county, and that he will return to Pitts
burg after the violence Of the storm caused by
the banks failure has somewhat abated. He
expresses the utmost faith in Mr.. Hoerr and
emphaticsily secuted the idea of any defalca-
tiOn. 1t is believed that if Mr.. Hoerr is in this
county he is at the home of an old army COM
rade who lives several miles from here
From another source it was learned that
Cashier Hoer: is with his brother in Hull
ton. Though these statements seem to con-
fict somewhat it is certain that the missing
cashier is not far from the city, and will ap-
pear at the meeting of stockholders to-day,
If he is physically able.
STOCKHOLDERS MEETING.
A meetingof the stockholders of the bank
will be held at Willis McCook's Office to-
day. Mr.. William Flaccus, director of
the bank, has been hard at work on the
books for the past two days. A prominent
Lawrenceville director said last night that
good statement will be made at the meeting
BE is also authority for what follows:
After a careful examination of the books
it is found that the assets exceed the liabili-
ties by about SIS, 900. The debts of the bank
are secured by good mortgages, and the paper
which they hold is backed by good names
There will be shrinkage, the director stated, |
but this is inevitable in every business.
The bank has money out which it will be |
impossible to collect The amount of their |
bad debts, however. is not out of proportion |
with the amount of money due the bank. A |
good deal of paper which they hold is well |
Endorsed and is negotiable, but the bank |
will hold on to 1t until the paper falls due. |
This will save the cost of discounting, and \
leave them more money to meet their liza |
bilities.
The books reveal an Indebtedness to the
bank of $500 Most of this money will |
be turned into the Golfers within a months /
time. Mr.. Flaccus stated that the books on /
this point are eminently satisfactory, and it |
was relief for him to find them in such |
good shape. He said that there has been no
dishonesty in the entries, or has there been
a manipulation of figures by any of the Off
cials. Beside the good showing of the books,
the bank holds some valuable mortgages in
Allegheny county. They own also con-
siderable real estate. The bank has 80 acres
Of ground at Plum Creek. which is worth
considerably more than was paid for it five
years ago, and if they are not forced to dis
pose of this piece of property under forced |
sale they can realize good round sum for it.
Another valuable piece of land the bank
owns is five acres situated in East Liberty,
This property was acquired many years ago,
and it is estimated that it is worth double
the amount of the purchase money. A
director OF the bank stated that it would be
ruinOus to force the sale of this property
and if depositors clamored for their money
and forced the bank to do what, in the
directors judgment, would be suicidal, they
will be the losers by the transaction. The
bank holds a large claim upon some prop
erty in Millyale. 1t is expected that they
will lose upon this debt The bank also
extensively invested money in real estate in
the borough, and from this source alone the
face value of the property shows between
S3O. 600 and SAC, 600 can be realized.
There are number of mortgages held by
the bank against property in Pittsburg and
Allegheny. All these mortgages are worth
double the amount the bank loaned upon
them, beside the interest accruing since the
money has been loaned on them.
THE OFFICIALS STRAIGHT.
SIN all the transactions the bank has
made in real estate, and all the money
loaned on security, the investigation
of the books and papers made by Mr..
Flaecus," said the director, ''proyes
the officials of the institution conducted it
for the benefit of the stockholders, and
places their dealings with it beyond the
shadow of suspicion. 1t has now been
demonstrated beyond the possibility of con-
lecture that every deposition will be paid in
full, and wherever the bank received s
dollar from depositor it will be able to
refund it.
Owing to the anticipated bad debts the
director stated that the shareholders NAV be
called on to pay little on their shares, out
they are confident that no shareholder will
be called upon to double the amount of his
stock. The directors are certain, unless
some unforeseen circumstance arises, that
the stockholders will be let down easier than
at first supposed He said, however if the
books are any criterion, no shareholder will