Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-11-27
He EISASTOCKHOLDER
W. W. Young Gives Assignee
McKelYey's Position.
YOUNG NOT IN LONG & co.
DepOsitOrs Will Try to Have the
Assignee Removed
AND A RECEIVER CHOSEN INSTEAD
Cashier HOerr, Although Under Secrecy's
Seal, Talks Hopefully.
IND A RECEIVER CHOSEN INSTEAD
GENERAL GOSSIP OF A LIVELY DAY

Il nave no more 70 90 viii the UduA budu
your hat. This afternoon L signed the pa
pers for Mr.. McKelvey, who is the Presi-
dent of the Third National, of Allegheny.
1t seems that Mr.. McKelvey is not we'll
known, but he is a thoroughly reliable man,
and everybody who knows him has conf
dence in him. This afternoon wnen 1 came
out of Mr.. McCOok's Office, in the Diamond,
met two members of the kicking commit
Tee, appointed last night, who were very
anxious to know who Mr.. McKelvey was,
and whether it were true that he is stock
holder
SIS Mr.. McKelvey, the assignee, stock
holder of the bank?" was the direct ques-
ton put.
''He is. He was, in fact, stockholder
before I went into the institution. He has
been stockholder ever since. For Is years
M McKelvey has been stockholder."
HE rs NOT IN THE FIRM.
Confronted with the statement published
in an evening paper that he was "a member
of the firm of Long & Co.," Mr.. Young re-
piled most emphatically and strongly:
'I am not now, and never have been,
member of the firm of Long & Co. 1 most
positively deny ever having been either an
active or a silent partner of this firm. As
TO the banks affairs, viewed from any other
standpoint than the false one just alluded
to, they are now altogether out of my con-
troll, everything being in the hands of the
assignee, Mr.. McKelvey."
Concerning the report that there were
close ties of consanguinity between the
family of President Young and the firm of
Long & Co., it may be stated that the elder
Mr.. Long is related by marriage to Mrs.
Young, and that Mr.. Browne, of Long &
Co., is a nephew of the same lady.
MR.. HoERR TALKS AT LENGTH.
Cashier John Hoerr was interviewed last
evening by DISPATCH reporter. During
the conversation Mr.. Hoerr evidently felt
his position. He was nervous, and his voice
was tremulous with emotion. He said:
NV instructions from Assignee McKelvey
were to be strictly reticent about the affairs at
the bank. He gave me definite instructions
not to reveal anything about the standing of
the bank or what the officials propose doing
with the liabilities or assets These instructions
will be forced to obey.
Mr. Hoerr, on being pressed to give some
idea how the assets stood, said:
Mr. McKelvey and myself went over the
various assets to-day, and as far as we can at
present discern the depostors will be paid their
money IN full. However, this statement is not
authoritative, for before we can give
curate statement we will have to 20 very care
fully over the books, and see how the liabilities
and the assets tally. The present indi cations
are good cannot see if we are allowed time
why any depositor will lose a fraction on their
deposits. We viii come ont all right but about
the future of the bank cannot say, nor can
anyone else. All we want to do now is to wind
nm fha al n ae ~
we can.
Mr.. Hoerr was asked to state the amount
of the liabilities; he could not be persuaded
to divulge the amount, and again referred
the reporter for further information to the
assignee.
A BIG DEPoSITOR SERENE.
Mr.. John Matthews, a depositor in the
Lawrence Bank to the tune of S51, 900, was
seen last night He said:
The depositors' meeting at the Fifteenth
Ward Schoolhouse was not representative
meeting of depositOrs, nor were the objects of
the committee that which will ultimately do
the creditors the most good. A few politicians
want to raise ferment over the failure and
they will exert their best endeaVors to clog the
winding up of affairs for the best interests of
depositors. Being one of the heaviest de-
positors Of the bank, the appointment of Mr..
McKelvey as assignee suits me. He is man
Of irreproachable character, who has never had
VI
I believe the liabilities of the bank run be-
tween S50O,O0O and 100000, and 1 know myself
that the bank has property which will more
Than cover it If the bank pays rs cents on the
dollar that will satisfy me; yet feel assured Of
being paid dollar for dollar, and don't intend
TO howl over the pile that deposited there.
do not propose to contribute 81 to the expenses
of the Depositors' Committee.
HE CAME TO THE RESCUE.
'You stated at the depositors' meeting that
you put in SOL, 800 at the eleventh hour. How
did you mean thatT'
81 put it in to help the bank out, as 1 had
faith in it. Under the same conditions would
do the same thing again."
"Were you asked to put that money in by any
OF the bank officials ~
II prefer not to answer that question"
DEPosIToRs WANT A RECEIVER.
The committee representing the Lawrence
Bank depositors met yesterday afternoon.
While nothing was given out officially, it
was reported that the committee decided to
secure the services of two attorneys to pre-
sent papers in court for the removal of the
assignee, William NJ. McKelvey, and in
his stead appoint receiver to wind up the
affairs Of the bank.
It was also decided to send a committee
to Harrisburg to ask Gen. kirkpatrick to
represent the State, as the depositors believe
the laws of the Commonwealth have been
violated. The committee solicited a state
ment OF the condition of the bank from Mr..
Hoerr, but the latter refused to give it.
The committee met again last evening in
the office Of Senator Upperman and decided
to send the committee to Harrisburg TODAY.
A call was issued for meeting of the de-
positors on Friday evening at the Laurence
School.
Representatives of the Lawrence School
Board made formal demand upon Presi-
dent Young yesterday afternoon for the
schools money, amounting to 81 900, which
Mr.. Young had in his possession as Treas
urer of the Board. Mr.. Young promised to
return the money to-day or tomorrow.
Mr.. William M. McKelvey, the assignee
Of the Lawrence Bank, is brother to John
II. McKelvey, the white lead manufac-
turer, of the firm OF Armstrong & Nickel
vey, and is at present living at his brothers
house on Negley avenue, in the Nineteenth
ward. he was visited last evening by
reporter for THE DISPATCH, but declined
to say anything concerning the Lawrence
Bank, saying that he had been worn out by
the opportunities of the day and desired
rest for the responsibilities of the morrow.
INCIDENTS OF THE DAY.
The choice of William M. McKelvey.
President of the Third National Bank Of
Allegheny, assignee of the Lawrence Bank,
appears to give about as much satisfaction
as would that Of any other man.
Messrs. Michael Flanagan, William F.
Eichenlaub, Charles f. Hilger, r. ]. Rich
srdson and Senator John Upperman were
busily engaged yesterday trying the plumb
and square on his reputation, and so far as
heard from it stood all right, and weighed
16 ounces to the pound. They viii not
urohahiv make any rnova until after he has