Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-12-05
HIS ROSEATE VIEWS.
Director kirkpatrick Says the Bank
Will Pay Out
NO SUCH STATEMENT BEFORE.
Three Checks Presented to Test the
Insolvency.
THE BANK OFFICIALS WAIVE HEARING

The affairs at the Lawrence Bank are rap
idly assuming tangible shape. It is pos
sible, and more than probable, that before
the time expires for the depositors' commit
tee to go into court again to ask for receiv-
er to be appointed in Mr.. McKelvey' place,
the Lawrence Bank, its liabilities and its
assets will be public property. The prob
abilities are that a statement will be made
by the assignee in the course of two weeks.
There is rumor among the knowing ones
that the statement will not be discreditable
to the bank, and consequently the creditors
can anticipate its advent without that dread
which seemed to grip the Lawrenceville pub
lie but few days ago. Mr.. kirkpatrick,
one of the shrewdest directors of the bank,
and himself large ironmaster, controlling
heavy interests in the commercial world,
said:
CHEERING PREDICTIONS.
"The Lawrence Bank will pay every dol
lar it owes. The difference between the
liabilities and the assets are large. 1t will
not surprise me if the bank, after paying its
Liabilities, divides quite neat sum Of
be number of liabilities which I am not
aware Of, if my prediction fails, and can
not conceive how the bank could have any
heavy liabilities which are not now known
tc all the directors. However, the truth
about the banks financial standing will be
forthcoming in day or two, and then the
depositors will be able to Judge for them
selves without outside advice.
Rev. j. II. Sands, pastor of the Seventh
o. P. Church, Lawrenceviile, said that one
of the most prominent directors of the bank
had assured him the liabilities would not
exceed $500, 900. Mr.. Sands stated that he
had every right to believe the statement was
absolutely correct The same director also
remarked that the assets (and these good)
would overrun the liabilities by many
thousands of dollars. Mr.. Sands under
stood the director to say that the debts of
Long & Co., ard the Love Sewing Machine
Company alone, when paid, will cover more
than the assets, and the balance OF the assets
will be free, and will be divided among the
stockholders.
TO PROVE INSOLVENCY..
The deposltors' committee, to prove the
insolvency of the bank, secured three dis
honored checks yesterday, and the givers
and holders of the same; they took the
checks with the following written requisi-
tion to the assignee: "We, and each OF us,
do herewith demand payment on the above
checks"
The demand, of course, was refused.
The committee allege that refusal of pay
ment is an act of insolvency, and after the
lapse of 40 days they can force the Court to
respect their wishes and grant them re-
ceiver. The checks, with the written requi-
sition, were sent on to the Auditor General
of the State, who will investigate the matter
after the expiration of 80 days.
BOTH OFFICIALS WAIVE HEARING.
President W. W. Young, of the Lawrence
Bank, appeared before Alderman O'Don-
nell, of the Ninth ward, on Tuesday even
ing and waived an examination on the
charge of embezzlement preferred by
Thomas McCaffrey. The Alderman reduced
the amount of bail from s., 800 to 81, 900 and
beld Mr.. Young to the March term OF the
Criminal Court. The bail bond was signed
by Joseph N. Browne, of the Moorhead-
McCleane Company. Mr.. Browne is a
brother to one OF the members Of the firm of
j. D. Long & Co. When Mr.. Young was
first arrested his bond was signed by Ira F.
Brainard, Of the Central Stoekyards.
Cashier John Hoerr's hearing was set for
4 o'clock yesterday afternoon, but at 8
o'clock he went to Alderman O'Donnell's
Office, waived examination, and gave bail
for the March term of court. His bond was
also reduced to s., 900, and was signed by
his brother-in-law, Charles T. Ahlborn, Of
Allegheny.
The creditors of Long & Co. met yester-
day forenoon, but did nothing. The COM
mittee appointed to confer with the assignee
of the Lawrence Bank advised that the
creditors take no action until the issue re-
lating to a receivership be settled. The
meeting was accordingly adjourned for one
week.
Peter BellamY, a shoemaker on Penn ave-
nue.. near Thirty y-fourth street, on November
21, the day the Lawrence Bank closed, de-
posted $65 in the bank, making 5000 in all
which he had there, and sent to four of his
creditors in the East checks on that bank
aggregating $780, The checks are now
worthless, and have been retured to him
with request for cash.
The work of taking an inventory Of the
property of the Love Sewing Machine
Works, at Rochester, was begun yesterday
by the assignee. No statement of assets or
liabilities will be given out until the in
ventory and appraisement are finished.