Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-11-23
DEFINITE AT LAST.
Director 7. B. Stewart states Explicitly
What the Outlook is-He Says the
Assets Will Easily Overtop the LA
biIIties-Good Paper TO be Event.
uHIly Realized UpOn-Couf.
dence Somewhat Restored.


dence Somewhat Restored.
Mr.. 7. B. Stewart, director of the Law
renee Bank, was interviewed last night by
DISPATCH reporter on the standing of the
bank He said:
''The liabilities of the bank, as far as we
can discern, will not amount to more than
$500, 600, and the assets will considerably over
top this amount. Our securities are all good.
In real estate our investment will figure up
from S1OO. 600 to S13O,OOO. The bank prop
erty situated at the forks of the road, and
the property adjoining on Butler street be-
longs to US. Then we have money invested
in stocks and other securities, and the bal
ance Of the assets are paper which
fall due In 30 days, 60 days, and
at more extended periods of time.
THE PAPER Is GOOD.
'Most OF the paper money that we have
out at loans will be paid back IN due time
1t is fact, however, that some of the money
the bank loaned will never be paid back
Our guarantees on the money loaned for so
days, or longer, generally were good. Yet
some of it we will lose.
"At the meeting of directors, yesterday
afternoon, a confident tone was manifest in
all that was said and done. We feel certain
if depositors do not press us, we can more
than pay dollar for dollar. The only fear
we entertain about paying our liabilities, is
that depositOrs
WILL GET AGITATED,
and in their desire to get their money free
the bank will have to meet their claims.
The bank to do this will have to dispose of
property at a loss; naturally we will
lose upon it if we are forced to
sell to meet urgent and anxious
depositors. The only thing to be done is for
every one who has claim upon the bank to
be patient, and give us time to gather our
selves together, and then we will pay every
dollar we owe. If this is not done, the bank
will be financially embarrassed, and possi-
bly, it will have to permanently suspend and
settle for a percentage on the dollar.
STOCKHOLDERS WILL MEET MONDAY.
"We cannot tell yet accurately what the
bank owes, but we feel confident that a half
million dollars will more than cover it. At
the meeting of stockholders on Monday
these matters will be fully gone into.
'There cannot be any doubt that a little
indiscretion on the part of the management
helped to leave the bank in the mud puddle
it is in at present. Money has been loaned
to irresponsible parties who could not fur
nish the security necessary for bank which
desires to place itself beyond the possibility
of suringency. However, that is not the
main cause of the banks stoppage. 1t is the
large amounts that
HAVE BEEN WITHDRAWN
within the past month. For two weeks a
continual run was made on the bank. We
felt then that We were getting into tight
place, but this run ceased for few days,
and we were then able to stand straight
again. The run returned, 6epositors clam
ored at the bank for their deposits until we
were drained out and had to close the doors
Most of the deposits Withdrawn were not
small amounts, but heavy drafts,
WHICH SOON TOLD
upon the banks resources, We had not an
unlimited supply of money and much of it
was out, otherwise could we have made
money. 1t was impossible to convert much
of the paper We held into money on a
moments notice. So the only alternative
was to close the doors and suspend pay
ment.
'fWe do not hope to reopen the banks
doors until everything is cleared up, and
then there is very faint hope for the re-
opening. We cannot tell absolutely when
we can realize our various assets; some of
them will be turned in soon, and possibly it
will take years before other of our securities
can be converted into money"
SOME MORE DEPosIToRs.
Among other depositors and shareholders
who are losers by the banks failure is,
John Wainwright, 1,500; John Ward,
Butler street, $1,000. Wainwright
Bros, OF the Winterton Brewery,
besides their deposits are share
holders to the amount of $1,000. The
shares are a sort of family heirloom. DR..
Covert, of Forty-fourth street, another share
holder, said last night he felt the bank good
for anything it might owe. The directors,
he said, were all wealthy men, and their own
private fortunes would more than cover the
banks liabilities. Mr.. William Mackay
OF Fortv-fourth street is both a 1aroa stock