Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-08-02
NO MONEY TO SPARE,
Stockholders in the Capital Loan So
ciety Postpone Their Plan.
STILL ROLLING UP THE CHARGES.
Manager Mortimer, Of Chicago, Says the
Company is all Right, But
AGENTS MAY SOMETIMES 60 WRONG

1t was 8 o'clock last evening when the
meeting of the stockholders in the National
Capital Savings, Loan and Building Asso-
citation got down to business in Squire Nc
Keuna's Office. At first it looked as if no
one would be present. Only half dozen
men were on hand at 7:S0. the hour set for
the meeting. Later few more arrived, in
cluding several ladies. There were about
20 present when H. D. Fahnestock, ofici-
ating as Chairman, started the ball rolling
| with statement of the object of the con-
| vention.
"We are here" be said, "to do something
in the way OF appointing an attorney to go
to Chicago TO investigate the character OF
the loan society. The actions of the Pitts
burg agents are suspicious, and we must do
something to clear up this matter. We have
paid our money and received nothing in ex-
change. know hundred in the East End
who are in this thing to the extent of $50
each or So while some are out 500. propose
that we sll chip in to delegate an attorney
to look into the business dealings OF the
Chicago firm."
NOT IN THE POOL.
"No," objected a colored man, ~ will
not pay out money to send anyone to
Chicago"
This sentiment seemed to prevail among
those present They were unwilling to bear
the expense of engaging an agent on the
ground that there were not enough present
to contribute sufficient funds to defray the
cost. Is was suggested that the matter of
sending represen tatiye to Chicago be post
poned to a later date. when more stock
holders could be brought together and the
requisite sum raised to institute an investi-
cation.
at has been decided" said the chairman,
that we postpone this meeting till next
Monday. After we hear more about the
case at the hearing in Central station we
can tell better what to do, and will call
meeting of the stockholders in Alderman
McKenna's- office to see about sending an
attorney to Chicago"
The meeting then adjourned. Early in
the evening blind woman, led by her young
daughter, came to the 'Squire's Office to
learn something about the indignation meet
ing. She had over a hundred dollars at
stake, and told this story to a DISPATCH
reporter: my blind sister, Maggie Quir-
liven, and myself have a store on the corner
of Ross street and Fourth avenue. Mr..
Seton. OF the loan company, came to Mag
gle one day and told her that he would loan
her So, 900 if she deposited certain amount
with him. My sister gave him $40 at first
and when he called again she gave him S115,
expecting to receive a loan OF 5000 IN
few davs. But she has never seen cent of
the 5000 since she put up her money"
PILING ON THE AGONY.
Seven more informations were made
against Seton ct al, yesterday before
Alderman McKenna. They all charged the
Pittsburgh agents of the Building and Loan
Association with conspiracy and fraud.
Following are those who made the informa-
tions: Boiler Jones, 63 Frankstown avenue;
Robert Hart, Copeland street and Shady
side; Ellis Mcdonald, Frazier street, Home
wood; Martin Banks, Tioga street, Home
wood Henry Lee, GraZIer street, Home
wood; Sandy Jones, colored, Ivy street,
Homewood.
Squire McKenna has been notified of 80
more persons who desire to make iniorma-
ton, and they are expected to appear before
him to-day. .
THE DISPATCH representative in Chi
cago interviewed Louis F. Mortimer, Man.
ager of the National Capital Savings,
Building and Loan Society of North Amer.
lea yesterday afternoon, and wired the fol-
lowing: lido Pc"
The newspapers have scared these fellows
off," said Mr.. Mortimer wAen he read in Thurs
days DISPATCH that the Office of Sexton &
Dunn, on Market street, had been closed.
why couldn't they stay and fight it out?'
When asked whether he had anything more
IN alraadv teleOraDhed
THE DISPATCH, he replied that he had not,
save to correct mistake, the capital stock be-
ing 600 and not s29. 600, and though
the organization was not completed by the
filing of the charter in Cook county nntIl June
II 1880, the license to take stock subscriptions
had been issued on February q, 1890 He had
were to he instituted III Chicago. and could not
for the life of him see what ground there was
for any such action, but he said that he and
the other officers of the company were there
ready for anything that might develop.
OPEN TO ANY SCRUTINY.
"Our books are open to the fullest examina-
tion," said he. land they have been inspected
carefully by r. G.. Dun & Co., and our methods
have been favorably reported by them to some
of our Western subscribers, who made in |
quiries and on the strength of their recon-
mendatlon our subscriptions have increased in |
Nebraska, where the inquiry was made. They |
say that there is no capital back of the society,"
OF course there is not. A building and loan as
sociatiou never does have capital. Its money |
is received in small amounts and invested just |
as fast as it is received. 1t has been suggested
that we should defend our agents, but people who |
say that do not appreciate the situation. We |
have 20 money Tor that purpose. If the agents |
do right they need no defense. If they make |
and defraud people, they |
ought to suffer for it. Hence, have done |
nothing in this Pittsburg matter but to instruct |
my attorney IN charge to obtain complete and |
accurate information as to the matter and he |
is now doing SO through Pittsburg attorney.
We are entirely IN the dark about the whole
save what We have seen in the |
papers and from that it looks as If the whole |
affair might have grown out of few hasty
words from an agent, when an explanation
would have settled everything. never before
heard of such q commotion growing out Of such
a small affair. / have just procured check |
for tho Carney loan in Pittsburg" exhibiting
cashiers check for s575, "and when it goes
there and the mortgage is put On record the |
society will have more property in Pittsburg
than all the cash taken in by Seton 4 Dunn
amounts to, They have taken up to date 100
to STOCK varying from one to 20
shares each At least 40 OF them are for from
one to three shares each."
At police headquarters nothing could be
learned as to Pittsburg officers said to have
been sent to Chicago to arrest officers of the
society.
REFERRED TO AGENT DEAN.