Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-07-31
TOOK ALL THE GOODS.
Seton & Dunn Have the Furniture
in Their Office Removed.
NOT GIVEN In THE DIRECTORY
Inside History of the New Building and
Loan Society Of Chicago.
NO CAPITAL BEHIND THE COMPANY

The little Office OF Seton B Dunn, the
representatives, of the National Capitol
Savings, Building and Loan Society, Mar
ket street, was deserted yesterday. 1t looks
as If the occupants intended to cease opera
tions in Pittsburg. A half dozen more in
formations were made against the men yes
terday. E. w. jackson, of Mansfield; julia
Mslley, of Tustin street, and an ex-pollce-
man named McCarty were among the num-
Der. They had each paid $25 apiece for
loans which they did not get.
1.-THE concern is bareiaced fraud" said
Inspector McAleese last night. "We have
plenty of evidence to convict them. Sefton
has not been caught, but he has put up bail
for hearing tomorrow, and when he ap-
pears he will be arrested. don't see why
people want to invest in building and
loan association that is away off in Chicago
when there are plenty OF them at home that
they know are safe. 1t is nearly all poor
people who are caught"
THE INSIDE WORKINGS.
From The DISPATCH representative in
Chicago last night came the whole inside
workings of the concern. The National
Capitol Savings Building and Loan Society
of North America is the corporate name of
one of the few building associations of Chi
cago which do business outside the State.
1t was chartered June IL, 1890, with q
capital stock of s2e, ,oOO. 900, to be paid for
by subscribers in the usual manner in in
stallments OF 80 cents per month per share.
When the charter was issued 100 shares had
been subscribed for, as follows: George r.
Choate. 5 shares; Alfred Downing, 10
shares; Louis T. Mortimer, 40 shares; n. II.
Tollman, shares, and William 81. Nor
timer, 40 shares.
Ali the persons named seem to be men of
respectable standing. William 81. Nor
timer is an ex-member of the Minnesota
Legislature. Louis f. Mortimer, his son,
is a Young man of 80 and has the active
management of the business. n. 81. Tall
man is an artist and portrait painter, and
Alfred Downing is real estate and insur-
ance agent. None of them are wealthy.
NOT IN THE DIRECTORY.
The name of the society is not found in
the CITY directory, aud other building and
loan association men are utterly ignorant of
its whereabouts, but it has an ofhce--a very
nice one-in the Rookery. There Mr.. L. H.
Mortimer explained to The DISPATCH
representative all he knew about the
squasble at Pittsburg. He showed an
sDDiIstoH s1 loan on ten sSap.s Ra,nssd ~hsR lD.%
he saws, means a loan Of 1000,
signed by Frank Newman, who made his
mark. The application stated that Newman
was able to give as security lot, 30 by 100
feet, in Allison park, Allegheny, on which
q frame house was to be built, and that
when the house was built the property
would be worth 81, 200. That application
was dated June 26.
Mr.. Mortimer said that since the applica-
ton was not accompanied with the written
approval OF the Appraisement Committee of
Pittsburg-Messrs. Wilkins Linhart, b. j.
Link and j. M. Rowan-he had laid it by
to await the arrival of that document II
they valued the property at only 81, 200,
offered loan of about $500, but
he could not get $1,000 on such
slight security. II Newman would not ac-
cept this, he could either pay for his shares
or withdraw. II he withdrew he would for
felt his membership fee OF 81 per share-s10
and any fines he might have incurred-and
he would be given the balance of the $15
which he had voluntarily paid to the society
as his first three months dues.
DOING A BIG BUSINESS.
Mr.. Mortimer said that the society had
about 200 agents commissioned. 1t has
made loans on seven mortgages, aggregating
about S3, 500, and would make another Of
$500 to James Carney. of Pittsburg, whose
application had been approved. Up to yes
terday the stock subscriptions amounted to
,040 shares. He understood from the Pitts
burg agents that they had employed an at
torney, and he proposed to let them take
care Of themselves; the society would not
intarfere