Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-01-13
RATHER TOO HASTY.
President Young Talks on the RumOrs
About the Lawrence Bank.
NOTHING SAID ON OVER-DRAWING.
Not Prepared to Say Anything About the
Ninety Thousand.
THE RUMORs FLYING THICK AND FAST

AS has frequently been stated the task of
unraveling the accounts of the Lawrence
Bank is SO difficult, and so much depends
upon getting them right before any author
itative statement is made, that their actual
condition has, among the depositors, for the
most part been u matter of speculation and
| guesswork. When the bank suspended, it
was supposed that at least an approximate
statement could be given within week or
ten days for the satisfaction of the creditors.
Assignee McKelvy found that impossible,
and later, his successor, the Fidelity
Trust Company, while working at the
books with the utmost expedition, has
found that good deal of supplementary in
formation is required before an accurate
balance sheet can be struck. The situation
was recently explained fully to committee
of the depositors, who expressed themselves
entirely satisfied that the seeming delay was
necessary to insure accuracy, and that their
interest was consulted by it. Part of it
arose from the difficulty of getting the de-
positors to hand in their deposit books.
That, however. has lately been overcome,
and the process of examination is now NOV
ing more rapidly.
THE RUMORS AFLoAT.
In the absence of official information
there are good many rumors afoat. One
of these, which was published Yesterday by
a cotemporary, was to the effect that Presi-
dent Young had oVerdrawn his account to
the amount of about $4,000, and that
Cashier Hoerr also owed the bank several
thousand dollars and had sold his property
lately for $4,000. Ex-Assignee McKelvy
was mentioned as the authority for these
statements. 1t was stated BIZ the publica-
ton that he had told friend. Cashier
Hoerr, being interviewed, denied the
Indebtedness and said his sale of his prop
erty had no connection with that
1t was difficult to follow up the published
rumor, as the only source from which it
could be authoritatively verified would be
the present or the late assignee. The Fidel-
lty Company can make no disclosure till it
does so officially, and Mr.. McKelvv was
unwilling to speak further One of the de-
positors in the bank was met last evening
by DISPATCH reporter and asked if he
knew anything of the reported overdraft by
the president. He said he had been informed
that there was an account standing in the
name of President Young which had been
overdrawn to about the amount of the figures
mentioned, but he had supposed that it was
as officer, or treasurer, or in some sort of
hduciary capacity for the Love Sewing
Machine Company that the moneys were
overdrawn, and that this overdraft consti-
tuted part of the banks claim against the
Love company, Of which mention was made
in the papers when the bank failed.
WHAT PRESIDENT YOUNG SAYS.
The alleged statement by ex-Assignee Nc
Kelvy was, however, the subject Of good
deal of comment and guesswork yesterday.
President Young was seen at his residence |
last night by a DISPATCH reporter, and,
upon being interrogated as to the affairs Of |
the bank and recent statements made there |
on, said:
ST cannot enlighten you at all in the |
matter, as by the changes recently made |
new parties are conducting affairs This |
change was brought about BY the clamor of |
stockholders and depositors whose haste
was ill-advised and chiefly brought about
by the action of public meeting held some
time since, in which several of the leading
spirits were parties who were not pecun-
iarily or in any other way directly connected
with the bank. One of these persons
who was especially excited upon the
subject, was absolutely in debt to the bank.
But for this precipitation on the part of the
depositors, there is little doubt but that
everything would have eventually worked
out to the entire satisfaction of all parties
concerned. True. the Love Manufacturing
Company figures to some extent in the
involvement, but to what precise amount
has not yet been determined or made known.
The changes which have been made must of
necessity involve additional expense and
will of course lessen in a proportionate de-
gree, the depositors' receipts. regard the
agitation of the matter as unnecessary and
its results as deleterious to the interests of
those concerned. The books are in the hands
of experts and their report will soon be made
in full. Until that time any statement as to
the condition of things must be made alone
upon the basis of surmise."