, 1891-06-09

etect that Lucas was 10 supply certain
sums OF money as Wanamaker called
Tor them and deposited the same to Wan
amaker's personal account in the Key
stone bank.
In accordance, from that time Wana
maker drew checks on that account to the
extent of about 500, 900. Upon several
occasions, when he notified Lucas that
money was needed. Lucas brought him
stock OF the Keystone bank which he re-
quested him to use, as it was not conven-
tent TO furnish cash at the time. As the
result, when Lucas died Wanamaker had
2,5l5 shares OF keystone bank stock so
received. After Lucas death Wana-
maker found that he bad not made de-
posts as agreed and that his (Wana-
maker's) account was overdrawn. He
Immediately made it good by closing it
with commercial paper received IN his
business, which was all duly paid. Lu-
cas-, therefore, did not in reality furnish a
penny for the purchase of the Reading
stock Wanamaker held. and all the latter
had for Lucas share was Keystone stock
certificates. He held this subject 10 the
adjustment of the account
Mr.. Marsh and Mrs. Lucas urgently
desired, after the run last December, to
have the stock returned to the bank.
This Wanamaker declined to do. He
maintained this position until the bank
closed and then recognizing that the stock
had no moneyed value, and being further
assured hat if surrendered to the Lucas
estate it would help in the rehabilitation
of the bank, he surrendered 1t. What he
surrendered was valueless to him but
might possibly help the bank and save
others. Being a collateral holder under
the law, he could not be assessed upon
the stock, hence any superstition hat he
parted with the stock to avoid assessment,
is without foundation.
Last autumn Marsh claimed hat the
bank had strained itself to help customers
and wanted help and the firm paid off all
discounts as fast as they Tell due. Later,
when the run came, Marsh used to come
to the firm, saying he had no one TO go to,
assuring them that everything was right,
precisely as he did at the clearing house.
He pressed Wanamaker to buy Lucas
building aud sea shore property, and to
loan paper for use at the clearing house to
recover other collaterals, all OF which
Wanamaker declined.
About s O'Clock the night before the
failure, Marsh called on Wauamaker in
Washington to say that he had been to
the controller and informed him Of his
doubts about the issued stock and asked
Wanamaker whether be could in any waY
help the bank. Wanamaker said mo-
and the interview closed.
In conclusion, Mr.. Wanamaker said
that instead of the bank losing a penny by
him, he had only been its profitable
customer. Responding to a question by
Elting, Wanamaksr said he borrowed
money on the stock Lucas gave him until
there was a question about its verify and
then he gathered il up and held it.
Citing said that he had been told that
5000, 600 or upward of money was OBJ
tanned at one time from Bardsley by
Marsh and loaned to Wanamaker. The
latter responded that he never heard
of it; he never had a cent from Bard ley
as an individual or treasurer, directly or
indirectly, through Marsh or Jones or
anybody else.
Councilman Smith said: You now
have no other choice except to regard the
possession of the Reading stock as fully
equivalent for the return of the bank
stock.
Wauamaker-'I make no claim against
the Lucas estate.
Examiner Drew, in his testimony today,
said he still thinks the assets of the bank
will be able to paw the deposits dollar for
dollar. When asked If he included the
1880, 900 IN due bills held by Bardsley. he
said he did not, as there were no traces
OF the money ever having been paid into
the bank.