New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-07-12
mp WANAMAKER'S ANSWER.
ur REPLIES TO BARDSLEY'S CHARGES BE
roRE TIE PHILADELPHIA COMMITTEE.
u,s HOLDINGS OF THE KEYSTONE BANK STOCK
HOW HE BECAME POSSESSED OF THE
OVERIssUED STOCK.

ovERIssUED STOCK.
pAuaaelphia July 11.-ln the examination by the
-rasilcaiing Committee Of the Councils on Friday
vvenamaker took up the statements made by
'.,.nv tn his interview with "The Philadelphia
s~s,s Commenting on the statement that Marsh
- aid that Dir. Wanamaker had demanded 100000
a. tAe e5l5 shares Of alleged Overissued stock he'd
- him Mr. Wanamaler said {" When was here be
,,r. Mr.. Etng said that he was informed that De
,,aed $4,000 or 100000 for the stock. answered
MON than that When Mrs Lucas called on me
.nsr her husbands DEATH told her l wanted what
,se stock was worth. 1 considered il worth S'o
sAae I believed it pledged for its value Oh M,
Iucas's' account. The statement is not true that
xaated any particular sums from any particular Peop''
never made that proposition to get money OF inc
hank l negotiated only with the Lucas estate "n'0n
owed me the money. I did not consider the SION ,
improperly issued, and had reason Tor not co"SO''"7
II Improperly issued. ,
Mr. Marsh said to me: If you VIII consent 70 -, -
this stock and pay an assessment on II Ia case ~
needs an assessment will get stock rom o'o's "'c
u there is an over-issue VIII make your sIo0N 7oVu
The impression that ! had was that MI. Lucas "ou,u
never issue improper stock when he had good s'ooA
v-v sbonls 10; keep genuine stock and use STOCK ua'
- No, geppiuel never had any proof mat Ihe
stock was not genuine and have not To-Day Simply
held that stock collateral in the Reading SIOUX ueal
and was never bona nde owner.
Mr. ho'io~-''4Ni N~-NN
throat that unless 100000 paid 10 his lawyer
Mr. Eothermel. he would close the bank
Mr. Wanamaler said The first part OF that state
mont Is absolutely false. The other p0rtOn IS true
TO this extent. Granville B. Hanes and LAWYER Huey
with Marsh, came to Washington aid saw me win
reference TO some settlement OF the claim had against
The stock I said that up TO that time no person
except Marsh had called the legality OF the stock INTO
ouesuon Now that the vice-presdent Of the bank
and Mrs. Lucas's lawyer added their testimony felt
obliged 10 say that they must either settle with me
or could not in justice 10 self allow the C0AlOuer
Of the Currency TO remain longer IN ignorance f the
tact that it asserted that there had been an illegal
issue OF stock.
Mr. McWade next read of Mr.. Wanamaker's al
,.rca borrowing Of 100000 OF Bardsley through
Marsh
Mr. Wanamaker replied u pronounce that state
nent absolutely and unQuafedlY false from beginning
to end without airy foundation Of fact whatever ZAP
plause.) I had any such conversation Win
Marsh or anybody in relation To such loan, at
any time or anywhere, in this c4-y or any other
I never borrowed Chat much money at once II Is
possible my discounts were swollen Wheh
l had 10 step IN and make good my
accounts at the Keystone Bank, which had checked
against in paying for Reading stock on Lucass promise
to deposit money 10 my credit which had loaned him
on the 2,5l5 shares of stock. l could very Wen
have stood up and said This is not my deficit but
Lucas's, and could have allowed the Lucas estate
20 assume IT, I had 10 make good $4,000 drawn
In this way 1t is as Mr.. McWade reads We
were good customers of the bank. and sometimes had
balance Of $4,000 there. We frequently gave
the bank our largest deposits. l understand ua' uC
bank was doing good business, helping small store
keepers by loaning them money, ana was Wiling
that our money should be used in TINS way we
never had any discounts except on paper that should
have gone before the Board, on collateral that Was
not wildcat but perfectly good
ffQf a.
spectators were waiting anXiousy for when he said :
In looking over the book Of the Keystone Bank
since your last visit Mr. wanamaker, we have found
large number Of shares standing IN your name. The
amount exceeds $4,000 This is in excess Oh the
shares given 10 you by Lucas security.
Mr.. Wauamaker said: u thought the amount was
Eggs shares p
Mr.. E;ting replied a further search has revealed
600 shares more"
Mr. Wanamaker said u had not been told Of this,
but think I can explain this later on' He then
continued: When I previously appeared before The
committee I understood that your desire was to know
where the missing money Lad gone confined
myself " q statement OF nv operations WIN
Lucas had IN my mind before l came
here the fact Of private matters, but did not
suppose the committee cared " 20 over these ralsac
tons. stated 10 the committee that never owned
share Of Keystone STOCK. either by purchase gft OK
Inheritance l knew as well as I know the name Of
stock Having stated that fact. then told the COM
mittee how l caIae hold -,51J shares OF stock as
collateral"
Before beginning his explanation Of his connection
with the 90 shares recorded in the stockholm III lbs
name Mr. Wanamaker said l want distinctly to state
that I don't desire 10 escape any legal or moral ne
sponsiby for any stock Of this bank that can be laid
NJ nv door I was Tot a recorded stochholder at any
time am borne out i'll this by the testimony Of the
receiver Of the bank
lie began his statement by saying: The statement
that am credited with 2625 shares is not fair Or true
statement has been shown that go Of these shares
were part of the 2Jl5 shares held collateral. The
additional stock therefore is actually 1000 shares in
two blocks of 900 shares each The first certificates
AS 70 449 inclusive for 200 shares each bear date
Of March 3. 1oo6. They seem 10 be made out IN my
Iame but were not indOrsed with power OF attorney
and are not negotiable unless indorsed have no
recollection Of ever seeing them. endeavOred TO
trace them. but could obtain DO knowledge u uieM
whatever.
a curious thing is the fact that the
next five certificates, numbered 4JO to
$50 inclusive, were dated February 10, three
weeks earlier. These Latter certificates came 10
ne and IN this way. 1l9. Lucas came to NE, judge,
Oh March ., ls56, and said " You are director Oh
the Girard Trust Company which has plenty Of money
want 70 borrow 100000. Here is stock worth more
than that. Get Inc the money have been foolish
enough do such things all my Ate and VIII continue
% DO 50 a. long live. suppose took the certlh
Gates " the Gagd Trust got the money and gave 1t 20
Lucas never have the certificates from that day
TO this / never had penny Of interest III them. The
loan remained in the GTaId Trust for considerable
time after Mr. LEcas's death IN 1859, being paid of
by the estate. TAe attorney can be called
10 prove this. Among my papers I found
the following letter last Monday. which
proves my ststemeuJ NAY -, So Inclosed find
check To pay interest on loan Of $4,000 from Girurd
Trust. l would suggest that you give your personal
check in payment Of this interest. ). {. Lucas
Mr.. WaaamaAer read the last sentence " this let
Der with emphasi, and deiberatiOn. Continuing, he
Said
Ny impression about the other i've ccrNucates
Tor 1000 shares is that either Lucas intended o aa
i0r larger loan and changed his m.nd, or that there
Vas some informally fEat led HIN to cniee Ms Hhhd
II clear % me that stock wac never used.
cont KNOW Of any lIher stgck There NAV De 0Lh.t