The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1891-07-11
ST. WANAMAKER'S STOCK.
He Knew 1t was Bogus and Tried to
Blackmail the Keystone
Bank.

Extracts from the statement OF Convict
and Er-Citv Treasurer John Bdrdsley Of
| Philadelphia TO City Editor McJVode Of
| he "Piblic Ledger
Marsh told me that John Wanamaker
knowingly held over $500 shares of our
| over-issue and had demanded 500, 600 for
them, although he had never paid or
| given any value for them whatever. Wan
| amaker's demand was that Mrs. Lucas
was to give $4,000 Of that amount, Marsh
$4,000, and the bank the rest of 1t, the re-
naming $751; 0o.
1.-THE depositors had all this time acted
nobIy. Some of the stockholders were
mean, and a few really should. from what
I know. be in prison. too. A plan was ar
ranged that the STOCK was to be thrown
into o pool or given up, in order to help
the rebuilding of the bank. Everything
seemed clear for a speedy and satisfactory
arrangement. when Jonn Wanamaker
upset all our plans ny his remarkable oe-
miand. accompanied by the threat that
unless the 100000 was paid over to his
lawyer, p. +. Rothermel. he would close
the bank Marsh was frightened, and did
not know what to do. told him to en-
gage good lawyers at once, aud 10 instruct
them TO demand the overissue from John
Wanamaker, and not to pay him a cent.
II showed him that John Wanamaker
was knowingly guilty of a crime in re-
tanning those oyerissued shares. and that
be must not be permitted to bulldoZe the
bank. Marsh took my advice u en-
gagged Mayer Sulzberger and John e..
johnson. They demanded the stock. and
Wanamaker reduced his demand to
$25. coo, but he and his lawyer were told
that IL the stocks were not returned by a
certain specified date legal action would
be taken against him. Before that date
John Wanamaker and re-
turned every share OF the overissues.
But while this was going on Marsh was
still frightened, and he said to me
one day, If John Wauamaker is
going to tell Lacey. I'll be ahead of MIN
and tell the whole business myself.
That afternoon he took a train for Wash
ington and made a clean breast of every
thing to the Comptroller that night.
After he left Mr.. Lacey that gentleman
hurried from his home after his lawyer,
with the intention Of having Marsh ar
rested in Washington. Unfortunately he
could not find his lawyer anywhere, so he
allowed Marsh to go home to Philadel-
phia, but telegraphed that night to Bank
Examiner Drew, ordering him to close
tue bank on the following morning"
HOW wANAMAKER BORROWED.
Bardsley-"I do, certainly. Let me ex-
plain to you what sort of a borrower John
Wanamaker was, and how he borrowed.
Here's an instance: - In March, 1880,
Marsh came to me IN a great Midget. and
ssid that John Wanamaker wanted $780,
900 from the bank. Inc must have it right
away. Marsh added that he told Wanna
maker that the bank had not that
large amount of money 70 spare
hadn't it on hand, in fact. and Wanna
maker said to him that ne knew
where to get it Marsh said TO
me that Wanamaker was a good customer
Of the bank anyhow. and he wanted to
oblige him. | told him that / could not
do anything for him. Two days after
ward he returned and said that John
Wanamaker was persistent n must
have the money; that he knew the hasS
had not 1t, but II / would lend it that the
bank would not ask the interest, but
would pay over 70 me direct whatever
Wanamaker would agree to give. / let
him have the money and John Wanna
MAKER got II. The books of the bank
ought to give a good idea of his trans
actions"
LAcEY's coRRoBoRATIoN.
WASHINGTON, July 10.-The attention
of Comptroller Lacey was called tonight
to the Bardsley statement made public in
PHILADELPHIA today that Mr.. Wanamaker
demanded 500, 600 for his bogus stock In
the keystone Bank ana threatened 10
close the bank If that amount was not
paid him. and that President Marsh told
Lacey about the demand. Comptroller
Marsh placed Mr.. Wauamaker's
demand as high as 800, 900. He says
Marsh did tell him that an arrangement
had been made whereby certain property
and cash were to be accepted by Mr..
Wanamaker. aud the stock surrendered.
Mr.. Lacey does not remember the value
placed Upon the consideration, but thinks
it was between $4,000 and $4,000. He
understood Marsh to say that the prop
erty was not delivered at the time agreed
upon, and for that reason Wanamaker
declared the trade of.
This was the conversation as near as
Lacey can remember 1t. He does not re-
member that Marsh told him that Wanna
maker had ever made any threat as to the
closing of the bank. These conversations
between Comptroller Lacey and Marsh
took place on or after March 10, and the
keystone Bank was closed on March 20.