New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-23
BANK S1,5OO,OOO SHORT.
TO BE Paid IN FULL.
Enterprise Wrecked by Clark to
Meet Santa Fe PauroH
JBy Telegraph TO The tribune.

IL,
asked to-day what the shortage Of the Enter
prise would amount to. said:
1T will be very large; much larger In fact
than first supposed. From what 7 know, ,,,
it VIII reach S1.500O0O, None of the dirac+ors
or officers, not even myself had any idea that
It would reach such an enormous sum as that
The directors have determined, however. that
no matter how great the shortage it Will he
paid, and the bank reopen for business W.
hope before month elapses it will be In opera
ton again and viii eventually hold up its head
and occupy the proud position that II formerly
commanded"
T. Lee Clark's efforts to save himself from
heavy loss. disgrace and possible ruin were re-
sponsible for his taking his own life last week
and the wrecl1ing OF the Enterprise National
Bank. in Allegheny. Each day brings ont these
facts more forcihly.
Clarks heavy holdings in the Pennsylvania
Development Company and the Santa Fe Cen
tral Railroad Company. for both Of which coa-
Germs he filed the position of treasurer. made
him largely responsible for the payment of the
debts Of the concern, after having placed paper
promiscuously in banks. without the knowledge
Of the others interested. It was his failure to
raise money TO pay off the employees of the Santa
Fe Central that directly led 10 his death and
disgrace.
Two weeks before the Enterprise Bank closed
its doors there was to have been a pay day on
the Santa Fe Central Railroad The promoters
had barely enough money with which to bring
the road into shape to offer it for sale The
money had to be raised. The treasurer, T. Lee
Clark had already looted the Enterprise Ma
uonal Bank to keep the road floating and no
more money could be had from that source
". H. Andrews wired Clark that he could not
raise the money in New-Mexico. The bank at
Albuquerque, with which the Santa Fe Central
officers had been carrying on their banking. re-
fused TO honor the requisition for enough money
TO pay the months wages due. A telegram was
sent 10 T. Lee Clark, in Allegheny, calling his
attention TO the fact that he had been turned
down by the only bank in New Mexico where
they had any credit.
Clark Immediately wired the Albuquerque
bank that he would forward a thfrty-day note
for $4,000, the amount OF the payroll and re-
quested the New-Mexico bank to honor the note
for the amount. The president Of the bank tele-
graphed Clark that not only would he not honor
the paper, but he refused absolutely to have
anything more to do with the accounts OF the
Santa Fe Central Railroad.
This led Clark. as treasurer, who had every
thing at stake in keeping the road in condition
until il could be sold to the Santa Fe, to make
frantic efforts to raise the amount Of the pay
roll. He knew that If the workmen remained
unpaid for the month the New-YorB capitalists
With whom he negotiating for the sale of
the road would learn that the promoters of the
Pennsylvania Development Company, which
operates the Santa Fe Central, were hard up
and would take up the option on the railroad
It could then be bought lower price If it
waited until the PennsyIvanians were forced to
sell
Clark then called on all the people who he
knew had money. He was turned down at many
banks in Pittsburg. which suspected the condi-
ton Of the Enterprise National Bank.
II had been rumored among bankers for almost
year. that Clark and his associates had been
''Edting" notes to keep the Santa Fe Central
and other projects going Since the Clark
tragedy, half dozen bankers have told of ef-
srts made by Clark to raise money.
Clark called on a Mrs. May, widow living in
lower Allegheny. not far from the Enterprise
Bank, who had a deposit Of $4,000 in the bank
when it closed, and tried TO get her to accept
note for loan Of $4,000. She refused. Other
people were called on for loans but these refused
TO let their names be known
The payroll Of the Santa Fe was raised some
how. and the amount expressed 10 New-MeXico.
Il Is assumed that the Enterprise National BANK
funds were used TO pay the workrnen Of the ROAD,
and this forms only a part of the shortage
Clark had blank notes, so the members OF the
Pennsylvania Development Company allege. and
the last note placed among the securities OF the
bank was one for the payroll that the Alou-
querque bank refused TO take
Il is now asserted that John B. Cunningham
the bank examiner is authority for the state
ment that the Enterprise Bank contained
I032. 600 of State funds on deposit ana that
the largest part of this was from the sinking
fund. Mr. Cunningham could not be 1ou"u %
day to verify this statement.
The bank carried in current funds soS-'Voo.
according 10 the report OF october l. IS0o- II
the report is correct that the bank had $lo"-'VV0
Of State funds on deposit. $45o.o0o OF the SINK
ing funds Of the total s4O00,000 secretly placeo III
favored banks was deposited in the Enterprise
Frederick Gwinne-. president of the BANK oe-
MES he had given the State Treasurer bona Oh
any kind 10 secure a deposit of State funds LOT
the bank When the bank closed MT |"Iiiiiei
denied he had ever known how the bank Cd
tanned State deposits and was told by CLARK
that the bank was only giving campaign COZ
tributions to secure the deposits
\ great deal Of adverse criticism IS pelis II.
duIged IN owing to the failure Of the coroner
Office 20 take cognizaace of the death OF Ola'N'
So far as the coroners Office IS concerned tfleie
has been no such case. Coroner Armstrong mas
been III in bed for several weeks, and the deP,
uties seem to be completely At sea 1t IS arg
that much valuable light might be thrown oI t,le
subject II the coroners Office would MAKE III IL
vestigstion.