The independent. [volume] (Lincoln, Neb.) 1902-1907, 1905-11-09
DELYE In WRECKAGE
FEDERAL AGENTS SEARCH REC
ORDS OF FAILED BANK
Pennsylvania State Funds Deposited
in Various Banking institutions
Which Loaned $1,500,0o0 to Wild
cat Promoters


tangle at the Enterprise Nationa
bank the federal authorities ant
others interested are slowly getting
at the inner history of the traffickin,
in state funds.
The men behind the Pennsylvania
Development company, of which T
Lee Clark was treasurer, have de
manded loans in western Pennsyl
vania banks to an amount approach
ing $1,500,000.
And all of these loans are in banks
holding deposits of current or sinking
funds of the state. So far as can be
ascertained they have loans in ne
other banks.
Borrowed State Deposits
The total amount of state deposits
held by these concerns is at this time
approximately 100000; half O
which is current fund and half sink
ing fund moneys.
The total of $1,5O0,00O of loans Of
the Pennsylvania Development com
pany are practically all company obi
cations. The collateral covering them
is of various kinds, in addition TIC
notes of the various men interested.
The federal officials, in an effort to
locate what became of the missing
funds of the Enterprise bank, have
dug deeply into the private papers of
Cashier T. Lee Clark, hoping in this
manner to account for discrepancies in
the banks books. It was while max
ing this search that the facts stated
above were ascertained This helps
only to increase the middle in the
banks affairs.
But at the same time, it shows that
the state treasurer in power has al
ways had knack of locating deposits
in institutions which were extremely
friendly to the political crowd inter-
ested in the New Mexican promotions,
which include the Pennsylvania De-
velopment company, the Santa Fe
Central Railroad company and New
Mexican Fuel and Iron company and
some allied concerns 1t is found that
the securities of all of these concerns
are heavily pledged for the loans in
banks.
cIark's Fortune Lost
BY all odds the most astounding dis
covery is the fact that the personal
fortune of T. Lee Clark has been en-
tirely wiped out by his operations.
1t, like the missing cash and col
laterals of the Enterprise bank, seems
to have gone into the NaN Mexican
nav or that of some persons inter-
ested in those enterprises. 1t is in
dicated by the statements of those
familiar with the inner history of
things, that the owner of this NAV
has been identified.
Although the state has money in
many western Pennsylvania banks,
the number in which loans referred
to above were secured is not over
twenty. Many of the strongest In
situations have none of the paper,
while other of wide reputation have.
1t has been current gossip In Pitts
hrg banking circles for months that
state funds were being hawked around
by persons not officially connected
with the state government and de-
posits rendered In return for accom-
dodation loans. These stories have
come TO the fore, and been
as repeatedly denied. yet there Is
evidence tending 10
show such practices In the remark
able condolences OF heavy deposits !
and heavy loans referred 10 above.
Beginning few years since the |
district became the field OF |
great activities In the handling of /