Evening journal., 1905-03-24
LITTLE LEFT FOR
THE INVESTORS
Worthless Securities Found
in Safe of Provident In
vestment Bureau
MANY FACE FIHARCIA! RUIN

Philadelphia, March 24.-When the
rafe in the Office of the Provident IN
vestment Bureau was opened. large
bundles Of bonds wcCe found inside,
and at first glance it was thought that
W. II. Latlmer, the manager Of the
concern, had, after all, been Obliged to
leave some OF his profits behind. A
brief examination, however, served to
show that the bonds had almost all
expired and some stocks, which were
in the same compartment, were of oil
companies whose stability is unknown.
Excepting five $50 bills and about
100 two-cent stamps, nothing Of known
value was found in the safe. This, with
balance of S3073 in the Central Trust
company, and what may be realized on
the office furniture, constitute the as
sets of the bureau up to date. The
claims against the concern are moro
than $500 O0O
]. H. McNeal, who was appointed re-
ceiver for the concern, is busily en-
gagged trying to get hold of property
owned by Latimer, and may swear out
a warrant for the missing manager.
r. M. Anderson and E. J. Pershing.
attorneys for about three dozen credi-
tors Of the company. are anxious to
bring criminal prosecution against Lat
inner.
At his home in Danville, Pa, Latimer
is said to own $4,000 worth of proper
ty, which is in his wife's name. One
of the last entries in his bank book is
for $500, drawn to James Scarlet, an
attorney in that town, who is said to
have conducted his real estate deals.
This entry was made March 16.
The safe opened, the first thing seen
was the $3.50, then the stocks and bonds
were quickly looked over, only to result
in disappointment There were $50000
worth of railroad bonds that had ex-
pired Is years ago, and were probably
used as a blind to impress the skeptical
investors. Then there were $1,000
worth of oil stocks that are not yet out
of date and may be realized on. Much
depends upon the condition of the com
panies they represent.
Latimer's books showed that the
profits Of the concern must have been
enormous. Interspersed are accounts
of people who invested thousands OF
dollars and let their accounts accumu-
late for a year, never drawing any div
idends. His check book shows that
there should be a balance of about
$4,000 at the bank, instead of only
: $4,000. He made no record of the $1,000
which must have been drawn out in
the last few days.
Another pile Of letters had accumu.
lated over night, and these were openet
J by Mr.. McNeal and Mr.. Anderson. Two
Of the writer's asked for $1,000 on ac
count. One of these, Miss NJ. Elizabetl
, Schneidewind. 1915 Dorchester road
Brooklyn, had $1,000 with the concern
, and the other, Charles MerricK, Mon
7 soon, Mass, had invested S1400 and nil
account had climbed to over S3O00
Numerous other letters asked for th'
. return of funds, and one woman wrot'
1 that she needed her money to pay thu
s expenses of a funeral in the family
Some people, afraid Of offending tn,
manager. said they wanted to borrow
/, their money for a month or two, ant
. would soon return it.
Many Of the investors will doubtles
= suffer total financial ruin. as their let
ters show. Messrs. Anderson and Per
= shing are naturally anxious TO rally a
T many creditors as possible, to be abl
TO forestall the attempts of any othe
interests to secure another trustee 70
adjustment of the funds.
Oyster Lunch at Lynch's, No. "
4th street. to-mOrrc~ might