Butler citizen. [volume] (Butler, Pa.) 1877-1922, 1905-10-26
The "Enterprisc. Failure.


Bank" of lower Allegheny was small
affair compared with some of our But
Ter banks, it suddenly became of state
Importance last week. by reason of the
suicide of its Cashier, T. Lee Clark, at his
home in Bellevue, and the closing Of
the bank by the National Bank Exam
iner.
The import to the state consists in
million dollars of the states money on
deposit there and its probable loss The
politicians of this part of the state, who
stand in with the Philadelphia crowd or
gang, secured the money for the bank
and then borrowed about half of it on
paper that is now said to be worthless.
The Cashier, who seems to have run
the bank without the aid of the Presi-
dent and Board of Directors, probably
made other foolish loans, the bank be-
came embarrassed; its condition was re-
ported to Washington; the cashier wor-
ried all night over it's affairs and put a
pistol to his head next morning, and
the Examiner closed the doors. and
went to work on the books.
The notes of W. Fl. (or Bulb An
drews, prominent in state politics for
many year, are said to ag-
gregate $4OO, 900; and the names of Boies
Penrose, Frank Torrance and Walter
Lyon are mentioned in the reports,
The case is similar to that of the Peo-
Piles Bank of Philadelphia, some years
ago, and which caused Cashier Hopkins
to take his life, and it is but another
chapter of the story of misery and des-
pair caused by the control OF a large
state surplus said to amount to nine
millions in abby the lot of scheming
and unprincipled spectators who have
so long controlled the state. The sur
plus, itself, has no good reason for its
existence. 1t should have been appro-
priated long ago, and if necessary, some
of the sources of the states revenue lop-
ped off, and vet even last winter Gov.
Pennypacker pared down all the appro-
priations, that it might continue to ex-
ist.
This affair will have an influence on
the coming election, as Mr.. Plummer
was forced upon the party as its candi-
date for State Treasurer by the same
gang who have been manipulating this
surplus fund for years.
OF the four millions of the state
Sinking Fund" 1898. 600 was deposited
in the Enterprise. which was the larg.
est sum held by any one bank. The
next largest is $3.50, in the North
American Savings Co. of Pittsburg,
$235, 1000 in the Pittsburg Trust Co.,
$3.50 in the Cosmopolitan of Pitts
burg and on down in smaller sums
throughout the state, the Farmers Ma
tional Of Butler having $1,000. There
are reports Of favoritism on the part OF
Examiner Cunningham. also of the
notes of some of the politicians being
stolen from the banks papers
1t is reported that notes aggre-
eating $6O0,O 900 are missing from the
banks papers. Besides the $39S, 600 OF
the sinking fund, $685.. 900 Of the states
general fund was deposited in this one
little bank.
State Treasurer Mathues has given
out statement as to the amount OF
public money deposited in the Erter-
prise National Bank, and also showing
where the States sinking fund is de-
posted. The fund amounts to A,192..
OBS. 80, while there is about 80, 600, 600. .OC
in the general fund. Of the total
amount Of State funds more than one
thirteenth, or 81 ,O3O, 600, was on deposit
| in the Enterprise National bank at the
time its doors were closed.
The Directors of the wrecked bank dc
not seem to trust Cunningham, and art
making an effort to have their own ac
countants go over the books and papers
with view to entering criminal prose
cutions against the guilty persons, and
the q. S. Attorney General has instruct
ed the u. s. District Attorney at Pitts
burg to watch the development of af
fairs. .I