Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-07-25
PUBLIC LEDGER PHILADELPHIA FRIDAY JULY 25 1919

came To the bank to get Liberty Bond
for which she paid from pension money.
Her husband was Civil War veteran.
The woman. who is nearly eighty years
old. appeared AT tho bank at I 80 this
morning md stood in line for several
hours.
, Later in the day those in line were
told that no business would hc transact
cd with depoSitorS today or tomorrow.
Not even safety box holders will bc per
mittcd in the bank until Monday.
In pointing out a. possibility that
every North Penn creditor would get
I dollar for dollar. Colonel pusry, who
/ is n special deputy attorney general in
charge Of tho state inquiry. said:
"Thc North Penn Bnlk did a heavy
and profitable business. There is no
doubt at all hut that one Of tho big
banks would gladly stand loss of
5000. 600 or S3OO. 600 for the privilege
# taking il over aS mn uptown branch.
"Of course. until Receiver MacBur-
ncy completes his investigation into the
banks accounts. and Cashier Meyer
clears up dotnilS on drafts and loans
and ovcrdraftS. We will not know if the
losses will be small enough TO make it
protitablc for another bank to assume
them
"Rut Mr.. MacBurucy. in going over
Meyers rapcrS and effects nt the bank.
found several drawers fun OF storks.
bonds mud notes. great quantity. which
he has not vet had time to go over.
worth. and. again. may not ho worth
anything.
Colonel PnNcy today will SEQ W. Nor
gan Montgomery. counsel for Moyor.
the cashier arrested on six charges re
>uIting from the collapse Of the bank.
Meyer. through Mr. Montgomery.
wants to Offer his services to Colonel
Puspy. who is the personal representa-
tive Of Governor Sproul and Attorney
General Srhaffcr in tho bank probe.
Meyer to Visit Bank
II will try to have Meyer 60 Mp to
the bank before Monday said Colonel
puSoy today; "wC arc going 10 ask for
explanations from Meyer and ho may
or may not be willing to talk.
nt the hank the worst have ever Socn,
although am not banker. 1t is pos
~iblc. however. that the original osti
mate Of losses nggrcgating 5000 600 may
be- wrong II is possible thnt much of
the shortage is not from overdrnfts at
ALL hut may he covered by notes ont
standing or loans of which no one hut
Moyrr knows anything
The tcxt of tho letter sent by Mr..
Wr'nroth to the state authorities and
District Attorney Rotan follows:
II represent great number Of do.
po>it"ro of the North Penn Bank. the
total deposits amounting to many thou
sand dollars. Certain information has
come to my attention which involves
the former state banking commissioner,
Daniel F. l.afcnn. and Former state
Insurance Commissioner Charles \.
Amber in Withholding the true status
of the condition Of the North Penn Bank
and thus make il possible for a state
institution to remain in existence and
accept deposits while it was inSOlvent.
and known to be so by the commission
orS The purpose was patent. and the
books If the bank will disclose that Mr..
Amber and Mr.. Lnfean were both
debtors to tho bank and continued to
permit the business to he conducted in
order to serve their own private and
personal ends.
'As banking commissioner of the
state of Pennsylvania. Mr.. Lafean was
wholly incompetent to either ask for or
to accept n loan, with or without Sc
curity. from any institution under his
control. ] assume YOU are acquainted
with the deposits of state insurance
funds by Mr.. Amber.
"Pcrmit me to state that it is my
intention to do my part in bringing to
justice any individual or combination
Of persons who willfully wrecked this
ncighborhOod bank and brought sorrow
and ruin 70 many innocent victims.
My clients have insisted that ! take
action in this matter. but | have assured
them that the district attorney will
take such steps as he may deem fit.
"UnlcsS action is taken within forty
eight hours. have been instructed to
, institut" such proceedings us the facts
warrant. Permit me to state further
that You ar" at perfect liberty to call
upon nc for any information or assist
once at my DISPOSAL
Would Aid Cashier
Abraham Nerdeman. partner in the
Vogue Waist Company. which has a
retail shop at 1112 Chestnut street. has
L offered to assign to Moycr the $3.50
1 which his concern had in the bank when
1 it was wrecked. He made the offer. he
said. hoping that it would help the
| cashier ont of his difficulties.
t II do this out of gratitude toward
Moyrr." he told Mr.. Montgomery in the
2 presence of reporters. He made {
S33O0 loan for me. which put me on my
feet and helped me to make Sl5, 900 il