Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-07-31
HOPE FOR SALVAGE
OF BANK IS HELD OUT
Former Vice President Of Looted
North Penn Institution Talks
to Stockholders
OTHER HOUSES MAY HELP

Hope for Salvage" Of the wrecked
North Penn Rank was expressed to
stockholders of the institution at n
secret meeting last night in n hall nj
Twenty ninth and Dauphin streets
Joseph Schlenz. former vice president
of the bank, who is alleged to have been
ousted at the instance Of Ralph T.
Meyer, the cashier, after Schlenz had
criticized Meyers method of conducting
the banks business, presided at the
meeting.
William Il. s. Ferguson. who has
been empowered to act for the stock
holders, made a report of the posi-
bility of several Philadelphia institu
tons supporting the bank IL the fnaI
statement of shortage was not prohibi
tive.
Mr.. Ferguson said he had been ne
gotiating with several large institu
tions in this city regarding the reopen
ing of the bank and would receive n
definite reply ms to their decision in the
matter as soon ms n final statement OF
the banks assets and liabilities was
available. These figures would prob
ably he given by the bank commits
sioncrs some time next week. nc said.
StOcHnOIHerS NOuiH Help
John 7. Coyle. formerly state soma
tor, n stockholdcr in the bark, addressed
the meeting. He said the stockholders
of the North Penn Bank are unanimous
in their desire to do everything in their
power to meet the situation in way
that would he of greatest benefit. first
to the 1cpositOrs, and then to the stock
holders.
Mr.. Schlnnz said the banks stock
was selling last February at S125
share. The stock originally sold fo"
SI20 a share, which shows that stock
in the North Penn Bank was ostensibly
going up since tho time the institution
is alleged to have become insolvent. he
said.
The offers of several banks to take
over the North Penn and readjust its
business on Il satisfactory basis. pro
vidcd that the assets are sufficient, still
hold good. according ta Colonel Fred
Taylor Puser, appointed special deputy
attorney general 70 investigate the fail
ure.
Fisher is Hopeful
John s. Fisher. commissioner OF
banking: yesterday in Harrisburg ex
pressed hopes Tor the recovery of a large
part of the bank shortage. lie would
nv PiNulEl. HoNPN'F, Wnen the dNDOS
itors ouldw receive definite information
on the amount of their money which
will be saved.
I'm glad had no official connection
Rith the North Penn Bank since these
tilScrepancioS have taken place" said
Mr.. Schlcnz yesterday. I'm n depoSi
tor and st0ckholler in the bank and
stand to lose good deal of money"
ia it true that political influence had
hand in Withholding for eighteen
months knowledge OF the true condition
of the banks financcs?' Mr.. Schlenz
was asked.
II won't say yes or no." he an
swered.
Would you be able to throw any
light on how the shortages came aLout?'
Schlcnz Would Keep Gut
"I won't answer that question
either returned Mr.. Srhtrntz. 3"
don't care 10 be dragged into this
thing"
''Is your Information of such nature
that it might help the Investigators In
tracing where the money went and get
ting back Q good part of it to the de
positors?'
Il won't say yes or no." answered
Mr.. Schicnz. IF they want me, sup.
pose I'll have to 60. But | don't know
whether ! can tell them good deal"