22 Nov 1889
Page 1
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Newspaper
Pittsburgh Dispatch
Location
Pittsburgh, Pennsylvania, United States of America
Date
Nov 22, 1889
Page
1
The Lawrence Bank failed after a run and Long & Co. Vulcan Iron Works faced suspension. President W. W. Young blamed missed payments on a $100,000 judgment note, while Long & Co. argued that its unwarranted note sparked their ruin. Depositors and workers suffered amid confirmed judgments and widespread gloom.
Reports describe the bank run triggered by a debtor’s default and ongoing uncertainty about bank president Hoerr’s whereabouts. Officials including Mr. Moke and Mr. McKee discuss depositor safety and leadership gaps as Mrs. Hoerr faces anxious suspense at home.
Since yesterday afternoon at 2 o clock cashier John Hoerr left the minor officials to run the bank until closing hour causing concern about his whereabouts and whether he reached home or stowed away.
James D. Long of Long & Co. says the Lawrence Bank failure was caused by the bank not by his Vulcan Iron Works. He disclosed a $100,000 judgment note pledged as security for running loans, not for collection, and fears it will ruin credit and force shutdowns if pressed. Local iron men fear a brief market wobble from the bank’s failure and Long’s confession of judgment.
Bank rumors ripple through Lawrenceville as deposits are drawn and fear spreads among artisans, laborers, gripmen, and small firms. Directors call a meeting as customers report varying sums and officials pledge solvency while deposits of Z Wainwright & Co and Phenix Roll Works crews raise concern.
The firm Long & Co was renowned for gilt-edged status as the iron market remained firm and demand strong in Western Pennsylvania. Labor was quiet and the public noted the First Avenue rolling mill near Panhandle crossing as financially successful, despite a previous partial destruction that was not rebuilt.
Henry Ahlborn, bank director, remains confident of reopening despite a severe run spurred by rumors. Barbershop proprietor L. Hoffman notes long ties to Carnegie Phipps Co and recalls large checks historically clearing, but last Wednesday the bank refused a $50 000 to $80 000 payment. Akers and Keyser among others report deposits. details hint at broader panic and uncertain liquidity.
The report outlines loans involving Rick McNamara and Henry Enver with sums around $2000 and $4000, delays of weeks, and a bank allegedly refusing $6000 to $7000 in cash deposits yesterday. Enbert & Myers cite a three month gap since purchase of a bank stake by W. W. Young for $50,000, bought earlier from the Batchelor estate at $35,000, with cash and mortgage terms.
Depositors led by Me Winter and Dillenbach of Herrs Island hold large sums at the Lawrence Bank. Reports say losses could reach thousands. Director James B. Young, longtime Ohio Water Gas leader, admits limited knowledge and notes he failed to direct. He cites illness and night meetings as reasons for absence.
Charles B Wigton secretary treasurer of the Clamorgan Iron Company and heir to wealth was arrested in Philadelphia on forgery charges. He reissued a note and obtained 6000 from Commonwealth National Bank with possible forgeries totaling over 50000. Major John R Fell of Pardee & Co prosecutes while Pinkerton agents seize him. investigation may uncover further forgeries.
The bank records a confessed judgment for 300000 against Long & Co Chartiers iron merchant in three notes each 100000. One note carries a default proviso. Executions issued on the first note. the firm’s partners T D Long E L Maxwell and S Browne signed the confession. The plant is said to be worth the judgment amount if unencumbered.
The Vulcan Forge and Iron Works owned by Long & Co comprises three departments the mill departments and machine shop with 350 workers and extensive furnace and heating operations. Capital invested is 250000 dollars and the firm has a long record of good business and strong credit in the city and beyond. No mill has run double turn for many months with a large backlog of orders.
At the Pan American Congress in Washington on November 21, Delegate Henderson urged welcoming Brazil as a republic in the American sisterhood. Colombia’s Hurtado and others urged tabling, arguing lack of instructions and non unanimous approval. The motion to table carried, with Venezuela and Uruguay voting no.
November 21 1900 style dispatch notes ex Congressmen Koonts and Caffroth and ex Deputy Attorney General Gilbert appearing before Governor Beaver to urge the signing of death warrants for the Somerset murderers Anderson Vid Nicely. The Governor is expected to grant the request.
The British Consul at Zanzibar reports Stanley reached Mpwapwa on day 55 after leaving Victoria Nyanza and day 188 after leaving Albert Nyanza. He travels with Hofmann and other missionaries, discovers a Victoria Nyanza extension toward the southwest bringing it within 155 miles of Lake Tanganyika, and leads a party of 750 with 290 followers and 60 children. The expedition aims to reach Bagamoyo in about two weeks.
A dispatch from Hincros notes about $36,000 in aggregate salaries paid to colored men in office this year. It discusses the District Recorder of Deeds, historically held by Black officeholders, and mentions past incumbents Frederick Douglass Matthews and the current Recorder Trotter amid Democratic and Republican tensions.
A staff correspondent reports that the dedication of a Catholic University Divinity School in Washington sparks Protestant fears of sectarian power. Baptist leaders denounce theater and opera singing, linking events to Catholic influence at the capital amid debate over church and state.
Attorney General Miller received a message from Eugene Marshall United States Attorney for the Northern District of Texas regarding difficulty administering Federal laws in the county. The note suggests coordination with the County Attorney and the sheriff.
Coroner informed a few days ago that a stranger found in a New York canal was identified by the deceased’s son in law A Fredericks of Minneapolis. The body bore a draft stub from the National Bank of Minneapolis and a hat with a trade mark. The remains were those of Lewis G Baf Minne How much money he took is unknown, and the motive remains a mystery.
James W. Tanner and Colonel W. W. Dudley have formed a pension partnership to oversee business needs. The article notes their effort to render assistance and establish the venture for future security.
Miss Cora Maloney daughter of Hon George Maloney and Mr Stewart banker of Bangor Missouri were married at St Johns Church last evening. The ceremony faced interruptions from protesters as guests and crowd tensions arose during the wedding event in Franklin.
November 31 report states the Secretary of the Interior has requested and received the order appointing HL A Phillips to a role in the Mr Division of the Ponies. The article notes Phillips in one of the piston chew see ones.
A long review outlines the Bellevernon gas field across Maple Creek, Ginger Hill, and Coal Center in Washington County. It covers field size about 21 to 36 square miles, leased acres, and details on wells by Bellevernon Company and Keen Company, noting disputes over naming between Monongahela City and Coal Center factions.
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