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TYRONE ALL TORN UP Over a Coming Meeting of Creditors of the Broken Bank. THE SYSTEM THAT WRECKED IT Furnishes a Topic For Disclosures That Are Sensational. WILDCAT BANKING IN PENNSYLVANIA TELEGRAM TO THE DISPATCH.1 ISPECIAL Dec. 27.-Affairs with the stock- are TYRONE, of the wrecked Tyrone Bank enholders to a head, and suits are defunct being incoming against the officers of the on stitution tered daily. To-day a notice, posted foldoors of the institution, reads as of the the "A meeting of the creditors in the defunct lows: Tyrone Bank will be held 28, Opera House Monday, December in the Naus o'clock in the afternoon, to take everyone at 2 Let there be a rally of importsituation. interested, as matters of the first Atwill come up for consideration.' of ance to the notice were the signatures men tached committee consisting of 16 business a and firms, all leading depositors. The Stockholders Want to Know. the meeting to-morrow afternoon into the At propose to inquire closely Gas and depositors disposition of the Tyrone be in the stock, which was supposed to but was Water bank at the time of the closing, issued. the accounted for in the statement Then not stock was worth fully $100,000. by This matter of the transfers of properties stockholders, the Hooper and Guyer, plainly Messrs. receive attention, and it is filed to stated will that there will be of objections the assets of the It bankers. this way of disposing is reported to-night that Atas beer named torney A. of A. the Stevens bank, and has strong objections to the assignee made to this choice, owing principal close will be relations he bears with the stockholders important matter that will to-mor- come Another consideration at the meeting conveyed his up for the report that Guyer brother-in-law row is in this city to his year residence Baltimore in a deed dated about conveyed one in also that the brother-in-law Mrs. Guyer, ago: the property back to his sister, recently. Stockholder A. B. Hoover, of the susbank. has recovered all his property assets and pended has turned it over depositors, as personal who are for the benefit of the and still hope to receive greatly deposits encouraged in full. No doubt the the meeting real their will be developed at afternoon. situation of the depositors to be held Monday The State's Wildeat Banks. Harrisburg special to the New Bank, York A The of the Tyrone one of doing Sun, says: the 200 or the more stitutions law, is the by any within four the past uncurbed of the kind that has months. gone under It is the the irresponsible natural banking result of system of persistently the State wildcat Legislature has It which the legal restraint. refused to place under bank in Pennsylvania is as easy to start a All that it is A as it is to start a grocery. hire a room and put up a that there sign necessary to do is is to bank within, and there to law these banks d annual report of per a you are. is one The the requiring STATE tl 1 net pay earnings, to the State which tax must be declared under II oath. of the banks are located in or small regtowns, Many remote from any banks, national and are the tl incorporated State of the comP ularly depositories of the savings supported. To sole by which they are the State munities them no authority from stock, establish They have no capital make a and is required. are not required to of register, the amount 0 to any ments T no of of returns capital to invested, the person State or of furnish their assets statemeans th ti and liabilities. the amount There of money are these banks 11 of th hold knowing on deposit in the aggregate, course of a but few years them that failed in depositors the $1,500,000, and past lost for it may their be inferred that the total held na amount from that of credulous persons -certainly money not less it mate. th than by the $10,000,000 lot is very at large- a very conservative estibe No Law to Reach Them. ch The banks has any is sur- the General's, and, in the absence passive. of Auditor restrictive law, that is only brought S any Auditor General who ever the danof The to the only attention of of the the Legislature system under which to ce and urged interest the imre the these institutions exist, in was the Jerome sound financial principles, his efforts in of B. Niles. who, in fact, began a member of the that direction while before he became the ha ab State head of Senate, the Auditing and exposed Department. the absurdity, His last annual report of the system by quotdanger, and iniquity the reports of the private ing largely from him. Beside being reA bankers quired to made report to their their expenses. earnings, the Auditor banks General must also Niles' report quotations and very from comprehen- the reports ve showed that a regular of expenses was o' sive item in all these reports either nearly Be of one-half "loss in the save tax bankers on their per- net ki in jured earnings themselves or that these to institutions While were in no a ca condition detailed statements of bankruptcy. of this kind in such have perti- been bu placed before the Legislature shape by either of er nent and convincing who have handled in ar the the subject Auditor since Generals General that the Niles, situation there is is no in reason to suppose In that report 29 of loss the di any way changed. as returning a net ca banks were quoted 44 made affidavit that 01 ed for the fiscal year; less than $500, and 25 W ca swore their that income they was had made less than $1,000. What the Returns Show. se we we the returns they made of interest had many paid By showed that they must have people's ba thousands all of dollars of other One of these
