Evening Republican, Volume 15, Number 19, Rensselaer, Jasper County, 23 January 1911 — ELECTION COST BOND BY RELIABLE COMPANY [ARTICLE]

ELECTION COST BOND BY RELIABLE COMPANY

Agent Visits Rensselaer and Says His Company is Capitalized at $500,000, and Bond Issued in Good Faith.

KNOCKER GETS IN WRONG

Bankers Surety Co. Prepared to Pay Election Costs on Demand of County Commissioners, Although Extension of Time o N Will Be Asked.

Neither Jasper county or Marion township were “stung” when the subsidy for the Indiana Northwestern 'Traction Co. was voted on Dec. 20, and even if the road is never built, Jasper county was not “stung,” and the bend given by Eugene Purteile fully indemnifies Jasper county against loss. The Jasper County Democrat, which seems to have two real delights ?•. life—one being in knocking anything that looks like progress, and the other in rejoicing at the failure of any person to accomplish any big thing—proclaimed last week that the people had been “stung again,”/ because Eugene Purteile, the promoter, had failed to begin construction within thirty days after the subsidy was voted and because the bond for $5,000, which he had given to do so, waR worthless. It seems that Babcock’s exultation is to be short lived, and although the Indiana Northwestern Traction Co. may never build a railroad, and although Babcock may rejoice eventually fn that fact/there is no doubt but the bond given by the Indiana Northwestern Traction Co. in the Bankers Surety Co. is entirely good, and that Purteile acted In the beßt of faith in giving the bond. The exuberance of Babcock’s delight caused him to say that the bond was not “worth a tinker’s d—,” and again not “worth a pewter d—,” but Bab-' cock will probably take this back when confronted with a statement showing that the Bankers Surety Co. is a corporation with a capitalization of $500,000, and that it has been doing business in Indiana lor the past eight years.

A. M. Zorn, of Chicago, the attorney-in-fact for the Bankers Surety Co., was in Rensselaer Sunday and was surprised to learn that the responsibility of his company had been' assailed ancKalso that the secretary of state should be quoted as saying that no such company was licensed to transact business in* Indiana. Mr. Zorto signed the bond given by The In-, diana Northwestern Traction Co., and after the failure of Purtelle, the agent of the company, Mr. Zorn, knowing that the period for which the bond was given was to expire in a few days got into communication with Purtelle. Mr. Purtelle called at the Chicago, .office of the Bankers Surety Co., so Mr. Zorn says, and told him that his failure did not affect the India ua Northwestern Traction Co., but tha*. there was no prospect of work being started within the thirty days, owing to the fact that the ground was frozen and it would be impossible to do anything. Mr. Zorn came to Rensselaer Bunday to see George W. Goff, the local member of the proposed railroad company. and thus to ascertain what the company Intended to do. He was sur prised when reaching here to find thal the Jasper County Democrat had pronounced the bond “not worth a tinker's d—,” and also that the same paper claimed to have been informed by the secretary of state that the corn pany was not licensed to do business in Indiana. He at once called Babcock up by telephone and informed him that he was the agent of the company and asked that he be granted an interview so that he could correct the statement. He was surprised also to find that Babcock refused to meet him and indicated, so Mr. Zorn says, that he would do nothing to oorrect his statement about the reliability of the company. Mr. Zorn stated to the publishers of The Republican that he would employ means to exact a correction and that he would also ask the secretary of state of Indiana for an explanation. He stated that the company had been licensed in Indiana for eight years and that his Indiana office was in charge of Orrin D. Walker, who had his office at No. 21j) Lemcke building, Indianapolis. Mr. Zorn also stated that he had transacted the business relating to this bond in Chicago, that it had on it the corporate seal of the company, and Was valid without the acknowledgment of a notary publis. Mr. Zorn said bis company wan prepared to indemnify Jasper county against loss upon the demand of the county commissioners, and that there wan no possibility*of the county or any other person getting ‘stung.”

Any one knows that the only claim under a bond is for actual loss and all Jasper county could recover would be the cost of the election, which was about slls, The bond was executed on Oct. 18tli, and it had been expected to hold the election before cold weather set in and thus some work could have been started. As every person knqws, the ground has been frozen ever since the election on Dec. 20th, and work impossible, and it is probable that the qfficers of the Indiana Northwestern Traction Co. will ask the commissioners of Jasper county Tor an extension of time, say for 60 to 180 days, and if the bond can be extended to cover that time, it would seem not only reasonable but the duty of thei£pmmissioners of Jasper county to dd it. The people of Marion township voted 405 to 70 to favor of a subsidy for this road and it is probable that 69 out of the 70 who voted against the subsidy would be glad to have the road built and simply opposed the proposition of a tax support. It is quite certain that all who voted for it would approve the granting of additional time for the starting of operations for its construction. The writer has never had great expectations for the Purteile railroad, and has never considered an investment in stock with Purteile as manager a good thing, but it don’t make any difference who promotes a railroad through Rensselaer or who has a scheme by which tyiere is a chance for enhancing the land values of Jasper county and the convenience and happiness of the people, we are for it. If* it succeeds, we are happy in the knowledge that we helped it along; if it fails we are sorry and don’t begrudge the cost. And we don’t delight In exultation at the downfall,of some proposition /that would m<mn much for Rensselaer and surrounding towns and country.

While our faith did not extend to the point of endorsing Purtelle, wo have confidence in the project he headed and we are in hopes that the gentlemen associated with him will go ahead with the project and invite into it other men who will push it to successful conclusion. The con 4 ruction of an interurban railroad through Jasper county will raise the v:iluc of every acre of land through the townships it passes} from $5 to $25, and the convenience to trade and to markets will not only be worth the cost ; but many times the cost. Not one cent of the subsidy on Dec. 20th will be available to either Purtelle or the Indiana Northwestern Traction Co. unless the road is buHt, and Marlon township taxpayers can not be “stung.” The activity of the Jasper County Democrat as a selfappointed guardian of the interests of the people does not seem to. have had much influence in Marion township, for, notwithstanding the fact that that paper for a solid year attacked the responsibility of Purtelle, the election favoring the subsidy carried by a majority of almost 6 to 1. That would discourage the ordinary knocker, ..but for one with the monumental egotism of the Democrat’s editor nothing but a complete squelching is sufficient.

If this Indiana Northwestern Traction Co. should ultimately build a railroad, we expect that Babcock’s woe would be complete, but let it or any other Improvement proposed for Rensselaer meet defeat, he rises up in exuberant delight and cries out, “I told you so; watch the Democrat! v Considering the falsity of the statement about jthe worth of the bond given by Purtelle, we are satisfied that the Democrat needs watching, and We feel certain that the editor will, after this, find it necessary to watch himself a little. -