Evening Republican, Volume 16, Number 53, Rensselaer, Jasper County, 1 March 1912 — SUPPOSEDLY SUBSTANTIAL MONTICELLO MAN WENT WRONG. [ARTICLE]

SUPPOSEDLY SUBSTANTIAL MONTICELLO MAN WENT WRONG.

Ore EldrMge Borrowed Money' on Forged Securities; Has Liabilities ■ * ■ of About $58,00®. Montlcello Herald. Attorney Wm. Guthrie returned Saturday from a western trip which was full of interest to a good many residents of this vicinity who are holding the notes of Ore Eldridge for various amounts. Mr. Eldridge left here one week ago Saturday accompanied by his attorney, CapL Guthrie, for the purpose of getting the cooperation of his wife, who has been sojourning at Albuquerque, New Mexico, for her health, in a plan to relieve him and his creditors from an ugly situation. It is understood that the mission was successful and that whatever missteps Mr. Eldridge may have taken, it Is not his intention to cause anybody any loss. A few days before he departed on this mission it developed that all the banks in Montlcello were carrying more or less spurious paper which had been deposited with them by Mr. Eldridge as collateral security for loans. He is a son-in-law of the late Theodore Scott, and with his farm of 160 acres and his large new residence on south Main street, together with several thousand dollars worth of imported horses and other livestock, be has been considered quite substantial. The notes he left at the banks as collateral contained as signers the names of Theodore Scott, deceased, John M. Shafer, deceased, W. B. Beeman, John Neel, E. G. Reiff, T 7 W. O’Connor and B. F. Slenker. All these men were known to have had business relations with Eldridge, and thegtygnatues being perfect imitations offthe genuine, the notes were accepted by the banks without question. Several weekß ago, in conversation with Mr. Beeman, Secretary Turner of the Trust Company incidentally discovered that Beeman was not aware of the existence of a certain note hearing his name and then held as collateral by the, hank. Similar disqgveries .followed later at the other bAnks. The total amount of spurious notes outstanding is said to bd about $14,000. Besides this are several loans from private parties on his individual notes and other forms of indebtedness running his entire liabilities up to perhaps $50,000. His own property, together with his fife’s, aggregates In the neighborhood of $75,009, so that if present plans are carried out all debts will be liquidated and a snug competence saved from the wreck. Attorney Guthrie returned with a power of attorney, authorized to settle all claims, selling such property as may be necessary to that end. A meeting of the creditors was held Monday night, at which the prospect seemed favorable for a satisfactory settlement with everybody. From Mr. Eldridge’s own statements to friends it is believed that he was led into speculation by a Chicago broker and that the odd story was repeated, one investment calling for another, until crazed with desperation or with the hope of gain he traveled the well worn path to its familiar end. The fact that Eldridge did not return with his attorney is taken to indicate that he fears an indictment. None have been returned yet so far as known, but the fact'that the grand jury'has adjourned to meet again the last week of the present term is regarded as significant