Jasper County Democrat, Volume 10, Number 39, Rensselaer, Jasper County, 28 December 1907 — Page 1

Jasper County Democrat.

SI.OO Per Year.

WORSE THAN M’COY FAILURE

Remington Bank Will Probably Pay Only 25 to 35 Cents On the Dollar.

LIABILITIES $258,500; ASSETS ONLY $91,000. Conditions “Worst I Have Ever Seen,” * Bank Examiner tllnshaw Is Reported To Have Said, and Criminal Prosecution Is Being Freely Talked Of at Present Time.

It now develops that most everybody was fooled about the Parker bank failure at Remington last week. The state officers and the public generally then believed it would pay out in full. Depositors, except for tne inconvenience of having their money tied up, were not uneasy, fer they had known “Bob” Parker for many years and trusted him explicitly. Therefore there could not be anything badly wrong exoept the general scarcity in currency. He would have plenty of assets to pay out in full, and then some, Everything was all right, and all they had to do was to be patient and they would get every dollar coming to them ere long. Now they are talking differently. The examination of the bank’s affairs by State Bank Examiner Hinshaw has shown it to have been one of the rottenest institutions imaginable and the failure one of the most complete that ever occurred in this section of the state. The assets, good, bad and indifferent, are only one-third the f " liabilities, and when these are sifted down and ail realized on them that can be, it is likely that at least another one-third will be cut from these figures even. A worse showing could scarcely he made. , From unofficial sources it is reported that the total assets are only about 190,000, while the liabilities reach the enormous sum of $258,000. The above figures, as we understand, are the apparent assets, and considerable of these are said to be worthless. If the bank itself pays 25 to 35 cents on the dollar it will do better than many now expect who have heard hints dropped by the bank examiner. A large number of farmers in easy circumstances about Remington and several of the retired farmers in town who had money in the bank who still had explicit confidence in Mr. Parker, felt like helping him nut and starting the bank up again with* him at the head raising SIOO,OOO for the purpose, providing the books showed up all right, and they so stated to the bank examiner. That official said: “No! No! You don’t want to put anything more in there, you have lost enough already.” “Is it pretty bad?” was asked. “The worst I ever saw,” he replied, “and things have been done that I would be ashamed to tell you.” This puta dampner on their good intentions and has caused a change in public sentiment, It has also given rise to talk of criminal prosecution and the statement that an attempt would be made to reoover the sum of s2l,OOOpaid to the treasurer of Jasper county and the $3,000 paid to the treasurer of Benton county, the demand for whioh and the payment thereof oaused Mr. Parker to Bell bis stook in the First National Bank of Remington and close the doors of his own bank. The payment of this money at the time, it is said, when the bank was known to be" insolvent and intending to close its doors, placed these treasurers in the nature of preferred creditors, and it is believed by many people there | that they should share with the balance of the creditors in shouldering the loss. “What beoame of our money?” is the question the depositors are now asking. Mr. Parker was a man who soarcely ever went out of town, his family was not an extravagant one,, he had no bad hab-

jits, neither drank, used tobacco I in any form or was “sporty” in any way. Morally he was a model man, an ardent church and Sunday School worker, always interested in every movement to- better the morals of the tdwn and the community. Not a spendthrift by any means, butrathermosteoonomical in everything. How such a man could have gotten away with all this money is beyond the comprehension of the people who have been his friends all these years. Even yet as no official report has been filed, the story * remains a mystery, but it is the general opinion that the trusted banker has been an “easy mark” for unloading get-rich-quick schemes upon, such as Arkansas lumber lands, oil stocks, etc. He is said to have been interested with exState 8- nator Eben H. Wolcott in the Ruetenberg automobile engine plant at Logansport, and now has about $30,000 there. Wolcott says however, that this plant is paying big dividends and is away behind on orders, and that the $30,000 Parker now has in same represents for most part at least,his profits. Mr. Parker was superintendent of the Fountain Park Assembly, a stock company, where considerable money has been spent in improvements to the-grounds, etc., but it is understood that these were made out of the r> ceipta and from sale of stock. In years gone by he has “backed” quite a number of business men in Remington and no doubt lost a great many thousands of dollars in their failure to make good. We could mentipn a half dozen or more now, but prefer te wait qntil the official figures are made public. He himself states that his greatest mistake perhaps has been bis inability to say “No,” and stick to it, at times where he should have so. Mistakes of judgment in making investments and over-confidence is also responsible for the failure. The bank has generally been considered by bankers close run for the past couple of years, or Since the failure of the McCoy and Oilman banks, bat it was generally believed that it was gradually getting into better shape. Socpe transactions may seem “peculiar,” to be charitable, but we should remember that most men will do things when they are harassed on all sides by debts that they would scorn to do when everything is prosperous and finances easy. t Mr. Parker has done much in the past to condone the faults of the present, and this should not be forgotten in passing judgment. Following is ah unofficial list of some of the heaviest depositors In the bank as currently reported. We do not vouch for the correctness of these figures, but believe they are approximately correct. The heaviest depositor was John Burger, now of Huntington, Ind., a a brother-in-law of Mr. Parker’s and a former partner with him in the banking business years ago:

Robert May ...$25,500 Mr*. Robert May . 1,000 John Burger 28,000 Reuben Crane /..... 5,500 Hercules Baatlan .......: 5,000 John W. Tayler ; 4,800 Mr*.Elisa Park* 3,000 JamerW. Burling.... 2,000 Margaret A. Partheu*.... .... 2,400 Mr*. Louella Schofield. 500 LHTylor 2,500 Regina Oußoi*.. 1,000 Cha*. Burling 1,000 HughTreanor 4,200 August Walter. 1,100 John Dunham and wife.................. 2,500 John T. May.... .... 2,000 Susan Brown 2,000 Mis* Ollie Henriek* 2.000 Jame* Clowry 2,000 John W, Park* 4,200 E, A.8art00.... 1,000 Mrs. J.R. Thompson.... 1,000 John J0rdan....... 2,00 k Jame* Hogan 4,000 W. H. lywln.. ... 8,200 Christena Zea 1,000 Jame* Shannon $.200 Jame* a Irwin... 1,700 Alma Babb 1,700 Frank Shand 1,000 Chris Heusler... 8,000 John 8r0wn...... 1/100 C.G. Austin.... 1,500 Wm.H. Moorhead.... 1,300 Wm. Bralner. 2,000 me. O’Neal 2,500 A H. Gilbert, trustee Gilboa tp 4,000 A. A. Fell, trustee Carpenter tp 0/100 Among the Meets ere some real estate, including the home resi-

Rensselawr, Jasper County. Indiana, Saturday, December 28, 1907.

denoe in Remington, whioh Mr. Parker says are worth $45,000 or $50,000, all of which he asserts will be deeded to the bank for the benefit of creditors. If all is turned over it will leave Mr. Parker in a bad condition at sixty years of age with bis wife an invalid and one daughter a cripple for life, and the sympathy of many who lost their money in his bank will go out to him. Application for a receiver will be made to Hanley today, and the whole affair will then be sifted down and probably go through the bankruptcy, courts. The report of the bank examiner will no doubt show that the bank has been insolvent for several years. It is also expeoted that application tor a receiver will be made here today for the Baldwin & Dague bank at Goodland, unless a movement succeeds that has been ou foot for some Indianapolis parties who have been figuring on assuming the liabilities and taking over the assets and re-open the bank. It is" said that Cashier Lawrence Wiles who was in charge of this bank had his books all in excellent shape, and except for the BaldwiiT & Dague notes it is not in bad condition.

Thd Democrat received a personal letter from Mr. Parker precisely the same as that published in the Rensselaer Republican, in which he requested that we go not into details of the bank failure, etc.; that the preliminary report of the examiner showed apparent assets of 65 to 70 per cent of the liabilities, but that the liabilities would be reduoed considerably on actual proof. He admits some of the assets are practically worthless however. This letter we had considered confidential and not intended for publication, and were it not that the Republican published it entire we would not have referred to it at all. However, the above is the gist of the entire communication, and in onr reply to Mr. Parker we stated that while we did not intend to make any misstatements of the facts or enlarge unnecessarily npon them, yet a duty was owed to our readers that could not be ignored; that they were entitled to know the facts and would get them as they are.

THE BALDWIN & DAGUE BANKS.

In the Baldwin and Daguebanks the bank examiner has found that the 7,500 acres o f Arkansas lands, on which the bankers had spent considerable money building a railroad and sawmill, etc., a mortgage for $20,000 with three years interest unpaid is held by W. S. VanNatta of Fowler, who was originally in on the deal but sold out his interest after a short time to his partners. This reduces the assets considerably. Applications have been filed in in court for a receiver for the Fowler and Ambia banks by the State Auditor. It is exjActed in this case that he will show that more than $19,000 has been abstracted from the Fowler bank, and is unaccounted for, and more than SIB,OOO from the Ambia bank. It is also alleged that $38,000 in notes were taken from the Ambia bank and $16,349 from the Fowler bank and hypothecated for funds to be nsed in private business, and that the bankers took more than $112,000 from the three banks and invested it in this Arkansas land scheme. It is alleged that they took $38,000 from the Ambia bank, SIO,OOO from the Fowler bank and $61,000 from the Goodland bank on their personal notes. Most of the good timber it is alleged, has been cut from the Arkansas land and the State Auditor thinks the land is not worth to exceed $50,000 alibis time.

A GENERAL COMPLAINT

Fowler Republican: The corn in the oribe persistently refuses to set in shape to be put on the nJaret. Much of the corn in the orib is molding and/ utterly unfit to even think of shelling. This is due to the excess of moisture in the corn and cob, six or eight per cent more than the average.* The only hope ia that the weather will tnrn oold, a drop of temperature below zero wonld be weloome. Then the corns would begin to get in shape for shelling and the grain could be marketed. There wo’nt be much relief from the atrenuoeity of the present finanoial situation <fn this vicinity until the corn drop ia marketed.

Important Notice Jo Subscribers. A late ruling of the Postoffice Department, amending Sec. 436, Postal Laws and Regulations, concerning the mailing of second-class matter (newspapers and periodicals) requires that all subscriptions be paid in advance. Under this ruling publishers cannot grant credit to subscribers, as has formerly been done, but all subscriptions MUST BE PAID in advance or the postage rate of one cent per pound is increased to the transient second-class rate of one cent for each four ounces or fraction thereof, which would compel us to place a onecent stamp on each paper sent to a subscriber whose subscription is not paid in advance, and cost us about 50 cents per year extra for every copy sent out to such subscribers, besides the trouble of placing a stamp on each paper. This is a matter over which the publisher has no control whatever. He must either have the subscriptions paid in advance or cut off the subscriber at the expiration of the period to which he is paid. We have been pleased heretofore to grant credit to a number of our subscribers, and would cheerfully do so now were it possible, but the ruling of the Postal Department is imperative and must be obeyed. We are granted but a very short time in which to meet these new conditions, hence we hope every subscriber to The Democrat will examine the label en their paper and if in arrears renew at once. We want them to continue with the great family of readers we now have and which is constantly growing, and on our part we shall expect to keep the paper up to its former standard and ijnprove it where we can. Please give this matter immediate attention, as we have no choice in the matter at all, but must abide by the rules of the Postoffice Department. If in arrears please remit at once that you may not miss a single copy of the best county paper in Northwestern Indiana. With kindest regards we remain^ /Yours truly.

P. S.—We would respectfully call your attention to our clubbing rates with other papers and also to the handsome Wall Map we are giving with subscriptions f° r 35 cents additional. If you desire map sent by mail please add 10 cents more for postage and packing.

THE COURT HOUSE

Items Picked Up About the County Capitol.

The county commissioners met in special session yesterday to let the annual stationery contracts and close up the business for the year. The four precints of Marion tp., will meet to-day at 2 p. m., in the east room of the court house to seleot delegates to the democratic district convention to be held at Monon, as per call elsewhere in The Democrat.—......I, Pet Courtney, a young lad from Brook, was brought over Monday by Sheriff Stoner of Newton county and lodged in jail to await the setting of court in that oounty, when he will have to answer the charge of petit larceny. The remonstrance in the Iro* quois ditch, known ofiioially as the Carr ditch, was filed with the clerk last Friday at 11:30 p. m., that being the last day for filing. It is said to contain 1,697 names. Thirteen withdrawals were filed from this. Whether there are the necessary two-thirds of the property owners effeoted by the improvement is a question that can only be determined by “counting noses” in oourt. The attorneys ror the ditch say not, while the opposition thinks there is. It will be settlod at the February term qf court. New suits filed: No. 7245. Lewis H. Myers vs. Amos H, McCoy] suit on note. Demand 1550. No. 7246. Sadie E. Reiser vs. Jacob T. Kieser; suit for divorce. The complaint alleges that the parties were married in Cass county, Ind., Sept. 8,1885, and separated Oct. 27,1904, and that plaintiff has resided in Rensselaer since such separation. Failure to provide, abandonment, -spending his money for intoxicating liquors instead of making proper provision for bis familyis charged against defendant. Three children, aged 18,16 and 11 years are the fruits

THE JASPER COUNTY DEMOCRAT.

of the union, which are now in plaiutiff’e care and which she asks the custody of. No. 7247. William Dittman et al vs. Samuel R. Nichols as treasurer of Jasper county, et al; suit to enjoin payment for cleaning the Hodge ditch. A similar case is now pending in the circuit court here which was tried and taken under advisement by the court. This old case is now dismissed and a new one filed. —o— Marriage licenses issued: Dec. 21, Roy Devere Collins of Rensselaer, aged 22, occupation miller, to Lillian Grace Howse, of Crothersville, aged 26, occupation housekeeper. First marriage for each. Dec. 24, Royal L. Bussell of Hapging Grove tp., aged 23, occupation rural mail carrier, to Verne Elizabeth Parker, also of Hanging Grove, aged 20, occupation housekeeper. First marriage for each. Dec. 24, Oliver Hamilton of Milroy tp., aged 24, occupation farmer, to Esta May Beaver, also of Milroy, aged 17, ocoupation housekeeper. First marriage for each, Dec. 24, Elias Hammerton of Rensselear, aged 66, occupation rural mail carrier, to Sarah L. Sullivan, also of Rensselaer, aged 54, ocoupation housekeeper. Second marriage for male, first wife having died in February, 1901; third marriage for female, her first husband having died in 1904 and divorced second husband in 1904 also. Deo. 25, Ziba Charles McCashen of Milroy tp., aged 27, occupation farmer, to Ejp Clark of Rensselear, aged 19, oocnpation housekeeper. First marriage for each. Deo. 25, John T. Collins of Milford, 111., aged 25, oocnpation farmer, to Grace M. Goldaberry of Gillam tp., aged 22, oocnpation housekeeper. First marriage for eaoh. Dec. 26, Roy G. Wickizer of Brook, aged 21, occupation farmer, to Beatrice Peer of Kniman, aged 21, occupation housekeeper. First marriage for eaoh.

Three dollars gets The Demo, oral and Chicago Daily Examiner each a fall year.

Vol. X. No. 39

COMMON COUNCIL MEETING.

Division and Main Street Assessments Confirmed and a Number of Bills Allowed

The common council met in regular session Monday, evening with all members present except Councilman Spitler. Following iB a report of the proceedings: Final assessments of the Division and Main street improvement was confirmed, all members voting for it, exoept Coanoilman Gerber, who voted in the negative. An ordinance regulating the practice of medicine in the city and providing that it should be unlawful to practioe here without first having obtained a state and Jasper oonnty license without having also procured a city license and the payment of $25 per day or SSO for the first week and #2O for each subsequent week, and providing a penalty of SSO for violation thereof, was introduced but no action was taken by the council. The resolution for an alley in block 20 was passed. The usual number of claims were allowed.

WALLACE-IRWIN

Miss Maude Irwin, daughter of Mr. and Mrs. J. F. Irwin of this city, and Mr. A. E. Wallace, agent for the Indiana Harbor railroad at Gibson, Ind„ were united jn marriage Christmas eye at 8 o’olock at the Presbyterian manse at Englewood, 111., Rev. White officiating. Mrs. Wallace has for several years been bookkeeper in the State Bank here, and is a popular young lady. As soon as someone can be secured to take her place in the bank, which will be very shortly, the young couple will begin housekeeping in Englewood, which is about an hour’s ride from Mr. Wallace’s work. The marriage came as rather a surprise to Miss Irwin’s many friends in Rensselaer. Those outside the family had not known any thing-of the engagement. The Democrat joins in extending hearty good wishes.

A HANDSOME SOUVENIR.

The First National Bank presented its customers with a neat Christmas gift in the shape of a decorated plate containing an advertisement of the bank in the center, with a calender of the year 1908 surrounding the border, making a unique and beautiful souvenir.

PUBLIC SALSE.

The Democrat has printed bills for the following public sales: Wednesday, Jan. 15, James A. Gilmore’, £ miles South of Surrey,, General'sale of horses, cattle, hogs, farm tools, corn, oats, hay,, household and kitchen furniture

Wednesday, Jan. 22, Ed. Antcliff, 1£ miles southeast of Foresman. General salerhorses, cattle, farm tools, etc.

FREE FOR THIRTY DAYS.

For the next 30 days we are going to present all new subscribers to The Democrat paying $1.35 for a year’s subscription and one of The Democrat’s Wall Charts, a year’s subscription to the American Farmer. Take advantage of this offer at once and secure the opening obaptersof the Democrat’s new serial, “The King of Diamonds,” one of the best stories yon ever read, the opening chapters of which appear this week. For a short time we shall be able to supply new subscribers with back numbers of The Democrat containing the opening chapters of this excellent story, so that they may miss no part of it.

BIRTH ANNOUNCEMENTS.

Deo. 21, to Mr. and Mrs. Hale Grant, in town, a daughter. Deo. 23, to Mr. andJMrs. E. Nicholson, of near Parr, twin daughters. Deo. 25, to Dr. and Mrs. I. M. Washburn, a son.

RENSSELAER PUBLIC LIBRARY LECTURE COURSE

Jan. 30,1908, Hon, George D. Alden. Feb. 17,1908, Opie Reed. March 6, 1908, Father Karnaugh. Tickets for the full coarse $2.00.

Fob Balb:—Two good building lota in good residence location in Rensselaer, each 67x160 feet, well drained and set out in fruit; oash or on time. Enquire at! The Democrat office.