Jasper County Democrat, Volume 10, Number 40, Rensselaer, Jasper County, 4 January 1908 — Page 1

Jasper Gounty Democrat.

SI.OO Per Year.

NOW IN THE FEDERAL COURT

Remington Bank Failure to be Adjudicated By Referee In Bankruptcy.

LIABILITIES GROWING; ASSETS SHRINKING. Will Be But Little For the Creditors Left. • Preliminary Report Shows a Thousand Depositors In Defunct Concern.—Who They Were and Amount of Their Deposits

The present status of the failure of the Bank of Remington is about as follows:' Saturday Bank Examiner Hinshaw made his report to the Auditor of State and with State Auditor Belheimer oame to Rensselaer and filed proceedings in the circuit court for a receiver for both the Parker bank and the Baldwin & Dague bank at Goodland. Judge Hanley set Jan. 10 for hearing and making the appointments. However, proceedings have since been commenced in the Federal court at Indianapolis to have the Remington bank thrown into bankruptcy, and the proper papers were filed Monday and the matter is now in the bankruptcy courts and will come up before Referee Bowers at Hammond, and go through practically the same routine as have the McCoy and Gilman banks. The federal court takes precedence, and nothing more will be done here regarding the receivership matter. The reason for taking the matter into the federal court was that it has greater powers than the civil courts, and it is the opinon that better results will follow. We understand a meeting of creditors will be held next week, about Jan. 10, at which time they will select someone whom they want to act as trustee, and he will be appointed. Several men have been mentioned for this place, among whom are James A. Washburn, O. P. Taber, W. H. Oheadle, et al. Most of those who have been talked of have declined to serve because of not being able to spare the time from their private business, and at this writing it is said that Mr. Cheadle is likely to be selected. The bank affairs seem to be in a hoplessly muddled condition, and for some time before it closed its doors it is evident that Mr. Parker was so fiustrated that he let business go most any old way. It is said that a whole lot of business letters had accumulated that had been unopened, and that he had evidently realized that the worst was soon to come. The sworn reports to the state auditor were so entirely at variance with the true condition of affairs that oriminal prosecution is almost sure to follow. It would appear that it had been Mr. Parker’s custom to only report about about enough deposits to cover the liabilities, and in his last re- ; port, Sept. 10 or Sept. 30, he P showed only about SIIO,OOO deposits, when there mußt have been nearly four times that sum on deposit. It has been the general opinion that the state auditor’s offioe would prosecute, but Auditor Bilheimer said otherwise while here. His office only points out to the local prosecutor the violations of law and it is then the duty of such officer to prosecute. An All-Absorbing Topic. The failure still continues to be an absorbing topic of conversation in Remington and in faot in this seotion of the state, so complete is the failnre. It is the general opinion that the private banker has seen his day in Indiana, and that hereafter only the national and state banks, or those under national or state supervision, will be trusted by the peopie. The more this bank’s affairs are delved into the rottener they are found to be, and that one who had enjoyed the confidence of the people for so many years, like “Bob” Parker baa, could have “done” them so completely surpasses the comprehension of this people thereabouts.

The matter of what became of all the deposits does not seem dear even as yet, but the state officials seem to think that $30,000 was lost iu the Fountain Park enterprise. How this could be is not apparent nor does the report show, so far as we have been able to learn." The report shows where several thousand went —Hartley Bros., Pat Maguire, Wm. Shepherd, et al, former business men Remington who went broke —and no doubt a great deal was put into the “Western Motor Co.” the Logansport automobile eDgine factory. The facta and figures given below from the preliminary report will be of interest to the readers of The Democrat who have known Mr. Parker for many years, and especially perhaps to readers in the vicinity of Remington. As there was such a great number of depositors we are unable to publish all their names without taking up a whole page of the paper, hence they are only given who had SIOO or more there, It seems also that the same parties had funds on deposits on demand, time and “special,” (whatever that means) hence the same name appears under the different headings. Also, some of those whose names appear here appear several times perhaps in different lists for smaller amounts than SIOO, therefore these smaller sums are not all shown in the published list herewith as it would be an endless task to hunt them out and add them together. Trustee Gilbert of Gilboa tp., had only a few small items possibly $l5O in all of cash in the bank, instead of $40,000 as first reported. Soourttioo Hypothecated. The better quality of notes have been hypothecated to various banks as collateral security for money borrowed, as follows: The Ft. Dearborn National Bank of Cbioago, three notes aggregating $4,183.53. One of these, for $1,407.29, is ag&inst E. A. Rutenber, the other two are against Remington patties. A. T. Bowen & Co., of Logans port, two notes aggregating $2,238.50, the notes being against Remington parties. The City National Bank of Logansport holds seventeen notes against Remington parties aggregating $6,619 29. The City National Bankiof Lafayette holds notes aggregating $6,100. Among these notes is one of $1,354.55 against E. H. Wolcott. A. T. Bowen & Co., of New York, two certificates of preferred stock in the Western .Motor Co., of Logansport, of 750 shares each, par value SIOO per share, a total of $15,000. • ‘ The First National Bank of Logansport also holds 900 shares of prefered stock in the eame concern, 5 total of $9,000. Held by Frank Pagett treasurer of Benton county, as security upon his deposit, 30 shares of stock in the First National Bank of Remington, par value SIOO per share, total $3,000; 70 share of stock in the Western Motor Co., of Logansport, total $7,000. Held by James H. Gilbert, trustee of Gilboa tp., Benton oounty, as security for funds deposited, 20 shares of stock in the same oonoern, total $2,000. Of the stocks found among the assets were 25 shares of common stock of the Texas Land & Rice Co., par value SIOO per share, a total of $2,500; nine certificates of ten shares each of the Bank of Kouts, par value SIOO per share, total $9,000; Five improvement bonds of the town of Remington aggregating $364,56. In the oash items when the bank closed was S3O in ourrenoy and $496.16 in silver. There was also due from the American Trust 6 Savings Bank of Chioago, $89.29; from the Bank of Kouts $171.03; Ft. Dearborn Nat. Bank of Chicago $249.65; from A. T. Bowen & Co., Logansport, $422.45; Bank of Idaville $207.75; Building & Loan Assn., $830.08. The item of $3,300 of assets for furniture and fixtures in the bank is Mr. Parker’s estimate and is probably double what they would •ell for. The overdrafts are for small

Rensselaer, Jasper County. Indiana, Saturday, January 4 , 1908

amounts and are nearly or quite all good. % The report seems to show that E. H. Wolcott and E, A. Rutenber have borrowed several thousands of dollars from the bank. They are connected with the Western Motor Co., of Logansport, in which Mr. Parker was also interested, A savings department was carried on by the bank and the total number of depositors in time, demand and savings numbered about SI,OOO. Following are the names of all depositors having SIOO or more in the bank as shown by the books, omitting for convenience the cents. There were about three hundred different deposits in the savings department, practically ail those of children, and ranging from $1 up to $203: Soma Notes Still In the Bank. Among the notes found in the bank were the following, some of which are probably of questionable value: Fountain Park Co., by Robt. Parker, Pres 378 00 Same.. 378 00 Same 250 00 Same 297 6i O. P, Fry 423 00 Victor P. Fry... 1500 50 D. H Patton 539 21 Wm, Shepherd 7201 19 E. H. Wolcott and E. A. Rutenber.... 1344 44 Same .' ....1442 67 Hartley Bros 14000 00 Patrick Magure. ......8863 80 Thomas Mullen. 2375 00 Kirk Drug Co., et al 372 00 Atlantic Tea Co., by Charles F, Black 2226 67 Geo. A. Chappel 1002 00 J. O. Griffith 730 00 There is owed to A. T. Bowen & Co„ of New York $8,365.46; to A. T. Bowen of Logansport $4,000; to Ft. Dearborn Nat. Bank, Chicago, $3,000; to City National Bank of Logansport $5,000; to First Nat. Bank of Logansport $5,000; to City National Bank of Logansport $39.77 to City National Bank of Lafayette $4,000; and the First National Bank of Remington $6.44. The total amount due depositors as shown by the books is $258,255.90, making the total liabilities Since the report was made up a draft for $l4O has been returned, increasing the above, liabilities that much. It is reported that some pass books of depositors also show deposits that are not on the books of the bank. Some of the real estate is mortgaged, Vincent Eisle of two miles south of Rensselaer holding a mortgage for some $4,200 on a farm still a few miles further south, and E. L. Hollingsworth holding a $5,000 mortgage on the 70 acres included in Fountain Park and the old fair ground just north of Remington, which latter was given Dec. 18. Mr. Parker’s daughter, Mrs. Jones Templeton and husband of St. Louis, Mo., are now at the Parker home, having been called there by the collapse of the bank. The report that Mr. Parker was completely prostrated over the affair and was in a serious condition, is not He is about the house, goes out little or none and is much worried over the matter, but is not in a serious physical condition by any means. Following is a summary of the face liabilities and assets: LIABILITIES Taxes due counties and municipalities wreoo Secured olaims 29,411 67 Unsecured claims 258.259 90 Draft returned 140 00 Total liabilities 1288.690 57 .. . assets ... Real estate (Parker’s estimate) $51,000 00 Cash on hand...-. 739 53 Bills, notes and securities 86,479 73 Offioe furniture _.... 3,300 00 Household g00d5....... 250 00 Books, prints and pictures 50 00 Horses, cows and other animals 230 00 Carriages and vehicles 25 00 Overdrafts,. 3,973 91 Stocks, negotiable bonds, eto 47,864 56 Money in hanks and elsewhere 1,140 17 Total assets $192,082 90 It will be seen from the above that the liabilities exceed the face value of the assets by $96,467.67. The real estate value is Mr. Parker’s estimate, and no doubt this item aa well as the notes, etc., will be greatly reduced on a showdown. ' CEBTIFICATBS OUTSTANDING—SPECIAL Robert May $22,770 Mrs. Robert May. 900 John Burger.... * 28,000 Reuben Crane 6,900 Hercules Bastian.. 5,000 JohnW. Tayler . 446$ Mrs. Elisa Parks.... 34»0 Margaret A. Portheus 2,340 Mrs. Louella Soho field. V . 506 LHTyelr 3,830 Regina Dußois 14MO Chas. Barling 14100 Hugh Treanor 4,200

(Continued on pajre 4.)

BISK RE-ELECTED.

Lafayette Man Was Again Chosen Chairman i * CONVENTION WAS WELL ATTENDED Aod Opposition Woo Practically All Confined to Lake County.—Jasper Solid for Winning Candidate

The democratic district convention at Monon Thursday to elect a district chairman resulted in James K. Risk of Lafayette being re-elected on the first ballot. The opposition that had developed in Lake county was practically confined to that county and did not amount to much. More votes would have gone to disk had it been necessary. The convention assembled at 1 p m. and Fred Henoch of LaP©rte was chosen chairman, with the democratic editors present as secretaries, Mayors Durgan of Lafayette, Darrow of LaPorte and Bfccker of Hammond were appointed a committeeon resolutions who reported briefly along the osnal lines. Da call of counties for candidates Benton “passed” and Jasper started the ball rolling by presenting James K. Risk of Lafayette casting her seven votes for him. Lake pres* nted the name of editor Geo. Roby of Fowler, and cast her 14 votes for him, Newton seconded the nomination of Mr. Roby and cast her 5 votes for him. Porter seconded the nomination of Risk and gave him 5 votes. Tippecanoe also seconded Risk’s nomination and gave him 21 votes. Warren and White gave Risk their full strength of 5 and. 10 votes, respectively. LaPorte gave Risk 9.93 votes, Rbby 11.36, and Ed Simon of Lake 71-100, at total of 22 votes. Benton then came in and gave Roby her seven votes. This made the vote stand: Risk 59.93; Roby 37.36, and Simon 71-100, at total of 98 votes. Mr. Risk’s election was then made unanimous and aa many of the delegates wished to catch the soutbbond train the convention adjourned. While waiting for the report of the committee on resolutions Hon. James McCabe of Williamsport and Hon. Martin T. Krueger of Miohigau City made brief addresses to the convention, which were well received. Democrats from all over the district expressed themselves as confident of democratic success in the coming compaign aud seemed imbued with the right sort of enthusiasm. In again selecting Mr. Risk as chairman The Democrat believes a wise choioe was made, especially as the slight opposition to him was sprung at a late hour, and had it been neoess§ry four more votes would have gone to him from Benton oounty The thing to do now is for all democrats of the district to take hold and lend a hand towards making the prospective victory of 1908 as great as possible and not only work for sucoess nationally but also in the state and locally. A district or county chairman must have such assistance to make a winning fight, and every democrat should consider himself a oommittee of one to lead others of opposite political affiliation to see the light. Those attending the convention from this county were L. Strong, N. S. Bates, W. R. Nowels, E. Gerber, N. Littlefield, Arthur Tutsur, W. H. Ritchey, Frank Welsh, Chas. M. Smith and F. E, Babcock.

CHRISTIAN CHURCH SERVICES.

The pastor desires the presence of every member of the church at the morning service, the subject of the sermon is “A New Years Message.” The evening subject is “In the beginning God,” The public invited. Some good cows, calves and steers will be sold at John A. Randle's sale on Jan. Bth. On men’s and boys’ suits and overooats the G. E. Murray 00., is now making 10, 20, 25 and 50 per oent discounts.

NOTICE TO SUBSCRIBERS. Please bear in mind that under the reoent amendment to the Postal Rules and Regulations publishers can not send newspapers to subscribers who are not paid in advance under the old rate of 1 cent per pound, but must pay 1 oent for eaoh copy so Bent. This is a matter over which the publisher have nothing to say bat obey the rating, and we earnatly request our subscribers to watch the label on their paper and to renew promptly at the expiration of date shown thereon. All enbecriptions bearing date on label prior to ljanß (Jan. 1, 1908) are now doe and payable. Subscribers who get their paper singly in written wrapper will be notified shortly before the expiration of date to which their subscription is paid.

PUBLIC SALES. The Democrat has printed bills for the following public sales: Monday Jan. 13, Fred, Lee, 8 miles northeast of Rensselaer. General sale, horses mules, cattle, hogs, farm implements, etc, 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, 1J miles southeast of Foresman. General sale, horses, cattle, farm tools, etc. Thursday, Jan. 16, Jacob A. May & Sons, 3 miles north and miles west of Remington. Big general sale, 23 head of horses and mules, 45 head of cattle, 100 head of hogs, including 40 head of pure bred Duroo Jerseys, farm tools, eto.

DEATH OF ZIMRI DWIQQINS. A. F. Long was called to Lincoln, Neb., the first of the week by the death of his brother-in-law, Zimri Dwiggins, a former resident of Rensselaer, who died at his home in that city aged about 65 years. The remains were brought here Thursday and the funeral held yesterday at 10 a. m.. at the residence Mr. Long and interment made in Weston cemetery. Several years ago Mr. Dwiggins was a prominent figure in the field of finance, having established the Columbia National bank in Chicago about 1888 with a capital of $1,000,000. A chain of small oountry banks were started all through northern Indiana and for a time everything was flourishing, apparently. Finally, in 1893, the Chicago bank went under and carried down most of the smaller concerns, the Citizens Bankof Rensselaer being saved by selling out. He lost all he had iu the failure and has since been living a quiet life in lowa and Nebraska, where he was engaged in the life insirrance business. His wife is a sister of H. Purcupile and Mesdames F. J. Sears, Joe Hardman and A. F. Long, and with two children, a daughter and one son, survive him.

SAYS ASSETS ARE AMPLE. Hague Asserts Fowler, Ambia and Goodland Banks Will Pay. Tuesday’s Indianapolis Star: A conference of attorneys representing the ownera of the Fowler, Ambia and Goodland banks which institutions closed their doors some time ago, was held in Indianapolis yesterday at the law office of Addison C. Harris. Daniel Frazier and C. M. Bnyder, attorneys of Fowler, are associated with Mr. Harris in representing the bank owners. D. P. Baldwin of Logansport and W. H. Dague of Fowler, who own the banks, were present at the conference. Petitions asking for a receiver for the banks have been filed and will be heard within the next few days. “There is a movement toward reorganizing the Goodland and Ambia banks,” said Mr. Dague yesterday, “but we can not at this time say what may be done. No one is going to lose a cent on account of these banks dosing, as we have ample assets to pay dollar for dollar.” For Sale of Trade:—Two Gold, Silver and Nickel plating machines, A money-maker for any one who has a little time to devote to the business. Enquire at Worland’s furniture store. For disoonntsThe G. E. Murray 00.. is the plaoe to trade, and you get the voting coupons, too.

Vol, X. No 40

THE COURT HOUSE

Items Picked Up About the County Capitol. Commissioners’ court meets Monday. marriage licenses were issued last month against 8 for the previous month and 13 for December, 1906. —o — Sheriff O’Connor will sell the hay and corn on the Rinehart lands, on the attachment recently issued, at McCoysbnrg, Tuesday, Jan, 14, at 11 a. m. —o— Lot Sloudt of Remington was brought over Thursday by nightwatch Wm. E. Holland to lay nine days in jail in settlement of a fine and cost for intoxication, —o — New suits filed: No. 7248, Frank Foltz et al vs. Alfred Ponton and wife; suit on note and mortgage, Demand $l6O. No. 7249. State of Indiana ex rel John C. Billheimer, auditor of state, vs. the Bank of Remington; action to appoint receiver. Returnable Jan. 10. Vjohn L. Osborne, republican assessor of Hanging Grove tp., has resigned his office and moved upon a farm north of Rensselaer, in Marion tp. On petition of 65 voters of Hanging Grove township Auditor Leatherman has appointed Chas. Lofler, democrat, to succeed Mr. Osborne. The choice is a good one, Mr. Lefler being well qualified for the place.

—o — Marriage licenses issued: Dec 28, Joseph V. R. Porter of Rensselaer, aged 23, occupation farmer, to Leola E. Fountaine of Goodland, aged 22, occupation housekeeper. First marriage for each. Dec. 30, Herman William Walter of Jasper county, aged 42, occupation farmer, to Kathrin Miller of Rensselaer, aged 45, occupation housekeeper. First marriage for male, second for female, her first husband having died in October 1903. Dec. 31, Nelson DuCharme, Jr., of Rensselaer, aged 24, occupation farmer, to Goldie Mae Reed of Rensselaer, occupation housekeeper. First marriage for each. — o — Most of the township trustees were in Monday to get their “December draw” and fix up their funds for depositing under the new depository law. There is probably little change in the amounts of public funds held by the various banks of the county. The law is that they shall be deposited in proportion to the capital stock held by the banks making application for the fnnds Public officers whose funds are deposited under this law are relieved from all responsibility from any loss that might occur, and this will no doubt be a great relief to many who have worried about the money in their hands which they have heretofore been personally responsible for. It is likely that the interest which will now be received on these funds will amount to no inconsiderable sum to the people also. —o— At the special session of the commissioners last Friday to let the stationery contracts and close up the business of the year, only the Burt-Terry-Wilson Co., of Lafayette bid on books, etc., and The Democrat and Journal on class 4 of the stationery supplies. The whole matter was continued to the next regular term, and the auditor directed to figure out which bid was lowest on class 4. Bids on bridge in Wheatfield tp., were in excess of appropriation, and were rejected. The bond of Jessie D. Allman as county treasurer in the snm of $50,000, signed by Hanibal Landon, O. P. Tabor, Levi, Hawkins, A.' Hicks, J. A. Washburn, 8. 8. Galbraith, H, R. Hartman,} C. H. Peck and O. T. Dye as sureties, was approved. Bond of James N. Leatherman as auditor in the sum of SIO,OOO with Charles W. Coen, David H. Yeoman, J. L. Babcock, Walter V. Porter, Granville Moody, James T. Randle and Nathan Eldredge as sureties was also approved.