Jasper County Democrat, Volume 10, Number 40, Rensselaer, Jasper County, 4 January 1908 — NOW IN THE FEDERAL COURT [ARTICLE]

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

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

August Walter 1,800 John Dunham and wife...... 2,400 John T. May 2,000 Susan Brown 2,000 Mias OUta Henrlckz 1.000 Jamaa Clowry 2,000 John W, Parka.2,ol9 E, A. Bar too 1,000 Mra. J. B. Thompson 1,000 John Jordan 2,000 Jaraea Hogan 4,080 W. B. Irwin 5,300 Christens Zea 1,000 James Shannon 2,136 J araos B. Irwin 1,666 Alma Babb 1,680 Prank Shand 1,050 Chria Henaler 2,000 John Brown 1,000 C.G. Austin 1,500 Wm. H. Moorhead 1,300 Wo. Braner 2,000 ChssKrumrelk....... 230 Prank Sholdt 400 Mra. Ellen Hogan.... 400 Harman Luoterhand 1,090 Mra. Lucy Pitta 500 Chas Luctarhand 800 Wm. Corah.... 1.000 Jacob Ocha, Sr 400 Clara Young.... 2.100 Wm. Dickinson 1.500 Mrs. BlUa Philippi 700 Sophrona Headlee 400 A. L. Moore.. 500 C. A. Klnsell 600 Sarah B. French 250 Lucy A. Pitts '.. 500 Harmon Luoterhand.... 674 M, E. Bier 500 Benton Neiaon 472 Magdaline Homing 500 Chas Meadel, Sr 1,382 Mra. Julia A. Treaner 1.500 Julla and Clara Treaner 400 C. B. Logan.... 112 Jeua Lamborn. 200 Sarah J. Rawllng 545 Sarah J, Powell 780 Thoa, L. Babb 500 Pat Foley .. 860 Chas. Meadel...-. 1,200 Kate O’Brien... 550 Sarah E. Miller 701 J. B. Zimmerman.. 500 Auna B. Zimmerman 000 Martin Cain 638 Sutton Bros 500 Geo. H. May. 500 Emma Beal 000 A. E. Spencer 1,200 Mra. Wm. Brigg* 250 Geo. M. Chigum 840 Liza Fisher *SO John W. Burling.... - 1.000 DKlf AMD DEPOSITS Geo Bartee *® l7 Herman Baxter •••••• •• • • 504 Adam F. Beach.... 380 W.C. O’Neal 2,247 J. H. Biddle A Son 331 J. H. Biddle 232 Lydia J. Biddle 180 E. E. Bogan 4 Co • • * 362 Wm. Braner I*o J. W. Burling 157 Alice M. Burling: *•• 277 Charles. Burling: 115 James Callaghan 773 James Clauss.... 245 Geo. Eck 102 Andrew W. Eller 131 Mra Josephine Emery 314 Mra. Amelia Fagot ... 052 John P. Forry 100 B. N. Glass.. 218 Levi Hawkins -.-•••••■ 828 Chris Hensier - • 508 Hicks Bros. A C 0.................. —.... 131 Andrew Hicks 1 35 James Hoagland. 215 James E. Hogan 341 E. A. Hunt , 11» J. B. Irwin 203 Jasper Co. Lumber Co 314 D. Jones •• HI Geo. W. J0ne5.................... ... 212 Guy Julian... ............ 249 John Kittering: 130 A. E. Kyle 101 Mary Knockel 100 Prank Lambert 152 Mrs. Jena Lamborn 138 Ruth A. Littlefield 200 Herman Luoterhand • 100 Geo. Luoterhand 292 John Y. May . 151 ira J. Miller ............. ........ 185 J.G. Morris ... 245 John Nichols. 137 Wm. Nightinga1e............. 241 D. Osborn. .. . 174 Frank Pagett, Treasurer Benton Co ... 3,000 Rob’t Parker -137 Lucy A. Pitts... 124 A. P. Raineer 100 Thomas E. Reed.. 180 Remiugtou Grain C 0.,........ ........ 1,208 Rich * Harrington... —.......... 145 KobertShombs 115 John C.Snyder ........... 121 Shanuan Bros 194 C. 127 John W. Stokes 235 Jacob Sutton 123 O. P. Taber 115 John W. Taylor 317 John A. Teter 126 J. B. Thompson 121 Wm. H. Thurston - 418 Mra. Susan Thuraton 459 Wm, B. Tribby . .. 11l John L, Turner 326 Predaline Walbel 11l J.J, Wealing: 11l E. B. Whitney .... .... 160 Sam Wetdnor 717 Chas, L. Wllaou 224 A. D. Wooden ••.. 172 Hall V. Zimmerman SAVINGS DEPAHTMEMT Mary Marshall 102 Ella Breasner........ 106 N. - 203 Presbyterian C. B. Society 110 OEBTirioATas or deposits outstanding 'Augusta Meyers SIOO Augusta Walters 150 J.P.Fleming - 100 Sopha Cummons 600 AnaleM. Pieroe 650 Clara Keerer 100 Lissle Bekman... 000 Charles Medal, Sr., 358 Margaret Watson 900 Remington Post No. 74 100 John O’Brien.. 100 Nettie Lambert 300 Chas Burling 000 C. 8.Wine1and......... Y 100 Wm. B. Glosser 315 Millie Broadie 300 Geo. H. May ... 300 James W. Burling 3,500 Mary L. Barnard 200 Ida Beal 100 Mrs. M. C. Lyon 103 Annette Galey , 300 J.H. Biddle A 50n..... SCO George Luoterhand 817

Ladle Miller leg Charles Ackerman ns Mrs. W. C. Smalley 400 Lina Lucky.. 200 Harman Lueterhand ns John A, Anderson St John Kittering, quartermaster MS Maria Vondersmlth SOQ August Walters 675 Lula Hasoall 160 Mrs. Elisa Fisher 105 W.E. Glosser 360 Mrs. C. B. Bloom, Trees 38$ Wm. Armstrong ISO John Ackerman 125 Merlie Lamborn 100 Mrs. T. B. Markin. 101 Human Walters . 250 Eonohle Williams 100 Charles C. 8ea1.... 900 A. J. Dubois 300 John Anderson ~... 150 Anna O’Connor '. 180 Liszie Bekman .’. 350 August Walters 100 Verlie J. Miller 296 Wm. B. Holland 300 Ollle Hen ricks 256 Rebeooa C. Holland 200 Agnes Gilkerson 100 Mrs. Elisa Phllllpl 173 Nettle Lambert son Lois K. Wilcox 280 Geo. Loads 200 Blanche Burger 391 Wm. Walter 100 Lena Williamson goo Charles Dluzak 250 Mrs. Mary Hagenbaugh |3i Anna Blake xao Mlrle Landon 100 Mrs. C. B. Wlneland 300 Nettle Price |I2S AnnaMcCulley 105 Luoretia Ott 638 B. A. Barnard 300 Mary Barnard 250 A. B, Kyle.... 200 Geo. Welsh 100 Lydia Hunt 243 Mrs. M. Kittering... 150 E. B. Whitney 100 Anna Coleman 100 Clara Bloom 100 Geo. Jordan 100 Alma Babb 336 Henry Peter ... ...... 300 Ida Bartoo 150 Joseph Osborn 250 Wm, Walter 100 Anua Vondersmlth 540 L. H. Tyler 250 Mrs. Ed. Green, Adm 200 John O’Brien 200 Framer O. Lees 233 H. R. Hartman 187 Twonette Parker 100 Chas. G. Beal 200 Ed. Cummons 200 Mrs. B. J. Ford 260 Sutton Bros 100 John Scott, Sr 125 Thomas Callaghan ISO L-K, Tyler (8. H.) 160 John Keith . 200 James Skinner 100 Mrs. W. McNlohol ..... 175 W. C. O’Neil 738 Leon Cummons.... 100 Katie O’Brien ...... 100 OTHER ACCOUNTS DUB DEPOSITORS W. P. Clarke 105 Fountain Park stock account 200 Wm. Ferguson. Adm| 128 John Gardinaer 170 James VI. Hogan, Jr 410 Demir Hogan 200 Gabriel Lambert 450 Mrs. Anna Miller 120 Mrs. Jacob Ochs 100 Mrs. Elizabeth Pluuket. ICO W. S. Russel 1,173 John Schmidt ISO O. P, Tabor, Treat. 430 Lawrence Timmons 170 Robert W. May 1,806 Mrs. Caroline White 158 Caroline Zimmerman 148 Ed. P.Zimmerman 250 Chas Bonner, Sr 1,011 Mary Monynahan 130 Isaac L. Peck 390 Mrs. R. P. Riddlie 400 Jacob Reus 1 530 James Shannon 533 Robert Parker.guardlan 620 S. H.Tyler 38V Thomas Shew 111 Dora J. Blood , 108 Geo. Boothby ..... 338 R. C. Bowers 500 Wm. Corah. 543 Geo. Cummons , 310 Alpheus Elmore _ _ 488 S. O. Galbraith 3.007 Charles Grubbs 654 Mrs. S. T. Hackley 500 S.C. Hand 404 Almira Hart 584 James Hogan, Sr., 1,158 F. B. Jamison A Son . 688 Elias Julian 318 Melvil Julian 330 Geo, F. Marvin 1,187 Robt. F, May 1,855 Robt. Parker, School Tr, 629 Mrs. Robert Parker 135 H Phelps Treas. B, S. D. G. 2,103 W. R. Peirce 508 C. O. Price .... 480 Mary E. Sigman 324 Heury Stitts..;— : 563 Mrs. A. Tracy 210 John Ulm 2,408 Will Nelson 670 Chas. B, Watson 177