Jasper County Democrat, Volume 10, Number 44, Rensselaer, Jasper County, 1 February 1908 — MR. PARKER MAKES A STATEMENT [ARTICLE]

MR. PARKER MAKES A STATEMENT

Tells of Some of the Losses His Bank Sustained and of Numerous Bad Investments. Robert Parker, the Remington banker whose bad failure Dec. 18 has been one of the principal topics discussed in this section of the state for the past several weeks, has issued a statement to the public of his side of the failure. The statement is interesting and in view of the fact that most of The Democrat’s readers are acquainted with Mr. Parker and many of them were sufferers in the bank failure we publish it entire, that they may read what he has to say of the causes leading up to one of the most' disastrous bank failure ever recorded in Indiana: Tv THE PUBLIC. “The misfortune that has overtaken and crushed me and the fact that many friends who have known and placed implict confidence in me as a man and banker for more than a quarter of a century are puzzled to account for my sudden failure, without warning, make it imperative that I shall to some extent at least explain the causes that have brought about the calamity. “ ■- “This statement is made without any consideration as to whether it is good or bad policy to write it, and without consultation or advice as to what effect it may have upon my future. My only motive is a hope that those who have trusted me and because of my errors in judgement have suffered loss may believe that the disaster was brought about by a series of blunders of the head and not by intent of the heart to* wrong my friends and patrons. "I can say truthfully, and with no fear of disclosures that would tend to contradict the statement that 1 have not engaged in speculation upon the ‘Board of Trade’ or through 'bucket shops’ and I have not wasted the money entrusted to me in reckless, wasteful or extravagant living. I have lived* with and among most of you as you have lived, enjoying much the same pleasures and privileges, and we have shared with you and yoprs our sorrows and joys. My history has been as an open book and you know whether in your hearts you believe that I ever intended to rob, wrpng or defraud any of you. My protestations now, that I did not, would perhaps avail me nothing, but my life in your midst, and what you have known of me is surely some evidence of my good intent. Further proof is the fact that I have not profited a dollar. Every thing in the nature of assets of which I have or can

obtain knowledge, without secret evasion or concealment, has been and will be surrendered to the trustee for the benefit of my creditors. In the confusion of the crash it was difficult, almoat impossible to classify and list every item of possible assets at onoe, but an honest, earnest effort upon my part has been made and is being made to describe and schedule every thing of value that can be made available to reduce the ag-, gregate of my liabilities. As to some of the items there may be difference of views as to the effect of rival claims of bolding, but so far as I do or may control them have been and will*be turned over to the trustee, and the* manner of their disposition will be determined by the authorities. I only trust that I may be able to sustain those who are dependent upon and who are near and dear to me during the time that it seems necessary that I shall give to the untangling of the complications that were brought about by reasons of the suddenness of my suspension. “My condition has been brought about by no one, but many, unfortunate investments, through a series of years, that at last exhausted my resources and destroyed my credit. It is needless to say that my heart is broken as well, because if I were even so stony as to care not for the woes of others, the fact remains open and apparrent that I am left approaching old age without means, and with nothing by which I may care for my loved ones. “When money was plentiful there grew up around us a custom of high bidding for deposits and I found myself competing with banks of neighboring towns and cities and paying high rates of interest. A very large amount of deposits accumulated and the interest upon the same was a very severe drain, so that it became absolutely neccessary to find some means of investment. In the flush times this became very difficult, and there was at all times for many years a large amount of surplus in the bank that was constantly drawing interest and yet earning nothing. I tiade almost frantic efforts to find safe investments, and ventured nothing but that seemed to me to be reasonably safe, and yet it seemed that almost everything that I touched in the way of financial investments and large loans turned out disastrously. When losses were suffered they became non-earning and yet the money invested continued to be interestbearing.

“Upon examination I will make an effort to go more into detail as to these individual losses than I can do here, bat I state below in a general way, losses of considerable amounts that I can recall, that aggregate nearly one hundred thousand dollars, all of which have been practically drawing interest, (in the way of interest upon deposits that went into losses), for years. Every single loan and investment promised, when made, to be safe and to bring good returns. “I am aware that it is claimed, and will be claimed by debtors below that tney hold receipts for every dollar of their indebtedness to me, and in more than one instance this is true, but the fact remains that the loss was suffered by me and never repaid by the debtor. Receipts were given to avoid forcing the debtors in bankruptcy, and thus make me a total and absolute loser, whereas without bankruptcy there was slight hope of recovery of a part of the indebtedness. Such hope was not realized. “The figures indicate resultant losses to me by the parties of or businesses* named, and they are not intended to be exact but are the best estimates I can make without the evidences before me. Hartley Bros, (failure)>lsooo 00 Hardy Bros, (assignment) 4000 00 P. E. Carson (failure) 4500 00 Star Cash Grocery (failure)... 3500 00 J. H.Tnbbv, (bankruptcy)... 3500'00 Thomas Mullen (failure to pay).. 4000 00 Wm. Shepherd (failure to payF 7200 00 Bull & Whitehead (assignment)....... 530000 J. S. Barnes & Co.(failure).... 4000 00 Patrick McGuire (failure).... 4000 00 Toledo & Chicago Transfer Co (failure)... . 14000 00 J. H. Allman (overdraft) 650 00 On account of swamp lands in southern states 5000 00 Mining stock 15000 00 “There are other losses of considerable amount that I am unable just now ip my present state of mind to recall. I feel that the item of losses by reason of the Toledo & Chicago Transfer Co.,

and the mining stock need some especial explanation, but, in view of the space I have already taken, I will simply state that the investments when made, seemed to me to be perfectly safe. They have turned out to be absolutely or practically worthless, and censure from the present view point appears to be justified, but when the investments were made many others besides myself had the confidence that I gave expression to. “I trust that my old time friends may not'be too harsh in their criticism. That I had over-confidence in my business friends is shown by my failure; but that I have never had intent to wrong or defraud them I think the facte, circumstances surrounding and results show conclusively, and however nnauthorized such belief may have been, the fact is that I never realized for a moment until the very hour of final dosing that I would not be able to meet all mv obligations in full. I hoped and believed against hope and belief, and .when the awful truth was forced upon me I ceased at once to do business, and took steps for the protection of my creditors in so far as I could and by the best methods that suggested themselves. It is charged that an effort was made to prefer certain creditors. I was not advised as to the legal effect of certain transactions, and as soon as I knew the proper and legal steps required I acted upon such knowledge and have continued and will continue to so act God knows I wish in mv heart that all could be paid in full, and nothing will be done or has been done intentionally by me to deprive any creditor of bis legal or equitable rights. Respectfully, Robbbt Pabkkb.”