Jasper County Democrat, Volume 11, Number 46, Rensselaer, Jasper County, 11 November 1908 — BANKERS INDICTED [ARTICLE]

BANKERS INDICTED

Baldwin and Dague Face Embezzlement Charges AN ECHO OF 600DLAND FAILURES. Newton County Grand Jury Returns Two Indictments Against the Former Bankers. , . » ■ Logansport, Ind., November 6. Judge Daniel P. Baldwin, of this city, and William H. Dague, of Kentland, have been indicted by the Newton county grand jury on two counts each, both charging embenlement. The indictments grew out of their connection with the Goodland Bank, which was closed by State Auditor Blllheimer last year. Judge Baldwin gave bonds in the sum of SSOO on each indictment. His bondsmen are A. G. Jenkins, of this city, and Judge Darroch, of Kentland. Baldwin and Dague operated private banks at Goodland, Fowler and Ambia up until a year ago. Then an inspector from the State Auditor’s office found the financial conditions of each bank in such condition that he ordered all three of them closed. Receivers were appointed and Dague and Baldwin turned over their personal property to pay off depositors. Investigation, it is alleged, showed that these men had taken the deposits in the different banks and used tnem in buying a large tract of timber land in Arkansas. A railroad was built through this vast , acreage of timber and the cost was far greater than had been expected. More money was put into the scheme, and when the State inspector came around he found that the bank had no security for the money taken except the deeds to this tim- j ber land. He ordered the banks closed. The receivers appointed went to Arkansas and inspected this land, and found that it is valuable. They say that if permitted to proceed with building the rail- i road and It allowed \o cut out the timber, they can soon pay every cent dne depositors. But the depositors clamored for their money, and the land was ordered sold. At the session of the grand jury which just closed, several went before that body. The indictments are the result. Judge Baldwin’s health has broken fast since the banks were closed.