Jasper County Democrat, Volume 13, Number 79, Rensselaer, Jasper County, 18 January 1911 — R. R. PROMOTER OWES $708,000 [ARTICLE]

R. R. PROMOTER OWES $708,000

Eugene Purtell Files Petition in Bankruptcy in Federal Court

ASSETS ARE PRACTICALLY NIL According to Chicago Papers’ Report of the Matter—Purtelle Is the “Northwestern Indiana Traction Magnate” for Whose Proposed Road a Subsidy Was Recently Voted In Marion Township. Eugene Purtelle of erstwhile “board of trade” fame and more recently president of the Northwestern Indiana Traction Co., which according to Promotor Purtelle would build traction lines across every section of land in northwestern Indiana, and for whose schemes a subsidy was recently voted in Rensselaer and Marion tp., and Lincoln tp., Newton county, and an election will be held in Mt. Ayr and Jacksen tp., has filed a petition in bankruptcy in the federal court in Chicago, according to Chicago papers, scheduling liabilities of $707,933 and assets of $50,9.89.43. Of the assets, however, $50,000 is in the nature of a claim against the Chicago Safe Deposit Co., for damages, and which the latter say is all “bunk” and was settled Tong ago. The fallowing statement of the matter is-taken from a Chicago paper:

Of the liabilities the petition states that $699,277.75 are unsecured. All but a few thousand dollars of the liabilities were insured, according to the petition, in partnership transactions. Some of the larger creditors are: E. W. Syer, Board of Trade Building, bill for accounting, SIOO,OOO. Illinois Secured Investment Company, Pierre, S. D., stock subscription, SIOO,OOO. Eugene Purtelle & Co. (Inc.) Chicago, stock subscription, $50,000. Lauretta Lead & Zinc Mining Company, Pierre, S. D„ stock subscription, SIOO,OOO, , Heirs of Custer & Cameron (attorneys), bid on real estate, $168,000. George A. Haskell, 908 Alexander place, possible claims for various promotions, $ 100,000. Ahbrey Purtelle, 222 La Salle street, money borrowed and due for services, $30,000. Eugene Purtelle, w r ho lives at the Chicago Beach Hotel, shows 'in his statement that he has three suits of clothes, each valued at $10; two overcoats, each valued at $10; linen, hats, shirts, one cane and one umbrella, one gold watch fob, a cigarette case, cuff buttons and stick pins, all valued at S2O. His largest asset consists of a claim for $50,000 damages against the Chicago Safe Deposit Company, J. G. Keith, George A. Haskell and J. E. Ingram. Attorney J. M. Cameron, whose law firm is mentioned in Purtelle’s list of creditors, says that his firm has no claim against the bankrupt. “There surely is no obligation there,” said Mr. Cameron, when told of the $168,000 item. “A man named Purtelle about eighteen months ago offered $168,000 for some land owned by the Nathaniel J. Browne estate north of the Saddle and Cycle Club, on the north shore. The deal was closed and Purtelle said he would go and get a certified check. That’s the last I heard of him, and since then the land has been sold.”' J. G. Keith, an insurance man at 145 Van Buren street, named by Purtelle as being liable to him, with others, for $50,000, said: “That is bunk; it was settled and put put °f the way long ago. That’s all I care to say about it.”