People's Pilot, Volume 3, Number 4, Rensselaer, Jasper County, 14 July 1893 — FOUND TRUE BILLS. [ARTICLE]

FOUND TRUE BILLS.

A Grand Jury at Milwaukee Indicts President Day, Vice President Plankinton, Frank Lappen and Two Others on Charges Connected with the Failure of the Plankinton Bank. Milwaukee, July 12.—Frederick T. Day. president, and William Plankinton. vice president of the defunct Plankinton bank, are among the officials of the bank against whom indictments were returned Tuesday afternoon by the grand jury, which for more than a month has been engaged in an investigation of the Plankinton bank and Lappen failures. Frank A. Lappen is also indicted, but the names of three others said to be officers of the bank are withheld until the capiases for their arrests can be served. The indictment against the bank officials charges illegal banking in receiving deposits while the bank was insolvent. The indictment of Mr. Plankinton will occasion general surprise. Judge Walber asked the jury if the indictments were returned under the first or second section of his charge, and the foreman replied the second. This section of the judge's charge to the jury cited the statue which made it a criminal offense for the officer of any bank or corporation to receive any deposits or transact other business with a knowledge that the bank or corporation was insolvent. The court directed the clerk to issue capiases for the arrest of those indicted, and warned the jury and others with a knowledge of the proceedings to divulge nothing concerning their findings. J. P. Murphy, cashier of the Fire & Marine Insurance company’s bank, has been appointed receiver of the Lappen Furniture company and required to give a bond for $50,000. Mr. Lappen, anticipating the action of the grand jury, quietly left the city some weeks ago. He was in Chicago until June 13, under police surveillance. On that day he left there, and it is said that he is now in Mexico. At last accounts Day was in a sanitarium near Chattanooga —nearly a physical as well as a financial wreck.

Kansas City, Mo., July 12.—Thp Kansas City Safe Deposit and Savings bank, one of the largest institutions of its kind in Missouri, has made an assignment. Its liabilities and assets are not yet known. The bank is capitalized at $300,000. A notice on the door says the bank assigned Monday night and that receivers are in possession. No excitement has been caused and runs on the city banks are not expected. The bank officials at noon gave the assets at $2,000,000 and the liabilities $1,700,000. It is claimed the bank will be able in thirty days to pay all obligations in full. The bank will go out of business after winding up its affairs.

New York, July 12.—Alonzo E. Conover, William E. Conover and James S. Conover, comprising the firm of J. S. Conover & Co., manufacturers and dealers in open fireplaces, grates and fenders, wood mantels and tiles, have assigned to WilliamUL Harris without preferences. J. S. Conover & Co. is one of the oldest and largest houses in the trade. One of the firm said that the firm had liabilities of $400,000. He thought the assets would show $525,000. Terre Haute, Ind., July 12.—The Terre Haute Car & Manufacturing company made an assignment Tuesday afternoon to 11. J. Baker. The liabilities are stated to be $191,165.10, with an additional $84,607.99 of what is denominated contingent liabilities, which will likely be taken with the completion of contracts which it is expected the court will order done. The assets are placed at $599,082.78, of which $195,000 is for the plant and SIIO,OOO for stock on hand. The remainder consists of bills receibable.

Galveston, Tex., July 12. The North Galveston Land & Improvement association has been placed in the hands of a receiver. The liabilities are estimated at $500,000, of which $160,000 is due contractors and various other parties in the city The assets are lands, town sites and improvements at North Galveston, which has a population of about 300. Shelbyville, 111., July 12.—The old banking house of W. T. Thornton & Son failed Monday. The bank was established in 1859 by Gen. W. F. Thornton, and since his death has been conducted by Thomas M. Thornton under the original firm’s name. The bank was the depository for all the city, township and county funds. The liabilities are probably $500,000. The assets are unknown, but may reach the $500,000 mark. The assignees are Judge Anthony Thornton, J. T. Herrick and Phil Parker. As a result of the failure Charles E. Woodward, of the Star mills of this city, was compelled to assign. Liabilities, $75,000; assets, $55,000. C. S. Woodward is the assignee. Philadelphia, July 12.—Frederick J. Amweg, of this city, the contractor for the state asylum for the chronic insane at Wernersville, failed Tuesday with liabilities at $300,000. Amweg says if given time to complete the asylum and its contracts that his assets will be $500,000. St. Louis, July 12.—Charles, Henry E. and Ella C. Hoyle, of this city, who as heirs have jointly managed an estate, have made an assignment to C. C. Nicholls of their combined property interests. Assets $235,000, less incumbrances aggregating $168,000. Liabilities are about equal to the net assets.