Rensselaer Republican, Volume 26, Number 20, Rensselaer, Jasper County, 11 January 1894 — WITH A PRETY PHOTO [ARTICLE]

WITH A PRETY PHOTO

Ko Worked a Bull llnx Atsoclatlon for » ZZ— ' L’rj.'Lon. , J.... * ■—iy The investigation into the affairs of the National building and loan association at Chicago, ordered some time ago, developed the faci that $75,030 has been loaned on almof t worthless security. Wm. Smitlj, of Kansas City, and O. C. Kneale, of Chicago, are charged with the fraud. Jan. 1, 1893, Smith represented to the society that ha owned sixty-one blocks of improved property at St. Croix. Wis., worth $103.(0), upon which he desired a loan of $75,000. lie showed the officers of the society a number of photographs which seemingly represented a thrivQig hamlet, with stores, mills, churches, elevators and homes. Smith was backed up by certain officers-of the society and secured the money without UL_exunloat|on being made of the property. When State Inspector William F.-irs be(?an to investigate ttie society's affairs ’•« went to Wisconsin to find St. Croix. Ho found its site. *lt had been destroyed by lire last August. Originally the popula lon Consisted of twenty-three adults and twenty-two children. The photographs were likenesses of a mill, elevator, store, etc., up the river a short distan.’c. Other transactions of a like character, smaller In proportions, were fouud. The Inspector, however, reports that the society is not insolvent State Auditor Oeroo will at once bring proceedings against Smith and Knealo to recover the money fraudulently obtained on the Wisconsin property.