Rensselaer Semi-Weekly Republican, Volume 39, Number 40, Rensselaer, Jasper County, 22 January 1907 — Fred Gilman’s Statement. [ARTICLE]

Fred Gilman’s Statement.

In a recent interview had by a reporter for the Newton county Enterprise at Kentland, with Fred Gilman, the president of the defunct Home Bank at Goodland. Mr. Gilman amongst other things spoke of some of the causea of failure and his whereabouts since the bank failed as follows:

“I have been severely criticised for making large loans to a poultry firm doing business for years in Goodland and surrounding towns. The drafts and storage receipts for that concern passed thru my hands and I was familiar with the volume of business they transacted. The local papers never tired of exploit ing the rapidly extending business of the firm, and its prosperity was generally recognized. In April 1904, seven thousand cases of eggs were purchased, eggs in prime condition, and put in storage in the east. The.e was also 44,000| pounds of dressed stuff worth at least ten cents per pounds The eggs were worth at least six dollars per' case. As usual, and according to custom I advanced at the proprietor’s solicitation, sums of money, at a fair rate of interest to the poultry firm. There was nothing unusual or extraordinary about this. In every case I had always received my money whenever a call was made for it. About ten days before the closing of the Home Bank, I called upon the poultry firm and others for theiy over-drafts. It was readily promised. But failure of the McCoy bank had made depositors uneasy and there was a steady withdrawal of deposits. I relied upon the outstanding accounts to pull me thru. When in the last trying hours I was brought face to face with the fact that the promises) made me would not be fulfilled, I then realized that the Home Bank must fail. I was determine*'! however, not to give up and made a final effort to raise funds in Indianapolis, and failing in this left for New York. In the meantime the doors of |the bank had been closed, and the rest is history. I left for Baltimore, and from Baltimore I went to Tampa, Florida. I took passage for Havana, and landed in that place with six dollars in my possession. I became interested with some gentlemen in the development of an iron mine in Cuba, and they sent me to Birmingham, Alabama, to engage an expert to inspect the property, they paying my expenses. From Birmingham I proceeded to Chicag > and from there back to Cuba. After fouiteen months residence in Cuba I returned to the United State and have/ lived at Bloomington, most or 'the time since. I engaged in the real estate business and dealt in Dakota and lowa lands. I returned with Sheriff Stoner without waiting for requisition papers, and wish for a speedy trial, in Newton county. So far as I am concerned I am willing to take a jury of twelve men, made up from representative dep sitors of the Home Bank, men who lost their money if you will. With their verdict I will willingly abide.”