Rensselaer Semi-Weekly Republican, Volume 41, Number 90, Rensselaer, Jasper County, 30 July 1909 — Insurance Company Affected By Tipton Embezzlement [ARTICLE]

Insurance Company Affected By Tipton Embezzlement

A dispatch from Lima, Ohio, says: . The First National Bank of Tipton, Ihd., today entered replevin proceedings for 340,000 in Cuyahoga county bonds, placed in escow here by the Farmers’ and Citizens’ Livestock Insurance Company, at the command of State Insurance Inspector Lemert. The action forced a receivership for the insurance company. M. L. Becker is named as receiver. The company was floated and owned by capital in Tipton. The two Markers, cashier and assistant cashier of the Tipton Bank, are said to be heavily interested. Attorneys for the insurance company claim the Tipton Bank has no Interest whatsoever in the Cuyahoga bonds, and they declare the company is solvent in every way. Harvey J. Kannal, president of the insurance company; J. E. Baxter, vice-president, and William White, secretary-treasurer, are all Indiana men. Although the insurance company was incorporated in Ohio, most of its business was transacted in Indiana. The Harvey J. Kannal mentioned in the above dispatch is supposed to be Dr. Kannal, of Rensselaer. It has been known by a few here that he was interested in an insurance company. He left right after the bank failure, and is supposed to have gone to Ohio to help straighten out the affairs of the company.