68c4a6e7None
Click image to open full size in new tab
Charged With Grand Larceny. KANSAS CITY, Dec. 5.-George S. Toulmin, president of the suspended Continental Trust company and Horace S. Lynn, vice president and treasurer of the same institution, were put under arrest to-day, charged with grand larceny in receiving a deposit while they knew that the company was insolvent.
Click image to open full size in new tab
BANKERS IN HOCK. Kansas City High-Flyers Arrested for Grand Larceny. KANSAS CITY, Mo., Dec. .-Warrants for the arrest of George S. Toulmin, president of the suspended Continental Trust company, and Horace S. Lynn, vice president and treasurer of the same institution, were issued this afternoon on complaint of Co-Prosecutor Marcey K. Brown. They are charged with the crime of grand larceny by receiving a deposit of $738 while they knew that their company was in an insolvent condition. The appraisement of the bank's assets shows that the chief debtors of the bank at the time of its failure were Directors Lynn, Toulmin and Hoffman. Their indebtedness, as evidenced by their notes, amounted to almost the full amount of the deposits, which were about $115,000. Since the assignment both Toulmin and Lynn have deeded property to Assignee Young, as further securing of their debts. The property turned in by Toulmin is said to be heavily encumbered, and that turned in by Lynn is stated to be of small value. The appraisors were John W. Byers and James H. Chandler. Their appraisement is somewhat surprising, in view of the fact that depositors have received only 3 per cent of their deposits. It places a total valuation on the assets of $115,280. The notes, among which are Toulmin's, Lynn's and Hoffman's, are appraised at $99,734, overdrafts at $5,473; real estate coupons at $2,097; checks, drafts and currency, $1,604; stocks at $2,900, and furniture and fixtures at $1,471.
Click image to open full size in new tab
A Fellaheen Minister.-Ali Pacha Moubank, whose death has recently taken place, was the only Egyptian fellaheen, or peasant, who ever attained the rank of Cabinet Minister. He possessed all the craftiness of his downtrodden race, trimmed his political sails with much skill when he saw that the Arabi revolt was on the point of failure, and found means of remaining a friend both of his countrymen and their English masters, a matter of some difficulty. Like most fellaheen, he was exceedingly uncleanly in his appearance and personal habits, objecting most strongly to sanitary appliances as superfluous. Revolver Shooting in England.-With their usual spirit of contrariness, the English people have followed the enactment of the recent laws destined to check the use of revolvers, by developing a perfect mania for revolver shooting. and numerous clubs have been formed all over the United Kingdom for the practice and pursuit of this branch of sport. IN THE BUSINESS WORLD. OFFICERS OF A WRECKED BANK ARRESTED. Kansas City, Mo., Dec. 5.-Warrants for the arrest of George S. Toulmin, president of the suspended Continental Trust Company. and Horace S. Lynn, vice-president and treasurer of the same institution. were issued this afternoon on complaint of County Prosecutor Brown. They are charged with grand larceny by receiving a deposit of $738 while they knew that their company was in an insolvent condition. Toulmin and Lynn, hearing that the warrants had been issued, surrendered themselves. and were taken before Justice Latshaw and held in $4,000 bonds to appear Friday for a preliminary examination. The Continental Bank suspended a year ago with assets of $115,000 and liabilities of an equal amount Charles G. Young was assignee of the bank. and when he investigated the affairs of the concern he found that the assets consisted almost entirely of personal notes of the officers and directors of the bank, secured by encumbered property. Of these notes $99,280 were those of Toulmin and Lynn. The appraisers appointed by the court to place an estimate on the value of the assets handed in a report placing the value at the face of the notes. Since he obtained possession of the assets Mr. Young has paid a dividend of only 3 per cent, and says the creditors may consider themselves very fortunate if they ever get another 3 per cent. All things considered. the case is an extraordinary one, especially in view of the facts that the condition of the bank has been kept secret, that the appraisers appraised the assets at their face value, and that the court was not advised of the facts in the case.