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BANK AT COLFAX ORDERED CLOSED Bed Loans Assigned as Cause of Failure of Iowa Town Institution. Colfax. Iowa, Dec. 3.-The Citizens' State bank was closed today by the state banking department. The deposits are $400,000. Bad loans are said to be the cause of closing.
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WIFE HAS CONFIDENCE IN STABILITY OF BANK Does Net Believe Depositors Will Lose Cashier Wheeleck Had Many Financial Interests and Was Credited With Being Possessed of Much Wealth-Examiner Investigating. Colfax, Dec. 4.-State Bank Examiner Wolever, who is in charge of the Citizens' State Bank, which was closed yesterday, said he had not gone far enough to make any statement. He could not say whether there is a shortage or what the general condition of the bank is at this time. M. B. Wheelock, the cashier, is missing from Colfax and has not been seen here since last Monday. He was last seen in Des Moines on Monday afternoon by Des Moines bankers. Following his absence the bank examiner was called to make an examination, which caused the closing of the bank. The Iowa National and Des Moines National Banks carry the accounts of the Citizens' bank, and it is said he was seen at the Iowa National Bank late Monday afternoon. Farewell to Family. The mystery in the absence of Mr. Wheelock from Colfax is deepened by the receipt of this note by his wife, written on stationery of the Chamberlain hotel at Des Moines and dated 8 p. m. Monday: "This is my farewell to you. By the time you get this my body will be in the Des Moines river. I can't stand the strain any longer. M." "Lovingly, Mrs. Wheelock is broken hearted with grief and previously had denied seeing any one except her personal and intimate friends. "I am confident everything will come out all right at the bank," she said. "I am confident it is in good condition; that the depositors and stockholders will not lost anything." Broke Under Business Load. Mrs. Wheelock believes that the strain on her hsuband's nerves has prompted his absence from home and if he has carried out his threats to kill or drown himself she believes that he was mentally deranged. owing to his heavy business responsibilities. "Our home life has always been ideal and happy There has never been any trouble between us. He was greatly devoted to me and our two boys and has always had considerable time for us, until recently when he seemed to be preoccupied. It seemed that his business responsibilities have been giving him unusual concern and I believe that he has broken under the load. I can not think that anything is wrong." Mrs. Wheelock said that her husband spent Sunday in Chicago, returning to Colfax early Monday morning. He said he had an offer to serve as clerk at a public sale, but that he was too busy and expected to get some one else to serve. Then he said he would have to go to Des Moines on business and that was the last she has seen of him. The note written from the Chamberlain was the last she heard of him. Wife Interested in Bank. His wife, who owned a large block of stock in the bank, is prostrated with grief and refuses to see anyone except personal friends. She has two sons, Brigham and John, 16 and 14 years old. Mrs. Wheelock, his wife and his mother, Mrs. Brigham, own the controlling interest in the bank. His father the late S. B. Wheelock, who died about six weeks ago, was a vice president of the bank before his death, but this vacancy has not been filled. C. W. Crisiman is president of the institution and H. Leighton, assistant cashier. The bank has a capital stock of $35.000, and according to its last official statement its deposits were $350,000 and surplus and undivide profits $15,000. Altho thec losing of the bank is the principal topic for discussion in Colfax today, business does not appear to have been seriously hampered. There have been no indications of a run on the other banks and the general talk on the streets is that the depositors will not lose-that the bank will be able to meets its obligations. Business Interests Heavy. Mr. Wheelock is heavily interested in Colfax business propositions in addition to his banking interests. He is a stockholder in the Grand hotel here and the lumber yard and owns 800 acres of farm lands south of this city. He also owns 500 acres in Warren county. So far as known none of these holdings are incumbered and the gossip on the streets is that the holdings of the stockholders probably are sufficient to meet any losses, should they be found by the examiner. Came From Stuart. Friends of Mr. Wheelock, who has enjoyed the highest respect of this community, believe that he was temporarily deranged owing to his heavy business connections and that he has gone away for a rest. All kinds of rumors, though, floated thru the streets, but all lacked confirmation. Mr. Wheelock came to Colfax fifteen years ago. He formerly was a resident of Stuart, Iowa, where he was assistant cashier of the First National bank of Stuart. He is about 42 years of age and has scores of friends in this county as well as in Warren county and other Iowa communities. WOOD TRAGEDY RECALLED. Failure of Colfax Bank Brings to Mind
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STATE EXAMINER FIND AFFAIRS IN GOOD SHAPE EXCEPT $36,000 IN NOTES. NO FORGED PAPER OF ANY KIND FOUND To EXIST Directors Believe They Will Be Able to Collect on Much of Rejected Papers-Little Excitement Among Citizens and Depositors and Run on Other Banks Avoided. Colfax, Dec. 6.-The Citizens' State Bank of Colfax will be opened for business the first of next week-either Monday or Tuesday. This is the announcement that the directors of the bank made after the state examiners had informed them that they had found everything in fine shape with the exception of about $36,000 in bad notes. This is an outside estimate. The examiners have found all books in excellent shape. Everything has been accounted for and there is nothing wrong with the bank save the above mentioned amount of paper. While the examiners have no confidence in the paper which they have declared bad, the directors assert that more than half, and possibly all of it, can be recovered by giving the matter their own personal attention. A receiver for the bank will not be necessary. Henry Mannington, of San Francisco, a brother of Mrs. M. B. Wheelock, is now on the way from California to Colfax and he will take charge of her interests and that of her husband's. The directors have not yet made any arrangements for a cashier to replace Mr. Wheelock, and it is not likely that they will do so for some time. Wheelock Still Missing. The Des Moines police have en-
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TIMES-REPUBLICAN, MARSHALLTOWN, IOWA: DECEMBER 6, 1913. listed in a search for the missing cashit very white and glossy. Then the ier and the Des Moines river is beins ree-inch bands of red and blue are watched closely for some evidence that on top of the second coat of paint. he took his life by drowning as he intotal cost for the 320 poles was GOLFAX TO OPEN sinuated in his letter that he would do for the material and $43.50 for the Absolutely no word has been heard It is believed that Carroll and from Mr. Wheelock and no clues can fferson enthusiastis will adopt the be had that would lead his family to STATE EXAMINER FIND AFFAIRS style and material and if ownknow whether he did commit suicide. on each side of here would do likeIN GOOD SHAPE EXCEPT The people of Colfax have been very it would bring many good words patient about the matter and the praise from tourists for the Iowa $36,000 IN NOTES. excitement has not run so high as reports would indicate. The First National Bank of Colfax has suffered GIRL HURT IN runaway. NO FORGED PAPER OF ANY but slightly on account of the closing of the neighbor institution. A few ightened Horse Dashes Into Crowd KIND FOUND To EXIST small deposits have been withdrawn of Children at Anamosa. however, but the bank knew of the imecial to Times-Republican. pending disaster at the Citizens' State Anamosa, Dec. 6.-A horse standing Bank and was prepared to take care of Directors Believe They Will Be Able Main street hitched to a buggy, bea "run" in case it had developed. frightened at an automobile and to Collect on Much of Rejected PaWith the news that the Citizens' away. It tore madly down the State Bank would be opened early next pers-Little Excitement Among Citiuntil it reached the corner of the week the business interests of Colfax park when it swerved toward the zens and Depositors and Run on have been set at rest and all merossing and dashed into a group of chants and all business that expertOther Banks Avoided. children returning home from ences a pay day today will be able to at the noon hour. One litte girl, weather the week end in fine shape. IO laughter of Glen Thompson, was run is thought that not a single business the wheels of the buggy passColfax, Dec. 6.-The Citizens' State of the spring city will be forced to the over her body. She was terribly Bank of Colfax will be opened for bus"wall" because of the temporary closand was picked up unconsclous. ing of the bank. iness the first of next week-either was carried to a doctor's office The examiners did not find a single she received attention and was Monday or Tuesday. This is the anforged note or check in the vaults-in taken home. No bones were broknouncement that the directors of the short nothing wrong save the evidence but the child is in a very serious bank made after the state examiners of a little poor judgment on the part ndition. Her hip and knee were of Mr. Wheelock in making loans. bruised. The horse dashed into had informed them that they had hine the h a
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ROADS CAMPAIGN ON IN IOWA Highways Board Takes Steps to Line Up Mahaska County. LOCAL OFFICERS IGNORE LAW Progressive Element of County Has Become Aroused and Resistance to Statute Probably will End Soon. DES MOINES, Feb. 1.-(Special.)-The worst spot in the state for rebellion against the laws of the state and refusal on the part of officials to recognize the state plan for systematizing highway construction is about to be reformed. This is in Mahaska county. When the State Highway commission got down to business last year and invited co-operation from all persons interested in good roads in the state. only a few counties refused to co-operate. One of these was Mahaska county, where the officials of the county stubbornly refused to recognize the law and did everything possible to obstruct its workings. The result was that very little was accomplished in the direction of laying foundation for good roads in the county. The officials have gone on in the old way, ignoring the law as to methods of letting bridge contracts, etc. Conferences Held. Recently several conferences were held in Des Moines by officials and others of the county and members of the State Highway commission and other state officers. Then Thomas McDonald. state highway engineer, went to Oskaloosa and spoke before the Commercial club and explained the workings of the law. Later a general meeting of township trustees, members of the board and other officials was held, at which members of the state commission spoke. The commercial and business interests of the city of Oskaloosa and the more progressive element of the farming community have become aroused to the situation and have indicated a desire to end the warfare and bring the county Into line with others of the state for better roads. It is therefore regarded as quite probable that a settlement will be effected and during the year the last of the recalcitrant county officials in the state will come under state law. The State Highway commission is unusually active and busy at this season of the year and is making preparations for a great year in highway improvement for 1914. The declaration is made that far more has been accumplished in the last six months than for many years in getting ready for the inevitable paived roads systems. Prepare to Use New Rates. The State Railroad commission has received information that shippers all over the state are preparing to take advantage of the new rail rates soon to go into effect. The schedules have not as yet been promulgated, but will be very soon. Just what will be the rates as between eastern points and Iowa towns is not yet known, but a better understanding has been reached as to the rates to Colorado, Utah, Kansas and other points. The Iowa manufacturers do not anticipate that these reduced or equalized rates will be of any advantage to them as against houses located in these western states, but will put the Iowa people on a footing with the jobbers in Chicago, St. Louis and similar cities. These rates for the far west were secured entirely by the efforts of the Iowa Railroad commission and constitute the first step in the direction of clearing Iowa from a handicap which has existed ever since the Iowa distance tariff was adopted. When the rate adjustments are all finished Iowa will simply be on an equality with other states. Iowe's Largest Coal Mine. The largest coal mine in Iowa is now in full operation in Lucas county. In fact, it is said to be the largest coal mine west of the Mississippi river in the valley. This is known as the Inland mine, and the works have been in operation for nearly three months. A recent day's work was 1,100 tons in seven hours. The operators secured one of the largest veins of coal in the state and quietly made preparations for big business. so that when the railroad was opened and a siding in place they were ready to do an enormous business. It is declared that some of the mines in Marion county from which much was expected have proved disappointing and that in at least one case a very costly top works was erected which has been useless. No Hope of Soletion of Case. The officials have virtually given up all hope of ever finding out the real cause of the suicide of Cashier Wheelock of the Citizens bank at Colfax. The bank has been reopened under new management and is running along smoothy. The prosecution of Grocer G. H. York for alleged "white slavery" came to naught, though disclosing where he was on the night of the cashier's death. Now the affairs of York are in the courts for settlement. He claims he owed the bank only $12,000 whereas the books of the bank showed about $30,000. His overdraft to certain to have had some connection with the financial troubles of the late cashier, but it probably will never be disclosed why and how Wheelock came to permit such an enormous overdraft with nothing back of it. That the money