9ba59ddaFull suspension, Books examined
Other: Directors solicited $40,000 from other banks/local capitalist but decided to close; Comptroller appointed a national bank examiner as receiver.
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AN INDIANA BANK CLOSED. Couldn't Stand the Pressure, and a Receiver is Appointed. Elkhart, Ind., Nov. 19.-The Indiana National Bank of this city was today closed by the Comptroller of the Currency. National Bank Examiner C. S. Bosworth has been ordered to take charge of the bank.
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DUE TO STEADY RUN. Indiana National Bank of Elkhart Suspends. Elkhart, Ind., Nov. 20. The Indiana National bank of this city has been closed by the comptroller of the currency. The Indiana National did more business than any other bank in the city. Its closing was the result of a steady run of several weeks.
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Circulation of Unfriendly Stories Caused a Steady Run for Weeks, Though Situation Was Sound. SUDDEN RUN AT FORT WAYNE TRI-STATE TRUST COMPANY BESIEGED BY DEPOSITORS. Building and Loan Company Also Affected-Run Due to Malicious Re. ports-Banker Hatch Released. Special to the Indianapolis Journal. ELKHART, Ind., Nov. 19.-The Indiana National Bank, the most popular bank in Elkhart, and which did the greatest business, was forced by a quiet but steady run of several weeks to decide on liquidation at a meeting of the directors last night, and the notice was posted this morning. The public was much surprised. Only a small group of men and women surrounded the bank entrance when the notice was posted. The bank's loans for the most part were to local industrial institutions, which were not prepared to respond quickly to requests for funds, and, though the other two Elkhart banks and a local capitalist offered to join in furnishing $40,000 yesterday, the Indiana National officers decided it would only avert the issue a few days and that it were better to close at once. President Justus L. Broderick, in bed at his home seeking rest after several sleepless nights, declared that the depositors would be fully protected. He ascribes the closing to the steady, almost imperceptible, run of several weeks, due to rumors set afloat by persons unfriendly to the institution, and the bank's inability to secure help because of the money stringency. He declared there had been no speculative loans and that all of the funds outstanding had been loaned for legitimate manufacturing enterprises in Elkhart. The bank was popularly known as "the factory bank" because of the known fact of its liberal and extensive dealings with local manufacturing feared that bad results widespread the factories. declared he was unable deposits or the number The January of 1893, and popularity of President of the stockholders a busibank because President because to of began of has Broderick approximate depositors. interests. of the always of this Broderick business the closing relation personal and done It the in will is some to large be ness. Bank Examiner C. H. Bosworth and Assistant F. S. Heath arrived from Chicago this afternoon and are now working on the books. Bosworth declines to talk until he learns more of the real conditions. Influential citizens are exerting themselves to secure appointment of a thoroughly trustworthy receiver. The failure hits hard all elements of the population-working people as well as industrial and business institutions. Among other funds now tied up are several thousand dollars of the Y. M. C. A. building fund, the structure now nearing completion; about $1,000 of the Evangelical Church's building fund for a structure planned for next spring, and $1,400 belonging to the Elkhart Lecture Association. The lecture course will be abandoned until the entertainment bureau consents to accept checks on the embarrassed bank. The next performance is booked for to-morrow night. The unfortunate depositors bear their losses with unusual fortitude and there are no sensational incidents on the streets or at the bank building. Bankers and other leaders in industrial and financial affairs are making a concerted movement to give support and prevent serious results through fear engendered by the Indiana failure. However, neither of the other two banks was called on to-day to reimburse depositors, for which they were amply prepared, and new deposits were large. President Broderick said the run was in large measure due to litigation with which he had been identified as president of the Elkhart Hydraulic Company. Certain stockholders had then sold their interests to C. G. Conn, who brought mandamus proceedings to compel Broderick to record the transfer to him. The case is pending. Walter Brown, Broderick's brother-in-law. is head of the Elkhart Power Company, and Governor Durbin is largely interested.
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INDIANA BANK CLOSED. Constant Run Had Proved Too Much for the Institution. Elkhart, Ind., Nov. 19.-The Indiana National Bank of this city has been closed by the controller of the currency. A bank examiner has been placed in charge. The Indiana National Bank did more business than any other bank in the city. Its closing was the result of a steady run of several weeks. President Justus L. Brodrick says that the depositors will be fully protected. He ascribes the closing to the steady, but almost imperceptible, run of several weeks, due to rumors set afloat by persons unfriendly to the institution and to the bank's inability to obtain help. He said there had been no bad loans and that the funds outstanding had been loaned for legitimate manufacturing enterprises in Elkhart. The bank's capital is $100,000; deposits, $624,400; loans and discounts, $634,462; surplus, $20,146; cash on hand, $80,895.
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Washington, Nov. 19.-The Farmers' National bank of Henrietta, Tex., has been closed by direction of the comptroller of the currency. Miller Weir, national bank examiner, has been appointed temporary receiver. Elkhart, Ind., Nov. 19.-The Indiana National bank of this city has been closed by the comptroller of the currency, and National Bank Examiner C. H. Bosworth has been directed to take charge of the bank. The closing of the bank was the result of a steady run of several weeks. President Brodrick said that the depositors would be fully protected. He was unable to approximate the deposits. Kansas City, Mo., Nov. 19.-T. S. B. Sotham, the Hereford breeder, of Chillicothe, Mo., today filed a petition in voluntary bankruptcy in the United
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Indiana National's Door Closed. (By the Associated Press.) Elkhart, Ind., Nov. 19.-The Indiana National Bank of this city has been closed by the Comptroller of the Currency. A bank examiner has been placed in charge. The ndiana National Bank did more business than any other bank in the city. Its closing was the result of a steady run of several weeks. President Justus L. Brodrick says that the depositors would be fully protected. He said that there had been no bad loans and that all of the funds outstanding had been loaned for legitimate manufacturing enterprises in Elkhart. The bank's capital is $100,000, deposits $624,400, loans and discounts $634,462, surplus $20,146, cash on hand $80,895.
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BUT $2,000 IN THE VAULT SERIOUS STATE OF AFFAIRS WITH FAILED ELKHART BANK. Instrument Company Forced to the Wall as the Result of Bank's Collapse-No Statement Issued. Special to the Indianapolis Journal. ELKHART, Ind., Nov. 21.-Temporary Receiver C. H. Bosworth, absolutely refused to make any statement in regard to conditions of the affairs of the Indiana National Bank, but late this afternoon it became known that the amount of cash found in the vault, when the time lock opened at 8 o'clock this morning, was only about $2,000. Though Receiver Bosworth refuses to confirm or deny the report, it is verified through other channels. It is known that four different deposits aggregating $1,860 were made on Wednesday a short time before the bank closed for the day, after payment on checks was refused. There is much bitter comment. Depositors streamed to the bank to-day to leave their deposit books. Many hesitated to surrender them without some sort of receipt until reassured by bystanders that the receiver was a federal agent and therefore the depositors' agent, rather than the representative of the bank. The first crash to follow the bank failure was the assignment of the Buescher Manufacturing Company, makers of band instruments and small metal novelties. The deed was filed this forenoon. naming Lorenzo C. Bertley, secretary of the Elkhart Bridge Company, as assignee. No authorized statement is made, but it is understood that the indebtdness is $93,000, a large block of which is to the defunct bank. Some of the minor creditors, one having a claim of $2,500 and another one of $1,600, pressed the company, which was not in position to secure the needed money, and the assignment was the result. The business of the company was great, and had increased 20 per cent. during the present year, but most of its resources were in installment lease for instruments scattered all over the United States and Canada, and they could not be realized on. The directors had appreciated the need of greater capital to conduct business of such character, and last Tuesday night voted to double the capitalization, but the bank failure brought such plans to a standstill. The factory employed about 150 hands, and it is indebted to these people for about five days' labor. F. A. Buescher, inventor of the instrument manufactured, and John H. Collins, were the active managers, and the other stockholders were Dr. Franklin Miles, A. Hubbell Beardsley, Samuel Hoke and R. C. Barney. The last four have ample means, but were not disposed to risk more money in the band factory' under present conditions.
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Condensed News The Cuban Bill will meet with mined opposition in the Senate. Owing to labor troubles, twenty boot and shoe factories at Quebec, Canada, have shut down. Mother Jones, the miners' distin guished friend, has gone to Colorado to help them in their strike. Princess Louise, daughter of the late count of Paris. is said to have been lected to be King Alfonso's bride. The convention of the American Federation of Labor donated $1,000 the Western Federation of Miners. Rollin C. Parvin, of Evansville, Ind has sold a silver dollar of the 1804 mintage to H. G. Brown, of Portland, Ore., for $2,000. The Indiana National Bank at Elk hart, Ind., was closed by the controller as the result of steady run for several weeks which it could not stand. The contract to erect the federal court house and postoffice, at Greene ville, has been awarded to Miles Bradt, of Atlanta, Ga., at $86, 897 Gov. W. T. Durbin, of Indiana, is in Tennessee on a hunting trip. He denied that he has aspirations for the republican nomination for vice-president. It is said that former Senator James K. Jones has shaken the dust of Ark ansas from his feet, and probably will take up his residence in Washington The Postoffice Department is nvesti gating the published allegations that rare postage stamps have been sold from the department to stamp speculators. The W. C.T. U. convention, in sion at Cincinnati, re-elected Mrs Lil lian Stevens president. Mrs. L. D. Frey was re-elected recording secretary. The next Confederate reunion will be held in Nashville. The members of the executive committee made the selec tion and later were guests at a public reception. Mrs. Carrie Nation was ejected from the White House. Later she attempted to make speech from a senate gallery and was arrested and fined $25 in the police court. President Roosevelt has declined th invitation of Governor Peabody of Col orado to send federal troops into the coal fields of Southern Colorado to as strike breakers. Severe weather is prevailing in vari ous parts of the United States. The cold wave has extendee far into the south, and zero temperatures are ported from the northwest. An unofficial report at Manila says the captain of a United States army trausport has landed re-enforcements in Jolo and that fighting commenced soon as the troops were landed. A New York paper says it has veri fied the report that negotiations are progress for settlement of the United States Shipbuilding Company controversy and that a settlement has been virtually reached. There is a fight on between the administrationists and the "lily white' de republicans of Alabama. It is clared that Roosevelts lieutenants pro pose to oust every "lily white" repub lican federal officeholder. According to the estimates of the Agricultural Department at Washington, total sugar production of the world for be $ 10,425,800 tons Cuba and Java, it is stated, will produce per cent. of the world's output of cane sugar. The grand lodge of the A. O.U. W. of Massachusetts has voted to secede from the supreme lodge of the United States, because of dissat faction with a recent change in the rate of insur ance. Officers of the supreme lodge say the case will be taken to the courts. As the paymaster of the Pennsylvaiia railroad was coming out of a bank at Logansport, Ind., an officer seized his valise containing $41,000 and took it the eonrthouse where nearly $20,00 was counted out to satisfy two judg ments against the railroad company. The question of removing Morgan from the chairmanship of the Interoceanic Canal Committee is causing the Republican Steering Committee considerable worry. Some republi mis cans argue that it will be party take to reE ove the Alabama senator. de Senator Dietrich, of Nebraska, clares there is nothing in the Hastings postoffice case to have warranted the indictments returned. He says he waiye the protection guaranteed a ator when congress is in session, will go to Omaha and demand an mediate trial. Over one hundred pulpits in Ken tucky and Ohio, around Cincinuati were occupied by women delegates the thirtieth national convention the Woman's Christian Temperance Union, holding session in that At the same time, thirty pulpits occupied by clergymen of the Anti Saloon League. By the collision of A freight train with a work train on the Big Fou railroad near Tremont, III. twent miles from Peoria, 31 men were kille and 15 or more injured. The mer killed were all members of a section crew and had been engaged in uuload steel rails. The freight train crew is said to have disobeyed orders. A new treaty for a canal across isthmus of Panama was signed Washington by Secretary of State Ha and Minister Philippe Bunau Varilla of Paeama. While the contents of treaty were not made public, it is derstood that the lands for construct ing the canal were ceded to the Unite States outright. The canal is to neutral, but in absolute control of th
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Otherwise. Two Slavonian priests at Whiting, Ind., engaged in a fist fight. Heirs of a Frenchman claim the site of the world's fair at St. Louis. Jim Corbett says he cannot fight Fitzsimmons before next October. The Federation of Labor has again decided in effect to keep out of politics. The reciprocity convention in Chicago urgel closer trade relations with Canada. Mrs. Stevens was re-elected president by the National W. C. T. U. convention. Hill's new steamers to the Orient may be forced to operate under the British flag. Joe Choynski and Marvin Hart fought six rc inds to a draw in Philadelphia. The Massachusetts grand lodge of United Workmen voted to secede from the supreme lodge. A serious run took place recently on a Reading, Pa., bank which the Gfftcials say is without cause. After a long debate the American Federation of Labor defeated resolutions pledging it to socialism. Arthur Manuel of Minnesota won the diamond medal oratorical contest in the W. C. T. U. convention. The chief gardener of Paris came to this country to prepare grounds for France at the St. Loui3 exposition. The controller of the currency has been advised that the Indiana National bank at Elkhart, Ind., failed to open for business. Rockafeller, Gould, Hill and other capitalista are said to have recured control of the steel trust and to be planning to absorb several railroads. Panhandle Paymaster Snoe was held up by the sheriff at Logansport, Ind, and nearly $20,000 taken from his box to satisfy judgments against the road. Joe Choynski and Marvin Hart fought six rounds to a draw before a large crowd at the Washington Sporting club, in Philadelphia. It was a whirlwind fight from start to finish and one of the best seen in the heavyweight class in that city in a long time. At the annual meeting of the share holders of the De Beers Consolidated mines at Kimberly, Africa, a report was presented shewing that the dia monds produced during the year realised a total of $26,205,860. giving a preft of $11,511,490.
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WEST AND SOUTH. In St. Louis Judge Adams sentenced John P. Dolan, chairman of the democratic city central committee, to five years' imprisonment for naturalization frauds. Followers of John A. Dowie have been "commanded" by him to add $2,000,000 to Zion's capital by selling property and investing in Zion City land or stocks. Ex-President Grover Cleveland violated the Virginia game law unwittingly and a warrant was sworn out at Portsmouth for his arrest. In Chicago cars were run on several lines of the City Railway company. Some attempts at violence were made. Father Lepore was assailed in his church in Denver by Joseph Sorice, who accused him of swindling, and in the ensuing quarrel both were fatally shot. In Wyoming and Montana thousands of sheep are said to be perishing because of the snow and extremely cold weather. With liabilities of $550,000 the Indiana national bank of Elkhart closed its doors. Stationed at Fort Sheridan, Ill., the Twentieth United States infantry has left for a two years' stay in the Philippine islands. Fire destroyed Science hall of the University of Georgia at Athens, with the biology and chemistry department Burglars blew the safe of the Citizens' bank at Yetter, Ia., and escaped with $1,800. Near Tremont, Ill., 31 men were killed and 15 injured as the result of a collision between freight and work trains on the Big Four railroad. The doors of the Farmers' national bank at Henrietta, Tex., were closed with heavy liabilities. At Hegbert, Minn., Ive Wolden and an aged man named Akre were frozen to death, and E. Heinrichs met a like fate near Palmer, Ia. At Laramie, Wyo., Gus Olsen butchered his wife and two baby boys with a hatchet and shot himself dead. Flames destroyed the Polk county poorhouse at Tyron, N. C., and four inmates perished.
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Otherwise. Two Slavonian priests at Whiting, Ind., engaged in a fist fight. Heirs of a Frenchman claim the site of the world's fair at St. Louis. Jim Corbett says he cannot fight Fitzsimmons before next October. The Federation of Labor has again decided in effect to keep out of politics. The reciprocity convention in Chicago urgel closer trade relations with Canada. Mrs. Stevens was re-elected president by the National W. C. T. U. convention. Hill's new steamers to the Orient may be forced to operate under the British flag. Joe Choynski and Marvin Hart fought six rc unds to a draw in Philadelphia. The Massachusetts grand lodge of United Workmen voted to secede from the supreme lodge. A serious run took place recently on a Reading, Pa., bank, which the officials say is without cause. After a long debate the American Federation of Labor defeated resolutions pledging it to socialism. Arthur Manuel of Minnesota won the diamond medal oratorical contest in the W. C. T. U. convention. The chief gardener of Paris came to this country to prepare grounds for France at the St. Louis exposition. The controller of the currency has been advised that the Indiana National bank at Elkhart, Ind., failed to open for business. Rockafeller, Gould, Hill and other capitalists are said to have secured control of the steel trust and to be planning to absorb several railroads. Panhandle Paymaster Snon was held up by the sheriff at Logansport, Ind., and nearly $20,000 taken from his box to satisfy judgments against the road. Joe Choynski and Marvin Hart fought six rounds to a draw before a large crowd at the Washington Sporting club, in Philadelphia. It was a whirlwind fight from start to finish and one of the best seen in the heavyweight class in that city in a long time. At the annual meeting of the share holders of the De Bears Consolidated mines at Kimberly, Africa, a report was presented showing that the dia. monds produced during the year realized a total of $26,205,860, giving a preft of $11,511,490.
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Robert J. Wynne, first assistant postmaster general, in his annual report recommends that congress authorize clerk hire allowances at all third-class post offices. The W. C. T. U. national convention in Cincinnati adopted resolutions protesting against attacks on the compulsory teaching of temperance and physiology in the public schools. John A. Dowie's followers have been "commanded" by him to add $2,000,000 to Zion's capital by selling property and investing in Zion City land or stocks. Former President Grover Cleveland violated the Virginia game law unwittingly and a warrant was sworn out at Portsmouth for his arrest. A new canal treaty was signed by Secretary Hay and Minister Bunau of the new Panama republic. Its terms are more liberal than the rejected Colombian measure. Resolutions pledging the American Federation of Labor to socialism were defeated by the Boston (Mass.) convention after an attack by President Gompers and John Mitchell. Operation for grafting an ear upon the head of a wealthy western man was performed in Philadelphia. Father Mariano Lepore was assailed in his church in Denver by Joseph Sorice, who accused him of swindling, and in the ensuing quarrel both were fatally shot. Mayor Gaus, of Albany. N. Y., ordered the police to expel from the city Mormon elders and missionaries if they attempt to preach polygamy. Thousands of sheep are said to be perishing in Wyoming and Montana because of the snow and extremely cold weather. The Indiana national bank of Elkhart closed its doors with liabilities of $550,000. The Twentieth United States infantry, stationed at Fort Sheridan, III., has left for a two years' stay in the Philippine islands. Science hall of the University of Georgia at Athens, with the biology and chemistry department, was burned. Robbers blew the safe of the Citizens' bank at Yetter, Ia., and escaped with $1,800. Thirty-one men were killed and 15 injured as the result of a collision between freight and work trains on the Big Four railroad near Tremont, III. Ive Wolden and an aged man named Akre were frozen to death at Hegbert, Minn., and D. Heinrichs met a like fate near Palmer, Ia. Mrs. Carrie Nation appeared at the white house, denounced the president, and was fined and sent out of the city after creating a scene in the senate chamber. Employers, aroused by the action of the teamsters in declaring a strike on the City railway in Chicago, talk of uniting in a campaign to disrupt the union. Charles Williams, following a quarrel with his wife, shot and killed her at Murphysboro, III., and then blew out his brains. Fire destroyed a large part of the business section of Preston, Ia. The Farmers' national bank at HenI rietta, Tex., closed its d hers with heavy liabilities. Pope Brooks, his wife and child and an unknown man were cremated in a fire at Luverne, Ala. Roy Dimes, August Wanglan and William Sharp were killed by a dynamite explosion at Sharon, Mich. Joseph E. Gary, aged 82, celebrated in Chicago his fortieth anniversary as
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FACILITIES FOR BANKING CHICAGO MILLIONAIRE ARRANGES TO CARE FOR INDUSTRIES. No Further Receiverships Expected at Elkhart Because of the Indiana National Bank Failure. Special to the Indianapolis Journal. ELKHART, Ind., Nov. 29.-Herbert T. Bucklen, a Chicago millionaire, who is commercially and sentimentally interested in Elkhart's welfare, was here to-day and arranged for banking accommodations for several industries pending settlement of the Indiana National Bank,affair. A reliable informant declares there will be no other assignments as a result of the bank's collapse and the worst is over. If any receiverships are sought it will be to protect the effected enterprises rather than because of the bank failure. However, no others are now anticipated. Thus far the Buescher Manufacturing Company and the Acme Cycle Company have assigned and the Elkhart Paper Company placed in receivership. Mr. Bucklen and John W. Fieldhouse show their confidence in the Indiana National Bank's outcome by pledging themselves to-day to cash Indiana Bank checks for the resumption of the popular lecture course which stopped after only two of ten entertainments had been given, because $1,600 was tied up.
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Manufacturers Fail. ELKHART, Ind., Dec. 21. - Louis Mennert was appointed receiver of the National Manufacturing company this evening. The assets are estimated at $125,000 and the liabilities $175,000. The receivership is the seventh Elkhart failure resulting from the collapse of the Indiana National bank here.
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FEDERAL GRAND JURY NOW PROBING BIG BANK FAILURE Examiner McIntosh on Stand All Afternoon Telling of Institution's Affairs. NAMED IS RECEIVER Judge Anderson Appoints Stafford Maxon to Take Charge of National Manufacturing Co. The federal grand jury began the investigation of the Indiana National Bank failure at Elkhart yesterday afternoon. District Attorney Joseph B. Kealing is presenting the case to the grand jury and is being assisted by Jesse J. M. Lafollette, assistant district attorney. About twenty-five witnesses in all will be brought before the grand jury to testify. There were five men summoned yesterday, but the whole afternoon was spent in hearing the testimony of State Bank Examiner Jas. L. McIntosh, who made the examination of the bank's affairs. It is expected that the investigation will be concluded by Thursday or Friday of this week. Charles H. Bosworth, receiver of the defunct bank, the Metropolitan Trust and Savings Bank of the city of Chicago and Charles J. Deiber filed a civil suit against the National Manufacturing Company of Elkhart, of which Walter Brown was secretary, asking that a receiver be appointed for the company and that it be declared a bankrupt. Judge Anderson appointed Strafford Maxon as receiver and ordered him to file a $25,000 bond. The plaintiffs to the suit are creditors of the defendant company and claim that the company owes debts to the amount of over $100,000. The plaintiffs present claims against the defendant company amounting to about $53,000. Receiver Bosworth holds notes on the company amounting to $48,762.38; the Metropolitan Trust and Savings Bank holds a claim for $2,000 and Deiber claims that the company owes him $2,500. The Elkhart Circuit Court appointed Louis Dennert receiver of the National Manufacturing Company some time ago, but the creditors thought that as bankruptcy proceedings had been instituted in the Federal Court it might embarrass Dennert in operating the plant and Judge Anderson appointed Maxon.
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NEARLY A MILLION MISSING. Officials of Wrecked Bank Charged With Big Fraud. Indianapoils. Ind., Jan. 29.-Three former officials of the wrecked Indiana National Bank at Elkhart will be arreigned in the federal court here next Wednesday, charged with frauds runming almost to $1,000,000. The Indicted officials are: J. L. Broderick, president: W. L. Collins. cashier, and Walter Brown. director. President Broderick is indicted on sixty-Your counts. The first five counts charged him with embezzling $56,758 in amounts ranging from $50,000.down to 81,504. False entries on other counts foot up over $800.000. some of the counts charge misapplication by convertion the money to the use of the National Manufacturing Company, the Acme Bicycle Company. the Elkhart Paper Company. the Consolidated Bag and Paper Company and other concerns which. it is charged. were insolvent. The indictment against Waiter Brown containis sixty-seven counts. He is charged with abetting Broderick in the misapplication of the-funds and credits of the bank to the total amount of $428,977.17 for the use of the National Manufacturing Company and the Consolidated Bak and Paper Company. The first twenty-six counts charge misapplication of funds to the amount of $288,464.47 to the National Manufacturing Company. From the twentyseventh to the thirtieth count. inclugive, Brown is charged with abetting Broderick in misapplying the funds on notes on which n pretense is made of paying money to B. B. Brown. Bary M. Tousley, the Capps-Brown Company and Melvin Alford. when in reality the money went to the National and Conbolidated companies. Another count charges that Broderck. abetted by Brown. bought fifty emergage bonds of the Consolidated company for $50,000, when they were wholly worthless.
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# Bank's Books to Be Examined. Receiver Bosworth, of the bankrupt Indiana National Bank of Elkhart, has been notified by J. J. M. La Follette, assistant United States district attorney, to permit attorneys for Walter Brown, J. L. Brodrick and W. L. Collins, indicted in connection with the bank failure, to examine the books of the bank. The men asked this permission from Mr. Bosworth, but he refused them until he consulted with Mr. La Follette as to the legality of the question.
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Couldn't Agree. Elkhart, Ind., Feb. 8.-1. O. Wood, of Goshen, has been appointed receiver for the Garden City Stationery company by Judge Farrell. The liabilities are approximately $100,000. while the assets, it is claimed. will reach from 60 to 80 per cent. of that amount. The chief cause of the petition, it is undersood, 13 a disagreement among the stockholders. The company's affairs arecomplicated by the failure of the Indiana National bank of Elkhart.
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WALTER BROWN WILL INSPECT BANK BOOKS Inspection to Take Place in Presence of Deputy United States District Attorney. NOTED ELKHART CASE Special to the Indianapolis Journal. ELKHART, Ind., Feb. 17.-Deputy United States District Attorney La Follette came here this afternoon to be present when Walter Brown inspects the books of the defunct Indiana National Bank, in accordance with arrangements made at Indianapolis Tuesday. Permanent Receiver Roose had granted Brown's attorney access to the books, but refused Brown personally the privilege, and the matter was taken to Judge Anderson, who was also asked to give specific orders to Receiver Demarest, of the Consolidated Paper and Bag Company, and to Receiver Maxon, of the National Manufacturing Company, with both of which Brown was prominently connected. There had been friction because Demarest insisted that as he had not time to remain in the company's office while Brown and his attorney's desired to be there, Brown should pay for Demarest's personal representative. Brown acceded, but objected to the per diem demand of $5.
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# MEETING OF MENNONITE # CREDITORS AT ELKHART Proposition to Pay Claims with Bonds Taken Under Consideration by Those Present. LENIENT SPIRIT SHOWN Special to the Indianapolis Journal. ELKHART, Ind., Feb. 24.-A meeting of creditors of the Mennonite Publishing Company, which recently went into voluntary receivership in order to keep the institution intact pending adjustment of the claims against the company, which was embarrassed by the failure of the Indiana National Bank, to which it was a dector, was held here to-day. The meeting was called by the receiver, James A. Bell, who has been manager of the working department of the concern for several years. The liabilities are $90,000, and the assets are said to be about $160,000. It is said that the bulk of the liabilities is made up of the claims of about eight or ten creditors while the rest of the claims are scattered among a great many minor creditors. The spirit manifested in the letters of many of the creditors is most lenient and encouraging. One man in Pennsylvania who held a $22 account, on receipt of the notice, sent a draft for $50 as a donation, and said he would wait indefinitely for the account. Another sent a receipt for his account, with a statement that he was willing to lose it under the circumstances. Another sent a small contribution and added that he was willing to contribute more rather than see the institution crippled. Thirty creditors were represented at the meeting, and after hearing the proposition of the company to pay the claims with first-mortgage 5 per cent. bonds they decided to hold their decision in abeyance ten days. Of the total liability $40,000 is due banks, $19,000 of it to the defunct Indiana National of Elkhart, whose receiver is urged to give the company time to realize on the sale of bonds.
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Estea. Thomas Smith, T. H. Mills, John Hunt, Frank Larimer and Nels Lundstrom. The body of Asa Mathews, aged 17, was found in a well on the Taylor farm in the eastern part of Brown county, near Georgetown, O. She was a domestic in the family of John Beasley. She had returned her ring to Joseph Kelch, but he persisted in calling and took her away in a buggy last Saturday night, since which time neither had been seen. W. L. Collins, ex-cashier of the Indiana National bank at Elkhart, pleaded guilty in the federal court. He was the first of the bank officers to come up for trial. He was indicted on eighteen charges in connection With the failure of the bank. Ex-President Borderick's trial will begin today. Collins will be sentenced after the other trials are completed. The coroner's jury which has been investigating the death of Miss Rena Nelson of Pierre, S. D., who died from the effects of poison sent her in a box of candy. reported that she came to her death from the effects of eating candy tablets contained in a box postmarked Boone, Ia., and that the tablets contained corrosive sublimate in sufficient quantities to cause death. The discovery in time of a home. made bomb at the rear of S. Barron's second-hand store, in the thickly settled business district of Sioux City, Iowa, doubtless prevented a conflagration of large proportions. Inside a five-gallon can partly filled with gasoline was a dynamite percussion cap generally used in safe-blowing. to which was attached a fuse six feet long. A special grand jury called to investigate last week's riot went into session at Springfield, O. Judge J. K. Mower delivered a vigorous charge. Prosecuting Attorney J. B. McGrew announced that transcript cases would be considered first. It will be a week before the actual investigation of the riots is started. The three saloonkeepers arrested for defying Mayor Bowlus' order to close were released in police court, there being no law for their punishment. Plans have been made by the Dorcas Coaching club of New York, said to be the only woman's coaching club in the world. to run a public conveyance during the coming season. Members of the organization, which includes the leaders of the younger set in fashionable society, will handle the whip. It is likely the coach will make daily runs from an uptown New York hotel to Morris park during the racing season. While the novel trip will be nominally open to the public, the club will exercise its discretion as to who may become patrons.
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ECHO OF POLITICAL FEUD IS SILENCED BY COURT IN CASE OF J. WALTER BROWN Thirteenth District Fight Mentioned, but Question to Adversary Is Ruled Out. OLD EVIDENCE HEARD Points Covered by Government in Brodrick Trial Renewed for Alleged Accessory. DEFENSE MAKES FIGHT More Hope Appears for the Present Defendant than for His Predecessors. For a few minutes yesterday it appeared that politics would become involved in the trial of J. Walter Brown, former Republican chairman of the Thirteenth district, who is fighting in the Federal Court sixtyseven charges of aiding J. L. Brodrick in the financial machinations which brought about the crash of the Indiana National Bank of Elkhart. A question by W. A. Ketcham, one of Brown's attorneys, during his cross-examf ination of Wilson Roose, receiver of the defunct Indiana National Bank, aimed directly at the latter's political relationship with the defendant, Roose did not answer. District Attorney Kealing was on his feet before the question was finished, obD jecting on the grounds that politics was irrelevant and should not enter into the o case. His objection was sustained by Judge Anderson. Roose was introduced as a witness about 3 o'clock yesterday afternoon by the prosecution. Mr. Kealing asked him several questions concerning notes which he found & in the bank when he took charge of it as g receiver, and then turned him over to the h defense for cross-examination. Mr. Ketcham asked: e 30 "Mr. Roose, has there ever been any rivalry or antagonism between yourself and Mr. Brown? You have always been good 1friends? I mean there has been no political differences between you?" d i"I think not,' replied Roose; "not that I can remember.' 1Brown at this point produced a letter which he handed, opened, to Ketcham, k. who glanced at it and, glaring over his espectacles, demanded: "Mr. Roose, didn't you go down into Conin cord township and organize that township against Mr. Brown?" SPOLITICAL QUESTIONS END. Kealing objected stoutly and, being susst tained, the incident was dropped and pow litical references did not again enter into the day's proceedings. The incident had a tendency to cause a stir of excitement in d. the courtroom yesterday, as Brown had many political enemies in Elkhart. The trial was fairly put under way yesee terday and the prosecution began its introduction of evidence. It is apparent that g the trial will be almost as long as that of J. L. Brodrick, and may not be concluded d. for two weeks. Much repetition of evidence brought out in the former trial is necesd. sary and consequently lacks the startling elements of Brodrick's unsuccessful fight. w One of the features of yesterday's proceedings was the strong presentation of the case from the point of view of the de; fense. This was made by W. A. Ketcham in a two hours' speech at the opening of court yesterday morning m That "lack of intent' will be the point around which the defense will make its I stand was also brought out yesterday. re NEPHEW ON THE STAND. In The testimony of Ward O. Collins, nephew of Walter Brown, and Wilson L. Collins, who as cashier of the wrecked bank has re pleaded guilty to all charges but that of at embezzlement, as a witness in the trial yesterday, had a tendency to enliven the courtg room. Collins was not a witness in the P. former trial, although he testified before the grand jury. He formerly worked for Brown as superintendent of the National r; Manufacturing Company, of which Brown is was owner and controller. When placed A. upon the stand. Mr. Kealing, exhibiting rtwo notes, asked: "Mr. Collins, did you, in October, 1900. while you were employed for Mr. Brown, sign these two notes?' h "I signed those notes, replied Collins. n "Who made those figures of $4,000 and la $6,000?" continued Kealing. "I don't know. is "Who gave the notes to you?" V"Walter Brown." in "Did you get any part of this $10,000?" y "Not a cent.' Collins explained that he as had been called upon to pay the notes to hhe the bank but had not and had entered proceedings in bankruptcy in Chicago. he On cross-examination Ketcham asked at Collins if. when he signed the notes, he ed expected to get any money for them. so He said he did not. to 'Was it not stated when you signed the as notes that they were accommodation notes cof the National Manufacturing Company?' asked Mr. Ketcham. Collins replied that n he was under the impression that the n. d. (CONTINUED ON PAGE 9. COL. 4.)