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FOUR BANKS CLOSE. Suspension Is Due to Suicide of the Owner. Des Moines, Dec. 5.-The banks at Colfax, Ira, Baxter and Mango, owned by George D. Woods, who committed suicide yesterday at Colfax, have closed their doors temporarily, the crisis being precipitated by the filing of a mechanics lien on fixtures in one of the banks. A demand by the Polk county officials for the return of $30,000 county funds, deposited in the bank of Colfax, has not been acceded to.
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COLFAX, IOWA-Receiver McElroy of the Bank of Colfax, owned by the late George D. Wood, who committed suicide, made a statement last night to the effect that the bank would pay dollar for dollar. The assets are $125,000 more than the liabilities.
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SUMMARY CULLED FROM DISPATCHES o THE ASSOCIATED PRESS. A Review of Happenings in Both Eastern and Western Hemispheres During the Past Week-National, I Historical, Political and Personal Events Tersely Told. e Congressman Burke died recently at his home in Philadelphia. Backed financially by the United States government, a salmon fisheries congress will be convened in Seattle February 23. 1904. Jack O'Brien knocked out Jack Williams in the third round of what was scheduled as a SIX round bout recently in Philadelphia. Kalman Foldessy, who was arrested in New York during President Roosevelt's recent visit for writing threatening letters, has been committed to the state hospital for the insane. a The Rappel, of Paris, publishes dispatch from St. Petersburg announcing the massacre by Boxers of a number of Christians in the Szechuan province of China. A cablegram from Tegucigalpa, Honduras, announces the death of Senora Guardiola, mother of the wife of President Palma of Cuba, and wife of former President Guardiola of Honduras. Henry Billings Brown, associate justice of the United States supreme court, will be totally blind within a week or two, according to information imparted to him by his physician. The rise in the Tiber has flooded the country so near Rome that it is impossible to get to St. Paul's, two miles out of the city, as the district surrounding Rome is now covered by four feet of water. Five of the men charged by Lant K. Salsbury with accepting bribes for supporting the project to supply Grand Rapids with water from Lake Michigan. appeared in the superior court and pleaded guilty. The report of Health Officer Snow, in regard to the diphtheria epidemic at Stanford university, shows a total of 12 cases of diphtheria, eight of which have been removed to the newly purchased detention hospital. The declaration of martial law has paralyzed all business in Cripple Creek, Heavily armed pickets of the National Guard are stationed on all street corners and many residents of the city do not venture upon the streets. Handcuffed to a man he is alleged to have defrauded out of $800, Gabriel Hossza, the young foreign banker of Sharon, Pa., wanted for the embezzlement of nearly $15,000. made his escape from an Erie train at Binghamton, N. Y. Paris. Mo.-Enraged because Miss Anna Hartman, for whom he had secured a license to wed, would not marry him, Frank Dawson shot and fatally wounded his sweetheart and seriously wounded his successful rival, Obe Hughes. William Clarke & Sons. bankers of New York, have assigned for the benefit of creditors to the Van Norden Trust company. The firm is composed of James and Hudson Clarke and had a mercantile rating of from $75.000 to $125,000. M. Raume, the French astronomer, noted for his studies of volcanic phenomena, although a very old man. has taken up his residence on Mount Ve suvius in the hope that the researches he is about to undertake will result in important discovery. As a result of the coroner's inquest at Chicago over the body of John Quinn. the detective killed by Gustav Marx. one of the car barn robbers. while the officer was trying to arrest him recently, Marx was held to the grand jury on an additional charge of murder. Later. in the criminal court, Marx changed his plea in all the cases against him to not guilty. It is reported that Edward L. Wentz, the young Philadelphia millionaire who has been missing since October 14. has been found and that he is probably demented. It is said Wentz has been hiding in the mountains not far from Finney, a station on the Norfolk & Western railroad. The banks at Colfax, Ira. Baxter and Mingo, Iowa, owned by George D. Woods. who committed suicide at Colfax. have closed their doors temporarily, the crisis being precipitated by the filing of a mechanics' lien on the fixtures in one of the banks. Governor Peabody of Colorado has issued a proclamation declaring Cripple Creek under martial law and suspending the writ of habeas corpus. He declares that the gold camp is in a state of insurrection and rebellion and that the civil authorities are powerless. Frederick H. Rindge of Los Angeles word of a fire on his one of Cal. The a recently Ventura has Malabu received ranch, county, constructed, together the ranch largest with house. in number of smaller outbuildings, were destroyed. It is rumored that many cattle were destroyed by the flames. Estimates of loss run from $100,000 to $150,000. Delige at Manahae
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WILL PAY DOLLAR FOR DOLLAR. Assets of Colfax, la., Bank Exceed Its Liabilities. Des Moines, Ia., Dec. 9.-Receiver McElroy, who has taken charge of the Bank of Colfax, owned by the late George D. Wood. who committed suicide, made a statement Tuesday night to the effect that the bank would pay dollar for dollar. The assets of the bank are about $500,000, and $125,000 more than the liabilities.
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WOODS' BANKS ARE CLOSED. Creditors Begin Clamoring When They Learn of His Suicide. Des Moines, Dec. 7.-Banks at Ira, Baxter and Mingo, owned by George D. Woods, who committed suicide at Coifax, have closed their doors temporarily. A mechanic's lien on the bank fixtures for $1,500. filed by a Des Moines firm, may precipitate a crisis. Polk county has formally demanded the return of $30,000 deposited in the Bank of Colfax. The demand has not been acceded to. Ex-County Treasurer Layman has recovered $20,000 deposited in the Colfax bank during his administration. W. O. McElroy of Newton has been appointed receiver for the bank of Colfax and will take charge at once. It was feared if the bank reopened a run would follow and it would be broken.
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will Pay Dollar for Dollar. Des Moines, Ia., Dec. 10.-Receiver McElroy, who has taken charge of the Bank of Colfax, owned by the late George D. Wood, who committed suicide, has made a statement to the effect that the bank would pay dollar for dollar.
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Three Banks Suspend. Des Moines, Ia. (Special).-Banks at Ira, Baxter and Mingo, owned by Geo. D. Woods, who committed suicide at Colfax, have closed their doors temporarily. A mechanic's lien on bank fixtures for $1500 filed by a Des Moines firm may precipitate the crisis. Polk county has formally demanded the return of $30,000 deposited in the Bank of Colfax. The demand has not been acceded to Ex-County Treasurer Layman has not recovered $20,000 that he deposited in the Colfax Bank during his adminstration.
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will Pay Dollar for Dollar, Des Moines, la., Dec. 10.-Receiver McElroy, who has taken charge of the Bank of Colfax, owned by the late George D. Wood, who committed suicide, has made a statement to the effeet that the bank would pay dollar for dollar.
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THE COLFAX BANK. Will Not Reopen But Depositors Will be Paid in Full. Des Moines, Dec. 10.-Receiver McElroy, in charge of the Bank of Colfax since the suicide of George D. Woods, the cashier, has prepared a preliminary report on the condition of the bank. His statement shows that the bank is solvent and creditors will be paid. The liabilities consist of $475,000 of deposits, from which should be deducted $26,000 which is owed to George and Alex Woods, partners in the bank and sole owners. The assets consist of $520,000 of bills receivable, $36,000 in overdrafts and $5,000 cash. In addition to this there is the bank building worth $6,000 and real estate owned by the partners estimated to be worth $200,000. The receiver estimates that there will be a shrinkage of probably $100,000 in the notes due, owing to large losses of creditors of the bank, but even at the worst the bank can pay out in full, and It is likely it will be reorganized.
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Bank Will Pay in Full. Receiver McElroy, in charge of the Bank of Colfax since the suicide of George D. Woods, the cashier, has prepared a preliminary report on the condition of the bank showing that the institution is solvent and the creditors will be paid in full. The liabilities consist of $475,000 of deposits, and the total assets amount to $767,000. The bank may be reorganized.
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Would Sall Epworth Park. Special to Times-Republican. Des Moines, May 23.-Receiver W. O. McElroy. of the defunct bank of Colfax, last week began foreclosure proceedings on the Assembly park of the Iowa Epworth League at Colfax, which was given as surety on a loan of $1,000 from the bank. For a few days it appeared as though the tract, which has been the pride of the organization, would be sold under the hammer. The league had only partially paid for the tract, but was meeting all the assessments as they became due. As soon as Mr. McElroy began the foreclosure proceedings Mr. Gill and others began work to redeem it. They have succeeded in raising sufficient funds to meet the emergency, and will probably issue a call to the branches for aid.
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TEN BANKERS IN IOWA SELF-SLAIN Record Year of Disaster in That State. CATTLE BROUGHT DOWNFALL Faced by Ruin, Half a Score of Hawkeye Officials Committed Suicide. DES MOINES, Dec. 28.-An unprecedented record of disaster among Iowa banks will be disclosed by a report now being prepared at the State auditor's office for 1904. Culminating last week with the closing of the savings bank at Dedham, this is the year's startling record: Ten bank cashiers dead by suicide. Forty banks wrecked and their surplus squandered. Twelve millions of dollars lost to depositors. In two instances bank officers have absconded with funds, thus accounting for the failure, but the remarkable number of failures due to similar circumstances has aroused the curiosity of the whole State to ascertain the cause. These are the suicides of the year due to bank failures, so far as the State officials know: H. C. Spencer and his son, cashier and assistant cashier of the Grinnell National Bank. George D. Wood, cashier of the Bank of Colfax, Colfax, Iowa. Charles Wood, cashier of the Citizens' Bank of St. Charles. F. L. La Rue, cashier of the Corning State Bank. G. D. Utterback, cashier of the Sigourney Savings Bank. H. W. Main, cashier of the Linn Grove Bank. Cashier of the Lone Tree Bank. Two other suicides early in the year, whose names are not recalled by the attaches of the State auditor's office. Tragedy Follows Tragedy. It is only within the past few days that the State has become aware of the magnitude of the disasters and the tragedies attending them, many of the failures having been kept quiet. Not until the two suicides in quick succession at Lone Tree and Linn Grove, and the failure of the Sheldon State Bank, with losses amounting to many thousands, created a State-wide sensation was general attention attracted to the serious condition of affairs. The failure of the bank at Collfax, the National Bank at Storm Lake, and the bank at Sigourney, with the suicide of the cashier, added to the sensation. The suicide of Cashier Utterback, of the Sigourney Bank, was followed by the discovery of extensive forgeries which he had perpetrated to cover up a shortage which had been running for some time. His shortage, like those of the eight other cashier suicides, was apparently due to one of two causesspeculation on the Chicago board of trade and the juggling of prices by the meat trust. Meat Trust Blamed. The meat trust is blamed by thousands throughout Iowa for the year's tragedies. In almost every bank that failed large quantities of paper, based on higher prices for five stock, were found, the makers being unable to meet their loans owing to the cut in prices of live stock. In almost every case the cashier had trusted to the prices of cattle remaining high, and this, coupled with speculative plunges on the board of trade, accomplished their ruin. Back of this recklessness. State Bank Examiner Cox declares, is the lax banking law of the State, and as a result of the year's melancholy record efforts are already making to amend this law. The epidemic of banking suicides started with that of Cashier George D. Wood, of the Bank of Colfax He was regarded as one of the shrewdest and most trustworthy bankers of the State, and his suicks caused a great sensation. Investigation developed that he personally had been a large investor in live stock and had loaned extensively for cattle purchases. The drop in eattle prices brought him face to face with ruin, if not dishonor, and he took his life. Wood had been accounted the wealthiest and most public-spirited man in his county, and imputation of dishonesty is hotly resented by every man in his home city. The cause of his downfall is illustrated by the sale, after his suicide, of paper representing a par value of $175,000 for $640. State Bank Examiner Cox declares that such worthless paper would never have been admitted to the bank if the institution had been subject to State inspection. A Six-Figure Failure. The death of E. H. McCutchon, one of the best-known politicians in the State, precipitated the wreck of the bank at Holstein. Directly after his death it was discovered that the loss at this bank would run into the six
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# Des Moines College Funds. At the annual meeting of the board of trustees announcement was made that during the past year the movement was completed which brought the endowment of the college up to $100,000, and this was turned over to a special committee on trust funds, created by the board, and William Aitchison, Jr., who for fifteen years has been the efficient treasurer of the college, was made treasurer of this fund, declining re-election to the position which he has so long occupied. W. S. Goodell was then elected treasurer of the college. At the request of the retiring treasurer, the trustees appointed a special committee to go over the accounts for the last fifteen years and to examine the present investment securities, that one audit might cover the entire period in addition to the annual audits that have been made This committee handed in its report to the effect that it has carefully examined the securities in the rossession of the trust fund committee, and find that they consist of approved first mortgages on Iowa real estate and titles to Des Moines city property, to the amount of $100,532.18, including $267.23 in cash. # Wood Cases Decided. The supreme court decided one of the George D. Wood cases from Colfax in the interests of the creditors of the Wood bank which collapsed when he killed himself. In the case of W. O. McEroy, as receiver for the Bank of Colfax, which was the Wood institution, against H. B. Allfree, the administrator of the estate of Cashier Wood, about $10,000 which it was charged that Wood had withdrawn from the bank for grain speculation with one Fowler, was involved. The receiver sued to require restitution of this fund or whatever portion of it still was due the bank from the estate. The heirs of the estate objected to paying the debt. The courts have now decided that the creditors of the bank are entitled to the money. In another case involving the title to certain lands in controversy with respect to the interests of Wood and the creditors of the bank with which he was connected, the court decreed that the land belonged to R. N. Stewart, so that the question of whether the bank or the estate was entitled to it was not settled.
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BANK'S AFFAIRS CLOSED. Colfax Institution Will Pay About Thirty-six Per Cent. Newton, July 2.-W. O. McElroy, receiver of the Bank of Colfax, has been allowed $4,000 as a last payment for his services as receiver. This gives him a total fee of $10,000. The Bank of Colfax has paid a dividend of 32 1/2 per cent and Mr. McElroy states that he will be able to pay about 4 per cent more. The final dividend will probably be made some time next December.
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BANK OF COLFAX, Big Fees Are Allowed Receiver of Wrecked Institution. Newton, Ia., July 2.-W. O. McElroy, receiver of the Bank of Colfax, was Saturday allowed $4,000 as a last payment for his services as receiver This gives him a total fee of $10,000, having received at the close of the first year a fee of $6,000. The Bank of Colfax has paid a dividend of 32 1/2 per cent and Mr. McElroy states that he will be able to pay about 4 per cent more. The final dividend will probably be made some time next December.
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FINAL DIVIDEND PAID. Judge Preston Gives Receiver of Bank of Colfax Authority. Special to Times-Republican Newton, Dec. 8.-W. O. McElroy, receiver of the Bank of Colfax, has been authorized by Judge Preston to pay the third and final dividend of 6.59 per cent to the unfortunate creditors of that institution. This will make the total dividend paid 39.45 per cent, and will be distributed among 800 persons. In this Bank of Colfax case the amount of claims was $625,000, and the amount of claims filed on which dividends have been paid was $400,000. The bank went into the hands of the received three years ago the fifth day of this month.
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WOODS' BANKS CL Temporary Suspension Until the Situ. ation Is Discovered. Des Moines, Dec. 8.-Banks at Ira, Baxter and Mingo, owned by George D. Woods, who committed suicide at Colfax, have closed their doors temporarily. A mechanics' lien on bank fixtures for $1,500, filed by a Des Moines firm, may precipitate a crisis. Polk county has formally demanded the return of $30,000 deposited in the Bank of Colfax. The demand has not been acceded to. Ex-County Treasurer Layman has not recovered $20,000 do posited in the Colfax bank during his administration.