, 1877-08-30

I
owe them dollar. settled TN with them
some nix or twelve months aeo, paying them In
money antl mortgages, And taking up all my
paper, somc t1oo, ,000, hc1fcvc. did oHe them
100000, contracted By the bank, before epcn-
cer went iNo II, for the railroad by Hough
4 Bros, hut I afterwards secured
that BY 800, 600 Of the raflroad bonds, which
they sold TO Isobcrt baird, OF New York, at par,
~ Spencer told me-. Baird Afterwards sued the
ing, but don't owe the State dollar md the
owe It to t, People we'll able to 'tand it, and not
aWhat 10 you think Of -..
TMg MAHA0EMENT or TIE RANK,
"The bank was broke, !" replied the Direct
lion % 't q The % tIoabe va wa % laid before hs ever
from from 'G' tbs careless. reckless way they
1oancd 1noney on real estatc and personal
property. Spencer has made no loans to amount
to anythtne. On the contrnry, know he has
tried tn close up this loan business and get It IN
good shape, but, In his desire 10 do 30, hc has
taken securities that were not goo' Of at least'
nut readily Convertible. When lie went in tliero
wcre $l,a0o,0tD Of rcal-cstatc loans ont. and to
nv knowledge. four loans Of 500, 0Q Or moro
spfccc to different parties. For instance. one to
the Chicago \ Pacific Railroad for sion 0o; one
their stock; ono for &en0,0 900 10 a tannery con-
ccrn In which sonc Of tho officers md Directors
Of tho bank we're interested; md one for S100,-
600 TO certain lfnuor merchant"
"Whnt IL the history Of
Youn sroCK tn THE sTATEl"
III took o40 shares out Of tho 600, anil paid
for them. have borrowed money Of the bank
stock as coliatcrals. The hank afterwards de-
citled that thi. stock couldn't 6e used as col
1ntcrals, and Caye them others. fsoftl Spencer
Mt one time $15oo0o worth oi ny stock In the
ward. sold him tho halancc Of my stock, 50 that
my 40 shares brought me mn avcraEn Of 4lH5.
Then tho bank balanced my account, Spencer
pad me wlat he owsti M me-; nc, and wc squared up
do YOU know ANYTHING about that sl8t, 900
Of South Park bonds which arc said to bc miss
Ing in whole or in parti''
"Only that the hank had tho bonds, for
Spencer told mo 80, md It Is now katd they emit
he found. That's all know about That mat
ter"
"Whnt about those ........
CALUMET DocR COMPANY DoNpsf"
tThc bnnk has about $6O0, coo worth Of their
bonds md stock. Tho interest on tho bonds
has been kept up md consider them worth
par. lam not nrcparcd to put value on the
stock, bnt It certainty atn't worth very much."
taking f15O0W out Of the Coax County
5tatei'
~ simply know that he checked out OF the
Cook County National tho aim Of sl5o.O00 to
pay for that stock. don't suppose he paid this
out Of his own money for the good rcaaon that
he hadn't any to speak Of. Be that as It may,
he bought tho stock. got control OF the stase,
and WAS elected President. Then shc became
unpleasant, didn't want my investigations made
Into shc bank's business, md At last got Ills
9ustc1 and sold hin, my stock. have no doubt
hut that he paid me out Of the assets Of the
State Savings Institution, and not out Of hts
own means. fot he already had moro stock than
he could hald."
"Dldn't he also 10 some extensive borrowing
to pny for his stock nurctlnscsrt
"I'know he bors owed some money from tho
Manufacturers 3ank-s5o.oo0 bclicvc-for
three days to raY inr this stock, and alao
know that ho borrowed 3l50,00 Of mo and
afterwards returned II. think, however, that
he returned II out Of tho moncy OF tho State
Savings Institution"
Thu next and last question the reporter PCT TO
ME. Dobbirs was as ii, what lie thought OF Mr.
6nencer taken a!toghcr, in one grand aliopathc
dose. As THH TRIBUNE would have tn huY
whole casc of tlathcs to print hin answer In full,
suffice It tu kay that 1t pnrtuok verv largely ot
tho lcnlucatUry character, nnd tfnt 1t would
not lie rs tho sweetest Of music 10 Ntr, Spc1l-
GERS cars.