Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-10-27
Chas. Etheridge Supposed Fugitive
and Heavy Defaulter.
HIS DEPARTURE FROM ST. PAUL.
And the Peculiar Condition Of Affairs
Which is Being Developed.
AMOUNT oFPLUNDER UNKNow WIN
But it May Reach Up to Fifty Thou
sand Dollars.
THE DEFAULTER's POSITION
AS a Church Member and in Other
Prominent Organizations.

Prominent Organizations.
A startling but quiet rumor was whispered
about yesterday afternoon, involving the char
acter and conduct of Chas. Etheridge one of
our prominent and we'll known citizens. The
charge was SO serious that unlike ordinary rumor
the tale spread slowly, parties hearing it were
so shocked that they were 10th to repeat it,
trusting that some explanation would still be
made which would clear up the cloud. The
GLOBE this morning, will therefore, give the
first tangible shape to the reported downfall
and disgrace of one who has hitherto stood
high in this community.
Err. ETHER1DGE's BUSINESS.
For some ten or fifteen years Chas. Etheridge
has been engaged in the insurance business in
this city. Purchasing a we'll established fire
agency when he came to st. Paul he repre-
sented some of the best com panies in the coun-
try. He was associated with different partners.
his last partner being Il. E. Hughson, under
the firm name of Ethelidge & Hughson Their
agency was largely fire, thou they also had
the Equitable Life Assurance society. indie
T., pendent Of his insurance business, Mr.. Eth
efldge mad loan agency in which the
firm was not interested. He acted as loan
agent for the Mercantile Trust Co., of New
York, and also for the Equitable com pany,
which has loan department.. Some three or
four years ago his loan business assumed such
proportions that the partnership was dissolved,
MIR. Hushson taking the fire agency and Mr.
Etheridge the Equitable life and the two loan
agencies. More recently he has added one or
two lire companies to his agency, but his chief
business was as indicated above.
CLOUD.
For some months past the Mercantile Trust
company has noted marked delay and derelic-
ton in the payment of interest due from par
ties to whom they had made loans through Mr.
Etheridge. Mortgages were sent forward to
Mr.. Etheridge to be foreclosed for non-payment
of interest, but proceedings were not COM
menced The Trust company, becoming sus-
picious that all was not right, sent their agent.
M. B. Mcmahon, of New York to St. Paul 20
investigate. Mr.. Mcmahon reached the CITY
last Monday. and, without registering proceed
ed TO make some quiet inquiries. He finally
called upon Mr.. Etheridge, and received
with an outward show of cordiaity, which
subsequent developments show must have been
delusion and snare. He found a large
bundle uf mortgages in Mr.. Ether
idge's office which had been returned
ior toIolosere' as already stated,
idge, with show Of FEASIBILITY, stated that
times were hard and he thought it better to be
easy with borrowers, as the property was ample
security. This seemed fair, but Mr.. Mcmahon
took a few names of supposed delinquents, and
calling upon some of them, was confronted
with receipts which we're signed by Mr.. Ether
Idge. Some OF these receipts dated as far back
as last May, but no returns had been made at
the home Office. Up to this time
Mr.. Etheridse had been going about
with Mr.. McMahon. showing him property
which loans had been made etc. but he evil
IDENTIFY decided that the game was up when the
interest receipts were developed, and on
Wednesday evening he left the city.
HIS PROCEEDINGS BEFORE LEAVING.
Mr.. Etheridge kept a small account at the
Second National bank, occasionally having
small loans on his Individual account.
He also occasionally desired to cash
large drafts on the Trust companys
having offered drafts to as larg. an amount, a
$25,OUO. Mr.. Edgerton, the president of the
bank, declined to cash any such drafts but
readily passed small drafts On the 22d inst.
he presented draft for $3.50 on the Trust COM
pany which was cashed by the bank. On the
next day, the 23d. he called at the Second Ma
tional and said he would take up couple of
small notes he had there aggregating less than
$4OO This was done, and some tax title col
laterals which he had deposited were returned to
him. The same day he presented another draft
at the Second National for $500, which was
also cashed. Both Of these drafts were passed
upon the bank without Mr.. Edgerton's knowl-
edge, which accounts for the surrender of the
collateral held by the bank.
Yesterday morning telegram from New
York notified the Second National that pay
.nent the $3.50 draft had been re-
fused. Mr.. Edgerton took in the situation
in an instant, and with great shire dness he
decided to act promptly. He accordingly at
tached his office and household furniture and
also his horse and carriage, which were at
Judd's stable. Shortly before noon yesterday
farmer named Mcknight, living twelve miles
out in Dakota county, came into the city with
taken to the country for keeping. Before Nc
Knight could get across the bridge
Mr.. Edgerton had the property
attached. Mcknight acted very reasonable
when he was informed of the situation, and
surrendered the property. As he had walked
in from his home, MIR. Edgerton kindly sent
him back in his own conveyance.
Mr. Etheridge still has between 800 and
5000 to his credit at the Second National bank,
but there are, doubtless, checks out against
this. One small check was presented yester-
day, but payment was refused. The property
which the bank has secured more than covers
its loss.
OPERATIONS ELSEWHERE.
AS rumor stated that Mr.. Etheridge had
cashed some large drafts at the Merchants
National, GLOBE reporter called there yester-
day afternoon to ascertain the situation. The
officers were reticent and declined to give any
information. They were not prepared to say
/ whether Mr.. Etheridge had fled or
not. He had presented some drafts,
but they could not tell what loss would
be incurred by his transactions or whether the
amount would fall upon them or the Trust
Company, if it proved loss. They were in
telegraphic correspondence on the subject and
could give no information at present. Out
side report places the drafts presented to the
Merchants National at $4,000, but this is