Daily globe., 1878-10-28


trusting that some explanation would still be
| made which would clea up the cloud The
GLOBE this morning, will therefore, give the
hrst tangible shape to the reported downfall
and disgrace of one who has hitherto stood
hlgh In this community.
MR.. ETHERIDGE's BUSINESS
For some ten or fifteen years Chas. Etheridge
has been engaged in the insurance business in
this city. Purchasing well 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 Etheridge q Hughson. Their
agency was largely fire, thou h they also had
the Equitable Life Assurance society. Inde-
| pendent of his insurance business, Dir. Eth
eridge had 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 company,
which has a loan department.. Some three or
| four years ago his loan business assumed such
proportions that the partnership was dissolved,
Nlr. Hughson taking the fire agency and Mr..
Etheridge the Equitable life and the two loan
agencies. More recently he has added one or
| two fire 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-
tion in the payment of interest due from par
Gles e to wheg3 a they had made loans through Mr.
i,tnerldge: ihortgages were sent forward to
MIR. Etheridge to be foreclosed for non-payment
OF interest but proceedings were not COM
menced. The Trust company, becoming sus-
p1clouS that all was not right sent their agent,
nj. B. McMahon, of New York. to st. Paul 60
investigate. Mr. McMahon reached the city
last Monday: and, without registering proceed
ed to make some quiet inquiries. He finally
called upon MIR. Etheridge and was received
with an outward show of cordiality, which
subsequent developments show must have been
delusion and snare. He found large
bundle uf mortgages in Mr.. Ether
for forclosere, as al,eady stated,
and asked why they were so held. Mr.. Ether
| idge, with show Of plausibility, 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 few names of supposed delinquents, and
calling upon some of them, confronted
with receipts which were signed by Mr.. Ether
idge. Some of these receipts dated as far back
as last May, but no returns had been made at
Mr.. Etheridse had been going about
with MIR. Mcmahon, showing him property on
which loans had been made. etc., but he eyi-
IDENTIFY decided that the game up when the
interest receipts were developed, and on
Wednesday evening he left the city.
Mr.. Etheridge kept a small account at the
Second National bank, occasionally having
small loans on his individual account.
sse also Grfs on ta ins to cash
having offered drafts to as large an amount
$25, ,0UO. MIR. 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 Eank. On the
next day, tho 23d. he called at the Second Ma
tional and said he would take up . couple of
| small notes he had there aggregating less than
$400. This done, and some tax title col
laterals which he had deposited were returned to
| him. The same day he presented another draft
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
| lnent the $3.50 draft had been re-
fused. hir. Edgerton took in the situation
in an instant, and with great shre' dness he
| decided to asst pronapCly. He accordingly at
| tached his office and household furniture, and
also his horse and carriage, which were at
| judd stable. Shortly before noon yesterday
!. farmer named Mcknight, living twelve miles
out in Dakota county, came into the city with
written order for the horse and carriage to be
taken to the country for keeping. Before Nc
Knight m raa"rtan could get h.d across the bridge
attached. Mcknight acted very reasonable
| when he was informed Of the situation, and
! surrendered the property. AS he had walked
in from his home, Mr.. Edgerton kindly sent
him back in his own conveyance.
MIR. Etheridse still has between 800 aud
| 5000 to his credit at the Second National bank
but there are, doubtless, checks out against
! this. One small check 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
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 a 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 $24,000, but this is
quite likely to prove an exaggerated rumor.
The GLOBE has no reliable information that
that was the sum obtained.
OTHER PICKINGS.
Mr. Etheridge had interest collections for the
Equitable Loan company, payable in New
York, Nov. |, accounting to nearly $4,000. II
is possible that he may have collected that sum
as it would only have been day two in adj
vance of the time necessary to remit to have
it reach New York by the 1st. II
this should prove to be the case, he may
nave hived $4,000 previous to his departure
An agent for the Equitable will arrive to
morrow, and the situation with that company
will then be ascertained.
WON'T INTERVIEW.
A GLOBE reporter called upon Mr.. McMahor
last evening, but he declined TO say anything
In fact, he said he had not sufficiently investi
gated to be in a position to say anything.
MISCELLANEOUS.