The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-09-11


Io President Taggart said that after the above
statement had been arranged number of
smaller liabilities, coming principally from
parties in the country, had been received, in
IcFeasing the totalto nearly $3.50, 900. In addi-
ton, discovery was made that the Kentucky
National Bank held $4,000 more receipts for
cotton than was at first reported, and that
Payne's indebtedness to that bank personally,
was SIS, $50
Said gentleman yesterday who is thoroughly
familiar with the case For anumber of years the
banks of this city have placed premium upon
rascality. They have done so by placing unlim-
tied confidence in mon who apply to them for
fayors. Neither cunning nor crafty calculation
was required to deceive the banks as Payne
Wiley & Co., deceived them When times were
dull and the market slow and money needed
only one thing was necessary to raise money.
This was to take warehouse receipt, fill up the
blanks and present it at bank. No affidavit
was required and no inspector was sent to see
whether the receipts represented goods that
idghtfully belonged to the party presenting the
paper. The money was issued. and the banker
felt that he was very lucky in being allowed to
discount the paper Payne and Wiley were guilty
of two ofenses, both punishable in the criminal
courts. One was issuing recipes upon cotton
which was never In their warehouse, and the
other that of hypothecating paper that repre-
scented property IN store by them, but which had
u
A book keeper, q Maltese kitten and a slim
man with red whiskeTs and gold trimmed spec
tacles, who was ringing vigorously at telephone
box. We're the only occupants'of Payne, Wiley &
Co.'s Office, in the rear of No. 119 West Main
street. when a reporter called yesterday after
noon. The book-keeper sat at desk, upon
which was spread big ledger. He was very
busy with column Of figures, and did not take
his eye from the ledger until the Maltese kitten
stepped into the ink7stand, and sent the black
fluid flooding across the desk. The book keeper
was Mr. HI IL Johnson who has been associated
with the business Of Payne, Wiley & Co. for the
past four years Since the assignment Mr..
johnson has had exclusive chage of the accounts
aud has proved of valuable service to Manager
Halsey and other parties representing the as
signee. To his credit it can be said that the &C
counts, so far as they have been examined, make
a very lucid showing, and consequently no fault
can be found or nothing said against the good
name and straightforwardness of the book
keeper Before he reached the Office yesterday,
Mr.. johnson had made up his mind not to an
swer any questions that might be asked him by
reporters. Hemade tine polite explanation that
while he was in a position to know, he was not
ia position to talk, and he therefore begged to
be excused. Later on,Mr. johnson said that he
had received letter from Mr.. Payne. He re-
fused to state where the Communication was
posted, AS final compromises, Mr.. johnson
salt. the letter was not mailed in Canada or out
tof Kentucky. &AMsi
Every young man in business in this city
will suffer mtNsurably by the failure, said Mr..
John Vissman, chief clerk Of the Board of Trade.
ttsThe. amount Of defalcation is Of but small
value when compared with the serious setback
the young men must overcome. Louisville is
not place where youthful enterprise is encour-
aged, and there are hundreds of the wiser,
sterner merchants who will shake their heads
knowingly and say, III told you. So These boy
business men wont do 70 trust At the same
time,' continued Mr. Vissman the failure will
produce it's good result It will teach that
spreading is very bad practice, and that a
man with six eggs had better place them all in one
basketinstead OF dividing them up in six baskets
A man with small capital, if he wishes to do
business legitimately, will find that one bank af-
fords sufficient latitude q ~
How much money did Payne take with him7n
asked reporter Of one IF theSswihdier's most in
Innate friends.
The latter laughed. and replied: 'sHow much
do you supposed A couple Of thousand perhaps;
enough to buya ticket to Canada and pay his
hotel bills for six months. A short time ago
am told Payne made some heavy deals in Wall
street. New York, and when Grant 81 Ward
failed he became involved for several thousand
dollars 9
Col John Mason Brown said that the presence 4
OF Payne and Wiley was not urgently necessary
form settlement with the creditors. Statements
BY them had been filed with tho assignee which
fully explained their position. Candidly he said
an adjustment might be expedited if they were
in the city, but the probabilities were that they
would never ehefe to- thus expedite matters
Il am satisfied that Payne is at Payne's depot,
10 Scott county. With his father" said Colonel
Brown sand that Vileyis with his friends 1t
Lexington. Judge Buekner left tho city this A.