The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-09-20

prints, as it would be instantaneous financial
death to them. Such statements though true,
and easily proved, would create a run on the
banks holding the bonds, and unless in the
best financial condition would ruin them and
close their doors
A certain capitalist told your correspondent
that he had lost heavily and that he was greatly
crippled. IF you could have only known" said
he. with a long and weary sigh, that had IN
vested in the bonds. and if you could have only
come to and told of this fraud would have
felt like giving YOU So 600 in cash. Yes, o,O00 IN
cash, / repeat, and you would have saved me
many and many hard earned dollar. even
though gave you my check for that amount IL
is terrible fraud, and do not wonder at the
excitement of the people, and the interest they
take in it"
There have been some scathing denunciations
of the president of the North Vern on Bank in
some Of the papers OF course President Cook
deserves rebuke, but +he sensational reports that
North Vernon ndJennlng county are ruined, are
absurd 'If a small failure, involving less than
$50 000," said North Vernon merchant, 'can
ruin us, we ought TO shut up shop. OF course
many Of the depostors feel hard, but they will
not lose all, and as citizens we ought to make
the best of it."
.'Who is it that is going to shoot Mr. Cook on
sightl"
That's all bosh answered the merchant, and
no one contemplates such thing / expect a
cannot see how he could have done anything
else than close up. AS far as his speculations
In the bonds were concerned, he did no
more than many other bankers. l believe
the talk that North Vernon is ruined and is wild
with excitement, as generally reported and pub
lished, will do us ten times more injury than
two such failures as Mr.. Cooks I don't believe
in kicking man when he is down, and Cook is
down now, sure enough. He was not a rich
man, always lived in moderate style, and was as
aS he of IN q
him. If he is unmitgated a scoundrel and
schemer has been printed by the Enquirer,
and Sentinel, at Indianapolis, he is worse than
Pollard"
''Mr. Cook was very popular" said Mr. P
McGannon, the assignee, the people here had
every confidence in him. AS far as ] am con-
cerned, if Mr.. Cook went into the banking bust
ness tomorrow, l would help him all could"
Mr.. McGannon is quiet. sensible gentleman,
full of business, and owner of the large roller
process Touring mills of the place.
The Seymour News charges Cook with having
gone East, after learning the school orders
were fraudulent and bought largely for mere
song. He then brought them to North Vernon,
failed, and listed them as assets, and is posing
for sympathy. He has victimized the poor and
protected the rich, and the wrath that has burst
upon him knows no bounds The Harrison, o.,
bank, with which he was also connected. has
been compelled to suspend, on account of his
working against his friends in that Institution to
make money for himself"
Another report makes out that Cook swindled
his widowed sister President Cook is consid
erably vexed over these reports, and states that
there is not word of truth in any of them. II
did not sell any of those bonds 10 anyone unable
to buy them; or, that is TO say, to those who had
but little money, because most of them run too
long for such investors. AS for my widowed
sister, | have none, and the statement is absurd
and infamo usly false. We had nearly $50, 900 on
deposit at time. We tried to stand
the storm but the past few weeks a
run was made on the institution and l found
that was gone Of course, as soon as / learned
that most of the bonds had invested in were
worthless knew at once that was ruined. 1t
is not the rush of deposltors to draw out their
deposits that breaks bank, generally speaking,
but the gradual sinking down to simply nothing
does it. After the pell-meli rush of many de-
positors who draw out their money is over,
the sinking and deadening effect comes on. and
like a dying man, a broken bank catches
at every breath a last hope until
all is gone The latter days you don't see many
around: only three or four men are seen in the
institution, probably but every one of them
brings despair to the bankers heart, not hope,
for they all want money, and do not bring in
any. In this gradually sinking way the life of
the institution is Slapped up. and its last hour
OF financial life That is the way it
was with US. When loss in the bonds be-
came known, felt that ruin was inevitable, and
there was way to recover"
Pollard was Cooks Nemesis and Re succeeded
in effectually winding him up Among the prin
cpal depositors are the following: