The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-05-22
MILLIONS OF DOLLARS.
II. ID. Coffin Tesfifies to the Transac
tiOns with the Bank.

tlOns Win the Dank.
Upon the reconvening of the court for the
afternoon session F. A. Coffin was still up
on the stand under redirect examination by
Mr. Winter He said the valuation of the
good will noted on the minute book of the
cabinet company. under the date OF June
T. 1890, which was S250,G00, was made at the
suggestion of the English company and
was upon the English basis of yaluing good
wills, which was to take the average profits
for the five preceding years and multiply
IL by ten" On re-cross-examination he re-
iterated that the failure of the project to
sell the debentures in London was due to
the failure of the London company, which
had the disposal of them in charge The
government introduced letter from the
trust company in London for the purpose
of showing that the failure to sell the
bonds was due to other causes, but the
letter failed to establish the point of the
government. The writer said the effort to
dispose of the bonds had proven a miserable
frost" and that only $1,000 had been sub
scribed. The writer added that he could
not understand why the venture had not
been successful as ii was looked upon with
favor both by the press and the trade, and
suggested plans which might eventually be
tried TO accomplish the purpose he SAID
hundreds Of inquiries had been received,
entirely successful.
The witness was Their asked if he had
ever been employed in a national bank
and said he had been employed for q short
time about one month, in a New York
bank, but II had been so long ago that he
did not remember In what capacity he had
been, employed. F. A Coffin was then ex
cused. ...
Louis J. Robinson was then called to the
stand to testify to the addition of the 5000
item which he was unable to find in his
examination-in-chief upon the total debt of
the cabinet cOmDanV and the bank. He
testified that exclusive of the American
Desk and Sealing Company paper, the com
pany owed the bank 1868 i7.29. of which
amount 1910, 7O7.S7 was secured bv bonds.
The government then called upon Mr.. Rob
notes and drafts of the cabinet company
paid by the bank during the period covered
by the indictment He testified that the
aggregate sum was 81 755.547 80 Mr.; Rob
inson was then excused and the defense
introduced bond No. /, of the series of
s25O,0OO. issued in February, 1893, which was
p b. Coffin was then called to the stand.
Both the examination In chief and cross
up in severity what 1t lacked in length.
The answers to questions by his own coun-
sci were prompt and to the point, while
were slow and guarded, the witness general
ly studying for few seconds before an
e and e ba ad Been me was WITH fbs
cabinet company sifce 1884. when he was
employed as a clerk he was secretary of
hands of a receiver. He said during the
years 1890 and 1892 he had general over
sight of the, collections and was acquainted
with the solvency of the customers of the
company. He valued the bills receivable
at the time OF the failure at about 81 400
co; the face value of the bills was 5000
and of the accounts $4,000. He testified
that the terms of sales by the cabinet com
Company were the same as given In the
testimony Of his brother. r. a; Coffin: as
company and the Chicago concern. He was
handed the letter written TO F. A. Coffin
while the latter was in LONDON. in which
was contained the statement that settle
ment of the Lynch mortgage could not be
secured at that time account of bank
examiner being in the city. He explained
this Statement. by saying that upon the re-
ceipt of the letter from his brother asking
him 10 attend 10 the Lynch mortgage with
Haughey about il and found him engaged
in conversation with an unknown man.
When he spoke TO Haughey and told him
he desired to see him Haughey waved him
aside and said he could not attend TO any
thing at that time as he was busy with a
sales Of the Boston and New York branches
substantially as has been heretofore given.
He said he received a telegram from his
brother while in New York to the effect
that Pierce had agreed TO take the Boston
house and drew up the bill of sale and notes
accordingly upon his arrival in Boston. He
denied having said TO Mr.. Nutting while in
Boston that will seal the deal and l defy
any lawyer to trace it, He also testified
regarding his trip 70 London in 1892. In
answer TO direct questions by Mr.. Winter
he said he did not know and had no reason
TO believe that the bank was insolvent;
that he knew nothing of any false entries
being made upon the books of the bank or
false reports being made to the Controller
of the Currency Then the direct question
put 10 him as to whether he had any
intention to defraud the bank or any per-
socs connected with " or TO aid and abet
Haughey TO defraud them or aid and abet
him in making false reports 10 the Con-
troller false entries on the books. He
answered emphatically that he had no such
intention. He testified then TO the amount
OF checks drawn upon the bank by the
cabinet company between Jan. l. 1891 and
July l. 1893. and the purposes to which the
| proceeds were put.
The statement was as follows: Merchan-
disc and betterments, S311,97467: salaries.
dividends, management and sales expenses,
S7l 1868; labor. $3.50. 1852 sundries 50 $50 So;
interest and discount. S51.794. IL; checks pay
able 70 the bank TO take out returned
drafts, notes and drafts OF the cabinet
company and connected companies SSS4-
31.93 total 81 ,679. 939. 90. The credits TO the
company during the same time were given
| as follows: Bills receivable from custom
ers, $l46. 678 81; checks from and drafts on
customers. S7S9. 03i.36; notes and drafts Of
/ cabinet company and connected" COM
panies. $737. 2l0 q: sundry unclassified Items
(r "a 60 900 n u.