Evening journal., 1894-01-01
JUDGMENTS CONFESSED
Kent Iron & Hardware Co.
in the Sheriffs Hands.
BX TREAsURBRs DISHONESTY.

President Mode Says That w. S. Haines
Stole Thousands. Of Dollars Prom the
Company aud Refunded But Lutie-He
Promised to Pay and Went west.
The Kent Iron and Hard ware Company,
whose place Of business is at Nos 1Ol to
l07 West Second street. and 2Ol to 2o7
Shipley street, probably the largest
dealers in iron, steel and coach
hardware In this city, Is in the
hands OF the sheriff.
President Mode alleges that the trouble
was precipitated by the peculations of
W. 5. Haines, ex treasurer of the com
pauy, who misappropristed over $40 600
and sill owes over $500 Of that
amount.
The full extent Of the crash will not
be known for nearly week, as neither
liabilities nor assets can be determined
until the trial balance is struck Ex-
perts are now going over the books, and
tae president refuses to give any approx
innate figures
The officers of the company are: E
| B. Mode, president; w. d Mode, vice
Il
and treasurer. The capital stock Is
$3.50, 600, divided into / 500 shares, nearly
all Of which is held by the men named
above. The company as at present or
ganized, began business in 1879.
Heavy Judgments Confessed.
Court House circles were stirred this
morning when it became known that the
company had confessed iudg ments aggre-
eating nearly 100000. The action was
taken on Saturday evening by Tilghman
Johnston, representing the Judgment
creditors. Some idea Of the rapidity
with which the judgments were
entered may be gathered from the
prothonotsry docket, which shows that
the seven we're entered as follows: co.
3 90, 05, .. TO- $50, 3 25 and 30 o'clock
The judgments we're:
| William Mode, trustee. e.................S $1,000
National Bank Of Wilmington and
National Bank OF Chester Valley S0G00
| First National Bank Of Harrington. GlOO
| southwestern National Bank OF
| fhilauelphla. ..... .... .............. dOOO
| National Bank OF Kennett Square,. 600
| John Cameron. on.......................... 2.la3 81
Total. .ss2,7I8 81
Accompanying the judgments were
attachments on the company's real
estate in Smyrna, Bridgeville and Milton.
The writs Of execution were put In the
hands of the sheriff and he took posses
sion of the property this morning.
George Sigler and Samuel II. Wilson.
experienced men, were appointed ap-
praisers and President Mode was made
the sherlffs agent to receive money and
make cash sales for the benefit OF the
Judgment creditors The place was not
closed
Quite Revelation.
When an EVENING JOURNAL reporter
ca He'd at the cOmpaDy's place at Second
and Shipley streets, this morning business
was going on AS usual In the office
there was unusual activity, the clerks
and book-keepers being busy making out
bills and helping the appraisers with
their work
President f B. Mode was UNUSUAL,
agreeable for a man having such loac
Of care and business on his mind and
when asked for statement of the
causes which led up to the confession,
of Judgment, said;
This matter was brought on u.
through the shortage of w. s. Haines,
our former treasurer A short time be
fore he left US we found he was largely
indebted to u.s. We got back from him
all we could, but it left him still shori
over $50. 000
"Wnat was the original amount Of hi.
shortage?"
Something over 4OOOO
"Where is he nowg
"lu the State of Wyoming His famil,
is in Omaha Why he left was never be
fore made public. While here he live,
at No. 1928 West Eighth street. In ad
dition to his shortage he had entir
charge Of our books and left a grea
many accounts which should have beel
! put to profit and loss, but had never don
, So"
"Why did you let him go2"
Because we thought there was
chance for him TO Day us back If he mad
money. He has since made some none
. in the South, but has made n
effort whatever, to pay us. Wit
, the dullness of trade for the past 81
months we could not carry the losses an
= longer. He was with us about twely
y years and we had the utmost confdenC
, In him"
70 "How aid he manage TO get into you
- heavily before the crookedness was di
= coveredg'
4 ne Woulu give uOLeS OF lhe comp phl
~ and would give himself credit instead
opening an account with bills psyabl
In that way his balance sheet would N
show his indebtedness
- "Can you give an approximate idea
u the liabilities and assets of the cor
:. psnyT
81 "No We are going over the boo
;, now, and as soon "a possible a stateme
10 will ha v,rasanted IN our eradffora Will
will probably be in week or ten day
Our banks, finding out that We h
given judgments for outside mon
ed demanded money, too, and we ga
them"
"a "What led you to suspect HsinesT
~ 81 wondered how it was that we we
ai so confoundly poor, and made an inve
" tigation and discovered where the trout
-. - L--.--a %. Z --.--.. Id 20.