The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-10-04
THE BONDS r FOUND
ELIJAH COFFIN SENDS THEM HERE
TO BE PAID OFF.
Were They Really SOIds-If Not They
Belong to In ~Receiver-The Sale
Occurs To-Day.

The three mortgage bonds of the de-
nomination of 1900. being the only part of
the issue Of the $4,000 mortgage put upon
the Indianapolis Cabinet Company in order
to secure the bank, are again in evidence.
1t will be remembered that Theodore p.
Haughey was made the trustee of the
~bondholders. When the collapse came 247
of the go bonds were still undisposed of.
The Others, Frank Coffin said in his testi-
money, had been sold in London. 1t was a
matter of vital disappointment both to the
bank and the abine company that these
bonds were not taken by the English cap
~italists. 1t was charged by the Collins and
their friends that the British gentlemen
did not maintain faith and that it was this
failure which so distressed both the bank
and the cabinet works. The three missing
bonds have now returned to this city and
are in the hands, it is said, of certain at
torneys who received them from Elijah
Coffin. This being so, the question arises,
were these bonds in fact ever sold, and if
not, why do hey not belong to the re-
ceiver Of the bank? The fact that when
first heard of again they were in possess
sion of Elijah Coffin. who was the agent
in England for the sale Of the entire issue,
has caused the receiver and his attorneys
some interesting thought. If they really
belong to third parties, then they have a
Just claim against the proceeds of the sale
to-day. They will come in for their share,
just the same as the other bonds held by
the receiver. Theodore F. Haughey, though
in prison, has never been removed as
trustee of this issue of bonds, but in the
suit filed by the receiver against the
bank for a foreclosure the court is asked
to make the removal.
In the case of Newton Todd against the
Indianapolis Cabinet Company, which is
bending in the Circuit Court, Receivey
Hawkins, of the Indianapolis National
Bank. yesterday filed his consent to the
petition for the sale of the cabinet com
of the receiver is already pending in the
Circuit Court to have the mortgage held
by the bank to secure the debt OF $o0,OU0
to it declared a first lien upon the property.
against the sale If the rights of the bank
are preserved, and that the mortgage shall
operate against the proceeds of the sale
the same as against the property. The sale
premises. The remark was frequently heard
on the street yesterday that the property
would go at a bargain. 1t is believed a
syndicate of Indianapolis men will buy it.
but the intending bidders keep themselves
out of public view. AT the office of the
Indiana Trust Company 1T was stated that
there would be at least three or four bid
ders on the grounds. There Is no minimum
price below which a bid cannot be con-
sidered-the check against a sacrifice of
the creditors interests being the court it,
self. Whatever the bid made for the
plant must be confirmed by the court be-
fore il becomes binding. During the time
since the failure the factory has been run
ming just enough to prevent deterioration
and loss by disuse.. and still not enough to
pay interest on the original investment.
+. c.. Horton, formerly of the Wooton
Desk Company at Richmond. has been in
charge.