The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-03-01


yes. / think So"
mo, sir spoke to Professor Jones. ]
left the board the first Monday in July. |
left the board and then again afterward.
think suggested the rate of interest and
n the boara h eoud s. pne to
him / would take the paper The Indiana
Trust Company bought the bonds at 500
sir SIR not ssve thai the oasz d agG the
vouchers in my pocket. though you might
want to look at Them.
You may show them to the, committee.
Now, tell us, did you ever talk with Mr..
Murphy about that deal?'
Wasn't Mr. Murphy depositor at your
mo. SIR
DO you know how much Of this ~s,5oo
"Al Of it. It was paid at the Merchants
National Bank, I know that ne got every
mr.. FrenzeI, did the school Board de-
post its money at F1etcher's Bank at your
suggestion?"
II advised it,
Now what personal profit was derived at
posted with the .Fletchers?
None. except the ordinary courtesies."
well in matters of exchange collections.
etc. it would amount to a great deal from
.i hank like Fletcher's in year year, poa
lieve?"
isn't it true that the, affairs of the
board are in such condition that you have
got to anticipate your tax levy by temper
:, That is to the extent of about one,third.
The board exists on about one-third bor-
DO you. know Mr.. Pierson, the contrac-
tor for the Manual SCHOOL,"
Has he turned over all the boards notes
to .;yE ou?' -
NE. He.s "a ;, d:epositor there, isn't her.
pany''s contract for heating the library. calls
for 81 500. while the specifications call for
mo, sir I cannot tell how that came
'The funds of the board are now in your
bank .nr5e are ar they"
Examination by. Chairman Young:
ta M hcn Fr sa do you know who procured
yes. sir; myself and brother. I was re-
spoonsible for his election as treasurer :,
should deposit the money!"
YES, sir; at F'letcher's Bank
Mr.. Frenzel explained the method OF
checking out money on the warrants of the
school treasurer. He said the warrants
sy ne nsa acd ss
Chairman Moore added:
THAT practically left you treasurer of the
board. Now I understand you to say that
you and Charles w. Smith procured the or
der to abolish interest on school money.
Why did you abolish the CUSTOM
"Well, It was thought to be an unsafe
thing. There were great many. bank Iail-
did the treasurer have good bond?"
"You approved it by your vote. didn't
II suppose so; but I publicly said that I
did not consider the bond safe. There was
greet deal of uneasiness about the school
Have you ever lost any money in a
bank?'
Wasn't that order procured 50 that You
Mr. Smith 18th eou SsIps put the n money where
..WRo negotiated the bonds for the IL
.The board dealt directly with the finan-
cial agents"
RICKETTS, PROPERTY BONDS.
You say you agreed to place the Rick
etts property bondsg'
II did. told the board that the Indiana
Trust Company would take the bonds to
run fifteen years at AZ per cent. We took
them at par"
.eThen why did you discount them $5oor'
"Oh, well, / say practically at par. Mr..
Moore agreed to discount the bonds $780,
aYou haven't anything to show that the
Indiana Trust Company got the benefit of
that $500, have you?"
81 suppose it is on record
"You said awhile ago that when you went
on the board you were a plain member.
without any infiuence?"
Yes, sir; that is true"
you changed, conditions before you got
off, din't your"
Eyes, SIR
Mr. Petit, of the committee. interrogated
the witness as to the purchases made by the
mentioned the Manual Training School and
the building of three school houses at an
LET me ask you the question, Mr. Fren-
GEL" continued Mr.. Petit IF you had
been expendng the money you have told US
about for yourself would you have consld-
cred it good business policy"
..Would you have considered it a good
stroke of business to cut off the interest on
your own money as you did on the schools
.sunder the circumstances. yes"
"Then, why is it that people ask interest
on large sums at your bank?'
.D Sini |, You You have 100000 in Iron Hall
money at your bank:
did you You lend it?''
NO,
ssThen you paid a rate of interest to the
and not using?''
For two months. yes
Hoy much ts m9n eyr did you have in your
That's q question !, not pertinent here.
what interest was the board getting be-
fore you and Mr. Smith cut 1T of1?'
about 4 per cent
How much was on depUsitr
about $4,000
Then the board was deprived of about
81, 200 INTEREST,"?
Eyes. you could figure it that way"
Ibid your bank, through you as presi-
dent, pay any interest to the treasurer of
the School Board?"
mo, SIR
why did you procure the election Of Mr..
Adam as treasurer of the boardy
Because he was the most available man
and my personal friend"
You knew that Mr. Adam would do
whatever yGu suggested, didn't your
tsI felt that he would
ssAt any time after you signed his bond
was there anything said between you about
the interest on the money!"
mo sir; except that / assisted in writing
letters to some of the banks about interest.
but haven't you said that you did not
favor the interest scheme? Why did you
write those letters?
because Mr.. Adam had signed a card
to the public favoring the payment OF in
terest."
have paid INTEREST,"
mo sir: I don't think there was a bank
in Indiana that would have paid interest
and furnished a bond
Mr. Frenzel admitted a conversation with
his brother Otto, about the Ricketts, proper
ty before the deal was closed with the
School Board He was familiar with the
n1f he been