The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-09-26
COFFIN ON THE STAND
ELDER BROTHER GIVES HIS YER
SION OF COMPANY's TROUBLES.
General Harrison n Listener at the
Trial ACKNOWLEDGEMENTS
of London Branch.

version of the story from the lips of one
Of the defendants. Francis A. Coffin was
put the witness stand yesterday and
began the task OF explaining TO the gov
ernment the details of the transactions
between the Indianapolis Cabinet Com
pany and the Indianapolis National Bank.
The Jurors realize that they are to take
into consideration the testimony of the de-
PENDANTS in arriving at verdict and they
are all attention. Mr.. Coffin is an excellent
witness. He speaks slowly and distinctly
and at all times addresses the jury. He has
no notes, as in the former trial, and de-
ponds entirely upon his memory in reply
ing to the interrogations OF his attorney.
The report that one OF the Collins would
go on the stand yesterday afternoon brought
great many people TO the court room.
Some of them came out of curiosity and
after viewing the witness a moment with
drew. Others became interested in his tes-
timony and remained. General Harrison
came in during the afternoon and remained
for an hour. When Francis Coffin took
the stand, General Harrison accepted a
chair at table in the rear Of attorney
Winter and was attentive listener for
half hour. Considerable interest was
manifested in the evidence of attorney A. c.
Harris yesterday. The defense called Mr..
Harris to show that many of the transac-
tons of the Collins were advised by him. He
was the attorney of Frank Coffin for sew
eral years previous to the failure of the
cabinet company. The other witnesses ex-
amined were New York bank clerks who
Identified drafts drawn upon the cabinet
company's branches and forwarded to New
York for collection
Francis A. Coffin stepped to the witness
stand at o'clock. He gave his age as
forty-three years. and that of his brother
Perclval at thirty. He came to Indianap-
engaged in farming He had no knowledge
or manufacturing until he went into bust
ness here with his father-in-law, John
Eooerts' and his father and brother.
SnarIes +. and William Edward Coffin.
Ihey bought the plant of the Sewing Ma
cnlne cabinet Company, which was located
on the present site of the Indianapolis
Cabinet Company. They made sewing ma
cine wood work for two or three years ex-
ciusively. supplying the Howe Sewing Ma
cnine company, the Davis company and
remington Sons. In 1885 the building of
the Howe company was burned and the
Remington company failed. These disas-
tiers reduced the revenue of the Indianap-
OILS ons concern largely, and the cabinet. COM
intention of the organizers to manufacture
furniture exclusively, but after short
time the iaciilties were increased and the
company began the manufacture of office
desks.
I'VE first became a depositor in the Tn
91 ga National Bank in 1881" continued
MI. conn. Theodore Haughey sent his
son Lewis to see me and he asked me to
give tnem portion of account. This
VISIT or the younger Haughey led to an
interview between myself and his father
The result was that the bank got a part
OF our account. 1t was proposed that we
divide our account between the Indiana
nd ~ Ts,1s
tional- The latter concern offered US line
OF credit OF $1,000 and agreed to discount
me paper OF our customers, An arrange
Malott and myself by which both banks
We're to extend the same line of credit At
that time the Indianapolis Cabinet Com
pany had accounted with banks in Cincin-
natl, New York, Richmond and Crawfords-
Vile.
HAUGHEY RENDERED CREDIT.
L think we took advantage of the prof
fered line of credit Of the Indianapolis Ma
tional Bank at once and took out the en-
tire $4,000 inside of sixty days AS Sc
curfty gave the notes of the Indian
apolis Cabinet Company. This credit was
of great advantage to us, as we were ex-
tending the business of our plant and were
buying great deal of new machinery In
the fall of 1885 a mortgage to secure the
sum of $4,000 was given the bank, this addi-
ton to the debt coming about through
mond bank and returned unpaid id This was
on account of the failure of the Rich
mond bank. Necessarily we were compelled
to give our paper as security and an ar
was made with Mr.. Haughey
TO give a mortgage for $500. This mort
gage, as / remember, covered all OF the
property of the cabinet company. In 1886
another mortgage was given the bank by
us for $62 500. The Richmond National
Bank held $4,000 of the paper of the Howe
and Remington sewing machine compan-
les This paper had been indorsed by the
Indianapolis Cabinet Company. 1t was un-
paid and held as lien against us. Wis
tied the Controller of the Currency and
ranged that We should give bonds to cover
the debt of $4,000 All order was made to
this effect by Judge Woods. Of the Limited
rendered part Of them to the Indianapolis
Bank and turned the others over
to Receiver Lyncn; OF the nic INNS 10 oans.
session of the Indianapolis National Bank
later. When the receiver wound up the
affairs of the Richmond bank L bought the
bonds and. turned them over to Mr..
Haughey. he loaning the money with which
to purchase the paper ana / giving our
notes as security. The indianapolis Ma
bombs. A third mortgage was given
in 1891 to secure the bank for
My Sass is t that at eab fns
company com, to the bank had increased to
about $4,000 Previous to this time there
had been an organization known as the
ITnthank Plow Company, in which / was
Henry j. Barnes and Mr..
Kimberlin were the others. This plant was
located Just across Beeler street and op-
posite the cabinet company. The piow
Company owed the indianapolis National
Bank $4,000 and IL went into the hands OF
a receiver. the assets being sold TO the In
dianapolis Plow Company. ms company
was Incorporated by Messrs. Barnes, Kim
berlin and myself before the Unthank Com
ranv wound up its business. lost quite
heavily by the failure and Mr.. Haughey
knew II. suggested that we buy the
property of the Unthank Plow Company at
sale and If he were willing /
would have the new company assume the
old debt. After the organization 1 gave
him the new pillow companys paper 1or
the amount of the debt. the real estate
and manufacturing plant OF the Indian
anolis Plow Company was eventually
bought by the Indianapolis Cabinet Com.
nany for the use of the Indianapolis Panel
and Veneer Company. This purchase was
in contemplation OF the organization of the
nanel and veneer company At that time
the plant was manufacturing wooden buck
cts After the purchase Beeler street was
vacated throwing our ground into one
nsece Altogether we had about six acres.
The property OF the pillow company was in
Dark but not in the first two All OF the
money i'm excess of the debt of 5000 had
40 10 this time been put into the business
IF the cabinet company
THE LONDON INCORPORATION.
I'm February. 1889. we organized the In
Desk Company. in consequence