Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1896-06-26
IOWA DEPOSIT AND LOAN co.

Officers Its President, Secretary
and Board Of Directors Smlrch-
ed with Dishonesty and
Corruption.
Whenever public institution or
ganized osteusibly for the promotion
of the general welfare of its patrons
becomes destructive of these ends it
Is duty the press owes the public to
denounce and expose the crime of its
corrupt and dishonest officials, how
ever unpleasant the task. The i'm
portance and value of loan aud de-
post companies to society and to
mankind forbid that band of con-
spirators shall be permitted to bring
discredit and reproach upon them
without paying the penalty. Their
war upon an individual if it involves
principle becomes war against
humanity, a war upon the progress,
the civilization, the christianity of
the day and age and they should be
exposed and punished in the interest
of the public which they would will
lingly sacrifice to crafty their insat-
liable greed for gain.
A circular letter before us bearing
date, Des Moines, February S, 1895,
addressed ito local treasurers, agents
and share holders in the Iowa De-
post and Loan Company, and the
public in general and signed John
McHugh president, in which he I'M
blushlng states that Byron A. Bee
son extreasurer of state and myself
have just completed an examination
of the Iowa Deposit and Loan Co.
which resulted in finding DIR. E. G..
spinney its secretary short in his ac-
counts $1G,963,30. AS result of this
finding, DR.. Spinney was requested
to resign and did So"
And yet at this very moment the
books that McHugh and Beeson had
examined showed that instead Of DR..
Spinney being short in his accounts,
the company was actually owing him
over $4,000. Further on, after felici.
tating the shareholders with the in
formation that 1--WE have consented
to undertake the task of saving this
property for the shareholders (our-
selves would have been the TRUTH by
the writer becoming president with
General Beeson as secretary"
The plum which McHugh and Gen
eral Beeson were in pursuit of, this
circular points out in these words:
THE Company has in first mortgage
loans upon real estate, $45s, 400 that
are as good lot of securities as any
building and loan company can pro.
duce" all of which had been procured
for the company by DR.. Spinney and
for which service the company owed
him over $4,000
The managers according to this let
ter with an appropriation to them
selves, without compensation, of the
work of DIR. Spinney, have the auda-
city to promise ito strike blow at
wrong doing" and boldly ask the con-
fidence of those holding 41OOO shares
OF its stock when to obtain majority
vote to carry their scheme into exc.
cution its president denied the right
to vote to sufficient number of share
holders to obtain a majority of those
who remained. The confidence the
share holders gave to the new man
agement consisting of John McHugh
president, Byron A. Beeson secre-
tary, ]. D. Whisenand, Geo. NJ. Rey-
nolds and John Wyman directors, is
shown in an article and table else
where in the PLAIN DEALER. show
ing the Withdrawals and transfer of
shares from the Iowa Deposit and
Loan Company, with its tricky and
dishonest board of directors and
management to the Home Savings
and Trust Company under the man
agement of an honest board of direc
tors of which q. d. Miller, former
member of the Iowa Deposit and Loan
Company and the only friend of DR..
Spinney on that board and with DR..
Spinney as the secretary of the
"Home."
Under the management of McHugb,
Beeson, Wyman, Reynolds, and
Wheisnand the company has become
80 corrupt and rotten that it does not
dare expose it's books to the gaze and
scrutiny of court. Thos. G.. Orwig
OF Des Moines, as u share holde under
their corrupt management with de-
post of 1914, had loss of over 80 per
cent, of which he makes a sworn
statement which is before us.
Twelve shareholders at Pomeroy,
Iowa, February 8, 1896. state that
when these managers took possession
OF the affairs of the organization it
had 41,OO0 paying shares, which have
now been reduced to 1900, that the
new management instead of redeem
ing the glowing promises of McHugh's
circular letter of February 1895, to
reduce expenses had increased them,
using beside the 81, 900 allowed for ex-
pense per month, had taken $3,775. so
OF the company's profits, having
chan ged the bylaws SO as to permit
the management to fleece the share.
holders.
One of the share holders of this
county was Il. M. Clark, of Lime