The herald., 1897-12-30
RANK ExTRAvA0ANCE
WRECKED THE Bro NEW YORK
SAFE COMPANY
Georgia Bank Fails Oklahoma
Bankers Charged With Fraud.
Lynching Threatened

NEW YORK, Dec. "a score of men,
representing 1000 shares OF the preferred
stock Of the Herring Hall Marvin Safe
company. which recently went into the
hands of a receiver, met in this city to-
day to hear the report of w. c. Taylor.
Spencer A. Jennings and Philip Hatha-
way, a special committee appointed last
week to investigate the charges of mis-
management on the part of those in
charge of the affairs of the company.
discovered facts in relation to the man.
agement of the company which were re-
markable, and which disclosed the rea-
sons for the losses as well as for the
cause of the action Of the company's
most active rival in securing judgment
of $4,000.
Mr.. Hathaway produced figures from
the company's balance sheets which
showed, he maintained, that in the year
1895, with gross output of about $l,000,-
900, the company's current expenditures
had run up to more than half that
amount. He quoted as astonishing such
items as s97, ,496 for rent. $74.724 for taxes
and insurance. $4,000 for salaries for
managers, and $4,000 for office rent.
In concluding, he said: "Now, gentle
men, all l have to say in conclusion is
that we paid $1.0O000O too much in the
start. We have lost million and have
a million left. / believe that million is
worth saving, and l am in favor of the
of committee to take i'm
mediate steps to organize the company,
in order to save what we can"
Mr.. Hathaway, Mr.. Taylor and H. S.
Tenney We're appointed a committee to
go on with the investigation, and were
to levy tax of 25 cents upon
each share of preferred stock to secure
funds to defray the cost of instituting
legal proceedings to have the courts in
Ohio remove the receiver secured in that
state by Moses Mosler.
A GEORGIA BANK
BRUNSWICK, Ca, Dec. 29.-The Mer-
chants and Traders Bank of this city
failed to open its doors today. The cap
ital stock is 100000. Some months ago
there was plan to put the bank in the
hands of receiver, and ever since the
depositors have been withdrawing and
the bank has been drawing on outside
houses. A majority of the stockholders
are solvent and the depositors will be
paid soon. ]. A. Maddox is President
and A. P. Lane President. A propo-
sition has been made by the Directors to
raise sufficient cash to pay all deposit
ors.
TALK OF LYNCHING
Ell RENO, o. T., Dec. 29.-Gustave
Thetan, President of the Exchange
Bank Michael Eichoff, cashier: Chas |
A. Newman, assistant cashier, and
Louise Eichoff, a member of the Board
of Directors. have been arrested on the
charge of receiving deposits when the
bank was known to be insolvent. A big
meeting of the stockholders was held,
at which great excitement was mani
tested and several of the speakers de-
clared that they were ready to lead a
lynching party. The bank had s66.000
in deposits when it went under, but will |
probably not pay more than 25 cents !
on the dollar.
A PACKERS FAILURE
SAN RAFAEL, Cal, Dec. 29.-S. H. |
Jheda, a coal merchant, and Thomas |
Hansen, a lumber merchant, had writs |
If attachment issued today against the |
Marin Packing and Provision company |
or s1400 for coal and lumber furnished. |
chris Klein, local wholesale butcher, |
llso entered suit against the same COM
'any for $4,000, money advanced. This |
was organized in August with !
capital of 100000. Charles Montgom-
Try of San Francisco was elected presi-
lent and ]. H. Fields secretary