Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1899-10-31
COMMERCIAL AFFAIRS
Mr.. Il. De vaux Matthews Contri.
butss 9 Chapter From the
Capital City.
Feels Aggrieved Because the 1.-R.
Sought to Keep the History
Straight
He Finds Fault With the Receivers
Methods Of Doing Business
Grinding an Old Axe.

Grinding an Old Axe.
The following communication has
been received from H. ID. Matthews,
formerly engaged in the newspaper
business in this city, but now a reporter
on the Des Molnes Capital:
Editor Times Republican, Marshall
town, la In Justice to myself I desire
the publication in your columns of a
few words from myself and of the APP
pended sworn report of the answers of
Receiver Wilton to number of ques-
ttons put to him at the meeting of the
depositors of the Commercial State
Bank. which was held on Saturday,
october IA In recent issue of your pa
per you devoted some gratuitous space
to me in a few remarks that were in
perfect accord with the present babyish
policy OF the paper. In the minds of
those who have been familiar with the
progress of events In the Commercial
Bank failure there is little doubt of the
extreme friendship of the Times-Re-
publican at all times to the stockhold-
ers and officers of that bank In the
early days OF its failure an attempt was
made to make Cashier Woodwork the
scapegoat for the wrath of the de-
positors and the Times-Republican OF
that time was notorious for it's laugh
ter at the efforts made by Mr.. Wood
worth and a few others to secure the
depositors something by the reorgan-
ization plan which was proposed. 1t is
1>s, yo11y II, hat ,;1, low
might have succeeded in paying out to
the depositors the 60 per cent which the
last report of the receiver shows that
they have received. With the exception
that some fifty-two or more, as shown
in the report of Mr.. Whitton. filed in
January, would not have been
more would not have been paid
rs per cent at that time. They
must have been pets of the receiver.
1t is kindness to Mr.. Whitton to say
he was merely incapable of the duties
which devolved upon him and that he.
lacked the business ability to carry
them out instead Of saying that he has
used his powers. as receiver. in a way
that was to the advantage of himself
and his friends. 1t must have been lack
of capability that prevented him from
doing anything until he had consulted
the court having authority over him to
see IL certain course of procedure
was agreeable. Even in the little mat
ter of permitting the attorneys for the
depositors to see the books of the bank
was it necessary to get an order from
the court? I know of single instance
when that reliance on the Judgment If
1.-THE. court was costly. 1t was in the
matter OF loan carried by the bank
for the Press Printing Company. There
was $1,000 unpaid on the loan, and on
the 18th day of January last / myself
carried an offer Of payment of $500 in
full of that balance from Mr.. III. f. j.
Boardman to Mr.. Whitton. The offer
was refused. AT the time carried the
offer had no connection with the com
lpany.
You care to take exception to an arti-
Gle published in the Des Moines Daily
Capital in which 1t is stated that short
lily after the failure of the bank mo-
| ton was filed with the court that the
stockholders be assessed on their stock
| If you care to examine the records you
will find that more than one attorney
representing a number of the Deposit
ors made such motions and that they
were refused. Would it not have been
better to have made the assessments
at that time and secured the deposit
ors? II 1t did not take the full amount
of the assessments to pay out 1t would
not have been necessary to have col
lected them. There are many other
matters in connection with the failure
| of the bank and your favorite stock
holders that might call to your atten-
| ton. For instance, the method in which
the stockholders themselves secured
| the balances of their deposits on the
| day of the failure. IL I remember
rightly, about that time it was common
talk that some of the stockholders and
their friends did not have any money
left in the bank when it failed. Again,
the matter OF the sale of the bank
building. You will remember some of
the affairs Of interest to Mr. Whitton
in regard to the sale. He was going to
start bank himself, with some outside
parties, was he not, provided the build
| ing could be purchased cheaply
enough? But enough.
II. DE VAUx MATTHEWS.