Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-04-18


His Shortage Estimated at About
$50. 000..His Vile Very
Sick.
Special to Times Republican.
LeNiars. April 1S.-The whereabouts
of Tom Ward, the defaulting officer of
the LeMars National Bank, is a matter
CT much speculation. Many believe that
he has or very likely will commit sui
eide. The general opinion. however, is
that he is living and has putsas many
miles as possible between himself and
sLeMars. 1t is not known exactly when
he left town. He is not known to have
boarded a train here. The amount of his
shortage is about 100000.
Mrs. Ward. wife of the absconder, is
at their home in this city. She is very
sick woman. She gave birth to child
a week ago, which together with the
news that her husband has left her and
zig fugitive from justice, has placed
Ter in critical condition.
The only officer of the institution in
town is Frank Koob cashier, and he
declines under advice to give any de-
tails till the examiner shall be here. The
officers and directors are:
President-G. p. Maclagan.
Vice President-T. F. Ward.
Cashier-Frank Koob.
~ ~
Ward, Frank Koob j. j. Tierney and
John Linden.
MIR. Maclagan is in Scotland, Messrs.
Tierney and Linden are at Hot Springs,
Ark, Ward has disappeared and Koob
Is the only officer or director In the
town. Yesterday. being alone and with
out counsel, he received a letter from
Ward. left for him before the latter
disappeared. He wrote:
Dear Frank: leave tonight for God
Almighty knows where This board of
trade business has ruined me. Save me
from Indictment IL you can. will pay
back every cent / cam. Then follows a
statement of the different amounts
which Ward admits he has taken, ag-
gregating between $4,000 and 100000 II
IS said by those in authority that Ward
has been for a long time Specializing on
the board of trade, and that this was
the cause of his defalcation, disgrace
and disappearance.
The other banks in LeMars, the First
National. German American Savings
and German State banks, all strong in
stitutions, are not affected by the fall
ure. They were informed Tuesday
evening that the LeAlars National
would not open Wednesday, and sent to
Sioux City for currency in order to
guard themselves against possible trou-
Die There are no signs of panic. All
the banks report that they are receiv-
ing money and conducting business just
as usual, and that there is no reason
Whatever why they should be even en-
barrassed by the trouble.
The LeMars National was for years
under the management of William
Hamilton Dent who represented this
county in the state senate and was sun
posed to be wealthy. His affairs got
into bad shape, and in 1895 he retired
from the bank and left LeMars it was
understood practically financial
wreck. When he Went away the bank
was reorganized. Mr.. Ward came here
from Primghar. where ne had been a
lawyer; he had formerly lived at Cher
okee. and 1t was given out that he
brought a considerable amount of
money and invested it in the bank. He
had never been banker, however, and
the bank was never placed in first-class
condition after the reorganization.
When Mr. koob, on Tuesday morn
ing, found the note from Ward telling
that he was a defaulter and that ne
had skipped, he was in most trying
position The only officer or director of
the institution in the city. he had the
entire responsibility on his own Shout
Gers. Fearful of closing the bank at
once lest there should be crash that
would involve others; not Knowing
whether the losses could be made good
in time to save the Institution, he found
himself suddenly compelled to decide in
I, moment whether the bank should be
opened or not. He opened, and went
thru the formality of business all day:
but deposits which were received were
accounted by themselves and not put In
among the general funds of the bank.
They will be returned to the deposttors
as soon as authority can he had from
the examiner 1t is said that the $26, 600
of >re-discounted paper is about all the
good collateral the bank held, but this
may be badly exaggerated statement.
No estimate can be made Of the percent
age depositors will secure, because aside
from Mr.. Knob. who does no. want TO
talk, nobody else knows OF the banks
affairs.
Small depositors. farmers, working
men. clerks, etc. will be the heaviest
losers. Their deposits had been at
tracted by the heavy rate OF interest
laid, while not many business men will
find themselves embarrassed. Among
the small depositors, with amounts up
to 5000 to their credit, there is much Bit
terness, and if Ward should be found
and get into the hands of the losers he
would suffer. There Is little expecta-
ton, however OF capturing him imme-
diately. tho as officers In all parts of the
country have been notified it is likely
he will be captured ultimately.
Other banks say they will be able to
take care of business men without all
lowing them permanent embarrassment.
and there is no indication of a serious
ripple on the financial surface of the
town.
RUNAWAY BOYS CAUGHT.
Eagle Grove Omcers Make Two Ar
rests-Locnl Notes.