The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-04-21
State Auditor Sherrick Blocked by In
complete Entries of For
feiture Proceedings.
LIST OF FoRFEITUREs MADE
AGGREGATE OF $s7, ,25O ON NINETEEN
LOANS SHOWN BY RECORD.
Search Being Made for Records That
Should Exist-State Will Lose
Money ON WheatIey Loan.

In their attempt to recover for the In
diana University endowment fund large
sums of money loaned during the past
fifteen years on real estate, appraised in
some cases for three times it's value. Au-
ditor David Z. Sherrick and Deputy Au-
ditor John Billheimer are blocked by OBJ
scure, unintelligible bookkeeping The
record of loans made from the endowment
fund runs back for a period of fifteen
years-to June Z. 1sSs-and from that record
it is In possible to tell what disposition was
made of certain forfeited land, of what the
State received In certain cases. and of
how much the State lost by certain trans
actions.
The system of bookkeeping employed in
keeping track of the loans made from the
endowment fund were, to say the least
hazy. Hardly two entries are treated in
the same way when it comes to recording
the proceedings after the lands were
thrown back on the State for forfeiture
In the fifteen years nineteen borrowers
forfeited their security, which amounted
in the aggregate to $S7,25O as shown by the
record. In many cases only the first in
stallment of interest was paid-taken out
of the principle at the time of the loan in
other cases several installments of interest
were paid. The estimated loss to the State
by having to take the land instead of the
money due is $4,000.
SEARCHING FOR RECORDS.
The record fails to show just what lands
were sold and for how much. 1t Is the
opinion of the auditors Office that there
must be in existence books which will sup
ply these necessary details, but so far they
have not been found An official of the de-
partment last night made the significant
statement that there may have been large
loans made from the endowment fund
which the record fails absolutely to show.
He refused to enlarge on the statement and
declined to go into further details He
left the inference that Auditor Sherrick
is tracing transactions involving large
amounts which do not appear on the record
of the other loans 1t is said that suit
will be brought against an Indianapolis
man for large amount whose name does
not appear on the record covering the fif-
teen years past
What excuse is there for such bookkecp-
ing?" Deputy Auditor Billheimer was asked
yesterday.
81 don't know" he replied. "It is deficient
in many important particulars. There are
many things we want to know about these
transa actions that these books are silent on -
In many cases the record does not give
the address of the borrower. Frequently the
entries were made with pencil and are half
erased. In some cases the date of forfeiture
Is not shown. In no case is IL set out how
much the State quit loser.
These books. said Mr.. Billheimer.
should have shown a complete record of
all these transactions. from the date the
| loan was made until the account was closed.
| They should have been told to whom the
forfeited lands were sold and for how
much"
LIST OF FORFEITURES.
The first borrower from the endowment
| fund that allowed his land to be forfeited
was Waldo T. Davis. who borrowed 5000
| June T. 1883. The record preserves a sphynx-
| like silence to the details of the transac-
| ton.
! Robert johnson. of Castleton. Marion