The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-31
OVERSTREET TELLS OF
COLUMBUS FAILURES
Statement Given TO Press Regard
ing Congressman's Connection
with Business.

Attorney r. o. Hawkins, acting under the
INSTRUCTIONS of Congressman Jesse Over
street, yesterday CAV TO the press the fol-
lowing statement relative to the recent
failure of the Columbus, Ind. tanning
compa MES, of which Mr.. Overstreet and
his br other were officers:
1T lis true tina Jesse Overstreet was an
Officer in the Orinoco Tanning Company
and 1.-The Columbus Saddlery Company.
both lof which companies had their place
of business at Columbus Ind. He has,
however, had absolutely nothing whatever
to do with the business of either company,
his residence not being in Columbus, and
his time being practically entirely occupied
in connection with his duties at Washington.
He bad no knowledge of the business or
condition of these companies until shortly
befote the appointment of the receivers.
The Ientire management of both concerns
was bin the hands of Arthur Overstreet. his
brother. who had originally organized both
concerns, and managed them from the be-
ginning.
"Jdsse Overstreet's name appeared as
indotser upon a large amount of the paper
of the Orinoco Tanning Company, amount
ing. in the aggregate, to over $4,000. for
which he had no security or indemnity
whatever. and the concern was also in
debtbd to Mr.. Overstreet for several thou
sand dollars which he had loaned to it,
for (which, also, he had no security. The
pap4r upon which Mr.. Overstreet was in
dor3er has all been taken up by him since
the failure of these concerns, and it is now
in dur hands as his attorneys.
ITO m this Mr.. Overstreet was
compelled TO realize upon practically all of
his property, including the residence which
he had but a short time ago purchased in
this city. The residence was sold by Mr..
Overstreet 10 Mr.. Crump, his wife's father,
for full value. for cash. and the cash re-
| ceiTed by Mr.. Overstreet, together with
thai realized from other property, was i'm
meqiately used by him to take up every
dollar of the paper 1 have referred 10 upon
which his name appeared as indorser. and
which has all been paid off, as L have said,
thei payment thus made being the full
amount of principal ard interest due upon
thd notes.
JESSE OVERSTREET'S LOSSES.
'In addition to this, Mr.. Overstreet will
practically lose all the money he had in
vested in these concerns, together with the
MONEY which he had loaned them. This is
thd situation of Mr.. Overstreet with refer
en4e to these concerns. He never received
a fent.i in the way of either salary or divi-
detds from either of them.
latter Mr.. Crump purchased Mr.. Over
STREETS home, and, as 1 have said. paid full
value for 1t in cash. he gave 1t to his
daughter. Mrs. Overstreet, and made her a
defd therefor.
UT Is proper to say that there are a mum
bet of other concerns in different States en-
gaked in the business of manufacturing or
sale of leather, with which the Columbus
cobcern did business, and that there is a
large amount OF paper executed by the Co
In mbus companies, as well as by all of the
other concerns, which has been discounted
bH the different concerns in the banks in
different places, but il is not fair 10 say
tnht the failure of the concerns in other
Stbtes was the result of the failure of the
Columbus corporations, as some OF these
other institutions had already failed be-
fore the receivers were appointed at Column
bus, and the paper executed by all of the
concerns had gone TO protest in considera-
bile amounts before the appointment of the
receivers at Columbus.
THE reason for the application for the
WAS that IL was the only way in which the
fdr the benefit of all the creditors. and il
Was done for the purpose of securing a fan
AID equitable division OF the assets among
the creditors, without preference or secu-
rIty TO any
1.-The accounts and transactions between
these seven or eight different leather con-
Germs are very much complicated, and the
representatives of all OF them are now
busily engaged In making an adjustment OF
the accounts with each. with a view of ar
living at the exact Indebtedness Of each
and as soon as that can be accomplished
the result will be shown In reports OF the
receivers and trustees of each of them.
"As / have already stated. Jesse over
Etreet had no knowledge whatever OK any
. Pf these tTansactions.' go