Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1904-01-23
MADE A CONFESSION
Defaulting Cashier of sigour-
ney Savings Bank Left a
Letter to His Father
TOLD OF HIS SPECULATIVE DEALS
Admitted Taking $4,000 of the Banks
Funds To Carry Thru the Deal in
Corn Which Ended So Disastrous
ly With the Downfall of Young
Phillips.
spe cial to Tlmes-Republlcan

SDSctal TO
ottumwa, Jan. 23.-Before taking his
own life Gilbert f. Utterback, the CASH
Ter of the Sigourney Savings bank
wrote letter TO his father making 4
confession of his defalcation of $4,000
of the banks funds. The letter has
just been made public by the sorrowins
parent, who was president and the
heaviest stockholder in the bank.
The letter of confession, showing how
strongly the man regretted his folly,
and how clearly he had in his mind the
status of affairs in connection with the
institution, confirms the reports which
have gained circulation since the clos
ing of the bank on the day following
Mr.. Utterback's suicide. 1t is as fol-
lows:
"Sigourney, Jan. II. 1904.
ITO My Dear Father:
This Will be sad letter indeed
and it is with the saddest regret that
am compelled to write YOU.
In the first place am defaulter.
speculated years ago and owe s47,-
900. The Chicago account will show
up $4,000 short when all notes are
paid.
When the citizens are paid then there
will be $4,000 and at present the Un-
ion Savings bank is short $4,000. ana
IL all time certificates were paid would
be short $4,000. In all this makes $40
000
The bank examiners. Blackburn,
Wheelan and the last one. could not de-
tect 1t. The Phillips corn deal made
me a loss of $4,000, but other deals
have made me, so 1t is only $4,000.
Previous to this deal was at
times three to five thousand dollars
ahead. There is plenty to pay the de-
positors and the stockholders should
get little. / admit l have done
wrong and do not blame anyone but
myself. I hate to do this but can not
run away and see no chance OF ever
redeeming myself. Have lived IN
hopes during the last two or three
years that l could make 1t back. but
the run has killed them all.
"a true confession from your son.
&c +. utterback."
Could Not Run Away.
II have to do this. but can not run
away. and see no chance OF ever re-
deeming myself" This one sentence
tells how hard the unfortunate cash
Ter tried to be brave and face his dis
grace. It tells of the nights of worry.
the days of scheming. and of the Anal
when. after three years
and more of deceit. he saw the hands
of the law about to reach out for him.
He could not run away. Since child
hood he had been an invalid because
of rheumatism. Realizing his physical
he was forced by his own
feelings to escape the punishment he
knew would come to him. and he took
what seemed the easiest way out, tho
the most selfish-suicide.
The Phillips Deal.
Many rumors are afloat as 10 the
cause of the Sigourney Savings shut
ting Its doors. The facts are mainly
these. In 1901 when George Phillips
made his meteoric flight on the boar l
of trade in Chicago and sent corn up
to 60 cents per bushel Gilbert r. u
terback made small investment on
the board. He was already two 10
three thousand dollars ahead of the
game. Corn kept going higher and
higher and higher and Gilbert kept
putting in more money and using the
banks funds. Phillips kept sending
corn higher.
Mr.. utterback had secretly put In
more money until he had his own In
vestment and $4,000 of the banks
funds on the board OF trade. This was
a critical time. Everybody was breath
less. Phillips had the corn cornere l.
He was crowned corn king OF this
country. He was poor boy starting
with hardly dollar. He made an In
vestment. II doubled. 1t trebled II
grew into the thousands, then the tens
of thousands and up into the mil
lions.
The bears on the board got their
heads together. They wanted to break
this young corn king and send him TO
the way. They schemed, they manipu-
lated and soon the word was flashed
over the wire that George Phillips hal
gone to the wall and carried with him
srecks from all over this great coun-
ry. Then 1t was that G. F. Utterback
ost his original investment and $751;
100 Of the banks money. He could in
Ill probability have sold at one time
md cleaned up for himself half nil
ION dollars. But he held on too long
nd all his money invested was wiped
ut in the twinkling of an eye. This
vas the starting point of the downfall
/ G. +. Ctterback