The daily morning journal and courier., 1904-12-12
HARDLY 4 CENT FOR
 CHADWICK CREDITORS
ONE AND oNE-HALF MILLS ON
 THE DOLLAR.

EAtent or The Woman's Operations Es-
 timated at s1,19O,OOO-Ira Reynolds
 Duped by Statement That she Was
 the IlIegitimate Daughter of Andrew
 Carnegie-An the Securities Given
 Him as the Notes of the Steel King
 He Acknowledges Now Are worth
 less.
 Cleveland, O.. Dec. 11.-According to the most accurate estimate of the es- tate of Mrs. Chadwick that is possible before the receiver has investigated her assets, and reported in his findings to the court, her creditors as a whole will receive one and one-half mills on the dollar. What lends additional in terest to this showing from the credit ors' standpoint is that one man, Fri Reynolds, will receive the whole of the assets visible at the present time There may be funds in reserve somewhere, as there may be additional creditors who have not yet announced that Mrs. Chad wick is indebted to them, but it is not expected by bankers and attorneys of this city, who have the greatest knoWl- edge of her affairs, that any more large loans will be developed.
 The extent of her operations is now believed to be approximately as fol- lows: Secured from Citizens National bank of Oberlin, Ohio, and various ro1 fY1 atn T Ohio, $5OO,000; borrowed from Herbert B. Newton, s190,OOO; borrowed from business men in Pittsburg, $5OO,OOO. To. tai, $1,19O.OOO.
 Against this stand securities of known value on one note amounting to $1,S0O, which is held by Fri Reynolds.
 The amount of money received by Mrs. Chadwick in Pittsburg may run as high as $S00,O00, but it is believed that portion of this sum is bonus promised by her for an original loan of at least $5000OO. Her creditor there figures that she is indebted to him for the larger amount, while she has ad- mitted that she owes him $5O0,0OO. If her debt in this direction is $S000O0 the probability in sight of the creditors is about one and one-fith mill on the dol lar. It is not believed by any of the attorneys in thecase that the Carnegie securities will be of any account what ever. If they at any time reveal value other than so many cents per pound of white paper, the delight of the lawyers will be comparable only to their amaze ment, and just now they are anticipat- ing neither pleasure nor astonishment.
 The case of Mrs. Chadwick will to- morrow morning be brought before the grand jury of Cuyhoga county. The in- vestigation will extend only to the al leged forgeries of the Carnegie notes, and a report from the jury is expected no later than Tuesday, '
 It is the opinion of some of the lead ing attorneys of Cleveland that a charge of forgery cannot be made to hold in connection with these notes. They de- clare that it is not an act of forgery for one person to write the name of another, but that the offense lies in the attempt to negotiate such a signature for specific value. This, they say, there is so far no evidence that Mrs. Chadwick has done. She has not sold or attempted to sell the notes for cash. She has not said that she would be glad to obtain money in exchange for them. She has obtained money from various sources, on the statement of Fri Key nols, that she, to the best of his knowl- edge and belief, held securities of a cer- tain value and whether he proves cor rect or.otherWise in his estimate of the value of the notes, there can be no doubt that MT. Reynolds believed what he said.
 There has been according to the att torneys, no evidence so far elicited showing that Mrs. Chadwick obtained money on these notes in any other man. ner than through the attestation of Fri Reynolds that he had seen the notes and considered them good. If any man loaned money to Mrs. Chadwick accord ing to the strength of his belief in the ability of MT. Reynolds to judge ac- curately- of the value of securities, then the affair, according to the attorneys who hold this view of the case, is one that rests between that man and his own hard luck. Other charges may be brought home to her they declare, but in their opinion it will be somewhat difficult to punish her for forgery in connection with the Carnegie notes, un- less it can be shown that she endeayor- ed to negotiate them. This apparent ly, is the opinoion of the Lorain frand jury, which failed to return an indict- ment against her.
 The loan of $S0O,OO0 said to have been received by Mrs. Chadwick in Pittsburg from a man residing in thatscity is de- clared to have been made to her by a multi-millionaire manufacturer of that city.
 Mrs. Chadwick in discussing this statement, it is known, declared that she did owe him $5OO,00o, but not $SOO,0 as has been claimed
 The question of the rival receivers will be settled tomorrow morning at s:S0 in the office of Nathan Loeser, who was appointed by the United States dis trict court to take charge of the Chad- wihck securities. Received Herbert w. Bell, who was appointed by Judge Bab- cock of the common pleas court, is ex- pected to call withs his attorneys upon Received Loeser at that hour and with draw from the position.
 MT. Bell declared this afternoon, how ever, that it was not absolutely certain that he would resign. T shall do as my S.&1~ I.o .1 Al.