Omaha daily bee., 1908-09-13
BOOTH STATEMENTS JUCCLED
Sensational Revelations Come Upon
Examination Of Books.
FAMILY WILL BE HEAVY LOSERS
Confidence In Trusted EmplOyes Mis-
pIacsd-Many BANKERS win Lose
Heavuy-Over million
shortage.

CHICAGO. Sept. 2.-Prosecution Of cer-
tain persons alleged TO have caused the
downfall Of the big fish and sea food firm
of A.. Booth & Co. is threatened by ndig-
nant stockholders. according 10 reports
current today. No names we're mentioned,
but Receiver Chalmers and others who are
~overhauling the books OF the firm are en-
deavoring to ascertain who was response
BILE for the issuance OF misleading state
ments on which heavy loans were obtained
from the banks.
1t was ascertained today hat ten Chicago
banks. instead of four rs at first reported,
hold notes Of the Booth company. Their
holdings Of the failed firms paper Is ap-
proximsted at $2,5Oo.OOO, while the total liza
bilities OF the company are placed az close
to 100000. Officials Of these banks met
in conference over the situation today.
Within a week much of the tangle. It Ia
believed, will have been d~isentangled, and
among other things It will be possible to
state what was done with the 100000 Sc
cured by the sale OF new stock, which was
not apparent. It is said, in statements
made to stockholders prior to the failure.
Five Million short Notes,
Jacob Newman. OF counsel for the banks
in the case, stated this afternoon that Of
the firms liabilities IL has been discovered
that 100000 OF them were in short term
notes, due In from three to six month. As
a favorable estimate of the company's
earning power would place the concerns
earning power for half a year at IS .0,OOO,
Mr.. Newman said that the necessity for
a complete reorganization was obvious.
That the concerns books have been Jug
gled for a period extending back at least
three years is charged in a circular sent
out by the interested bankers, who also
set forth thai in the company's statements
1000 600 had been deducted from the
liabilities and the books made to balance
by q similar juggling in the asset column.
BY reason of this manipulation. It is
alleged the corporation has been enabled
to float paper that otherwise might not
have been accepted by the purchasers.
So serious are the various charges that
IL was freely predicted the failure would
find an echo in the criminal courts, Mem
bers of the Booth family, however. are said
to be in no way involved In any unuues-
tionable transactions. They are said to
have been the heaviest losers by reason OF
the m-ismanagement of others, in whom
they reposed confidence.
Many VIII Lose.
The statement of the bankers bears the
following signatures:
The First National Bank Of Chicago. by
E. O. Wetmore. vice president; the Corn
Exchange National bank of Chicago, by
Ernest A. Hamill, president; the Con-
tinental National bank of Chicago. by
Alexander Robertson. vice president; the
Commercial National bank Of Chicago. by
Joseph T. Talbert, vice president,
It was declared by one of the members
of the committee that through the mac
curate statements every bank that has
bought Booth & Co.'S notes in the last year
has been misled. There are in all moro
than 100 banks throughout the country tina
hold the company's paper.
"a. Booth & Co." the bankers state.
ment says, Informed us that the increased
liabilities shown as compared with the COM
pany's previous statements. were caused
by the manipulation of the figures In the
annual reports for the three or four years
ending April 80, 1907. and that in the state
ment OF the latter date there had been de-
Quoted 81. 10000 from the liabilities and q
similar amount from the assests to make
the statement balance"