Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1912-01-17
WATERLOO WIZARD or FINANCE
Has NO rRouoLE IN
DonNowiNo.
oAN4<s PARTED WITH MONEY
wrrAoUT ANY COLLATERAL
oesss, Granite Company Owner.
etartlss Lawyers and Financial
Circles ~ His Story Of Financial
Dsals-ossd Accountant But Kept
Ne DeeIss-Hsarins Continued.

cial affairs Of the Central Iowa Granite
Company and +. A. Boggs, sole owner.
was continued until Thursday by Spe-
cial Referee J. d. Liffring. this despite
the almost frantic clamoring Of the at
torneys to get at the bottom Of the
most marvellous and mysterious affair
in Waterloo's commercial history. And
these questions are:
How did E.sA Boggs, without suffi-
Client security. obtain 20 many and
such enormous loans from the bank
ing institutions of this vicinity?
What did +. A. Boggs do with all
the money he; borrowed?
why should e. h. BogGs, expert ac-
countantt and former railway auditor
attempt stos run business ENTERPRISE
whose annual sales were In excess Of
$50, geo q, year. without keeping set
OF books or attempting 70 keep IN
touch with his profits and losses?
No other financial ENHANCEMENT IN
Waterloo has presented such sensa-
tional and astounding features as
were developed by the quizzing OF Mr..
Boggs, who occupied the entire day
yesterday on the stand in the investt-
sgation started on application OF the
First National Bank of Dunnell, Mimi,
no similar case could be unearthed
were the financial difficulties Of the
commercial interests Of. the nation
raked with q fne tooth comb.
The case of Cassie Chadwick alone
seems to offer a parallel to the rec
ord made as a borrower and spend.
er by E. A. Boggs Of Waterloo.
But in the case of Mrs. Chadwick
it was not difficult to ascertain What
became of the money. In the casA OF
Bpgxs at Is different. No speculation
Oh board pf trade or lottery schemes,
either directly or indirectly or thru
other parties; no unwise investments;
mo luxurious living; nothing that ng-
cured il other gfrenzied finance STOKES
Eare int evidence. Rather according to
the testimony OF Mr.. Boggs, $120O0O
borrowed money was lost in five
years in an effort to make success
out Of business which according to
his testimony netted $4,000 year.
Banks Seemed Easy.
And the most marvellous part OF the
story told on the witness stand In the
small court room in the county capitol
yesterday. was the narrative OF the
extreme ease with which E. A. Boggs
secured loans from banks, big and
little. turnout the middle west. Ac-
cording to his testimony, bank officials
whom he had met but casually. handed
out thousands to this modern wizardsof
the financial world and asked no Ques-
lions, made no investigation as to his
financial standing, the amount OF MS
business or the value Of such security
an I1o ch0so to offer.
The bank Of Morrison, capitalized at
$4,000 and limited by law to loaning
not to exceed $4,000 to any one in
dividual,. paid over to Mr. Boggs. $62.-
900 and thereby narrowly escaped eter-
nal ruin.
The First National Bank Of Dunnell,
Mimi, loaned him $1,000. day or
two later, feeling the need Of more
cash, Mr. Boggs, according to his tss-
,timony. returned to the bank. An
other official greeted him and after q
short conversation loaned him Sec
ond $1,000.
Needed No Persuasion. H
How did you persuade this official
to loan you @,th1ss second ,thousand?"
asked the banks attorney in astonish-
ment.
1T didn't take any persuasion" re-
piled Boggs, with q smile.
"What representations did you make
ito him?'' demanded the interrogation.
"None whatever" was the answer in
calm, even tones.
Did you put up any collateral?"
"None whatever.
did he make any inquiry as to your
financial responsibility ?"
mo. SIR
Had you known the banker long?"
was the next question.
mo, sir. I had simply been intro
duced to him."
The attorney was plainly nonplussed.
do you mean to say. Mr.. Boggs.", he
asked. ""that you were an entire stran-
ger to this bank official; that you
were from another state with no local
interests in Dunnell: that you offered
no security and vouchsafed no infor- :,
nation as to what your financial re-
sponsibility was or what you wanted
TO do with the money and that he
loaned you $1,000 on your plain note?"
h Yes, sir. told him I wanted to
borrow $1,000 and he let me have It"
II s'Iho1 u ust 4sansd e 81 Nj"
Mr.. Boggs' explanation of the man
ner In which he secured the loans, ag-
gregating &S2,15O. from the Morrison
hank, was even less explicit.
what 10 the amount Of the Morri-
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