The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1913-06-03

side door of Chicago trust company !
and if the steam railroad interests
found out where he was getting II
they would be strong enough to shut
off the money. To others he said that
a Canadian syndicate ready to
take his bonds as soon they were
issued.
FILED MORTGAGE FOR 100000.
About April l Purtelle president
of the Upton Frankfort Traction COM
pany filed mortgage for 100000 to
the Union Trust Company. of Indian
apolis. as trustee. This mortgage was
on the right-of-way then obtained or
that might thereafter be obtained, all
the rights. grants. privileges and fran
chises the company had or night have,
all insurance policies that the company
might have, etc. There was of course,
no tangible property ocevered by the
mortgage.
The impression got out that the
Union Trust Company was financing
the road and that helped get some
right-ofway. But the trust company
was not behind the road at all--it was
simply to handle the bonds If any were
ever issued. BY the terms OF the
mortgage when the Upton Frankfort
Traction Company had down two miles
of rails and was ready to operate that
much road it was to receive $4,000 for
+ its bonds on that much road. and after
| that 1t was to be paid $4,000 a mile
for its bonds fas as the road was
built. This money, however, was not
to come from the Union Trust Com
pany, but from some concern that was
/ to take up the bonds-the Union Trust
Company simply handling the bonds
and getting the usual fee.
OBSTACLES IN HIS WAY.
Purtelle made strenuous efforts TO
get this two miles of road done so the
s25. 900 could be pushed over. But he
was hindered in every way-his men
were driven off he was arrested for
trespass and sued for damages and
every obstacle imaginable was put in
his way His stock statesmen were
meeting with Indifferent success. There
was so much trouble on the road and
so many rumors concerning Purtelle
and his methods that one was will
ing to invest.
Purtelle was running short of money.
At no time did he nave a large &C
count at the First National Bank, of
this city, where he was doing his
banking. and that bank would not cash
any checks unless the money was right
III r. Stewart and A. L. Sovercool and
they cashed checks given them by Pur-
telle in different parts of the state
at Anderson, Kokomo, Frankfort Indi-
Annapolis and other places.
HAS MONEY TO MEET THE CHECKS.
Until a few days ago Purtelle man
aged TO have the money at the bank
here to meet these checks when pre-
scented. But he finally reached the
limit and when his stock statesmen
cashed his checks at Frankfort banks
there was no money at Upton to meet
Them Stewart and Sovercool are gone.
but no charge of wrong doing is laid
lat their doors-the checks were sign.
ed by Purtelle. His checks had been
good and nothing had happened to lead
the men TO believe they were not still
good There was no necessity of the
two men leaving as far any wrong
doing was concerned.
1t was a check for 5000 that Pur-
ltelle cashed himself at the Farmers
Bank of Frankfort that got him into
trouble 1t was a question whether he
lcould be indicted for the checks that
his statesmen had cashed because they
might defend themselves on the ground
they had reason to believe there
money In the Upton bank to pay them.
and they could not be held indorsrs
under the criminal law
PURTELLE SHOULD HAVE KNOWN.
But it was Purtelles business to
know that when he gave the Farmers
Bank at Frankfort a check for $500 on
the First National Bank of Upton that
there was money in the latter bank to
protect the check. and because the
imoney was not there Purtelle was sent
to jail.
Personally Purtelle is an extremely
llikable fellow-fine dresser. good
ispender. very agreeable in his manners
THE ideal. suave. smooth promoter
: and the wonder is that a man as smart
! as he should give a check when he had
! no money in bank to nrotect it.
The belief is that re was hard push
ed for money and expected to raise
some in time to meet the check given
1.-THE Frankfort bank when it reached
the Upton bank, and that the money
failed to come through and he got be-
hind the bars.
There IS great deal of talk in Tip
ton AMI surrounding country over this
affair The total amount of worthless
checks signed by Purte1le and cashed
by himself and others is about 81, 500,
and his friends say that he will be able
to make them up, and in that event
il is possible that the criminal case
against him Will be dropped.