Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1914-04-16
Special to Times Republican.

Nevada, April 1s.-Cylde L. GiverlN
cashier Of tho Union National and
Union Savings Banks Of Ames. was In
no way connected with e. J. Pen6eld
as owner Of the Bank of Kelley. . pri.
vate banking institution. according to
the decision of the jury In the cass Of
Nels Antinson VI. Bank OF Kelley. q u.
Penfield about three years ago. took al
the available assets OF his bank. and
absconded leaving his bank to collapse.
Penfield's peculations amounted to
about $4,000 at tho time Of the trial
in Nevada. which was begun four days
ago.
Henry Banks father-in-law Of Pen.
field. was hei,i ny tho ju-S e: =.
amount OF 3a1.62l.Ss In favor Of the
creditors Of the defunct bank.
Mr.. Banks Is expected to appeal from
the decision OF the jury.
The case arose over tho defalca&ion
and absconding Of E. J. Penfield. who
conducted private bank at the village
just west and south Of the college.
Penheld disappeared Feb. Is. 1911. Tho
ceiver and showed liabilities of about
$4,000. due to tho depositors and other
creditors OF the institution. Some years
before, or In 1907. Pendeld had scnt ont
a circular advertising the institution.
in which he gave the names Of himself.
c. l.. Siverly, Henry Banks and r. W.
Penfield as owners and managers OF
the bank. with himself as prcsident and
s:yes!y as cashier ~
As soon az Mr.. Banks. the fatheP.iyf-
law Of Penfiold. learned OF tho carcula-
tion OF this advertisement he called ~
the bank and instructed PenAeN 10
cease to circulate them and to 0e4so 70
hold out the idea that he DAnlD, Wo1
connected with the institution. lt Was;
NOT generally saspt,s,5ssss oSr held csl4 AAae
'ssiveriy was one of thss 0wness ~
stockholders Of the bank. but masely
employed therein.
Psnf7eid Disappears. 81
When Penfeld Disappeared on oaf.
urday. Feb. IS, 1911. saying that ho
was going TO Watertown. 8. D.. to look
after 8 real estate deal. nothing was
thought of 1t until the opening OF the
bank Monday morning, when Y was
found that he had taken practically all
OF the cash and negotiable paper with
him. The bank was closed and II
was soon learned that he had boon
disposing of the paper to banks~1h
Boone and Des Moines, and some Of II
proved to be worthless. His dcfalca-
tions to the depositors and others
amounted In all to In the neighborhood
of $4,000.
He left mis- wife and 3-year-old baby
in Kelley and has not been heard OF
since. altho frequent rumors have come
of his having been seen but refusing
to be recognized in different parts OF
the country. Little creuenoe has been
placed In these rumors, however. Mr..
Penheld Mt the time he was In bust
ness in this city and Kelley was q
popular young man. a good mixer, gem
orally credited with being a shrewd
real estate dealer and fnancier. aud 1t
was thought that he was accommodating
rapidly. When the crash came 1t was
great surprise to his family and
friends.
1t was not generally thought that the
man had any large amount of money
with him when he disappeared. altho
how long he had been acumulatinE
fund Of course could not be told II
was certain. however. that he had bcen
nara pressed Tor funOS just previous 10
his disappearance and Il is thought
that the necessity OF action on tho part
of the creditors Of the bank was tho
actual cause of his disappearing.
Depositors Pooi interests.
When the cash came and the bust.
ness had been gone over. the depositors
to the number Of ninety-two got to-
gether and assigning their claims to
Messrs Nels Atkinson and n. r, Roney.
brought an action in the district court
seeking to recover from Messrs. Banks
and Siverly. holding that they had de-
pended upon tha statements of the ad-
vertisinG circulated three years before
to the effect that they were RESPONSE
Bile for the banks debts. The case
was placed In the hands of Boone at
torneys and Messrs. Banks and Siver-
ly secured attorneys to defend them in
the action. +. w. Penfield, father OF
the missing banker, did not resist thu
claims.
Four days we're consumed in taking
tho evidence in tho cases and half
day spent in arguments for an In
structed verict In favor OF the defend