The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1915-02-25
STOCKHOLDERS LIST LOANS
Formal Statement Given Out Shows
Officers in Racine Bank Were Direc-
tors in Several Companies Which
Received Financial Aid. :.

The stockholders of the Commercial
and Savings Bank of Racine, yesterday
completed preliminary analysis of the
maze of finance which represents the
affairs of the bank. What the findings
showed made the membership of the
committee of investigators hold their
heads, gasp and dig into the records
with more determination.
1t appeared to the committee from
the records in its possession that the
procedure for needy Racine corpora
tions was, in the 'fgood days. to put
some member of the board of direc-
tors of the bank on the dictatorship
of the company and then borrow all
the money needed
Judge E. B. Belden of the circuit
court, who will be formally asked some
day this week to impanel grand jury
to investigate the bank IS affairs, has
informed the committee he will act
with all fairness" when the formal
request is made.
These figures account for more than
100000 worth of the banks funds
and the committee shows no hesitancy
| in expressing doubt that any of these
"loans' can ever be materialized.
The United Refrigerator Company of
Kenosha was the largest debtor of
the bank
Personal loans to Charles r. Carpenter,
cashier Note for $1,000 81, listed by com
mittee as doubtful" Paper for $4,000,
listed by committee as doubtful" Note for
100000, given by Carpenter as trustee;
listed by committee as doubtful" Note
for $4,000, by Carpenter and President
as oabtful," Paper for s95,5s7.64, listed
by committee as doubtful" Oyerdrawn
$30,S75.64, listed by committee as doubt
full" Note for 100000 put in bank five
days before it closed in return for cash !;
listed by committee as doubtful" Total,
$500 926.40.
Loans to concerns in which Cashier Car
penter held stock, listed as doubtful
r. M. Cherie & Co., affiliated with
Racine Iron & Metal Works. 5000 90
Co. MISUNDERSTANDING. 100000
Overdrawn, same company 49, Is
Domestic Manufacturing Com
pany Observation-Disclosures. 26,114.72
Overdrawn, same company. ..... 1,539.75
Floshman Bros. affiliated with
Racine Iron & Metal Company $4,000
Gufka Bros affiliated with Ra-
cine Iron & Metal Company. s,425.oo
Grosman Rag & Metal Company
(aftiliated with Racine Iron s.
Metal Company :......... 9o16o.o1
L. Goodman, Racine Iron & Metal
Company ...................... 3,774.oo
M. il. Fox, Racine Iron & Metal
Company ............ 100000
A. NJ. Goldburg, Racine Iron &
Metal Company .............. 1880 90
III. Goodman, Racine Iron 81 Met
al Company ................. 10000
Inland Iron & Metal Company
affiliated with Racine Iron &
Metal Company ...,...... 100000
"A ReVklns Company, junk...... 34,66700
Universal Manufacturing Co... 29,512 10
Universal Manufacturing Co. 800. 1865. SO
Universal Manufacturing Co.,
oVerdraWn OBSERVATION-DISCLOSURES. 1884 40
United Refrigerator & Ice Ma
chine Company ............. 245, Is
HolbrQo< Armstrong Company. 59SO3 Al
Holbrook Armstrong Company >. 2,319.04
Total .......................$ $685., OIL 6s
Loans to other companies in which other
bank directors than Carpenter held stock
Imperial Bit & Snap Co. (Direc-
tor 1, J; Elliott, a stoekholder) $1SeooOo
Imperial Bit & Snap Co., over
drawn Observation-Disclosures. 502.9s
North Tampa Land Co. (Peter B.
Nelson, director stockholder) 2057 "a
Racine Paper Goods Co. elliott,
stockholder) ,,................. 17,16935
Racine Paper Goods Co., over
drawn ........,.......... 1904
Racine Auto Tire Co. elliott, a
stockholder) ................... 26,721. 20
Total. Observation-Disclosures. So, 300 81
Loans to companies now bankrupt. o.
X. d by Carpenter and board of directors
Racine File Co., out of business 100000
Clark M. LOomis Co...... 1850 90
James Corse Co. ........... 2627945
Domestic Manufacturing Co. -. 26,114.72
Domestic Manufacturing Co, ov-
erdrawn Observation-Disclosures. 1850. rs
Eggort Bros Hardware Co... 1,S50.00
U. Roof & /. N. Co. ............. 100000
Iotal. '.......s.,......,..... S91,333. 90
The loans to the Racine Iron and
Metal Company are declared interesting
to Chicagoans in that Morris L Fox,
head of the concern, is one of the men
indicted by States Attorney Maclay
Hoyne for the Cook county arson
frauds. A loan is on the books to the
d. / Felsenthal Company of Chicago,
the company for one of whose fires Dav-