Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-02-17

he received large amounts on royalty
contracts from the company.
News Of the Indictment OF Van Briggle
occasiOned no surprise TO persons about
the Federal building, as the action was
foreshadowed about a month ago, when
large number Of persons, known to
be stockholders in various Van Briggle
enterprises, came from ali over Indiana
TO testify before the grand jury.
The career Of Van BriggIe In the past
few years has been little short Of sensa-
tional, his rise in the commercial world
being only excelled in rapidity by the
suddenness of his fall in the last six
months. Less than a year ago he was
widely regarded as q financial genius
and a coming captain of industry.
Mr.. Van Briggle was an active member
Of the First Baptist Church and took a
prominent part in religious affairs. 1t
is said that invariably directors meet
ings Of his companies were opened with
prayer, and that only a few weeks be-
for the crash came the teacher of one of
the largest Sunday school classes in In
dianapolis had devoted a large part Of
one lesson to pointing TO Van Briggle as
the type Of man who was both a Chris
tian and a financial success and holding
him M as a man worthy Of the emula-
ton of members Of the class.
ORGANIZED
COMPANY IN 1915.
After practicing. law in Indianapolis
for several years as & member Of the
firm of Wiley & Van Briggle, he or
ganized the Van Briggle Motor Device
Company in 1918 with himself as presi-
dent and began the manufacture Of the
Van Briggle carburetOr. Later a shock
rhgorb,~ for Ford o1Ho-unbf1es vraz added
TO the line. and it was the manufacture
Of this article that eventually started the
company on its downward plunge that
ended In the collapse Of the entire string
of Van Briggle enterprises.
Meantime the Van Briggle Manufactur-
ing Company was organized 10 manVfac-
ture an automobile trailer and operated
two plants, one at Fowler and one at
BfooresvilIe. and the Van Briggle Chemi
cal Company was organized to take over
the manufacture Of a wellknOwn pro
prietary article. A year ago the three
Van Briggle concerns were at their peak
and It is said that there was a ready
market for their securities.
The first cloud in the skies Of pros
perity appeared last spring when Jud ge
Albert r. Anderson, in Federal Court,
ruled that the shock absorber manufac-
tured by the Van Briggle Motor Device
Company was an infringement on patents
owned by Robert H Hassler, Inc, of this
city, and granted an injunction forbid
ding the manufacture Of the infringing
article He also ordered an accounting
CHANGE IN
AFFAIRS BEGINS.
Right here the Van Briggle sun began
to set Late in August a suit for re-
ceiver Of the Van Briggle Manufacturing
Company was filed in Superior Court
room 8, and Judge Scion B. Carter named
William E. Kelley as receiver. This
started the avalanche. Within less than
a month the Van Briggle Motor Device
Company was thrown into receivership in
the Marion Circuit Court by stockholders
of the company and Judge Harry Cham
berlain named W. r. Hirst as receiver
The Van Briggle Chemical Company I'M
derwent a complete reorganization and
was renamed the Celery-Vesce Company
and Van Briggle was dropped from the
directorate.
In November, William z. Reilly, re-
ceiver for the Van Briggle Manufacturing
Company, fled suit for 100000 against
Van Briggle and individual members Of
the board Of directors for mismanag e-
'ment Of the affairs Of the company. This
had been preceded by a suit for $500 900
fled by W r. Hirst, receiver Of the Var
Briggle Motor Device Company, making
similar charges. These suits are now
pending in the local State courts. In
these complaints and in the complaints
asking for receivership, seriOus charges
Of sensational character wer'
made. 1t was alleged that Var
Briggle, while an officer OF the company
had collected a commission for stocl
sold by himself, that he had misappro
priated funds. that he had misrepresent
ed the financial affairs Of the companies
that he had paid out company funds
without the authorization Of the board
Of directors and that he had even gonG
so far as to make a false income tax re
turn and to pay out a large sum in in
come taxes for one of the companies fl
order to create the impression that 1t wal
making a great deal of money when a,
a matter of fact 1t was on the verge Of
insolvency. Many charges Of this same
general character were made.