The daily star-mirror. (Moscow, Idaho) 1911-1939, 1921-01-11
Loss DON'T WORRY
JIMMY CALLAHAN
WALLACE MINING MILLIONAIRE
DENIES REPORT THAT HE
HAD KILLED HIMSELF.

Spokane, Wash.-(By A. P.)-
James F. Callahan, millionaire Wal
lace, Idaho, mining man, whom the
investment firm of Milholland &
Hough of Spokane embezzled out of
$353,000, according to a confession
which authorities state Jay P. Hough,
senior member of the company made
to them Sunday declared on his ar
rival here last night from Wallace
that eff the boys had come to me and
laid the cards on the table, / would
have said forget it boys rather than
to have any man commit suicide for
me. l could not find it in my heart
to judge any man as John Milholland
has judged himself" he added.
Il do not believe these boys started
out to do wrong but one is just is
guiltyas the other" Mr. Callahan said.
"They just kept going and getting in
a little worse till they got desperate.
81 know that Milholland was the
leader. He was the stronger charac-
ter but Jay had plenty of opportunity
to tell that was being victimized."
Mr.. Callahan said that it was Mil
hollnd who advised him to buy the
bonds, which, in Hough,s alleged con-
fession are forged. Callahan de-
clared the first bonds he bought
through Milholland & Hough were
genuine but that these upon the. ad-
vice of Milholland, were returned and
into bonds to pay more in
terest.
"The last bonds / got from Mil
holland & Hough were sold me on the
Ior cfcr, ,II thof fhnv 10
exempt" Callahan said. 81 could
hardly have been expected to suspect
that their signatures were forgeries
as the authorities have told me. This
would be task for a handwriting ex-
pert and never thought Of suspect
ing friends Of such thing.
"These substitutions of bogus
stock ran up to $325,0O0 Then this
sall Milholland came to me and sug-
yested that I let him have certain
stock as collateral. He said he needed
The money that he could hypothecate
ny bonds, but that his did not have a
'eal market value. I gave him 700
shares of Anaconda Copper 600 of
nsiration and some others, amount
ng in all to then market value of
$4,000. AS security he gave me
ONE bonds which I thought were air.
light. 1t was not until l had to raise
ver 100000 last month within ten /
lays to pay a court decree in a di- T
'orce case that l learned that these I
we're worthless. / needed the money
nd couldn't get it. Milholland would /
ONE to Wallace, clip the coupons and |
end me their check for the bond in
crest. I just got notice today that !
check for $4,000 given to me by /
hem on the Guaranty Trust company !
f New York had been protested.
Mr.. Callahan arrived in Spokane
nth an attorney Walter G. Hanson,
nd two friends. The first thing the
arty did on their arrival was to have
inner. Mr.. Callahan, according to his
riends, is in the best of spirits. He
alked with newspaper men quite
reely regarding the affair.
No inquest into the death of Mil
olland will be held, County Coroner
7illiam Newman said tonight. ''The
ause of Milhollands death is plainly
1icide," he said.
Prosecuting Attorney w. G. Meyer
/ an interview declared "there is
othing to show that funds handled {
Y Milholland and Hough other than {
lose belonging to Mr.. Callahan were ,
He announced his inten-
on to press the case as soon as
,civer for the concern has been ap- s
,inted and the company's books and /
lpers examined. ,
Milholland his wife stated to news !
,per men, carried insurance of $24,-
10. He is said to have made a new n
i'll last Saturday.
The offices of Milholland & Hough q
ere not opened today Employees +
aged away from work pending ex-- t
nination of the firms books and t
.pers which authorities announced 5
ould be made soon The affair was d
e chief topic Of discussion in Spo- il
me financial circles throughout the 8
". f
Mr.. Hough was not informed of the n
ath of Milholland until today. Off a
ais said he expressed profound grief f
ION hearing the news and said: IT h