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Thief And Gay Lothario

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Hilmsdaub, Mich., Aug. 28.- Charles W. Waldron, oí this city, wbo, with B. Northrup, owns a savings bank at Reading, and with the Hon. Ezra L. Koon, a private bank in this city, left this place last Wednesday mornin?. Yesterday afternoon a great sensation was created when it was learned that he had gone to Canada with Mrs. Bidwell, of Quincy. He took some of the asset of both banks - about $50,000 in all - and disposed of most of his personal property. Mr. Koon is abundantly able to satify depositors if a shortage exists, and all claims will be paid. There was a run on the bank yesterday morning, but all is quiet now, as the First National bank stands ready to come to Mr Koon's assistance. Mr. Northrup will mee all the obligations on the Reading bank. Waldron leaves a wife and two children Before going away he deeded his wife a small amount of property. Readinq, Mich., Aug. 29.- Hundreds o farmers from northern Indiana and southern Michigan stood in line before Waldron' bank at 8 o'clock yeateti&y morning. They had been led to believe that Cashier North rop would have $8,000 for distribution, and that first come flrst served would be the or der of the day. The Preston bank, of roit, bas $8,000 which belongs to deposltors n this section. Mondar tbe Detroit instituyera telegraphed tbat tbe sum named would eaeh Reading yesterday morning, but not a dollar carne. Ezra Koon, tbe Hillsdale lawer who was Waldron's partner and who wlll ose about $200,000 by tbe missing banker, ías tied up the nionev in Detroit, and bas also levied on $10,000 which tbe Reading bank loaned tbe Salmón P. Chase bank f New York. Tbe Hillsdale bant was open all day. It bas had tbe upport of the other bank there, and will robably be able to weather the storm. Koon will b eggar himself to maintain the credit of he institution, and bis brother, Judge Marin Koon, of St. Paul, will assist him. Casher Northrop, assisted by a score of accountants, completed his examination of thebooks of the Reading bank. The showing is highy encouraging to depositors. At a low estímate the value of the mortgages and mortgageable papers on hand is $135,000, while he deposite do not exceed $l8,000. Waltoon evidently in tended to lea ve the Readng bank in an insolvent condition, his main object being to ruin bis partner, Koon. Mrs. AValdron, who had begun proceedings or divorce, had retained Koon as her counsel and the lawyer, in his zeal for his fair client, incurred the hostility of his partner. ■Valdron threatened to get even with Koon and teacb his wife a lesson. It is believed ïere that Mrs. Bidwell, the married woman with whom Waldron was infatuated, bas the lanker completely in her power. He has jiven her two large sums of money and advanced the capital on which her husband recently began business. She is 24 years old, a gradúate of Hillsdale college, and a woman of great beauty. The man wbo sold sixty blooded horses for Waldron on Tuesday .ast returued last night. He says Waldron jorrowed money wherever he could, pledged the credit of the bank that he might, to use his own expression, "catch that Koon up a tree." He declared that Koon, in becoming counsel for Mrs. Waldron, had betrayed him, and that no punishment was too severe for him. Tbe defaulter borrowed $22,000 in Chicago, $40,000 in Detroit, and $38,000 in New York. Koon will probably lose 150,000. Having disposed of hisseven farms andoverdrawn his account in both banks, it is estimated that Waldron earried away between Í500.000 and . 600,000. Much sympathy is expressed for Koon and Cashier Northrop.


Ann Arbor Argus
Old News