[Newspaper]
Publication: The Muncie Morning Star
Muncie, IN, United States
vol. 28, no. 278, p. 6, col. 2
AT LAW OVER GLASS BONDS
SOMEBODY WILL BE LOSER
Mrs. Wagner, of Ingalls, Held Mortgage
on Factory at That Place and
Exchanged Same for Other
Securities.
Anderson, Ind., Jan. 31. — James Goodrich and Ralph Bombarger, of Indianapolis, were present in the Circuit court here today when sensational disclosures were made in the case of the Wagner Glass company of Ingalls. They are among the creditors caught by the defunct concern. Mrs. Louise Wagner holds a first mortgage lien on the property and it was concerning this claim that the sensational disclosures were developed. At one time the directors authorized a bond issue of $25,000. Mrs. Wagner was induced to exchange her mortgage for $8,000 of the bonds. Subsequently she was induced to surrender the bonds under the impression that they were to be sold. She has never been paid for the bonds nor have they been returned to her. The question of the validity of the bond issue has been raised and Mrs. Wagner has filed claims for $8,000 upon the mortgage claim. Should Judge McClure declare the $25,000 bond issue illegal the loss will fall upon the holders of the securities and more will revert to the common creditors.