Lawsuit over Wagner Glass Works bonds

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.