Columbus (GA) Daily Enquirer, May 26, 1895, p. 4.
CHARGED WITH EMBEZZLEMENT
Three Prominent Citizens of New Albany, Indiana
Louisville, May 25-Nineteen indictments were returned today by the New
Albany, Indiana, grand jury against Dr. William Breyfogle, J. S. Winstanley
and Clarence J. Frederick charging them with embezzlement in connection with
the failure of the New Albany Banking Company. Dr. Breyfogle is well known
in business and railroad circles and was once the president of the
Louisville, New Albany and Chicago Railroad. Breyfogle was not a member of
the banking company but borrowed a large amount of money from them. C.
Frederick, one of the indicted men, was a clerk in the bank. The
depositors, who had over $100,000 in the bank, have received 25 cents on the
dollar but were promised much more by Dr. Breyfogle who agreed to turn over
certain land to them. The feeling is particularly strong against him
because it was thought he caused the failure of the institution. All the
leading lawyers in New Albany except two or three were engaged by the
defendants. There are about 400 depositors of the bank in New Albany
assisting in the prosecution, and they are determined to prosecute to the
full extent of the law.