Charles (Charlie) Keitzer was born Feb 4, 1891 in Monterey Indiana. Lenore L.Bringham as born on March 3, 1895 also in Monterey Indiana. They were married on July 20, 1921 in Brookston Indiana.

Charlie worked his way up at the bank in Monterey to the position of Bank President. He started brances of that bank.

Lenore was a Librarian.

Charlie and Lenore spent the winters in Phoenix Arizona in the latter part of their life. In 1980 they both became bed-ridden while in Phoenix. Charles died in Phoenix Arizona on March 5, 1980. Lenore died a month later on April 9, 1980.

They had no children.

Lenore Bringham had a brother, they called Billy.

Letter in the possesion of Margret (Richter) Holzinger: It is from Lenore to Margret (Peggy) Kelsey (Pauls wife) apparently in reply to a query about the Kelsey Family.

11E[?] Maryland Apt 8, Phoenix Ariz 85014, Mar. 29, 1973

Dear Peggy, -- I do hope you are feeling better and that Elaine is making a satisfactory recovery - I know it will take a long time. Even the emotional shock itself does as you know. All the anxiety you have had about both girls is bad for High Blood Pressure.
About the Kelsey family. We know very little. Ruth assures me Mike sent his to me and I failed to return it and it may be as I have been very forgetful since this last illness. I am sorry and if I can locate it I will send it to him as we should get home soon. Anway I think about all he had was the dates I had sent him from the tombstones and I can get them again. I would suggest she begin with Pauls brothers and sisters and work back. I am sure after Paul thinks about it he will remember more than he realized at first but he and I never talked about it so I don't know. I do know Arthur graduated from Rush Medical in Chicago. It was then one of the leading schools for medicine and I seem to remember he was in Chicago all one summer after you were married taking some special work but I dont know where or when. Arthurs father and all the Kelseys are buried in the Old Fellows Cemetery east of Monterey. I do belive it goes by a different name now. I think Dr. Wm. came originally from Huntington and I belive his first wife was from Ohio but I don't know about the dates or names of the children. Not even her name. Laney just had the two Arthur and Emma and she is burried in St. Anns Cemetery west of Monterey on Arthurs lot. It may be that Laney was a nick name. She once told me her father was a blacksmith and that her parents were buried in the Catholic Cemetery three or four miles west of town where the old Mission Church was before the one in Monterey was built and it has now been retored and a sign says Cemetery of St Anne. Noticed the change in spelling but I do not know why. I never have seen a stone or marker there. I am sure if you write to Emma Wentzel she will try to answer or Marie will and Emmas mind seems perfectly clear but her health is bad. She is now 88. I believe Dr Williams father was an elder or something in the Presbyterian Church but I don't know where. He could always quote Bible passages to fit any occasion - even misquote them to his advantage. Paul should know the names of Laneys brothers and sisters. I only remember John and Henry Steis and Lizzy Reariak and someone they all called Aunt Mary Meyers. You better write to Walter Kelsey and Nellie as they might. Cecil [?] and Charlie Sennett are both dead and so are Mimmie and Lena[?] and Goldia[?] Reariak but I think Nellie and Walter would answer. I understand that according to Noras will he is the cheif beneficiary and he and Wilma are living in her house in Monterey but caught cold when he came home from Fla for Noras funeral. His health is bad and you better write at once.
Charles and Mary Helen left last week to visit their sons David and Robert in Coburg[?], Oregon for a couple of weeks then I think he will start home as soon as he can get ready as Terrance will soon start the farm work. He mentioned going via Denver to see Emma who has been sick most all winter Joe has heart trouble. Marie is a widow and retired school teacher and takes care of them. Clementine has very bad health. Arthritus I think. Her husband will soon retire. William and Frank are dead.
We expect to give up our apartment Apr 15 and Mary Helen will start home with our car and we will stay at Catherines until she gets there and then we will have to go by plane as I have so little strength although my last chest [missing page 6] he thought it was an independant school again. I know Lawrence remembers a lot about the Kelsey family.
That Phyllis Smith Brown is working hard on her history of the Keitzer family and will go to Europe in May and Charlie has been tryiing to help her by mail although we have never met her. She has already published a book about the Smith family and the first Smith around Monterey was Margret Keitzer Smith married to Benedect[?]. She sent us that book that in ain appreciation for our help.
Lawrence doesnt seem as well as last lear. Loretta is same as usual. She sure had a work out when John and Dennis and families were all there at once. It was a Bedlan with all the children and Johns were all ailing with stomach flu.
Except for Ruth and Edward all others here are same as usual.
His long disease has been diagnosed as Histoplasnosis[?] but they cant reduce the High B. Pressure .. [rest of sentance is illegible]
Two pens gone dry. Time to quit. Sorry not to be able to help more.
Love Lenore
P.S. - Charlie is fair. He is now 82 and hearing and vision are bad and he is shakey. We both enjoy his Talking Book records very much. [there is some illegible names and dates at the end of the last page and a paragraph written in the margin also illegible].

{sjt#8-1} I got this from Charles Kelsey. It seems to be some sort of bankers way of doing an autobiography. It is 16 pages long and I scanned it in and tried to fix the scanners typos (I know many are left) but not Charlies (he made plenty). I also preserved his carriage returns and indentations.

Page 1


 I went to work January 1st, 1911 at The First National Bank
Of Monterey. I did not solicit the job since in the fall I had gone
to North Liberty, Ind. to finish my high school, Monterey having at
that time only three years of Highschool. I had no plans for the future.
In my own mind I had thought I would like to be a surveyor ( now called
Engineer) but I knew my folks could not afford to send me to college
and I had never mentioned the matter to anyone. When I came home at
Christmas time I went down to the bank and was told t I had been
selected for the job if I wanted it.

 My offical title was "Bookeeper" but the job consisted,in
addition to bookkeeping, getting down to the bank about 7 AM, sweeping,
(Scrubbing the floor when necessary) cleaning two spittoons, filling
two oil lamps and cleaning the globes, taking the ashes out and filling
a base burner with ooal ( and later an additional wood burning Air
tight stove) and waiting on window when neceseary.

 I had not asked what my salary would be but at the end of the
month I was paid at the rate of $3.00 per week. This was not a very
high wage but I doubt if I was worth more considering that fact that
I had no training whatsoever for the job and had not been in a bank
but once before. Also when you consider that Elmer Johnson who helped
organize the bank and was Cashier and as such was in full charge of
the bank was only getting $50.00 per month. Of course his wages and
mine were increased from time to time as cost of living went up.
( As. comparison a person in Elmer Johnsons position to-day would
be getting $1000.00 per month or more. Also the bank started business
August 1st, 1910 and was only five months old when I went to work. The
deposits when I went to work were about $33000.00 and at the same ration
that would be equal to $66000.00 to-day.)

 ( Most of the above has little to do with my finances but it
is intended to compare values at that time and now. )

 I always kept a very minuie records of my income and expenses
but it appears that my early records have been lost or m1ss1aid and
in later years when my records became more complicated and bulky I had
to destroy some. However I kept a diary for a few of the early years
and some of the early events are mentioned in them.

 I think my earliest investment was in delinquent tax titles.
A mR. Buehrle on of the bank directors and a former Pulaski County
treasurer came in one day and said he was going to the delinquent tax
sale at Wiamac and asked if I wanted him to buy some for me.
I knew nothing about tax titles but I thought he did so I told him
how much mony I had, which wasent very much, and to go ahead and buy
me some. He did and they were redeemed after a very short time and I
made 10% flat on my money. This was repeated several years and they
were always redeemed and I never got any property, which I did not
want. I later purchased some myself whioh I will describe in detail

Page 2

 Up to this time I had kept my money in bank Certificates or Deposit
or in local farmers notes. The bank at that time paid 4% and on the
smaller notes the bank charged 8~.

 A man by the name of Irvin D. Young had operated a newspaper and
printing shop in Monterey and when pol1t1cs were right operated the
Post Office along with the paper and printing business but finally he
decide he wanted to sell. Elmer Johnson suggested to me that he and I
buy same to which I agreed. Elmer was 6 years older then I and had
several years experience as a teacher and as mentioned before had helped
organize the bank, was the largest bank stockholer and was generally
considered a successful business man so when he suggested that we
buy the paper and printing business I gave no thought as to whether
it might be a profitable investment.

 A Mr. Robertson who had been a friend of Mr. Young was hired to
run same but he drank too much and each month we had to advance money
to pay the bills. As a consequence we decided to sell. This was
in 1914. We had paid Mr. Young $800.00 but we found all new type was
needed and a new paper cuttle for job printing 80 we sold to a Peter
Henrich for $1200.00 with $200.00 down and the balance in monthly
installments. Mr. Henrich could not make it go and we took it back and
resold it to Earl Fansler taking as a down payment a lot in Monterey
with a small tool storage building on it and valued at $225.00 subject
to a $80.00 making the net value $145.00.

 Mr. Fansler was not doing too well and was having trouble making
his monthly payments so I decided I was ready to quit the newspaper
and printing business and offered to tak the Fansler lot-clear-
for my interest in the business, which he then accepted. Mr. Fansler failed
and Elmer sold it to a Mr. Tresize who run it a while and quit. He also
drank too much. I dont know what became of the eqipement and how
Elmer came out but I was glad to be out.

 I think it was in the winter of 1913 and 1914 that a Peoples
Life Insurance Company special agent came to Monterey and did a good
business writing policies for his Company. Very few people had Automobiles
In those days and he stayed at our local hotel and hired a horse and
buggy when he went out in the country. However he done most of his
business in town because in the winter the farmers spent lots of time
in town. Quite frequently he would come in the bank and ask me for the
names of some likely prospects which he often wrote. ( I might add here
that later I had considerable experience with him writing insurance
and he was the best life insurance salesman I ever met) He seldom took
out a rate book or quoted any rates unt11 he was ready to write the
application -he just talked about life insurance, how it originated,
what it had done and what it could do.)

 In December of 1914 a special agent for the North Western
Life Insurance of Milwaukee visited me and insisted on giving me an
agency in his Company and offered to go with me when solicitlng
business. The Peoples Life agent had offered me an agency at one time
which I had refused but when I got to thinking I had been citing him
to prospects which in many cases he wrote, maybe I could write them
myself and earn some extra money. I took a Northwestern agency and
he and I went out and wrote one $1000.00 policy. I tried a couple
prospects and failed and the special agent had not come back to help
me. When the Peoplee Life Special Agent came back he was rather

Page 3

iritates saying that his company would pay me 65% commission where I
was only getting 45% from the Northwestern contract- Also that he had
written a lot of policies around Monterey, and I knew that was true,
and that the Peoples Life Company was well advertised In the area and
that with his help I could make several times more money with his Company
then with the Northwestern. I put him off for a while and since the
other special agent had not come back to help me I decided to make the
change. ( The reason the special agents are anxious to establish sub-agents
they get an overwriting commission and besides they get a small renewal
commissions on the sub-agents business as well as their own as long as
they live and do not go with another Company).

 He helped me write several policies and after that I was mostly on
my own. Going thru my diary I find that I worked rather hard at it and
went out night after night, sometimes not writing a policy for weeks
and then I might write several policies in quick succession. One day
Mr. Stanton, the Peoples Life special agent came to me and said he thought
he needed an Automobile and I needed one also. Joe and John Marbaugh
were large hardware and implement dealers in Monterey operating under
the name or Marbaugh Brothers. Stanton said they needed a lot or life
insurance but they would not talk insurance with him. He suggested that
I make them a proposition that if they would each buy $5000.00
life Insurance we would each buy a Ford roadster. ( They had the Ford
agency at that time). As I remember a Ford roadster at that time cost
$390.00. Since the Marbaugh's were middle aged the premium would run
more then $40.00 per Thousand and with a 65% commission that would make
a nice commission.

 I apprached the Marbaugh's one evening and they told me if I wanted
to buy a car they would buy some insurance of me but not $5000.00 each
but $2000.00 each but they did not want to have any dealings with Stanton.
I wnet over to the hotel and reported to Stanton and he told me that if
I wanted to buy a car to go ahead and he would give me his l5% over-
writings making my commission 80%. When I went up town the next evening
I told Dad and Mother that I thought I was going to write $4000.00
life insurance. When I came home that evening they were in bed but they
asked me if I had written the insurance. ( that was a big amount for those
days) I said yes and I had done more then that I had baught a car. I
expected them to dissapprove of me buying a car at that time but instead
dad started talking about where I would build a garage. I made
money that night but I spent more then I made. However it was a help in
writing insurance as I could get out in the country more then with a
horse and buggy. In my dairy I have an entry reading "1915 was a very
prosperous year for me- my total income being about $1000.00- but I
spent most of it.

 In 1916 I took an agency with the National Fire Insurance Company.
At the time about the only insurance written was Fire with very little
windstorm coverage and my commissions were very small but later most
people began to buy both fire and windstorm. Later automoble insur-
ance became a big item and in later years became a big item in the
insurance business. I will likely mention about auto insurance again in
this story.

 My next financial venture was a farm April 15, 1921. At the suggestion of my
brother-1n-law, Dr. A. J. Kelsey I went in partnership with him and we
bought the Henry Fox farm east of Monterey now owned by Edw. J. Kelsey.

Page 4

There were 112 acres in the home place and 40 acres apart from the home
place. The total priae $9750.00. Dr. Kelsey agreed to take the 40 acres
personally and we would be partners on the 112 aares. Dr Kelsey agreed
to pay $1500.00 for the 40 acres leavin $8250.00 for the 112 acres.
Henry FoX agreed to accept 4.25% governments in down payment which we bought for
$93.00 per hundred dollars making my net investment around $3836.00.
Farm prices continued bad and after a few years with little or no profit.
I offered to sell my half interest at a $500.00. This was the second
investment made at the suggestion of others without trying to analize the
situation myself. I am not blaming or critizing either party as I am
sure they were in good faith and there was no hard feelings in either
case but I then made up my mind that any future investments were going to
be made on my own judgement altho I might do a lot worse but at least
I would be paying for my own schooling and not some one elses. Deal was made
in my name. Contract between A.J .K and myself. See Ehabit "K".
 It must have been some time around 1916 or 1917 that the Ford Auto
agency sold and I was asked to serve as a clerk at the inventoring. I was paid
$3.00 per day and I thought was excessive and wae almost ashamed to take
the money. It so happened the agency was sold again and again I acted as
a clerk.

 In my diary for 1916 I show as having total assets of $1097.50 at
the end of the year.

 I was mariied on July 21, 1921 and at that time I had assets of
around $5000.00 and Lenore $500.00. At the time of my marriage I was making
$85.00 per month but at the next directors meeting I told the board now
that I was married I would need higher wages and asked for $125.00 per
month. Joe Marbaugh, one of the directors, said he expected me to want
more wages but didnt expect quite that much. Nothing more said and my
request was granted.

 Lenore and I continued to keep exact records of all income and ex-
penses. I always deposited all income in my checking account and wrote
checks for all disbursements. For several years we balanced our account
every month so as to determine if we went ahead for the month or fell
behind. Later when matters got more complicated we struck a balance every
six month and in that way kept a close check on the condition of our
finances. Same specimens of our records will be added at the end of this
story. See exhibit "A" abd "B".
I should have also mentioned above that in my 1916 diary I
listed my car expenees for that year as follows:

 Total Gas used 246 @ 17 cents a gallon $41.82
 Earnings *       16.55
 Balance        25.82
 Plus expenses- Repairs $5.00
  Equipment 5.00    10.00
 Total cost of operating car for year 35.82

 * Earnings consisted of amounts from 50 cents up donated by
by persons whom I took different places. I have no record of
what the repairs and equipment were.

Page 5

 In 1921 when Lenore and I decided to get married there were
no desirable vacant houes in Monterey but about that time a Mrs Hugh
Tracy died and Mr. Tracy decided he would live with his children and
agreed to rent us his house but a few days before our wedding date he
told me that his children had insisted he should retain his home so
we were without a place to live. We lived with Lenore's folks about a
month and with my folks about a month. Neither made any charge but we
paid both for our keep. The reason I mention this situation is because
some or the family thought that I had had an advantage over them-that I
stayed at home until I was married without paying board. I know that
not having paid a pacific amount of board each month was a mistake on my
part. What may not have been understood or appreciated was the fact for
several years after I went to work I helped milk and do other chores
morning amd evening. Also that I bought my folks several peaces of good fur-
nature during that time and also from the time I had a car until Mother
died I took them places they wanted to go .I took them to South Bend to
a stage show-I took them to Ohio when Uncle Joe Keitzer died and never took
one cent for car or other expenses.

 I might also mention here that when Mother died in the fall of
1938 and Dad came to stay with us we told him that we would make no charge-
He insisted he wanted to pay so I told him to talk to the other children
about it and after doing so he said he wanted to pay $5.00 per week so
I told him to make it $20.00 per month which would be less bother then
paying by the week, which amount he paid us until his death in January 1944.

 I bought my first bank stock on Nov 17, 1917 - 10 shares at
$175.00 share. Some shares had sold around that time for $200.00 a share.
I continued to pick up additional shares at various prices as shares
became available but none at that price. During the great depression I think
I may have bougt a few share around $100.00 and one or two at less then
$100.00. By March 30, 1959 I had 53.5 shares and on May 31, 1959 the
bank declares a 100% stock dividend making me a total of 107 shares.

 From time to time efforts had been made to hire Mr. Wamsley
away from our bank, I having retired and he was in complete charge so I
in order to induce him to stay promised him that Lenore and I would
provide in our wills that he was to be given the first option to buy my
stock at 60% of book value. When further efforts were made to induce him
to leave I offered to sell him 97 shares of my stock at 350.00 per dhare
or $33950.00. I further agreed to resign as President of the bank and
he to become President and I would become Chairman of the board. This
arrangement was agreeable with the other members of the board and the
transaction was completed in December 1969 but the transfer was not made on
the banks books until after the first of the following year as I was to
receive the dividends for the year 1969. Another matter that prompted me
to make this move was the fact that Lenore and I had been going to Phoenix
for about 4 months in the winter and it was getting difficult for me too
keep abreast of changing conditions. ( I might mention that if Mr. Wamsley
had left about that time we had no one to replace him and the bank would
likely have to be sold or liquidated which would have been very bad for
the comunity.)

 For me the immediate f1nancial
effect of the above transaction was good. I invested the $33950.00 in
7.5% U. S. bonds which gave me an annual return of $2546.25 and over the five
year period ending December 1974 I have received a total of $12731.25.
Figuring interest at 7.5% on the 2546.25 annual interest makes an additional
amount of $954.75 or a toatl of $13686.00.

Page 6

The 4% dividend the bank has been paying on the 97 shares would only
yeald me $388.00 per year and with the dividend put on 1nterest at 7.?% and
compounding as I did in the case of the bonds I would only have a toatl
of $2084.00 resulting in an income gain of $11602.00. Of course I realize
that the book value of the stock has multiplied during thes past five years
and at some future time there could be a very large cap1ta1 gain if and
when the bank might be sold or liquidated but at our ages I felt income
might be better then capital gain. My gain for the said five years was
equal to $119.60 per share.

 One day I had and application for liability insurance on a thrashing
outfit. To operate and insurance agency it is almost neceesary to have sev-
eral Companies as each Company has its own likes and dislikes for certain
risks. Also it might so happen that your loss ratio may run high in a given
year and the Company might decide to cancell your agancy and if you had
no other Company you would be out on a limb. However with my several Companies
none of them were willing to cover the threshing machine operator. I called
Mr. James Dilts at Winamac, an attorney and also and insurance agent and asked
him if he had a company who would write such risks. He informed me that he
was writing this type of risk with the Indiana Liberty Mutual Insurance Co
of Indianapolis.

 I contacted this Company and they were willing to give me an agency
with their Company. I wrote two threehing machine policies and one covering
an operttor or a gravel dipping and waehing outrit. Directly one of the
Companie's representatives callon me and suggested since they had written
these undeeirable risks I showl give them some of my auto insurance busi-
ness which at that time was considered very desireable. I told him that I
had been avoiding mutual Companies because of assessment possibilities. Be
said they were only mutual in name and operated with reserves the same as
stock Companies. I then wrote to the Indiana Department of Insirance at
Indianapolis inquiring about the company and was advised that they were
duly licensed to write business in Indiana.

 By this time most people were buying liability coverage on their
automobles along with Fire and collission coverage. The Indiana Liberty
Mutual was charging $12.00 per annum for liability coverage while my stock
companies were charging $15.00 so when a customer complained about the cost
of his insurance I sometimes would explain that I could write it a little
cheaper but it would be in a mutual company and in most cased they took
the mutual policy. I went along thie way for a while each time explaining
the matter. The company was very prompt in settlement of losses, in fact
better then why other companies so finally without explaining I started to
swith all mu auto plicies to them.

 Everything went fine for some time then one Saturday one of my
policy holders walked in with a letter from the company making a 100%
assessment. I certainly was surprised as I had had no warning whatsoever.
I had been getting legal advice for the bank from Judge Bernetha of Rochester
and he had been yery friendly to me so I called him and went to see him on
Sunday as I new my customers would likely be coming in on Monday. He looked
over the policy form and round no clause about assessments. (It developed
that in a paragraph concerning another subject there was a line reading-
"No assessment can exceed the amount of the premium.) He suggested that I
advise my policy holders to surrender their policies and deny any liability.
He also told me that the company would have to sue the policy holder in our
County and would not likely get much sympathy in our local Court.

Page 7

Accordingly I prepared the necessary letters for the policy holders and
their policies were returned to Company. I further advised my customers
that I would re-write their policies in one or my stock companies and give
them credit on the new policy premium for the amount of the unearned
premium on policies they surrendered. Some of the policies had only been
recently written while some were near expiration so that ment I was
paying approximately one-half years premium for all my Indiana Mutual policy
holders. One thing that made my responcibility worse a good percentage
of these policy holders never picket up their policies but left them in
my file. By re-writing the policies and assuming the amount of the un-
earned premiums I figured I was retaining the business and maybe over a
period I could recover my loss. However this was not the end of the
matter. At the beginning I went to Indianapolis and tried to settle with
the company for all my policy holders. Since it would be difficuly for them
to collect on each of the assessment which averaged less the $25.00 and
since if the policy holder had his property mortgae (would be of little good) a judgment I figured
they would be lucky if the collected 25% of their claims and besides they
would have legal ~xpense as well as travel expen~. Accordingly I ~ered
to give them a check for 25% of their claims and altho they agreed they
would not likely collect more then the 25% they refused to settle.

 Since Judge Bernetha had told me that they would have to sue
in our local county I was reeling fairly good but then one day I got
notice they were suing my poicy holders in Gary in Lake County. There was
an attorny in Gary, formerly of Winamac, whom we knew so I went to Gary
to see him. The company attorney argued that being a Mutual Co all
policy holders were in efect stockholder and consequently they could sue
in any County where a policyholder resided. A hearing was scheduled and
their attorney agreed if the Company lost in this hearing they would
drop the whole matter. Apparently the hearing was not held in the Judges
regular Court room but our attorney had advised me that he had wone the
case. Our attorney said he offered to go and get the Judges Court record
book so that he could make the proper entry but the judge said he was
going to his office and would take care of the matter. It turned out that
the record was never made, that ??? went out of offive on Dec 31 a few
days after the hearing and the Company emploed a different attorny and
they denied any knowledge of the hearing and desision.

 The next time I heard from them they were bringing a new suit in
a southwestern, Ind County and about the time we were prepared for the
hearing they offered to consider a settlement on about the same terms as
I had offered which I accepted. To pay the attorny fees each policy holder
had contributed a percent of his assessment. My expenses were not included
and all in all I lost far more then all the insurance commissions I had
ever collected. However I was glad to get out of this situation as well as
I did for if I would have had a personal injury claim pending when the
company failed it would been very bad. As it was I had no claims of any
kind pending at the time.

 In the early days of banking we were not allowed to take liens
on personal propery as they thought a man was broke if he had to resort
to such methods and all loans were made with co-signers or realestate mortgage.
The automoble business had begin to flurish and a few small finance companies
had been formed to finance borrowers who could not borrow from the bank on
their own signature but their charges amounted to from 33% to 40% simple
interest. We had some bank customers that did not have assets to justify
the necessary money on their own signature so In a few cases I offered to
finance them at a 6% flat rate which yielded me about ll% simple Interest.

Page 8

I advised them to keep the matter confidential as I did not want a lot
or people asking me to finance them for to begin with I did not have that
much money laying around. That was all right unt1l one of the party was
trading cars with Duggleby a General Motors car agent. When they were
going to put him on a finance plan he objected so Dugg1eby asked him how
he financed his other car and the lid was off. From that time Duggleby
was calling me freqently to finance another car. The interest income was
good and besides I wrote the insurance. I borrowed mony from my folks and
Lenores folks but he kept so hard up that I could hardly ???. Then the law
required that I had to have a license which cost $100.00 but I kept on
going with all the money I could scrape up until after General Motors
organized their finance Company and finally were offering to finance new
cars on the same basis as I was and besides they would pay their dealer
$3.00 per $100.00 or all new contract. As a consequence Duggleby was mostly
sending me used car contracts that were not up to standard so when my
license fell due again I did not renew and went out of the auto finance
busines. At the time money was very cheap and General Motors was borrowing
money at a rate as low as 3/4 of one percent so it was easy to see why
they were willing to pay their dealers $3.00 per hundred for their contracts
This finance business made us a lot of hard work but It increased our
auto insurance business considerable. Lenore kept the insurance records at
the house and at that time we wrote our own policies. She made two expiration
cards for each policy, one set for the house and one for me at the bank.
We had a loose leaf system for premiums due on other insurance business
and kept one list at home and I had one at the bank in case someone wanted
to pay at either place.

 At the time Arthur Kelsey and I owned the Fox farm I owned the lot that I
had taken in settlement of the News Paper and Printing business and Arthurs
family was to large for the little house in which they were living so we
decided we would each build us a house. That we would have the rough lumber
sawed out of timber on the farm. Also that we would cut the wanlnut timber
on the place and have it sawed and planed for finishing lumber for our

 We had the lumber sawed but I never used any of it for building and
Arthur used the rough lumber but did not use the Walnut. About that time
the Joe Marbaugh house was for sale and Ted Marbaugh kept insisting that we
should buy it. They were asking $3500.00 for it and it was far too large
for our needs. Ted kept insisting and finally we decided we could afford
to own it at $2000.00 as the new house we had planned would cost aroubd $5000
We finally bought it for $2100.00 and they were to leave all light fixtures,
window blinds and curtins and linolium in the kitchen. I dont recall what
I did with my share of the rough lumber but I sold some of the Walnut to
to the highschool manual training boys, I kept a number of boards (which I
later used in my lathing work) and sold the rest to Edw. Master.

 While we lived in the Marbaugh house we put on a new roof, put a
drain from the basement floor to the street drain, re-wired the house
and put a blower on the furnice to force heat to the bathroom and kitchen.
After living there 17? yrs we decided the upkeep and care of the lnterior of the
house was going to be too much for us as we grew older so we bought sme ground
from Fred Bauer and Edward Master and built a new house. The 6round cost
$250.00 and the original cost or construction and material was $7806.72.
Exhibit 2 shows the detailed cost. We sold the Marbaugh house for $1500.00.
We sold old house in 1939 and built new house in 1940.

Page 9

 Some time after the end of world war I V. E. Follmar, A. J. Kelsey
and I decided to speculate in German bonds. Since the German Goverment had
been ousted we had little faith that any of the old government bonds would
ever be redeemed. However we thought some of the larger cities might some
time in the future try to redeem their bonds at least a small fraction of
their face falue. Most of the city bonds sold at only a few dollars a
thousand marks. I did not want to speculate too heavily and V. E. Follmar and I
usually bought only about $20.00 to $30.00 worth at a time but A. J. Kelsey
would sometimes buy up to $90.00 worth. German Government marks at one time
were quoted as $4.00 per million marks and we finally agreed to take a fling
at them. I dont remember how many we ordered but I remember asking that they
buy in smaller lots so that we could divide them among us three. When they
came there was one 1,000,000 mark bond with some smaller amounts. We had
ordered some city bonds at the same time so we divied the lot in about even
lots and drew lots to see who would get the large German Goyernment bond
since we thought whoever got it might be the worst off. Arthur drew it. However
I felt he was partly compensated since the cost of the Government bonds was
only $4.00 so he got more of the city bonds.

 I only got quotations on these foreign bonds about once a month
but some time later when I received a quot.tion sheet the German Government
bonds were quoted at $1700.00 per million and we naturally thought they would
go higher. However they went way down but we would still have a good
profit, especially Arthur. We kept holding until one day I decided I was ready
to sell mine. V. E. Follmar agreed with me but Arthur said he was going to
hold his. I put Follmar's and my bonds in a traveling bag and went to Chicago
and to the Continental Natl Bank where I had purchased them. Since there
were a whole traveling bag of papers I did not like to ask the men in
the foreign department to take time to list them while I was there so I
told them to make a list at their convenience and sell as the could. Later
I knew that was a mistake for I think they thought I wasnt too much concerned
and they did not make the best sales. However I cleared about $300.00 out of
the venture and besides we had fun. The second world war came on and Arthur
lost his intire investment.

 Another venture described in EXHIBIT 3 I only have a vague
rememberence of. A group of men in and about Monterey purchased $5000.00
Bankers Joint Stock Land Bank. The ink on the our agreement has faded so
I am not sure about the figures but it appears that we paid $3000.00 for the
$5000.00 bond. I do not remember but it would appear we did not loose elese
I would have remembered. The Joint Stock Land Banks were organized bu the
U.S. Goverment to take care of farm loans that the Insurance Companies
were unable to handle. It was generally thought that the U. S. Government
were guaranteeing these bonds and they were rated in quality next to Govern-
ment bonds. When the land prices broke they began to fold up and it was
discovered that there was no Government guarentee-hence their bond went down
50 and 60 cents on the dollar.

 Early in this story I mentioned that Mr. Buehrle had iniated me
in the purchases of delinquent taxes at tax sales. In a tax sale advertise-
ment I noticed that some of the Casey land about 80 rod north of the Warren
bridge was for sale and since there was no comp3tion I bought same. I am not
sure but I believe it coet in the neighborhood or $150.00. After two years
if the owner does not redeem same the purchaser gets an Auditors deed.
However until the title is quieted thru a Court procedure your title can be
attacted by the owner. 30 I hired and attorney to file the proper papers
to quiet title on this land so that I could sell and give a waranty deed.

Page 10

If I would have tried to sell the land before title was quieted I could
only give a Quit-Cla1m deed which means that I am only selling what rights
I have. In my position at the bank I felt I could not do that even tho I
had people who were wil11ng to take it. Even tho I explained it to them
and later one of the heirs demanded possession I would have been accused
of cheating them.

 As soon as suit was started another attorney filed a contest. I did
not want to get mixed up in a Court contest so I offered to sell at $llOO.OO
and they accepted and agreed to pay my attorney and all court cost. In
addition to the $1lOO.OO I had the proceed from two crops of soy beans
planted on the titlable land.

 One day I was in Rochester and was talking to the County Treasurer
about some delinguient taxes that I been offered for sale and to date no
buyers. He called my attention to a house and lot in Kewanna that was for
sale for maybe thirty or forty dollars. I wasnt familiar with the property
at that time but he said he thought it was all right so I gave him a check
for the amount and at the end of two years I got my Auditors deed.
Several people were trying to buy it of me but again I did not feel that
dared to sell until I was in a position to give a warantee deed. One day
Dr. L. E. Kelsey, my nephew, said he would buy it on a Quick-Claim deed
and since I knew he understood the situation, I sold it to him for $600.00.

 As you can see I made a substancial profit in both of the above cases
but this was the last of the tax purchased as more people were learning
about the profits in thes purchases and there was competion at the sales.

 One day Adam M. Kleckner, my great Uncle, came in the bank and said
he wanted me to be his legal guardian. He had always been very acurate in
his figures and I knew he had been having some trouble keeping his balance
on his checkbook stubs for some time, yet I was surprised that he would
consider such an action. I warned h1m that would be a very serious act, that
he would be surrendering his control of his money, bonds and all his real-
estate and I suggested that he consider the matter some more before making
any final move. He went home but in a few days he was back and said he
understood what he was doing but felt he had no alternative. At my request
he signed a request to the Judge of Pulaski County requesting that I be
appointed. I was appointed and served as Guardian until his death a few
years later. He had about $23000.00 in U. S. Government bone, some bank
deposits, Some land in Union County, Indiana, land in Fulton County and
land in Pulaski Count and. house in Monterey. All this entailed a lot of
work on my part and altho I spent a part of most Sundays with him I felt
that some of the banks time was used so I divided my fees with the bank
retaining $400.00 for myself.

 When the great depression of 1929 hit our country the bank owned
some general market bonds. The National Banking department had a rule
that when the rating of any such bonds went below "BBB" the difference
between the book value and the market value would have to be charged off
even tho the interest was being paid as due. This appeared to be a rather
foolish rule since if the bank held a customers note and he was paying the
interest they would not have asked us to charge it off. The main reason
the bond market was 80 bad there were all sellers and no buyers - everybody
was trying to sell bonds to get some cash. As explained in EXHIBIT 4
the banks bond account showed considerable depreciation and charging it all
off against our surplus would result in our surplus being below the
standard required.

Page 11

Some of us went to Chicago and met with some of the Federal Reserve Bank
officials. ( I dont know why they were taking care of this matter instead
of the National Bank Examiner unless he was too busy with others) The
suggested that maybe we would have to make an assessment on our stockholders
but I told them that would cause a run on or bank and that we would just
as well go home, close our doors and liquidate the bank. I think they well
understood that and they were anxious to keep as many banks operating as
possible so they suggested that we directors kick in some money personally.
) A few years before that a bank examiner that had been especially friendly
to me told me that if our bank ever got in any difficulty not to let
the department preasure us into contributing or personal funds) so I told
them that that was out of the question. A Mr. Prugh one of the Federal
Reserve Bank Vice Presidents whom I had met a number of times at bank
meetings had been very friendly to me and and had befriended me when all
the banks in Illinois went on an moritorium. When I read about the Illinois
banks going on a moritorium I called Mr. Prugh at the Federal Reserve Bank
Chacigo if that affected them also and he said it did. We had concentrated
all our cash reserve in the Fed. and I was somewhatstunned but while I was
at home to dinner he called me back and asked if we needed cash. I told
him not now but it would be a good feeling to know we could get it if
needed and he promised to see that we got currency if needed. Mr Brugh
was a party to the interview we were having at the Fed. and I could feel
he wanted to help us and he finally said " Charlie can you at least raise
a little". If we would of refused to do anything I dont actually think they
would have pressed the matter but in the face of what Mr. Prugh had ,
done for us I decided we shold do something so we agreed to raise $3500.OO,
as provided in EXHIBIT 4 mentioned above. In arguing the matter with them
I mentioned that there were no way we could recover the money we contributed
and Mr. Prugh replyed "Hell you pay salaries" - and that is the way we did
recover our money. The foregoing story does not directly have anything to
to do with the building our estate but it demonstrates the risk a person
must sometimes take.

 In the early part of this story I mentioned that we always kept very
accurate records of all our transactions and I also believe I mentioned
that these records got so bulky that I had to destroy some of them. I also
believe that I mentioned that at the time Lenore and I were marrIed I
had assets of around $5000.00 and Lenore $500.00. I find no further
records of our financial affairs until 1941 3/4 On Dec. 31, 1941 we had assets
of $33751.79.

 On Dec. 31, 1945 we showed assets of $44905.20 then I find no more
records untill Dec. 31 1956 when our assets were $108474.33. Included in
this total were Checking account $2981.--. Certificates of Deposits $9?74.00
U.S. Savings Bonds, redemption value, 61565.00, U.S. Treasury Bonds $7000.00
44 shre bank stock $2700.00, industrial stocks $4850.00, Notes and mort-
gages 26489.00 and our house that cost $7235.00 carried at $2000.00. I always
set up reserves for replacement of furniture, Auto and other things so
that when we had to replace any of these items it did not make a deep hole
in our net worth. and hence $9000.00 was deducted from the sum of these items.

 In 1965 [possibly 1955] filed my report as Executor of my brother wilbert's estate.
On his deathbed he said he wanted to change his will which provided that
all his estate go to his daughter Rosemary (which ment it would automaticaly
go to the order of nuns to which she belonged), leave her the savings bonds

Page 12

and divide the remainder Mildred, Bob and I [possibly Ida] saying that he thought both
Mildred and Bob could use the extra money? However he was never able to
make the change and died two days later. Knowing what Wilbert's intentions
were I asked the order of Nuns to allow Mildred the income from his
eastate during her lifetime. They refused but instead allowed me as executor
to give her $1000.00. To offset this I decided to make a charge of $3000.00
for services as executor, give Bob $1000.00 and the balance for me out of
which I would have to pay the taxes and my expenses of administrating
Wilberts estate. Anticipating being in a high tax bracket for that year
we donated $1980.00 to our church to pay for the instal1ation of electric
bell ringers, and we had other deductable items of $300.51 plus our
personal exemptions of $1200.00 made toatl of $3480.57 to be deducted
from a total income of $12234.52. This
left a taxable income of $8753.01 and the $3000.00 equals approximately
39% of the total. Since the $3000.00 would be in the higher tax bracket
I figured that the $915.01. of my total tax bill of 1915.01 could be
chargable to the $3000.00 I had considerable work and expense since the
buyer of the store and fixtures still owed on his contracts and it was
necessary for me to make trips to Hammond, Crownpoint, Winamac etc.

 I can find no record of my income for the year 1953, the year before I
resigned from the bank but in 1949, the year before Mr. Wamsley came to
work at the bank I find that my monthly take home pay was $226.50 so I
assume I was getting about $235.00 since after Mr. Wamsley came I con-
tributed part of my wages to help pay him as the earnings of the bank at
that time would not justify wages for two top men.

 Altho I retired on Jan 1, 19S4 I was rather active in the management
of the bank and I was paid $500.00 for the years 1954 and 1955.

 When I retired I took the insurace agency, which had always been
in my name home with me. At that time my total annual commissions were
approximately $2500.00. I did
income tax reports at home and my fees for that and my insurance commissions
for 1954 amounted to $3270.51 which togeter with the $590.00 bank salary,
$150.00 directors fees, $1010.00 interest and $1341.40 dividends made me
a total income for that year of $6272.20.

 If appears that when I destroyed some of my record that I kept some
of the older ones and destroyed some of the later ones. I find no record
from 1956 when I showed assets of $108474.83 until 1965 when our assets
totaled $149442.61. I contiued to do income tax reports until 1965 but I
sold the insurancy to the bank about 1958 for $3000.00. The agency was possibly
worth $5000.00 or more but since I had built it while I was in the bank
I felt I would not be justifyed in asking any substancial price. At the
time I sold the agency I had built the commissions up to about $5000.00,
or double what it was when I retired. I had plenty of time to devote to
it and each time a policy came up for renewal I would go over the situation
carefully and usually they were far under insured. For one thing in the past
the insurance Companies were always afraid to over insure but recently they
had reversed their reasoning and wanted full coverage. Besides the value
of building material and labor were going up at a fast rate. At the same
time auto insurance ineurance preaiums were also go1ng Up fast, all of
which increased the commissions.

Page 13

 During all this time the income from our investments had been going
up also.

 I failed to mention that in 1944 my Father died and each of us children
received $1900.00 from his estate.

 In February of 1965 Lenore's Mother died. Since as stated on page
11 our estate totaled $149443.67 we felt that we, with our social Security
could get along very well so I joined with Lenore and deeded her undivided
one-half of her Mother's 160 acre farm to Lenore's brother Willard Bringham.
Her money and personal property was turned over to him also.

 In January of 1967 her brother died leaving everything to Lenore, she
being is only heir.

 We were in Phoenix, Ariz. at the time of his death and had to fly home.
Land prices were boom1ng at that time and several people wanted to buy the
farm. We had to go back to Phoenix as we had drivin out and our car and
personal belongings were still there. To wait till we
came home in April would be too late for anyone to buy and put out a crop
and it would be too late to rent so a price was decided on and the farm
was sold to Ralph Winters at $275.00 per acre or $44000.00 with 20% down
and the balance in annual payments of $2500.00 with 5.5% interest payable
semiannually. 5.5% interest seems very low just at this writing but at that
time it was a fair rate. The $44000.00 fram sale of farm plus Cash and ,
proceeds from sale of personal property amounted to about 66500.00 and that
year the total of our estate jumpted from 152365.46 in 1966
to $224304.59.

 Interest rates begain to soar and our estate continued to grow at a
rather fast pace. Following is a list of our totals thru 1974:
 1968 $271794.82
 1969   305425.00
 1970 315183.55
 1971 missing
 1972 339852.71
 1973 365601.68 The large increase may be due to
   a change in valuation of certain
  June 1974 387649.82 No December report we were in

 When the June report was made we had $233000.00 in U. S Bonds which
we listed at par but if liguidated now would result in a substancial loss
but we forsee no reason to liquidate any of them before maturity as the
maturities are so arranged that some are comming due about every year.

 Also in this June report we list $60972.45 in stocks while the market
value at that time was 73165.00 allowing for market fluxuations.

 I try to keep our holdings as evenly divided between Lenore and myself
to lessen taxes when one of us die.

 The growth of our estate has been more then we could have dreamed of.
While we aimed to try and save some each year we never set and goal to reach

Page 14

However the last several years the interest rates have been very favorable
on investmente and many of the U. S. Bonds held by us are yielding 8 and 8.5%.

 I dont know when I began to buy stock as I did not keep any records in
the beginning not thinking I would be investing in the stock market. The
dates on the stock certificates do not always indicate the date of purchase
as I was not aware of an intangubles tax passed by our state and had not atta-
ched the proper stamps so in an attempt to avoid penalties I transfer what
was in my name to Lenore and she transferred what was in her name to me so
that the certificates would be currently dated and I attached the proper stamps
thereafter. The dates of some later purchases were changed by consolddating
a number of certificates into one.

 I think I began in the early or middle depression years - in the 1930s-
buying 10 or 20 shares at a time.
Exhibit 5 is a list of stocks purchased early showing the number or
shares we now own with the cost and present market value, indicating an
appreacion of $51381.30 or 624%. Yield on bassis of cost would be 42% and
on the basis of present market value 5.95%.

 I had no help in selecting the stocks but tried to stay with Corpor-
ations that had been in bus1ness quite a while and a good record. The large
number of shares come about by reason of stock dividends for at that time
I only bought a few shares in each corporation. ( I dont think a broker
woud1 bother with 10 and 20 share purchases now. I dont know how many shares
of Goodyear I bought but I do?? if it was more then 40 ?? 50, likewise
Melvill Shoe. I think I may have had 30 shre of Stand 0il and likely not
more then that in General Motors.

 In recent years I bought some stocks recommended by a broker whom I
think was pretty well versed in stocks but so far I have not fared so well.
One issue of a comparative small corporation that was doing real good was
swallowed up by another corporation and the broker told me to get out and I
did but it turned out I should have stayed. Another one he recommended and
it was being taken over by another corporation but when he told me to sell
I stayed this time but should have sold. However to date I have experienced
no actual loss. However the new corporation got into trouble and reorganized
and I got 100 shares of preferred stock for my old common stock and to date
it has been paying me 100.00 per year in dividends but the present value of
the preferred stock is far below what I paid for the common stock. However
I am not blaming the broker too much as I had been living in a generally
rising market, with some rather violent ups and down, while things have been
mostly down in recent years. Some purchases in Preferred stocks and general
market industrial bonds purchased in the past several years have not done too
well marketwise., due to the increased interest rates but outside the issue
mentioned above which could result in a loss, I anticipate no other problems.

 In 1967 I decided the detailed records we were keeping of our income
and disbursments was getting too difficult due to my failing eyes and accuricy
so I have changed to an easier way of keeping record of our income and
keeping no records of our disbursements.

 I made a ledger card for each security held by us. On this ledger
sheet or card in my case, is the name of the issuing corporation, the date
of the stock certificate or bond as the case may be, the total amount of
the same issue with same date and maturity the same interest rate and the
same payee. I also have card for each Certificate of deposit, one for social

Page 15

Security and one for misc, items such as repayment for medicaly expense
by Medicare. I mark each item when I make a deposit and keep a dup-
licate. At the end of each month I post the items shown on deposit ticket
on the ledger card. In this way I can see if the dividends or interest
on each issue is being received and at the end of each six months period
I draw a red line under the interest or divident column abd set out to the
side the total for the period. I try to total my income at the end of each
6 months so in this way I only have to add the total so set out and at
the end of the year add both totals. Exhip 6 is a sample of how investm-
ents and interest records are being kept.

 In 1974 our income was over $25,000.00 but it will most likely be the
highest income we will have as it now appears that interest rates are
coming down and since we have investments falling due about every
year we will have to reinvest at a lower rate.

 Any success we may have had in building an estate must be at least
partly due to the fact that we have always been conservative in our living
habits, gave careful thought before making any substancial expendature
and no doubt our Guardian Angel was always close at hand.

 From all of the forgoing story it might appear that all was work
in an effort to build and estate. But as mentioned before we aimed to
try and save some as we went along but never with any thought of trying
to build an estate. If yO~l coud read what diary I kept you would see
that I was very active outside of work time. Also after Lenore and I were
married, with the exception of maybe one or two years I took my two weeks
vacation and we usually toured the U. S.. One year when I was not feeling
too well we were gone 23 day and in 1941 we took a 60 days trip thru
the west and northwest. We have attended three worlds fairs, Chicago, New
York and Seattle. We went by to Seattle and returned by train for
ezperience. We have traveled in every state in the continental U.S. and
have been in Canada north as far as Quebec City. For the past 10 years
we have spent the winters in Phoenix, Arizona.

 During our early married life we were active in local affairs of
every kind, parties etc. Lenore has been on our local library board
since it was establlshed in 1918. I was town treasurer for a number of
years and am a charter member of the Monterey Lions Club.

 We drove model T ford cars for a number of years then went to chev-
rolets and then to buick, one Olds and we are now driving a Buick LaSaber.

 From 1923 we have always lived in modern houses and as mentioned
befor we built us a new house in 1940. Originally we had stoker heat but
after I was afflicted with a bad case of arthritis and could hardly fill
the hopper with coal we converted to bottled gas and at the same time
added central air conditioning.

 In later years I began going fishing every year with three other
men. For the first few years my wife and one of the other mens wife
went with us and they stayed in town at a rooming house but later they
decided to stay at home and we men went alone. We always went in August
as the weather was usually more settled. We played cards more then we
fished. The four of us made these annual fishing trips for over 20 years.

 I had been buying power tools for several years and after retire-
ment I began doing wood lathing and get fairly proficient. Lenore has

Page 16

a collection of Spoonholders and also spoons. She also has some rare
glass dishes and some antitues together with a number of collectors

Note: I failed to note when the foregoing was written but the foll-
tng is being written as of Sept 9,1977.)

 We continue to prosper financially contrary to my predictions
in the foregoing. As of June 30,1977 the total value of all our
assets was 468600.00 and our toatl income from all sources in 1976
was approximately 30000.00.

 Due to the fact that in the period Jily 1, 1976 and June 30
1977 we made some extraordinary expendertures ( 1000.00 for a
monument and a 3748.00 donation to the church for repair ofwindows)
our net savings for the period was only 1275.00. However as I be-
lieve I mention before in this story 0£ our financial situation,
we are making no special effort to save money. We are paying Cora
Peters 15.00 a day to come about 9AM and stay till 2 PM. Also we
pay ill expenses to and from Phoenix and while we are there -Gas,
Oil, use 0f care, food and lodging on the road to and from Phoenix,
and rent and food while at Phoenix. We possibly would spend more
if we were physically able to go more. Our ages are now 82 and
86 respectively.

 On the basis of the June 30, 1977 market value (l09300.OO
and the present dividend (5470.00) the net yeild on all my stocks
is even 5%. On the basis of the cost of all stocks (28680.00 and
the present dividend (5470.00) the yield is 19%. I i959 and the
early 1960s I bought some preferred stocks and due to the higher
interest are now priced much lower the costs. However the stocks
are well rated and if the money rates would go down they would
be worth the cost.

 I have one stock that is in financial trouble. This stock
was in a comparetively small company which was prosperous but one
of the conglamorates raded its stock and took it over. The con-
glamorate got into financial trouble and I now have lOO par value
1.00 shares of preferred stock that at the present market is
worth about 1300.00 and is paying 100.00 per year dividends. I
intend to hang on to the stock and maybe recover my investment
of 2534.02 or lose it all. On the basis of the present market
and dividend it is yielding about 7.7% which is not too bad and
would indicate that there are other people intered in gambling
on this stock.

 I guess the forgoing pretty well describes our financial