gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
419883fbb0fefe53
Response Measures
None
Receivership Details
Date receivership started
1898-09-27
OCC cause of failure
Losses
Share of assets assessed as good
2.2%
Share of assets assessed as doubtful
47.2%
Share of assets assessed as worthless
50.7%
Description
The bank suspended following an examination that revealed massive embezzlement by its president; it was later succeeded by the City National Bank, but the original entity eventually entered formal receivership.
Events (6)
1.December 7, 1881Chartered
Source
historical_nic
2.May 20, 1897Suspension
Cause
Bank Specific Adverse Info
Cause Details
Examination revealed embezzlement, forgery, and mismanagement by President John F. Johnson totaling over $200,000.
Newspaper Excerpt
The State National bank closed its doors yesterday morning. The action was due to an examination by National Bank Inspector George B. Caldwell
Source
newspapers
3.June 24, 1897Other
Newspaper Excerpt
The City National Bank, organized on the ruins of the failed State National... opened its doors for business this morning.
Source
newspapers
4.January 11, 1898Voluntary Liquidation
Source
historical_nic
5.September 27, 1898Receivership
Source
historical_nic
6.September 27, 1898Receivership
Newspaper Excerpt
Joseph W. Selden, national bank examiner for the Logansport (Ind.) district, has been appointed receiver for the State National bank at that place.
Source
newspapers
Newspaper Articles (23)
1.May 21, 1897Las Vegas Daily OpticLas Vegas, NM
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STILL FAILING. Prosperity Seems to Have no Effect on HardPressed Banks. NEW YORK, N. Y., May, 21. The Third national bank of this city announced, this morning, that it will go into liquidation. It has $12,000.00 of deposits and claims solitiney. It will turn over its affairs Horow City bank, which will pay deposi our The City bank has $43,000,000 in assets. LAWRENCE, N. H., May 21.-The Lake village bank follows the Belknap savings bank and suspends. WASHINGTON, D. C., May 21.The failure of the State national bank of Logansport, Indiana, yesterday, was due to the management's loaning heavily to its president. BOSTON, Mass., May 21. -The Han. cock national bank goes into líquidation, to-day, and the Mercantile trust company takes charge of its affairs. WASHINGTON, D. C.,May 21.-Act. ing comptroller of the treasury, Coffin, was notified, this morning, that the First national bank of Orleans, Nebraska, had failed.
2.May 21, 1897El Paso Daily HeraldEl Paso, TX
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Bank Failures. NEW YORK, May 21.-The Third National bank of this city announces this morning that it goes into liquidation. It has twelve million dollars on deposit. and claims solvency. It will turn over to the City bank which will pay the depositors. The City bank has forty-three million in assets. LAWRENCE, N. H., May 21.- The Lake Village bank follows the Belknap Savings bank and has suspended. WASHINGTON, May 21.-The failure of the State National bank of Logansport, Indiana, was due to bad management and heavy loaning to the president. BOSTON, May 21.-The Hancock National bank goes into liquidation. The Mercantile Trust company takes charge of its affairs. WASHINGTON, May 21.-Acting Comptroller of the Treasury Coffin was notified this morning that the First National bank of Orleans, Neb., had failed.
3.May 21, 1897Rock Island ArgusRock Island, IL
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FAILURE OF AN INDIANA BANK. State National at Logansport-Depositors Lose More Than Half. Logansport, Ind., May 21.-The State National bank closed its doors yesterday morning. The action was due to an examination by National Bank Inspector George B. Caldwell, who came to inspect the banks of the city Wednesday. The liabilities are estimated to be over $700,000, with resources all the way from $200,000 to $500,000. The failure is alleged. to be due to mismanagement. Of the resources $500,000 are in notes and bank paper of which less than one-half is good. The deposits run about $400,000. It is believed now that the depositors will realize less than 50 cents on the dollar.
4.May 22, 1897The Copper Country Evening NewsCalumet, MI
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Logansport, Ind., Bank Fails. Logansport, Ind., May 22.-The - State National bank closed its doors yesterday morning. The action was due to an examination by National Bank Inspector George B. Caldwell, who came to inspect the banks of the city Wednesday. The liabilities are estimated to be over $700,000, with resources all the way from $200,000 to $500,000. The failure is alleged to be due to mismanagement. Of the resources $500,000 are in notes and bank paper of which less than one-half is good. The deposits run about $400,000. It is believed now that the depositors will realize less than 50 cents on the dollar.
5.May 22, 1897The Salt Lake HeraldSalt Lake City, UT
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"Here's a Pretty Mess." Logansport, Ind., May 21.-There were sensational developments today in the bank failure. This afternoon, Bank Examiner Caldwell swore out an affidavit charging John F. Johnson, president of the State National Bank, with embezzling, misappropriation of funds and with intention to deceive and defraud the bank and the bank examiner. Forgery is also charged against President Johnson and the examiner thinks that the amount will run up to $201,000. He is alleged to have embezzled $101,000 of bank funds, $61,500, of which was concealed in a certificate of deposit and $40,000 in the individual ledger. The arrest will likely take place in the morning. President Johnson is charged with forgery of the names of prominent business men to a total of 30 notes representing $201,000. One hundred thousand dollars worth of property has been deeded to the bank during the last 24 hours by Johnson.
6.May 26, 1897The Ely MinerEly, MN
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Article Text
An Indiana Bank Fails. Logansport, Ind., May 21.-The State national bank closed its doors Thursday morning. The action was due to an examination by National Bank Inspector George B. Caldwell, who came to inspect the banks of the city Thursday. The liabilities, it is estimated, will be over $700,000, with resources all the way from $200,000 to $500,000. The failure is alleged to be due to mismanagement. Of the resources $500,000 are in notes and bank paper, of which less than one-half is good. The deposits run about $400,000. It is believed that the depositors will realize less than 50 cents on the dollar.
7.May 26, 1897Shiner GazetteShiner, TX
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Charged With Misappropriation Logansport, Ind., May 22.-The sensational developments in the bank failure, as expected, are coming to light every hour. At 5:30 o'clock yesterday afternoon Bank Examiner Caldwell swore out an affidavit charging John F. Johnson, president of the State National bank, with embezzlement, misappropriation of the funds and with intention to deceive and defraud the bank and the bank examiner. The paper is in the hands of United States Commissioner Funk and will be served as soon as a United States deputy marshel can be secured, but probably not before this morning. Forgery is also charged to President Johnson, and the examiner thinks the amount will run up to $201,000. He is alleged to have embezzled $100,000 of bank funds, $61,500 of which was concealed in the certificate of deposit and $40,000 in the individual ledger.
A BANKER'S TROUBLES. He Is Charged With Several Species of Dishonesty. Logansport, Ind., May 21.-The sensational developments in the bank failure, as expected, are coming to light every hour. At 3:30 o'clock this afternoon Bank Examiner Caldwell swore out an affidavit charging John F. Johnson, president of the State National bank, with embezzlement, misappropriation of funds and with the intention to deceive and defraud the bank and the bank examiner. The paper is in the hands of United States Commissioner Funk and will be served as soon as a United States deputy marshal can be secured, but probably not before tomorrow morning. Forgery is also charged to President Johnson, and the examiner thinks the amount will run up to $200,000. He is alleged to have embezzled $100,000 of bank funds, $61,500 of which was concealed in the certificates of deposit and $40,000 in the individual ledger.
9.May 27, 1897River Falls JournalRiver Falls, WI
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Article Text
An Indiana Bank Fails. Logansport, Ind., May 21.-The State national bank closed its doors Thursday morning. The action was due to an examination by National Bank Inspector George B. Caldwell, who came to inspect the banks of the city Thursday. The liabilities, it is estimated, will be over $700,000, with resources all the way from $200,000 to $500,000. The failure is alleged to be due to mismanagement. Of the resources $500,000 are in notes and bank paper, of which less than one-half is good. The deposits run about $400,000. Depositors will get les than 50 pers cent.
10.May 27, 1897The News-HeraldHillsboro, OH
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Guy Kennedy has been called tempor. arily to Logansport, Indiana, as an expert, to investigate the affairs of the State National Bank, from which it will be remembered Cashier Johnson is charged with having stolen $600,000 This selection for such a responsible work speaks volumes for the esteem in which Guy's abilities are held by the National authorities The Cincinnati Times Star says: Mr. Guy H Kennedy, the expert who has been assisting Receiver George P Wilshire in straightening out the affairs of the defunct First National Bank, was telegraphed by Comptroller Eckels, Mon day afternoon, to proceed at once to the State National Bank at Logansport, Ind., and make an examination of the books at that institution. He will return to the First National in about ten days. Comptroller Eckels credits Mr Kenne dy with sending in the most complete and able report of any of the experts employed for that purpose
11.May 27, 1897The Morning NewsSavannah, GA
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LOOTING AT LOGANSPORT. Bank President Johnson's Shortage $350,000. Logansport, Ind., May 26.-Bank Examiner Caldwell this afternoon found in a private box in the vault of the wrecked State. National Bank some private correspondence belonging to President Johnson, which throws some light on the channels that absorbed the missing money. Mr. Johnson was interested with exUnited States Treasurer J. N. Huston of Connersville, Ind., in a phosphate bed in Virginia, and the loss in this direction will probably amount to $100,000. His dealings in Colorado and Wyoming mining stocks swallowed up another big sum. Heavy losses were made in wheat speculation in Chicago and Toledo "bucket shops," and the board of trade. It is believed that Mr. Johnson's shortage, which already foots up $350,000, will not be increased by further examinations. The reorganization of the bank is not thought possible, and a receiver will be appointed.
12.May 27, 1897Warren SheafWarren, MN
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An Indiana Bank Fails. Logansport, Ind., May 21.-The State national bank closed its doors Thursday morning. The action was due to an examination by National Bank Inspector George B. Caldwell, who came to inspect the banks of the city Thursday. The liabilities, it is estimated, will be over $700,000, with resources all the way from $200,000 to $500,000. The failure is alleged to be due to mismanagement. Of the resources $500,000 are in notes and bank paper, of which less than one-half is good. The deposits run about $400,000. It is believed that the depositors will realize less than 50 cents on the dollar.
13.May 27, 1897Richmond DispatchRichmond, VA
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HOW THE MONEY WENT. Some of It Sunk in a Virginia Phosphate Bed. LOGANSPORT, IND., May 26.-BankExaminer Caldwell this afternoon found in a private box in the vault of the wrecked State National Bank some private correspondence belonging to exPresident John F. Johnson, which throws some light on the channels that absorbed the missing money. Mr. Johnson was interested with ex-United States Treasurer J. N. Huston, of Connersville, Ind., in a phosphate bed in Virginia, and the loss in this direction will probably amount to $100,000. His dealings in Colorado and Wyoming mining stocks swallowed up another big sum. Heavy losses were also made in wheat speculation in Chicago and Toledo "bucket-shops," and in boardof-trade dealings. It is believed that Mr. Johnson's shortage, which already foots up $350,000, will not be increased by further examination. The reorganization of the bank is not thought possible, and a receiver will be appointed.
14.May 28, 1897Little Falls Weekly TranscriptLittle Falls, MN
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EMBEZZLEMENT CHARGED. Sensational Developments in the Logansport (Ind,) Bank Failure. LOGANSPORT, Ind., May 22.-The sensational developments in the bank failure, as expected, are coming to light every hour. Bank Examiner Caldwell has sworn out an affidavit charging John F. Johnson, president of the State National bank, with embezzlement, misappropriation of funds and with intention to defraud the bank. Forgery is also charged to President Johnson and the examiner thinks the amount will run up to $201,000. He is alleged to have embezzled $100,000 of bank funds, $61,500 of which was concealed in the certificate of deposit and $40,000 in the individual ledger.
15.June 4, 1897The Indianapolis JournalIndianapolis, IN
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CITIZENS HAVE CONFIDENCE. Revival of Business in Logansport Since the Bank Failure. Special to the Indianapolis Journal. LOGANSPORT, Ind., June 3.-The people of Logansport are very much elated over the recovery from the State National Bank failure. Depositors will lose nothing from it, borrowers will not be embarrassed and business will go on as usual. Bank Examiner Caldwell expressed himself as highly pleased with the manner in which the citizens of Logansport have stood up under the heavy blow of the failure of the State National Bank, and especially with the manner in which they have taken hold of the work of reorganization. In all his experience, he stated, this has been the most remarkable of which he had ever heard. Since the 20th of May one of the most stupendous bank frauds ever known in a town of this size has been unearthed, involving the suspension of business in the way of credits of nearly a million dollars, the perpetrator of the frauds has been landed in the penitentiary and the work of reorganization of the wrecked bank, so far as the citizens are concerned, has been completed. Every one has worked together harmoniously and the best of feeling has prevailed, even through the first few days of a financial scare that in many other places would have created a panic that would have carried down with it many of the leading business firms of the city, while here only one failure has been noticed as the result of the bank collapse. The reorganized bank will be known as the City National Bank, and will be opened in two weeks.
16.June 8, 1897The River Falls TimesRiver Falls, WI
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diamond jubilee, and invitations have been issued through the mayor to exPresidents Grover Cleveland and Benjamin Harrison to attend. It is expected that the former at least will be able to attend. General. A sugar beet syndicate has been formed in Colorado. The National Wallpaper company won a suit at New York involving $38,000,000 of its securities. Frank Slavin lasted just two minutes in his fight with Jim Butler of Philadelphia before the California Athletic Club of San Francisco. Texas is harvesting the largest grain crop in its history. Conservative estimates place the wheat yield at from twenty to twenty-five million bushels. The Illinois senate has passed the house bill appropriating $1,000 for the painting of a portrait of ex-Gov. Altgeld. C. C. Smith, the Black Thunderbolt, knocked out Jim Delaney of Portland, Or., in thirty seconds of the second round at the Maple Avenue Athletic club at Elmira, N. Y. A new treatment for lock-jaw has just been successfully tried at the German hospital at Sanfrancisco under the direction of Dr. Conrad Weil. It consists of injections of a tetanus anti-toxin of diphtheria. Because of some boys' pranks twenty-three students of Parson's college of Fairfield, Iowa, all belonging to the Orio club, have been suspended till fall. Three are seniors. The rest will all escape examinations. The citizens of Logansport. Ind., have completed the subscription of $200,000 necessary to the reorganization of the recently failed State National bank and restore the impaired capital and the bank will be reorganized. The international art exhibition was opened at Munich by Prince Regent Luitpold in the presence of the court dignitaries, ministers, members of the diplomatic corps and the civil and military authorities. There are many American exhibits. The West Burlington, Iowa, shops of the Burlington railroad has began working full time with a. full force. An increase of $50,000 per month in wages will result. Additional men are now being employed over the entire Burlington system. Libby prison at Chicago will soon be closed. The Appomattox table, the first oil portrait of Grant and all the other pictares, documents, canon, rifles, shot and shell forming the collection of American war relics will probably find a resting place in Washington. At the National Sporting club in London the twenty-round match for $4,000 between Dick Burge and Tom Causer was brought off before a large crowd. Burge was a warm favorite He made some clever points during the first five rounds but in the sixth he was cautioned twice for hitting too low, and in the seventh was disqualified for a foul. Attorney General Boyle of Kansas in the investigation of charges by the Kansas City Stock Yards company, will take the testimony of President Charles Francis Adams, Treasurer Charles Meriam and others and try to get at the original stock books in Bos. ton. The Kansas officials hope to sub. stantiate the claim that the company's stock has been watered. Loretta M. Kane of Chicago has brought suit for $50,000 against Sher iff Phillips of Dubuque county, Iowa and Mercy hospital. She was a teach. er in a Chicago public school and had some trouble with the board of edu cation. She alleges that on June 13 1896, she was imprisoned in Mercy
17.June 17, 1897The Indianapolis JournalIndianapolis, IN
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The New Logansport Bank. Special to the Indianapolis Journal. WASHINGTON, June 16.-The directors of the new City National Bank at Logansport will be John Grey, Almon P. Jenks, W. C. Pennock, John C. Ingram, John T. Ellott, William H. Bell, George W. Funk, Isaac Schidler and Isaac N. Crawford. Controller Eckels has received word that the entire capital stock of the bank, $200,000, will be paid in by Saturday of this week, and it is probable that the new institution will be ready for business on the Monday following. The City National will buy out the assets of the failed State National, and assume its liabilities, a deal which is entirely satisfactory to the controller, as it assures the full payment of the debts of the old bank. The affairs of the old State National will therefore be closed out without the formality of a receiver or liquidator.
18.June 18, 1897The Pioneer ExpressPembina, ND
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disappeared there. General. A sugar beet syndicate has been formed in Colorado. The National Wallpaper company won a suit at New York involving $38.000,000 of its securities. Frank Slavin lasted just two minutes in his fight with Jim Butler of Philadelphia before the California Athletic Club of San Francisco. Texas is harvesting the largest grain crop in its history. Conservative estimates place the wheat yield at from twenty to twenty-five million bushels. The Illinois senate has passed the house bill appropriating $1,000 for the painting of a portrait of ex-Gov. Altgeld. C. C. Smith. the Black Thunderbolt. knocked out Jim Delaney of Portland. Or., in thirty seconds of the second round at the Maple Avenue Athletic club at Elmira. N. Y. A new treatment for lock-jaw has just been successfully tried at the German hospital at Sanfrancisco under the direction of Dr. Conrad Weil. It consists of injections of a tetanus anti-toxin of diphtheria. Because of some boys' pranks twenty-three students of Parson's college of Fairfield. Iowa. all belonging to the Orio club. have been suspended till fall. Three are seniors. The rest will all escape examinations. The citizens of Logansport, Ind., have completed the subscription of $200,000 necessary to the reorganization of the recently failed State National bank and restore the impaired capital and the bank will be reorganized. The international art exhibition was opened at Munich by Prince Regent Luitpold in the presence of the court dignitaries. ministers, members of the diplomatic corps and the civil and military authorities. There are many American exhibits. The West Burlington, Iowa, shops of the Burlington railroad has began working full time with a full force. An increase of $50,000 per month in wages will result. Additional men are now being employed over the entire Burlington system. Libby prison at Chicago will soon be closed. The Appomattox table. the first oil portrait of Grant and all the other pictures, documents, canon, rifles. shot and shell forming the collection of American war relics will probably find a resting place in Washington. At the National Sporting club in London the twenty-round match for $4,000 between Dick Burge and Tom Causer was brought off before a large crowd. Burge was a warm favorite. He made some clever points during the first five rounds but in the sixth he was cautioned twice for hitting too low, and in the seventh was disqualified for a foul. Attorney General Boyle of Kansas in the investigation of charges by the Kansas City Stock Yards company, will take the testimony of President Charles Francis Adams. Treasurer Charles Meriam and others and try to get at the original stock books in Boston. The Kansas officiale hope to substantiate the claim that the company's stock has been watered. Loretta M. Kane of Chicago has brought suit for $50,000 against Sheriff Phillips of Dubuque county, Iowa, and Mercy hospital. She was a teacher in a Chicago public school and had some trouble with the board of education. She alleges that on June 13, 1896. she was imprisoned in Mercy hospital for ten days. Her arrest was due to a charge of insanity. Later she was examined. reported not insane, and discharged. Kentucky silverites have placed another woman in the field as a candidate for an elective office. Miss Mary G. Anderson, having been nominated in Montgomery county for superintendent of schools. The Louisville CourierJournal says that she has a handsome plurality over several opponents, belongs to one of the best families of the county. has taught several schools acceptably, and is a talented and refined young woman. It is believed that no more crews from Yale will be allowed to enter regattas away from home. The experience of the scrub eight, composed of candidates for the class crews and one or two former substitutes for the 'varsity at the Harlem regatta on Monday was very unsatisfactory. They were advertised everywhere as the Yale 'varsity crew. The eight that rowed at Harlem contained no oars. man that has rowed in a Yale 'varsity race.
19.June 25, 1897The Indianapolis JournalIndianapolis, IN
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NEW LOGANSPORT BANK. City National Takes the Place of the One Johnson Robbed. Special to the Indianapolis Journal. LOGANSPORT, Ind., June 24.-The City National Bank, organized on the ruins of the failed State National, from which the president, John F. Johnson, stole over a half million dollars, opened its doors for business this morning. The deposits of the day largely exceeded the withdrawals, and the bank starts with every assurance of a successful business career. The new organization has a paid-up capital of $200,000 and has assets to the value of more than $400,000 additional. There is sufficient cash in the vaults to pay every dollar of the deposit obligations, and, altogether, the City National Bank is a much stronger organization than the State National ever was.
20.February 4, 1898The Jasper Weekly CourierJasper, IN
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Asks for n Receiver. Logansport, Ind Jan. 26. - A supplemental complaint has been filed in the circuit court by Judge George E. Ross in the suit of Edwin P. Ferris against the State national bank for attorney's fees amounting to $1,514.16. Mr. Ferris asks that the transfer of the property of the State national bank to the City national bank be set aside and that a receiver be appointed for the former.
21.February 15, 1898The HeraldLos Angeles, CA
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National Bank Changes The latest bulletin of the comptroller of the currency, dated February 7, 1898, gives the following among other changes: Application to organize national bank approved-The Berrien County National bank of Benton Harbor, Michigan, capital $50,000, by H. D. Pool, Frank Welton, S. M. White et als. Voluntary liquidations-The State National bank of Logansport, Ind., by resolution of its stockholders, dated January 11, 1898. The First National bank of Pomeroy, Wash., by resolution of its stockholders, dated January 11, 1898. The First National bank of Clark, S. D., by resolution of its stockholders, dated November 1, 1897. The First National bank of Osage City, Kas., by resolution of its stockholders, to take effect February 1, 1898. Insolvent-The National Bank of Paola, Kas., was on February 1, 1898, placed in the hands of Thomas T. Kelly, receiver. The City National Bank of Quanah, Tex., Charles S. Jobes, appointed receiver in place of H. H. Kerr (resigned), to take effect February 1, 1898.
22.September 28, 1898Rock Island ArgusRock Island, IL
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Receiver for a Looted Bank. Washington, Sept. 28. - Joseph W. Selden, national bank examiner for the Logansport (Ind.) district, has been appointed receiver for the State National bank at that place. The bank was found to be insolvent. This is the bank that was wreeked by John Johnson.
23.April 7, 1899Marshall County IndependentPlymouth, IN
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A WEEK IN INDIANA. RECORD OF HAPPENINGS FOR SEVEN DAYS. Where the Money Went-A Discovery in Banker Johnny Johnson's Case-Receiver Selden Locates Some of the Funds Wasted in Wild Speculation. Where Money Went. Logansport, Ind.-Special: Receiver Selden of the State National Bank, wrecked by the defalcation of Johnny Johnson, two years ago, has discovered where Johnson spent a large portion of his money. Hundreds of thousands of dollars went in speculation, and records found among the banker's papers show that as much as $116,000 was sent to one firm for investment. After careful investigation it was found that something like $12,000 was due Johnson. and the stockholders, through Selden. succeeded in effecting a compromise yesterday whereby $10,000 of the amount was paid by the firm in question for a release of all claims. This amount is sufficient to pay all outstanding obligations. and Receiver Selden will be discharged. The stockholders will prosecute similar actions in other quarters. with a prospect of securing several thousand dollars additional. Mr. Selden spent Sunday with Johnson at the Columbus prison, and the banker expressed a willingness to assist in the restoration of any moneys by imparting information that may result to the advantage of the stockholders. It has long been a matter of conjecture where Johnson spent the half million he was short, but it is thought that he has given information that will clear up the mystery,
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
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You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
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