484101247 48410
national
cbdbe9c616a555d4Full suspension, Books examined
Other: Comptroller closed the bank and a national bank examiner was placed in charge; a receiver was appointed to liquidate the institution.
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Indiana National Bank Closed. Elkhart, Ind., Nov. 19.-The Indiana National Bank of this city, has been closed by the comptroller of the currency. The bank did more business than any other in the city. Its closing was the result of a steady run for several weeks.
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AN INDIANA BANK CLOSED. Couldn't Stand the Pressure, and a Receiver is Appointed. Elkhart, Ind., Nov. 19.-The Indiana National Bank of this city was today closed by the Comptroller of the Currency. National Bank Examiner C. S. Bosworth has been ordered to take charge of the bank.
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DUE TO STEADY RUN. Indiana National Bank of Elkhart Sus. pends. Elkhart, Ind., Nov. 20.-The Indiana National bank of this city has been closed by the comptroller of the currency. The Indiana National did more business than any other bank in the city. Its closing was the result of a steady run of several weeks.
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BANKS CLOSE DOORS. Comptroller of Currency Appoints a Temporary Receiver. Washington, Nov. 19.--The Farmers' National bank, at Henrietta, Tex., has been closed by direction of the comptroller of currency. Miller Weir, national bank examiner, has been appointed temporary re ceiver. The Indiana National bank of Elk hart, Ind., has notified the comptrol ler of the currency that it has closed its doors. The comptroller has ordered a national bank examiner to take charge of the bank.
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DUE TO STEADY RUN. Indiana National Bank of Elkhart Suspends. Elkhart, Ind., Nov. 20. The Indiana National bank of this city has been closed by the comptroller of the currency. The Indiana National did more business than any other bank in the city. Its closing was the result of a steady run of several weeks.
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INDIANA BANK CLOSED. Constant Run Had Proved Too Much for the Institution. Elkhart, Ind., Nov. 19.-The Indiana National Bank of this city has been closed by the controller of the currency. A bank examiner has been placed in charge. The Indiana National Bank did more business than any other bank in the city. Its closing was the result of a steady run of several weeks. President Justus L. Brodrick says that the depositors will be fully protected. He ascribes the closing to the steady, but almost imperceptible, run of several weeks, due to rumors set afloat by persons unfriendly to the institution and to the bank's inability to obtain help. He said there had been no bad loans and that the funds outstanding had been loaned for legitimate manufacturing enterprises in Elkhart. The bank's capital is $100,000; deposits, $624,400; loans and discounts, $634,462; surplus, $20,146; cash on hand, $80,895.
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Washington, Nov. 19.-The Farmers' National bank of Henrietta, Tex., has been closed by direction of the comptroller of the currency. Miller Weir, national bank examiner, has been appointed temporary receiver. Elkhart, Ind., Nov. 19.-The Indiana National bank of this city has been closed by the comptroller of the currency, and National Bank Examiner C. H. Bosworth has been directed to take charge of the bank. The closing of the bank was the result of a steady run of several weeks. President Brodrick said that the depositors would be fully protected. He was unable to approximate the deposits. Kansas City, Mo., Nov. 19.-T. S. B. Sotham, the Hereford breeder, of Chillicothe, Mo., today filed a petition in voluntary bankruptcy in the United
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DUE TO STEADY RUN. Indiana National Bank of Elkhart Suspends. Elkhart, Ind., Nov. 20.-The Indiana National bank of this city has been closed by the comptroller of the currency. The Indiana National did more business than any other bank in the city. Its closing was the result of a steady run of several weeks.
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Indiana National's Door Closed. (By the Associated Press.) Elkhart, Ind., Nov. 19.-The Indiana National Bank of this city has been closed by the Comptroller of the Currency. A bank examiner has been placed in charge. The ndiana National Bank did more business than any other bank in the city. Its closing was the result of a steady run of several weeks. President Justus L. Brodrick says that the depositors would be fully protected. He said that there had been no bad loans and that all of the funds outstanding had been loaned for legitimate manufacturing enterprises in Elkhart. The bank's capital is $100,000, deposits $624,400, loans and discounts $634,462, surplus $20,146, cash on hand $80,895.
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BUT $2,000 IN THE VAULT SERIOUS STATE OF AFFAIRS WITH FAILED ELKHART BANK. Instrument Company Forced to the Wall as the Result of Bank's Collapse-No Statement Issued. Special to the Indianapolis Journal. ELKHART, Ind., Nov. 21.-Temporary Receiver C. H. Bosworth, absolutely refused to make any statement in regard to conditions of the affairs of the Indiana National Bank, but late this afternoon it became known that the amount of cash found in the vault, when the time lock opened at 8 o'clock this morning, was only about $2,000. Though Receiver Bosworth refuses to confirm or deny the report, it is verified through other channels. It is known that four different deposits aggregating $1,860 were made on Wednesday a short time before the bank closed for the day, after payment on checks was refused. There is much bitter comment. Depositors streamed to the bank to-day to leave their deposit books. Many hesitated to surrender them without some sort of receipt until reassured by bystanders that the receiver was a federal agent and therefore the depositors' agent, rather than the representative of the bank. The first crash to follow the bank failure was the assignment of the Buescher Manufacturing Company, makers of band instruments and small metal novelties. The deed was filed this forenoon. naming Lorenzo C. Bertley, secretary of the Elkhart Bridge Company, as assignee. No authorized statement is made, but it is understood that the indebtdness is $93,000, a large block of which is to the defunct bank. Some of the minor creditors, one having a claim of $2,500 and another one of $1,600, pressed the company, which was not in position to secure the needed money, and the assignment was the result. The business of the company was great, and had increased 20 per cent. during the present year, but most of its resources were in installment lease for instruments scattered all over the United States and Canada, and they could not be realized on. The directors had appreciated the need of greater capital to conduct business of such character, and last Tuesday night voted to double the capitalization, but the bank failure brought such plans to a standstill. The factory employed about 150 hands, and it is indebted to these people for about five days' labor. F. A. Buescher, inventor of the instrument manufactured, and John H. Collins, were the active managers, and the other stockholders were Dr. Franklin Miles, A. Hubbell Beardsley, Samuel Hoke and R. C. Barney. The last four have ample means, but were not disposed to risk more money in the band factory' under present conditions.
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The question of the appointment of a receiver to take charge of the affairs of the Indiana National Bank, of Elkhart, which closed its doors this week, will be decided as soon as National Bank Examiner Bosworth has made a report to the controller of the currency. Applications for this appointment continue to pour in from the State. Morton B. Hawkins, of Indianapolis, is among the latest to make his wishes known in this connection.
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INDIANA BANK FAILS. Elkhart Institution Closes Its Doors and Receiver Is Appointed to Take Charge. Elkhart, Ind., Nov. 20.-The Indiana national bank, of this city, did not open for business Thursday morning. National Bank Examiner C. H. Bosworth has been directed to take charge of the bank by the comptroller of the currency. The Indiana national bank did more business than any other bank in the city. Its closing was the result of a steady run of several weeks. At a meeting Wednesday night it was decided to go into liquidation. The notice was posted Thursday morning. The public was greatly surprised, though only a small group of men and women surrounded the bank entrance during the day. President Justus L. Brodrick said that the depositors would be fully protected. He ascribed the closing to the steady but almost imperceptible run of several weeks, due to rumors set afloat by persons unfriendly to the institution and the bank's inability to obtain help. He said that there had been no bad loans and that all of the funds outstanding had been loaned for legitimate manufacturing enterprises in Elkhart. The bank was popularly known as the factory bank, because of its liberal and extensive dealings with local manufacturing interests. President Brodrick said he was unable to approximate the deposits or the number of depositors. The bank began business in January, 1893.
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FACILITIES FOR BANKING CHICAGO MILLIONAIRE ARRANGES TO CARE FOR INDUSTRIES. No Further Receiverships Expected at Elkhart Because of the Indiana National Bank Failure. Special to the Indianapolis Journal. ELKHART, Ind., Nov. 29.-Herbert T. Bucklen, a Chicago millionaire, who is commercially and sentimentally interested in Elkhart's welfare, was here to-day and arranged for banking accommodations for several industries pending settlement of the Indiana National Bank,affair. A reliable informant declares there will be no other assignments as a result of the bank's collapse and the worst is over. If any receiverships are sought it will be to protect the effected enterprises rather than because of the bank failure. However, no others are now anticipated. Thus far the Buescher Manufacturing Company and the Acme Cycle Company have assigned and the Elkhart Paper Company placed in receivership. Mr. Bucklen and John W. Fieldhouse show their confidence in the Indiana National Bank's outcome by pledging themselves to-day to cash Indiana Bank checks for the resumption of the popular lecture course which stopped after only two of ten entertainments had been given, because $1,600 was tied up.
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ALL OVER THE STATE Events in Various Portions of In diana Told by Wire. la Receiver's Hands. Elkhart, Ind., Nov. 30.-The Elkhart Paper company. one of the city's oldest institutions, was thrown into a receiver's hands as a result of the collapse of the Indiana national bank, making the third industrial disaster following in the wake of the bank crash. The Buescher Manufacturing company. makers of band instruments, was first to assign. and the Acme Cycle company was the next. All three are deeply indebted to the bank. The cycle and paper companies' officers were also officers of the bank. Melvin Barnes, manager of the Stimson Computing Scale company was named receiver.
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Manufacturers Fail. ELKHART, Ind., Dec. 21. - Louis Mennert was appointed receiver of the National Manufacturing company this evening. The assets are estimated at $125,000 and the liabilities $175,000. The receivership is the seventh Elkhart failure resulting from the collapse of the Indiana National bank here.
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BANKING MEN ARRESTED. President and Cashier of a Suspended Indiana Concern Taken Into Custody. Elkhart. Ind.-Deputy United States Marshal Boyd arrested President Brod. rick and Cashier Collins, of the suspended Indiana National Bank, of this city, on the charge of violating the national banking laws. The deposits when the bank failed were almost $600,000. with hardly anything on hand as assets.
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Will Pay 20 Per Cent. Wabash, Ind.: Receiver Bosworth of the wrecked Indiana national bank of Elkhart, who has completed his report to the comptroller of currency, Sunday stated that the depositors could not hope to receive more than 20 cents on the dollar of their claims. The deposits aggregate nearly $700,000, most of which went into bad loans.
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FEDERAL GRAND JURY NOW PROBING BIG BANK FAILURE Examiner McIntosh on Stand All Afternoon Telling of Institution's Affairs. NAMED IS RECEIVER Judge Anderson Appoints Stafford Maxon to Take Charge of National Manufacturing Co. The federal grand jury began the investigation of the Indiana National Bank failure at Elkhart yesterday afternoon. District Attorney Joseph B. Kealing is presenting the case to the grand jury and is being assisted by Jesse J. M. Lafollette, assistant district attorney. About twenty-five witnesses in all will be brought before the grand jury to testify. There were five men summoned yesterday, but the whole afternoon was spent in hearing the testimony of State Bank Examiner Jas. L. McIntosh, who made the examination of the bank's affairs. It is expected that the investigation will be concluded by Thursday or Friday of this week. Charles H. Bosworth, receiver of the defunct bank, the Metropolitan Trust and Savings Bank of the city of Chicago and Charles J. Deiber filed a civil suit against the National Manufacturing Company of Elkhart, of which Walter Brown was secretary, asking that a receiver be appointed for the company and that it be declared a bankrupt. Judge Anderson appointed Strafford Maxon as receiver and ordered him to file a $25,000 bond. The plaintiffs to the suit are creditors of the defendant company and claim that the company owes debts to the amount of over $100,000. The plaintiffs present claims against the defendant company amounting to about $53,000. Receiver Bosworth holds notes on the company amounting to $48,762.38; the Metropolitan Trust and Savings Bank holds a claim for $2,000 and Deiber claims that the company owes him $2,500. The Elkhart Circuit Court appointed Louis Dennert receiver of the National Manufacturing Company some time ago, but the creditors thought that as bankruptcy proceedings had been instituted in the Federal Court it might embarrass Dennert in operating the plant and Judge Anderson appointed Maxon.
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NEARLY A MILLION MISSING. Officials of Wrecked Bank Charged With Big Fraud. Indianapoils. Ind., Jan. 29.-Three former officials of the wrecked Indiana National Bank at Elkhart will be arreigned in the federal court here next Wednesday, charged with frauds runming almost to $1,000,000. The Indicted officials are: J. L. Broderick, president: W. L. Collins. cashier, and Walter Brown. director. President Broderick is indicted on sixty-Your counts. The first five counts charged him with embezzling $56,758 in amounts ranging from $50,000.down to 81,504. False entries on other counts foot up over $800.000. some of the counts charge misapplication by convertion the money to the use of the National Manufacturing Company, the Acme Bicycle Company. the Elkhart Paper Company. the Consolidated Bag and Paper Company and other concerns which. it is charged. were insolvent. The indictment against Waiter Brown containis sixty-seven counts. He is charged with abetting Broderick in the misapplication of the-funds and credits of the bank to the total amount of $428,977.17 for the use of the National Manufacturing Company and the Consolidated Bak and Paper Company. The first twenty-six counts charge misapplication of funds to the amount of $288,464.47 to the National Manufacturing Company. From the twentyseventh to the thirtieth count. inclugive, Brown is charged with abetting Broderick in misapplying the funds on notes on which n pretense is made of paying money to B. B. Brown. Bary M. Tousley, the Capps-Brown Company and Melvin Alford. when in reality the money went to the National and Conbolidated companies. Another count charges that Broderck. abetted by Brown. bought fifty emergage bonds of the Consolidated company for $50,000, when they were wholly worthless.
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Creditors Will Not Lose All. Elkhart, Ind., Jan. 30.-In the Indiana National bank case, Receiver Bosworth reports that there is $68,000 on hand with which to pay the first 10 per cent dividend. There are, in round numbers, 2,500 depositors. Receiver Bosworth expresses the b lief that at least 40 per cent will be realized by creditors.
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Couldn't Agree. Elkhart, Ind., Feb. 8.-1. O. Wood, of Goshen, has been appointed receiver for the Garden City Stationery company by Judge Farrell. The liabilities are approximately $100,000. while the assets, it is claimed. will reach from 60 to 80 per cent. of that amount. The chief cause of the petition, it is undersood, 13 a disagreement among the stockholders. The company's affairs arecomplicated by the failure of the Indiana National bank of Elkhart.
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Fail to Ask Dividend. Goshen.-There are still between 30 and 40 depositors in the Indiana national bank, at Elkhart, who have not called for the first dividend made by the receiver, and the third divIdend is now being distributed by him. Even a greater number did not appear when the second dividend was declared, and a fourth of the depositors have not called for the third dividend, declared a fortnight ago.