Bank of Nampa (Nampa, ID)

Episode Information

Episode UID
7296837291365
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
729683729 hash
Start Date
September 27, 1913
Location
Nampa, Idaho (43.541, -116.563)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
425ac8bf486f231c

Response Measures

None

Events (5)
1. September 27, 1913 Run
Cause
Local Shock
Cause Details
Heavy withdrawals incidental to the current crop movement and inability to collect long-term realty loans
Newspaper Excerpt
The closing of the bank followed an examination ... The failure is charged to heavy withdrawals incidental to the current crop movement
Source
newspapers
2. September 27, 1913 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Examiner found reserve below legal limit; large amount of bad/illiquid real estate loans and inability to meet withdrawals
Newspaper Excerpt
suspended business Saturday morning and now is in the hands of the state bank commissioner. ... found the reserve fund below the legal limit.
Source
newspapers
3. October 16, 1913 Receivership
Newspaper Excerpt
A receiver has been appointed for the Bank of Nampa ... Possession of the banking house was given Mr. Smallwood on the approval of his bond by Judge Bryan.
Source
newspapers
4. February 2, 1914 Other
Newspaper Excerpt
J. A. Givens, who was vice president of the Bank of Nampa at the time it was closed ... is under arrest ... for alleged irregularities in connection with that bank.
Source
newspapers
5. August 1, 1914 Other
Newspaper Excerpt
The depositors of the defunct Bank of Nampa today were paid a 13 per cent dividend by Receiver Smallwood
Source
newspapers

Newspaper Articles (21)
1. October 2, 1913 The Emmett Index Emmett, ID
Article from The Emmett Index, October 2, 1913

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Bank of Nampa Fails. The Bank of Nampa, capitalized at $100,000 and with deposits aggregat... ing $290,000, suspended business Saturday morning and now is in the hands of the state bank commissioner. The closing of the bank followed an examination of the books of the institution by Deputy State Bank Commissioner Record who, it is said, found the reserve fund below the legal limit. Officers. of the bank claim that the embarrassment is only temporary that there are sufficient assets to more than balance all liabilities and that depositors will be paid in full. The failure is charged to heavy withdrawals incidental to the current crop movement and to the inability of the banking house to collect loans to cover this shrinkage. These loans are understood to consist largely of long time realty paper on which it was impossible to realize, due to the present financial depression.

2. October 3, 1913 The Meridian Times Meridian, ID
Article from The Meridian Times, October 3, 1913

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Bank of Nampa Fails There was considerable excite. ment at Nampa last Saturday over the closing of the Bank of Nampa, the oldest institution of the kind in the city and having deposits of $290,000. The slump in real estate values, thus depreciating the value of the loans made by the bank, with slow payments, caused the failure. Most of the stock was owned by Dr. J. W. Givens and J.A. Givens, who will lose heavily. The depositors will probably get all their money back, but when -that is another question. W.J. Howell, the moving picture man, was one of many who had all their savings in the bank, and it will be a severe hardship. Why does not Idaho have a guarantee bank law so that such a calamity could not happen? Besides protecting the depositor it would practically do away with the panic among the depositors which leads to the closing of the door against further withdrawals. No bank can stand a run if all those who have money in it make a rush to take it out, and to make the depositor secure by a guaranty law such as William J. Bryan advocates will do away with nearly all the bank failures.

3. October 10, 1913 The Twin Falls Times Twin Falls, ID
Article from The Twin Falls Times, October 10, 1913

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STATE HAD DEPOSITS $45,000 State Money Tied Up in Defunct Nampa Bank. Developing an interesting situation with relations to state deposits in the Bank of Nampa, which suspended a week ago, the state of Idaho Saturday, through the action of Attorney General J. H. Peterson, brought suit against C. R. Hickey, William Strode and George Duval for the recovery of $40,000 on a bond given to secure state deposits amounting to $45,905,45, representing funds that State Treasurer O. V. Allen had placed on deposit in the bank prior to its failure. Messrs. Hickey, Strode and Duval are bondsmen or surety for the safety of the state's deposit. Judge Edwin Bryan of the district court for Canyon county ordered injunctions to issue out of that court directed to the defendants to restrain them from removing, encumbering or disposing of their property during the outcome of the pending suit. The state asks for judgment against C. R. Hickey and William Strode for the sum of $10,000 each and against George Duval for the sum of $20,000. It is recited in the complaint that State Treasurer Allen had deposited with the Bank of Nampa, a depository of part of the current funds in the state treasury in th sum of $45,500 and that on Sept. 30 of the present year there was and now is due Treasurer Allen from the defunct bank that sum together with interest thereon amounting to $405.45. On Sept. 30 State Treasurer Allen presented his check and demanded in writing on the bank for the state's money together with the interest and the bank failed, neglected and refused to cash it. On Sept. 28, 1912, the three defendants named are alleged to have executed to the state a bond in the sum of $40,000 as surety for the safety of the deposit in the bank and that in the event of default they would be liable. Failure and refusal on the part of the bank to pay the state treasurer's check resulted in the state starting suit against the bondsmen.-Pocatello 1, Tribune.

4. October 10, 1913 The Idaho Republican Blackfoot, ID
Article from The Idaho Republican, October 10, 1913

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STATE SUES NAMPA BANK. Developing an interesting situation with relation to state deposits in the Bank of Nampa, which suspended a week ago, the state of Idaho Saturday through the action of Attorney General Peterson. brough suit against C. R. Hickey, William Strode and George Duval for the recovery of $40,000 on a bond given to secure state deposits amounting to $45,905.45, representing funds that State Treasuer Allen had placed on deposit in the bank prior to its failure. Messers. Hickey, Strode and Duval are bondsmen or surety for the safety of the state's deposit. Judge Edwin Bryan of the district court for Canyon county ordered injuctions to issue out of that directed to the defendants to restrain them from removing, encumbering or disposing their property during the outcome of the pending suit. The state asks for judgement against C. R. Hickey and William Strode for the sum of $10,000 each and against George Duval for the sum of $20,000. Treasurer Allen had deposited with the Bank of Nampa, a depository of part of the current funds in the state treasury in the sum of $45,500 and that on September 30 of the present year there was and is now due Treasurer Allen from the defunct bank that sum together with interest thereon amounting to $405.45. On Sept. 30 State Treasurer Allen presented his check and demand in writing on the bank for the state's money together with the interest and the bank failed, neglected and refused to cash it. On Sept. 28, 1912, the three de-

5. October 17, 1913 The Idaho Republican Blackfoot, ID
Article from The Idaho Republican, October 17, 1913

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THE NAMPA BANK FAILURE Stockholders and Depositors Finally Agree on Smallwood as Receiver A receiver has been appointed for the Bank of Nampa, owned by Dr. Givens and his two sons and others. The reports of the condition of the affairs of the bank are not any better than at first, and some features are a disappointment. The state had money loaned or deposited with them, for which the state held security bonds. A few months ago one of the surety companies withdrew on account of the condition of the bank, and three individuals executed bonds in its place, amounting to some $60,000. Now it develops that one of these surities was owing the bank $19,000, and is about bankrupt on other accounts. The other two surities were, also ;borrowing heavily from the bank at the time of giving the surety bonds, and are still owing it. Under these circumstances it does not appear that the state will be able to realize very readily if at all from them.

6. October 24, 1913 Shoshone Journal Shoshone, ID
Article from Shoshone Journal, October 24, 1913

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# SAFE BANKING. The failure of the Bank of Nampa calls to mind that during the last four years there has been an average of two state bank failures in Idaho per year. It may be merely an accident but during that time there has not been a single failure of a nationally chartered bank. On the face of it, however, it looks as though the banking laws of Idaho are criminally lax or else the examinations made by the state bank examiners are farces. Whichever is the cause it speaks ill of the state of Idaho. In every instance the depositors were heavy losers. They received a small percentage of the amount due them. They were not the only suffers. The whole community is made to share in the loss. Responsible and legitimate borrowers, solvent concerns in every respect, not only of the afflicted bank but of other banks, have been compelled to liquidate at great disadvantage and loss. Capital is timid. It easily takes fright, and the conservative banker, must protect his banking associates and the depositing public, even at a sacrifice to everybody. This condition is what makes the failure of a bank of such importance to the general public. For instance the loss by fire of $250,000 is a great calamity to a community but it quickly recovers. The loss of half the amount through a bank failure is more disastrous to the community, because accompanying the loss is a general loss of confidence. The result of bank failures has been to make banks insure their depositors. In Oklahoma state banks are compelled by law to provide such insurance. In other states, both state and national banks, have voluntarily associated themselves together and by a system of assessment, provide the in-

7. October 24, 1913 The Caldwell Tribune Caldwell, ID
Article from The Caldwell Tribune, October 24, 1913

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Gossip of the Court House. The report of George W. Stovel, clerk of the district court and ex-officio auditor and recorder, made for the third quarter, was filed with the board oi county commissioners. The total amount of fees collected for the quarter was $2642.10 The disbursements amounted to $317.03, leaving $2325.07 to be paid over to the county treasurer. The bond of Eustace Smallwood for receiver of the Bank of Nampa was approved by Judge Bryan October 16. The bond was in The United States Fidelity and Guaranty company and is for $75,000.00. J. T. Pence and W. D. McReynolds are named as attorneys in fact. Possession of the banking house was given Mr. Smallwood on the approval of his bond by Judge Bryan. A larceny case was tried before a jury in the probate court Wednesday against Martin Marshall on a complaint of E. L. Baird of Sunny Slope who charged Marshall with the taking of two guns and a quanity of clothing. He was acquitted on the grounds that he was insane rather than criminal. An examination resulted in his being committed to the insane asylum. Sheriff Breshears left Sunday for Blackfoot with Marshall who had been a ward there before. The case against Lennie Castile, a 17 year old boy from Nampa, was dismissed on motion of the county attorney on condition of future good behavior on his part. He was instructed to report to Probation Officer Driscoll monthly. He plead guilty to changing a Pioneer Irrigation District warrant from $2.25 to $20.25, which he cashed. The county commissioners last week instructed the clerk to notify all banks of the county carrying deposits of Canyon county funds that hereafter they will be required to furnish surety bonds instead of personal bonds as accepted in the past. This action was taken subsequent to the failure of the Bank of Nampa in which institution the county was creditor in the sum of $2,689.64 when the bank was closed. The county money at present is distributed among 15 banks of the county, nine of which are insuring the deposits by personal bonds. The petition of the Canyon Hill Canal system for the organization of

8. November 7, 1913 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, November 7, 1913

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ECHO OF FAILURE OF IDAHO BANK Special to The Tribune. CALDWELL, Idaho, Nov. 6.-An echo of the recent failure of the Bank of Nampa was heard today when the bondsmen obligated to the state for deposits of state funds in the defunct institution petitioned the district court here for relief. The petitioners claim that the state funds were Illegally deposited for the reason that the amount deposited was considerably over the sum the bank is entitled to under the law which instructs the state treasurer to divide the money pro rata among the banks designated as state depositories. The bondsmen, Messrs. Duval, Strode and Hickey, ask that the $45,000 due the state, for which they are liable, be declared a preferred claim and the receiver be instructed by the court to pay the same out of the first money available

9. February 5, 1914 The Blackfoot Optimist Blackfoot, ID
Article from The Blackfoot Optimist, February 5, 1914

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J. A. GIVENS ARRESTED Caldwell, Feb. 2.-J. A. Givens, who was vice president of the Bank of Nampa at the time it was closed by the state bank examiner, is under arrest at La Grande and is being held for the Idaho authorities for alleged irregularities in connection with that bank. A warrant is also out for the arrest of Cashier Lore of the same institution who is believed to be in California. Ever since the failure of the bank became known there have been rumor of irregularities and of the pending arrest of some of the officers of the institution, who disappeared immediately after the bank closed its doors.

10. April 9, 1914 The Emmett Index Emmett, ID
Article from The Emmett Index, April 9, 1914

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A judgement in favor of the plaintiff in the case of Canyon county against J. A. Givens and C. E. Lore was entered in district court Friday. When the Bank of Nampa suspended business last September there was $2689.60 of county money on deposit in the institution. The county funds were secured by personal bonds executed in favor of Canyon county by Vice President Givens and Cashier Lore of the Nampa bank. Subsequently action was brought for the amount of the county funds on deposit. The judgment rendered Friday includes the full amount of the deposit and also the costs of the court proceedings.

11. April 10, 1914 The Idaho Republican Blackfoot, ID
Article from The Idaho Republican, April 10, 1914

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JUDGMENT AGAINST CALDWELL BANKERS When the Bank of Nampa suspended business last September it had $2,689.60 of the county money on deposit, secured by the personal bonds of Vice-president J. A. Givens and Cashier C. E. Lore, and the court last week rendered judgment against them for the amount. Application was made for a change of venue to another county for the trial of the criminal charges against them, but this was denied them, there being a great number of affidavits filed stating that in the judgment of the affiants, both men could have a fair trial in that county.

12. May 22, 1914 The Caldwell Tribune Caldwell, ID
Article from The Caldwell Tribune, May 22, 1914

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BANK OF NAMPA WILL PAY A DIVIDEND The receiver of the Bank of Nampa will pay a 15 per cent dividend to the depositors within a few days. He has completed arrangements for the payment of the first dividend.

13. June 11, 1914 Evening Capital News Boise, ID
Article from Evening Capital News, June 11, 1914

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RECEIVER OF BANK IS CALLED AS WITNESS (Capital News Special Service.) Caldwell, June 11.-The testimony of Edward Hayes in the trial of J. A. Givens and Charles Lore, president and cashier of the Bank of Nampa, was largely a repetition of that given by Walter Bruce and did not go behind the general ledger, the tellers' cage books and the vault cash book in comparison of the report on which the case is based. His testimony was in greater detail than that given by Mr. Bruce. He testified that the difference between the report and the books might be accounted for in the system of classification of books. He was under cross-examination at the night session last night and again this morning. D. Smallwood, receiver of the bank, was called as a witness this morning. He told of the alleged bad accounts and bad paper on hand at the time he took charge of the affairs of the institution. Some of the notes classed as bad, he said, were not yet due and others were secured by property which has deteriorated in value since the mortgages were given

14. August 2, 1914 Evening Capital News Boise, ID
Article from Evening Capital News, August 2, 1914

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DIVIDEND PAID TO BANK DEPOSITORS (Staff Correspondence.) Nampa, Aug. 1.-The depositors of the defunct Bank of Nampa today were paid a 13 per cent dividend by Receiver Smallwood This dividend amounts to about $40,000. This is the second 15 per cent dividend paid to the depositors of this bank by the receiver. It is reported another dividend of 10 per cent will be paid about the first of the year. The people here are praising Receiver Smallwood for what they consider is excellent work on his part in winding up the affairs of this bank.

15. October 15, 1914 The Emmett Index Emmett, ID
Article from The Emmett Index, October 15, 1914

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Progressives Hold Meeting Clarence VanDeusen and Will Monk were the speakers at a Progressive party meeting held here Monday night. About 100 men were present VanDeusen, though making some rash statements, makes an interesting talk. A number in the audience are familiar with the value of the M. E. Lewis land here and the Jenness land in Long Valley, and deny that excessive loans have been made on them, VanDeusen to the contrary notwithstanding. In regard to his charge that State Treasurer Allen owed the Bank of Nampa when it failed, Receiver Smallwood says it is untrue. Van Deusen seems to be very unreliable in his statements. Monk puts up a poor talk. His remarks and his actions are so pregnated with ill-will and spite against Sheriff Breshears and Clerk Stovel, as to reveal his motives and carry little O no weight with the thinking voter.

16. January 8, 1915 Camas Prairie Chronicle Cottonwood, ID
Article from Camas Prairie Chronicle, January 8, 1915

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cerning the Allen personal check, Examiner Ramstedt makes the following observations in his report: "This check was deposited in the state treasurer,s office to ta! e up certain other items received in the said office on account of the advancement by the said office of money out of the public funds into the hands of the state treasurer, to-wit: "To O. V. Allen, amounts aggregating $37,344.68. "To H. F. Allen, amounts aggregating $26,500. "To J. H. Peterson, amounts aggregating $660. "To F. L. Huston, amounts aggregating $350. "To J. J. Long, amounts aggregating $5,500. "Total, $70,354.68." H. F. Allen is a brother of O. V. Allen and the ex-state treasurer was associated with him in farming projects. The H. F. Allen item of $26,560 represents, it is said, various drafts drawn in due course of 1 anking business upon O. V. Allen personally. These items were not found by Examiner Ramstedt in the treasurer's office at the time he made the examination, but resulted from outside inquiry. This Mr. Ramstedt has stated, although he does not say so in the report. J. J. Long was connected with the Caldwell bank which recently failed, resulting in criminal prosecution still pending. The report says a balance due the state from the bank of Nampa is $24,852.09. The receiver of this bank maintains that the state's claim has been settled. Mr. Ramstedt says he does not know the terms of settlement but understands that AttorneyGeneral Peterson is acquainted with them. Mr. Peterson was absent during the time Mr. Ramstedt was making his investiga tion of this matter. The report recommends vestigation. a full and early in-

17. January 14, 1915 American Falls Press American Falls, ID
Article from American Falls Press, January 14, 1915

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Depositors, Receiver Smallwood and Judge Bryan of the Seventh judicial district agreed that such a settlement as was made by the state was the proper thing in the case of the defunct Bank of Nampa, according to the report of the matter submitted by attorney general Peterson to Governor Alexander Monday. Furthermore the state will not lose anything in the opinion of the attorney general who asserts that, according to information he has received, the account will be settied in full during this coming year. In his report to the governor the attorney general asserts that he regards it as unfortunate that the Ramstedt report should have mentioned the case when, according to the attorney seneral, there was insufficient data on which to base such an assertion.

18. January 22, 1915 Montpelier Examiner Montpelier, ID
Article from Montpelier Examiner, January 22, 1915

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ROAD COMMISSION CENTER OF ATTACK P. BILL INTRODUCED IN IDAHO LEGISLATURE TO ABOLISH HIGHWAY COMMISSION. A Peace in Memorial Meets Painless Death Teton Senate, While House Passes County Bill and Act Regarding Strays. m attacked The state highway commission le islature, on January 19 in the was S Ish the and a bill introduced to leg. 0 feature commission entirely abolta gramme. event of the legislative was the G tor It was introduced by prog Hutton, Democrat, of Shoshone, Sena. c Senator Grant, Republican, arwater. By abolishing the commis- of of sion they seek to place disbursement motor-license funds in the hands of county commissioners. t d little The senate, quietly and with rest parliamentary ceremony, laid some against the peace memorial, protesting at by the an increase in appropriation poses, United States for military cure and urging this country to purties, by a cessation of European hostili- seSenator indefinitely postponing it. Bowman, Socialist, introduced it. It The house was in session two hours. which again passed the Teton county ate; had been amended in the bill, animals passed an act permitting estray sento on the range without brands be taken possession of, and passed peace an act depriving justices of also of authority to take acknowl- the edgments. Clark A bill was introduced of of Custer to abolish the office by water commissioner. Governor Moses Alexander on January 19 called upon members of capitol duct building commission to the an investigation into the misap- conpropriations of pointed out in the who W. is H. Gleason, expert accountant, report examining state departments. Gleason the reported overpayments out to public building endowment fund of also contractors and supply houses, and taken reported that $5,526.85 had been itol from the fund and used for cap. maintenance. The governor has called for the resignations of all members of the state live stock sanitary board, because board of his desire to organize the along lines of economy and efficiency. The board members Henry Thiessen, Sweetwater; Clay are burg. Vance, Dickey, and R. S. Hunt, RexThe legislative investigating committee on January 19 completed its loan probe into the $45,000 state treasury on personal securities to the Bank of Nampa, now defunct. Former Governor Haines was on the stand, together with Earnest Noble, executor of the Noble estate, and John D. Robertson of the tax commission. Their testimony went to show that the state's security, so far as the personal bondsmen are concerned, did not justify the loan. Representatives Koelsch, Shattuck and Faris are the three members of the committee to draft its findings. A radical change in the legislative system house of Idaho was proposed in the of representatives of the legis. lature of this state, in session here, January 16, with the introduction on of a proposed constitutional amendment which seeks to abolish the senate and reduce the house to twenty-four salaried the members, thereby cutting down present legislature just seventy members. The amendment was and troduced by Representatives Johnston inand Koelsch, majority floor leader it "whip," respectively. If passed will divide the state into twelve districts composed of contiguous counties divided equally as to population and each entitled to two representatives. The plan is better known as the "one-house" legislature. Attention of the members has been called to by the committee on reference their carelessness in the drawing of bills. One of the house rules requires that when an amendatory is introduced the amendatory words act must be underscored. It is expected that the state treasury will be the first department probed by the legislative committee. On the list of witnesses to be subpoenaed it is understood will appear the names of Attorney General Peterson, State Treasurer Eagleson and former State Treasurer Dewey. State Senator Mendenhall comes to the legislature from Bannock county as a Republican for the second time, having served in the Twelfth session in the house of representatives. He was born at Dayton, Oneida county, Idaho, November 21, 1873. Senator Graham of Ada has introduced a bill proposing the elimina tion of the 4 per cent penalty now inflicted on those who pay only hal of their taxes in January. His bil would also reduce the rate of interest charged on delinquent taxes from 18 per cent a year to 12 per cent. The bill introduced in the house to appropriate twenty-five upper hun dred dollars for payment of W. H Gleason, the expert who is auditing the books of the state, was passed rules. by the houe under suspension of the Teton county, the new unit to be added to southeastern Idaho from ter ritory taken from Madison county with Griggs as the county seat, wa (moved up to third reading in th house of representatives of the legis it lature on Thursday and will pass tha assembly, thereby winning half light for existence. Clark of Fremont county intro duced a bill relating to sheep grazin on cattle ranges. Woodward of Fran) lin county fathers an act to establis a fish hatchery on Cub river, Fran] lin county. The state affairs committee of th senate outlined the Republican admin on policy with reference to pul ads through the introduction doint resolutions to amend Litution. Under the constitutio th of school land is limited annum. The first re

19. September 17, 1915 The Caldwell Tribune Caldwell, ID
Article from The Caldwell Tribune, September 17, 1915

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District Court Filings. District court filings on Saturday included a suit by J. A. Dement vs. John L. Hollingshead, et al., to quiet title to a piece of property in this city. The only other action started was that the First National Bank of Nampa against James E. Hart, E1mira Hart, E. Smallwood as receiver of the Bank of Nampa, and Alexander Bills. The bank seeks to foreclose on a mortgage held against the Harts for $2285.49. The other parties are included in the title by reason of their having claims against the first named defendants.

20. October 21, 1915 The Gem Worker and the Idaho Labor Herald Boise, ID
Article from The Gem Worker and the Idaho Labor Herald, October 21, 1915

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Receiver Smallwood has made dividends aggregating 35 per cent of the indebtedness of the Bank of Nampa and has been succeeded by J Munhall as receiver. It is now stated the bank will pay 50 per cent on all indebtedness.

21. December 3, 1917 Evening Capital News Boise, ID
Article from Evening Capital News, December 3, 1917

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b h HOLDS DEPOSIT V S in t IN BANK TO BE FUND OF TRUST Supreme Court Reverses the Judgment Entered in Case of Russell Versus Bank of Nampa. Instructions Given by Plaintiff to Cashier Were Not Followed and Money From Draft Was Received Following Failure. Where a party who is indebted to a bank leaves with it, as security, notes belonging to him, and authorizes it to collect upon them and apply a portion of the proceeds to the payment of his debt. and instructs it to not deposit the balance, but to deliver it to a third person, and the cashier, contrary to such instructions, deposits the balance in the bank, such balance is not a general, but a special deposit, or trust fund. The supreme court of this state makes the above important ruling in a decision reversing the judgment given the defendants by Judge Ed. L. Bryan of the Seventh judicial district court for Canyon county in the case of C. P. Russell versus the Bank of Nampa, E. Smallwood, as special deputy bank commissioner and receiver of said bank. FACTS IN CASE. W. W. Russell was indebted to the Bank of Nampa in the sum of $1,666.20 and to secure the payment of the indebtedness certain notes, amounting to $3250, secured by mortgage, executed and delivered to him by August Felise and Eveline Felise, were left at the bank. These notes were assigned to his father, the plaintiff, subject to the claim of the bank for $1400. August Felise sent a draft of $3035 to the bank in settlement of the indebtedness and the $1,666.20 was applied in payment of the indebtedness of W. W. Russell to the bank and the balance, $1,368.80, was placed to his credit and the draft was forwarded by the bank for collection. Later the bank, being insolvent, closed its doors and Smallwood was named receiver. Russell instituted action to recover the $1,368.80 on deposit to the credit of W. W. Rus-