gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1a41bd8ca3e9effd
Response Measures
None
Description
Closure followed a depositor run triggered by cashier's resignation and discovery of large bad loans; receivership appointed subsequently.
Events (3)
1.October 21, 1922Run
Cause
Bank Specific Adverse Info
Cause Details
Resignation of cashier I. C. Hatridge (effective Nov. 1) sparked depositor fear; underlying large bad loans/frozen assets ($160,000) depleted reserves.
Measures
Calls for aid were sent to surrounding banks; attempts discussed to raise credit and other rescue propositions.
Newspaper Excerpt
About Oct. 21 a mild run on the bank began. It did not reach alarming proportions until Nov. 10, when calls for aid were sent to surrounding banks.
Source
newspapers
2.November 17, 1922Suspension
Cause
Government Action
Cause Details
Closed by State Auditor on Nov. 17 because cash reserve was exhausted after withdrawals and examiners later reported large shortages/bad paper.
Newspaper Excerpt
The First State and Savings bank of Wood River ... was closed today by State Auditor Russell and will be restrained from doing business, 'pending investigation and adjustment of its affairs.'
Source
newspapers
3.February 13, 1923Receivership
Newspaper Excerpt
E. J. Verley, an Alton attorney, today was appointed receiver for the First State and Savings Bank of Wood River, Ill., by Circuit Judge Gillham in the Edwardsville Circuit Court.
Source
newspapers
Newspaper Articles (17)
1.November 17, 1922The Daily ArdmoreiteArdmore, OK
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WOOD RIVER BANK IS CLOSED BY AUDITOR ALTON III.-The first State and Savings bank of Wood River, near here, was closed today by State Auditor Rus. sell and will be restrained from doing business, "pending investigation and adjustment of its affairs. The bank's cap. ital is listed at $100.000 and its surplus at $75,000. It was organized in 1909 and is a state institution. The bank's latest reports show depos. its of $900,000 but the resignation of I. C. Hatridge, cashier, two weeks ago, is said to have started a run on it.
2.November 17, 1922The Rock Island Argus and Daily UnionRock Island, IL
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BANK CLOSED AT WOOD RIVER, ILL. State Auritor Russel Shuts Doors Pending Examination and Adjustment". Alton, Ill., Nov. 17.-The First State and Savings bank of Wood River, near here, was closed today by State Auditor Russel, who stated the institution would refrain from doing business "pending examination and adjustment" of its affairs. The bank's capital is listed. at $100,000 and its surplus at $75,000. It was organized in 1959 and H. H. Clark is president. It is a state institution and is not connected with the federal reserve system. The bank's latest report showed deposits of $900,000 but #the resignation of f. H. Partridge, cashier, two weeks ago, is said to have started a run on it.
3.January 12, 1923St. Louis Post-DispatchSt. Louis, MO
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INDICTMENTS EXPECTED IN BANK FAILURE CASE
Report of Grand Jury on Wood River Institution Likely This Afternoon.
The Madison County grand jury will report to Circuit Judge Bernreuter at Edwardsville this afternoon the results of its inquiry into the failure of the First State and Savings Bank of Wood River, Ill., which was closed by the State Auditor Nov. 17 last because of a shortage in cash reserve. It later developed that the bank was short $160,000, due to bad paper and "frozen" assets.
In court circles it was reported that indictments are expected, but they will not be made public until after warrants are served.
4.January 14, 1923St. Louis Post-DispatchSt. Louis, MO
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INDICTED BANK CASHIER DENIES TAKING A NICKEL
Irvin C. Hatridge Says Every Large Loan Was Passed on by Loans and Discount Committee.
CHARGED WITH EMBEZZLING $10,000
He Says Run on Woodriver Bank Could Not Have Been Withstood by Any Institution.
Irvin C. Hatridge, 29 years old, of the Yorkleigh Apartments, 4954 West Pine boulevard, former cashier of the First State and Savings Bank of Wood River, Ill., was taken yesterday to Edwardsville under an indictment returned Friday for alleged embezzlemtn of $10,000 from the bank's funds.
He furnished $10,000 about 5 p. m. and returned to St. Louis. The bond was signed by T. P. Eggman, Wood River real estate man, and C. P. Hartnett, former partner of Eggman at Wood River, and now residing in St. Louis.
The charge against Hatridge followed investigation by the Madison County grand jury of the circumstances under which the bank was ordered closed by the State Auditor on Nov. 17 last. Later bank examiners reported $160,000 of bad paper.
Cashier Hatridge is the only one of the bank officials indicted. "I haven't taken a nickel of the bank's money," he said yesterday. "This is just an attempt to make me the goat. They accuse me of stealing $10,000 on the day before the bank closed. I resigend days before that.
Denies Responsibility for Loans.
"I have nothing to fear from this indictment and nothing to conceal. The charge that I was solely responsible for the loans made by the bank is false. Every large loan was first approved by the Loans and Discount Committee.
"Officers of the bank on several occasions would co-operate with me. I opposed their investing $116,000 in a new building. To me it looked like bad business. They overruled me on this and other occasions. When I still objected they asked me for my resignation.
"I was paid $190 a month by the bank and drew $50 more a month for acting as credit man for local merchants. I am the organizer of the Tokay Oil Co., which has wells in Monroe County, Ill., and Warren County, Ky.
"My income from this property was $500 a month. I also was interested in other ventures. Word got out in Wood River that there was trouble between me and the board of directors. I was accused of spending too much money, although we did not live extravagantly. When my resignation was asked for people became frightened and started a run on the bank.
"No Bank Could Have Stood Run."
"We paid out $100,000 and our reserve was exhausted. No other bank could have stood such a run either. I do not believe that any but a few thousand dollars of the paper they say is bad is uncollectable. I cannot see how the bank is in a failing condition.
"I have done everything in my power to help them straighten the tangle. I did not run away from whatever responsibility I am supposed to have had. Recently I made trips to Wood River to help the examiners."
Hatridge is married and has one child. His wife is seriously ill in a local hospital. When he went to Wood River more than two years ago he was without money. He promoted the Tokay Oil Co. and says he
5.January 18, 1923Iron County RegisterIronton, MO
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Card of Thanks.
Words cannot express our grateful appreciation of the many acts of kindness performed by loyal friends after the passing of our beloved father. Our experience of this last week has been a forceful illustration of the value of true friendship.
MRS. W. R. EDGAR AND FAMILY,
EMIL ANTON ROEHRY.
Irvin C. Hatridge Indicted.
(From Sunday's St. Louis Post-Dispatch.)
Irvin C. Hatridge, 29 years old, of the Yorkleigh Apartments, 4954 West Pine boulevard, former cashier of the First State and Savings Bank of Wood River, Ill., was taken yesterday to Edwardsville under an indictment returned Friday for alleged embezzlement of $10,000 from the bank's funds.
He furnished $10,000 about 5 P. M. and returned to St. Louis. The bond was signed by T. P. Eggman, Wood River real estate man, and C. P. Hartnett, former partner of Eggman at Wood River, and now residing in St. Louis.
The charge against Hatridge followed investigation by the Madison county grand jury of the circumstances under which the bank was closed by the State Auditor on November 17 last. Later bank examiners reported $160,000 of bad paper.
Cashier Hatridge is the only one of the bank officials indicted. "I haven't taken a nickel of the bank's money," he said yesterday. "This is just an attempt to make me the goat. They accuse me of stealing $10,000 on the day before the bank closed. I resigned days before that.
"I have nothing to fear from this indictment and nothing to conceal. The charge that I was solely responsible for the loans made by the bank is false. Every large loan was first approved by the Loans and Discount Committee.
"Officers of the bank on several occasions would co-operate with me. I opposed their investing $116,000 in a"
6.January 23, 1923Alton Evening TelegraphAlton, IL
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Important Criminal Cases On Court Docket
The criminal calendar on the Circuit court docket is being taken up today at Edwardsville before Judge Bernreuter. Today a jury was being impanelled to try the case of Sam Weiss of St. Louis indicted for alleged complicity in a pay roll robbery at Granite City of $17,423 taken from the express messenger to whom it was entrusted by a St. Louis bank. James Traynor is serving a penal term in connection with the same robbery and Clement Forestal is scheduled to go to trial immediately after Weiss.
Next week the trial of Irwin C. Hatridge, former cashier of the Wood River First State and Savings bank, is scheduled to come up on Monday. This trial is likely to have some sensational features. Hatridge has taken the position that he is the goat in the bank failure and it is supposed that his defense will be along the line indicated.
7.January 23, 1923Alton Evening TelegraphAlton, IL
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BANK RECEIVER SEEN IMPENDING IN DISAGREEMENT
Failure of Wood River Bank to Get Going Again So Far Is Causing Much Discouragement.
Stuart Russell, representing his father, Auditor Andrew Russell, was here from Springfield last night in conference with the committee of the First State and Savings Bank at Wood River. He was met by C. B. Manbeck, James Duncan and James H. Chessen.
It is known that the situation of the bank has become such as to cause much anxiety to all concerned, and that there is much fear now that a receivership may be impending for the bank. It is understood that there are three applicants for the receivership and that there is likelihood that the state auditor may insist on having something to say about the appointment which might disqualify any or all of those who are aspirants, thus making it possible that any one of four would be named.
Failure to arrive at any conclusion as to the bank is what is forcing the suggestions for the naming of a receiver. It is realized that there is strong probability that the receivership will be costly. Conservative estimates of its costs put it about $25,000 to $30,000, which would reduce the assets of the bank that much and would not get the bank open for business.
A bank open in the building erected by the defunct bank would be a much better asset in the windup than just administering on the affairs of the defunct bank.
Some complications have developed which may precipitate some suits because of manipulation of some collateral in the bank. One man in Alton has hired a lawyer to help him straighten out a deal whereby he can get back some stock he put up there as collateral, and on which he says he made payment, but finds the collateral is not obtainable by him at this time.
Indications today that a complicated tangle may result in the bank's affairs.
There has been a feeling of optimism around in well informed circles about the bank until now, and some of those who have been regarding the situation with a hopeful eye are beginning to doubt their hopes were well founded that the bank would be able to resume as first anticipated. They are beginning to see a receivership as being absolutely necessary, or rather unavoidable and are looking for one to take effect before many days.
8.February 13, 1923St. Louis Post-DispatchSt. Louis, MO
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RECEIVER FOR WOOD RIVER BANK
Alton Attorney Is Named to Succeed Temporary Agent.
E. J. Verley, an Alton attorney, today was appointed receiver for the First State and Savings Bank of Wood River, Ill., by Circuit Judge Gillham in the Edwardsville Circuit Court. The bank was closed Nov. 17 last by State Auditor Andrew Russel.
9.February 15, 1923St. Louis Post-DispatchSt. Louis, MO
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HEADS OF CLOSED WOOD RIVER BANK JOINTLY INDICTED
Madison County Grand Jury Returns Charges Against President, Chairman and Former Cashier.
Three joint indictments against the president, the chairman of the Board of Directors and the former cashier of the First State and Savings Bank of Wood River, Ill., charging them with accepting deposits when they knew the bank was in a failing condition, were returned yesterday by the Madison County grand jury at Edwardsville.
An additional indictment was brought against I. C. Hatridge, now of the Yorkleigh Apartments, 4954 West Pine boulevard, alleging that while he was cashier of the institution he secreted assets totaling $8500. On Jan. 13 Hatridge was indicted for alleged embezzlement of $10,000.
10.February 15, 1923St. Louis Post-DispatchSt. Louis, MO
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Those Indicted.
The indictments returned yesterday against H. H. Clark, president; S. A. Beach, vice president and chairman of the board of directors, and Hatridge, make the accusation that they accepted deposits in two instances on Oct. 21 and in one instance on Oct. 23 last, and that they were aware of the bank's insolvent condition at that time, although it was not closed by the State Auditor until Nov. 17.
Investigation subsequently disclosed a shortage of $160,000 represented by bad paper, the State Auditor reported. The bank carried $200,000 of State deposits, but these were secured. Owing to liability of officers and directors and the real estate held by the bank, it has not been considered that the general depositors will suffer when affairs are cleaned up.
The complaining witnesses whose testimony resulted in the three joint indictments are Emil Krause, George Smith and Walter McLean, all of Wood River or vicinity. Smith made deposition that he deposited $294 with the bank Oct. 21 and McLean claims he deposited $53 on the same day. Krause deposed he left $145 with the bank two days later.
Charge Against Hatridge.
In the separate indictment against Cashier Hatridge, six counts are made and the testimony of 12 witnesses was used. Although the charge was technically "secreting assets," it amounts to embezzlement if sustained.
The dates upon which it is alleged the three officers "had guilty knowledge of the bank's failing condition" fell about the time a rumor started in Wood River that Hatridge had resigned. His resignation actually took effect Nov. 1. About Oct. 21 a mild run on the bank began. It did nt reach alarming proportions until Nov. 10, when calls for aid were sent to surrounding banks. By Nov. 17 the institution's cash reserve had been so depleted that it could not longer meet withdrawals.
Hatridge said on the occasion of his first indictment and at other times that he did not take a cent from the bank and has accused other officers and depositors of seeking to make him "the goat." Clark and Beach have denied responsibility for the bank's failure.
Circuit Judge Gillham of Edwardsville appointed E. J. Verley of Alton as receiver for the First State and Savings Bank Tuesday. Verley was the choice of the directors and depositors. An attempt will be made to collect some of the bad paper and thaw the bank's "frozen assets." Dates of reopening and settlement have been announced several times, but the State Auditor's office has made no estimate on the time it will take to straighten out the tangle.
11.February 16, 1923Effingham Daily RecordEffingham, IL
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HEADS OF CLOSED WOOD RIVER BANK ARE INDICTED
Three joint indictments against the president, vice president, and former cashier of the First State and Savings Bank of Wood River, Ill., charging them with accepting deposits when they knew the bank was in a failing condition, were returned yesterday by the Madison County grand jury of Edwardsville.
An additional indictment was brought against I. C. Hatridge, now of the Yorkleigh Apartments, 4954 West Pine boulevard, alleging that while he was cashier of the institution he secreted assets totaling $8500. On Jan. 13 Hatridge was indicted for alleged embezzlement of $10,000.
Those Indicted
The indictments returned yesterday against H. H. Clark, president; S. A. Beach, vice president and chairman of the board of directors, and Hatridge, make the accusation that they accepted deposits in two instances on Oct. 23 last, and that they were aware of the bank's insolvent condition at that time, although it was not closed by the State Auditor until Nov. 17.
Investigation subsequently disclosed a shortage of $160,000 represented by bad paper, the State Auditor reported. The bank carried $200,000 of State deposits, but these were secured. Owing to liability of officers and directors and the real estate held by the bank, it has not been considered that the general depositors will suffer when affairs are cleaned up.
The complaining witnesses whose testimony resulted in the three joint indictments are Emil Krause, George Smith and Walter McLean, all of Wood River or vicinity. Smith made deposition that he deposited $294 with the bank Oct. 21 and McLean claims he deposited $53 on the same day. Krause deposed he left $145 with the bank two days later.
Charge Against Hatridge
In the separate indictment against Cashier Hatridge, six counts are made and the testimony of 12 witnesses was used. Although the charge was technically "secreting assets," it amounts to embezzlement if sustained.
The dates upon which it is alleged the three officers "had guilty knowledge of the bank's failing condition" fell about the time a rumor started in Wood River that Hatridge had resigned. His resignation actually took effect Nov. 1. About Oct. 21 a mild run on the bank began. It did not reach alarming proportions until Nov. 10, when calls for aid were sent to surrounding banks. By Nov. 17 the institution's cash reserve had been so depleted that it could no longer meet withdrawals.
Hatridge said on the occasion of his first indictment and at other times that he did not take a cent from the bank and has accused other officers and depositors of seeking to make him "the goat." Clark and Beach have denied responsibility for the bank's failure.
Circuit Judge Gillham of Edwardsville appointed E. J. Verley of Alton as receiver for the First State and Savings Bank Tuesday. Verley was the choice of the directors and depositors. An attempt will be made to collect some of the bad paper and thaw the bank's "frozen assets." Dates of reopening and settlement have been announced several times, but the State Auditor's office has made no estimate on the time it will take to straighten out the tangle.
12.December 15, 1923The Belleville News-DemocratBelleville, IL
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Bank Receiver Files Suit Here
An assumpsit suit for $1,544.84 was filed in the Circuit Court Saturday by E. J. Verlie, receiver for the First State & Savings Bank of Wood River against Charles A. Harnett and F. P. Eggmann, doing business under the name of the Harnett-Eggmann Realty Company. The action is based on a note.
Radiotelephony has this excellence: You can tune out the voice you do not like.
13.February 9, 1924Alton Evening TelegraphAlton, IL
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Jury Finds Three Bankers Guilty
The jury which tried the case of I. C. Hatridge, S. A. Beach and H. H. Clark, officers of the defunct First State and Savings Bank of Wood River, found them guilty of receiving deposits when they knew the bank to be in a failing condition. Hatridge, the cashier, was given one year in the penitentiary and a $200 fine. Beach and Clark were given a fine but no prison term.
The jury reported at 11:15 a. m. today, after being out all night. In the court room at the time the jury came in were the three accused men and their wives. Only one of the lawyers was there. Judge Gillham was hunted up and told the jury was ready to report. Judge Crow had left town, so Judge Gillham acted for him. While waiting for the arrival of Judge Gillham there was great suspense among those most interested. Mrs. Clark left the room, unable longer to endure it. Mrs. Beach manifested emotion. Mrs. Hatridge sat unmoved, apparently having steeled herself against showing her feeling. The three men showed no emotion whatever.
Judge Crow had left directions that in event of the jury convicting the accused men, they were not to be put in jail, as they were the last time, but that they were to be allowed to go at large with their old bonds continued in force. A motion for a new trial will be argued in a few weeks, when Judge Crow returns to Edwardsville.
14.May 13, 1924Alton Evening TelegraphAlton, IL
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BIG CREDITOR OF BROKEN BANK IN BANKRUPTCY
Tidings Comes that Associated Oil Producers Has Become Insolvent in New York State.
OTHER SUITS TO BE FILED IN FEW DAYS
Stockholders Who Have Not Made Other Arrangements to be Pressed for Early Settlement
News of a great disappointment in hopes for recovery on some bad assets of the Wood River First State and Savings bank has been received by E. J. Verlie, the receiver, in tidings of bankruptcy proceedings against the biggest of the bank's creditors. Mr. Verlie said today that he had been informed that creditors had forced into bankruptcy the Associated Oil Producers of New York, whose paper the receiver holds aggregating over $50,000 of good hard money. The paper is really in excess of that amount but it represents about the figure mentioned in actual debt. In the first place the bank had bought $30,000 worth of the Associated Oil Producers bonds, had also a note for $16,850 and other notes aggregating about $25,000 net. The Associated Oil Producers had a regular crush on the Wood River bank and the bank seemed to reciprocate for a large sum of money was loaned to the Associated Oil Producers with very poor security. It turned out to be absolutely worthless. The receiver says it was the loans to this concern, which turned out to be uncollectible, that actually precipitated the failure of the bank.
Receiver Verlie is carrying on correspondence to learn the details of the bankruptcy proceedings. He knows nothing as to what assets may be involved, nor what the company's liabilities are.
Directions were given today to file suits against the remaining stockholders of the bank who had not made other arrangements. Notice was sent to C. H. Seger that unless he made arrangements within five days he would be sued for his legal obligation as a stockholder.
Explaining his settlement of the A. W. Whitelaw obligation as a stockholder, Mr. Verlie said today that it would have cost more than the amount he discounted the claim to sue Mr. Whitelaw in Kentucky. He anticipated the time the money could have been collected by making the compromise. He said that he could find no record in Kentucky of Mr. Whitelaw owning any property on the tax books, even if he did get a judgment in the courts there.
15.June 4, 1925Alton Evening TelegraphAlton, IL
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COMPROMISE ON DIRECTOR DEFUNCT BANK
Means That Earlier Settlement of Affairs of Wood River Institution May Be Made.
NEXT DIVIDEND BEFORE JULY
Will be at Least Seven and Half Percent and May Reach Affairs Soon.
Approval by Circuit Judge Gillham settlement compromise of the claim of the receiver against the rectors the First State Savings Bank Wood River. clears the way for the settlement the fairs the bank. The receiver will proceed the payment of the dividend which will be completed July The dividend will be least 11/2 cent may be per cent. settlement and compro+ mise of the claim the direct tors for the Verlic, and his attorney. Baker. return for dropping the against the defuned institution, they waive all claims $8000 paid the bank, on which they paid into the institue tion when taken over by state auditor, and $50,000 notes hwere for their This action will facilitate greatly the work clearing up the affairs the bank. The claim against the rectors made by the receiver and attorney general claim which probably would taken consider able time for settlement. and the of which doubtful. The ent action will mean earlier clear4 affairs the bank and quicker the dividend. will recalled that when the Wood River bank about to fail the on being apprised of the and on raised their own credit the hope that this money would bridge the crisis and keep the bank This hope was These directors afterward filed claims for reimbursement credHors the bank. and claim still was pending. this claim the rectors further creases directors who also stockholders in the institu. tion. means that the creditors the bank will much better pleased with their share the salvage from the bank, directors losses The greater. course the bank directors this claim they have done is one that should There $5,000 due to de positors the bank file sworn claims the amounts them. They did not under stand the court order requiring claims. said today that Receiv. sworn will court modify the order and allow those people, whom money due, their and the distribut the bank So far those the depositors who failed to claims have not been
16.August 5, 1927Alton Evening TelegraphAlton, IL
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Final Report of Wood River Bank Receiver
The final report of E. J. Verlie, re. celver for the defunct First State & Savings Bank of Wood River, was filed in the circuit court today and the court set down September 10 DR the date the court would take action on the report. The bank clored Its doors after a run Nov. 17, 1922 It has been long drawn out process of settling up the affairs of the bank and It has been expensive. There still remain some of the depositors of the bank who have failed to claim their dividends but this will not Interfere with the aproval of the final report, and the discharge of the receiver.
17.August 6, 1927Alton Evening TelegraphAlton, IL
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LOST CHANCE
Nearly five years ago the Wood River First State and Savings bank closed its doors, run by depositors and futile efforts to save it. The filing of the final report of the receiver of the bank re. vives memories days that were filled with anxiety. is recalled that there was very hopeful chance to save the bank's creditors from loss through a proposition that had been made to save it, but the proposition was rejected. Then followed the Inevitable heavy expense of receivership proceedings and winding up the affairs of the bank. The receiver, E. Verlie, rendered good service, keep the expenses down as low as he could, but it was costly business. Receiverships at the best are expensive. Bankruptcy proceedings are ruinous for the creditors as rule. Somehow there should be and usually is a way to avoid either receivership or bankruptcy proceedings, and such a way would always be better for those who have something comIng out of the wreck.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
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.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
