Officer & Pusey (Council Bluffs, IA)

Episode Information

Episode Type
Suspension โ†’ Closure
Start Date
September 18, 1900
Location
Council Bluffs, Iowa (41.262, -95.861)
Bank Type
private

Metadata

Notes

Receivers were appointed following partner's death and the surviving partner's insanity; later reports show insolvency.

Events (3)

1. September 18, 1900 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Death of senior partner Thomas Officer and illness/insanity of surviving partner William H. M. Pusey prompted receivership.
Newspaper Excerpt
John Beresheim and Louis F. Murphy were last evening appointed by Judge Macy of the district court receivers of the private banking firm of Officer & Pusey of this city.
Source
newspapers
2. October 24, 1900 Other
Newspaper Excerpt
The report of the receivers of the private banking house of Officer & Pusey...shows the liabilities to be $57,577 in excess of the assets...the bank, which had been in business since 1856, went into the hands of receivers four weeks ago on the death of Thomas Officer.
Source
newspapers
3. November 16, 1900 Other
Newspaper Excerpt
William H. M. Pusey of the banking firm of Officer & Pusey, now in the hands of receivers, died yesterday at the state insane asylum at Clarinda.
Source
newspapers

Newspaper Articles (10)

Article from The Denison Review, September 18, 1900

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Article Text

Council Bluffs, Sept. 18.-John Beresheim and Louis F. Murphy were last evening appointed by Judge Macy of the district court receivers of the private banking firm of Officer & Pusey of this city. The death of Thomas Officer and the illness of Mr. Pusey renders the proceedings necessary.


Article from Ottumwa Semi-Weekly Courier, September 20, 1900

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Article Text

Receivers for Private Banks

Council Bluffs, Sept. 18.-John Beresheim, vice president of the Council Bluffs Savings bank, and Louis F. Murphy, bookkeeper of the private banking-house of Officer & Pusey, were yesterday appointed receivers of the latter firm. Thomas Officer, senior partner, died last Wednesday. His son and administrator, Charles T. Officer, applied for the receivers because of the mental prostration of William H. M. Pusey, the surviving partner. Both Officer and Pusey came to Council Bluffs in 1856 and have ever since been in the banking business here. Mr. Pusey's condition is alarming. He represented the ninth Iowa district in congress in 1882.


Article from Missouri Valley Times, October 25, 1900

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Article Text

Council Bluffs Bank Insolvent

Council Bluffs, Ia., Oct. 24.-The report of the receivers of the private banking house of Officer & Pusey, filed in the district court yesterday afternoon, shows the liabilities to be $57,577 in excess of the assets, even providing the latter realize 100 cents on the dollar, which, it is said, will not be the case. The assets aggregate $566,879, and the liabilities $624,456. The prevailing opinion is that the bank will not pay out more than 50 cents on the dollar. The bank, which had been in business since 1856, went into the hands of receivers four weeks ago on the death of Thomas Officer, the senior partner. W. H. M. Pusey, the surviving member of the firm, became insane two weeks ago and was committed to the state asylum at Clarinda.


Article from The Denison Review, November 16, 1900

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Article Text

William H

M. Pusey Dead. Des Moines, Nov. 16.-William H. M. Pusey of the banking firm of Officer & Pusey of Council Bluffs, now in the hands of receivers. died yesterday at the state insane asylum at Clarinda. Ia., where he was placed a few weeks ago. Mr. Pusey was born in Washington county, Pennsylvania, July 29, 1826. In 1858 he was elected state senator from the Pottawattamie senatorial district, then comprising 27 counties bordering on the Missouri river and extending eastward. In 1882 he was elected to the United States congress from the Ninth Iowa district on the Democratic ticket. The remains will be brought to Council Bluffs for hurial.


Article from Manchester Democrat, November 21, 1900

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Article Text

William H

M. Pusey Dead. Des Moines, Nov. 16.-William H. M. Pusey of the banking firm of Officer & Pusey of Council Bluffs, now in the hands of receivers, died yesterday at the state insane asylum at Clarinda, Ia., where he was placed a few weeks ago. Mr. Pusey was born in Washington county, Pennsylvania, July 29, 1826. In 1858 he was elected state senator from the Pottawattamie senatorial district, then comprising 27 counties bordering on the Missouri river and extending eastward. In 1S82 he was elected to the United States congress from the Ninth Iowa district OD the Democratic ticket. The remains will be brought to Council Bluffs for burial.


Article from The Leon Reporter, November 22, 1900

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Article Text

Death of Hon

W. H. M. Pusey. Council Bluffs, Nov. 16.-William H. M. Pusey, of the private banking firm of Officer & Pusey, now in the hands of receivers, died yesterday at the state insane asylum at Clarinda, where he was committed October 10. Mr. Pusey came to Iowa in 1856 and had been prominent in the business and political affairs of western Iowa. He was state senator 111 1858 and in 1882 was elected to congress from the Ninth district.


Article from Audubon Republican, November 22, 1900

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Article Text

Death of Hon

W. H. M. Pusey. Council Bluffs, Nov. 16.-William H. M. Pusey, of the private banking firm of Officer & Pusey, now in the hands of receivers, died yesterday at the state insane asylum at Clarinda, where he was committed October 10. Mr. Pusey came to Iowa in 1856 and had been prominent in the business and political affairs of western Iowa. He was state senator in 1858 and in 1882 was elected to congress from the Ninth district.


Article from Audubon Republican, November 22, 1900

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Article Text

Death of Hon

W. H. M. Pusey. Council Bluffs, Nov. 16.-William H. M. Pusey, of the private banking firm of Officer & Pusey, now in the hands of receivers, died yesterday at the state insane asylum at Clarinda, where he was committed October 10. Mr. Pusey came to Iowa in 1856 and had been prominent in the business and political affairs of western Iowa. He was state senator in 1858 and in 1882 was elected to congress from the Ninth district.


Article from Omaha Daily Bee, January 5, 1901

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Article Text

ADDITIONAL COUNCIL BLUFFS Appraise Foreign Real Estate. H. W. Binder, J. P. Hess and S. G. Underwood, appointed by the district court to appraise the real estate holdings of the banking firm of Officer & Pusey, have completed their work so far as the property outside of the city is concerned. They were ready to commence on the appraisement of the real estate in this city when they were notified by the attorneys for the receivers that the list of the property with which they had been furnished was incorrect. Since making their first report to the court the receivers have discovered other property in the city belonging to the bank and also that some of the lots listed by them as belonging to the bank were not owned by the firm. The appraisers were asked to delay their work until they were furnished with a corrected list of the city holdings. But for this delay, one of the appraisers said yesterday, they would have been enabed before this to make their report to the court.


Article from Rock Island Argus, September 25, 1901

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Article Text

Banker Under Indictment

Council Bluffs, Ia., Sept. 25.-Charles T. Officer, son of the late Thomas Of. ficer and cashier of the defunct private bank of Officer & Pusey, now in receiver's hands, was indicted Monday on the charge of fraudulent banking, He was released in $3,000 bail.