People's Bank (Logan, OH)

Episode Information

Episode UID
1802080591110
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
180208059 hash
Start Date
June 30, 1892
Location
Logan, Ohio (39.538, -82.406)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5951f5a96012dd49

Response Measures

None

Description

There was a brief effort/plan to resume in late 1892 before a receiver was appointed in April 1893.

Events (4)
1. June 30, 1892 Run
Cause
Bank Specific Adverse Info
Cause Details
Large loans and concerns about solvency (notably large loan to the Motherwells and suspicion around L. A. Culver) triggered withdrawals.
Measures
Depositors called meeting; proposals to issue time certificates and staged repayments were offered.
Newspaper Excerpt
On the morning of the failure, June 30, 1892,... many drew out depositors, night considerable amounts.
Source
newspapers
2. June 30, 1892 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Assignment by principal (L. A. Culver) and discovered asset/liability concerns led to suspension.
Newspaper Excerpt
the assignment ... was followed in the afternoon by an assignment and suspension of the People's Bank.
Source
newspapers
3. October 27, 1892 Other
Newspaper Excerpt
THE payment to the Peoples Bank by the Receiver of the Motherwells of about nine thousand dollars, will enable the bank to resume business in a short time and thus will another shadow over our town be dispelled.
Source
newspapers
4. April 10, 1893 Receivership
Newspaper Excerpt
was, on the 10th. day of April, 1893, appointed and qualified as receiver of the property and effects of the late firm of The People's Bank of Logan.
Source
newspapers

Newspaper Articles (11)
1. July 7, 1892 The Hocking Sentinel Logan, OH
Article from The Hocking Sentinel, July 7, 1892

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Article Text

THE PEOPLE'S BANK. The assignment of Mr. L. A. Culver on last Thursday morning, announced in the SENTINEL last week, was followed in the afternoon by an assignment and suspension of the People's Bank. This was a shock to our business community, and created anxiety, apprehension and alarm. Many of our business men had the receipts from daily trade, needed, perhaps, for the next day's transactions, deposited in the bank, "tied up." Various causes are assigned for the suspension, and the surmises are as diversified as excited imaginations can suggest. The true reasons leading to the unfortunate si uation can only be guessed by the public, and we shall not chronicle the many and one that have been volunteered. The bank authorities only know the causes which forced this condition, and in proper time we are satisfied these will be given to those whose business it is to have this information. Our entire business public in Logan, and people of the country are more or less hart and embarrassed by the Suspension, and those not directly interested as patrons or depositors deplore the mistortune, and are ready with all possible help to re-establish the bank, restore public confidence and return our trade to its accustomed smooth, safe, untroubled current. A meeting of depositors IS called to meet in the Opera House this afternoon to discuss the situation and devise and determine upon a plan best adapted for speedy resumption. In the meantime it is the best interests of us all, to preserve te nper, and suppress excitement, have confidence in each other, and stand together, and when the clouds roll by, Logan in the sunshine, will continue her prestige, the proud and beautiful Queen city of the Hocking Valley.

2. July 9, 1892 The Ohio Democrat Logan, OH
Article from The Ohio Democrat, July 9, 1892

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The People's Bank. A meeting of the depositors of the People's Bank was held at Rempel's Opera House Thursday afternoon Judge Bright was made chairman and John F. White Secretary Mr. C. V. Culver of New York, brother of L. A. Culver addressed the meeting at length on the affairs of the Bank, and gave positive assurances that no depositor or stockholder would lose one penny by reason of the suspension, and that if the creditors would be patient, in a very short time arrangements would be made, whereby the Bank would resume business on a larger and safer basis than ever. On behalf of the officers and stockholders he submitted a proposition as follows: All claims not over $100, and $100 on all larger claims will be paid on ten days notice after resumption immediately on the release of the assignment. Time certificates bearing six per cent interest will be issued for the remainder in amounts and payable as follows: 1. For all sums over $100 and not over $500, and $500 on all larger amounts payable on demand after 30 days notice of intention to make the demand given after three months: 2 For all sums then remaining not over $1.000 and $1.000 on all larger amounts payable on demand after 30 days notice given after six months. 3. For sums then remaining not over $2.000 and $2.000 on all larger amounts payable on demand after 30 days notice given after nine months. 4. For all sums over $2,000 payable on demand after 30 days notice given after one year. The proposition was received with great satisfaction, many of the creditors making brief remarks highly complimentary to the President and his associates; and resolutions accepting the proposals, and expressing sympathy and confidence, and assuring future support to the Bank were adopted by a rising vote. A large number of the creditors immediately repaired to the Bank and had their certificates &c made out under the terms of the proposition and others are still doing so. The intention to resume gives very general satisfaction.

3. October 27, 1892 The Hocking Sentinel Logan, OH
Article from The Hocking Sentinel, October 27, 1892

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THE payment to the Peoples Bank by the Receiver of the Motherwells of about nine thousand dollars, will enable the bank to resume business in a short time and thus will another shadow over our town be dispelled. The good time for Logan is coming.

4. April 13, 1893 The Hocking Sentinel Logan, OH
Article from The Hocking Sentinel, April 13, 1893

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Compliment to A. C. Sands. The Cincinnati Enquirer of Tuesday makes this complimentary mention of Col. Sands, Reciever of the Peoples Bank. A dispatch from Logan, Ohio, states that Colonel A. C. Sands was yesterday appointed by Judge Huffman receiver of the People's Bank at that place. Colonel Sands is one of the oldest bankers in the state. For several years he was very promment in banking circles at Hamilton, and won a high reputation for ability as a financier. The affairs of the Logan concern will therefore be in. trusted to experienced hands, and to Colonel Sands it will be somewhat in the nature of a return to his early love.

5. April 13, 1893 The Hocking Sentinel Logan, OH
Article from The Hocking Sentinel, April 13, 1893

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RECEIVER'S NOTICE. NOTICE is hereby given that the undersigned was, on the 10th. day of April, 1893, appointed and qualified as receiver of the property and effects of the late firm of The People's Bank of Logan. All person. indebted to said firm will please call at once on the receiver at the room formerly occupied by said Bank. A C. .SAND3, Receiver, Lozan, Ohio. A pril 12th., 1893.]

6. April 13, 1893 The Hocking Sentinel Logan, OH
Article from The Hocking Sentinel, April 13, 1893

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appointed, Col. A. merly of Cincinnati, now a resident of Logan, Receiver of the Peoples Bank. The Bank trouble is on unfortunaffair which has produced more and business in occurance ever ate anxiety happening distress than midst. We have gone floods, fires, any strikes, our pestilence, through such combined have not had influence upon distressing and all and county, the business of this town as of the it complications enspension entailed. bank and From im- the in court we in this case so portant testimony points give the widely the general public. last Spring Along affecting dissentions arose stockholders, the Motherwell being one among Mr. Culver, of the the solvency largest, excited alarm as to of the bank, it having a large loan to the Motherwells. Mr. Wellman his deposit of $9,000.00. Other drew out drew out depositors, night consider- of June able amounts. On the Mr. L. A. of all his assignment 29th, Culver individual made and an to S. H. Bright O. W. H. Wright. mornproperty The had next several Bright, who dollars of trust thousand ing Judge deposits funds but in Bank, not as bank funds left in as separate the the Col. vault Rem- for safe keeping, drew out. drew out $1100.00, O.W.H. and Dr. pel Wright 350.00, Pullen it $600. If others drew out, was not in open court. June 30th., the announced day, 00. Peoples On Bank that and Wright, asIn the assigned; signees. Bright proceedings court, Mr. for assignment in probate L. A. Culver, Jr., cashier of the Bank, made the affidavit to the as setts of the bank, "not from au in spection of the books, but general memory," as the affidavid reads, as follows:Notes discounted, $135,000.00 8,000.00 Bonds due Bank 2,000.00 Accounts receivable 4,000.00 Furniture, Fixtures 5,000.00 Cash on hand Total $152,000.00 The court fixed the bond at $100,The Assignees failing within the time to 000.00. required the by Probate law qualify, on Aug. 4, L. A. and R. W. as Judge appointed Keynes, trustees, Culver bond On of the stock the $100,000.00. the request August holders, 9th., fol- at was the Peoples was assignment lowing, raised. Bank Then which Trust to transact Company has continued established business in the Peoples Bank rooms. of were held Several meetings following these stockholders proceed and a number their ings, exchanged certificates of depositors of of deposit for cirificates of time varSuits were by some and et lous dates. depositors the entered claims were last court others taken paid. by Judgements wer depositors to the of about at the term, a amount present $9,000.00. judgements and of greater amount were taken. a Along Bank during the early entitled winter, new was started, the Bank, the room. present Union Peoples occupying Bank for the The Union Bank has rented the Collins and Moore building, proposing to occupy it as soon as the needed are equiprepairs made and ments provided. On last Friday the Peoples Bank, its attorneys through Friesner and Bright, in the Circleville Court, confessed judgements and executed in to of of positors near mortgages $90,000.00. named. favor the Information of certain amount detransaction reaching Logan, atfor Messers this Weldy depositors and Buerhaus, who executions against torneys judgements, immediately stockholders issued held of the and on the Bank, properties of the Sheriff S. B. madelevies Stivenson, R. Sol. G. Bielrant, and Kittsmiller, Blosser, their Joel W. Kittsmiller, R. Bowl closing stores. by to and O. W. assigned II. Wright, Chas. Assignees. Bowlby executions, on On receipt of the Monday, Circleville Sheriff Wright detected an inaccuracy, and returned the papers. The following is a list of depos favor itors in whose confessed the Circleville judgements were mortgage given:-

7. April 15, 1893 The Ohio Democrat Logan, OH
Article from The Ohio Democrat, April 15, 1893

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Receiver's Notice. Notice is hereby given that the undersigned was, on the 10 day of April, 1893, appointed and qualified as receiver of the property and effects of the late firm of the People's Bank of Logan. All persons indebted to said firm will please call at once on the receiver at the room formerly occupied by said bank. A. C. SANDS, Receiver. Logan, O. April 12, 1893

8. April 27, 1893 The Hocking Sentinel Logan, OH
Article from The Hocking Sentinel, April 27, 1893

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meetings published free. THE New Lexington Hearld pays this compliment to our distinguished fellow citizen, Col. Sands. "Col. Alex. Sands formerly of Cincinnati, who has been appointed Receiver of the People's Bank, of Logan, by Judge Huffman, IS the father of Alex Sands Jr. the late brilliant editor in chief of the Cincinnati Enquirer. Col. Sands is a successful banker of years agone, and while he has not been engaged in active business for years, this new honor will be worn with distinction, ability and fairness to all parties in. terested."

9. November 9, 1893 The Hocking Sentinel Logan, OH
Article from The Hocking Sentinel, November 9, 1893

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Jim Heft was appointed night policeman last night. Leave your order for your Enquirer at the Telegraph office. Mrs Joseph Kessler of Ashtabula Harbor is visiting her parents, Mr. and Mrs Jno Stedem. The Pythians Sisters will give an entertainment and social at the resi dence of Mrs. Hamer, on Main street, Friday evening, Nov. 10th. Admission 15 cents. Mr Geo Zeve and Elizabeth Davis were married by Rev 1 L Leininger at the Rectory of St Johns church in Logan on Wednesday morning, Nov 8th. An attempt was made to barglarize Charley Wright's residence, and Stiers & Co's store last night. This town has too many thieves, of late, in it. The shot gun should be kept handy. The sheriff closed the Drug Store of Reber & Co. last night on judgements in favor of Dr. Campbell for $1500.00 and Eva Reber for $1000.00. Other executions were levied for various sums of smaller amounts. Last Thursday and Friday the court was occupied in hearing the Culver-Pullen contempt case. The issus was; the court ordered the Peoples Bank to turn over assets to the Receiver. The books of the hank were considered assets. The DOKS, Mr Culver claimed. he did not possess, and could not secure. He was fined $300.00. Dr Pullen, vice president, was exonorate 1. Mr. Culver appealed his case to the circuit court. Billie Gage received 930 Enquirers Wednesday and sold all before dinner. Roy D Kern handles the Colum bus Evening Press-Post, Columbus Dispatch, Cincinnati Commerical and Chicago Record. Ask him about his papers.

10. September 18, 1896 The Ohio Democrat Logan, OH
Article from The Ohio Democrat, September 18, 1896

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CULVER SURE. Vrecker of The PeoBank Is Brought to Logan. Give Bond in the Sum of 0.00 He is Landed in Jail to Await His Trial. hanges that comes in a life sometimes very marked. ulver was once R happy and citizen of Logan. He anker of high repute and a with a name untarnished. was one of the business of Logan of which we were His beautiful home on Glen [eights, was a land mark was a pleasure for our to point out to visiting the handsome residence banker L. A. Culver. nfidence had our people in a fellow townsman, born here of honorable parpioneer stock, that for any years even after their were lost at his hand, been those that have for his honor. In June 1892 warning, the people of this were shocked to learn People's Bank closing its Few of its ereditors thought oment, that other than a the bank had caused a temuspension. Many had such in this man of their hat they turned bank books, and all over to him to pay when he could in shape. They had of him as a rich man, that ight be a short depression sable cash, but that he was confidence of any amount but as years passed, revealed nothing in and books gone, and with escaped their good friend, the rich banker, their was turned into curses, thwith proceedings were into that caused a grand ind an indictment against for embezzlement in of $80,000. This was more years ago, and detective have worked on the case to the ultimate result that of the once banker bected townsman, now the anguishing in the county town of his birth, in the his fortune, in the town of onday afternoon last a very move seemed to capture existance of our chief of P. Armstrong. He was Alina among some of

11. January 22, 1897 The Ohio Democrat Logan, OH
Article from The Ohio Democrat, January 22, 1897

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curb took a cab and was driven rapidly to the depot where he took a train north. From that on, until he was placed on the stand depositors and citizens in general have been endeavoring to find out what the valise contained but without success. Judge Bright testified that the bank owed him individually and in trust capacities $9,8600 and:on the morning of the failure, June 30, 1892, between the hours of 7 and 8 o'clock, this amount in cash, notes and securities was given to him in the bank by L. A. Culver, Jr., Cashier of the defunct bank. He said he took them away and deposited them elsewhere. Thus a load IS lifted off the minds of the people and the mystery of Judge Bright and his big valise is settled. Yesterday Col. Sands was recalled and testified that he had recovered receiver of the bank the sum of $6027.37 which he had not yet disbursed. Upon cross examination he stated that he was a witness before the Grand Jury but had no further interest in the prosecution of Mr. Culver. Miss Clara Westenhaver, the court stenographer, was placed on the stand yesterday. Miss Westenhaver read the testimony of Culver in the Contempt case of 1893. Her notes showed that he had testified that his nominal indebtedness to the Peoole's Bank was $30,000, also that he issumed the Rohren defalcation mounting to $18,000, the Winona Stock $45.000 and small loans amountto $25,000, also stated that the ooks of the bank were in the possesof the Union Bank for they had een turned over to it as assets. From Culver's testimony, as read rom Miss Westenhaver's notes, and ther mystery is partly cleared away. has always, since the bank failure, een a nine days wonder as to what ad become of the bank books. Mr. Culver in his testimony states that he stockholders of the People's Bank had sold all the assets and linilities of the People's Bank to the Reno Company, a Company organzed within the Reno Land and Oil Company, with the understanding hat the Reno Co. should organize he Union Bank Co. and should pay the debts of the old bank by July 1894, and were to collect the debts the old bank, aad that the PeoBan': books as their property delivered to the Reno Co. and he books were shipped to Pennylvania where that company was upposed to be located. The court made two rulings Thursone of them being that certifisigned by L. A. Culver, Jr., ere not an admission of the indebtddess of L. A. Culver, Sr. The ther ruling was that in a criminal it would predjudice the case of he prisoner were he compelled to roduce the books of the bank, and hat the testimony as to their disosition was ruled out. After Marhall Armstrong and Sheriff Ryan testified to the arrest, capture nd return of the prisoner to Logan he state rested its case. About 230 witnesses out of about