Wabash County Loan & Trust Company (Wabash, IN)

Episode Information

Episode Type
Suspension → Closure
Start Date
January 1, 1932*
Location
Wabash, Indiana (40.798, -85.821)
Bank Type
trust

Metadata

Episode ID
Bank ID
City ID
180445327
Model
gpt-5-mini
Short Digest

Notes

OCR shows variant spellings of receiver name (Carver/Carter) across articles.

Events (8)
1. January 1, 1932* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed in January 1932; failure with about $1,000,000 in deposits leading directors to close the institution.
Newspaper Excerpt
The bank was the Wabash County Loan and Trust Company, closed last January by order of the directors.
Source
newspapers
2. January 1, 1932* Receivership
Newspaper Excerpt
appointment of Quinten A. Carver as receiver of the Wabash County Loan and Trust Company.
Source
newspapers
3. June 16, 1932 Other
Newspaper Excerpt
criticized appointment of Quinten A. Carver ... as receiver of the Wabash County Loan and Trust Company, closed last January by order of the directors.
Source
newspapers
4. October 22, 1932 Other
Newspaper Excerpt
agreement ... stockholders' liability in failure of the Wabash County Loan and Trust Co. ... money is to be paid to the bank receiver and distributed to creditors.
Source
newspapers
5. July 22, 1933 Other
Newspaper Excerpt
Carver, 60 years old, for the Wabash County Loan and Trust Company died suddenly of heart attack ... he had been serving as receiver.
Source
newspapers
6. August 3, 1933 Receivership
Newspaper Excerpt
George D. Garber ... was named liquidating agent for the Wabash County Loan and Trust Company which has been in receivership for eighteen months. He was appointed by the state department of financial institutions which took over the bank Friday following the death of Q A. Carter.
Source
newspapers
7. October 25, 1933 Other
Newspaper Excerpt
petition ... to exchange mortgages with the Government Home Owners Corporation ... handling liquidation of the Wabash County Loan and Trust Co.
Source
newspapers
8. March 26, 1935 Other
Newspaper Excerpt
Seven former directors of the defunct Wabash County Loan and Trust Co., were released from $100,000 judgments ... after the failure of the bank.
Source
newspapers

Newspaper Articles (13)
1. June 17, 1932 The Indianapolis Star Indianapolis, IN

Article Text

STATE PUBLISHER IS FOUND GUILTY

Wabash Man Will Appeal Sentence, Fine on Contempt Charge.

[Special to The Indianapolis Star.] WABASH, Ind., June 16.-Don M. Nixon, publisher of the Wabash Plain-Dealer, was found guilty of indirect contempt of court before Special Judge W. H. Eichorn in Wabash Circuit court today and was sentenced to ten days in jail and fined $100. The indirect contempt charge was filed on order of Judge Frank O. Stertzer Although requested by Prosecutor Byron Kennedy and Special Attorney Milo Feightner of Huntington to order serving of the sentence started at once, Judge Eichorn announced that formal judgment in the case would not be entered until Saturday. Attorneys for the defendant announced that an appeal will be taken in the action and motion for release on bail pending the appeal will be filled on Saturday, and should it be refused the case will be taken to higher court immediately and motion for bail made there.

Court Room Crowded. The court room was filled to capacity when the case started at o'clock. As Nixon walked in the court room to take seat at his counsel's table, his friends in the crowd broke into applause. The maximum sentence under the law could have been ninety days and fine of $500. "I do not believe that punishment should ever be vindictive, but rather salutary admonition. view the circumstances surrounding the case, shall impose $100 and ten-day jail sentence,' Judge Eichorn said.

Scored Bank Receiver.

The contempt citation against Nixon came as the result of published articles which criticized appoint of Quinten A. Carver, former county auditor, as "a village garage keeper wholly manage the affairs of million dollar bank." The bank was the Wabash County Loan and Trust Company, closed last January by order of the directors. The court held that the published story tended to place court in the light of ridicule and, therefore, was Nixon said that several persons immediately after the court's decision was announced had offered to help pay his fine and several offered to serve the jail sentence for him if the court would permit.

2. June 17, 1932 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, June 17, 1932

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Article Text

WABASH PUBLISHER TO FIGHT SENTENCE Appeal Will Be Filed in Contempt Case. By United Press WABASH, Ind., June 17.-Immediate appeal of the case of Don M. Nixon, publisher of the Wabash Plain Dealer, found guilty of contempt of court for his criticism of appointment of a receiver in a suspended bank, was expected today. Nixon was found guilty on the charge Thursday by Judge W. H. Eichorn and fined $100 and sentenced to ten days in jail. Judgment on the decision will not be entered until Saturday, when the appeal wil be made. Nine hundred persons thronging the courtroom cheered Nixon as he appeared to hear the verdict. Nixon was cited by Judge Frank O. Switzer, whose appointment of Quinten Carver as receiver of the Wabash County Loan and Trust Company the editor had attacked bitterly.

3. June 17, 1932 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, June 17, 1932

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Article Text

PUBLISHER HAS APPEALED HIS CONTEMPT CASE Wabash. Ind., June 17-(UP)Immediate appeal of the case of Don M. Nixon, published of the Wabash Plain Dealer, found guilty of contempt of court for his criticism of appointment of a receiver in a suspended bank, was expected today. Nixon was found guilty on the charge yesterday by Judge W. H. Eichorn and fined $700 and sentenced to 10 days in jail. Judgment of the decision will not be entered until tomorrow when the appeal will be made. Nine hundred people thronging the courtroom cheered Nixon as he appeared to hear the verdict. Nixon was cited by Judge Frank O. Switzer whose appointment of Quinten Carver as receiver of the Wabash County Loan & Trust Co., the editor had attacked bitterly.

4. June 19, 1932 Evening Star Washington, DC
Article from Evening Star, June 19, 1932

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Article Text

Accused Editor Appeals

WABASH, Ind., June 18 (P).Don M. Nixon, publisher of the Wabash Plain Dealer, was released on $1,000 bond today pending appeal from his conviction of indirect contempt of court. Nixon criticised the appointment by Judge Frank O. Switzer of Q. A. Carver as receiver for the Wabash County Loan & Trust Co.

5. June 20, 1932 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, June 20, 1932

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Article Text

EDITOR FIGHTS CONVICTION IN CONTEMPT SUIT Wabash Publisher Battles for Freedom of Press in Indiana. By United Press WABASH, Ind., June 20.-Don M. Nixon, fighting editor of the Wabash Plain Dealer, today said he would push his appeal of a contempt of court citation to the highest courts in what he believes is a struggle to preserve freedom of the press. Nixon was sentenced to ten days in jail and fined $100 for his criticism of a court's appointment of a receiver for a suspended bank. "To much power is in the hands of courts to coerce a publisher against telling the truth about a court and its acts," said Nixon. "The courts have what no one has the right to deny-trial by jury. "Changes in the law should be made to prevent courts having unreasonable power in acting in cases which they term 'contempt of court.' Such cases should be tried by juries." Fights for Freedom Nixon explained his sentence resulted from criticism of the appointment of a former garage keeper and farmer as receiver for a bank which failed with $1,000,000 in deposits. "I appealed the case," said Nixon, "not only because it involves my personal freedom, but because the freedom of the press throughout Indiana is at stake." The appointment under attack by Nixon was that of Quinten Carver, named by Circuit Judge Frank O. Sweitzer as receiver of the Wabash County Loan and Trust Company. "At the time of the appointment," Nixon said, "I made no comment, even though none of the 900 depositors knew Carver and even though his only business experience had been as a garage owner in a village of 400 population. Citizens Cheer Editor "But the bank's directors remained about the institution and apparently influenced the receiver. Depositors told me they were not getting a square deal. After an investigation, the Plain Dealer editorials appeared, charging the receiver was incompetent." The editor was cited for indirect contempt and Judge William H. Eichorn pronounced judgment. Hundreds of depositors and citizens cheered the appearance of the publisher in the courtroom. An attempt to force Nixon to serve his jail sentence prior to a decision on the appeal was forestalled.

6. October 22, 1932 Leader-Tribune Marion, IN

Article Text

AGREEMENT IS REACHED IN STOCKHOLDER ACTION

Wabash, Ind., Oct. agreement of parties finding was made for John W. Cox and others in their suit against Aaron Simon, Lena Simon and Gertrude Wolf on stickholders' liability in failure of the Wabash County Loan and Trust Co. Finding against Aaron and Lena Simon was for $2,500 in each case against Gertrude Wolf for $500. The money is to be paid to the bank receiver and distributed to creditors.

7. July 22, 1933 The Indianapolis Star Indianapolis, IN

Article Text

Wabash Bank Receiver Dies of Heart Attack

[Special to The Indianapolis Stor.] WABASH. Ind., July Carver, 60 years old, for the Wabash County Loan and Trust Company died suddenly of heart attack here today as he preparing go work at the bank. lived making daily He This morning placed his garage and In the Mrs Emma Potterf and asked Mrs. he He lay on saying would be few utes Potterf about her housework and when Carver failed walked back in the room and found him dead Carver served one term as county auditor are the widow. one son Henry Dufton of Roann, one sister and two brothers

8. August 4, 1933 The Indianapolis Star Indianapolis, IN

Article Text

NAMED BANK RECEIVER.

WABASH, Ind., Aug. 3.-George D. Garber of North Manchester today was named liquidating agent for the Wabash County Loan and Trust Company which has been in ship for eighteen He was appointed by the state department of financial which took over the bank Friday following the death of who had been ing as receiver. Mr. Carter is mer North Manchester banker

9. August 4, 1933 The Call-Leader Elwood, IN

Article Text

NAMED BANK RECEIVER.

Wabash, Ind., Aug. 3. - George D. Garber of North Manchester today was named liquidating agent for the Wabash County Loan and Trust Company which has been in receivership for eighteen months. He was appointed by the state department of financial institutions which took over the bank Friday following the death of Q A. Carter, who had been serving as receiver. Mr. Carter is a former North Manchester banker.

10. October 25, 1933 Leader-Tribune Marion, IN

Article Text

Grants Petition In Banking Case

Wabash, Ind., Oct. 24. George Garber, representative of the state department of financil institutions handling liquidation of the Wabash County Loan and Trust Co., today filed a petition in circuit court asking authority to exchange approximration at par for each mortgage. with the Government Home Owners Corporation for bonds of that corporation at par for each morthgage. The petition was granted. There were 23 mortgages listed in the petition and it stated that bonds of the Home Owners Corporation are now quoted at 88 cents on the dollar, which is far more than could be obtained if the bank had to foreclose on the mortgages and sell the property at forced sale. Bonds of the corporation bear percent interest and run for a period of 18 years.

11. January 10, 1935 The Washington Times Washington, DC
Article from The Washington Times, January 10, 1935

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Article Text

Appeal Vindicates Critic of Court

INDIANAPOLIS, Jan. 10 (I.N. S.).—The State supreme court has reversed the decision of the Wabash Circuit Court which held the late Don Nixon, of Wabash, veteran publisher, in contempt of court, fined him $100 and sentenced him to 10 days in jail.

The reversal was regarded as a victory for freedom of the press as the charges followed stories Mr. Nixon published criticizing the appointment and functioning of a receiver for the Wabash County Loan and Trust Company.

12. March 27, 1935 Leader-Tribune Marion, IN

Article Text

CANCEL JUDGMENTS AGAINST DIRECTORS

Wabash, March 26.—Seven former directors of the defunct Wabash County Loan and Trust Co., were released from $100,000 judgments by the court instructions here today. An act of the 1933 legislature, which relieved stockholders and directors of liability after they had signed public depository bonds, was the basis of the court decision.

Judgments were held against Charles Latchem, Lucy Latchem, Nelson G. Hunter, Alex Pense, Walter Wilson, Ed Stone and Joseph Elliott.

Suit against the directors was brought in 1932 after the failure of the bank by public taxing units which had funds deposited in the institution.

13. December 27, 1935 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, December 27, 1935

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Article Text

COMPROMISE IS HINTED
IN $700,000 BANK SUIT

Wabash Officers Agree to Settle for $100,000, Is Report.

By United Press WABASH, Ind., Dec. 27.-Settle-ment of $700,000 damage suit against former directors and officers of the Wabash County Loan and Trust Co. by compromise appeared likely today.

Under terms of a compromise petition which may be filed in Wabash Circuit Court, the officers will pay $100,000 to the State Department of Financial Institutions and also a sum not to exceed $3,000 for an audit of the bank's books.

The State Department of Financial Institutions assumed prosecution of the case after the death of Q. A. Carver, receiver. The complaint charged that directors of the bank were negligent and responsible for bank losses.