Article Text
Other Banks Suspend. Princeton. Wis., Oct. 19 - The Princeton state bank was closed by the defalcation of Cashier Leimer, who admits a shortage of nearly $70.000. The Montello state bank, of which he was president, also closed.
22807. Montello State Bank (Montello, WI)
Bank Information
- Episode Type
- Suspension → Reopening
- Bank Type
- state
- Start Date
- October 19, 1903
- Location
- Montello, Wisconsin (43.791, -89.320)
Metadata
- Model
- gpt-5-mini
- Short Digest
b9f6df7a
Response Measures
None
Description
Bank was closed by order of the state bank examiner (Oct 19, 1903) due to alleged forgeries by vice-president J. E. Leimer causing a deficit. Stockholders agreed to cover the deficit and the bank reopened (reported Nov 17, 1903). Articles explicitly state there was no run on the bank.
Events (2)
1.
October 19, 1903
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Closed after discovery of alleged forgeries by vice-president J. E. Leimer creating a large deficit; examiner ordered suspension.
- Newspaper Excerpt
- A notice was posted on the door of the Montello State bank to-day stating that the bank was closed by order of the state bank examiner.
- Source
- newspapers
2.
November 17, 1903
Reopening
- Newspaper Excerpt
- The Montello State Bank has opened its doors and resumed business, all deficits caused by Joseph E. Leimer's alleged forgeries having been paid in cash by the stockholders. There was no run on the bank, the majority of depositors feeling secure ...
- Source
- newspapers
Newspaper Articles (8)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
RUSH FOR A RECEIVER. Failures of Trust Company and Banks at Different Points. Dover, Dela., Oct. 20.-The insolvency of the International Bank & Trust Company of America at the City of Mexico, which is a corporation of the state of Delaware and which was recently given authority to increase its capital stock to $5,000,000. caused one of the most remarkable dashes for a receivership ever known here. A number of those interested in the big company who were opposed to the receivership obtained in Mexico, which closed all the company's Mexico banks and also opposed the selection of Don Jacinto Patteres, a lawyer, as receiver, gathered here with the object of obtaining the judgment of the highest court in the state which created the company. Those present were. Charles L. Phillips, vice president; Joseph G. Deane of New York, a director; James L. Wolcott, a lawyer of Dover, another director: former Gover nor W. T. Watson. also a director, Henry Ridgeley, special counsel for Herbert Compton, a stockholder, and William L. Gooding, special counsel for the company. An application to Chancellor Nicholson was hurriedly drawn up praying him to appoint a receiver who could go into Mexico and elsewhere and take charge of the company's assets. Later the party hurried aboard a Delaware railway train for Lewes and there continued their search for Chancellor Nicholson by boat, the chancellor having gone on a trip from the Delaware breakwater on the pilot boat Philadelphia. The members of the party expect to overtake the chancellor and express the belief they will get a receivership. They claim that because this is a corporation of the state of Delaware the action of the chancellor will take precedence. Herbert Compton, a stockholder, makes the application to Chancellor Nichclson on the ground of insolvency. New York, Oct. 20.-Assistant District Attorney Miner today began aninvestigation into the affairs of the International Bank and Trust company, a concern incorporated under the laws of the state of Delaware with a capitalization of of $10,000,000. Thus far $1,800,000 stock has been issued. The company did business in Mexico where it has seven branches. Its office in this city was in Wall street. The officers are Wm. H. Hunt, president; Chas. F. Phillips, first vice president, and John H. Maugham, second vice president. On Saturday the concern failed. It was then learned that $56,000 of the firm's notes were protested here and it was then charged that the company had been doing a banking business in this state without certificate with the state banking department. Mr. Miner announced he would examine the officials of the company. BANK DOORS CLOSED. Milwaukee, Wis., Oct. 20.-An evening Wisconsin special from Montello, Wis., says: A notice was posted on the door of the Montello State bank today stating that the bank was closed by order of the state bank examiner. A large crowd of depositors gathered and were told by Cashier Currie that they will receive every dollar and that businss will be resumed as soon as the affairs can be straightened out. PRIVATE BANK ASSIGNS. Bloomington, Ill., Oct. 20.-The private bank of J. E. Brown & Co., at Chatsworth, assigned today and will be closed pending a settlement for the benefit of creditors. The liabilities are estimated $35,000 with assets probably 90 per cent of that sum.
Click image to open full size in new tab
Article Text
WISCONSIN BANK CLOSES. Montello State Institution Compelled to Suspend Business. Milwaukee, Oct. 19.-A dispatch from Montello, Wis., says: A notice was posted on the door of the Montello State bank to-day stating that the bank was closed by order of the state bank examiner. A large crowd of depositors gathered and were told by Cashier Currie that they will receive every dollar and that business will be resumed as soon as the affairs can be straightened out. Mr. Currie gave out the statement that the trouble was caused by the alleged issuing by J. E. Leimar, vice-president and stockholder, of forged paper. Milwaukee, Oct. 19.-A dispatch from Princeton, Wis., says: J. E. Leimer, cashier of the Princeton state bank, was arraigned in court to-day on a charge of forgery preferred by the state bank examiner and was bound over in $10,000 bail.
Click image to open full size in new tab
Article Text
STOCKHOLDERS AGREE TO CARE FOR DEFICIT Montello State Bank Is Soon to Resume -Receiver Takes Charge of Princeton Institution. Montello, Wis., Oct. 24.-The stockholders of the Montello State bank held a meeting and decided to have the bank resume business under an agreement which has been signed by nearly all of the stockholders, whereby they agree to take care of the deficit caused by the alleged forgeries of Joseph H. Leimer, the former vice president of the bank. It is presumed that the institution will open its doors again within ten days, as the arrangement meets with the approval of Bank Examiner Bergh. The stock held by Leimer has been transferred by him to the other stockholders and amounts to $1900. He had shortly before reduced his holdings from a much larger amount. Attorney Lynn S. Pease of Milwaukee has been in the city for several days on business concerning the bank. He says that the bank will open for business again inside of ten days. It was organized under the new banking law with an authorized capital of $25,000, but only $20,000 of this had been paid in. Contracts were drawn up whereby the stockholders agree to pay the deficit, which is $20,000, as near as can be estimated at the present time. Already the plan of reorganization is practically assured and the additional $5000 of stock will be subscribed as well as all of Leimer's stock. Princeton, Wis., Oct. 4.-[Special.]The affairs of the Princeton State bank were turned over to Receiver E. C. Martin of Fond du Lac this morning by Deputy Bank Examiner Kuolt and a systematic effort will be made to untangle the snarl left by former Cashier Leimer. It is now thought that in the long run neither the depositors nor the stockholders will lose heavily by Leimer's alleged irregularities and the excitement is very much allayed. Assistant Bank Examiner Knolt went back to Milwaukee this afternoon. Mr. Leimer is confined in jail at Dartford.
Click image to open full size in new tab
Article Text
missing and is supposed to have murdered in Virginia. Nineteen University of Chicago prossors, tired of living in flats, will eak ground for two rows of model buses, all in colonial style. Eight men were killed by the llapse of a crane on the new abash railroad bridge over the onongahela river at Pittsburg. Newburg, Ore., was in possession bandits for two hours, and a bank tilding was wrecked in a vain at. mpt to dynamite the money vault. The body of Miss Frances Hickman, woman physician of the Royal hospital, London, was found in chmond park with her throat cut. An appropriation of $250,000 for a training station on Lake ichigan will again be urged by Sectary Moody in his yearly estimates. The steamer South Portland, from rtland (Ore.) to San Francisco, was recked on Cape Blanco and fourreen the thirty-six persons on board were Careful estimates of the amount of in storage in the Beaumont, Sour and Saratoga fields show 13,500,barrels in these and intervening ctions. Arbitration treaties between France Italy, Holland, and Norway and eden, are now being negotiated, cording to Baron d' Estournelles de nstant. O. Kamoroy, who was the Rusrepresentative in the seal arbitra at The Hague, has been apa delegate to the November conference. The Iowa anti-insurance compact was declared unconstitutional by federal court at Des Moines. A reorganization of rates prob will follow. "hree youths, all under 21. sons of minent Toledo families, who were victed of burglary under assumed have been pardoned by GoverNash of Ohio. Senor Aiciniegas, special envoy of ombia on Panama canal matters, and announced he will make new proposal. The old treaty is consideration. President Palma has pardoned the two American soldiers remaining Cuban prisons, so they may be to accompany their comwho embarked for home. Baltimore is threatened with a ancial panic through the failure of Maryland Trust company, with 773,817 deposits, and the Union company, with $2,000,000. J. Bryan authorizes a denial of report which quoted him as saying he believed free silver would not considered at the democratic tional convention in 1904. The Ohio gubernatorial campaign is to a triangular duel, Senator is fighting Tom Johnson. The is fighting John R. McLean; neither is opposing Herrick. L. White, Jesse O. Wells, E. H. inter, F. A. Marion, and Michael leading Des Moines (Ia.) liticians, were held guilty of coninfluencing juries. Ferdinand Allen, 32 years old, was and killed at the Aylor mine, near esperity, Mo., by Benjamin Aylor, a llionaire mine owner. There were no tnesses and the cause of the shootis unknown. Evidence that $37,000 in paper was by Cashier Leimer was disvered at the Princeton (Wis.) bank restigation. The latter's liabilities $270,000, and the Montello bank's 00,000. Aylesworth and Jette, Canadian mbers of the Alaskan boundary
Click image to open full size in new tab
Article Text
Montello State Bank Reopens. The Montello State Bank has opened its doors and resumed business, all deficits caused by Joseph E. Leimer's alleged forgeries having been paid in cash Many citizens by the stockholders. have bought stock in the bank. There was no run on the bank, the majority of depositors feeling secure and having perfect confidence in the bank being able to take care of its liabilities. C. Tagatz was elected director and M. H. Pratt vice-president, in place of Leimer. Both are old residents and prominent in business.
Click image to open full size in new tab
Article Text
Montello State Bank Reopens. The Montello State Bank has opened its doors and resumed business, all deficits caused by Joseph E. Leimer's alleged forgeries having been paid in cash Many citizens by the stockholders. have bought stock in the bank. There was no run on the bank, the majority of depositors feeling secure and having perfect confidence in the bank being able to take care of its liabilities. C. Tagatz was elected director and M. H. Pratt vice-president, in place of Leimer. Both are old residents and prominent in business.
Click image to open full size in new tab
Article Text
Montello State Bank Reopens. The Montello State Bank has opened its doors and resumed business, all deficits caused by Joseph E. Leimer's alleged forgeries having been paid in cash citizens Many by the stockholders. have bought stock in the bank. There was no run on the bank, the majority of depositors feeling secure and having perfect confidence in the bank being able to take care of its liabilities. C. Tagatz was elected director and M. II. Pratt vice-president, in place of Leimer. Both are old residents and prominent in business.