3193. First National Bank (Carroll, IA)

View Charter #3969 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
3969
Charter Number
3969
Start Date
October 19, 1908
Location
Carroll, Iowa (42.066, -94.867)

Metadata

Model
gpt-5-mini
Short Digest
e201d58f

Response Measures

None

Receivership Details

Depositor recovery rate
63.2%
Date receivership started
1908-10-21
Date receivership terminated
1915-08-09
OCC cause of failure
Fraud
Share of assets assessed as good
17.6%
Share of assets assessed as doubtful
78.7%
Share of assets assessed as worthless
3.7%

Description

The First National Bank of Carroll closed its doors on Oct. 19, 1908 following the suicide of its president W. L. Culbertson. No contemporaneous article describes a depositor run; the bank was taken into custody by examiners and later placed in receivership and wound up. Receiver I.W. (J./J.W.) Fowler (articles use I. W. and J. W. variants) administered the receivership and assets/examination reports in December 1908 indicate liquidation and assessments on stockholders. OCR variants in sources corrected (e.g., Culbertson spelled also as Culberton in OCR).

Events (5)
1. January 25, 1889 Chartered
Source
historical_nic
2. October 19, 1908 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed immediately after the suicide of its president W. L. Culbertson, triggering examination and closing of payments.
Newspaper Excerpt
closed its doors in Carroll on Oct. 19 on account of the suicide of its president
Source
newspapers
3. October 21, 1908 Receivership
Source
historical_nic
4. December 3, 1908 Other
Newspaper Excerpt
face or bank value of the assets of the bank was found to be $647,118 ... with an assessment that has been ordered on the stockholders, 100 per cent, there will be sufficient funds to pay depositors in full and eventually return a small dividend to stockholders
Source
newspapers
5. December 4, 1908 Receivership
Newspaper Excerpt
The First National bank of this city, now in the hands of I. W. Fowler of Ottumwa as receiver, will pay out, according to the report made to the national treasury department by Bank Examiner H. M. Bostwick.
Source
newspapers

Newspaper Articles (15)
1. October 22, 1908 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, October 22, 1908

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TRIBUTE TO DEAD JUDGES Iowa Superior Court Makes That the First Business of Session. IOWA MAN BOOMED FOR SPEAKER Bank Examiner Says Carroll Bank, Whose President Committed Suicide, Is Solvant and all Claims Will Be Paid in Full. (From a Staff Correspondent.) DES MOINES, Oct. 21.-(Special.)-The Iowa supreme court resumes its sittings today for the September term and at the opening gave over two hours to a memorial service for three distinguished judges. Resolutions were spread upon the court records commemorative of the life and services of Josiah Given, Galusha Parsons and Charles A. Bishop. Given was a distingulshed soldier of the Mexican and civil wars and was chief justice of Iowa five times. Parsons was long a leader of the bar, but went to Portland, Ore., a number of years ago, and died there recently. Bishop recently died suddenly while attending a state bar meeting. He was one of the youngest of the supreme judges. Addresses were made to the court by C. C. Cole, Crom Bowen, Charles Powell, Carroll Wright and others. The court listened to arguments in favor of a rehearing in the case of Mrs. Cain, whose husband committed suicide after killing a prominent citizen. She was left with six small children and a controversy arose over her property and its illegal use for sale of liquors and as a result she was left destitute. The court refused to reverse the court in Scott county in the case involving a Judgment of $20,000 for damages to Baggageman O'Conner, who was injured in a Rock Island accident. The judgment was complained of as excessive. The court reversed a wife desertion case on the ground that the lower court had stated too strongly the duty of the husband to support his wife and family in a "home suitable to their condition in life." Court decisions today: Laura Miles, appellant. against Otto Schenk: Woodbury county: affirmed. James Will'ams. appellant. against Chicago, Milwaukee & St. Paul railway: Keokuk county: affirmed. F. M. Parker against city of Bedford. appellant; Taylor county: affirmed. E. J. O'Conner against Chicago, Rock Island & Pacific railway, appellant: Scott county: affirmed. State against John E. Stort appellant; Cedar county: reversed. T. W. McCray, appellant, against Lake City Electric Light company; Calhoun county; affirmed. Iowa Man for Speaker. Sentiment among the republican candidates for congress appears to be gathering for the selection of an Iowa man for speaker of the next congress. Two of the candidates have pronounced themselves as positively in favor of Judge Walter I. Smith of Council Bluffs for speaker to succeed Cannon. The first suggestion was from Cngressman Dawson. though the Idea was not new with him. Immediately Frank P. Woods. candidate in the Tenth district, formerly chairman of the republican state committee. doclared himself in favor of Smith as a candidate for speaker. It is expected Hull, Good, Hubbard and other strong men of the Iowa delegation will also to the same. Hard Blow at Backet Shoppers. In the district court today a fine of $250 was laid against O. M. Olsen upon his plea of guilty under indictment for running a bucket shop in Des Moines. Judge McHenry llso warned him to leave the state, and t is understood he is under agreement to save at once. Olsen insists he is being persecuted by the regular exchanges or tersons in their service. Carroll Bank is All Right. Examiner Shaw took charge of the First National bank of Carroll this morning and 1 hasty examination of the books showed hat the bank 18 entirely sclvent and there vill be no losses. Of the $100,000 capital tock all but $2,000 was owned by Culberton, Macomber and Coburn. The suicide if President Culbertson was not in fact is urprise to the people of Carroll, as It was tnown he had lost heavily and most of his ormer wealth was gone and that he was lespondent. He had been closely watched or a long time. He lost heavily in western ands.

2. October 23, 1908 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, October 23, 1908

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Mrs. Culbertson, Wife of Carroll Banker, Will Sacriftce Home if Necessary DEPOSITORS MUST BE PAID Technical Examination of Bank's Assets in Progress-No Other Bank Involved With Carroll Institution Was Oldest Bank in Carroll County. I Special to Times-Republican. Carroll, Oct. 23.-Mrs. W. L. Culbertson, widow of President Culbertson, who committed suicide Tuesday, made a statement that she would turn over every bit of property belonging to the Culbertson estate, if necessary, to see that the depositors of the bank received every dollar belonging to them. She also stated that she was perfectJy willing to sacrifice her home, and wanted it understood that that was included in her conception of her duty. Words of praise are heard on all sides for Mrs. Culbertson and her attitude is one to be admired. However, those best posted on the situation do not believe it will be necessary for her to sacrifice her homestead and are inclined to the opinion that the Culbertson estate is a large one and will amply meet all the requirements on the part of the bank to settle its debts. The Wyoming canal deal is in good shape and almost came within point of being sold for $200,000. The work in connection with the land and canal has gone far enough to make it ready for the market and it is certain to produce a goodly sum of money If nurtured and the interests involved protected. National Bank Examiner Shaw .is working on his technical investigation into the securities of the First National. An investigation into the worth of the notees and other bills receivable will be made, after which it is expected that a receiver will 'be appointed to wind up the affairs of the bank. No other bank is badly involved, it is now claimed, altho several had funds on deposit here. The amount due other banks was, three weeks ago, about $36,000. This amount, it is claimed, was much smaller when the doors of the First National closed. There has been no trouble experienced by the other banks of the citythe German and the German-American banks. They were not in any way affected by the failure of the First National. The First National is the oldest bank in the history of the county, being founded in 1868, just after the town of Carroll was located. It was for a great many years owned by Guerdon Wattles, now of Omaha. W. L. Culbertson, the late president, was the founder of the Bank of Carroll, which for years was operated in this place. He later affected a consolidation by buying controlling stock in the First National. Roger Culbertson arrived from Worland, Wyo., and he was visibly affected by the tragic turn of affairs. He went direct to the family home and thas given out nothing relating to the circumstances leading up to the suicide of his father. The naval department at Washington has been notified of the death of Mr. Culbertson, in order that the news may be forwarded to W. L. Culbertson, Jr., an ensign in the transport service somewhere off Honolulu.

3. November 13, 1908 The Evening Times Grand Forks, ND
Article from The Evening Times, November 13, 1908

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SECOND TRAGEDY Receiver of Bank Stricken and DiedPresident a Suicide. Carroll, Iowa, Nov. 13.-A second tragedy in connection with the affairs of the failed First National bank of Carroll, whose president, W. L. Culbertson, recently shot himself, occurred here today in the death of the national bank examiner in charge, E. B. Shaw of West Union, Iowa. Although apparently in good health last night, he was found dying at 8 o'clock this morning when the clerk at his hotel sought to arouse him for breakfast. He had been stricken the night before while undressing to retire and had lain across the foot of the bed all night, unconscious. He was removed to the hospital immediately after he was found and there he died at 10 o'clock of hemorrhage of the brain. Examiner Shaw's wife and children arrived at noon today, altogether unconscious of the death of Mr. Shaw. They had planned to remain with him here during his work. Examiner Shaw was ready to make his first report to the comptroller at Washington and his death will complicate the failure further.

4. December 3, 1908 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, December 3, 1908

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CARROLL BANK WILL PAY. Assurances Received That Creditors Will Not Lose. Carroll, Dec. 3.-The editor of the Carroll Herald is in receipt of a letter from the treasury department at Washington in regard to the condition of the First National bank that closed its doors in Carroll on Oct. 19 on account of the suicide of its president. Bank Examiner H. M. Bostwick completed the examination several days ago and mailed his report to the controller of the currency. The face or bank value of the assets of the bank was found to be $647,118. Of this amount tthe receiver lists $114,088 as f good, $509,331 doubtful, and $23,698 worthless. Of the doubtful paper fully 75 per cent will be realized on, approximating $380,000, and with an assessment that has been ordered on the stockholders, 100 per cent, there will be sufficient funds to pay depositors in I full and eventually return a small dividend to stockholders.

5. December 4, 1908 Iowa State Bystander Des Moines, IA
Article from Iowa State Bystander, December 4, 1908

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CARROLL BANK MAY PAY ALL. Examiner Bostwick Completes Examination of Defunct Bank. Carroll.-The First National bank of this city, now in the hands of I. W. Fowler of Ottumwa as receiver, will pay out, according to the report made to the national treasury department by Bank Examiner H. M. Bostwick. It is estimated that 75 per cent of the doubtful paper will be collected, placing its value at $380,000. With the 100 per cent which has been levied on the stockholders, all depositors will be paid in full, and there may even be a small dividend to be returned to the stockholders.

6. December 4, 1908 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, December 4, 1908

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DEFUNCT BANK MAY PAY ALL DEPOSITORS Report Is Filed by Examiner of First National Bank at Carroll WILL ASSESS STOCKHOLDERS Good News of Failed Bank's Condition, Received in Letter Sent From, the Treasury Department at Washington -Face Value of Assets Estimated at $647,118-Other Details. Special to Times-Republican. Carroll, Dec. 4.-A letter from the treasury department in Washington, has been received by the Carroll Herald editor, in regard to the condition of the First National bank, which closed its doors in Carroll on Oct. 19, on account of the suicide of its president. Bank Examiner H. M. Bostwick completed the examination several days ago and mailed his report to the comptroller of the currency. The face or bank value of the assets of the bank was found to be $647,118. Of this amount the receiver lists $114,088 as good, $509,331 doubtful, and $23,698 worthless. Of the doubtful paper fully 75 per cent will be realized on, approximating $380,000, and with the assessment that has been ordered on the stockholders-100 per cent-there will be sufficient funds to pay depositors in full and eventually return a small dividend to the stockholders. I. W. Fowler, formerly of Ottumwa, is the receiver in charge.

7. December 10, 1908 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, December 10, 1908

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# Holders of Shares in Failed Carroll Institution Must Pay Full Assessment # CULBERTSON'S OWN MAJORITY Several Others Own Large Blocks of Stocks and Must Pay Amounts Equivalent to Holdings-Catholic Priest Among the Losers-Comptroller Issues Order. Special to Times-Republican. Carroll, Dec. 10. - Stockholder's in the Culbertson national bank, which closed its doors following the suicide of its president several weeks ago, will not only lose the value of their stock in the institutions, but will have to pay in cash a sum equal to the entire amount of their holdings. An assessment of 100 per cent on the stock of the bank has been levied by the comptroller of the currency, and the receiver has sent out the official notice, as follows: "You will please take notice, that the comptroller of the currency has levied an assessment upon the stockholders of the First National bank, of Carroll, Iowa, of one hundred dollars ($100) a share, payable at the office of the receiver, on or before Dec. 30, 1908. The receiver is, however, authorized by the comptroller to grant an extension, without interest, to shareholders who pay 25 per cent of the assessment on or before that date, and who will give a written obligation, satisfactorily guaranteed, to pay 25 per cent additional on or before Jan. 30, 1909; 25 per cent on or before Feb. 27, 1909; and the remaining 25 per cent on or before March 30, 1909. "You are therefore requested to pay the assessment of two (2) shares of stock standing in your name, in accordance with the foregoing order and this notice, or suit will be commenced to enforce payment. I. W. FOWLER, "Receiver Fist National bank, Carroll, Iowa." The bulk of the stock is held by the Culbertson estate, H. W. Macomber and R. E. Coburn, in joint partnership. J. E. Griffith and C. Mark each own $1,000, and Father Quirk, a Catholic priest at Moreland, and his sister, Mrs. Casey, own a few shares. All have been notified and they will have to walk up to the captain's office, or the receiver will get busy.

8. January 21, 1909 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, January 21, 1909

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Carroll Firm Bankrupt. Council Bluffs, Jan. 21.-Proceedings in involuntary bankruptcy were begun in the federal court with the filing of a petition of creditors of the Gerlach Drug and Jewelry company, of Carroll. The creditors are I. W. Fowler, receiver of the First National bank, of Carroll; Walter M. Lowney & Co., of

9. February 13, 1909 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, February 13, 1909

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CARROLL BANK RECEIVER SUES. Brings Action to Recover Notes From German Bank of Carroll. Council Bluffs, Feb. 13.-Isaac Fowler, receiver of the First National Bank of Carroll, filed a petition in the federal court yesterday against the German Bank of Carroll and John P. Hess, its president, for the recovery of two promissory notes, which, the petition alleges, were given as collateral for a debt of the First National Bank before it passed into the hands of the receiver. It is claimed that the transfer of these notes gave the German bank a preference over the other creditors. The petition states that the action is brought upon the instruction of Lawrence O. Murray, comptroller of the currency. The petition demands judgment to the amount of $5,793.90. The plaintiff alleges that two notes, one by Ed Haggerman for $ 4,000 and the other by M. Kremky for $1,500, were turned over to the German bank as security for two drafts for an aggregate sum of $5,500, and claims that this was done with intent to give preference.

10. May 5, 1909 Vilas County News Eagle River, WI
Article from Vilas County News, May 5, 1909

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formed in Los Angeles, Cal., for the purpose of endeavoring to obtain the abolition of capital punishment. C. C. Lewert, superintendent of the state insurance department of Ohio, reported a shortage of $1,342.58 in the accounts of the Ohio Underwriters' Mutual Fire Insurance company of Columbus. It has been discovered in Rome that a satchel containing jewelry valued at $16,000, which was recently stolen from a train there, was the property of Princess von Buelow of Berlin. Thomas Todd, last of the noted Kentuckians who served as captains in the Mexican war, is dead at his home in Shelbyville, Ky. The W. C. T. U. of Cincinnati will ask Mayor Markbrelt of that city to forbid the moving picture shows to present scenes showing the electrocution of women. Announcement has been made at the University of California that exPresident Roosevelt will deliver his first public speech in this country upon his return from his African hunting expedition in the Greek theater at that institution. J. W. Fowler, receiver for the First National bank of Carroll, Iowa, brought suit for $264,292 against the estate of W. F. Culbertson, former president of the bank, who committed suicide last October.

11. May 6, 1909 Audubon Republican Audubon, IA
Article from Audubon Republican, May 6, 1909

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her husband and came to this coun1847. up 111 There is a rumor afloat at Decorah which would indicate that the Stand ard Telephone company is to fall intc the hands of the "Bell," as reports have it that the scouts representing some large interests are trying to buy enough of Standard company stock to control it and it would not be surprising to know that they are representing the "Bell." ottin p[o the JO euo 'V S railroad men has disposed of his fine HIM stated si 11 pus Allera up home soon remove to Colorado with the intention of locating in Denver, where he has some realty interests. The Des Moines plan of city government will be up for a vote in Sioux City next spring again. The city council which has appropriated $2,000 to pay the expenses of the election. Furthermore, it is tacitly admitted, even among the aldermen, that It is very likely to carry. The last elecsamell e sq usld om uo non majority. Receiver J. W. Fowler of the First National bank of Carroll, which failed last October, has filed a document in the office of the clerk of the district court for the creditors against the estate of the late W. L. Culbertson, president of the bank, who suicided in October. The bills aggregate in all $264,292.92. Fire in the college gym at Grinnell caused a damage of $200, but the structure was saved. Onawa is to have a $5,000 race meet July 20 to 23. There are to be two $500 purses and a $200 purse in each day's races. B. Y. Walker, of Van Wert, an old gentleman, 89 years old, sawed, split and piled up thirty cords of wood last winter. The pile was 240 feet long and four feet high. Some of the farmers in the vicinity of Griswold have been the purchasers of catalpa trees from agents whom, they say, misrepresented much in connection with the transaction. Many of the farmers refused to receive the goods when they were delivered. Joe Fagg, living near Eldora, has refused an offer of $200 an acre for his 120-acre farm near that town. The board of supervisors of Kossuth county sold $447,000 worth of drainage bonds at a premium of $20,605. The bonds run for fifteen years at 6 per cent. The American Yeomen of Des Moines bought part of the bonds, as did the Citizens' National bank of New Hartford. Chicago and St. Louis companies have also invested in the bonds. The difficulty of keeping up a sup. ply of teachers at low wages in the face of opportunities of nuptial nature is one which County Superintendent C. M. Miller of Iowa City is fully aware. In Johnson county a dozen schools are without teachers this supers Four gravel trains have been put on by the Northwestern over the Mason City division. These four new trains will give employment steadily through the summer to a large number of extra men who have been during the past month working but little on account of the slack business over the line of late. The new officers for the Boone Country club for the coming year have been elected and are as follows: President, Milo Slade; Secretary-treasurer, John W. Jordan. Richard Douglas was killed by a train at Chariton. He was riding on a railroad bicycle and could not get off the track in time. Robbers entered the house of Mr. and Mrs. James Deeney at Mason City and beat them badly. The robbers escaped. A cotton glove and mitten factory will be opened at Charles City under the ownership and management of Geo. B. Crinklaw of that city and his son, Henry G. Crinklaw. At a recent meeting the Burlington Commercial exchange voted unauimously to act at once to take up the problem of installing the Des Moines plan of city government and a committee was selected to push the matwer Plans for the dedication of the new MOU st which "Supping 'V is W 'A nearly completed in Davenport and the building will be thrown open to the public for its inspection on June 1st. The Rural and Four Cities Telephone company was voted a franchise

12. September 24, 1909 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, September 24, 1909

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Cannot Extradite Niassos. Peter Niassos, a Greek restaurant keeper in Des Moines, was before Judge Smith McPherson in the United States court yesterday in connection with an application for his extradition to Washington, D. C., where he is said to have obtained money under false pretenses. He was arrested on the charge of having given a check for $78 on a bank in Harrisburg, W. Va., in which it was alleged he had no funds. The evidence before the court showed that the check was dated five days ahead of the date on which it was made and this Judge McPherson held constituted the paper merely a promise to pay. In ordering the discharge of Nasses, Judge McPherson said: "This is evidently a miserable attempt to use the government courts as a collection agency for a lot of Greeks down east." The greater part of yesterday's session of the federal court was occupied with the hearing in the case of I. W. Fowler, receiver, against the German bank of Carroll, involving the affairs of the First National bank of Carroll.

13. October 22, 1909 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, October 22, 1909

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CARROLL FINANCIAL INSTITUTION LEAVES CREDITORS IN THE HOLE. FINAL SETTLEMENT WILL NET DEPOSITORS ONLY 40 PER CENT Only 30 Per Cent of Amount of Claims Paid During First Year of Receivership-Creditors Hold Meeting and Organize for Mutual Benefit-Other State News. Carroll, Oct. 22.It was one year ago the nineteenth of October that the First National bank of Carroll closed its doors, after the tragic death of its president, W. L. Culbertson. It has been a weary year of suspense and waiting for many of the depositors who lost their all in the wreck of the bank. The receiver, who has been diligent in the discharge of his trust, has been able to pay but 30 per cent of the deposits. The meager results of such efforts have been a grievous disappoint-

14. January 15, 1910 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, January 15, 1910

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Granville. Granville business men have organized the United Farmers' Telephone Company, which will do business in Granville and tributary territory. Eagle Grove. The Northwestern railroad has discontinued its service from Eagle Grove to Elmore, the reason given being that the service is not a paying proposition. Waterloo. The fire which devastated this city early Sunday morning was much more serious than was at first thought. The losses amount to over $71,000, with only an insurance of about $57,500. Onawa. Forty Onawa young men have organized the Onawa Athletic Association and at an expense of several hundred dollars have established a modern gymnasium in the north rooms of the opera house building. Charles City. Otto Bunze and two little children are seriously ill here with but a small chance of recovery as the result of having eaten poisoned canned beef for supper Tuesday evening. Mrs. Bunze was fortunate enough not to get any of the poisoned meat. Merrill. Thieves entered the drug store of Dr. H. Nigg and the general store of W. H. McNeill, and stole about $200 worth of property. The Merrill police think some "cheap skate of a tramp" did the work. Several rough looking men were seen about town just before the crime. Remsen. After haying conducted the Hoffman house, Remsen hotel, for sixty days C. O. Crowinshield departed for parts unknown in such a hurry that he did not have time to see the grocer, the butcher or anyone else. They have little hope that he will find time unless he is brought back. Cherokee. Claiming that the Cherokee Republican padded, its subscription lists in order to secure the county printing, which must be awarded to the paper of largest circulation, the Cherokee Times will protest in court and demand proof that the circulation of the Republican is as large as claimed. Webster City. Citizens of Webster City have protested against a performance of the Black Crook, Jr., Burlesque Company in the armory opera house, owned by the Webster City I. N. G. men, Mayor N. P. Hyatt, manager of the house, says he didn't know the nature of the company and will taboo such performances in future. Clarion. For the year just closed the Clarion Creamery Company did a business aggregating $55,000. During that time they manufactured over 202,000 pounds of butter. They have over $1,000 in the surplus fund, $400 cash on hand for necessary expenses and all bills paid in full. In addition to that the machinery is practically all new. LeMars. It is alleged that William Madden, a farmer living near the city limits of LeMars, permitted many animals on his farm to die of starvation and the case has been referred to the county attorney, who may start action for cruelty to animals. The matter was reported to the city board of health, which ordered the carcasses carried away and buried. Spencer. Clare Runkle, living a couple of miles south of Spencer, met with a peculiar accident. He was in the barn playing with a dog. The dog was jumping to catch a ring which Clare was holding in his hand. He made a jump and the dog's fangs caught in his lip on both sides of Clare's nose, tearing the upper lip out on each side of the nose down to the mouth. He came to town and had the wound dressed, and it is healing nicely. Carroll. Judge Church gave his decision in the case brought by C. Wenck against the receiver of the First National bank, involving between $500 and $600. In this case it was shown that the plaintiff some time before the failure of

15. March 23, 1911 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, March 23, 1911

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CHARGES OF MISMANAGEMENT AND INCOMPETENCY MADE AT CARROLL. FEDERAL OFFICIALS ACCUSED IN FAILED BANK CASE Charge Made That Evidence of Criminal Liability Has Been Intentionally Lost and That Receivership Has Not Been Handled in Interests of Creditors. Special to Times-Republican. Carroll, March 23.-Charges of mismanagement, of wilful carelessness and neglect in handling evidence of criminal liability, and of deliberately manipulating affairs in the interest of a few and in favor of depositors, are made this week by the Carroll Herald in connection with the receivership of the First National Bank. which failed when its president, W. L. Culbertson, committed suicide. The Herald says: "Another chapter in the affairs of the defunct First National Bank has been closed and a new one commenced in the appointment of W. R. Lee, as receiver. Precendents of delay, inefficiency and extravagance have been established in the conduct of the affairs of this institution, that will be hard to overcome by the new receiver. Over two years have elapsed since this institution was placed in charge of the comptroller. Mr. Fowler, the first receiver by sacrificing property made dividends amounting to 30 per cent. There is no question but that the property he sold in order to do this would have brought more money if properly handled and at no greater expense to the creditors, who are the parties that should receive the greatest consideration, as the receivership must necessarily be kept open until all the assets are disposed of. One great trouble has been that the receivship has been run for the benefit of the parties running it, the rights of the creditors receiving secondary consideration. The real assets or in other words the ones of value to the creditors of the bank have been withheld from the market. Other land propositions held by other parties have been cleaned up within the time that this institution has been handled by the various receivers, all of whom had as their legal adviser, the present receiver. Mr. Lee, who is also the attorney for Mrs. Culbertson, the widow of the late W. L. Culbertson. Mrs. Culbertson has strenuously insisted that the property more especially the Hanover canal property, would show a handsome profit. if kept long enough. This is the same idea that actuated the officers of the bank when they took from the deposits of the bank the money that was first used to float the enterprise The creditors, on the other hand. say that, as the diversion of the deposits to the individual use of the officers of the bank was wrong in the first instance, to continue the investment longer than is absolutely necessary, in order that Mrs. Culbertson might make a profit. is a continuation of that wrong which they do not feel called upon to approve. "The conduct of this matter by the federal authorities has not been such as to recommend federal proceedure. The criminal proceedings are the merest farce. When the first indictment was returned against Mr. Coburn, the cashier, it is to be presumed there was evidence enough to convict. Imagine the feelings of the district attorney, when after the matter had been continued a term or so, he had to announce to the court, that the evidence upon which he relied for a conviction had been lost. This evidence, by the way was supposed to be in the hands of officers of the court, in which the indictment was returned, the receiver and his assistants and the district attorney, himself. The district attorney did not seem to be very much worried over the loss of the pages from the loose leaf ledger that was before the grand jury. With the evidence discovered in the books of the bank of illegal banking, by Mr. George, the expert accountant from the department of justice, it was certainly to be expected that some one would have to pay the penalty for the wrong done