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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.
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DEATH CLOSES BANK. Voluntary Liquidation of Old Financial Institution. Council Bluffs, Sept. 19.-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 Council Bluffs. The appointment was made on the application of Charles T. Officer, son of and administrator of the estate of the late Thomas Officek the senior member of the firm, who died last Wednesday. The receivers are required to give a joint bond in the sum of $30,000. John Beresheim is vice president of the Council Bluffs Savings Bank and Louis F. Murphy has held the position of bookkeeper for Officer & Pusey for a number of years. In applying for the appointment of a receiver Charles T. Officer, as administrator of his father's estate, says that the estate had a large amount of property which was liable for the debts of the firm, and that the surviving partner, W. H. Pusey, was prostrated over the death of Mr. Officer and not in a physical condition to undertake the task of liquidating the affairs of the bank. The banking firm of Officer & Pusey was established in 1857. On the first of the year the firm made a statement to the assessor showing their resources to be as follows: Money on hand or in transit, $165,000; bills receivable, $235,000: bonds, $481,000: stocks, etc., $80.000; total assets outside of United States bonds. $481,000. The statement of liabilities showed the deposits of all kinds to aggregate $415,000.
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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.
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Officer & Pusey Bankrupt. Council Bluffs. Oct. 23.-The report of Receivers Beresheim and Murphy, of the banking house of Officer & Pusey, filed yesterday afternoon with Judge Macy, of the district court, shows that the liabilties are $57,577 in excess of the assets, even providing that the latter realize 100 cents on the dollar, which is not at all probable. The assets of the firm summarized are as follows: Cash $146,336 Bills receivable 216,604 Real estate holdings, estimated value 157,361 Overdrafts 42,032 4,546 Judgments Total $566,879 The total liabilities are as follows: $192,814 Demand deposits Demand certificates 13,636 Time certificates 418,006 Total $624,456 The general opinon, since the receivers' report was made public, is that the bank will not pay out more than 50 cents on the dollar. The bank is one of, if not, the oldest private banking institutions in the state, having been in business here since 1856. It went into liquidation four weeks ago on the death of the senior partner, Thomas Officer. Hon. W. H. M. Pusey, the surviving member. is n the state insane asylum at Clarinda, having been committed there two weeks ago.
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The report of the Officer& Pusay receivers was not completed in time for filing yesterday, but the receivers were at work upon it yesterday and it was thought possible it might be completed today. In case this expectation is realized the report will probably be filed at once and its contents made public, although it is predicted in some quarters that the receivers will not put the report on file until after it has been presented to Judge Macy. If this course is followed the report cannot be made public nutil next Monday, 'as Jubge Macy left yesterday for his home in Harlan and will not return until Monday. There would, however, seem to be no reason for witholding the report from the public, inasmuch as the court will probably not pass upon it for several weeks after it has been fi'ed. The public generally, and several hundred depositors who had funds with Officer& Pusey are awaiting the report with much anxiety. With each day's delay alarming rumors regarding the condition of the bank receive more and more credence, in spite of the declarations which have been given out as to the solvency of the institution. Inithe matter of the estate of Thomas Officer, Judge Macy issued several orders yesterday. Neither the applications nor the orders were filed with the clerk. The administrator, Charles T Officer was authorized to employ, examine and appraise the Colorado mining property which the inventory recently filed showed the estate to be interested in According to the inventory the bulk of the estate consists mining stocks and notes, the aggregate amount thus represented being about $600,000. The administrator as ordered, all the heirs of the Officers estate consenting, to pay over to the reeivers about $3'500 to cover an overdraft of Thomas Officer against the bank of Officer& Pusey f The administrator was also author ized to make certain repairs upon a Manona county farm belonging to the estate. The aggregate of the claims filed yesterday against the receivers by depositors was $9,763. -Council Bluffs Dep't World Herald.
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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.
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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.
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DEATH OF HON. W. H. M. PUSEY. Pioneer Settler and Capitalist of Council Bluffs. 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 Oct. 10. William H. M. Pusey was born in Washington county, Pa., July 29, 1826. He was of English Quaker ancestry, his forefathers having settled in Philadelphia with William Penn. He graduated at the Washington and Jefferson College in Washington, Pa., in 1847, and removed to Iowa in 1856. From that time until his death his home was in this city. He formed a partnership with Thomas Officer, his brother-in-law, and they conducted a private banking business from 1857 until the death of Mr. Officer in September of the present year and the illness of Mr. Pusey made the appointment of receivers necessary. Mr. Pusey was elected state senator in 1858 from the Pottawattamie senatorial district then embracingtwenty-seven counties bordering on the Mississippi river. In 1882 he was elected to congress from the Ninth Iowa congressional district. Mr. Pusey leaves a widow and three children-Mrs. Ella Pinney, of this city; Frank S. Pusey, of Denver, and Mrs. Kate McGee, of this city. Williams. Special to Times-Republican. Williams, Nov. 16.-Miss Kate Hood, of Independence, is visiting at Rev. Wylie's. The State Bank is moving into their new building. They have the nicest corner in town and the best building of any town of this size in Iowa. The First National Bank commenced business last Monday. They have E neat building and a good room well furnished to do business in. J. D. Fiddler expects to move in next week where the State Bank moved out. J. F. Warham has built a new sidewalk in front of his livery and feed barn. Ben Loveline, five miles north of town, has sold his 120-acre farm to F. J. Gade at $45 per acre. County Superintendent Gerber was visiting the city schools Monday. L. Martenson, who was operated on at Merch hospital, Des Moines, is expected home today. much improved in health. Mr. and Mrs. A. C. Clark, who have been on a three weeks' visit to Boston, Mass., are expected home tonight. Their son, Hon. R. G. Clark, of Webster City, is here to meet them. Supervisor J. P. Tuttle is attending a meeting of the board this week at Webster City. Ralph Mallory was in Webster City Wednesday.
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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.
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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.