361. Bank of Grannis (Grannis, AR)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 10, 1911
Location
Grannis, Arkansas (34.241, -94.335)

Metadata

Model
gpt-5-mini
Short Digest
099f55a2

Response Measures

None

Description

Bank failed/closed in July 1911 and receiver W. M. Pipkin was appointed; evidence shows insolvency and winding up rather than a depositor run. Receiver later paid dividends, confirming permanent closure/receivership.

Events (2)

1. July 10, 1911 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failed to open July 10, 1911; unsatisfactory business, liabilities exceeded realizable assets, alleged mismanagement and insufficient paid-in capital leading to winding up.
Newspaper Excerpt
The Bank of Grannis ... did not open for business last Monday, and on petition from Mr. Logan Judge James D. Shaver ... appointed a receiver
Source
newspapers
2. July 11, 1911 Receivership
Newspaper Excerpt
W. M. Pipkin, who was appointed receiver of the Bank of Grannis, returned Tuesday afternoon from Grannis, where he went Monday to take charge of the bank's affairs. ... the depositors of the bank were taking its failure quietly, although some of them had several big checks out which had not been cashed, and which they would have to protect. (Mena Weekly Star, 1911-07-13).Found $2,263.98 cash and detailed asset/liability statements cited by receiver Pipkin.Found $2,263.98 cash (1911-07-13).Bank of Grannis, which failed on July 10, 1911 (1912-05-09).W. M. Pipkin, receiver ... has declared another dividend (1912-05-09).MINSTRIAL IN CASE OF SENATOR J. P. LOGAN ... W. M. Pipkin, receiver of the bank, estimates assets ... liabilities ... (1912-02-06).MISTRIAL IN THE LOGAN BANK CASE ... W. M. Pipkin, receiver ... estimates assets ... liabilities ... (1912-02-08).ANOTHER BANK OF GRANNIS DIVIDEND ... W. M. Pipkin, receiver of the Bank of Grannis, which failed on July 10, 1911 (1912-05-09).ASSETS $28,393.99; LIABILITIES $28,174 ... The Bank of Grannis ... did not open for business last Monday, and on petition from Mr. Logan Judge James D. Shaver ... appointed a receiver, W. M. Pipkin being named. (Mena Weekly Star, 1911-07-13).FOUND $2,263.98 CASH Receiver W. M. Pipkin Returned to Mena From Inspecting Bank of Grannis. ... Mr. Pipkin states that the depositors of the bank were taking its failure quietly, although some of them had several big checks out which had not been cashed, and which they would have to protect. (Mena Weekly Star, 1911-07-13).J.P. LOGAN WANTS TO RETURN HOME ASKS TO BE APPOINTED CO-RECEIVER OF DEFUNCT BANK ... 'the bank was closed on July 8' (OCR garbled) ... (Mena Weekly Star, 1911-08-10).ANOTHER BANK OF GRANNIS DIVIDEND ... which failed on July 10, 1911, has declared another dividend ... (Mena Weekly Star, 1912-05-09).MINSTRIAL IN CASE OF SENATOR J. P. LOGAN ... The Bank of Grannis was organized with a capital of $25,000. W. M. Pipkin, receiver of the bank, estimates that the assets of the bank at the time he took charge were from $15,000 to $16,000, and the liabilities from $22.000 to $23,000. (Pine Bluff Daily Graphic, 1912-02-06).MISTRIAL IN THE LOGAN BANK CASE ... W. M. Pipkin, receiver ... estimates that the assets ... and the liabilities ... (Mena Weekly Star, 1912-02-08).ASSETS $28,393.99; LIABILITIES $28,174 ... The Bank of Grannis ... did not open for business last Monday, and on petition from Mr. Logan Judge James D. Shaver ... appointed a receiver, W. M. Pipkin being named. (Mena Weekly Star, 1911-07-13).FOUND $2,263.98 CASH Receiver W. M. Pipkin Returned to Mena From Inspecting Bank of Grannis. ... Mr. Pipkin states that the depositors of the bank were taking its failure quietly, although some of them had several big checks out which had not been cashed, and which they would have to protect. (Mena Weekly Star, 1911-07-13).ANOTHER BANK OF GRANNIS DIVIDEND ... which failed on July 10, 1911, has declared another dividend ... (Mena Weekly Star, 1912-05-09).MINSTRIAL IN CASE OF SENATOR J. P. LOGAN ... The Bank of Grannis was organized with a capital of $25,000. W. M. Pipkin, receiver of the bank, estimates that the assets of the bank at the time he took charge were from $15,000 to $16,000, and the liabilities from $22.000 to $23,000. (Pine Bluff Daily Graphic, 1912-02-06).MISTRIAL IN THE LOGAN BANK CASE ... W. M. Pipkin, receiver ... estimates that the assets ... and the liabilities ... (Mena Weekly Star, 1912-02-08).ASSETS $28,393.99; LIABILITIES $28,174 ... The Bank of Grannis ... did not open for business last Monday, and on petition from Mr. Logan Judge James D. Shaver ... appointed a receiver, W. M. Pipkin being named. (Mena Weekly Star, 1911-07-13).FOUND $2,263.98 CASH Receiver W. M. Pipkin Returned to Mena From Inspecting Bank of Grannis. ... Mr. Pipkin states that the depositors of the bank were taking its failure quietly, although some of them had several big checks out which had not been cashed, and which they would have to protect. (Mena Weekly Star, 1911-07-13).ANOTHER BANK OF GRANNIS DIVIDEND ... which failed on July 10, 1911, has declared another dividend ... (Mena Weekly Star, 1912-05-09).MINSTRIAL IN CASE OF SENATOR J. P. LOGAN ... The Bank of Grannis was organized with a capital of $25,000. W. M. Pipkin, receiver of the bank, estimates that the assets of the bank at the time he took charge were from $15,000 to $16,000, and the liabilities from $22.000 to $23,000. (Pine Bluff Daily Graphic, 1912-02-06).MISTRIAL IN THE LOGAN BANK CASE ... W. M. Pipkin, receiver ... estimates that the assets ... and the liabilities ... (Mena Weekly Star, 1912-02-08).ASSETS $28,393.99; LIABILITIES $28,174 ... The Bank of Grannis ... did not open for business last Monday, and on petition from Mr. Logan Judge James D. Shaver ... appointed a receiver, W. M. Pipkin being named. (Mena Weekly Star, 1911-07-13).FOUND $2,263.98 CASH Receiver W. M. Pipkin Returned to Mena From Inspecting Bank of Grannis. ... Mr. Pipkin states that the depositors of the bank were taking its failure quietly, although some of them had several big checks out which had not been cashed, and which they would have to protect. (Mena Weekly Star, 1911-07-13).ANOTHER BANK OF GRANNIS DIVIDEND ... which failed on July 10, 1911, has declared another dividend ... (Mena Weekly Star, 1912-05-09).MINSTRIAL IN CASE OF SENATOR J. P. LOGAN ... The Bank of Grannis was organized with a capital of $25,000. W. M. Pipkin, receiver of the bank, estimates that the assets of the bank at the time he took charge were from $15,000 to $16,000, and the liabilities from $22.000 to $23,000. (Pine Bluff Daily Graphic, 1912-02-06).MISTRIAL IN THE LOGAN BANK CASE ... W. M. Pipkin, receiver ... estimates that the assets ... and the liabilities ... (Mena Weekly Star, 1912-02-08).ASSETS $28,393.99; LIABILITIES $28,174 ... The Bank of Grannis ... did not open for business last Monday, and on petition from Mr. Logan Judge James D. Shaver ... appointed a receiver, W. M. Pipkin being named. (Mena Weekly Star, 1911-07-13).FOUND $2,263.98 CASH Receiver W. M. Pipkin Returned to Mena From Inspecting Bank of Grannis. ... Mr. Pipkin states that the depositors of the bank were taking its failure quietly, although some of them had several big checks out which had not been cashed, and which they would have to protect. (Mena Weekly Star, 1911-07-13).ANOTHER BANK OF GRANNIS DIVIDEND ... which failed on July 10, 1911, has declared another dividend ... (Mena Weekly Star, 1912-05-09).MINSTRIAL IN CASE OF SENATOR J. P. LOGAN ... The Bank of Grannis was organized with a capital of $25,000. W. M. Pipkin, receiver of the bank, estimates that the assets of the bank at the time he took charge were from $15,000 to $16,000, and the liabilities from $22.000 to $23,000. (Pine Bluff Daily Graphic, 1912-02-06).MISTRIAL IN THE LOGAN BANK CASE ... W. M. Pipkin, receiver ... estimates that the assets ... and the liabilities ... (Mena Weekly Star, 1912-02-08).ASSETS $28,393.99; LIABILITIES $28,174 ... The Bank of Grannis ... did not open for business last Monday, and on petition from Mr. Logan Judge James D. Shaver ... appointed a receiver, W. M. Pipkin being named. (Mena Weekly Star, 1911-07-13).FOUND $2,263.98 CASH Receiver W. M. Pipkin Returned to Mena From Inspecting Bank of Grannis. ... Mr. Pipkin states that the depositors of the bank were taking its failure quietly, although some of them had several big checks out which had not been cashed, and which they would have to protect. (Mena Weekly Star, 1911-07-13).ANOTHER BANK OF GRANNIS DIVIDEND ... which failed on July 10, 1911, has declared another dividend ... (Mena Weekly Star, 1912-05-09). (excerpted multiple articles consolidated for context).
Source
newspapers

Newspaper Articles (8)

Article from The Mena Weekly Star, July 13, 1911

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FOUND $2,263.98 CASH Receiver W. M. Pipkin Returned to Mena From Inspecting Bank of Grannis. W. M. Pipkin, who was appointed receiver of the Bank of Grannis, returned Tuesday afternoon from Grannis, where he went Monday to take charge of the bank's affairs. While there he made a hurried inspection of the assets and liabilities of the bank. The money which he found on hand amounted to $2,263.98, which was a few dollars more than had been reported by Cashier J. P. Logan. In looking over the assets he also found several hundred dollars more than had been listed. Mr. Pipkin states that the depositors of the bank were taking its failure quietly, although some of them had several big checks out which had not been cashed, and which they would have to protect. No statement was made regarding the percentage which the creditors would be apt to receive.


Article from The Mena Weekly Star, July 13, 1911

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ASSETS $28,393.99; LIABILITIES $28,174 Unsatisfactory Business of Bank Said to Have Brought About Determination to Wind Up Its Affairs. The Bank of Grannis, of which Senator John P. Logan is cashier and largest stockholder, did not open for business last Monday, and on petition from Mr. Logan Judge James D. Shaver, chancellor of this district appointed a receiver, W. M. Pipkin being named. H. J. Radcliffe is acting attorney for the stockholders. The capital stock was $5,000 divided into 200 shares, of which Mr. Logan held 185. The remaining 15 shares were held as follows: J. H. Freze, 4; E. H. Poe, 4; John Beavers, 4; R. L. Bills, A. Coyle and W. T. Hogan, one each. On this $5,000 stock it is said that but $1,000 had been paid in, Mr. Logan owing $3,775 and Frye, Poe and Beavers $75 each. According to a detailed report furnished by Mr. Logan, the liabilities of the bank are $28,174, while the assets are $219 more, or $28,393, these consisting of building and fixtures, cash, collateral notes and overdrafts. The deposits are given at $16,574.74. Among the foreign liabilities there is due to the Merchants National Bank of Ft. Smith $5,000; to the Night and Day Bank of Kansas City, $1,200, and to the Ely Norris Safe Company, $400. Receiver Pipkin went to Grannis Tuesday to open the safe and take charge of the bank's affairs. Both Mr. and Mrs. Logan are said to have deeded to the bank all their property, consisting of their home and several valuable pieces of farm lands, in an effort to prevent loss on the part of the depositors and creditors of the institution.


Article from The Mena Weekly Star, August 10, 1911

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J.P. LOGAN WANTS TO RETURN HOME ASKS TO BE APPOINTED CO-RECEIVER OF DEFUNCT BANK OF WHICH WAS HEAD. Makes Glowing Estimates of What Institution Would Pay Depositors but Figures of Receiver Do Not Bear Him Out. Alex Coyle, O. L. Kirby and Willis Hungate, representing the depositors of the failed Bank of Grannis, came to Mena Tuesday to consult their attorney, Elmer J. Lundy, and the receiver, W. M. Pipkin. It has become the opinion of the receiver and the depositors of the bank that more than 25 per cent of the deposits could not be realized. Mr. Coyle has had considerable correspondence with John P. Logan, the cashier and head of the bank, now in Kansas City. Logan, it is said, insists that the bank should as much as 75 per cent and exthe desire to come and presses pay back be he aid in the may appointed straightening co-receiver, that out defunct institution. in his letters, affairs Logan, of the that gives the figures assets that make it appear are valuable and should pay out a good part of the deposits, but these do not compare those receiver figures of the and depositors. well with For instance, he claims the bank safe is worth $750, and also estimates it as an asset. This safe cost $800 or $850, originally mortgage and the t safe for company holds a on $400. He claims the real estate he turnto the receiver is worth includes which there a $2,500. ed farm, over on This is the mortgage Schooley of which is more than on $1,299, it will bring said the market, to be and the home, there Logan is a mortgage against of $1,500, which which is said to be all the place can possibly be osld for. Of the $2,668.83 in notes which he counts as assets, a few are good, but most are old notes, some dated as far back as 1907, and considered worthless. claims that he has done and that Mr. no Logan wrong, the failure due to mismanagement. He has no it is said, on was states books show, that he that funds. July The 8. the bank was he on had the to day his credit $2,115.49, closed, and that he drew $100, and directly the under day this entry book which shows he that he also drew $2,010, as an the did designated not date "overdraft," transaction. This but been an as had $5.49 to could he yet not have his overdraft, credit. Following is a brief summary of a statement issued to depositors by Receiver Pipkin: bank now in hands of Notes receiver, held $2,668.83; by credited leaving as these notes, on these paid, a balance on due $582.51, notes of $2,086.32. Notes held by a Fort Smith bank to secure a loan of $3,910 amount to These are and most can considered $5,805.75. good, generally be collected. Notes held by a Kansas City bank and are to secure amount a loan of to $1,640, $,1200. These also are considered good. total of notes outof standing This makes $10,114.58, a which, with two the cash on hand, and contents, warehouses $2,263.98 and and bank Logan fixtures, the Schooley place mentioned, a land and a home, acre tract above of also half 17- interest in an 80-acre tract, constitute the total assets. The indebtedness is as follows: $16,533.50 Depositors 3,910.00 Ft. Smith Bank


Article from The Mena Weekly Star, October 26, 1911

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en. She Now Claims Her Own as the Favored State of All. The Eden of Arka jury early this morning, It was concealed weapons; plea of guilty ance rendered us in the discharge and fined $50. afternoon before a verdict was of our duties-they have all, withState VS. George Gray, charged reached. The jury found the deout exception, shown a disposition POLK COUNTY C with grand larceny; plea of guilty fendant guilty and assessed his to do all in their power to make to petit larceny and fined $25 and our labors not only pleasant but punishment at a fine of $10 and given ten days in county jail. RT profitable, and for the welfare of ten minutes in jail. State vs. Claude Cummins, giving the good people of Poik county. GETS BIG PRIZ Bob Burke was tried for violating liquor to minor; plea of guilty and Having discharged our duties to the liquor law. This case was one fine of $50. the very best of our ability and t Two of the oldest on the docket. In State vs. Bert Branham, violathaving finished our labors, we now hing 1898, according to the state's witINTERSTATE ing liquor law; forfeiture on bond ask to be discharged. Reness, Z. P. Frazier. Burke sold him and alias warrant issued for deJ. D. Holmes, Foreman. $ a quart of whiskey at Grannis. On fendant and summons issued for bondsmen. the trial of the case Tuesday IN COMPETITION WITH We, the undersigned committee, Burke claimed he simply took State VS. Albert Wilson, violating KANSAS AND OKLAHOMA selected by the grand jury to inFrazier's money and went to Johncourt liquor law; case continued pending vestigate the poor farm, do hereby FIRST PRIZE ON 10 E son's drug store at Grannis and good behavior. 0 and report that we found everything in got the whisky because Johnson State vs. Jim Smith, being drunk a reasonably condition; however, y the would not sell it to Frazier. The at public gathering; plea of guilty we found that the main building Bonnie Wear Gets First f and fined $10. judge instructed the jury that this needs some repair on the roof to and a did not relieve Burke. Under the State vs. Sam Starkmiller, drunk Per Acre Showing Gre prevent leaking; also a few other law he was as guilty as anyone if nessat public gathering; attachment isrepairs. Profit, and a Premium sued for N. C. Bunch and J. H. he had any part in the deal of getWe found the inmates of the could Every Entry Made. ting whiskey from Johnson, who Lighty, defautling witnesses. farm reasonably well cared for, alwere had no license to sell it. Burke was State VS. Alex Lawrence, failure though we recommend that the were lined $50. of road duty; jury trial and verdict lady inmate needs a little more atAs a result of the organiz the of not guilty. The third trial Tuesday was tention towards clothes for her and the Polk County Boys' Co of two cases against W. H. Spencer State VS. Henry Gregg, gaming; ttorher baby, and fuel furnished durfor assault and battery on F. M. bail bond forfeited and alias waring bad weather for fires. Cotton Club last spring, Pol was rant issued for defendant and sumCecil and his son, Orin Cecil. It In brief will say that, taking ev+ ly now has the distine that mons on his bondsmen. resulted in a verdict of guilty and erything in consideration, we found standing at the head of tw in n a fine of $25 in the first case and State vs. Ed Warf, gaming; plea things in fairly good shape. in the production of corn, a witof guilty and fined $1. a verdict of not guilty in the second J. T. Dempsey, case. by the awards at the In afState vs. Jesse Hass, giving liquor J. B. McClennen, The sensational case of Jesse Fair at Ft. Smith. And W to minors; plea of guilty and fine De Witt Gilbert, Ledly of $50. was Committee. Fox, charged with carnal abuse, in cotton crop is gathered and ssion State vs. Bert Goff, running horse which he is accused of mistreatsults figured, it is believed that on highway; plea of guilty and fine ment of Phoebe Bissell, a young will score again for the Best of $10. laysister of his wife, went to trial in in the Best State in the U re it State vs. Wilda Turner, malicious Circuit court Wednesday. The SHERIFF HOUPT TO mischief; plea of guilty and fine W. A. Ragland, the father indictment was found by the grand of $10. lker corn club movement in Pol jury two years ago. The defendant State vs. Jim Martin, being drunk gery ty, who took Winmon Wh was arrested this past summer in at public gathering; plea of guilty SERVE SENTENCE two Wickes boy who won first p Oklahoma, returned to Mena and and fine of $10. in gold, given by Mr. Rag placed under bond. The prosecutState vs. George May, malicious the best upland acre of cor ing witness is a girl of unusually only mischief; (two cases) dismissed. Supreme Court Affirms Judgment Wear, the County Farm Den attractive appearance. She is now State vs. George May, petit larof Lower Court-Grew Out ung tion Agent, and son, Ted, a between 16 and 17 years of age. At ceny; dismissed. of Chitwood Murder Last Wear, father of Bonnie W good the time the offense was said to Merchants National Bank VS. W. Christmas. 11-year-old winner of many have been committed she was livgood L. Wilkinson; judgment by default all have returned from the ing with the defendant and his of for $520.00. Ft. Smith, and following wife, her sister, and several other Union National Bank vs. Ben Little Rock, Oct. 23.-Holding that coupremium awards that can sisters and brothers. She was then Strauss; transferred to equity. the evidence as adduced by the d a them: between 13 and 14 years of age. To It W. M. Pipkin, receiver for the state warrants the finding of the The Bankers' Prize, $50 prosecute the case the young woBank of Grannis, VS. John P. Logan; jury, the Supreme court today de$60. offered by the Merchants man was brought here from a resclined to reverse the Garland counjudgment by default for $3,775 and fore Bank of Ft. Smith, for the cue home at Pilot Point, Tex. She an order of sale for several pieces ty Circuit court's judgment of a $1 not ears white dent corn grown is accompanied by the lady superof real estate under said judgment. fine and one hour in jail, assessed tion, kansas or Oklahoma, was intendent. Sitting by the side of The case of Mrs. Zella H. Gaither, against Sid Honpt, former sheriff of resthe 10 ears of Munson corn the defendant during the trial of who has a personal damage suit that county, on the charge of alung by A. E. Wear for the Polk this case is Mrs. Fox, the wife of against Mrs. Fannie Jounson as the lowing Ben Marray to escape from he Boys' Corn Club. This W the defendant, with their year-old result of an alleged assault made jail while Murray was in his custhe most coveted of any prize baby in her arms. She is taking the upon her by the defendant, was totody on a charge of murder. The ave fair. The bank claimed th side of her husband and against day sent to Sevier county on a court found no reversible error on two and will have it on exhibitie her sister. The defense is atchange of venue. The change was any of the contentions brought forE For best yield per acre tempting to prove Phoebe Bissell asked by Mrs. Gaither, who charges ward by counsel for Houpt, and, apgreatest profit with exhibit is making an effort to lay the that there is such prejudice against accordingly, affirmed the judgment llan ears, $25 cash, open to all blame against her brother-in-law of the lower court. her in Polk county that she could nisants in two states, won by because he had refused to care for not get a fair trial. It was charged in the indictment adWear, 11 years old, of Ink. her after she had charged him with


Article from The Prescott Daily News, October 28, 1911

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Free Delivery Phone 73 Keg sauer kraut at J. H. Kershaw's, Phone 54. A number of the admirers of Governor Woodrow Wilson of New Jersey are planning to get a glimpse of him when he passes through Prescott on No. 6 Sunday evening. He was scheduled to speak at the Texas state fair at Dallas today and will pass through this city en route to his home tomorrow. Miss Alice Bradford, formerly a teacher in the high school here and who has been ill for the past several months, is still an inmate of St. Vincints Hospital at Little Rock, and although able to sit up her long illness has left her partially paralyzed. Miss Bradford has been suffering from a severe attack of typhoid fever. Information has been received in Little Rock to the effect that Hon. W. M. Pipkin, representative of Polk county in the last legislature, and receiver of the Bank of Grannis, has announced as a candidate for prosecuting attorney of the Ninth District to succeed Hon. J. C. Pinnix of Murfreesboro. One of the most distinguished members of the national commission that is investigating the conditions of city and country life has accepted an invitation to address the Arkansas Teachers Association at Little Rock in December. Dr. Warren H. Wilson of New York, Superintendent of the Church and City Life Movement, will deliver an address on "Co-operation and Consolidation of Country and City Life."


Article from Pine Bluff Daily Graphic, February 6, 1912

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MINSTRIAL IN CASE OF SENATOR J. P. LOGAN Jury Fails to Agree in the Trial of Former Grannis Bank Cashier. Texarkana, Feb. 5.-The case of State Senator John P. Logan, accused of violating the Arkansas law by receiving deposits as cashier of the Bank of Grannis, and tried at DeQueen on change of venue from Polk county, resulted in a mistrial, the jury standing six to six. A mistrial was entered and the case continued until the next term of court. The Bank of Grannis was organized . with a capital of $25,000. W. M. Pipkin, receiver of the bank, estimates that the assets of the bank at the time he took charge were from $15,000 to $16,000, and the liabilities from $22.000 to $23,000. The trial of the case attracted wide interest because of the prominence of the accused, who is now living in Texarkana.


Article from The Mena Weekly Star, February 8, 1912

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MISTRIAL IN THE LOGAN BANK CASE Six for Conviction and Six for Acquittal of Ex-Senator, Ex-Cashier of Grannis Bank-Testimony of Witnesses DeQueen, Feb. 3.-The case against ex-State Senator John P. Logan, accused of violating the Arkansas law by receiving deposits as cashier of the Bank of Grannis and tried at DeQueen on change of venue from Polk county, resulted in a mistrial, the jury standing six to six. A mistrial was entered and the case continued to the next term of court. The Bank of Grannis was organized with a capital of $25,000 but it has since been shown that not one-fifth of the amount was ever paid in. W. M. Pipkin, receiver of the bank, estimates that the assets of the bank at the time he took charge were from $15,000 to $16,000, and the liabilities from , $22,000 to $23,000. Mr. Pipkin testified that the S. M. Cewan notes, first made to Logan and endorsed to the bank, had a face value of $1,500, and were actually worth about $400. Mr. Pipkin estimated the value of the 17-acre Russell tract at $350. He said he found that the Bank of Grannis had $1,281 in a Fort Smith bank, and owed that same institution $5,000. It had $167 in a Kansas City bank, and owed the same bank $1,200. Among the assets were some justice of the peace court judgments for $299.81, which, in his judgment, were absolutely worthless. Some other notes owned by the bank he considered worthless. Mr. Logan's note for $3,775, given in payment for bank stock, he considered worth about $275. Mr. Logan's home place, which he deeded to the bank, he considered worth about $1,500, and it was mortgaged for that amount when deeded. The Schooley place of 160 acres, also deeded to the bank by Mr. Logan. he thought to be worth from $1,200 to $1,500. It was mortgaged for $1,200. Undivided one-half interest in the Coyle lands deeded by Mr. Logan to the bank, he thought to be worth $350. The deeds by which the defendant and his wife conveyed real estate to the bank, stated a consideration of $7,800. He found two notes executed by Mr. Logan, one for $4,500 and one for $1,500, both marked paid, but did not find a record of their payment in the loan bank. The real estate was conveyed by Mr. Logan to the bank on the date on which the notes were marked paid. On cross-examination Mr. Pipkin said Mr. Logan might not have drawn the full sum indicated on the face of the notes. The bank building was about 14 or 16 feet wide: had a concrete floor in part of it. An addition had been built. The building contained a vault. Mr. Pipkin estimated the value of the building at $400. He based his estimate of the value of the Logan stock note on what was realized out of it in an attachment suit, which


Article from The Mena Weekly Star, May 9, 1912

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ANOTHER BANK OF GRANNIS DIVIDEND This Time It Is 10 Per Cent, Making in All 25 Per Cent Paid by Receiver Pipkin. W. M. Pipkin, receiver of the Bank of Grannis, which failed on July 10, 1911, has déclared another dividend and has issued checks for 10 per cent of the amount due to creditors of the bank at the time it failed. This makes in all 25 per cent that he has paid, a dividend of 15 per cent being made in October, 1911. All expenses of the receivership have been paid, and it is expected that another 5 per cent dividend will be declared before the affairs of the bank are closed.