Ellison Bank (Lagrange, IN)

Episode Information

Episode UID
4148684191245
Episode Type
Run → Suspension → Closure
Bank Type
private
Bank ID
414868419 hash
Start Date
September 16, 1903
Location
Lagrange, Indiana (41.642, -85.417)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c6da01ce3c352d6f

Response Measures

None

Description

Bank name appears as 'Ellison Bank' / 'Ellison banks' and town occasionally rendered 'La Grange'; receivers were appointed and assets sold.

Events (3)
1. September 16, 1903 Run
Cause
Local Banks
Cause Details
Withdrawals driven by recent failures of other private banks in the region, producing nervousness and runs on these banks.
Newspaper Excerpt
They were private banks and have been having quite a run 'owing to the four failures of private banks in this part of the State.
Source
newspapers
2. September 17, 1903 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Institutions suspended payments due to insolvency/financial failure of the Ellison banks after runs and large withdrawals.
Newspaper Excerpt
The Ellison banks at Topeka and La Grange suspended payment Wednesday.
Source
newspapers
3. October 6, 1903 Receivership
Newspaper Excerpt
The bank building and other property was offered for sale by Receivers Keegan and Nichols. ... Referee Harris appointed S. K. Ganyard as trustee.
Source
newspapers

Newspaper Articles (8)
1. September 17, 1903 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, September 17, 1903

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Article Text

PRIVATE BANKS' FAILURE TWO LAGRANGE COUNTY INSTITUTIONS GO TO THE WALL. One at Lagrange and One at Topeka, Both Owned by Rollin Ellison, Son of the Founder. Special to the Indianapolis Journal. FORT WAYNE, Ind., Sept. 16.-The failure of the Ellison Bank at Lagrange and its branch at Topeka, in the same county, caused great surprise to-day in that vicinity, where former Senator Thomas E. Ellison, one of the sons of Andrew Ellison, the deceased founder, lives and is prominent. The banks were owned and operated by Rollin Ellison who was supposed to be the richest man in Lagrange county. They were private banks and have been having quite a run 'owing to the four failures of private banks in this part of the State within the last year. Mr. Ellison is largely interested in the leading manufacturing enterprises of the small town of Lagrange and has investments in an oil, gas and real estate company at Cherryvale, Kan. He holds a large block of the bonds of this company. He also has the controlling interest in the Lagrange Telephone Company and has two large farms. He says he will be able to pay dollar for dollar. The total of deposits in the two banks is estimated at $100,000. The treasurer of the adjoining county recently lost heavily in the Kinney private bank failure and this led the treasurer of Lagrange to withdraw $12,000 of county money, leaving only $700 to his credit there. The principal depositors are prominent Lagrange county farmers.

2. September 17, 1903 Daily New Dominion Morgantown, WV
Article from Daily New Dominion, September 17, 1903

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Article Text

Two Indiana Banks Suspend. Ligonier, Ind., Sept. 17.-The Ellison banks at Topeka and La Grange suspended payment. Much excitement was caused in the adjacent farm. ing districts, as many had large deposits in these banks. The estimated deposits of the two institutions are $300,000. No statement has been issued. Both institutions were con trolled by Rollin Ellison, of La Grange.

3. September 17, 1903 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, September 17, 1903

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Article Text

Milson Banks Suspend. LIGONIER, Ind., Sept. 17.-The Ellison- banks at Topeka and Lagrange have suspended payments. Much excitement was caused in the adjacent farming districts, as many had large deposits in these banks. The estimated deposits of the two institutions are $300,000. Both institutions were controlled by Rollin Ellison of Lagrange.

4. September 23, 1903 Manchester Democrat Manchester, IA
Article from Manchester Democrat, September 23, 1903

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Article Text

BAD MASH OF BANKS I Deposits Include the Proceeds of the Harvests of Many FarmersGreat Excitement. Ligonier, Ind., Sept. 17. - The Ellison banks at Topeka and LaGrange have suspended payment. Much excitement was caused in the adjacent farming districts, as many had large deposits, the proceeds of their harvest. Farmers dropped their work on hearing of the failures and hurried to town, where crowds surrounded the doors. The estimated deposits of the two institutions are, $300,000. No statement has been issued. Both institutions were controlled by Rollin Ellison, of LaGrange, who has been reputed to be worth a half million. Ellison was one of the promoters of the proposed La Grange-Elkhart electric line, and of other electric roads in the county.

5. September 24, 1903 The Manitowoc Pilot Manitowoc, WI
Article from The Manitowoc Pilot, September 24, 1903

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Article Text

BANKS SUSPEND. Two Institutions in Indiana Close Their Doors-Farmers Are Greatly Excited. Ligonier, Ind., Sept. 17.-The Ellison banks at Topeka and La Grange suspended payment Wednesday. Much excitement was caused in the adjacent farming districts, as many had large deposits, the proceeds of their harvest. Farmers dropped their work on hearing of the failures and hurried to town where crowds surrounded the doors all day. The estimated deposits of the two institutions were controlled by Rollin Ellison, of La Grange, who has been reputed to be worth half a million.

6. September 25, 1903 The Aberdeen Democrat Aberdeen, SD
Article from The Aberdeen Democrat, September 25, 1903

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Article Text

BANKS SUSPEND. Two Institutions in Indiana Close Their Doors-Farmers Are Greatly Excited, Ligonier, Ind., Sept. 17.-The Ellison banks at Topeka and La Grange suspended payment Wednesday. Much excitement was caused in the adjacent farming districts, as many had large deposits, the proceeds of their harvest. Farmers dropped their work on hearing of the failures and hurried to town where crowds surrounded the doors all day. The estimated deposits of the two institutions were controlled by Rollin Ellison, of La Grange, who has been reputed to be worth half a million.

7. September 25, 1903 The Aberdeen Democrat Aberdeen, SD
Article from The Aberdeen Democrat, September 25, 1903

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Article Text

BANKS SUSPEND. Two Institutions in Indiana Close Their Doors-Farmers Are Greatly Excited. Ligonier, Ind., Sept. 17.-The Ellison banks at Topeka and La Grange suspended payment Wednesday. Much excitement was caused in the adjacent farming districts, as many had large deposits, the proceeds of their harvest. Farmers dropped their work on hearing of the failures and hurried to town where crowds surrounded the doors all day. The estimated deposits of the two institutions were controlled by Rollin Ellison, of La Grange, who has been reputed to be worth half a million.

8. October 7, 1903 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, October 7, 1903

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Article Text

NO TRUSTEE IS ELECTED THE 500 CREDITORS OF ELLISON HAVE DIVIDED ON MATTER. No Demonstrations of Violence Against Ellison-Mrs. Ellison Will Claim Her Third. Special to the Indianapolis Journal. FORT WAYNE, Ind., Oct. 6.-There were 500 creditors of the Ellison Bank present at the meeting to-day in the courthouse at Lagrange to elect a trustee. In spite of rumors to the contrary and warnings by friends to Rollin Ellison, there were no demonstrations of violence of any character. Two ballots were taken for trustee without election in either case. L. M. Rowe, who was favored by the Ellisons, received a large majority of the amount of claim, while Frank D. Merritt, the candidate of most of the Topeka depositors, received a plurality of the votes, but failed to receive the number necessary to a choice. Referee Harris deviated from his practice in former cases, and permitted a motion for a second ballot at once. It carried, but resulted as the first. The referee will appoint a trustee to-morrow. There is a manifest disposition of the Ellison adherents to procure a friendly trustee and of the others to secure an antiEllison man. The bank building and other property was offered for sale by Receivers Keegan and Nichols. The receivers gave the creditors a shock by announcing that Mrs. Rollin Ellison would claim her third. The creditors had first been led to believe that she would waive her claims. The building was bought by Samuel Kruick for $5,925. The other bidder was the new State bank just organized with Judge Ferrall in its directorate. The sale was considered a good one. The creamery skimming station was sold to H. M. Zook, of Topeka, for $625. There were filed with the referee petitions from a number of depositors for return of deposits made on days just preceding the bank's close, when its insolvent condition must have been known. There will be a grand jury investigation of the failure next month. The second ballot at the meeting of the Ellison Bank creditors resulted in no election. Referee Harris appointed S. K. Ganyard as trustee. He is the law partner of John Hanna, who represents a large number of creditors. He is a graduate of the Indiana Law School at Bloomington.