Multiple articles (Feb 13–14, 1929) report that after the Wells County State Bank in Bluffton was closed, runs spread and forced the State Bank of Uniondale to suspend; petitions for receivers were filed, indicating permanent closure/receivership. The immediate trigger was contagion from failures/closures of other local Wells County banks (clearing through the Bluffton bank). Dates inferred from publication dates and article text.
Events (3)
1.February 13, 1929Run
Cause
Local Banks
Cause Details
Run on Uniondale followed the closing of the Wells County State Bank in Bluffton; smaller banks cleared through the Bluffton institution and lost access to clearing funds.
Measures
No special measures reported other than hope for reorganization; bank examiners took charge of closed institutions.
Newspaper Excerpt
Following the closing the Wells County bank... several hours later, the Uniondale State bank... forced that institution close its doors.
Source
newspapers
2.February 14, 1929Receivership
Newspaper Excerpt
Receivers were sought for the Wells County State Bank of Bluffton and the State Bank of Uniondale... The petitions set out that examinations by the banking department showed ... 'in failing and insolvent condition.'
Source
newspapers
3.February 14, 1929Suspension
Cause
Local Banks
Cause Details
Suspension followed heavy withdrawals/runs triggered by the failure/closing of the larger Wells County State Bank and ensuing contagion in the county.
Newspaper Excerpt
The petitions set out that examinations by the banking department showed the Wells County State Bank and the State Bank of Uniondale are 'in a failing and insolvent condition.'
Source
newspapers
Newspaper Articles (18)
1.February 13, 1929The TimesHammond, IN
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TWO MORE WELLS COUNTY BANKS CLOSE
NEWS SERVICE BLUFFTON, Ind., Feb. mad that started with the Wells County State bank, $1,250,000 institution here, caused runs on the other banks in this county that forced three other banking institutions to close their doors today. The three other Wells county banks that elosed their doors in rapid today, were: Uniondale State bank at Uniondale, 10 miles north of Bluffton. The Liberty Center State bank Liberty Center, 10 miles west of Bluffton. The Bank Petroleum, 10 miles Bluffton. afternoon only four banks left open in Wells county. were: The Union Savings and Trust Ossian State Bank. Craigville State Bank. The Poneto State Bank. The state banking department understood rushing men here to control the situation.
2.February 13, 1929The TimesHammond, IN
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TWO MORE WELLS COUNTY BANKS CLOSE
[INTERNATIONAL NEWS SERVICE] BLUFFTON, Feb. mad that started with the the Wells County bank, $1,250,000 institution here, caused runs on the other banks in this county that forced three other banking institutions close their doors today. The three other Wells county banks that closed their doors in rapid succession today, were: The Uniondale State bank at Uniondale, 10 miles north of Bluffton. The Liberty bank at Liberty Center, 10 miles of Bluffton. The Bank of Petroleum, 10 miles Bluffton. This only four banks were left open in Wells county. They were: The Union Savings and Trust company of Bluffton. The Ossian State Bank. The Craigville State Bank. The Poneto State Bank. The state banking department was understood to rushing men here to control the situation.
3.February 13, 1929The TimesHammond, IN
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RUN CLOSES SECOND BANK
BLUFFTON, Ind., Feb. -Following the closing the Wells County bank, $1,250,000 institution here today, several hours later, the Uniondale State bank, $225,000 bank at Uniondale, ten miles west of here, forced that stitution close its doors. Palmer Ice, bank examtook charge of the affairs of
4.February 14, 1929Leader-TribuneMarion, IN
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Have Asked for Receiver lowing the closing of four wells county banks today Luther F. Sy mons, state bank commissioner, ap peared in circuit court here this afternoon with two petitions asking that receivers be appointed for the Wells County State Bank, of Bluff ton, and the State Bank of Union dale, two of the institutions that closed The Bank of Petroleum and the Liberty Center State Bank also suspended operations. The petitions set out that exby the banking depart ment showed the Wells County State Bank and the State Bank of Uniondale are "in failing and insolvent Judge A. W. Hamilton set Feb 21 as the dathe for hearing on the petitions. The Wells County State Bank did not open for business today, and shortly after non the three other banks, which cleared through the Bluffton institution, also closed their doors. The Wells County Bank was capitalized at $100,000 and showed deposits of $1,250,000 E. B. Williamson is president R. S. Morrow, first vice-president: Frank Waugh, second vice president, and R. N. Fitzpatrick cashier. The bank was closed by Thomas Barr, examiner The capitalization of the Uniondale Bank was $25,000 and deposits were $200,000. H. W. Lipkey is president and W. A. Brickley cashier. The Union Savings and Trust Company now is the only bank in failed in 1927. deposits of $1,500,000. Receivers as yet have made no payments on deposits.
5.February 14, 1929The MessengerMadisonville, KY
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BANKS CRASH AFTER RUNS TAKE FUNDS
Six Indiana Institutions Topple and Receivers Are Sought.
BLUFFTON, Ind., Feb. Union Savings Trust Company, the only remaining bank in Bluffton, closed this morning after $500,000 run yesterday. The Farmers Deposit Bank of Montpelier closed due, was said here, to $500,000 run yesterday. Four banks Wells county closed yesterday. President Fred of Tangeman, the Union Savings Trust Company, said his bank was solvent, and he hoped to reopen the institution after the usual sixty days for reorganization.
Insolvent, Claim. Following the closing of four Wells county banks yesterday, Luther Symons, state bank commissioner, appeared in circuit court with two petitions asking that receivers be appointed for the Wells County State bank, of Bluffton, and the State Bank of Uniondale, two of the institutions that closed. The bank of Petroleum and the Liberty State bank also suspended operations. The petitions set out that examinations by the banking department the Well County State bank of Uniondale failing and insolvent Judge W. Hamilton set February 21 as the date for hearings on the petitions. The Wells bank County was capitalized at $100,000 and showdeposits of $1,250,000. The Union Savings and Trust company now is the only bank in Bluffton. The Studebaker bank failed in 1927, with deposits of $1,500,000. Receivers as yet have made no payments on deposits.
6.February 14, 1929The RepublicColumbus, IN
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FIFTH BANK TO FAIL IN WELLS COUNTY
Bluffton Institution, Also One Near Blackford Border, Closed Today.
HEAVY RUNS ARE CAUSE
OF UNION TRUST CO. HOPE TO REOPEN AFTER THEY
Ind., Feb. Union Savings Trust the closed its doors this after $50,000 yesterday. The Deposit Bank on the county line, also closed this morning, said to an $18,000 yesterday. Four banks in county closed yesterday. Fred Tangeman, president the Union Savings Trust Co., Thomas Barr. examiner, the closing was due the bank and that institution solvent. Officers directors said they expected take advantage of the permitted by law to reorganize, hoped re-open. Union ings Trust had deposits of $800,000. Yesterday the Wells County State bank, with deposits of 000, closed. few hours later, the state bank Uniondale closed. Petitions were filed in the circuit court asking receivers for both banks, alleging they were "failing and condition." The of Petroleum and the Liberty Center state bank closed yesterday. The three smaller banks cleared through the Wells county bank. The Farmers Deposit Bank Montpelier had deposits of approximately $500,000. The state banks at Poneto and Craigville and Farmers State bank at Ossian, other the open. The Zanesville State Bank the Harkle State Bank, line,
7.February 14, 1929Evening StarWashington, DC
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$50,000 RUN CAUSES BANK TO CLOSE DOORS Bluffton, Ind., Officers Hope to Effect Reorganization Within Sixty Days. By the Associated Press. BLUFFTON, Ind., February 14.-The Union Savings & Trust Co., the only remaining bank in Bluffton, closed its doors this morning after a $50,000 run yesterday. The Farmers' Deposit Bank of Montpelier, on the Wells-Blackford County line, with deposits of $500,000, also closed this morning, due, it was said, to an $18,000 run yesterday. Four banks in Wells County closed yesterday. Fred J. Tangeman, president of the Union Savings & Trust Co., and Thomas Barr, State bank examiner, said the bank was solvent. Officers said they expected to take advantage of the 60 days permitted by law to effect a reorganization and then hoped to reopen. The bank had deposits of approximately $800,000. Yesterday the Wells County Bank, with deposits of $1,250,000, was closed. A few hours later the State Bank of Uniondale closed. Petitions were filed in Circuit Court here asking for receivers for both institutions, alleging they were "in a failing and insolvent condition." The Bank of Petroleum and the Liberty Center State Bank also closed yesterday. The three smaller banks cleared through the Wells County bank.
8.February 14, 1929The Richmond ItemRichmond, IN
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dale, two of the institutions that closed. The bank of Petroleum and the Liberty Center State bank also suspended operations. The set that examinations by the department showed the County State bank and the State bank Uniondale are "in a failing and insolvent condition.' Judge A. W. Hamilton set February 21 the date for hearings on the petitions. The Wells County bank was capnot open for today, shortly afternoon the three banks, which through the Bluffton institution, also closed their doors. The Wells county bank was cap- italized at $100,000 and showed deposits of $1,250,000. B. Williamsson is president; R. Morrow, first vice president; Frank Waugh, second vice R. N. Fitzpatrick cashier. The bank was closed by Thomas Barr, The capitalization the Uniondale bank was $25,000 and deposits were $200,000. H. W. Lipkey is president and W. A. Brickley cashier. The Union Savings Trust company now is the only bank in Bluffton. Studebaker bank failed 1927, with deposits of $1,500,000 as yet have made no payments on deposits.
Snakes, contrary to common be lief cannot sting-but some can bite.
9.February 14, 1929Vidette-Messenger of Porter CountyValparaiso, IN
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BANK PANIC IS SPREADING TO BLACKFORD co.
(Continued from better take The bank doesn't one cent and solvent.' Barr explained that while the state banking department didn't close the Union Savings Trust company, once was closed by its board of directors, "we had step
Meanwhile the residenta of Ponecommunity of about permiles south of Bluffton today were pledged to back their only the State Bank of Poneto, the present crisis. The bank was said to have withstood yesterday's run but after the close the day's business Cashier Mussellman called community mass meeting which held at the auditorium the Poneto grade school last night. More than 125 citizens attended. Mussellman made stirring plea for support of the bank and every one present prom!sed to get behind the bank. While excited citizens were discussing the closing of the last Bluffton bank today, the state banking examiners here force, were following procedure in taking charge of the closed institutions Applications were filled with Circuit Judge Hamilton here for receivers for the Wells County State Bank of Bluffton and for the Uniondale State Bank Judge set February 21st as the date for the hearing: An application also was filed the circuit court by officials of the bank of Petroleum, which vate bank, for the appointment of trustee to liquidate the bank's affairs. The Liberty Center Bank Liberty Center was declared fully solvent by Barr, having received his permission close to avoid the frenzy the depositors. Barr, however, characterized the situation in Wells county today situation the result of local conditions the like of which don't know of anywhere else," Barr He expressed the hope that the worst was over. Officials of the two banks which receivers were asked said this morning that the applications were "precautionary measures" which might later be withdrawn. Cashier Tangeman of the Union Savings Trust company said that the bank would oppose the appointment of receiver but
10.February 14, 1929The Evening SunBaltimore, MD
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$50,000 Run Closes Another Indiana Bank
Only Remaining One In Bluffton Shuts Doors-Four In Wells County Closed Yesterday Union Savings and Trust Company, the only remaining bank in Bluffton. closed its doors this morning after $50,000 run yesterday. The Farmers Deposit Bank. Montpelier, on the Wells and Black ford counties line with deposits of $500,000. also closed this morning. due. it was said. to an $18,000 run yesterday. Four banks in Wells county closed yesterday. Fred J. Tangeman, president of the
Union Savings and Trust Company, and Thomas Barr, State Bank Examiner, said the bank was solvent. The officers expect to reorganize. Yesterday the Wells County Bank, with deposits of $1,250,000 closed. A few hours later the State Bank of Uniondale closed. Petitions
11.February 14, 1929The Huntington PressHuntington, IN
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BANKS CLOSED IN WELLS COUNTY
BLUFFTON, Ind., Feb. four Wells Following the closing county banks today Luther F. Symons, state bank appeared circuit court here this afternoon with two peittions asking that receivers appointed for the Wells County State of Bluffton, and the State Bank Uniondale, two of the institutions that closed. The Bank of and the Liberty Center State bank also suspended operations. The petitions out that examinations the banking department showed the Wells County State bank and the State Bank of Uniondale are "in failing and incolvent condition. resudge W. Hamilton set Feb. 21 the date for hearings the petiWells County State bank did not for business shortly the three other banks, which cleared through the Bluffton institution, closed their doors. Wells County bank was capital$100,000 showed deposits $1,250,000 E. B. Williamson is presR. S. Morrow first Frank Waugh, second and R. N. Fitspatrick cashier. The bank was closed by Thomas Barr, excapitalization of the Uniondale bank was $25,000 deposits were $200,000. H.W. Dipkey is president and W. Brickley caishier. The Union Savings and Trust Company now is in Bluffton. The Studebaker bank in 1927, with deposits of $1,500,000. Receivers have made no payments on de-
12.February 14, 1929Princeton Daily ClarionPrinceton, IN
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MORE WELLS COUNTY BANKS CLOSE DOORS
The Union Savings and Trust company. the only remaining bank in Bluff ton. closed its doors this morning after $50,000 run yesterday The Farmers Deposit bank of Montepelier. on the county line. also closed this morning due. it was said to an $18,000 run yesterday Four banks in Wells county closed yes Fred J. Tangeman president of the Union Savings and Trust company and Thomas Barr. state bank examiner. said the closing was due to the run on the bank and that it was entirely solvent Officers and directors said they expected to take advantage of the 60 days permitted by law to ef feet a reorganization and then hoped to reopen The nion Savings and Trust had deposits of approximately $800,
Closing of the Wells County State bank here Monday precipitated the closing of three other banks in small towns in Wells county They were the Bank of Petroleum. the State bank of Union dale and the Liberty Center State bank The banks in the three small com munities closed within few hours after the Wells County State bank here had been closed by Thomas Barr. state bank examiner. The banks in the three small towns all cleared through the Wells County State bank Lack of ready eash prevented them from continuing business today. In each instance hope was expressed that a reorganization might be affected and the officers of all the institutions said there would probably be no loss to depositors The Studebaker bank of Bluffton failed in 1927 with deposits of $1,500. 000. Receivers of this institution have thus far made no payments to deposi
The Bank of Petroleum was capital ized at $13,500. It had deposits of $140,000 The officers are Henry Schodt. president. and Howard Nutter cashier The enpitalization of the State bank of Uniondale was $2,000 and deposits were $200,000 H. W. Lipkey is prest dent and W A. Brickley cashier. The Liberty Center State bank also was capitalized at $25,000 and had $200,000 deposits. Its officers are John V. Funk. president, and Roy Mossburg. cashier.
CARD OF THANKS
We take this means of expressing our thanks and appreciation of the many acts of kindness and sympathy shown us during the recent illness and death of our father. William Hyneman, and especially for the beautiful flowers that help much to remove THE FAMILY
13.February 14, 1929The Times-MailBedford, IN
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WELLS COUNTY INSTITUTION WITHIN DAY
VOLUNTARY
Financial Hysteria Brings Unjustified Action Against Solvent tution
BLUFFTON, Ind., face of the financial Wells county, that yesterday forced four banks to suspend operations, the of directors of the Union Savings Trust Company, stitution, today decided to close the bank. This action which followed the bank in which $50,000 paid out, left the city of Bluffton tempority mass meeting which was the auditorium the Poneto grade school last night. More than citizens attended. Mussellman made stiming plea for support of the and present promised to get behind While excited citizens were discussing the last Bluffton bank today, the state banking examinhere in force, were following tomary proceedure in taking of the closed institutions. Applications were filed ith circuit judge Hamilton here for receivers for the county state bank Bluffton and for the Uniondale state bank of Uniondale. Judge Hamilton set February 21st the date for the hearing. An application also was filed in the circuit court by officials of the bank of Petroleum, which private bank, for the appointment of trustee to liquidate the bank's affairs. The Liberty Center bank Liberty Center was declared fully solvent by Barr, having received his permission to close to avoid the frenzy of however, characterized the in Wells county today situation the result of local conditions the like of which don't know of anywhere Barr said. expressed the hope that the worst Officials of the two banks for which
14.February 14, 1929Evansville Courier and PressEvansville, IN
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HOPE OF COLLEGE
FOUR BANKS WELLS COUNTY IN lowing the closing of four Wells county banks today Luther Systate bank commissioner, appeared in circuit court here this ernoon two petitions asking that be appointed for Wells County State bank, Bluffton. and the State Bank of Uniondale, two of the institutions that closed. The bank of Petroleum and the Liberty State bank also suspended operations.
O. Glenn Stahl. son of Mr. and Mrs A. Stahl. 1326 Powell avenue. to Indiana Evansville college in the State Oratorical contest which be college Friday with sities tives from eight colleges and univercompeting Stahl, who the at college, will take as sophomore his subject 'Mass Feeling or Man Thinking He has member of the college ing he entered, and also debater HAFFA RECEIVES at Bosse high He is member the local chapter of TWO-YEAR TERM Kappa Alpha, national debating fraternity He has been coached by Miss CHICAGO, Feb. Pearl LeCompte, who will accompany year penitentiary sentence fine him to Richmond $11,000 handed Titus Other contestants will represent Haffa. Chicago and forPurdue university, col- lieutenant of Mayor lege, Franklin college, Butler William Hale Thompson in federal Wabash college, Notre Dame court today He was convicted last university, and Earlham college. week operating liquor prize of will be awarded for ring. Denied new trial. the alderfirst place and 825 for second The man went to unable for the winner the state contest go to being the appeal the which will be held in bond set by Judge Walter C. Lindley. March five candidate for reelection this contest The two winners the 43rd ward north side this group will take part in the na- of the indicated his of tional contest which held annually the fight and to begin at Northwestern university, Evans- serving his sentence within a short ton, III.
15.February 14, 1929The Call-LeaderElwood, IN
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RECEIVERS ASK FOR WELLS COUNTY BANKS
Bluffton Ind., Feb. 13.-Receivers were sought for the Wells County State Bank of Bluffton and the State Bank of Uniondale in a petition here today. The petition was filed by Luther F. Symons, state bank commissioner, following the closing of four Wells county banks today. The petition was filed in Circuit court by Mr. Symons The Bank of Petroleum and the Liberty Center State Bank also sus pended operations. The petitions set out that examinations by the banking department showed the Wells County State bank and the State Bank of Uniondale are
16.February 14, 1929The Monticello JournalMonticello, IN
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FOUR INDIANA BANKS ARE CLOSED
Wells County is Hard Hit-Asks That Receivers Be Appointed.
BLUFFTON, February 14-Following the closing of four Wells county banks yesterday Luther F. Symons, state bank commissioner, appeared in circuit court here yesterday afternoon with two petitions asking that receivers be appointed inations by the banking department sh wed the Wells County State bank and the State bank of Uniondale, are "in a failing and insolThe petitions set out that examfor the Wells County State Bank, of Bluffton, and the State Bank, of Uniondale, two of the institutions that closed. The Bank of Petroleum and the Liberty Center State bank also suspended operations. Judge A. W. Hamilton set February 21 as the date for hearings on the petitions. The Wells County State bank did not open for business today and shortly after noon the three other banks, which cleared through the Bluffton institution, also closed their doors. The Wells County bank was capitalized at $100.000 and showed deposits of $1,250,000. E. B. Williamson is president: R. S. Morrow, first vice president: Frank C. Waugh. second vice president, and R. N. Fitzpatrick, cashier. The bank was closed by Thomas Barr. examiner. The capitalization of the Uniondale bank was $25,000 and deposits were $200,000. H. W. Lipkey is president and W. A. Brickley, cashier. The Union Savings & Trust com- pany now is the only bank in Bluffton. The Studebaker bank failed in 1927, with deposits of $1,500,000. Receivers as yet have made no payments on deposits.
17.February 15, 1929Chicago TribuneChicago, IL
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WARNING ISSUED AS MORE BANKS IN INDIANA FAIL
Indianapolis, Ind., Feb. 14.-[SpeFollowing the closing today of more banks, Luther F. Symons, state bank commissioner, tonight Issued a statement asserting that the general stability of Indiana banks is assured, and urging depositors not to spread rumors that might cause runs. Not a bank in Bluffton, Ind., remains open, and only the Craigsville State bank, the Farmers State bank, at Ossian, and the State Pank of Poneto, remain open in that county. Wells County bank was closed yesterday, and the Union Savings and Trust company was closed today. State banks are also closed in Wells county at Petroleum, Liberty Center, and Uniondale, and Farmers' Deposit bank, at Montpelier, nearby, was also closed today. The Citizens' National bank, at Hope, was closed today and Herman A. Stewart, age arrested, charged with embezzlement. The Studebaker bank failure, at Bluffton, started the wholesale collapse there. Sullivan authorities tonight they have received a tip that James Lang, president of the Citizens' Trust company there, who absconded some time ago with several thousand dollars, wrecking the inAll druggists. stitution, has been traced to the Pacific Coal. The numerous Indiana failures are laid to crooked bank officials, negligence on the part of the official examiners, public hysteria, and straightened circumstances in rural areas.
HELD ON BAD CHECK CHARGE.
Robert Benedict, 24 years old. manof the Evanston the Wilms Electric ager company 1616 Chicago avenue. Evanston. was taken into custody with yesterday by Evanston police and charged worthless checks amounting
18.February 15, 1929The Huntington PressHuntington, IN
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MORE BANKS CLOSE DOORS
Ind., Feb. the Savings and Trust Bluffton failure of Farmers of this morning, total banks closed in Wells county within mass meeting of citizens has been to enlist in opening bank here to carry on business. on the Union Savings and Trust company was said be responsible closing of that and an $18,000 on the Montpeller, prevented its opening today. unwise The bank was capitalized at H. Holder is president, Marly reports were that Stewart had fled but it was learned that the cashier had arranged to meet one of the examself to of the His defalcations were said to have extended over some period of time.
Bank Is Solvent Fred J. Tangeman, president of the Union billits, declared that the bank was antirely solvent and that directors hoped to the in due time without to depositors or The bank had of mately $1,000,000. The Farmers Deposit bank had deposof approximately $500,000. Buy Bracken to The Wells president. county bank, with deposits of $1,250,000 closed yesterday morning few hours later the State Bank of Uniondale closed. Petitions for receivers a filed in the circuit court here late Festerday for both banks. The Bank of Petroleum and Center State bank also closed
Effect Not ar-Reaching Luther F. Symons, state bank commissioner, in a statement issued at Inlisnapolis today, declared that the staMilty of the banking situation in the state should not be affected by the warlous banks in Wells county. He shid the situation had been brought about by the continual agitation of bank. Ing problems growing out of the Studebaker bank failure two years ago. He said it was his opinion that most, if not all of the banks would come out of their present difficulty with very lit. the, if any loss to the depositors.
CASHIER IS HELD INDIANAPOLIS, Feb. 14 man A. Stewart, cashier of the Citizens' National Bank, of Hope, Ind., was arrested here this afternoon by United States marshal on charges of embeazling $45,000. The bank failed to open this morning, following check of the books by the bank examiners. Bond for Stewart was set at $25,000 which was proby Joseph A. Spaugh, relative. Prior to his arraignment, Stewart said had 200 of land in Bartholoacres tnew county and other valuable property which he intended to dispose of in order make up his deficit in his account. He admitted manipulating the bank's funds and said he bad suffered losses
