5596. Elkhart Bank (Elkhart, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 1, 1903*
Location
Elkhart, Indiana (41.682, -85.977)

Metadata

Model
gpt-5-mini
Short Digest
fb2926b4

Response Measures

None

Description

The articles consistently describe the failure of the Elkhart (Indiana) national bank (called Elkhart bank in some pieces). Failure/suspension followed discovery of embezzlement and insolvency; receivers were appointed (Bosworth, later Wilson Roose) and the bank did not resume—its officers were prosecuted (Broderick pleaded guilty). No contemporaneous newspaper piece describes a depositor run prior to suspension, so this is classified as a suspension leading to permanent closure/receivership due to bank-specific adverse information (embezzlement/insolvency).

Events (4)
1. November 1, 1903* Other
Newspaper Excerpt
Receiver Bosworth ... was appointed (receiver of the Elkhart bank). Bosworth was succeeded by Wilson Roose as receiver of the Elkhart bank on February 13, 1904.
Source
newspapers
2. November 1, 1903* Receivership
Newspaper Excerpt
Bosworth and Turner are probing every phase of the failure of the Elkhart bank and a very interesting report is expected from the receiver in about two weeks. / Receiver Bosworth, of the Indiana National Bank, has notified ...
Source
newspapers
3. November 19, 1903 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failure/insolvency caused by embezzlement and bad debts of officers (president Justus L. Broderick and others); bank closed on November 19, 1903 and was placed in receivership shortly thereafter.
Newspaper Excerpt
after its failure November 19, 1903
Source
newspapers
4. March 26, 1904 Other
Newspaper Excerpt
Justus L. Brodrick, president of the wrecked Elkhart (Ind.) bank, ended his trial at Indianapolis by pleading guilty of embezzlement.
Source
newspapers

Newspaper Articles (9)
1. November 25, 1903 Weekly Arizona Journal-Miner Prescott, AZ
Article from Weekly Arizona Journal-Miner, November 25, 1903

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Article Text

Telegraphic Briefs. Farmers Washington, Nov. 19. Henrietta, -The of the bank of [direction was of the National today by currency. Miller Weir, appointed Bank of closed comptroller was closed the National National temporary Bank examiner, receiver Exam- Elk iner receiver. hart, The Indiana was C. H. also Bosworth and was Bank appointed 19. Gov. Nov. Wyo., has letter Cheyenne, received unless Chatterton him with death Tom Horn threatening sentence of for commutes the here tomorrow The who is to be hanged Willie Nickell. live murder of the governor the latter the declares twenty that four hours after to not execution of Horn. the confessed was Tom Horn D. today Williams Willie that he Nickel, for crime guilty Rev. Ira of the murder which he of is condemned the to hang tomorrow. 19.-Mies Washington, office Nov. department cles Wood, the post ago obtained some time "to attend a of the time ite who leave of who absence was in New wedding York it was aunt," and Senator Platt's reported, purpose, the senator for the action against called on yesPostmaster bringing breach of promise, was General Payne "abexplain terday by within three days b Before Miss without leave." York she lived sence went to New boarding Wood of a downtown Washing a back room her return to has ochouse. Since weeks ago, she ton, some two rooms at the Nora suite of has made no tempt cupied She post mandie to hotel. take up her work in the office department. Nov. 17.-The Colombian and Bogota, Tuesday, government will American protect the American legation It is feared there interests demonstration here. against them. 19.-The be a Davenport, England, Nov. Falson, colboat destroyer the night torpedo channel during the latlided in the smack, sinking were with a fishing hands on board was ter. The eleven The Falson's crew bow was all emashed, drowned. and one of her de eided Panama. killed. Washington, that the Nov. Panama 19- It canal has The com- been treaty shall be which ratified arrived by here last state, night mission December 1 for that Dewill sail that between expected be rat cember and it is 7 and 10 the treaty will ified. Mich., Nov. 19.-By a burning an Kalkaska, of dynamite in three men explosion at Shearon fawere store killed today and a fourth injured excitement tally. Menardville, Tex., Nov. 19. here There over considerable lost Bowie is that the long con the report which s said to have has gold mine, richness, tained ore of fabulous has rediscovered. A prospector bearquartz, brought been in which large is piece said of to gold have been The proping from the last mine. Tom erty taken is situated near Menardville. 20. Cheyenne, Wyo., Nov. o'clock was hanged at eleven was Horn No attempt at reseue made today. The execution passed off employ quiet John Coble, Horn's condemn ly. permitted to see the shook er, was in jail. The two men effecthands ed man and bade each other completely an farewell. Coble was nor ing Horn made no speech never confession overcome. on the scaffold and was The execution lost his nerve. including witnessed by forty persous, the guards, friends cf Horn and born news- in Tom Horn was celepaper men. Missouri Nov. 21. 1860. He was brated army scout, Indian fighter and in cattle detective. He was a scont charge of the party which captured scouts and one of the chief Geronimo under General Miles in the Porto Rico campaign. Youngstown, Ohio. Nov. 20 Early today the casing in the Wilson avenue work sewer gave way and buried six and underneath ten feet of sand men gravel killing two and fatally injuring two more. Salt Lake, Nov. 20 Peter Morten- was the slayer of James R. Hay, shot son, to death in the southeast passage ten of the state penitentiary yard at reo'clock this morning. Mortenson tained his nerve to the last. He walk ed to the chair placed against the stone wall of the yard without hesitation. He was killed instantly, the four bullets from the rifles of shooting squad concealed behind screen in the doorway of the black smith shop, piercing a white target pinned over his heart. He maintained his innocence to the last. Washintgov, Nov. 20. Major Estes G. Rathbone, formerly director of posts in Cuba, was given a hearing to day by the senate committee on mili tary affairs, which is investigating the charges agaiust Gen. Leonard Wood in opposition to his confirmation as a major general. Nearly the entire time was given to who reiterated the charges statements made for the alleged trial and Rathbone Cuban following postal his rauds Louisville, Ky., Nov. 20.- A fire early today destroyed the old Masonic temple, occupying half a block in the center of the business district. The loss was about a quarter of a million dollars. The fire is supposed to have started in a theater in the building. Nov. 20.-The Panamaia conferred at which commission the Gen. Colon, Colombian Reyes, commission, arrived length headed here with yes- by terday from Savanilla on the French Canada The Panamaions -

2. December 3, 1903 The Plymouth Tribune Plymouth, IN
Article from The Plymouth Tribune, December 3, 1903

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Article Text

The Elkhart Bank Failure. Bosworth and Turner are probing every phase of the failure of the Elkhart bank and a very interesting report is expected from the receiver in about two weeks. The Elkbart paper company and Walter Brown are receiving a great deal of condempation, and time will show whether it is deserved or not. Walter Brown has thus far made no reply to the attack made on him by Col. C. G. Conn in connection with the failure, although Wednesday he handed to Conn on the street a typewritten list of 15 interrogatories, asking for specific accusation in print of the charges which the request declared Conn had only intimated in his article. Conn printed the interrogatories, together with his replies. The replies are most severe. This incident has stirred Elkhart profoundly. Conn charges that Brown owes the bank $159,000 The announcement is made that Brown has sold his palatial residence, horses and buggies and has taken two rooms in a rooming house. His two industries, the National Manufacturing company and the Consolidated Paper and Bag company, are running, and he claims thev will pay out dollar for dollar. His object in selling his home is to get cash with which to keep his plants going until other arrangements can be made, Conn demands publicly that these plants be turned over to the bank receiver for the benefit of the depositors and creditors.

3. December 12, 1903 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, December 12, 1903

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Article Text

ONE MORE RECEIVER WILL BE ASKED FOR Consolidated Paper and Bag Company Involved in Failure of Elkhart Bank--Brown's Status. WAS SALARIED EMPLOYE Special to the Indianapolis Journal. ELKHART, Ind., Dec. 11.-Receiver Bosworth, of the Indiana National Bank, has notified the Consolidated Paper and Bag Company that he will apply for the appointment of a receiver in the Circuit Court next Monday. The company owes the bank $50,000 of mortgage indebtedness, and there are other items of indebtedness not made public. The company's capitalization is $20,000, and it has just completed a fine mill. Other creditors are crowding. Walter Brown is president and general manager. Contrary to popular belief and the assertions of Brown's enemies, he held no stock, but was a salaried employe, whose wages are seven months in arrears.

4. January 28, 1904 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, January 28, 1904

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Article Text

RECEIVER IS APPOINTED BY JUDGE ANDERSON Consolidated Bag and Paper Company, of Elkhart, Is Held to Be Insolvent. J. L. BRODERICK IS SUED On petition of Attorney James L. Harman, for the creditors of the Consolidated Bag and Paper Company of Elkhart, Judge Anderson yesterday declared the company insolvent and appointed Melvin W. Demarest receiver. Demarest was some time ago appointed receiver by the Elkhart Circuit Court, but the extent of his authority was questioned and the proceedings were instituted in the Federal Court. In the complaint asking for a receiver it was shown that the plant was continually endangered through negligence and lack of authority to act. The proceedings were given immediate attention by Judge Anderson and a receiver was appointed late in the afternoon. The bankruptcy petition grows out of the failure of the Elkhart bank. Walter Brown was general manager of the Consolidated Company and the suit is similar to the one filed last week against the National Manufacturers' Company, with which Brown was also connected. Another bankruptcy proceeding filed yesterday involving the president of the defunct bank was a petition asking the Federal Court to declare Justus L. Broderick a bankrupt. The suit was brought by Barger Brothers, of Elkhart, Charles M. Underhill, of Buffalo, N. Y., and the Burgese Sulphite Company, of Boston. Barger Brothers hold a note against Broderick for $731. Broderick signed the note, which was secured by himself and C. B. Broderick, for the National Tablet and Supply Company. He claims that a mistake was made in signing the name of the National Tablet and Supply Company for the National Paper and Supply Company, which it is charged is insolvent and has discontinued business. It is alleged by the creditors of Broderick that he has previously committed acts of bankruptcy and that he allowed Edward Flinn and Horace Hubbard to obtain judgments against him in order to prefer their claims. It is said also that the members of the National Tablet and Supply Company may hold preferred claims against him, he transfering all his stock in the concern to the company.

5. March 31, 1904 The Cooperstown Courier Cooperstown, ND
Article from The Cooperstown Courier, March 31, 1904

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THE NEWS IN BRIEF. For the Week Ending March 26. The supremecourt of the United States has adjourned for two weeks. Ohio republicans will hold their state convention in Columbus May 17. Jesse Spalding, pioneer lumber man and banker, died in Chicago, aged 67 years. The national bank at Holdenville, I. T., capitalized at $50,000, has suspended. Burglars took $700 in money and stamps from the post office at Piper City, III. New Jersey democrats will hold their state convention in Trenton on April 12. Robert Allison, aged 74, pioneer type founder. dropped dead at his home in Cincinnati. The house of commons rejected a vote of censure on the British ministry by a vote of 299 to 224. The Fourth Nebraska district republicans have renominated E. H. Hinshaw for congress. Reports from northern North Dakota and Montana say snow has fallen to the depth of two feet, American and British engineers in Bolivia discovered buried treasura valued at $16,000,000. Missouri republicans in convention at Kansas City instructed their delegates at large for Roosevelt. The republicans of the Tenth Missouri district have renominated Richard Bartholdt for congress. George E. Yewell, one of the last survivors of the Greely arctic relief expedition, died in Baltimore. Thirty-three shoe manufacturers in Lynn, Mass., locked out their men be cause of a proposed strike. Heavy rains checked the prairie fires at Holdrege (Neb.) and vicinity after a loss of property of $100,000. Because she refused to marry him George Kelch killed Isa Matthews and himself near Georgetown, O. Republicans of the Second Indiana district have nominated John C. Cheney, of Sullivan, for congress. Prairie fires near Holdrege, Neb., did great damage to property and caused the loss of three lives. Mayor David S. Rose has been for a fourth time nominated to head the Milwaukee democratic city tikcet. Minnesota republicans elected delegates to the national convention instructed for President Roosevelt. The republicans of the Twelfth Indiana district nominated Lieut. Gov. Newton W. Gilbert for congress. Gen. Joseph Warren Keiffer has been nominated for congress in the Seventh Ohio district by the republicans. The cashier having embezzled $105.000, the Orange Growers' national bank closed its doors at Riverside, Cal. Secretary Hitchcock announces that relentless war will be carried on against all persons guilty of land frauds. intervene France in the fears war, that and China that negotiations will are drawing gradually to a climax. At Cambridge, Mass., the Harvard university students observed the seventieth birthday of President Charles W. Eliot. Andrew Isgrigg. Arthur Everhart and Edward Hert, young men of Jeffersonville, Ind., were drowned in the Ohio river. President Roosevelt will press a button at the white house which will start the machinery of the St. Louis exposition on April 30. A daily newspaper, with latest news by wireless telegraph, is to be issued on board all trans-Atlantic steamships, beginning in May Justus L. Brodrick, president of the wrecked Elkhart (Ind.) Dank, ended his trial at Indianapolis by pleading guilty of embezzlement. Judge David S. Gooding died at Greenfield, Ind., aged 80. He was United States marshal for the District Bf Columbia under President Andrew Johnson. Jerry Duggins was convicted at Terre Haute, Ind., of the murder of Mrs. Sarah Ramsey and her two chil dren, and sentenced to be hanged. -Queen Alexandra visited the Alexandra institution, planned to afford the London poor cheap meals, and dined with the factory workers at a cost of nine cents.

6. March 31, 1904 The Sauk Centre Herald Sauk Centre, MN
Article from The Sauk Centre Herald, March 31, 1904

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THE NEWS IN BRIEF. For the Week Ending March 26. The supreme court of the United States has adjourned for two weeks. Ohio republicans will hold their state convention in Columbus May 17. Jesse Spalding, pioneer lumber man and banker, died in Chicago, aged 67 years. The national bank at Holdenville, I. T., capitalized at $50,000, has suspended. Burglars took $700 in money and stamps from the post office at Piper City, III. New Jersey democrats will hold their state convention in Trenton on April 12. Robert Allison, aged 74, pioneer type founder, dropped dead at his home in Cincinnati. The house of commons rejected a vote of censure on the British ministry by a vote of 299 to 224. The Fourth Nebraska district republicans have renominated E. H. Hinshaw for congress. Reports from northern North Dakota and Montana say snow has fallen to the depth of two feet. American and British engineers in Bolivia discovered buried treasure valued at $16,000,000. Missouri republicans in convention at Kansas City instructed their delegates at large for Roosevelt. The republicans of the Tenth Missouri district have renominated Richard Bartholdt for congress. George E. Yewell, one of the last survivors of the Greely arctic relief expedition, died in Baltimore. Thirty-three shoe manufacturers in Lynn, Mass., locked out their men because of a proposed strike. Heavy rains checked the prairie fires at Holdrege (Neb.) and vicinity after a loss of property of $100,000. Because she refused to marry him George Kelch killed Isa Matthews and himself near Georgetown, O. Republicans of the Second Indiana district have nominated John C. Cheney, of Sullivan, for congress. Prairie fires near Holdrege, Neb., did great damage to property and caused the loss of three lives. Mayor David S. Rose has been for a fourth time nominated to head the Milwaukee democratic city tikcet. Minnesota republicans elected delegates to the national convention instructed for President Roosevelt. The republicans of the Twelfth Indiana district nominated Lieut. Gov. Newton W. Gilbert for congress. Gen. Joseph Warren Keiffer has been nominated for congress in the Seventh Ohio district by the republicans. The cashier having embezzled $105,000, the Orange Growers' national bank closed its doors at Riverside, Cal. Secretary Hitchcock announces that relentless war will be carried on against all persons guilty of land frauds. France fears that China will intervene in the war, and that negotiations are drawing gradually to a climax. At Cambridge, Mass., the Harvard university students observed the seventieth birthday of President Charles W. Eliot. Andrew Isgrigg, Arthur Everhart and Edward Hert, young men of Jeffersonville, Ind., were drowned in the Ohio river. President Roosevelt will press a button at the white house which will start the machinery of the St. Louis exposition on April 30. A daily newspaper, with latest news by wireless telegraph, is to be issued on board all trans-Atlantic steamships, beginning in May. Justus L. Brodrick, president of the wrecked Elkhart (Ind.) bank, ended his trial at Indianapolis by pleading guilty of embezzlement Judge David S. Goc mg died at Greenfield, Ind., aged 80. He was United States marshal for the District of Columbia under President Andrew Johnson. Jerry Duggins was convicted at Terre Haute, Ind., of the murder of Mrs. Sarah Ramsey and her two children, and sentenced to be hanged. Queen Alexandra visited the Alexandra institution, planned to afford the London poor cheap meals, and dined with the factory workers at a cost of

7. April 1, 1904 The Ely Miner Ely, MN
Article from The Ely Miner, April 1, 1904

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Robert Allison, aged 74, pioneer type founder, dropped dead at his home in Cincinnati. The national bank of Holdenville, I. T., capitalized at $50,000, has suspended. Prairie fires near Holdrege, Neb., did great damage to property and caused the loss of three lives. Fifty-eight freshmen at Ann Arbor, Mich., have formed an organization to secure revenge upon sophomores who caught and sheared them. Burglars took $700 in money and stamps from the post office at Piper City, Ill. Specific charges against Judge Swayne, of the Florida district, were filed with the house committee by members appointed to investigate. Jerry Duggins was convicted at Terre Haute, Ind., of the murder of Mrs. Sarah Ramsey and her two children and sentenced to be hanged. Because she refused to marry him George Kelch killed Isa Matthews and himself near Georgetown, O. Justus L. Brodrick, president of the wrecked Elkhart (Ind.) bank, ended his trial at Indianapolis by pleading guilty to enbezzlement. A daily newspaper, with latest news by wireless telegraph. is to be issued on board all trans-Atlantic steamships, beginning in May. Troops are on guard in mining districts in Colorado where trou is expected from striking miners. A party of wealthy Japanese has arrived at Seattle, Wash., and will visit the principal centers of the United States to inspect industries and practical working of the laws. A storm which swept the entire southeastern section of Wisconsin did great damage. Six houses were completely wrecked at Grand Rapids, Mich., and their inmates injured by a tornado. At Muskegon several building were unroofed. Heavy rains checked the prairie fires at Holdrege (Neb.) and vicinity after a loss of property of $100,000. Reports from northern North Dakota and Montana say snow has fallen to the depth of two feet. Eighteen Minneapolis flour mills have shut down indefinitely, throwing thousand of people out of work.

8. April 25, 1904 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, April 25, 1904

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HUSBAND'S CRIME LEFT HOME DARK The Rendezvous Once of Luxury Now One of Destitution. A CONTRAST IN LIFE OF TWO INDIANA CONVICT BANK. ERS' WIVES-ONE LIVING IN OPULENCE WHILE SECOND IS POOR. Special to The Bulletin. Elkhart, Ind., April 24.-Strangely contrasted are the physical circumstances of the wives of the two Elk hart bank officials just sent to the federal penitentiary in Ft. Leaven worth, who are now in their respect ive homes, this city. The wife of President Broderick is packing up her personal belongings preparatory to moving to the little Massachusetts town, where her beautiful daughter, Miss Isabelle, is hav. ing the finishing touches put on her education in a young ladies' boarding school. Mrs. Broderick arrived night before last from Indianapolis, where she had been the constant attendant upon her husband during his trial and subse quent wait for sentence. With Mrs. Collins, wife of the cash ier, sentenced to serve six years, it is different. By virtue of the indulgence of for mer Bank Receiver C. H. Bosworth and present Receiver Wilson Rose

9. December 28, 1905 The Plymouth Tribune Plymouth, IN
Article from The Plymouth Tribune, December 28, 1905

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Bosworth Carried a Grudge. Charles H. Bosworth, who for three months was receiver of the Indiana National bank, after its failure November 19, 1903, is the man credited with bringing about the downfall of John R. Walsh, the Chicago banker. Bosworth was the one enemy too many that Walsh made. Walsh has been a fighter all his life. Like Walter Brown, of Elkhart, he was daring and aggressive. He discharged Bosworth from the office of president of the Indiana Southern railroad. Later Bosworth became a bank examiner. He is, besides, a relative of Controller of the Currency Ridgely. He knew secreets that would have caused a man less hasty in temper than Walsh to think twice before affronting him. Mr. Bosworth was succeeded by Wilson Roose as receiver of the Elkhart bank on February 13. 1904.