5694. Gas City State Bank (Gas City, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 5, 1930
Location
Gas City, Indiana (40.487, -85.613)

Metadata

Model
gpt-5-mini
Short Digest
5d2ebe58

Response Measures

None

Description

Bank closed after the suicide of its president in September 1930; state examiners found capital impaired and a receiver was appointed. OCR variations in the president's name (Edward Bloch / Block) and slight date inconsistencies across articles (suicide reported as Sept 5 in some pieces, Sept 20 mentioned in one) — corrected/flagged here. No coverage of any depositor run prior to suspension; payments to depositors were made by the receiver indicating permanent closure and receivership.

Events (4)
1. September 5, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed after the suicide of the bank's president and state examiners found capital impaired; insolvency declared by examiners.
Newspaper Excerpt
The bank was closed following suicide of Edward Block, president, Sept. 5.
Source
newspapers
2. September 15, 1930 Other
Newspaper Excerpt
Rome T. Calendar was appointed receiver for the Gas City State bank today and authorized to assume charge of the institution's property and assets. He posted bond of $25,000. (Indianapolis Times, 1930-09-15).
Source
newspapers
3. September 15, 1930 Receivership
Newspaper Excerpt
Rome T. Calendar was appointed receiver for the Gas City State bank today ... Thomas D. Barr testified ... that the capital structure of the bank had been impaired, making inadvisable re-opening of the bank at the present time. (Indianapolis Times, 1930-09-15).
Source
newspapers
4. November 1, 1930 Other
Newspaper Excerpt
Checks totaling $34,000, representing the first payment to depositors, have been mailed by Rome T. Calendar, receiver for the closed Gas City State bank. The payment represents about one-sixth of total deposits. (Indianapolis Times, 1930-11-01).
Source
newspapers

Newspaper Articles (12)
1. September 15, 1930 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, September 15, 1930

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Article Text

RECEIVER APPOINTED FOR GAS CITY BANK Capital Impaired, Asserts State Examiner; President Suicide. B" United Press MARION, Ind., Sept. 15.-Rome T. Calendar was appointed receiver for the Gas City State bank today and authorized to assume charge of the institution's property and assets. He posted bond of $25,000. Thomas D. Barr, state deputy bank commissioner, testified at the hearing before Judge Robert F. Murray, in Grant superior court, that the capital structure of the bank had been impaired, making inadvisable re-opening of the bank at the present time. The bank was closed following suicide of Edward Block, president, Sept. 5.

2. September 16, 1930 Chronicle Tribune Marion, IN
Article from Chronicle Tribune, September 16, 1930

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Article Text

GAS CITY BANK RECEIVER NAMED (Continued From Page One) fied briefly that the bank was insolvent or in danger of insolvency and asked that a receiver be pointed. Judge 0. D. Clawson questioned the banking concerning the assets of the bank and they the bank but were in custody of the state department. Barr also informed the court that list of the assets would be filed with the The for the creditors told the court that the statutes that an interested person receiver but that did not define debtor as an interested Robert Van Atta, Marion, who Harris, the petition signed, he declared, by 70 per cent the depositors the bank. He also stated that none of the stockholders had signed the petition. The court stated that this was the first bank brought fore him and took the matter under advisement. He did not state when he would rule The receiver second quested for banks which Edward Bloch stockholder. Rome Calendar, Marion, appointed ceiver for the Gas City State bank Monday by the Grant superior court.

3. September 22, 1930 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, September 22, 1930

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Bank Depositors to Lose By United Press GAS CITY, Ind., Sept. 22.-Depositors in the Gas City State bank, closed after the suicide of Edward Bloch, its president, will realize about 75 cents on the dollar, Rome T. Calender, receiver, announces.

4. September 23, 1930 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, September 23, 1930

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Article Text

DOUBLE BANK CRASH TIES UP CITY FUNDS [Special to Indianapolis M. Hundley of Summitville today appointed by Judge O. D. Clawson of the Grant Circuit court, receiver for Citizens Bank Jonesboro. the Bank Trust Company and cashier of the ton bank He posted bond of $15,000. Assets the bank are said to total Luther Symons, state banking attended hearing today that public the Citizens bank the Gas City State would be listed as preferred The has approximately in Gas City bank while the civil city has about deposited Construction work on the Gas City city hall, which is to cost $19,000, has been suspended because of the certain situation existant at the Gas City State bank for both banks were requested by Mr. after an examination showed that the institutions were insolvent

5. October 14, 1930 Chronicle Tribune Marion, IN
Article from Chronicle Tribune, October 14, 1930

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GAS CITY BANK PAYMENT PLEA AWAITS NEW JUDGE One of the first acts of the new judge of the Grant superior court will be to act on petition by Rome Calendar, Gas City State Bank receiver, requesting permission to pay depositors of the bank per cent dividend. The petition was prepared for filing today but lack judge approve it delayed action in the matter.

6. October 15, 1930 Leader-Tribune Marion, IN
Article from Leader-Tribune, October 15, 1930

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GAS CITY BANK PAYMENT PLEA AWAITS NEW JUDGE One of the first acts of the new judge of the Grant superior court will be to act on petition presented by Rome T. Calendar, Gas City State Bank receiver, requesting permission to pay depositors of the bank a 15 per cent dividend. The petition was prepared for filing yesterday, but lack of judge to approve it delayed action in the matter. OFFER ANNOUNCED NEW YORK, Oct. 14. (AP) A letter to stockholders of the Martin- Parry Corp., says the management has an opportunity to sell its Indianapolis plant and the inventory and equipment used in the commercial body department in that plant, to General Motors for cash. REPORT EARNINGS NEW YORK, Oct. 14. (AP) The American Telephone & Telegraph Co. today reported for the September quarter net earnings of $41,728,949. equal to $2.55 share on 16,323,854 average shares outstanding. 8.50; packing sows, rough $6@7.50; stags, 80 lbs. dock, $4.75@8.25. Cattle Good to choice steers $8.50@10.50; prime yearlings, $8.50 @10.50; common to good steers, $5.50@7.50; prime heifers, accordmg to weight, $7.50@10; good to choice heifers, $6.50@7.50; to good heifers, $4.50@6.50; good to choice cows, $5.50@6.50; common to fair cows, $4@4.50: canners and cutters, good to choice light butcher bulls, $6.50@7.50; prime export bulls, $6@6.50; common to fair bulls, $4.50@5.50. Calves- Fancy selected vealers $12.50; good to choice vealers $9@12; common to good vealers $6@9. Sheep and Spring lambs $7.75 down; cull lambs $6 down.

7. October 31, 1930 Leader-Tribune Marion, IN
Article from Leader-Tribune, October 31, 1930

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Mechanic Admits Kidnaping President of Illinois Bank MAIL $34,000 DEPOSITORS Gas City Bank Receiver Sends Out Checks as First Payment on Deposits; Others to Follow. Depositors of the Gas City State Bank Thursday were mailed checks totalling $34,000 Rome Calenthe institution closfollowing the death of its presiEdward Bloch, September The payment is the first made depositors and represents, the ceiver stated, sixteen and twothirds percent of the deposits. Another payment will be made in short time, Calendar asserted. Calendar was appointed receiver Sept. 26, by Judge Robert Murmailing checks to deposithe receiver making good promise to make partial tlement before the fall installment taxes past due. majority the checks were mailed residents of Gas City, had funds deposit when closed state bank aminers. The receiver tively engaged collecting standing loans depositors are to obtain greater part the money they deposit. Three Pals Implicated by Man Who Kept Earl Yocum Captive Three Days; Threaten Bomb. Kewanee, Ill., Oct. 30. (AP) Ahlgren, mechanic, that he and three other Henry counmen kidnaped Earl Yocum. Galva bank president, and held him three days for ransom. He implicated Floyd Winslow. ex-convict, Orville and Harry Whiskers. The last named custody. The kidnapers were thwarted their efforts obtain ransom. Fake Package Left Yocum released yesterday morning near Atkinson, III. The Ahlgren stated, went on Leland, III., where they confident package containing $100,000 had been left for them. The package contained wooden block. Its location was marked by white flag the Finding themselves duped, the leged kidnapers called Mrs. Yocum the phone and threatened bomb the banker's home. Andrew Anderson, cashier of cum's bank, then was sent to meet the gang at Princeton today. He agreed pay have the bomb plot called off. The money not paid. Chased By Police Following the meeting with Anderson, Ahlgren confessed. he and OrWhiskers and Winslow were chased by policement, causing them wreck their machine and abandon One shot was fired by each. The police and the gang, Ahlgren seized shortly before noon Chief of Jolice John Krumptinger and Newell the Illinois Bankers' Association he hid farm house near KewaHe made verbal confession Kruminger, and later signed statement. Farmer Is Informer Harry Whiskers arrested Tuesday, the day before Yocum's lease, warrant based on information from Edward McKee. mer, who said Orville Whiskers fered him $100 day to hold prisoner his farm. Sheriff Charles Nash obtained warrants for all four men on Monday. Yocum was detained in hunting lodge at Lacon, Ill., on the Illinois river. Ahlgren said he and the others had plotted the kidnaping for months. Harry Wriskers, he said, obtained license milk peddler Galva as to observe the bank-

8. November 1, 1930 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, November 1, 1930

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Article Text

CLOSED BANK PAYING Depositors in Gas City State Receiving Checks for $34,000. Bill Times Special MARION, Ind., Nov. 1.-Checks totaling $34,000, representing the first payment to depositors, have been mailed by Rome T. Calendar, receiver for the closed Gas City State bank. The payment represents about one-sixth of total deposits. Calendar was named receiver for the bank after state examiners reported it insolvent. The state banking department took charge after the death of the president, Edward Bloch, who committed suicide, Sept. 20, 1930. Another payment will be made within a few weeks, Calendar stated. He has estimated that depositors will receive at least 76 per cent of their deposits.

9. March 27, 1931 Vidette-Messenger of Porter County Valparaiso, IN
Article from Vidette-Messenger of Porter County, March 27, 1931

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FILES SUIT TO COLLECT ON SHORTAGE MARION, Ind., Mar. 27-(INS)A suit seeking $27,798.20 from W. D. Jay, cashier of the defunct Citizens' State bank which closed at Jonesboro, Ind., on September 8th. and $7,663.93 from the American Surety company, has been filed in Grant superior court here by Frank M. Huntley, receiver for the bank. The petition made sensational charges. It alleged that the bank suffered loss of $27,798.20 through fraud, forgery, theft, embezzlement and misapplication of funds on the part of the bank's employes. A note signed by Jay for $2,336.07, and already made good by the surety company, was cited in the petition. Other notes bearing the signature of Edward Bloch, president of the bank, whose suicide by poison in a Muncle, Ind., hotel on September 5th led to the closing of the Jonesboro bank and of the Gas City State bank of which he also was head. The plaintiff also charged that Jay accepted check signed "Citizens' Bank, by Edward Bloch, president," for $2,025.65 payable to Thomas D. Barr, deputy state bank commissioner, "without any evidence of authority of the said president to draw such check and without anything of value having been received by the said bank." INDIANAPOLIS, Mar. 27.-(INS) -Thomas D. Barr, deputy state bank commissioner, Thursday explained the $2,025.65 check transaction which he had with the now defunct Oitizens' State Bank of Jonesboro, Ind., and which was cited in a civil suit brought by the bank's receiver at Marion. "The Jonesboro bank bought a chattel mortgage from me." Barr said. "The mortgage was due me from E. H. Neal. This man also owed the bank some money. The bank took over the mortgage to make ts debt safe. It was an ordinary business transaction."

10. September 7, 1931 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, September 7, 1931

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BANK AT GAS CITY TO NEW HOME [Special The Indianapolis Star.] MARION. Ind., Sept. real estate building formerly owned by the defunct Gas City State bank has been by the Twin City State bank at Gas City, according City bank moving its fices the building Monday The organized after the Gas bank was taken over by receivers. JASPER, Ind. Sept. Dubois State Jasper yesterday the build ing, estate and fixtures the State public sale from Albert WedeDale, the for Wedeking, who chairman the state was receiver after the bank was closed some time

11. October 8, 1931 Leader-Tribune Marion, IN
Article from Leader-Tribune, October 8, 1931

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GAS CITY BANK RECEIVER TO MAIL OUT 800 CHECKS Checks amounting to $20,000 will be mailed to 800 depositors in the defunct Gas City State Bank, according to Rome T. Calendar, receiver for the institution. The checks will be placed in the mails Thursday and Friday. Payment of the current amount will bring the total payment to depositors to 46 2-3 per cent of the entire amount of deposits in the bank.

12. November 15, 1931 Leader-Tribune Marion, IN
Article from Leader-Tribune, November 15, 1931

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FILE 2 APPEAL BONDS IN CASES Appeal bonds were filed Saturday in two claims filed by Harry L. Connelly, former county clerk, against receivers for the Gas City State Bank and The Citizens Bank of Jonesboro. Sitting as a joint court, Judge O. D. Clawson and Judge Oren W. Dickey, heard evidence on the two claims. The courts held that the claims should be entered as general claims. The claims represented certificates of deposit totalling $2,500 in each of the banks less payment made by the receivers. Notice of an appeal to the appellate court was given by attorneys for Connelly and bonds were fixed at $100 in each case.