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BANK SUSPENSION. - Ramors are current that the Huntingburg Bank is in hard financial straits, and has suspended, preparatory to a re-organization.
5772. Huntingburg Bank (Huntingburg, IN)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- June 5, 1891
- Location
- Huntingburg, Indiana (38.299, -86.955)
Metadata
- Model
- gpt-5-mini
- Short Digest
a0fb53fe
Response Measures
None
Description
The bank suspended/closed in early June 1891 due to large unsecured overdrafts and apparent insolvency. Directors applied for a receiver and receivers were appointed (receivership), so this is a suspension leading to permanent closure/receivership rather than a temporary run or reopening. No article describes depositor runs or rumor-driven withdrawals; cause is internal bank mismanagement/overdrafts.
Events (4)
1.
June 5, 1891
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Directors closed the bank because the cashier permitted large unsecured overdrafts (estimated $30,000–$40,000; later reports list larger totals) leading to heavy losses and insolvency.
- Newspaper Excerpt
- HUNTINGBURG, Ind., June 5.-The Huntingburg bank closed its doors Thursday morning.
- Source
- newspapers
2.
June 10, 1891
Other
- Newspaper Excerpt
- THE CURSE OF OVERDRAFTS. Huntingburg's Bank Will Fall Short Seventy.Five Thousand Dollars. JASPER, June 5.-Excitement has been running high in Huntingburg ever since yesterday morning, when the bank of that city was forced to close its doors.... six parties had overdrawn their accounts to the amount of $53,000. George S. Goodale... had overdrawn his account $28,000.
- Source
- newspapers
3.
June 17, 1891
Receivership
- Newspaper Excerpt
- F.H. Poetker and Hugo C. Rothert were appointed receivers of the Huntingburg bank, Wednesday. They are now busily engaged in making necessary appraisements preparatory to a speedy settlement of the affairs of the concern.
- Source
- newspapers
4.
July 17, 1891
Other
- Newspaper Excerpt
- The Huntingburg Bank Receivers... got the assessment on the stock of that defunct institution reduced from $36,250 to $1,000... showing that the Bank was really worth nothing on the 1st of April, had no tangible assets... through its Cashier, fraudulently deceiving the people for several years.
- Source
- newspapers
Newspaper Articles (10)
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NEWS IN BRIEF. A Condensation of Interesting Items on Various Subjects. Blaine is at Bar Harbor, Me. Ohio fruits are said to be all right. L The census of London shows a popula tion of 4,211,506. Thieves stole an entire frame house in Fort Wayne, Ind. The whisky trust has absorbed all the big outside distilleries. Sandusky wants Ohio's Democratic state convention this summer. George B. Hoehder and child, of Green ville, Ill., were killed by lightning. are Over 20,000,000 barrels of petroleum held in reserve in the Ohio oil fields. Ex Congressman Owen, of Indiana, has been appointed superintendent of immi gration. An English syndicate is said to have for bought the Omaha, Neb., stock yards $6,000,000. World's fair officials will not decide the is Sunday opening question until the fair under way. 4,136 immigrants passed the York office to swell our New On Tuesday barge Italian population. The Texas State Music Teachers' with asso ciation convenes at Austin, June 23, 1,500 delegates. At Xenia, O., Mrs. George Seibers shot herself through the heart while playing with revolver. The Indiana Midland railroad has settled all the claims of the employes, and the strike is ended. Mrs. Adolph Zencker, of Stanton street, recently gave birth to a baby without eyes. New York, Ohio Insti boy About 150 members of the tute of Mining Engineers are on trip throughout West Virginia. The whisky trust is reported to have purchased the Shufeldt and Calumet distilleries at cost of $2,000,000. The Rev. Dr. Brooks, having been dioceses, ap proved by twenty seven Episcopal is elected bishop of Massachusetts. Will Davis, a Jeffersonville, Ind., tel- by egraph operator, has inherited $30,000 the death of an aunt in Pennsylvania. On account of A gas war in Frankton, Ind., between rival companies the people are getting the illuminant free of cost. J. P. Allen took the Democratic nomination for state senator at Owingsville, it. Ky aftera dozen others had declined The report of a naval battle between the Magallanes and the government vessels off Valparaiso is discredited at Washington Albert Dillon and Harvey Whitehill, the of Bellefontaine, O., were drowned in a Lewistown reservoir by the capsizing of boat. Garrett Thomas, colored, has been sen tenced to hang, at Greenville, Mo., on July 21, for the murder of another negro named Bryant. Section hands on the Pittsburg, Akron and and Western railroad, between Akron Delphos, have struck for their four months pay due. Arthur Sayler, clerk in the dead-letter division of the postoffice at Washington, enhas been arrested for stealing money closures. Two farmers in Allen county, Ind., are having legal fight over a sow involving are the amount of $20. Court expenses $60 per day. John You, of Rending, Pa., starved himto death, having reduced his weight from self 115 to thirty-eight pounds in twentyseven days. The Huntingburg, Ind., bank has sus- the pended, caused by the cashier allowing of depositors to overdraw to the extent about $40,000. Governor Campbell has decided on Pro fessor C. C. Miller, of Sandusky, O., as School Commissioner Hancock successor, if he will accept. Dr. W. C. Arons, a traveling specialist for been arrested at Pomeroy, O., He has charging $25 for removing a wart. pretended it was a cancer W. E. Meade was acquitted of embezzlefrom Seiberry & Company at Omaha, and Neb., ment and sued them for $300 wages $2,500 for false imprisonment. Archbishop Ireland, of St. Paul, de Herr Cahensley's scheme of sending as clares priests and immigrants to America gross insult to this country. In the furious storm of Wednesday Alexander Simpson, mate of the morning, schooner N. B. Moore, at Chicago, was swept overboard and drowned. Evansville, Ind., was the scene of a twenty-six-round prize fight bet ween colored. Male Liddington and John Smith, both The mill was declared a draw. Secretary Foster has called on National bank depositarie for $3,000,000 of deposits This replenish the depleted surplus. will to make the surplu $9,000,000. At Grand Rapids, Mich., Charles W. Seipleaded guilty of bigamy, admitting that the dell existence of five living wives, and he was preparing to take sixth. Lightning struck the Methodist church Belpre, W. Va., and, besides tearing out the the at back, burned all the gilt stripes in wallpaper, leaving the rest entire. At Wabash, Ind., William Cripe and John Mickesell, for adultery, were resentenced Mrs. to forty and thirty days, spectively, in jail and fined $1 each After six weeks' strike the 600 miners of the Cable Coal company, at Washing- difficulty Ind. will resume work, the ton, having been adjusted by arbitration. Spreading rails caused a train loaded Falls with excursionists, between Cedar track and Des Moines, Iowa, to leave the Great excitement and little damage. Mrs. William Derringer, of Watson, gave birth to twin babies two months alive Ind. One died and the other is and ago. well and now weighs but two pounds. Allen, a lake steamer fireman, John murdered near Painesville, O., and was his body was carried to a railroad track the to have it mutilated by a train, to hide crime. After thousands of carloads of dirt of had the into the approaches Shore railway bridge at the great pile slid off into been Ind., Lake dumped Sylvan the Lake, deep water. Near Greensburg, Ind., William Fort farm hand, attacked his employer, shot une, a Logan, with a knife. Logan in George his assailant five times, killing him stantly. cat with a litter of kittens at Wave A Ind. in the grocery firm of Garwood a small with the kittens & land, which Foster, plays has adopted and mouse, nurses with them. The Japanese murderer, Juguiro, was in intenced in New York to be executed
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A BANK FAILS. Heavy Losses Through Overdrafts Causes the Suspension of a Hustingburg (Ind.) Financial Institution. HUNTINGBURG, Ind., June 5.-The Huntingburg bank closed its doors Thursday morning. This action was decided upon by the directors on account of the heavy losses the bank has sustained. The losses were caused by the cashier permitting depositors to overdraw their accounts. These overdrafts will probably aggregate between $30,000 and $40,000. The directors will apply for a receiver. The bank was organized under the state law in 1888. Its capital stock was $25,000 and surplus of $16,000,
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THE CURSE OF OVERDRAFTS. Huntingburg's Bank Will Fall Short Seventy.Five Thousand Dollars. JASPER, June 5.-[Special.]-Excitement has been running high in Huntingburg ever since yesterday morning, when the bank of that city was forced to close its doors. This action was taken by the board of directors, when it became known that six parties had overdrawn their accounts to the amount of $53,000. George S. Goodale, who failed the first of this week, had overdrawn his account $28,000. It is not yet known what the failure will amount to, but it is sure to run up to $75,000. Mr. Dan Reutopohler, the cashier, is being severely censured for his lack of business qualifications in allowing this large sum to be overdrawn. His bond is $50,000, but there is some question as to whether the bondsmen are responsible,
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Bank Notes. Hustingburg News. F.H. Poetker and Hugo C. Rothert were appointed receivers of the Hun. tingburg bank, Wednesday. They are now busily engaged in making necessary appraisements preparatory to s speedy settlement of the affairs of the concern. Receivers were asked for by the management of the bank ou suit of Jacob Burger, county treasurer, for amount of his deposit. During the past week many of the depositore have become uneasy as to the final outcome, it being generally bewould not positors lieved that from present receive Indications their money de- be in full. Whether or not they can paid dollar for dollar remains to be seen. However, those who are beet acquainted with the condition of things claim unbesitatingly that no depositor will lose a cent. This was also the opinion of Judge Welborn when the matter was presented to bim ou Wednesday. The Indianapolis Sentivel contains this item: "The banking laws of Indiana are very defective. for, but his A power bank examiner does not is extend provided beyoud that of examining the accounts and reporting the same to the auditor. The auditor bas no more power to close up a tottering bank than has a depositor. This can only be done through the courts. In the case of a national bank the comptroller of the currency has the power to close up any bank not comply. Ing with the federal banking act. A number of States have copied the federal system. and if the auditor of this State had the same jurisdiction over the State banks that the comptroller of the currency has over national banks, such fail. ures as that of the Huotingburg bank would not occur. The next legislature ought to give the people a good banking law." What we would like to know is whether the State bank exeminer who last examined the Huntingburg bank reported the accounts as being correct and the bank O.K.? And whether the Auditor of State knew of the loose manner in which this bank was doing business? If the next legislature amende the bank. ing law it is to be hoped that provision will be made for the appointment of a qualified person as bank examiner. In these remarks we intend no reflection as to the qualifications of the present State bank exeminer recently appoisted by Auditor Henderson-Seentor Herry Francis. We believe him to be thor. oughly competent to discharge the du. ties of the office, but It occurs to us that the State exeminers of the past few years have been derelict in their duty.
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The Receivers' investigation of the condition of the Huntingburg Bank is progressing, and it is said the finances display greater carelessness the further the books and securities are examined. It should have had a Receiver a year ago or more. Much of the security for loans is found to be comparatively worthless.
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COUNTY board OF REVIEW. Hustingburg Bank Assessment Reduced From $36,250 to $1,000. diseased The County Board of Review leatillin session, though they thought their work -fod-xo) ORIOR 105 completed prectically ere still come in with complaints. in the equalization they ordered that the assessments in Jackson and Beinbridge townships be each reduced 15 per cent., and Case township reduced 10 per cent. on lands, and 25 per cent. on improvements In Ferdinand township the Assessor was required to increase the assessments on lands and lots $50.000; in Herbison township on land $46 000: in Madison township on lands $40,000. and Ireland lots $2,000; in Patoka township on land $50,000; in Columbia, Hall. Marion and Jefferson townships each $10,000. The assessors took their books and reised their appraisements accordingly, and notified the owners of land. There were quite a number of complaints of hign assessments, and the Board required every one to be sworn to before they would be considered. and some of the complainants refused to ou 102 09 pus statements their 01 JUST reduction. and some who did swear got no reduction-whereat there was more swearing. The assessments of Flouring Mills in the county wasgenerally raised, though a part of them were lowered. Some complaints of high assessments by owners of land in two counties on the lines of this county with Warrick county and with Pike county, were made on the basis of appraisements in those counties, and the Board thought the appraisements in the other counties too low, and referredithe matter to the State Tax Commissioners for adjustment, declining to your jo equip Joins in this county. The Huntingburg Bank Receivers, together with President W. R. McMahan and Lawyer Traylor, got the assessment on the stock of that defunct institution reduced from 836 250, as returned by the Assessor to $1,000, the value of the safe and furniture, upon the affidavite made, as below, and quite volumnious testimony taken. showing that the Bank was really worth nothing on the 1st of April, bad no tangible assets to collect taxes from, and had been. through its Cashier, fraudulently deceiving the people for several years. STATE OF INDIANA, DUBOIS COUNTY S.S. COUNTY BOARD OF REVIEW OF DUBOIS COUNTY. In the matter of the assess.) ment of the espital stock of the Huntingburg Bank for taxation for the year 1891. To the county Board of Review of said county The undersigned F. H. Poetker and Hugo C. Rothert, Receivers of the Hontingburg Bank, an insolvent corporation, and Wm. R. McMahan, President of said bank, respectfully show to said Board. that Daniel Reutepobler, Cashier of said bink, on the 26th day of Mav, 1891, reported to the Assessor of Patoka township, Dubois county, Indiana, that the capital stock of said bank, was, on the let day of April, 1891, of the value of $145 per share, that said Cashier at said time reported to the proper assessor that the total capital stock of said bank. equip jo '169T Appril, jo AUP 101 equ DO vers total value of $36,250. That Herman Castrup, Assessor of said Patoka town- '168T jo Aup equal no 'djq' seased and appraised the capital stock of said bank at the sum of $36,250 for taxation for the year 1891. And the said Poetker and Rothert respectfully show to said Board that they. on the 17th day of June, 1891, were duly appointed Receivers of said Huntingburg Bank by the Hon. O. M. Velborn, Judge of the Dubois circuit court, and that they have duly qualified as such Receivers. The petitioners now respectfully show to your honorable Board that the valuetion of said capital stock as reported by said Cashier was erroneous and untrue. that the assessment and appraisement of said capital stock as made by said mosessor and reported to the county assessor, is, and was erroneous and untrue. In this, that the solvent resources of said bank was of less value than $98,000 the uo rueq Plus jo The said 1st day of April. 1891, including the capital stock and surplus fund, amounted to more than $146,000. showing that the capital stock of said bank on the 1st day of April, 1891, was of no value whatever. Tbst the said bank at this time is indebted to depositors in the sum of $121,417.29, and is indebted to stockholders for unpaid dividends in the 01 the "! pus '048'18 30 use holders upon stock and surplus fund $40,435 27 That the loans, discounts, jo "! rueq on eap claims pus the probable value of $71,600. The bank owne real estate. personal propeq: jo emp "19" 18 merchandise pus etty probable value of $10,000, that the cash on hand and in other banks amounts to -ug " queq Pies legs Sujmoqe debted at this time about $60,193.31 more than its resources, showing that its capital stock is now and was on the first
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of the offeirs of the Huntingburg Bank no possible in the present condition of the books of the bank. The books have never been so kept that the Cashier could have checked errors in his daily statements. bad he been disposed to do so. Many of his general ledger accounts have never been footed or balanced. It does not appear that he has over taken n balance of his individual ledger, and bas seldom, is over. taken an invoice of bis discounts. He has simply depended on bis daily statements for his knowledge of the condition of the bank. and from my investigations these have not been true exhibits for several years past. Under these circumstances it would be impossible, in the few days I have given to the maiter, to make an accurate statement of the condition of the bank. This could only be done by checking his books from the time the irregularities began. This work would require several weeks of patient and careful work, and until it is decided what course you will pursue, it would be an unnecessary undertsking. The Cashier has permitted overdrafte to the smount of $38,399.89, which are unsecured and regarded as wholly bad. In addition to this there were overdrafts amounting to $15,683 13 upon which the bank was partly secured a few days before its suspension. Of this last amount depositors making the overdrafts were credited on their deposit accounts to the amount of $14 112.33. I herewith attach a statement showing as accurate an exhibit of the condition of the bank as it is possible to make at this time. In addition to the above mentioned overdrafts there appears from this statement s shortage of $9.692 54 This may be increased or decreased by a further examination of the books of the bank. This statement is made from the actual assets of the bank as inventoried by me and from the books of the bank. I desire to express mv thanks to Messrs. Hugo C. Rothert, Otto Winkenhofer and Edward Katterhenry for assistance rendered me in this investigntion. Respectfully,
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Put a Cartridge in His Pipe. HUNTINGBURG, Ind., July 22 -.). F. Tieman, a prominent attorney and exprosecuting attorney of the judicial circuit court, while at Velpin, in the interest of the receivers of the Huntingsburg bank, which suspended recently, selling a stock of goods, narrowly escaped death. He was sitting on a counter in the store busily engaged, when a farmer in the crowd proceeded to fill his tipe with tobacco from his pocket, which, unbeknown to him, contained a large caliber pistol cartridge. After smoking a few minutes the cartridge became hot and exploded. The ball knocked off Mr. Tieman's hat, grazing his scalp and imbedding itself in the wall. Until the result of the explosion became known, great consternation prevailed.
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Circuit Court. The Grand Jury impaneled and J Egg made foreman Mondey moreis State vs F. Polmer ; A & B with tent: nollied, because of absence of nesses. State vs. Jos. Gerber; selling liqu to minor, fined $20 State vs. Wm. Behrmen ; C. c. V fined $2. State vs. C. Cox; Intoxication; . guilty. State vs. C. Cox; public indecence jury triel; not guilty. State Vs. Pat. Have: selling liquor person in habit of becoming intoxicate fined $50. State vs. Rob't Beadles; C.C. W.; guilty. State vs. Henry Sacray ; A. & B. w intent; jury trial; not guilty. State vs. Charley Combs: pettit I ceny; fined 81, imprisoned in jail days. and disfrauchised one year. State ex rel. Anns Comminsky vs. 1 rion Wood; surety of the peace; o missed by relatrix. State vs John I. King and Andr Robertson: cruelty to animals; jt trial; verdict not guilty. State ex ref. Emms Boyd vs. Jo Boyd; surety of the peace; dismis by relatrix. CIVIL ACTIONS. W. A. Traytor vs. Laura E. Pos thwait; Receiver makes final report is discharged. Mary Nicholson vs. J. D Nichole et al.; partition; continued. Jos. Birk, et al. vs. F. Birk, et al. tinned. Marg. Keller, adm'r estate of C. F ler; reports sale of land to John Ke for $1,000. J.J. Geisler, adm'r est. of Jos. Geie ordered to sell land at private sale. S. H. Dillon, Commissioner in suit partition of Mary Glezen, et al., vs. E Glezen, et al.; reports sale of land to C. Horton for $1,100. L L. Cooper, adm'r est. of W. Totten, dec'd; reports sale of land t C. Brittain for $1,200. James Harris, adm'r est. of H.S. ( lin, dec'd; reports sale of land to B Laneford for $1,000. The petition of Jas. M. Alford others for drain, was dismissed on t own motion. of H. Landgrebe, commissioner in su of A. Stratman, et al. vs. Adam Hatte al., reports sale of land to C. Schwartz for $1,200. J. P. Norman. guardian of m heirs of Rob't Stewart, deceased. rep sale of land to Wm. Burger for $1.44 The guardian of minor heire of E beth Brittain, deceased, reports eal lend to Ed. Sermersheim for 8545 ag B. M. McNellis vs. Huntingburg Ba th dismissed. to J.cob Burger, Jr., vs. Huntingt of Bank: to appoint Receiver; F H. P at ger and H. C. Rothert, Receivers m he final report showing assets of $49.70 us expenses $1,090.10; paid Director ur Bank $48,611 76, and were discharge a Jos. A. Remke vs. Theo. A. Kry title quieted in plaintiffat his cost. L. Seng vs. E. Beuer, et al. ;conting John Line vs. Geo. W. Roberts, et dismissed. ir Chris. Locher vs. Emil Locher, be vorce, continued. nd Benj. C. Johnson vs. Wm. T. Bal at et al. Title quieted in plaintiff at cost. 114 Mary A. Gramelspacher vs. c. C. lle ler. dismissed. he John M. Robinson et al. vs. Geo ill Goodsle, judgment for #2 395 nd C. H. Biise, et al. vs. Geo. S. Good ry judgment for $274.50. : S. Miller vs. E. & 1. R. R. Co.; ke missed by plaintiff. k, Adam Stratmen vs. Geo. S. Good go judgment 854 60. nd H. H. Wolf et al. vs J. Pruitt, e judgmeut for $437.75 six A. Hollowell vs. Geo. W. Rober al. dismissed. be Geo. W Roberts et al. dismissed. the Geo. L. Dixon. et al. vs. Geo. S. G he ale; judgment $263 80. bo Jos. & Geo. Friedman vs. Wm. Z nts dismissed. bo Dixon & Mackey vs. John Pruit est al. judgment #398 30. has C. Marks Vs. Geo. Marks, diemiss raF. Mann vs. P. Coffman; continue ese J. P. Baumgert vs. L. E. & St. I ny R. Co.; continued. taC. Aultmen & Co. vs. J. J. Fusz; in missed. In the petition for drain by W ey Traylor, et al. the commissioners I in final report and were discharged. ing E. R. Brundick, Receiver of Ch ach Schneider, et al. made a final report rowas discharged. los-