Huntington County Bank - Huntington, IN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 4, 1891
Location: Huntington, Indiana (40.883, -85.497)

Metadata

Model: gpt-5-mini
Short Digest: 857f6a2b

Response Measures

None

Description

Article (Seattle PI, 1891-06-05) reports 'The Huntington bank closed today' (dated June 4) due to losses from Cashier Alloway's overdrafts/robberies of $30,000–$40,000. No run or depositor panic is mentioned; closure appears due to internal fraud. The newspaper phrase is 'The Huntington bank' — bank name supplied as 'Huntington County Bank' likely refers to same institution; retained supplied name. No explicit receiver named in this item, but the bank is described as closed/failure.

Events (1)

1. June 4, 1891 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Losses sustained by Cashier Alloway's overdrafts/robberies amounting to about $30,000–$40,000.
Newspaper Excerpt: HUNTINGTON, Ind., June 4.-The Huntington bank closed today, in consequence of losses sustained by Cashier Alloway's overdrafts to the extent of $30,000 or $40,000.
Source: newspapers

Newspaper Articles (1)

1. June 5, 1891 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, June 5, 1891

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Article Text

FRAUD AND FAILURE. An Indiana Bank Closed by Its Cashier's Robberies. WHY RUSSELL & CO. WENT DOWN Philadelphia Council Appeals to the President to Investigate the Conduet of the Treasury Department. HUNTINGTON, Ind., June 4.-The Huntington bank closed today, in consequence of losses sustained by Cashier Alloway's overdrafts to the extent of $30,000 or $40,000. PHILADELPHIA, June 4.-The city council this afternoon adopted a resolution asking the mayor to address the president of the United States, requesting that a thorough investigation be made of the action of the treasury department in regard to the Keystone bank, etc. Resolutions were also adopted requesting the mayor to offer a reward of $5,000 for the apprehension of fugitive President Marsh and to have a receiver appointed to take charge of the property of Bardsley. The report of the expert accountants who have been investigating the accounts of ex-City Treasurer Bardsley was transmitted to the city council this afternoon by Mayor Stuart. The report is a voluminous one, and goes into detail as to Bardsley's accounts with various banks. The report shows that on the 21st of May, according to the books of the city treasurer's office, there was on hand $32,317,318 belonging to the city. Of this amount the books of the city treasurer show there was on deposit with the Keystone bank $1,437,000. This sum is claimed by Receiver Hardley and Band Examiner Drew to be wrong, and that the bank books show the actual deposit to have been $639,369. Bardsley had been carrying as cash in the city treasury $196,043 of worthless checks drawn on the Keystone bank. In some way not yet known he raised the amount in cash and substituted it for the checks. He then went to Bank Examiner Drew and asked that this amount be charged to his account as city treasurer in the Keystone bank and credited to his personal account. This Drew refused to do. The only specific evidence of any criminal act of Bardsley with city money is the misappropriation of $36,976, for which he was indicted. The examination is still going on. CHICAGO, June 4.-Mrs. Anna Baird, of Pennsylvania, filed a bill today for a receiver for the Northwestern Rubber Company, asserting that it is hopelessly insolvent, with liabilities of $100,000 and assets of less than half that amount. NEW YORK, June 4.-The rumored suspension of Russell & Company, of China, was confirmed today at the New York office. The house in China has suspended, in consequence of which the New York, Boston and London branches have closed. The liabilities and assets are not known to the New York agents. The liabilities are correctly reported to amount to several million dollars. The liabilities are chiefly to seven banks in China, a few banks in London and a few in New York. Up to eight years ago Russell was manager of the largest local steamship company in China. It was a source of great profit, and after its sale to Chinese capitalists the old partners in the firm retired, taking fortunes with them. Since then the profits of the China trade have not warranted the expensive style of conducting business. A few months ago the firm attempted to organize a bank in London. Two of the wealthiest directors recently withdrew, and the scheme collapsed. The firm's principal business was in silks and teas. In a silk manufactory at Hongkong it is said they lost from $300,000 to $400,000. Of the partners H. & H. M. Forbes reside in Hongkong, R. W. Pomeroy in London, H. M. Huntington in Paris and John Forbes, jr., in New York. NASHVILLE, Tenn., June 4.-The wholesale dry goods and shoe firm of the Connell, Hall & McLoster Company, of this city, assigned this morning. Liabilities, $473,000; assets, estimated at $500,000. For the past year the firm has done a business amounting to more than $1,000,000. The failure was caused by attempting to do more business than their capital allowed and failure to get an extension on their paper. The recent failures in Boston are said to be the reason for this. Officers of the company are confident that all obligations will be met speedily. They hope to resume in a short time, and in the meantime the business will continue under the supervision of the Nashville Trust Company, assignee. OKLAHOMA, 0. T., June 4.-The receiver of the Commercial bank, which failed some months ago has handed in his report to the court. It shows that the bank, from its inception, was run with a view to take in all it could in deposits and then fail. The defunct bank started in without a dollar and there is no record that the organizers of the institution or any body else except