5979. Bank of Ladoga (Ladoga, IN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
April 3, 1905
Location
Ladoga, Indiana (39.914, -86.801)

Metadata

Model
gpt-5-mini
Short Digest
fcb9631f

Response Measures

Full suspension

Other: Receiver appointed; bank went into receivership and did not reopen.

Description

A large withdrawal (Hoosier Novelty Works overdraft of ~$96,000) forced the Bank of Ladoga to close temporarily on Apr 3–4, 1905; a receiver was appointed Apr 5 and the bank went into receivership (liabilities exceed assets). Cause is a bank-specific adverse exposure (major overdraft by a principal stockholder/company).

Events (3)

1. April 3, 1905 Run
Cause
Bank Specific Adverse Info
Cause Details
Large withdrawal/overdraft (~$96,000) by Hoosier Novelty Works (major stockholder/related parties) precipitated heavy withdrawals and loss of liquidity.
Measures
Cashier A. M. Scott stated he was ready to turn over all his property; notice posted that bank was closed temporarily while adjustments were made.
Newspaper Excerpt
The Hoosier Novelty Works company ... has withdrawn to the amount of $96,000, and as a result the bank was forced to close its doors.
Source
newspapers
2. April 4, 1905 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed temporarily after the large overdraft/withdrawal left the bank unable to meet payments; capital and surplus insufficient relative to liabilities.
Newspaper Excerpt
This bank is closed temporarily, or until adjustments can be made. The stockholders are good for all liabilities. We believe every depositor will be paid in full, but it will take time to realize on the assets.
Source
newspapers
3. April 5, 1905 Receivership
Newspaper Excerpt
Captain J. C. Knox was appointed receiver for the Bank of Ladoga ... a schedule filed shows the total liabilities to be $109,400, with total assets of $39,200 ... $99,000 is deposits.
Source
newspapers

Newspaper Articles (6)

Article from Evening Star, April 3, 1905

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Article Text

INDIANA BANK CLOSED. Withdrawal of a Heavy Deposit Caused Its Suspension. LADOGA, Ind., April 3.-The Bank of Ladog day closed temporarily, or until nts can be made. It is believed adj rs will be paid in full. der T Hoosier Novelty Works Company, of wl Harry E. Daugherty and O. E. Coffm sons-in-law of Cashier A. M. Scott, are among the principal stockholders, has withdrawn to the amount of $96,000, and as a result the bank was forced to close its doors. Cashier Scott today stated that he was ready to turn over all his property. The bank has a capital stock of $25,000; surplus, $9,000.


Article from The Bemidji Daily Pioneer, April 4, 1905

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Article Text

INDIANA BANK SUSPENDS. Cashier Believes Depositors Will Be Paid in Full. Ladoga, Ind., April 4.-The doors of the Bank of Ladoga were closed during the day and the following notice, signed by Cashier A. M. Scott, appeared on the doors: "This bank is closed temporarily, or until adjustments can be made. The stockholders are good for all liabilities. We believe every depositor will be paid in full, but it will take time to realize on the assets." The Hoosier Novelty Works company, of which Harry E. Dougherty and O. E. Coffman, sons-in-law of the cashier, are among the principal stockholders, has overdrawn $96,000 and as a result the bank was forced to close. Cashier Scott said he was ready to turn over all his property.


Article from Bryan Morning Eagle, April 5, 1905

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Article Text

Cows will continue to run at large at Granger, Tex. Two boys at Itasca, Tex., had a fight and one was badly cut. E. W. West of Texarkana was killed by a train at Camden, Ark. Governor Herrick of Ohio and party were guests of Galveston Monday. Citizens of Marietta, I. T., voted $15.00 bonds to build a brick schoolhouse. Bank of Ladoga. Ind., has closed its doors. Directors say this action is only temporary. A carbon tank exploded at Beaumont, Tex., and John B. Robinson. a druggist, came near being killed. Affairs of Equitable Life Assurance Society are to be investigated by New York superintendent of insurance. Mayor S. J. Kendle of Wynnewood, L T., is dead after a long illness. A widow, five daughters and two sons survive. Mrs. Charles Kemmers of Portland, Ore., saturated her clothing with kerosene oil. set herself on fire and burned to death.


Article from The Norfolk Weekly News-Journal, April 7, 1905

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Article Text

Receiver for Bank of Ladoga. Ladoga, Ind., April 5.-Captain J. C. Knox was appointed receiver for the Bank of Ladoga and the Hoosier Veneer plant and the Hoosier Enameling works, the financial condition of which affected the bank and precipttated its failure. The manufacturing plants will be operated and the receip's are to be applied toward cancelling the liabilities. The stockholders of the bank have decided that there shall be no criminal prosecutions, incidental to the failure of the bank. A schedule filed shows the to tal liabilities to be $109,400. with total assets of $39,200. or the liabilities, $99,000 is deposits.


Article from The Plymouth Tribune, May 4, 1905

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Article Text

Brief State Items. Thomas Curtis is erecting a handsome country home near Hillsboro, to cost $8,000. John A. Bell, aged 15, was killed by the cars at Blackburn, near Petersburg, while stealing a ride. Lulu Usher, 4 years old. of Russiaville, strangled to death. A grain of coffee became lodged in her windpipe. On order of Mayor Charles G. Covert 500 money slot machines were removed from the saloons and billiard halls of Evansville. The old St. Clair homestead, now the property of William St. Clair, near Henryville, was destroyed by fire with a loss of $1,200. Moses Jordon of Russiaville, carpenter. fell from an eight-foot scaffold, striking upon his feet with such violence as to crush the bones of his right leg. Ivan Banhard of Indianapolis, bought the harness mare, Lady Squirrel, at New Harmony, for $500. The mare took first prize in the last Evansville horse show. Charles Smith, while riding on a box car in the Vandalia yards, Logansport, was jostled losing both legs. He was taken to St. Joseph's hospital in a dying condition. The town of Auburn, with its 4,000 population, had 206 prisoners confined in its jail between January 6 and April 6, 1905. This is at the ratio of one prisoner for every six inhabitants. James Lillis, employed in the Pease foundries at Hegewisch, was eaught by a belt and whipped up to the shafting, where he was wound round and round. His thigh and several ribs were broken. Maggie Oser, 4 years old, daughter of Mr. and Mrs. Nick Oser of Batesville, attempted to clamber on the steps of the Oldenburg hack and was thrown under it, crushing her skull. She died in a few minutes. The retail dry goods store of Ziesel Bros. at Elkhart, was entered by thieves and $1,500 worth of silk was stolen. That the robbers were experts is proved by the ease with which they selected only the finest grade of goods. Winburn F. Conrad of Indianapolis, says he has invented a machine to revolutionize the brick-making industry. It turns out 6.000 cement bricks an hour. Experts believe that with a few improvements 75,000 bricks an hour can be turned out. The plant of the Star Shovel and Range Company at Vincennes, recently completed at a cost of $160,000, has closed indefinitely. One hundred men are thrown out of employment. It is said the shut-down is due to low markets produced by the combine. The B. F Bowen Publishing Company, publishers of histories, who have offices in Greenfield, have sent the Indiana writer. Daniel Henderson, to Prince Edward's island. Mr. Henderson will spend considerable time there in collecting material preparatory to writing a thorough and exhaustive history of the island." Many cattle in Hamilton county are afflicted with consumption. A chemical test of the milk from the cows has proved it to be very impure, and it is likely that health officers will order all of the animals killed to keep the disease from spreading. The state board of health has taken the matter up and suggests that all the cattle which have the slightest symptoms of the malady be slaughtered. Miss Mabel Bonsell of Thorntown, now employed as teacher in the schools a Franklin, has been selected by a Yonkers, (N. Y.) book publishing house, that has the contract for printing school books for the Philippines, to compile an arithmetic for use in those islands. She has already prepared part of the copy, which has been accepted. She taught school in the Philippines for two years. A drenching rain accompanied by a downfall of salt water crabs, was experienced in Hartford City. One crab, weighing a quarter of a pound was picked up in the back yard of Charles Reed. It is on exhibition in an uptown show window. Several smaller ones were found in an adjoining field. It is believed that the crabs were carried inland by the clouds as the result of a storm at sea. The large stone crusher which the Monon has been operating in its quarries at Paoli, has ceased operations. The scarcity of labor is said to be responsible for the shutdown, notwithstanding the fact that the company recently raised wages. About twenty men were thrown out of employment, but the work will probably be resumed again in November, when the busy season for other labor is over. A M. Scott, cashier of the defunct bank of Ladoga. has turned over to Capt. J. C. Knox, receiver, his home in that place, a business block, wit interest in water works, notes of hand, stocks in mining a oil companies, building and loan, S gether aggregating $26,052.52. It is Mr. Scott's purpose to leave Ladoga. has secured permission to occupy his home until the middle of September. While Raymond Woodward and Albe, Jones were making a natural gas connec tion with an egg ineubator at Mr. Woodward's home at Lapel, escaping gas was ignited by a lamp. and both men were painfully injured by the explosion following. Mr. Woodward, whose weight is nearly 200 pounds, was hurled like a ball through a window into the yard, carrying away part of the sash and part of the window frame. The explosion wrought havoe to the incubator, and set fire to some cloth ing in the rear. The Indiana State Medical Association will hold its annual meeting at West Baden Springs, June 7, and the National Association of Nurserymen will meet there on the same date. The Hon. A. J. Rhodes of Paoli, will deliver the welcoming addres to the nurserymen. LaRue Taylor, employed in the ConleyBirley table factory, Shelbyville, caught


Article from The Commonwealth, January 12, 1906

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Article Text

Business Failures Jan. 3-First national bank of Faribault, Minn., closed; receiver appointed. 9-Brott cotton mills, Massachusetts, cap!tal $1,200,000. 27-Standard Rope & Twine Co., N. Y., for $12,000,000. 29-Pan-American bank, Chicago; assets $17,200, liabilities $75,900. Mar. 5-Arnold Brewing Co., Saulte St. Marie, Mich.; liabilities $85,000; assets $65,000. 7--Coe Co., Minneapolis; liabilities, $200,000. Apr. 3--Ladoga, Ind., bank; assets $80,000. liabilities $109,000. Lexing24-Canton, O., state bank closes ton, Okla., First national bank falls. 26-Barberton O., First national bank Jun. 2-Ladysmith, Wis., First national bank closed 19-Fyf fe & Munson, Chicago, placed in receiver's hands. 23-Vicksburg, Mich., exchange bank. 26-Knight, Donnelly & Co., Chicago 28-Terre Haute, Ind., national bank closed doors. Jul. 5-Spring Valley, Ill., and Toluca, III. national banks close. 6-Hagerstown Ind., Commercial bank; llabilities, $125,000. 19-Spring Valley, O., bank closes, 20-City national bank, Kansas City, Mo. Aug. 3-West Liberty, Ky, bank closes. 21-Western bank Louisville, Ky.; due to overloans. Sep. 19-Minot, S. D., national bank closes doors. Oct. 6-Peoria (III.) national bank closes because of Dougherty indictments. Nov. 1-Kingfisher (Okla.) national bank closed by comptroller of currency, Dec. 18-John R. Walsh's three banks in Ch cago. Chicago National, Home Savings and Equitable company in liquidation. Local clearing house guarantees payment of $26,000,000. Public and privateaccounts involved. 27-Merchants Trust company, American Savings bank and Mechanics Savings bank. Memphis, Tenn., close doors; first named in liquidation.