Milton bank - Milton, IN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 1, 1920*
Location: Milton, Indiana (39.786, -85.156)

Metadata

Model: gpt-5-mini
Short Digest: d79a8c55

Response Measures

None

Description

Article describes the bank as closed and a receiver being involved; patrons unable to withdraw funds. No explicit run described. Irregular conduct by the bank's officer is cited, indicating bank-specific adverse information led to suspension and receivership.

Events (2)

1. July 1, 1920* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Customers unable to withdraw after bank closed; statements that conduct of bank officer Oscar M. Kirlin was 'decidedly irregular', suggesting internal malfeasance/irregularity
Newspaper Excerpt: the day the bank closed, to go on the street car to Cambridge City ... inability to withdraw their deposits until the affairs of the institution have been adjusted
Source: newspapers

2. July 27, 1920 Receivership

Newspaper Excerpt: Whether the receiver will find any record of these bond subscriptions remains to be seen.
Source: newspapers

Newspaper Articles (1)

1. July 27, 1920 The Richmond Palladium and Sun-Telegram Richmond, IN

Article from The Richmond Palladium and Sun-Telegram, July 27, 1920

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Article Text

# AMAZING TALE (Continued From Page One.) of these bonds but has never received them. Whether the receiver will find any record of these bond subscriptions remains to be seen. To show the embarrassment experienced by many of the bank's patrons because of their inability to withdraw their deposits until the affairs of the institution have been adjusted, Milton people tell of a woman of considerable means who had to borrow a dime from a friend, the day the bank closed, to go on the street car to Cambridge City for the purpose of negotiating a loan from a Cambridge City bank. Thought Conduct Was Irregular. In discussing the affairs of the Doddridge Grave Decorating company, James Doddridge frankly stated that he had reason to believe two and a half years ago that Oscar M. Kirlin's conduct of the affairs of the Milton bank were decidedly irregular. The Doddridge company, he said, had been purchasing cloth from a New York concern. When shipments were made the New York company would send in a draft, with the bill of lading.