State Bank - Monticello, IN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 20, 1897
Location: Monticello, Indiana (40.745, -86.765)

Metadata

Model: gpt-5-mini
Short Digest: 333babe7

Response Measures

None

Description

The State Bank of Monticello suspended payments May 20, 1897. Suspension was caused by the failure of the Logansport bank (correspondent/connected bank) and the bank moved toward liquidation with notice for appointment of a receiver reported May 23–24. No run is described in the articles; sequence is suspension followed by receivership/closure.

Events (3)

1. May 20, 1897 Suspension

Cause: Correspondent
Cause Details: Suspension caused by the failure of the State National Bank of Logansport (the Logansport failure) and heavy connections/ownership ties between the banks.
Newspaper Excerpt: The State Bank of Monticello closed its doors this afternoon ... A notice on the door announces that payment is suspended, and depositors will be paid when the bank can realize on its securities.
Source: newspapers

2. May 23, 1897 Other

Newspaper Excerpt: Notice has been given for the appointment of a receiver, which will be heard in the Circuit Court next Tuesday. ... there was a unanimous expression in favor of the bank liquidating without the intervention of a receiver, and the auditor of state and attorney general ... will be conferred with as to the legality of such a proceeding. The county treasurer, who has $39,000 of the public funds tied up, was not at the meeting, and it is by no means certain that he will acquiesce in the proposed plan of settlement. The personal note of J. F. Johnson for $10,000 is an unpleasant reminder ... returning home in his carriage with the cash. (May 22–23 reports.)
Source: newspapers

3. May 24, 1897 Receivership

Newspaper Excerpt: Notice has been given for the appointment of a receiver, which will be heard in the Circuit Court next Tuesday.
Source: newspapers

Newspaper Articles (5)

1. May 21, 1897 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, May 21, 1897

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Article Text

Monticello Bank Dragged Down. Special to the Indianapolis Journal. MONTICELLO, Ind., May 20.-The State Bank of Monticello closed its doors this afternoon at the instance of J. F. Johnston, president of the bank, who resides in Logansport and is president of the defunct bank there. A notice on the door announces that payment is suspended, and depositors will be paid when the bank can realize on its securities. The last statement May 13 shows that the bank had $129,276 individual deposits payable on demand, with about $66,000 cash on hand and in the other banks. Of the deposits $40,000 is White county money and $6,000 city of Monticello money. The bank's failure is caused by the Logansport failure, and the depositors will lose heavily unless the Logansport bank pays out, which is not probable. President Johnston and William M. Elliott, of the rotten Logansport bank, were heaviest stockholders in the Monticello bank.

2. May 23, 1897 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, May 23, 1897

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Article Text

"TOUCH." A $10,000 Johnson Carried It Off Last Week from Monticello Bank. Special to the Indianapolis Journal. MONTICELLO, Ind., May 22.-The assets of the State Bank of Monticello, which was closed Thursday, have been ascertained to be as follows: Notes, $80,000; cash, $16,000; on deposit in State National Bank of Logansport, $23,000. In addition to this is the stock of $25,000 owned equally by Cashier H. Van Voorst, Vice President William H. Elliott and President J. F. Johnson; also, the bank property, valued at $7,000. The liabilities to depositors is $116,000. Notice has been given for the appointment of a receiver, which will be heard in the Circuit Court next Tuesday. A meeting was had in the courtroom this evening by a large number of depositors, at which there was a unanimous expression in favor of the bank liquidating without the intervention of a receiver, and the auditor of state and attorney general, who will be here Monday, will be conferred with as to the legality of such a proceeding. The county treasurer, who has $39,000 of the public funds tied up, was not at the meeting, and it is by no means certain that he will acquiesce in the proposed plan of settlement. The personal note of J. F. Johnson for $10,000 is an unpleasant reminder of his visit here this week, in company with his wife, returning home in his carriage with the cash.

3. May 24, 1897 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, May 24, 1897

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Article Text

A $10,000 "Touch." MONTICELLO, Ind., May 22.-The assets of the State Bank of Monticello, which was closed Thursday, have been ascertained to be as follows: Notes, $80,000; cash, $16,000; on deposit in State National Bank of Logansport, $23,000. In addition to this is the stock of $25,000 owned equally by Cashier H. Van Voorst. Vice President William H. Elliott and President J. F. Johnson; also, the bank property, valued at $7,000. The liabilities to depositors is $116,000. Notice has been given for the appointment of a receiver, which will be heard in the Circuit Court next Tuesday. A meeting was had in the courtroom this evening by a large number of depositors, at which there was a unanimous expression in favor of the bank liquidating without the intervention of a receiver, and the auditor of state and attorney general, who will be here Monday, will be conferred with as to the legality of such a proceeding. The county treasurer, who has $39,000 of the public funds tied up, was not at the meeting, and it is by no means certain that he will acquiesce in the proposed plan of settlement. The personal note of J. F. Johnson for $10.000 is an unpleasant reminder of his visit

4. May 26, 1897 The Ely Miner Ely, MN

Article from The Ely Miner, May 26, 1897

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Article Text

Failure is announced of the Miners' state bank of Cripple Creek, Col. Gov. Black, of New York, signed the bill providing the death penalty for train wreckers who cause death. The Belknap savings bank at Laconia, N. H., closed its doors with about $1,000,000 due depositors. A fire in Jersey City, N. J., caused a loss of $100,000 and made 60 families homeless. The rapid fall of the Mississippi river at all points from Memphis to the gulf gives notice that the flood of 1897 is over. The total area overflowed was: Arkansas, 3,200 square miles; Mississippi, 6,520 square miles; Louisiana, 975 square miles, and the total damage amounts to $14,520,000. The first public test of the acrograph, an instrument by which photographs may be instantaneously transmitted by wire, was successfully made in Cleveland, O. Albert W. King, a 19-year-old messenger of the Boylston national bank in Boston, was missing with about $20,000 in cash. Two children of Augustus Muetze, residing 12 miles from Redfield, S. D., were killed by lightning. Tramps fired the home of Thomas Biddle, a farmer at White Oak Creek, Tenn., and he and his wife and three children were cremated. The sixty-fifth annual meeting of the American Baptist Home Missionary society convened in Pittsburgh, Pa. The fourth annual banquet of the Associated Press was given in Chicago, 140 members being present. The State bank of Monticello, Ind., suspended payment. It had $135,000 in deposits. At Oakland, Cal., Lucretia Borgia, a four-year-old filly, broke the world's record for four miles, making the distance in 7:11. Terrific wind and rainstorms in Indiana did great damage at Indianapolis, Kokomo and Wabash. Fire at Hoboken, N. J., caused a loss of $650,000 and 150 families were rendered homeless. The National Good Citizens' convention at Nashville, Tenn., adopted a platform which seeks to unite all friends of good government, to promote the duty of good citizens, to contend for purity in politics and to make known to all the truth about the principles of American institutions. The State national bank of Logansport, Ind., closed its doors with liabilities of $300,000. The Randolph county courthouse at Beverly, W. Va., was destroyed by fire with all the official records for 100 years. The Third national bank of New York has decided to retire from business. The one hundred and ninth General Assembly of the Presbyterian church met at Eagle Lake, Ind. President McKinley will visit the Nashville exposition on June 12. Michigan will have no state fair this year. The treasury is bankrupt. A statue of Stephen Girard, the philanthropist and founder of Girard college, was unveiled in Philadelphia. Col. E. B. Gray, of Madison, was elected state commander of the G. A. R. at the annual encampment in Eau Claire, Wis. A statue of the late Cornelius Vanderbilt, "the commodore," was unveiled on the campus of Vanderbilt university at Nashville, Tenn.

5. May 27, 1897 Warren Sheaf Warren, MN

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Article Text

Failure is announced of the Miners' state bank of Cripple Creek, Col. Gov. Black, of New York, signed the bill providing the death penalty for train wreckers who cause death. The Belknap savings bank at Laconia, N. H., closed its doors with about $1,000,000 due depositors. A fire in Jersey City, N. J., caused a loss of $100,000 and made 60 families homeless. The rapid fall of the Mississippi river at all points from Memphis to the gulf gives notice that the flood of 1897 is over. The total area overflowed was: Arkansas, 3,200 square miles; Mississippi, 6,520 square miles; Louisiana, 975 square miles, and the total damage amounts to $14,520,000. The first public test of the acrograph, an instrument by which photographs may be instantaneously transmitted by wire, was successfully made in Cleveland, O. Albert W. King, a 19-year-old messenger of the Boylston national bank in Boston, was missing with about $20,000 in cash. Two children of Augustus Muetze, residing 12 miles from Redfield, S. D., were killed by lightning. Tramps fired the home of Thomas Biddle, a farmer at White Oak Creek, Tenn., and he and his wife and three children were cremated. The sixty-fifth annual meeting of the American Baptist Home Missionary society convened in Pittsburgh, Pa. The fourth annual banquet of the Associated Press was given in Chicago, 140 members being present. The State bank of Monticello, Ind., suspended payment. It had $135,000 in deposits. At Oakland, Cal., Lucretia Borgia, a four-year-old filly, broke the world's record for four miles, making the distance in 7:11. Terrific wind and rainstorms in Indiana did great damage at Indianapolis, Kokomo and Wabash. Fire at Hoboken, N. J., caused a loss of $650,000 and 150 families were rendered homeless. The National Good Citizens' convention at Nashville, Tenn., adopted a platform which seeks to unite all friends of good government, to promote the duty of good citizens, to contend for purity in politics and to make known to all the truth about the principles of American institutions. The State national bank of Logansport, Ind., closed its doors with liabilities of $300,000. The Randolph county courthouse at Beverly, W. Va., was destroyed by fire with all the official records for 100 years. The Third national bank of New York has decided to retire from business. The one hundred and ninth General Assembly of the Presbyterian church met at Eagle Lake, Ind. President McKinley will visit the Nashville exposition on June 12. Michigan will have no state fair this year. The treasury is bankrupt. A statue of Stephen Girard, the philanthropist and founder of Girard college, was unveiled in Philadelphia. Col. E. B. Gray, of Madison, was elected state commander of the G. A. R. at the annual encampment in Eau Claire, Wis. A statue of the late Cornelius Vanderbilt, "the commodore," was unveiled on the campus of Vanderbilt university at Nashville, Tenn.