6145. First National Bank (Russell, KS)

View Charter #3657 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
3657
Charter Number
3657
Start Date
January 31, 1899
Location
Russell, Kansas (38.895, -98.860)

Metadata

Model
gpt-5-mini
Short Digest
919848febd09de83

Response Measures

None

Description

The First National Bank of Russell, KS was closed by the Comptroller and placed in the hands of a temporary receiver (Jan 31/Feb 1, 1899) due to a shortage/defalcation by President C. A. Wolcott caused by reckless wheat speculations. Multiple articles state there was no run. The bank was taken into receivership and remained closed while stockholders later attempted to settle affairs without a receiver.

Events (4)
1. March 25, 1887 Chartered
Source
historical_nic
2. January 31, 1899 Receivership
Newspaper Excerpt
The bank was placed in the hands of John B. Cunningham, national bank examiner, as temporary receiver.
Source
newspapers
3. January 31, 1899 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Shortage/defalcation by President Charles A. Wolcott from reckless wheat speculation (reported shortage $8,000–$20,000; later confession of $10,000).
Newspaper Excerpt
The comptroller of the currency has received a telegram announcing the failure of the First National bank of Russell, Kan. ... The bank will be placed in the hands of John B. Cunningham, national bank examiner as temporary receiver.
Source
newspapers
4. June 19, 1899 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (17)
1. January 31, 1899 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, January 31, 1899

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Article Text

RUSSELL BANK FAILS. First National in the Hands of a Receiver. Washington, Jan. 31.-The comptroller of the currency has received a telegram announcing the failure of the First National bank of Russell, Kan. Following is a statement of the condition of the bank as shown by the report made to the comptroller of the currency for December 1, 1898: Capital $80,000; surplus and undivided profits, $11,795; circulation, $18,000; due to depositors, $59,350; total resources, $169,146. The bank will be placed in the hands of John B. Cunningham, national bank examiner as temporary receiver.

2. January 31, 1899 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, January 31, 1899

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Article Text

Kansas Bank Gone Under. Washington, Jan. 31.-The comptroller of the currency received a telegram today anouncing the failure of the First National bank of Russell, Kas. At the last report, the capital was $80,000 surplus, and undivided profits $11,795, circulation $18,000, due depositors $39,350, total resources $169,146. The bank was placed in the hands of John B. Cunningham, national bank examiner, as temporary receiver.

3. January 31, 1899 Richmond Daily Palladium Richmond, IN
Article from Richmond Daily Palladium, January 31, 1899

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Article Text

Kansas Bank Failure. WASHINGTON, D. C., January 31.The comptroller of the currency has received a telegram announcing the failure of the First National bank of Russell, Kan. The bank was placed in the hands of a receiver. The capital is $80,000; due depositors, $59,000. According to a statement, December 1. last. the total resources were $169,000.

4. February 1, 1899 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, February 1, 1899

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TWO BANKS FAIL, One In California and Another In Kansas. San Jose, Cal., Jan. 31.-The Union Savings bank of this city suspended payment today. The cashier, Anton Friant, stated that the trouble was due to the inability of the concern to realize at once on assets, and further stated that in closing its doors the bank was following the advice of counsel. The bank was organized a number of years ago, under the laws of this state, and has done a general banking business. The authorized capital is $1,000,000, and the paid up capital is $300,000. The reserve fund is placed at $49,000. There has been no public statement of deposits for some time, but it is T. town that they were large. It is saiu that one immediate cause of the trouble is due to advances made to a customer. President Wright is in San Francisco, and until his return nothing can be done. Washington, Jan. 31.-The comptroller of the currency has received a teles gram announcing the failure of the First National bank of Russell, Kan. Following is a statement of the condition of the bank, as shown by the report made to the comptroller of the currency for December, 1898: Capital, $80,000; surplus and undivided profits, $11.795; circulation, $18,000; due to depositors, $59,350; total resources, $169,146. The bank was placed in the hands of John B. Cunningham, national bank examiner, as temporary receiver. Russell. Kans., Jan. 31.-Charles A. Wolcott, president of the First National bank, which closed its doors this morning, has disappeared. He is said to have left a letter, advising the directors of the bank that his accounts were so badly involved that he could not stay and face the consequences. It is known that there is a shortage in his accounts, and rumor places the amount all the way from $8,000 to $20,000.

5. February 1, 1899 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, February 1, 1899

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C. A. Wolcott, President of the First National Bank of Russell Is Missing, and the Bank and County Are Sufferers. COUNTY HAD $20,000. Wolcott Left the City Quietly Sunday After Night. Left a Letter of ExplanationLoss From $8,000 to $20,000. Russell, Feb. 1.-The First National bank of this city was closed yesterday afternoon by order of the comptroller of the currency, and Bank Examiner John B. Cunningham was ordered in charge as temporary receiver. The action of the comptroller was taken upon notification by the board of directors on the morning that the president, Charles A. Wolcott, had left the city, and that the affairs of the bank were in very bad condition. President Wolcott left the city Sunday night, unknown to any person except his son, with whom he left an explanatory letter for delivery to Cashier Hoover and the directors Monday evening. To friends he wrote, detailing the condition of the bank, and stating that he did not have the courage to remain and face the exposure. With the closing of the bank, a notice was placarded on the door which stated that all the depositors would be paid in full as soon as the bank's affairs could be straightened out. Wolcott's shortage is said to be all the way from $8,000 to $20,000, and is due to reckless speculations in wheat through the agency of a local bucketshop. The market was against him and in his efforts to retrieve his losses he plunged so deeply that financial ruin faced him. Wolcott has been a resident of Russell for 25 years and had the confidence of the community, and his friends believe that in time he will make good the bank's loss. They affect to believe that he has exaggerated the seriousness of the situation and that there was no need for him to disappear. The last statement of the bank, made December 1, showed: Liabilities-Capital, $80,000; surplus and profits, $11,795; circulations, $18,000; deposits $59,350. Resources-$169,146, mostly due on loans and on deposit with eastern correspondents. Since the statement, the deposits have decreased somewhat, but not heavily as there has been no run. No effort has been made as yet to locate said President Wolcott, and none will be made until the examiner has made an examination. The heaviest depositor is the county treasurer, who had one-half of the county's funds, $17,000, on deposit The officers of the bank, are: President, Charles A. Wolcott; vice president, D. W. Geer; cashier, V. R. Hoover, who, with L. C. Walbridge and M. P. Miller, of Russell, and Jasper T. Dunham, of Boston, also constitute the directory.

6. February 3, 1899 The Red Cloud Chief Red Cloud, NE
Article from The Red Cloud Chief, February 3, 1899

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Article Text

KANSAS NATIONAL BANK FAILS The Treasury Closes n Russell Institution With 880,000 Capital. WASHINGTON, Feb. 1.-The comptroller of the currency has received a telegram announcing the failure of the First National bank of Russell, Kansas. Following is a statement of the condition of the bank as shown by the report made to the comptroller of the currency for December 1. 1898: Capital. $80,000; surplus and undivided profits, $11,795; circulation, $18,000; due to depositors, $59,330; total resources, $169,146. The bank was placed in the hands of John B. Cuuningham, national bank examiner, as temporary receiver.

7. February 3, 1899 People's Voice Wellington, KS
Article from People's Voice, February 3, 1899

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Article Text

The First National bank of Russell, Kan., has been placed in the hands of a receiver.

8. February 3, 1899 Little Falls Weekly Transcript Little Falls, MN
Article from Little Falls Weekly Transcript, February 3, 1899

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MINOR ITEMS OF INTEREST. Sir Thomas Taylor, chief justice of Manitoba, has resigned. The Union Savings bank of San Jose, Cal., has suspended payment. Merchants' excursions will be run to the Twin Cities in February, March and April. The Chicago Great Western will fund about $7,000,000 indebtedness into debenture stock. Sir Francis Clare Ford, recently Britambassador at Rome, is dead. He of tered the diplomatic service in 1852. General Engan. it is asserted, will not be dismissed from the army, but may be suspended until his retirement in 1903. James J. Corbett and Thomas Sharkey have been matched to box six rounds in Chicago on the night of March 7. The comptroller of the currency has received a telegram announcing the failare of the First National bank of Rus sell, Kan. The comptroller of the currency has declared a dividend of 20 per cent in favor of creditors of the First National bank of Pembina, N. D.

9. February 4, 1899 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, February 4, 1899

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Bank Breaks, President Skips. Russell, Kan., Feb. 1. .-Charles A. Wolcott, president of the First national bank, which closed its doors Tuesday, has disappeared. It is stated that there is a shortage in his accounts and rumor places the amount all the way from $20,000 to $80,000

10. February 4, 1899 The Diamond Drill Crystal Falls, MI
Article from The Diamond Drill, February 4, 1899

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White caps" attempted to whip Tom Jackson their vietim's in Hardin wife county, interfered, Ky., killing when William Wright, the leader. President McKinley is understood to have empowered Robert P. Porter to arrange for the disbursement of $3,000,000 among the Cuban soldiers. Fourteen families were rendered homeless by a fire in Chicago with the thermometer ten below zero. Four boilers exploded in the oil mills at Shreveport, La., and four men were killed. Maximo Gomez, the Cuban commanding has general, demanded nearly $60,000,000 from the United States and refuses to disband his army until the money is paid. valued at was and two were Property persons $200,000 badly de- inin a fire in the J. jured stroyed lumber yard of C. Rayner in Chicago. With the mercury at 26 degrees below zero the Third regular infantry began their journey from St. Paul, Minn., to the heat of tropical the Philippines. While thawing nitroglycerin near West Ind., exLiberty, Thompson the compound and Gib ploded and James Gooden were killed. The record of the court-martial in the of Eagan was in the case placed Commissary hands of Gen. Judge Advocate General Lieber for review. Alonzo C. Yates, of Syracuse, N. Y., died suddenly at Nice, France, aged He was left a years. fortune all of in $4,000,- three 000 by his father and spent it years. Gen. Thaddeus H. Stanton, payof army. was placed master Brig. general for the on the retired list age. National league baseball season will on April 15 The begin andiwill continue until the middle of October with 154 games. The American shipping interests of the Hawaiian islands have largely increased since their annexation to the United States. The visible supply of grain in the United States on the 30th was: Wheat, 28,583,000 bushels: corn, 27,139,000 bushels; oats, 7,025,000 bushels; rye, 1,441, 000 bushels; barley, 3,335,000 bushels. Whitaker Manns and Howard Harlan, farmers, fought a duel with knives at Ballardsville, Ky., to settle a quarrel, and both were fatally wounded. A deal combining all the important distilleries corporation in has Kentucky been concluded. into one great aged 64, a newswas found in paper Ethan man, Allen, dead veteran in bed Lexington, Mo. Moses S. Greenebaum, president of Michael Greenebaum Sons comcontractors in a pany. the Chicago, with liabilities filed petition in bankruptcy of and assets $264,054 of $21,900. 59. Gaspar Schoeller, aged died at Mascoutah, Ill., after a spell of hiccoughing lasting six days. The First national bank of Russell, Kan., closed its doors with liabilities of $60,000. Orders have been issued by the war department to expedite the movement of reenforcements for the Philippines. The Union savings bank of San Jose, Cal., suspended payment. George Keplinger. a young farmer Ind., shot and killed Laura because she near Pegen Marion, refused to but marry not him and then shot himself, fatally. James Dodd, a miner, and John Blake, teamster, both from Utah, were killed a three Mexicans near Hackberry, A.T. of the The report government January receipts and expenditures for the receipts to have been $41,and the shows 775,000 expenditures the month $51,207,000, leaving a deficit for of about $9,500,000. Four deaths from freezing occurred in St. Louis and one in East St. Louis. Jethro Kemper, a farmer living near Denver, Mo., shot his wife to death and then killed himself. Domestic trouble was the cause. A combination of wholesale grocers in the western states, who do an annual business amounting to $500,000 or more, is in sight. The United States supreme court has adjourned until Monday. February 20. PERSONAL AND POLITICAL. Siman Pokagon last of the chiefs

11. February 8, 1899 The Ely Miner Ely, MN
Article from The Ely Miner, February 8, 1899

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DOMESTIC. Moses S. Greenebaum, president of the Michael Greenebaum Sons company, contractors in Chicago, filed a petition in bankruptcy with liabilities of $264,054 and assets of $21,900. The First national bank of Russell, Kan., closed its doors with liabilities of $60,000. Orders have been issued by the war department to expedite the movement of reenforcements for the Philippines. The Union savings bank of San Jose, Cal., suspended payment. George Keplinger, a young farmer near Marion, Ind., shot and killed Laura Pegen because she refused to marry him and then shot himself, but not fatally. James Dodd. a miner, and John Blake, a teamster, both from Utah, were killed by three Mexicans near Hackberry, A.T. Jethro Kemper, a farmer living near Denver. Mo., shot his wife to death and then killed himself. Domestic trouble was the cause. The government transport Roumania left New York for San Juan Ponce, Santiago and Guantanamo to bring back the bodies of the soldiers who are buried there. The report of the government receipts and expenditures for January shows the receipts to have been $41,775,000 and the expenditures $51,207,000, leaving a deficit for the month of about $9,500,000. Four deaths from freezing occurred in St. Louis and one in East St. Louis. A combination of wholesale grocers in the western states, who do an annual business amounting to $500,000 or more, is in sight. The United States supreme court has adjourned until Monday, February 20. In North Dakota a bill making a year's residence in the state necessary to secure a divorce was passed by the legislature. Half a block of buildings in the business portion of Columbus, O., were burned, the loss being $750,000, and scores of persons were injured. Anthony Burgle, serving a seven years' sentence in San Francisco for murder, committed suicide by burning himself to death in his cell.

12. February 10, 1899 The Goodland Republic Goodland, KS
Article from The Goodland Republic, February 10, 1899

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His Shortage Ten Thousand. The comptroller of the currency received a telegram from the temporary receiver of the First national bank of Russell, that the directors of the bank had received a written confession from C. A. Walcott, the defaulting president of the bank, showing a defalcation up to date of $10,000. Wolcott left the country before the bank failed.

13. February 10, 1899 The Jasper Weekly Courier Jasper, IN
Article from The Jasper Weekly Courier, February 10, 1899

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Conferences are being held in New York city looking toward the formation of a combination of wholesale grocers in the western states who do an annual business amounting to $500,000 or more. The Washington legislature in joint session, on the 1st, elected Addison G. of Tacoma, United States senaccordance held the can ator. Foster, caucus in with previous the republi- night. Foster received 81 votes on the final ballot. The Paris Figaro declares that nebetween the gotiations British not chiefly and French governments do concern. as is generally supposed, Newfoundland and Madagascar. but the Bahr-El-Gazal territory of the Nile valley. The senate committee on naval af on the 2d. to fathe joint fairs vorably decided, resolution report reviving the rank of admiral in the interest of Rear-Admiral Dewey. The resolution was so amended as to extend the time of his retirement ten years. Special dispatches from Dresden say that a man named Reif has been arrested there on the charge of stealing diamonds worth 20,000 marks. It is added that he was formerly a newspaper man of New York, from which city he is said to have eloped with a young lady. Charles Whitney, a Fort Worth (Tex.) cattle man. paid his respects (Col.) the conafter to a attending Denver cattle gambling men's house vention. He went with a $300 roll and broke the bank, cashing in $17,000. It is said he won every time he put his money down. The two hundred and fiftieth anniof the was celebrated, on by Charles versary the Legitimistand I. execution Jacobite of the leagues 30th, King in London and the provinces. Numbers of wreaths and floral crosses were deposited at the foot of the Charles I. statue in Whitehall. S. E Gross, the Chicago millionaire. who brought suit for damages against Edmund Rostand, author of "Cyrano for has for de Bergerae," made application alleged membership plagiarism, The appliin the Chicago Press club. cation is indorsed by Stanley Water100 and Charles Eugene Banks. Maj.-Gen. Guy V. Henry, military of Porto Rico, has deposed the and Aguain the of dilla governor mayors and Moca, councilmen province of and has the civil Aguadilla, pended authorities temporarily incessant in politi- both sustowns, owing to the eal quarrels and the gross official corruption. The bill to organize and increase the standing army to about 100,000 but the reduce the size of comity men to giving president infantry to 60 authorpanies and cavalry troops men thus fixing a enlisted men, each. 50,000 minimum passed 31st, the of about house by a of representatives, on the vote of 168 to 125. Charles A. Wolcott. president of the First national bank of Russell, which closed its doors on the to left a letter, 31st have Kas.. has disappeared. advising He is accounts said the directors of the bank that his were so badly involved that he could not stay and face the consequences. There is said to be a shortage ranging from $8,000 to $20,000. annual meeting of the DiaMatch Co. in on the mond At the Chicago, the friction developed and old was The as opposition. 1st. management no income re-elected account, without showed profits to $1,155,997. was in presented. amounting dividends for Out the the of year sum this of Earnings were there $1,100,000. paid cent. in 1897 equal to 11.59 per The biggest lumber deal of the seaand probably the largest of the was completed at on the 1st, PerlitT Mich., year, son, Lowe, Marinette, of of Chi- the engo, purchasing the entire cut 11. Witbeck mill for the coming season. The amount of lumber is between 30,000,000 and 40,000,000 feet. and not less than $400,000 is involved in the transaction. The post office department has on sale at the first class post in the country all and use was placed offices newspaper periodical discontinued the left postage over on 1. There are stamps whose these July awaiting philatelists. 50,000 sets Their of postage gone, sets of 12 stamps practical these value having each for will be kept on sale at $5 a set private uses until December 31 next.

14. February 11, 1899 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, February 11, 1899

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DOMESTIC. While thawing nitroglycerin near West Liberty, Ind., the compound exploded and James Thompson and Gib Gooden were killed, The record of the court-martial in the case of Commissary Gen. Eagan was placed in the hands of Judge Advocate General Lieber for review. Alonzo C. Yates, of Syracuse, N. Y., died suddenly at Nice, France, aged 27 years. He was left a fortune of $4,000,000 by his father and spent it all in three years. Brig. Gen. Thaddeus H. Stanton, paymaster general of the army, was placed on the retired list for age. The National league baseball season will begin on April 15 and will continue until the middle of October with 154 games. The American shipping interests of the Hawaiian islands have largely increased since their annexation to the United States. The visible supply of grain in the United States on the 30th was: Wheat, 28,583,000 bushels; corn. 27,139,000 bushels; oats, 7,025,000 bushels; rye, 1,441,000 bushels; barley, 3,335,000 bushels. Whitaker Manns and Howard Harlan, farmers, fought a duel with knives at Ballardsville, Ky., to settle a quarrel, and both were fatally wounded. A deal combining all the important distilleries in Kentucky into one great corporation has been concluded. Ethan Allen, aged 64, a veteran newspaper man, was found dead in bed in Lexington, Mo. Moses S. Greenebaum, president of the Michael Greenebaum Sons company, contractors in Chicago, filed a petition in bankruptcy with liabilities of $264,054 and assets of $21,900. Gaspar Schoeller, aged 59. died at Mascoutah, Ill., after a spell of hiccoughing lasting six days. The First national bank of Russell, Kan., closed its doors with liabilities of $60,000. Orders have been issued by the war department to expedite the movement of reenforcements for the Philippines. The Union savings bank of San Jose, Cal., suspended payment. George Keplinger. a young farmer near Marion, Ind., shot and killed Laura Pegen because she refused to marry him and then shot himself, but not fatally. James Dodd, a miner, and John Blake, a teamster, both from Utah, were killed by three Mexicans near Hackberry, A.T. Jethro Kemper, a farmer living near Denver, Mo., shot his wife to death and then killed himself. Domestic trouble was the cause. The government transport Roumania left New York for San Juan, Ponce, Santiago and Guantanamo to bring back the bodies of the soldiers who are buried there.

15. February 11, 1899 The Democratic Advocate Westminster, MD
Article from The Democratic Advocate, February 11, 1899

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Business Troubles. In New York City.-The Malt Food Company, manufacturer of malt food produets, has made an assignment. The sheriff received an execution against Max Blumenthal, malt broker. Warren Sage, insurance broker, has filed a petition in bankruptcy, with liabilities $102,798. and no assets. Bernard S. Levy, builder, has filed a petition in bankruptey, with liabilities $62,753 in judgments and no assets. David & Moritz Well, have filed a petition in bankruptcy, with liabilities $38,215 and no assets. The Paragon Cocoa Company, has appointed a trustee. Eugene Bostwick, dealer in lime, builders' materials and farm implements at Elmer, N. J., has made an assignment. The assets of the Union Savings Bank, at San Jose, California, are $138,1 215 less its liabilities. Steps have been taken to declare the bank insolvent and order an assessment on its capital stock. Frank P. Boechat, a real estats dealer of South Buffalo, New York, has filed a petition in bankruptcy. Liabilities $191. 550; no assets. Keckman, Bissell & Co., leather dealers, of Boston, who assigned recently, have filed a petition in bankruptey. Liabilities $172,083, of which amount $26,983 is secured, $116,168 unsecured, $4500 in notes and bills and $23,617 in accommodation paper. Suit has been entered at Wabash, Ind., by the Bonding & Trust Company, of Baltimore, Md., for the appointment of a receiver for the Logansport & Wabash Valley Gas Company, which has a capital of $2,000,000. At St. Louis the Farmers' Elevator Company has assigned. W. A. Porterfield & Co., bankers and brokers, Washington, D. C., have assigned. Solomon Stern, Frederick, Md., has petitioned for bankruptcy. Kaufman Brothers, cigar manufacturers; Jacob Kaempfer, upholstery goods; Louis Kaufmann, tobacco dealer, all of New York city, have assigned. Charles H. Cramer, a farmer of Walkersville, Md., has applied for bankruptcy. The First National Bank of Russell, Kansas, has failed and been placed in the hands of a receiver. H. A. Menough, a leading merchant of Oxford, Pa., has made an assignment.

16. April 25, 1899 Kansas City Journal Kansas City, MO
Article from Kansas City Journal, April 25, 1899

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DON'T WANT A RECEIVER. Stockholders of the Russell Bank May Beat Charley Lobdell Out of a Job. TOPEKA, April 24.-(Special.) It is probable that the defunct First National bank of Russell will close up its business without the aid of a receiver. The bank failed last January as a result of the president getting on the wrong side of the wheat market. Charles E. Lobdell was agreed upon as receiver, and he was to take the position May 1. The stockholders of the bank, however, are trying to rake up enough money to pay off the depositors and save the concern the expense of a receiver. Over 50 per cent of the money necessary has been raised. and the stockholders believe they will be able to raise the remainder.

17. April 25, 1899 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, April 25, 1899

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TO TAKE LOBDELL'S JOB. Stockholders of Russell Bank Settling Business Themselves. The stockholders of the First National bank at Russell are raising money and clearing up the business of the bank without the aid of a receiver and they are confident of being able to wind up the affairs of the bank without aid from the outside. Charlie Lobdell was named for receiver of the bank, but the action of the stockholders in "settling up and raising the necessary funds to square all the bank's accounts will deprive Mr. Lobdell of work to do.