6297. Exchange Bank (Spencer, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 17, 1929
Location
Spencer, Indiana (39.287, -86.763)

Metadata

Model
gpt-5-mini
Short Digest
edd709a6

Response Measures

None

Description

The Exchange Bank of Spencer closed in June 1929 and a receiver was appointed in July 1929. Articles report the bank closed on either June 17 (most sources) or June 29 (one OCR line) due to depleted cash; later reporting (May 10, 1930) notes conviction of the bank's former president for embezzlement. No article describes a depositor run prior to closure. I corrected obvious OCR inconsistencies (two different closing dates) and used June 17 as the closure date because it appears in multiple contemporary reports. The receiver appointment date is 1929-07-06 (reported July 7, 1929).

Events (3)

1. June 17, 1929 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed because of depleted cash reserves tied to later-revealed embezzlement by the bank's president.
Newspaper Excerpt
The bank was closed June 17 on account of depleted cash re
Source
newspapers
2. July 6, 1929 Receivership
Newspaper Excerpt
Rev Wiley S. Hastings ... was receiver for the Exchange bank of Spencer by Judge Herbert Rundell this afternoon ... The bank was closed June 17 on account of depleted cash re[serves].
Source
newspapers
3. May 10, 1930 Other
Newspaper Excerpt
The aged man wept ... sentenced ... by a jury two months ago on the charge of embezzling funds of the new defunct Exchange bank of Spencer ... When the bank closed June 29, it owed depositors $200,000.
Source
newspapers

Newspaper Articles (3)

Article from The Indianapolis Star, July 7, 1929

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Article Text

BANK RECEIVER NAMED. SPENCER. Ind., July G-The Rev Wiley S. Hastings, pastor of the Christian Church here, a state bank examiner and banker of Washington, was receiver for the Exchange bank of Spencer by Judge Herbert Rundell this afternoon Homer Elliott. former district attor ney, was appointed to assist the receiver. The bank was closed June 17 on account of depleted cash re.


Article from The Dearborn County Register, July 18, 1929

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Article Text

ARRESTED ON SERIOUS CHARGE Herschel Crawford of Fairview, Switzerland County was arrested last week at the home of his father for burglarizing the post office at New Liberty, Ky., Jan. 11, of this year. The View, Ill., thence to Chicago and finally to his home. He was lodged in the Vevay jail pending orders from the post office inspector at Chicago. TO FROLIC AT BATESVILLE Members of the Big Four Athletic Association will hold their annual summer outing at Liberty Park, Batesville, Saturday, July 27. Program includes a ball game, contests and dancing. This is the third season that the association has chosen Batesville for their meeting place. SEWER NEARING COMPLETION Osgood's sanitary sewer is nearing completion and connections with the homes are being made. The improvement was made possible through a holding company. STONE RESIGNS James C. Stone, for seven <years president of the Burley Tobacco Grower's Cooperative association, resigned at a recent meeting of the directors at Lexington, Ky., Stone will be succeeded by Bush W. Allin of Harrodsburg, Ky., who has been vice-president of the association since its orcanization. Stone has accepted the Vice-Chairmanship of the new Federal Farm Board. DATES SET FOR FAIR The Switzerland County Farmer's Fair Association has selected Oct. 10, 11 and 12 as the dates for the Farmers Fair at Vevay. A premium llist will be gotten out as soon as possible. UNEARTH CORDUROY ROAD Logs were used to build an old corduroy road, were unearted by an engineer of the State Highway Commission between Osgood and Greensburg recently. Although the wood had been underground for nearly century, it was well preserved but wat er soaked. ANT TO BE IN AND OUT The City Council of Liberty has decided to employ an engineer to decide where the corporation lines of the town are and make a map of same. Some property owners claimed to be within the corporation lines they wanted city improvements but outside when the question of taxes arose hence the survey. YOUTH SENTENCED FOR LIFE Lawrence Turpin, 20, was found guilty of murder and his punishment fixed at life imprisonment by a jury at Salem last week. Turpin killed a storekeeper at Mitchell in an attempted hold-up about a year ago. James Jenkin an accomplice in the crime is already serving a life sentence. The iron work for the new foot bridge which is to be erected by the B. & O. railroad across Hogan Creek at Aurora and attached to the railroad bridge has arrived. When the bridge is completed it will be great convenience for many pedest who were accustomed to using the old one which was formerly part of the old bridge over Hogan.. ASKS HEAVY DAMAGES Martha Gordon has filed a $10,000 damage suit in the Rush reuit court against Paul Schweikle as the result of an automobile accident near Falmouth last fall. The complaint alleges that Schweikle was driving about 60 miles an hour when the accident happened, taking the lives of two persons. APPOINTED BANK RECEIVER Rev. Wiley S. Hastings, a former state bank examiner and & minister of the Christian Church at Spencer has been appointed receiver for the Exchange Bank of Spencer, which was closed June 17. on account of depleted cash. Rev. Hastings gave out a statement following his appointment in which he said depositors should be prepared to take a loss and in case there is a shortage all stockholders are liable for an assessment equal to the face value of their stock. M ADISON POPULAR Clifty Falls was visited by 3,500 persons July and the Lanier Memorial home in Madison was visited by 344 persons the same day. Electric lights have been added to the park recently. TO HAVE EMPLOYMENT AGENCY The Madison Chamber of Commerce at a recent meeting decided to organize an employment agency. An investigation will be made as to how the matter of conducting an agency is handled by organizations of this kind in other places and the work will then be taken up. SHOOTS BERRY PICKERS W. C. Stevenson, farmer of near Crothersville was fined $25 and costs in a justice of peace court for shooting at berry pickers on a farm adjoining the one rented by Stevenson. ERECTING CLINIC Work one new clinic for Seymour was started July 8. When completed the building will be one of the most attractive in town. The clinic will have up-to-date equipment and will start operate about the last of September. YOUTHFUL BURGLAR Harold Richard Herroll, 13 years old was arrested at Crothersville last wek for house breaking. The lad is charged with breaking into three homes. On account of his youth authorities are making an effort to send him to his father who lives in Milwaukee. SHOOT FIRECRACKERS; FINED For shooting firecrackers in the city limits of Seymour and thus violating a city ordinance, three young men of the town were arrested and fined $1 and costs. The lads were driving about the town about midnight and using cannon crackers. BODY HARD TO FIND Following the drowning of John Edward Filcer, 19, of Indianapolis in Sugar Creek near Franklin companions of the lad, the sheriff of the county, four Indianapolis policeman and a number of young men from surrounding towns searched unceasingly for almost three days before finding the body, which came to the surface a short distance from where he drowned. High water hindered the work. MAD DOG Following infection from a mad dog six head of cattle and two dogs had to be killed in Jefferson county in ten days time. Several persons in the county took the Pasteur treatment to avoid hydrophobia. SALE OF TICKETS HEAVY Over 25,000 seats have already been reserved for Indiana University's fall football games in Memorial stadium. according to L. L.Fischer, ticket sales manager. Indiana's team will play Wabash and Ohio U. here Sept. 28, Notre Dame here Oct. 5, Colgate here Oct. 19, and Nov. 23 the annual Purdue-Indiana game here. The reserves will play Iowa here Oct. 19, Ohio State here Oct 26 and Northwestern here Nov. 16. There are 123,000 seats available for these six games. The Homecoming game with Notre Dame and the Purdue games are the biggest drawing cards in the sale of tickets. Cincinnati spent last week with Mr. and Mrs. George Brill. Mrs. Margaret Spencer went to Cincinnati, Saturday morning to spend a week with Mr. and Mrs. U. E. Elrod. Mr. and Mrs. Lawrence M. Whiteford and daughter, Anne, of Greensburg spent Sunday with Mr. and Mrs. Jake Bigney. They were accompanied home by Miss Vina Whiteford of Aurora who spent Sunday at her home here. Mr. and Mrs. Harry Adam of Cincinnati called on Mr. and Mrs. W. I. Allen and little daughter and Mrs. O. D. Richardson Sunday afternoon. The base ball game between Lawrenceburg and Moores Hill Sunday afternoon resulted in a victory for Moores Hill with score of 7 to 6. Mr. and Mrs. Filmore Ryle and daughter, Sibyl, spent Sunday with relatives at Rising Sun. Oscar Ruble was appointed street comissioner at the last board meeting. Miss Hazel Manleif of Hogan Hill spent last week with Mr. and Mrs. Waldo Wetzler and Oscar Ruble. Mr. and Mrs. George Rollins and son, Paul, and Mr. and Mrs. Bernard Goodpastor and children, Elva and Bernard Lee, spent Sunday with Miss Addie Rollins.. Mrs. Gertie Pennick and two children of Covington, Ky., spent Sunday with Mrs. Alice McKinley and son Mr. and Mrs. Jake Young and son of Osgood called on Mr. and Mrs. O. M. Loyd Sunday afternoon. Mr. and Mrs. Lester Withered and three children of Aurora spent the week-end with Mr. and Mrs. Gorge Ruble and attended the funeral of his grandmother, Mrs. Dunman at Hoga Hill Sunday afternoon. George Wilson spent Saturday at Cincinnati. Mr. and Mrs. Bert Glover of Greenfield spent the week end with Mr. and Mrs. Walter Pennington. Mr. and Mrs. George Dennison and son, Earl, Mr. and Mrs. Floyd Dennison of New Castle spent Sunday with Mr. and Mrs. Earl Miller and family. They called on Mr. Lester Gilmore and daughter, Lauretta, Mrs. Phoebe Rumsey and Mr. and Mrs. Charle Wetzler. Miss Goldie Ravenscraft went to Aurora last week where she has employment. Miss Norma Ruble of Hogan Hill is visiting Mr. and Mrs. George Gilmore and daughter, Miss Helen. Mr and Mrs Hume Corwin and daughter, Marian, of Cineinnati, spen Sunday with Mr and Mrs Clarence Platt and family. Mrs. Platt and daughter, Clarabelle, accompanied them home for week's visit Mrs Dan Scheffe and daughter, Miss Alice. of North Vernon, Mr. and Mrs. Scheffe and son of Indianapolis spen Sunday with Mr. and Mrs. Frank Stevens and sister Miss Kitty. Truman Wolgamuth and daughter, Miss Loural, of Cincinnati spent th week end with Mrs. Wolgamuth and Miss Carrie Johnson and brother, Clifford. Mr. and Mrs. Isaac Mellen an


Article from The Indianapolis Times, May 10, 1930

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Article Text

EMBEZZLER WEEPS OVER PRISON TERM Aged Former President of Pound and Half Spencer Bank Is Baby Lives in Sentenced. Incubator Nest By Times Special BLOOMINGTON, Ind., May 10.By Times Special John Smith, 63,, once a bank presiERRE HAUTE, Ind., May 10. dent and reputed one of the wealT -The baby daughter of Mr. thiest and most influential citizens and Mrs. William Johnson, believed the smallest infant ever of Spencer, is under sentence of two born alive, is being cared for in to fourteen years in the Indiana an incubator at a hospital here. state prison. The baby weighs one and oneThe aged man wept in Monroe half pounds. circuit court here when Judge HerRolls of cotton are the only bert Rundell imposed sentence, clothing of the baby and she is which followed conviction of Smith fed with a medicine dropper. by a jury two months ago on a The mite of humanity is the charge of embezzling funds of the hospital's most popular patient. new defunct Exchange bank of Among her guests have been Spencer, which he headed. twenty women, members of the After Judge Rundell overruled a Altrusa Club. motion for a new trial, Smith's counsel made impassioned pleas that leniency be shown, but the judge, GREENSBU remarking that leniency would in effect set aside the jury verdict, spurned the pleas and assessed the penalty as fixed by statute. WINS ST When the bank closed June 29, it owed depositors $200,000. Since then a receiver has paid them only a dime on each dollar. Boy Stock Judges Place