6503. Western National Bank (Louisville, KY)

View Charter #7457 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
7457
Charter Number
7457
Start Date
August 21, 1905
Location
Louisville, Kentucky (38.254, -85.759)

Metadata

Model
gpt-5-mini
Short Digest
dc6ede1280e6d2ae

Response Measures

Capital injected, Full suspension, Books examined

Description

Steady withdrawals preceded an official closure by the Comptroller on Aug 21, 1905 due to impaired capital/overloans; receiver appointed. Stockholders paid an 83 1/3% assessment ($250,000) and the bank resumed operations in October 1905.

Events (6)
1. October 29, 1904 Chartered
Source
historical_nic
2. August 21, 1905 Run
Cause
Bank Specific Adverse Info
Cause Details
Bank's capital badly impaired by losses and overloans; adverse criticism and falling stock price led deposit withdrawals
Measures
None reported beyond continuing operations until Comptroller ordered closure; withdrawals prompted regulatory intervention.
Newspaper Excerpt
Steady withdrawals have been made for several days
Source
newspapers
3. August 21, 1905 Suspension
Cause
Government Action
Cause Details
Acting Comptroller of the Currency closed the bank after examiner found capital badly impaired by losses and insufficient funds to meet further demands; receiver appointed.
Newspaper Excerpt
The doors of the Western National Bank of Louisville, Ky., were closed this morning by order of the comptroller of the currency. Thomas M. Thornton has been appointed receiver.
Source
newspapers
4. September 8, 1905 Other
Newspaper Excerpt
stockholders of the bank will be required to pay an assessment to meet the demands of the creditors of the bank; assessment of 83 1-3 percent required to restore capital is later reported by controller's office (Sept. 18-19). The sum of $250,000 was to be paid to the receiver for resumption purposes.
Source
newspapers
5. October 2, 1905 Reopening
Newspaper Excerpt
The Western National bank of this city ... resumed business today ... stockholders ... paid $250,000 to the receiver so that the bank could resume business.
Source
newspapers
6. August 26, 1909 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (22)
1. August 21, 1905 Las Vegas Daily Optic Las Vegas, NM
Article from Las Vegas Daily Optic, August 21, 1905

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LOUISVILLE BANK BUSTED Washington, Aug. 21-.-The western national bank of Louisville was closed this morning by order of the comptroller of the currency. The statement issued by the comp, troller of the currency says: "An examination of the bank by Bank Examiner Garret showed its capital badly impaired by losses. Steady withdrawals have been made for several days and the acting comptroller directed the bank to be closed in order to protect the interests of all depositors alike and prevent these having a knowledge of conditions from securing preference over those without this knowledge." Thomas M. Thornton will be appointed receiver. The Western National bank was chartered in 1904 to succeed the Western bank of Louisville, W. B. Smith was president, L. J. Jefferson, cashier. Failure Expected. Louisville, Ky., Aug. 21.-The failz ure of the Western National bank, ordered closed by the federal authorities today, had been anticipated. May 29th the bank showed a reserve of, only fourteen per cent. President T. L. Jefferson said the failure was due simply to overloads and to shrinkage of deposits.

2. August 21, 1905 The Providence News Providence, RI
Article from The Providence News, August 21, 1905

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WESTERN NATIONAL BANK CLOSED BY COMPTROLLER Washington, Aug. 21.-The doors of the Western National bank of Louisville, Ky., were closed this morning by order of the comptroller of the currency. A statement issued by the acting comptroller of the currency says: "Aan examination of the bank by Bank Examiner Garrett showed that its capital was badly impaired by losses. Steady withdrawals have been made for several days and as there was not suft:cient funds on hands or immediately available to meet further demands likely to be made by depositors and other creditors, the acting comptroller directed the bank to be closed in order to protect the interests of all creditors alike, and prevent those having knowledge of the conditions securing preference over those without this knowledge. "Thomas A. Thornton has been appointed receiver. "The Western National bank is comparatively a new association, having been chartered Oct., 1904, as the Western Bank of Louisville. W. B. Smith was president and L. L. Jefferson cashier of the bank."

3. August 21, 1905 Evening Star Washington, DC
Article from Evening Star, August 21, 1905

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LOUISVILLE BANK SUSPENDED. Western National Bank Ordered Closed by Federal Authorities. LOUISVILLE, Ky., August 21.-The Western National Bank of this city was ordered closed by the federal authorities today. The bank's suspension has been anticipated, for on May 29 the bank showed a reserve of only 14 per cent, and its business has fallen off steadily since then, in fact, the bank's stock has within the last few days fallen from 107 to as low as 35. President T. L. Jefferson of the bank, in a statement said the bank's failure is due simply to overloans and shrinkage in deposits. The Western National Bank until about a year ago was known as the Western Bank, a state institution doing a small business. At that time W. B. Smith. the owner of a number of banks In Indiana, acquiring control of the Western Bank. Its capitalization was increased to the legal amount required and the name changed to Western National Bank. W. B. Smith became president of the bank and remained in that office until July 10 last, when he was succeeded by T. L. Jefferson. The bank's business never has been large and has suffered a gradual falling off recently owing to adverse criticism. The doors of the Western National Bank of Louisville, Ky., were closed this morning by order of the controller of the currency. A statement Issued by the acting controller of the currency says: "An examination of the bank by Bank Examiner Garrett showed that its capital was badly impaired by losses. Steady withdrawals have been made for several days, and as there was not sufficient funds on hand or immediately available to meet further demands likely to be made by depositors and other creditors, the acting controller directed the bank to be closed in order to protect the Interests of all creditors alike, and prevent those having knowledge of conditions securing preference over those without this knowledge. "Thomas M. Thornton has been appointed receiver. "The Western National Bank is comparatively a new association, having' been chartered October 29, 1904, to succeed the Western Bank of Louisville. W. B. Smith was president and T. L. Jefferson cashier of the bank." The following is a statement of the resources and liabilities of the bank as shown by the last report of condition May 29, 1905: Resources-Loans and discounts, $1,299.324; overdrafts, $5,211; United States bonds secure circulation, $50,000; stocks, securities, etc., $10,095; banking house and other real estate. $28,044; due from banks and bankers, $254,781; cash and cash items, $74,932; redemption fund, $2.500; total, $1,724,889. Liäbilities-Capital stock, $300,000; undivided profits, $7,143; circulation, $50,000; due to banks and bankers, $260,413; deposits, $1,070,810; notes and bills rediscounted, etc., $36,522; total,, $1,724,889.

4. August 21, 1905 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, August 21, 1905

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From Washington. [Correspondence of the Alexandria Gazette.] The Western National Bank, of Louisville, Ky., was closed today by direction of the acting Comptroller of the Currency. An official statement issued by the latter says: "An examination of the bank by Bank Examiner R. D. Garrett showed that its capital was badly imparied by losses. Steady withdrawals have been made for several days and as there were not sufficient funds on hand or immediately available to meet further demands likely to be made by depositors and other creditors, the acting comptroller directed the bank to be closed in order to protect the interest of all creditors alike and prevent those having knowledge of conditions securing preference over those without knowledge. Thomas M. Thornton has been appointed receiver. Mr. Thornton is an experienced man in this line of work and has been connected with the Comptroller's office for several years in the capacity of receiver. The Western National Bank is comparatively a new association, having been chartered October 29, 1904, to succeed the Western Bank of Louisville, W. B. Smith was president and T. L. Jefferson cashier of the bank. The resources and liabilities of the bank as shown by the last report of condition May 29, 1905, were $1,724,889.30 each; capital stock, $300,000; loans and discounts $1,299,234.20; deposits, $1,070,810.06; circulation, $50,000." With typhoid fever epidemic in several cities, the Department of Agriculture has received a number of requests from health authorities and citizens to purify water supplies in their cities by the use of copper sulphate. While the experiments carried on during the last two or three years demonstrate to the experts in the department that copper sulphate will destroy the typhoid fever bacilli without harmful results, the department is not in a position to respond to the calls for assistance. These requests are answered by referring the writers to individuals outside the government. who have made a study of the work and who undertake the work under contract. It is stated at the department that experiments show that the copper sulphate treatment of water has no effect on the spread of yellow fever. A number of investigations into the use of copper sulphate in reservoirs and rivers are now being made. A supplementary report on the quantity of cotton ginned from the crop of 1904 was made to the acting director of the census by W. M. Stewart, the chief statistician for manufactures, today. According to the report 95,497 bales were ginned in excess of the estimates published in April, 80 that the growth of 1904 is therefore fixed by the ginners at 13,693,279 bales, counting round as half bales, instead of 13,597,782. Secretary of the Navy Bonaparte today received the report of the Board of Inquiry, which investigated the causes of the disaster which resulted in the blowing up of the gunboat Bennington and the killing of many of its crew. He im. mediately began its perusal, but declined to make any parts of its public, or to discuss it at this time. It will be made public later. Surgeon GeneralfWyman, of the hosnital service, received today (a report from Past Assistant Surgeon Goldberger on the yellow fever conditions at Alexandria, La. No new cases have develoved there, 80 the report says, and fumigation is being carried on by a house to house canvas. Surgeon Goldberger is in advisory control of the city.

5. August 22, 1905 The Times Dispatch Richmond, VA
Article from The Times Dispatch, August 22, 1905

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LOUISVILLE BANK IS ORDERED TO BE CLOSED Capital Has Been Badly Impaired By Losses-Receiver Appointed. (From Our Regular Correspondent.) WASHINGTON, D. C., August 21.The Western National Bank of Louisville was closed to-day by direction of the acting comptroller of the currency. An official statement issued by the comptroller says that an examination of the bank by Bank Examiner R. D. Garret showed that its capital was badly impaired by losses. Steady withdrawals have been made for several days and as there was not sufficient funds on hand to meet further dends likely to be made by depositors and other creditors, the acting comptroller directed the bank to be closed in order to protect the interests of all creditors alike and prevent those having knowledge of the condition securing preference over those without knowledge. Mr. Thomas M. Thornton has been appointed receiver. The Western National Bank is comparatively a new association, having been chartered October 29, 1904, to succeed the Western Bank of Louisville. W. B. Smith was president and T. L. Jefferson cashier of the bank. (By Associated Press.) LOUISVILLE, KY., August 21.-The Western National Bank's suspension has been anticipated, for on May 29th the bank showed a reserve of only 14 per cent., and its business has fallen off steadily since then; in fact, the bank stock has within the last few days fallen from 107 to as low as 35. President T. L. Jefferson, of the bank, In a statement sald, the bank's failure is due simply to overloans and shrinkage in deposits.

6. August 22, 1905 The Sun New York, NY
Article from The Sun, August 22, 1905

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LOUISVILLE BANK IS CLOSED. COMPTROLLER FINDS WESTERN NATIONAL IMPAIRED. President Says Depositors will Be Paid in Full, Although the Institution Has Suffered Heavtly-Stock Fell From $107 to 835 a Share Before Break Came. WASHINGTON, Aug. 21.-The Western National Bank of Louisville, Ky., was closed by the orders of the acting Comptroller of the Currency, and Thomas M. Thornton has been appointed receiver. An examination of the bank by Bank Examiner Garrett showed that its capital has been badly impaired by losses. Steady withdrawals have been made for severaldays. and as there were not sufficient funds on hand or immediately available to meet further demands likely to be made by depositors and other creditors the acting Comptroller directed the bank to be closed in order to protect the interests of all creditors alike and to prevent those having knowledge of conditions securing preference over those without knowledge. The Western National Bank is comparatively a new institution, having been chartered on Oct. 19, 1904, to succeed the Western Bank of Louisville. W. B. Smith is cashier and T. L. Jefferson president of the bank. The following is a statement of its resources and liabilities as shown by the last report of condition May 29, 1905: Resources-Loans and discounts, 1,299,324; overdrafts, $5,211; U. S. bonds, secure circulation. $50,000; stocks, securities, &c., $10,095; banking house and other real estate $28,045; due from banks and bankers, cash and cash items, $74,938; redemption; fund, $2,500; total, $1,724,889. Liabilities-Capital stock. $800,000; undivided profits, $7,143; circulation, $50,000; due to banks and bankers $260,414: deposits, $1,070,810; notes and bill rediscounted, &o., $36,522; total, $1,724,889. LOUISVILLE, Ky., Aug. 21.-The Western National Bank, 300 West Market street, was closed this morning by order of the Comptroller of the Currency on the report of the affairs of the bank as made by Bank Examiner R. D. Garrett, who has been at work on the books of the bank for several days. The closing of the bank has been anticipated in financial circles for several months. and the report does not come as a surprise. Mr. Garrett declined to give out a statement relative to the condition of the bank's affairs beyond the statement made to President T. L. Jefferson that its condition was such that suspension was the best thing possible. The first intimation of serious trouble came in the sudden slump of the bank's stock on the local market from 107 to 90, about three weeks ago. The stock then slowly declined until last week, when it sold down to $35 a share. Later, however, on the arrival of the bank examiner, the stock rose to $41 a share in the expectation that the bank would be able to pull out of the hole. The last statement of the bank, made on May 29 on the call of the Comptroller, also gave an indication that things were not in the best condition, the bank showing a reserve of about 14 per cent. of its deposits. This was below the Government requirement of 25 per cent. When this fact came to the notice of the Comptroller of the Currenov word was sent to the bank to build up its reserves. President Jefferson said this morning: "Beyond the fact that the Comptroller has ordered the bank closed I can say nothing. We have received no detailed report from the bank examiner and are unable to give out any figures at present. Our last statement, made on May 29, showed our reserves pretty low. The cause of our trouble was simply overloans and shrinkage in deposits. Ever since we made our last statement there has been considerable adverse criticism about the bank, and our deposits slowly dwindled away. However, 1 am glad to see it over. The work has been heavy. I expect to go to work again, however. with a view to straightening matters out. I think we shall be able to open in a short time. You can say this, that there is no doubt depositors will be paid in full.'

7. August 22, 1905 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, August 22, 1905

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BANK ORDERED CLOSED. Comptroller Acts Quickly In Case of Louisville, Ky. Bark. Washington, Aug. 21.-The doors of the Western National Bank of Louisville, Ky., were closed. this morning, by order of the comptroller of the currency, A statement issued by the acting comptroller of the currency says: "An examination of the bank by Bank Examiner Garrett showed that its capital was badly impaired by losses. Steady withdrawals have been made for several days, and as there was not sufficient funds on hand or immediately available to meet further demands likely to be made by depositors and other creditors, the acting comptroller directed the bank to be closed. in order to protect the interests of all creditors alike and prevent those having knowledge of the conditions securing preference over those without this knowledge. "Thomas A. Thornton has been appointed receiver. "The Western National Bank is comparatively a new association having been chartered Oct. 29. 1904. to succeed the Western Bank of Louisvile. W. B. Smith was president, and L. L. Jefferson, cashier of the bank." The following is a statement of the resources and liabilities of the bank as shown by the last report of condition, May 29, 1905: Resources-Loans and discounts, $1.299,324: overdrafts, $5211; United States bonds secure circulation, $50,000; stocks, securities, etc., $10,095; banking house and other real estate, $28,044; due from banks and bankers, $254,781; cash and cash items, $74,932: redemption funds, $2500: total, $1.724.889. Liabilities-Capital stock. $300,000; undivided profits, $7143; circulation, $50.000; due to banks and bankers, $260,413; deposits, $1,070,810; notes and bills rediscounted, etc., $36,522. Total, $1,724,889.

8. August 22, 1905 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, August 22, 1905

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LOUISVILLE BANK IS COMPELLED TO CLOSE Comptroller of the Currency Finds Western National in Bad Shape. WASHINGTON, Aug. 21.-The doors of the Western National Bank of Louisville, Ky., were closed this morning by order of the Comptroller of the Currency. A statement issued by the acting Comptroller of the Currency says: "An examination of the bank by Bank Examiner Garrett showed that its capital was badly impaired by losses. Steady withdrawals have been made for several days, and as there was not sufficient funds on hand or immediately available to meet the demand likely to be made by the depositors and other creditors the acting Comptroller directed the bank to be closed in order to protect the interests of all depositors alike and prevent thos having knowledge of the conditions securing preference over those without this knowledge. "Thomas M. Thornton has been appointed receiver." The Western National Bank is comparatively a new institution, having been chartered in 1904 to succeed the Western Bank of Louisville. W. B. Smith was president and T. J. Jefferson cashier of the bank. LOUISVILLE, Ky., Aug. 21. -The failure of the Western National Bank of this city, ordered closed by the Federal authorities to-day, had been anticipated. On May 29 the bank showed a reserve of only 14 per cent, and its business had fallen off steadily since then. President T. L. Jefferson of the bank in a statement says the failure is due simply to overloads and shrinkage in deposits.

9. August 22, 1905 Americus Times-Recorder Americus, GA
Article from Americus Times-Recorder, August 22, 1905

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LOUISVILLE BANK FAILS. Western National Closed by Order of Comptroller of Currency. Washington, August 21.-The doors of the Western National Bank, Louis ville, Ky., were closed this morning by order of the comptroller of the currency. A statement issued by the acting comptroller of the currency says: "An examination of the bank by Bank Examiner Garrett showed tha its capital was badly impaired by losses. Steady withdrawals have been made for several days and there was not sufficient funds on hand or avail able to meet further runs likely to be made by depositors and other creditors, the acting comptroller directed the bank to be closed in order to protect the interests of all creditors alike and prevent those having knowledge of conditions securing preference over those without the knowledge. "Thomas W. Thornton has been ap. pointed receiver." The Western National bank is comparatively a new association, having been chartered Oct. 29, 1904, to succeed the Western Bank of Louisiville W. B. Smith was president, and T. J Jefferson, cashier. The deposits in the bank amounted to $1,070,810.

10. August 22, 1905 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, August 22, 1905

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COMPTROLLER CLOSES BANK AT LOUISVILLE Receiver Is Appointed for the Western National, Whose Capital Proves to Be Badly Impaired By Associated Press. WASHINGTON, Aug. 21.-The doors of the Western National bank of Louisville, Ky., closed this morning by order of the comptroller of the currency. A statement issued by the acting comptroller says: "An examination of the bank by Bank Examiner Garrett showed that its capital was badly impaired by losses. Steady withdrawals have been made for several days, and as there were not sufficient funds on hand or immediately available to meet the demand likely to be made by the depositors and other creditors the acting comptroller directed the bank to be closed in order to protect the interests of all depositors alike and prevent those having knowledge of the conditions from securing preference over those without this knowledge. Thomas M. Thornton has been appointed receiver." The Western National bank is comparatively a new institution, having been chartered in 1904 to succeed the First National bank of Louisville. W. B. Smith was president and T. J. Jefferson cashier of the bank. On May 29 it showed a reserve of ony 14 per cent and its business has fallen off steadily since then. Cashier T. J. Jefferson says the failure is due simply to overloads and shrinkage in deposits.

11. August 22, 1905 The Paducah Sun Paducah, KY
Article from The Paducah Sun, August 22, 1905

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A Washington View. Washington, D. C., Aug. 22.-The Western National bank of Louisville, which went to the wall today by order of acting Controller T. P. Kane, is believed by the officials of the office of controller of the currency to be in a bad condition. Early last week the controller's office received word that the bank was not in good shape. Bank Examiner R. D. Garrett was ordered to Louisville and he spent Friday and Saturday making an examination. Upon receiving a tèlegram from him today, Mr. Kane directed that the bank be closed. Mr. Kane says it is yet an open question whether the bank will be wound up. It may be, he says, that the losses will be made good, and that the bank will be permitted to continue in business. Thos. Thornton, who has been appointed receiver, is one of the most competent experts of the controller's office in this line of work. He has acted as receiver for the Lemars National bank, of Lemars, Ia.; the Union National bank, of Minneapolis, and recently for the Groesbeck National bank, of Groesbeck, Tex. The Western National bank was changed from a state to a national bank October 29, 1904. The controller's office will try to ascertain if any misrepresentations were made in order to obtain the national charter. The last statement of the bank's resources and liabilities on May 29 shows undivided profits of only $7,143. It is pointed out that the bank on its own statement has but little funds to make good losses from bad paper.

12. August 22, 1905 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, August 22, 1905

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KENTUCKY BANK BROKE Western National of Louisville Ordered Closed by the Comptroller of Currency. Washington. Aug. 21.-The doors of the Western National bank of Louisville, Ky., were closed this morning byðorder of the comptroller of the currency. A statement issued by the acting comptroller of the currency. says: "An examination of the bank by Bank Examiner Garrett showed that its capital was badly impaired by the losses. Steady withdrawals have been made for several days and as there was not sufficient funds on hand or immediately available to meet the demand likely to be made by the depositors and other creditors. the acting comptroller directed the bank to be closed in order to protect the interests of all depositors alike and prevent those having knowledge of the conditions securing preference over those without this knowledge. "Thomas M. Thornton has been appointed receiver." The Western National bank is comparatively a new institution. having been chartered in 1904 to succeed the Western bank of Louisville. W. B. Smith was president and T. J. Jefferson cashier of the bank. Louisville, Ky., Aug. 21.-The failure of the Western National bank of this city, ordered closed by the federal authorities today, had been anticipated. On May 29 the bank showed a reserve of only 14 per cent and its business has fallen off steadily since then. President T. L. Jefferson of the bank, in a statement, says the failure is due simply to over loans and shrinkage of deposits.

13. September 2, 1905 Morris Tribune Morris, MN
Article from Morris Tribune, September 2, 1905

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KEEPING TAB ON THE WORLD Concluded from page 7. They are G. Louis Boisevain of Kean, Van Cortlandt & Co., Henry J. Pierce of Buffalo and Nelson Robinson. Grant B. Schley and T. De Witt Cuyler are also directors. Henry J. Pierce has been chosen president of the new company and Nelson Robinson vice president. Trading Stamps Attacked. The Retail Merchants' Association of Pennsylvania while in convention at Philadelphia applauded heartily the sentiments of one of its members that the trading stamp business has run Its race. He said that the stamps were an unmixed evil and that the scheme was an unnatural way of doing busimess. Price of Diamonds Still Higher. New York diamond importers say that an advance of 5 per cent has been made on the rough stones owned by the London syndicate, which has virtually a world monopoly. It is learned that the new Premier mine in the Transvaal, the only independent diamond mine of any magnitude, has been closed on account of a mud rush which covered the works for over a mile. Altogether there have been advances in the rough diamond prices aggregating 50 per cent in the past four years. The syndicate officials explain the advance by saying there is a scarcity of those finer stones that are most in demand and that mining expenses are greater. The company which supplies *the syndicate known as the De Beers Mines, limited, nevertheless has been paying dividends of 40 per cent. Lehigh's Increasing Income. The report of the Lehigh valley railroad for the fiscal year ending June 30 shows that gross earnings increased $1,394,104, the total being $31,275,842. This left an increase in net income of $1,137,328. The coal business continued to show an increase. J. J. Hill Cuts Rates. In order to secure his share of the grain carrying business, President Hill 5 of the Northern Pacific and Great I Northern has announced a cut of 3 1 cents a hundred from Montana to Mino meapolis, Chicago and the seaboard a 1 as compared with the Canadian roads. He said that if the Canadians met this o rate he would go lower. Louisville Bank Closed. The Western National Bank of Louiswille, Ky., has been closed by order of the comptroller of the currency and a 1 receiver appointed. The capital of the o bank had been badly impaired by 1 losses, and steady withdrawals had V been made for several days. Gould Head of Wabash. b It was announced at New York that n George J. Gould had been appointed d acting president of the Wabash railet road and that he would in all probabilP ity accept the presidency, the office which has remained vacant since the se unlimited leave of absence granted W Joseph Ramsey, Jr.

14. September 8, 1905 The Paducah Sun Paducah, KY
Article from The Paducah Sun, September 8, 1905

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AN ASSESSMENT Must Be Paid Before the Western Bank Can Reopen. Louisville, Ky., Sept. 8.-The directors of the Western National bank have been notified by the receiver, Thomas W. Thornton, that the stockholders of the bank will be required to pay an assessment to meet the demands of the creditors of the bank. What the amount of the assessment will be has not as yet been

15. September 13, 1905 The Abbeville Press and Banner Abbeville, SC
Article from The Abbeville Press and Banner, September 13, 1905

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Goto D. D.POLIAKOFF Mayor Dunne 'of Chicago with One hundred white women and others was arrested for running an girls have been discharged from the automobile too fast. He paid $10 fine carding department of the Savannah with-out complaint and inquired Cotton Mills and their places filled carefully as to the rate of speed by negro women, The owner of the allowed. mill is N. H. Tifton of Vermont, The sultan of Sulu has proposed who is said to have directed the marriage to Miss Alice Roosevelt,' change. The male spinners at the daughter of the president. The sulmill have quit work on account of tan already has six wives. The proinferior carding done by the negroes. posal is doubtless a form of oriental The seventy-fifth anniversary of politeness. The Western National Bank of the birth of Emperor Francis Joseph was celebrated in Austria. Louisville, Ky., has been closed by A Catholic bishop named Spies is the comptroller of the currency. The reported to have been murdered by bank's capital had been seriously imnatives in German East Africa. paired by losses and the comptroller The International Typographical closed the bank to protect its crediUnion formally declared for an eighttors and depositors. hour day at its convention at ToronBooker T. Washington was elected to. president of the National Negro Business League.

16. September 16, 1905 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, September 16, 1905

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TOBACCO MEN'S TROUBLES. Courts Take Hand in Their Finances at Louisville. Louisville, Ky., Sept. 15.-John W. Brown, a member of the tobacco rehandling firm of Martin, Martin & Co., today filed a voluntary petition in bankruptcy in the United States Court here. He asks that he be discharged from the court of his Individual obligations and also of his debts as a member of the firm of H. N. Martin & Co. The total liabilities are given at $183,694 and the assets at $215,593, including life Insurance policiies for $12,000. The usual exemptions are asked. The chief creditor, according to the schedule filed with the petition, is the Western National Bank, which was recently closed by order of the Controller of the Treasury, and which held stock in H. N. Martin & Co., valued at $7,800, and had loaned money to E. H. Hall of this city, D. Reed of Lexington, H. N. Martin & Co., and A. T. Herr of San Francisco on notes indorsed by the petitioner, bringing the total to $39,515. The Southern National Bank is named as a creditor for $22,350. The Citizens National Bank is a creditor to the extent of $28,000. This Includes $12,500 stock in H.N. Martin & Co. John K. Gilliat & Co. of London, Eng., is a creditor for $11,000 advanced on tobacco. The National Bank of Kentucky is a creditor for $9,600, and the Fidelity Trust Company, also of Louisville, Is named for $5,000. Smaller sums are due creditors in Nashville, Tenn., and in several towns in Kentucky. The firm of Martin, Martin & Co. is composed of John W. Brown, J. R. Martin and M. T. Martin. It is an entirely different concern from H. N. Martin & Co., for whom W. S. Loogan today asked the appointment of a receiver. I W. S. Logan filed a petition today I asking the State Court to appoint a receiver for H. N. Martin & Co., tobacco manufacturers, alleging that the defendant is hopelessly insolvent. The plaintiff says the assets of the defend1 ant amount to $105,500, which includes I $65,000 worth of tobacco in hogsheads and $32,000 worth of accounts. It is charged furher that the defendant is in debt to the Western National Bank, National Bank of Kentucky, First National Bank, German Insurance Bank $ and Third National Bank to the extent I of $87,000; to Hugh Martin for $12,000, 1 and other creditors about $22,000, maktotal says deIng The a plaintiff alleged liability that all of of $131,000. the fendant's tobacco accounts have been to this of was to mortgaged pledging accounts the banks and in that fraud a other creditors for the purpose of preferring the banks. The basis of the plaintiff's suit is a $2,000 loan. The creditors are named as defendants.

17. September 16, 1905 The Paducah Sun Paducah, KY
Article from The Paducah Sun, September 16, 1905

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Western Bank Troubles. The officials of the Western National bank, in view of the differences existing between the reorganizers and the controller of the currency, have decided to send a committee to Washington to talk the matter over with the controller, says yesterday's Louisville Times. Receiver Thornton has wired the controller to have a day when he can receive the committee, which, in all probability, will be made up of President T. L. Jefferson, E. C. Hegan and another stockholder.

18. September 18, 1905 Evening Star Washington, DC
Article from Evening Star, September 18, 1905

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WILL REQUIRE ASSESSMENT. Proposed Resumption of Business by a Louisville Bank. Mr. T. L. Jefferson, lately president of the Western National Bank of Louisville, Ky., with Mr. John Bryce Baskin, his attorney, and Mr. Thomas M. Thornton, receiver of the bank, today presented to the controller of the currency their plan for the bank's rehabilitation. After careful investigation the controller found that an assessment of 83 1-3, per cent on the shareholders would completely restore the capital of the bank, and stated that when the sum of $250 is paid to the receiver for that purpose the bank will be permitted to resume business. It is confidently expected that the money will be paid and the bank reopened in its new banking house, corner of Market and 3d streets, about the 1st of October.

19. September 19, 1905 The Paducah Sun Paducah, KY
Article from The Paducah Sun, September 19, 1905

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WESTERN NATIONAL Will Probably Open Again Early in October. Washington, Sept. 19.-At the controller's office It was announced that the Western National bank, of Louisville, probably will resume business early in October, all embarrassing obstacles to resumption having been cleared away. The following formal statement was given out for publication: "Mr. T. L. Jefferson, late president of the Western National bank, of Louisville, with Mr. John B. Baskin, his attorney, and Mr. Thomas M. Thornton, receiver of the Western National bank, of Louisville, today presented to the controller of the currency their plan for the rehabilitation of that bank. "After careful Investigation, the controller found that an assessment of eighty-three and one-third per cent. on ithe share-holders would completely restore the capital of the bank and stated that when the sum of $250,000 is paid to the receiver for a purpose the bank will be permitted to resume business. "It is confidently expected that the money will be paid and the bank reopened in its new banking house, corner of Market and Third streets, about the first of October."

20. October 2, 1905 The Guthrie Daily Leader Guthrie, OK
Article from The Guthrie Daily Leader, October 2, 1905

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WESTERN NATIONAL BANK RESUMES. (By Associated Press.) Louisville, Ky, Oct. 2-The West. erg Nat onal bank of this city, which has been closed for some time resumed business today Comptroller of the currency department at Washington consented to have the stockholders of the institution taxed 83 per cent, to the amount of $250,000, which was paid to the receiver so that the bank could resume business.

21. October 4, 1905 The Paducah Sun Paducah, KY
Article from The Paducah Sun, October 4, 1905

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Western Bank Reopens Oct. 16. Louisville, Ky., Oct. 4.-October 16 has been set as the time for the opening of the Western National bank in the new quarters at Third and Market streets. The $250,000 necessary to resumption has been paid over, and Receiver Thornton is now arranging the affairs of the bank so that he can turn them over to the stockholders on or before that date. When the bank begins business t will have about $500,000 in cash in its coffers.

22. October 20, 1905 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, October 20, 1905

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The Indemnity Savings and Loan company is the concern against which Attorney General Ellis began quo warranto proceedings in the circuit court on Saturday last with a view of preventing the company from continuing business in this state. The attorney general charged that the company had violated the state banking laws. H. R. Sanborn, who is named as.assignee, is the president of the company. Officers of the institution declare that it is absolutely solvent and that depositors can readily be paid in full. They also state that the attorney general's action was without due cause. The bank had, when it's last statement was issued, in June of this year, assets and liabilities amounting to $1,392,681. The deposits were then $688,661. The bank will resist the attempt to take away its charter and today filed a motion in circuit court to quash the summons of Attorney General Ellis. LOUISVILLE, Ky., Oct. 16.-The Western National bank, which was closed several weeks ago, on orders from the comptroller's office, reopened for business today under favorable auspices. NEW ORLEANS, La., Oct. 16.-The run on the Germania Savings bank has entirely ceased.