A. Wettermark & Son (Nacogdoches, TX)

Episode Information

Episode UID
6613737591237
Episode Type
Suspension β†’ Closure
Bank Type
trust
Bank ID
661373759 hash
Start Date
January 5, 1903
Location
Nacogdoches, Texas (31.604, -94.655)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
de993d0837284bc4

Response Measures

None

Description

Failure stems from extensive forged paper and alleged embezzlement; petition in bankruptcy and trustees/receiver proceedings followed.

Events (2)

1. January 5, 1903 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Extensive forged notes, fraudulent compress receipts and alleged large defalcations prompted suspension of payments.
Newspaper Excerpt
the affairs of A. Wettermark & Son's bank are in such condition that ... closed the bank.
Source
newspapers
2. January 7, 1903 Receivership
Newspaper Excerpt
A petition in bankruptcy was filed today upon the estate. Trustees will settle with creditors; petitions filed at Tyler to put the banking firm into involuntary bankruptcy.
Source
newspapers

Newspaper Articles (3)

Article from The Indianapolis Journal, January 6, 1903

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Article Text

TRADE, INDUSTRY, LABOR. Two hundred men at the Mikado mines, near Bessemer, Mich., have struck for an increase in pay. Massachusetts citles generally inaugurated city governments yesterday, including a Socialist mayor at Brockton. In nearly all cases the providing of adequate school accommodations for children was referred to as a most serious question. The icemen of St. Paul have formed a union and will demand 33 1-3 per cent. increase of pay. There are about 200 drivers and helpers employed by the half dozen companies, and it is understood that practically all have joined the union. A. Wettermark & Son, of Nacocdoches, Tex., and A. Wettermark & Co., of Henderson, Tex., bankers and merchants, on Monday went into liquidation. The liabilities and assets are each thought to be about $400,000. Trustees will settle with creditors. President Schwab, of the United States Steel Corporation, has cabled from Europe to the officers of the corporation, asking that 60 shares of preferred stock be allotted him under the offer recently made to all employes. Sixty shares is the maximum amount he could apply for. The extensive tin plate mill of Cumberland, Md., operated by 600 men and women, was closed indefinitely yesterday. The warehouses of the company are said to be overstocked with tin, and the high prices of coal in Philadelphia, where the tin is finished, renders it impossible to finish the product at a profit. The tobacco crop of the Connecticut valley, especially that grown in the open air, is not coming from the sheds in a satisfactory condition, and the prices which are being paid rule considerably lower than the growers were expecting. The cold and damp weather of last summer was not favorable to growing the best quality of leaf. The Eastern Steel Company has begun work at Pottsville, Pa., on four openhearth steel furnaces, which will have a capacity of 150,000 per year, and will be a part of one of the biggest steel manufacturing mills in the country. Work on the furnaces will be rushed day and night. President Gibbons states that the new mill will be working full-handed by July 1. Representatives of twenty-four metal trades organizations affiliated with the American Federation of Labor are in session at the headquarters of the Amalgamated Association in Pittsburg to arrange differences which threaten to become serious unless the cause of the trouble is promptly adjusted. The most important dispute is the right of members belonging to one organization when they are eligible to membership in another. Governor Odell has made the following statement in regard to a published story that he had signed a contract to become president of the Pacific Mail Company: "I have no contract signed, sealed or delivered by which I am to be made president of any corporation. Anyone who has made such a statement utters a deliberate falsehood. The only contract I have is with the people of the State of New York to serve them for two years, and that I propose to do to the best of my ability." A contract was made yesterday whereby a traction line from Columbus, O., will enter Cincinnati from Norwood and run to Fourth and Sycamore streets. The through line is obtained by an arrangement between the companies holding franchises between Norwood and Washington Courthouse, and between Washington Courthouse and Columbus. The line from Norwood to Washington Courthouse is to run through Madeira, Milford, New Boston, Fayetteville, Hillsboro, Leesburg, with a spur from Leesburg to Greenfield. It is expected to have the road in operation within a year. Announcement of the appointment of a receiver for the Keystone Manufacturing Company, of Rock Falls, Ill., was made yesterday by Attorney C. B. Haffenberg, who represented a number of petitioning creditors in the Federal Court, at Chicago. Bankruptcy proceedings were begun in the United States District Court several days ago, but were kept secret until Henry L. Wilson had taken possession as receiver for Judge Kohlsaat. The Keystone Company's principal plant near Sterling, III., consists of eleven buildings, in which 400 men are employed. Another large plant is at Council Bluffs, Ia., and this has also been placed in protection of Mr. Wilson


Article from The Houston Daily Post, January 8, 1903

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Article Text

For B. S. Wettermark of Nacogdoches, Who Is Charged With Forgeries. THE PEOPLE ARE EXCITED Mass Meeting Held at Nacogdoches and Expense Money Raised. SUM OF $152,000 IN FORGED PAPER Has Come to Light So Far and There May Be a Considerable Amount Out. HAS EXTENDED OVER A SERIES OF YEARS A Petition in Bankruptcy Has Been Filed in the Federal Court at Tyler and Investigation Has Stopped. Nacogdoches, Texas, January 7.-The if fairs of A. Wettermark & Son's bank are in such condition that Mr. June C. Harris, who has charge of the business, has stop ped working on the books and closed the bank. A petition in bankruptcy was filed today upon the estate. Mr. Harris will TO main in charge of the keys of the bank until a trustee is appointed by the court At a mass meeting of the creditors this afternoon at the court house, which included nearly every man in the town and surrounding country, Mr. D. K. Cason was selected as chuirman and Mr. June C. Harris made a statement of conditions and left the matter of further proceedings in the hands of the creditors. A motion was made and carried that a complaint be filed and a warrant issued for the arrest of B. S. Wettermark. whose whereabouts are noknown. and the papers are now In the hands of the sheriff for execution and a purse of money was made up ns an expense fund. The feeling prevailing at the mass meeting against the former benefactor of the town was very bitter and It was moved and carried that If the sberiof failed to find B. S. Wettermark in the United States. Canada or Mexico, that additional funds would be raised to bunt him down in all parts of the world. A committee was appointed at the meeting to petition Governor Sayers to offer an additional reward for the fugitive. Men who were in good etrcomstances last week are poor men today. Forged notes against various merchants of the town and county and compress warehouse cotton receipts amounting to $152,000 have come to light. And It Is estimated by conservative business men that the defalen tion of the bank will reach one million or more dollars. Many of the notes which have been sent bere for collection are gronounced forgeries by the parties who are named in them as principals. and 11 becomes apparent that a large number of banks have been caught with the fraudulent paper. Compress tickets alleged to represent 2651 bales of cotton, having R value of $80,000, are pro nounced by the Shreveport bank examiner to be fraudulent. The most extensive for. gerles are against the Nacogdoches Oil Mill company, amounting to $46,650. The money appears to have been lost in speculation. most of It having gone into efforts to become a millionaire playing cot. ton futures. The people throughout the county are greatly excited and each development adds to the desire to wrenk vengeance. PETITION IN BANKRUPTCY Tyler, Texas. January 7.-Petitions were filed here today with Referce C. G. White to have the banking firm of Wettermark & Co. of Headerson and Wettermark & Son of Nacogdoches put into involuntary bankruptcy. These concerns suspended payment on Monday morning. last. There are rumors of very sensational transactions of the Nacogdoches bank just prior to Its suspension afloat, some of them being forgeries of many thousand dollars. Wetter mark, Sr., the head of the banks, is well known here and is sympathized with in his financial troubles. WELL KNOWN IN HOUSTON. B. S. Wettermark. charged by warrant with forgery in connection with the bank failure at Nacogdoches, is well known in Houston and has bad the entire confithe business men with


Article from The Houston Daily Post, January 10, 1903

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Article Text

# MORE BAD PAPER. tal Now Amounts to $216,000β€”Bank Representatives at Nacogdoches. Nacogdoches, Texas, January 9.-B. S. Wettermark has left a wake of grief in Nacogdoches county that will take years to alleviate! Forged paper is still coming and several law firms have received these instruments and have not given the amount. W. D. Lambert of Chireno was notified by a firm in St. Louis today that note for $3500, indorsed by A. Wettermark & Son, was in their hands. Mr. Lambert had never heard of this note until he was notified by the firm who held it. The compress warehouse receipts are now 100 bales and with the forged notes in hands of the bank with the amounts, names given out, the forgeries will reach $210,- One note against E. X. Andem of Shreveport for $1650 and one note for $5000 from a New York Exchange bank have just been reported to The Post correspondent by phone, which runs the totals up to $216,- Representatives of banks are here from all parts of the country looking after their interests. # PEOPLE WHO ARE RUINED. Men Who Had Their Little All in the Bank. Nacogdoches, Texas, January 9.-The worst hurt people in the bank failure are the small farmers having from $100 to