7232. Peoples Bank (Guthrie, KY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 18, 1893
Location
Guthrie, Kentucky (36.648, -87.166)

Metadata

Model
gpt-5-mini
Short Digest
862733c3

Response Measures

None

Description

Articles report the People's Bank of Guthrie, KY suspended in August 1893 (one article gives Aug 18, 1893) due to the cashier George (G.) Sadler's speculative theft/shortage of $7,195. Articles describe the bank as having 'suspended' and 'failed' and link business failures to that suspension. No report of a depositor run is given; later articles describe the cashier's arrest in April 1894. I classify this as a suspension that resulted in permanent closure/ failure (suspension_closure). Bank type not explicitly stated in sources, so set to unknown.

Events (2)

1. August 18, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension/failure caused by cashier George (G.) Sadler's speculation/embezzlement; he confessed being short $7,195 and his stealing caused the failure; relatives later repaid the shortage but prosecution continued by surety company.
Newspaper Excerpt
The People's bank suspended Aug. 18. 1893.
Source
newspapers
2. April 7, 1894 Other
Newspaper Excerpt
George A. Sadler, formerly cashier of the People's bank at Guthrie, Ky., which suspended in August last through Sadler's speculation, was arrested ... The day the bank failed Sadler confessed that he was short $7,195 ... the American Surety Company ... determined to make an example of him. Hence he was indicted for forgery. (Apr 7, 1894 reports).
Source
newspapers

Newspaper Articles (7)

Article from The Times, August 27, 1893

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Article Text

Business Embarrassments. CLARKSVILLE TENN.,-C. R. McMurrey and Brothers, the largest dry goods dealers of Guthrie Ky., 13 miles north of here assigned here to-day as a result of the suspension of the peoples Bank of that place. The assets and liabilities are very heavy.


Article from The Morning News, August 27, 1893

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a Mercantile Failures Following Bank's Suspension. Clarksville, Tenn., Aug. 26.-C. R. McMurray & Bros., the largest dry goods dealers of Guthrie, Ky., thirteen miles north of here, assigned to-day as a result of the suspension of the People's B ank of that place. The assets and liabilities are very heavy.


Article from The Evening Bulletin, August 28, 1893

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CONDENSED Short Items From Various Parts of the Country. The venerable Mr. Henry Watterson, for 12 years city librarian at Chillicothe, O., died at his home, at the age of 90 years. John Phalen, aged 45 years, and for some time prominently connected with the Panhandle railroad at Newark, O., is dead. Unless the employes of the St. Paul railroad change their mind there will be no strike. They claim that there is cause but not the slightest chance of success, there being so many unemployed. The seven scows reported missing, with men on board, belonging to the International Construction company, have all been found on Staten Island shore, near Dewdrop. The men are all safe. C. R. McMurray & Brosers, the largest dry goods dealers of Guthrie, Ky, assigned as a result of the suspension of the People's bank of that place. The assets and liabilities are very heavy. Smallpox has made its appearance in the village of Daleville, Ind. The victim went there from Muncie and secured boarding, and took down with the disease the following day. The village will be quarantined. A son of Walter Ondus, living at Schumm, O., while playing in the grain elevator got into the bin-loading car, and the suction drew him into the spout, where he suffocated before he could be gotten out. George E. Stickles, the agent of the Bridgeport Steamboat company, in New York city committed suicide by shooting himself. He had been connected with the Bridgeport Steamboat company for nearly 20 years. Michael Sullivan, of Lima, O., met & horrible death between Lima and Sturgis. He was struck by a passenger train and his body literally ground to atoms, the pieces being strewn along the track for half a mile. Thieves entered the residence of Harvey M. Rife, editor of The Union Herald, at Circleville, O., and stole a gold watch valued at $75, and a diamond ring valued at $75. The thieves overlooked $50 in currency that was in the same drawer with the jewelry. Jeremiah Kennealey, one of the striking longshoremen, in New York city, was fatally stabbed by William O'Neill, a fellow workman. The stabbing sesulted from a quarrel because Kennealey declared his intention to go back to work to earn bread for his family. The Ansonia Electric company has gone into the hands of receivers. The company does business at Ansonia, Conn. J. B. Wallace, the president, was appointed receiver for Connecticut, and J. B. Waller, his brother-in-law, receiver for Illinois. The liabilities are $300,000 and assets much greater.


Article from The Morning News, April 8, 1894

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A FUGITIVE CASHIER CAUGHT. A Surety Company Determined to Make an Example of Him. Memphis, Tenn., April 7.-George A. Sadler, formerly cashier of the People's bank at Guthrie, Ky., which suspended in August last through Sadler's speculation, was arrested yesterday in Robertson county, this state. by officers of that county. The day the bank failed Sadler confessed that he was short $7,195 and the stealing caused the failure. His relatives paid back the money, but the American Surety Company, of New York, which was on his bond for $20,000, determined to make an example of him. Hence he was indicted for forgery. Sadler is a prominent member of the Methodist church, and a leader in the Sunday school.


Article from Richmond Dispatch, April 8, 1894

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A TERRIBLE EXAMPLE. Ex-Cashier Sadler Arrested at the Instance of His Bondsmen. MEMPHIS, TENN., April 7.-George A. Sadler, formerly cashier of the People's Bank, Guthrie, Kentucky, which suspended August last through Sadler's speculations, was arrested yesterday in Robertson county, this State, by officers of that county. The day the bank failed Sadler confessed he was short $7,195, and that his stealings had caused the failure. His relatives paid back the money, but the American Surety Company, of New York, which was on his bond for $20,000, determined to make an example of him. Hence he was indicted for forgery. Sadler is a prominent member of the Methodist Church, and a leader in Sunday school.


Article from Iuka Reporter, April 12, 1894

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brother was killed in a prize fight at Syracuse, N. Y., a year ago. At Arlington, S. C., Dr. Spain shot and killed a negro cook, at the Cleveland house, who had reported him as a participant in the dispensary transaction which led to the recent riot. Spain was arrested by a squad of soldiers and taken to police headquarters. Dr. Spain is a citizen of Ohio. Information comes from El Reno, Okla., that a fight had occurred between Indians and whites who were grazing cattle on the Cheyenne lands west of that place and four or five whites and eight or ten Indians had been killed. Two troops of United States cavalry are moving for the scene of the fight. George F. Saddler the defaulting cashier of the People's bank of Guthrie, Ky., which suspended several months ago, has been arrested at the instance of the American Surety company, which was on his bond for $20,000, and which continues to prosecute him although his friends made up his shortage. The bunco man, George Moore, who was arrested some time ago on the charge of swindling, and held in Chattanooga, has been identified as John Russell, the famous gold brick swindler, who played the gold brick scheme successfully on Edward Behn of Aberdeen, Wash., for $5,000 and on a Californian for $2,500. W. L. Glessner, the immigration agent of the Georgia Southern and Florida railroad, who has just returned from a trip to Lakeview, Fla., says that from Cordele, Ga., south, there are as many peaches left as the trees can bear, and that all through the wiregrass region there will be an average fruit crop, and plenty of melons. The denizens of the neighborhood of Silver Creek, six miles south of Rome, Ga., having been much annoyed by the depredations of chicken thieves, a score of men, in mask, made a tour of the district one night recently, and, with a lash, mildly hinted to half dozen negroes, visited in their rounds, that they are fond of chicken themselves. Six million seven hundred and forty thousand dollars has been deposited in the sub-treasury at New York, to the credit of the Cherokee nation, in settlement of a claim against the United States for balance due on 6,250,000 acres of land ceded to the government. It is to be paid to the Cherokees in severalty, and amounts to nearly $300 per capita. Advices from Salt Lake City have been received to the effect that the Horn silver concentrator works and one house at Frisco, Utah, were burned, and the timbers in the shafting and lower leads were ablaze. The loss in the upper works and machinery, it is estimated, will be $200,000. This is one of the few mines where work has continued in spite of the low price of silver, and has paid dividends. Rev. C W Lewis, a negro, has been for some time swindling his colored brethren of Chattanooga, and trying to swindle Uncle Sam through the pension bureau. He was caught up with before he had made any big hauls, and now reposes under fourteen sentences, passed upon him by Judge Key, of two years each, 28 years in the penitentiary; seven for forgery, six for procuring false affidavits, and one for impersonating an officer. For the Southern Baptist convention to be held at Dallas, Texas, May 11 to 15, the Queen & Crescent Route has announced a rate of one fare for the round trip from points on its line. This route is the direct line from the southeast. On May 10, through cars will be run from Meridian, Jackson and Vicksburg to Dallas without change. For any other information desired apply to W. C. Rinearson, general passenger agent, Cincinnati, O., or local agent. Frye's contingent of Coxey's cranks, or the "Industrial army," so-called, left St. Louis on foot, the railroads having refused to transport them free. It was practically driven out of East St. Louis, much feeling being stirred against it by the refusal of the men to accept an offer made by the board of water works to employ 200 of them at $1.50 a day to lay water pipes. But one man was found to accept the offer. The "Industrial army" prefers to enjoy the fruits of somebody else's industry. During riots between strikers and workmen in the Pittsburg, Pa., coke region, four men have been killed, among them Joe H. Paddock, chief engineer at Scottsdale. His murder was one of revolting brutality. Coming out the mine with his instruments he was set upon by the mob of Huns and Slavs and bitten, kicked and shot out of all human semblance, in sight of his home, and his body thrown from a window into the burning coke ovens forty feet below. Ninety-two of the rioters are now in jail, charged with murder. Three Hugarians were killed and ten are reported fatally wounded by officers and posse pursuing the


Article from The Comet, April 12, 1894

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Bank Cashier Caught. NASHVILLE, April 7.-Sheriff Sory, of Robertson county, yesterday arrested George F. Saddler, cashier of the People's bank, of Guthrie, Ky., near Saddlersville, this state. The arrest was made on 8 bench warrant charging Saddler with misuse of the bank's funds. The People's bank suspended Aug. 18. 1893. Saddler at the time acknowledged that he WHR short in his accounts, and an examination of the books showed that the amount was $7,195 02. His friends made up the amount, but the American Surety company, which was on his bond for $20,000, continued to prosecute him, notwithstanding the fact that the payment of the shortage relieved them as bondsmen. Saddler will go back to Kentucky without requisition papers.