1e880a91Full suspension
Other: Receiver appointed by circuit court; criminal charges of embezzlement followed.
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TWO BANKS SUSPEND OWING TO COLLECTIONS . Special by United Press Wire: Owensboro, Ky., Apr. 24: Because of poor collections the Owensboro Savings Bank and Trust Company and the Davies County Bank and Trust Company are declining to receive any more deposits and have suspended cash payments pending a The Owensboro re-organization. company has deposits of more than $1,000,000 and the Davies County Company has more than $700,000.
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KENTUCKY BANKS SUSPEND. Large Institutions Close Doore Pending Reorganization. Owensboro, Ky., April 24.-The Owensboro Savings Bank and Trust company and the Daviess County Bank and Trust company. are declining to receive deposits and have suspended cash payments pending a proposed reorganization of both institutions. The former has deposits of over $1,000,000, the latter $600,000.
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Suspends for Reorganization. Owensboro, Ky., April 24.-The Owensboro Savings Bank and Trust company and the Davies County Bank and Trust company are declining to receive deposits and have suspended cash payments pending a proposed re organization of both institutions. The former has deposits of over. a million and the latter $600,000.
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TWO KENTUCKY BANKS CLOSE. Owensboro, Ky., April 24. - The Owensboro Savings Bank and Trust Company made application to Circuit Judge Birkhead for the appointment of a receiver to-day. It is capitalized at $200,000 and has deposits of more than $1,000,000. The Davies County Bank and Trust Company declined to receive deposits and suspended cash payments. It is capitalized at $500,000 and has about $600,000 in deposits. Both actions are said to be of a precautionary nature.
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NAMED RECEIVER. To Take Charge of Wrecked Bank in Owensboro. Owesnboro, April 27.-Despite the protests of James H. Parrish, president of the Owensboro Savings Bank and Trust Company, Circuit Judge T. F. Birkhead named T. A. Pedley, manager of the Owensboro Clearing house Association, as receiver for the bank. Mr. Pedley qualified by executing bond in the sum of $200,000, and the bank, with a capital stock of $200,000 and deposits of over $1,000,000, which suspended payment last Monday, is now in his hands. The report of the Owensboro Clearing-house Assoociation shows the other banks of Owensboro to be in excellent condition and the action of the two banks suspending payment has not to any extent injured local business conditions. It is believed that the Daviess County Bank and Trust Compeny will resume payments in a few days.
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TWO BANKS FAIL AT OWENSBORO Poor Business Caused Them to Close. THEY HOPE TO RESUME SOON Daviess County Deposit Bank and Owensboro Savings Bank the Ones. Pending a series of conferences of the stockholders of the Owensboro Savings Bank and Trust Company and the Daviess County Deposit Bank and Trust Company, both of the institutions have suspended cash payments and are refusing to accept any more deposits. A run was started on the Owensboro Savings Bank several days ago and while that was checked, the officials feared a repetition of the run would bring about a condition tha would be injurious not only to the stockholders but to the depositors as well. The officials of the Daviess County Deposit Bank give poor collections as the cause of their action. Both President Parrish of the Owensboro Savings Bank and President T. S. Anderson of the Daviess County Bank declare that reorganizations will be effected in a few days, and insist their banks will soon be open for business. The Owensboro Savings Bank has a capital stock of $200.000 with deposits according to the last statements of $1,088,838, while the Daviess County Bank has a capital of $50,000 with $600,000 deposits. The former bank is the third oldest financial institution in Owensboro and was organiz» ed in 1871 by T. S. Anderson, now president of the Daviess County Bank. Mr. Parrish, who is a native of Bullim county, took charge of the institution's affairs in 1900, though he has been associated with it since 1884. The officials of both institutions make the claim that the depositors will lose practically nothing. T. A. Pedley was appointed receiver of the Owensboro Savings Bank and Trust company by the circuit court Saturday, in the proceedings against that institution by the commonwealth, on relation of Ben L. Bruner, Secretary of State. Numerous expressions from stockholders and depositors indicate that satisfaction with Mr. Pedley's appointment is general. He has the unqualified confidence of the people of the county, both as to his ability as a banker and as to his integrity. A stiff fight was made by James H. Parrish, president of the bank, to prevent the appointment of Mr. Pedley as receiver and, failing in that a motion was made to have some one else appointed with him as joint receiver. Judge Birkhead, in ruling on the motion, said an objection to two receivers was the fact that the expense would be heavier than with one. "The sale of land," he said "would be a matter for the court to decide. The receiver will consult with the court on all matters of importance." The judge, himself, wrote out both the order and the bond, fixing the amount at $200,000, the largest legal bond ever required in Daviests county. It was signed by Mr. Pedley as principal, and he American Surety Company, by Sweeney Bros., agents, and C. M. Finn, resident autorhey, as surety. Several stockholders of the bank were interviewed Saturday afternoon, and they expressed themselves as being pleased with the appointment of Mr. Tedley. Said one stockholder: "Mr. Peley is the most competent man in Daviess County to have charge of the bank in its present condition. It needs a man
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Reorganize Two Banks. Owensboro, Ky., Apr. 25.-The Owensboro Savings Bank and Trust Company, one of the oldest institutions in Kentucky, and the Daviess County Bank and Trust Company are declining to receive deposits and have suspended cash payments pending a proposed reorganization of both institutions.
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OWENSBORO BANK CLOSES DOORS BIG SAVINGS INSTITUTION SUSPENDS AFTER GALLANT FIGHT. OWENSBORO, Ky., April 24.Fighting to the last against overhelming odds for the institution in which, thirty years ago, he began work 28 clork, James H. Parrish, president of the Owensboro Savings Bank and Trust Company, this afternoon consented to the filing of a petition asking for a receiver for the bank, with the Secretary of State as the plaintif. This action came after weeks of embarrassment, during which time Mr. Parrish has used all the business energy for which he is noted to prevent his bank from being placed in the hands of a receiver for liquidation. For days it was seen that the only alternative was the filing of an application asking for the filing of an application for the appointment of a receiver. Even after an attorney for the bank had gone to Frankfort and presented the affidavit of an officer of the bank. setting out the fact that the capital stock had become seriously impaired, and that the appointment of a receiver was deemed necessary, Mr. Parrish prevented the filing of the papers issued by the Secretary of State for twenty-four hours, hoping to the last minute that some condition would arise that would not make the step necessary.
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KENTUCKY BANKERS TAKEN INTO CUSTODY Former Officers of Institution at Owensboro Charged With Embezzlement. Owensboro, Ky., May 19.-T. S. An. derson, president of the Davies Coun. ty Bank and Trust company, and J. H. Parrish, president of the Owens boro Savings Bank and Trust company, were arrested here yesterday. Anderson is charged with appropriating $20,000 of the bank's funds to his own use and with receiving deposits when he knew the bank to be insolvent. Parrish was arrested on two warrants charging him with receiving deposits when he knew the bank to be insolvent. Both banks recently assigned. Anderson once was president of a bank in Detroit but the employment of a watchman on Sunday night was against his religious scruples and he resigned and returned to Owensboro
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BANK PRESIDENT UNDER ARREST Owensboro, Ky., May 19.-T. S. Anderson, president of the Davies County Bank and Trust Company, and James H. Parrish, president of the Owensboro Savings Bank and Trust Company, were arrested yesterday. Anderson is charged with appropriating $20,000 of the bank's funds to his own use and with receiving deposits when he knew the bank to be insolvent. Parrish was arrested on two warrants charging him with receiving deposits when he knew the bank was insolvent. Both waived examining trials and were bound over to the grand jury under $15,000 bond. Both banks recently assigned. Anderson once was president of a bank in Detroit, but the employment of a watchman Sunday night was against his religious scruples and he resigned and returned to Owensboro.
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The Owensboro Savings Bank and Trust Company and the Daviess County Bank and Trust Company, both of Owensboro, Ky., are declining to receive deposits and have suspended cash payments pending a proposed reorganization of both institutions.
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The Davis County bank of Owensboro, Ky., with deposits of $600,000, assigned, Henry Cline was named by court as assignee. The assignment followed the assignment of the Owensboro Savings Bank and Trust Company, with deposits of over $7,000,000.
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The Owensboro Savings Bank and Trust Company and the Daviess County Bank and Trust Company, both of Owensbore, Ky., are declining to receive deposits and have suspended cash payments pending a proposed reorganization of both institutions.
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The Owensboro Savings Bank and Trust Company and the Daviess County Bank and Trust Company, both of Owensboro, Ky., are declining to receive deposits and have suspended cash payments pending a proposed reorganization of both institut one,
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It CRIMINAL PROSEn is CUTION BEGUN. g S Parrish and Anderson Arrese ted at Owensboro. d a Revelations of Receivers Cause d S Issue of Warrants and are Held under $15,000 Bonds. 11 d Owensboro, Ky., May' 18.-James H. Parrish. president of the Owensboro Saving Bank and Trust Company and T.S. Anderson. president of the Daviess County Bank and Trust Company, were both arrested yesterday as a result of the disclosures following the recent failures of the two institutions. Both men waived examination and were held under bonds of $15,000 each to await the action of the grand jury. Thirty-one years ago James H. Parrish began work as a clerk in the bank owned at that time by T. S. Anderson. He learned the banking business from Mr. Anderson. His advancement was rapid. In 1884 he purchased the bank from Mr. Anderson. The latter moved to Detroit, Mich., and opened a bank. The rise of James H. Parrish in the financial world was phenominal. A few months ago his bank had a capital stock of $200,000 and deposits of over $1,000,000. Mr. Anderson quit the banking business in Detroit a few years ago and returned to Owensboro and opened another bank. He. too, a few weeks ago, had deposits of $640,000. To-night, James H. Parrish,president and largest stockholder of the Owensboro Savings Bank and Trust Company, and T. S. Anderson,president of the Daviess County Bank and Trust Company, the teacher and the pupil, are both under bond of $15,000 to appear before the August Daviess county grand jury. Anderson was arrested on two warrants. One charges him with fraudulently converting to his own use $20,000 of the funds of the bank. The other warrant charges him with receiving deposits when he knew his bank to be insolvent. Párrish was also arrested on two warrants, both charging him with receiving deposits when he knew his bank to be insolvent. The arrest of Parrish and Anderson did not come as a surprise to the citizens of Owensboro. However, it created one of the most profound sensations in the history of the county. On April 24, a motion was made for a receiver for the savings bank. T. A.
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The Owensboro Savings Bank and Trist Company and the Daviess County Bank and Trust Company, both of Owensbore. Ky., are declining to receive deposits and have suspended cash payments pending a proposed reorganization of both institutions.
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The Davis County bank of Owensboro, Ky., with deposits of $600,000, assigned. Henry Cline was named by court as assignee. The assignment followed the assignment of the Owensboro Savings Bank and Trust Company, with deposits of over $7,000,000.
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FIFTEEN CENTS ON THE DOLLAR About What the Depositors May Expect FROM DEFUNCT SAVINGS BANK Startling Disclosures Made In Report Filed by Receiver Pedley. The Owensboro Messenger says: T. A. Pedley, receiver of the Owensboro Savings Bank and Trust Compnay, filed his report of the condition of the defunct institution in the Daviess Circuit Court shortly after 4 o'clock Monday afternoon. If there were any of the depositors sanguine enough to expect that they would be paid even as much as fifty cent's on the dollar, their expectations will be shattered by the following statement in Receiver Pedley's report: "A careful estimate of the assets inclines me to the opinion that at least fifteen per cent. are absolutely worthless, that a much larger proportion are worth about ten per cent. of their face value, that not a very large proportion are worth twentyfive per cent. of their lited value, that a small portion are worth fifty per cent. of the value as listed and that only about ten per cent. can be realized upon alt par. So that on the whole, and upon the most generous estimate and under the most favorable conditions, general creditors can have little hope of realizing more than fifteen per cent. upon their claims, especially SO in view of the fact that about $13,000 in claims are of a fiduciary character and must be paid in full." So astounding are some of the revelations in Receiver Pedley's report that they would be hard to believe were it not for the fact that they are bore out on the books of the,bank. The Parrish debt, which was for a long time a matter of conjecture, shows up in the appalling sum of $135,000; the Deane debit, including the Deanefield Coal Company, at over $200,000; the T. S. Anderson-Underhill-Courtney-Rosman debt at $45,000. The receiver's report shows that the officers of the bank had, for many months past, exercised the ut* most ingenunity, energy and every facility to secure funds with which to keep the bank alive ,which fact is evidenced by over $300,000 of the assets being rediscounted or otherwise placed in hock upon such terms as would get money and gelt it quickly.
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In a statement of the condition of the defunct Owensboro Savings Bank and Trust Company, T. A. Pedley, the receiver, declares that the assets are not sufficient to pay over 15 per cent. after the claims of a fiduciary character are paid.
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Long Wait For Depositors. The Owensboro Messenger says: There is no probability of an early distribution to depositors of the assets of the Daviess County Bank and Trust Company, assigned, and the Owensboro Savings Bank and Trust Company, in the hands of a receiver. Neither Assignee E. B. Anderson nor Receiver Pedley can make distribution of any part of the proceeds until certain preliminary matters are determined, and this cannot be done until the October term of the Circuit Court. In the case of the Daviess County Bank and Trust Company the principal obstacle is the question of preference of holders of mortage certificates. Judge Birkhead, of the Circuit Court, has handed down an opinion in the case, holding that mortgage certificates of deposit are not entitled to preference, and that all creditors of the bank must share alike. There has, however, been no order to this effect embered, and the present status of the case does not admit of an appeal. The order will, in all probability, be made final at the October term, and an appeal will be taken by the holders of mortgage certificates to the Court of Appeals. Several months, probably, will be required for a determination of the question by the Court of Appeals, and it is practically certain that the assignee will ncc be authorized to begin a distribution of the proceeds fore the early months of 1909. In the case of the Owensboro Savings Bank and Trust Company, the matter causing delay is whether or not the receiver shall redeem certain notes of the bank rediscounted with other banks, principally the Fifth National Bank, of Cincinnati. This question might possibly be determined at the August term, but this is a criminal term and it is not probable that the court will take up civil matters of great imporance at that term. When a ruling of the Circuit Court is finally obtained on
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$5,000 FOR BAPTIST HOME MoHey on Deposit in Owensboro Savings Bank and Trust Company. Owensboro, Ky., Dec. 15.-By a decision rendered in the Daviess circuit court Monday afternoon, the Louisville Baptist Orphans' home gets $5,000, which many thought would be lost. The money was on deposit in the defunct Owensboro Savings Bank and Trust company. It developed the attempt of the home to collect the sum that the deposit was an involuntary one. Mrs. P. A. Miller, a wealthy Owensboro woman, died and bequeathed the home $5,000. The Owensboro Savings bank was administrator of the estate, and instead of sending the home a check, sent a certificate of deposit for one year at 5 per cent. interest. The home made an effort to cash the certificate, but could not Before it could be collected the bank failed, and depositors will not realize more than 10 per cent. Judge Birkhead orders the receiver to pay the home in full, and adjudges that the $5,000 claim is preferręd. The court also directs that two years' interest be paid.
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# Sheriff's Sale. By virtue of an execution issued from the Daviess Circuit Court in favor of T. A. Pedley, receiver of the Owensboro Savings Bank and Trust Company, vs. H. A. Williams, I or one of my deputies will on Monday, May 5, 1913, between the hours of 10 a. m. and 3, p. m. at the Court House Door in Hartford, Kentucky, offer for sale the following real estate situated in Ohio County, Kentucky to satisfy the above execution, amounting to $349.20 with interest at the rate of 6 per cent from April 10, 1905, and also the further sum of $9:45 adjudged as costs. First-Beginning at a stone in S. J. Baker's line-Black Oak Sapling marked as a pointer. Thence North 36, East 57 poles to a stone in H. B. Taylor's survey, small post, oak, 8 feet from stone marked as a pointer. Thence with said Taylor's line South 80, West 51 poles to a stone Chestnut and Hickory marked as a pointer containing 25 acres. Second-Also a tract of 10 acres more or less in the same county and state and bounded as follows: Beginning at a stone in the Cromwell and Hardinsburg road, a white oak one pole West of same marked as a pointer. Thence South 74, East 43 poles to a post oak corner to J. P. Nelson's tract. Thence South 8 1-2 East 25 poles to a stone, white oak and black oak marked as pointer. Thence west 54 poles to a stone in the center of the Cromwell and Hardinsburg road, and with the same North 12, East 37 1-2 poles to the beginning, containing 10 acres, more or less, and being the same two tracts of land conveyed to S. J. Baker by W. A. Fielden and J. P. Fielden, his wife, on the 10th day of October, 1892, by deed of record in the Ohio County Court Clerk office in deed book No. 13, page 331, and the same tract afterward on the — day of — sold and conveyed by the said S. J. Baker and wife to the defendant, H. A. Williams, but no record of said deed of conveyance can be found in the Ohio County Court Clerk office. Third-Also a certain tract of land lying on the head waters of McGrady creek in Ohio county, Kentucky, and bounded as follows: Beginning at a black oak in Peach's line; thence South 39 1-4, East 26 poles to a stone, thence South 75 3-4, East 20 poles to a black oak. Thence South 72 1-2, East 30 poles to a Chestnut and Gum on a branch. Thence down said branch with its meanders to Adam line North 38, West 32 poles to a Schroader's line, thence with said line North 38, West 32 poles to a black oak on Sugar Grove branch, thence up said branch with its meanders to a poplar and beech-Chapezo and Clements corner-thence with this line North 56 West 94 poles to a post oak, Peach's corner, thenge South 8 1-2, East 61 poles to a hickory and red oak, thence South 53, West 60 poles to the beginning, containing 130 acres, less the amount of said land gained in the Ohio Circuit Court by G. W. Clements, supposed to be about 20 acres, and being the same tract of land conveyed by Mathias Miller and others to said, S. J Baker on the 21st day of January,