C. Bunting & Company (Blackfoot, ID)

Episode Information

Episode UID
7836737591166
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
783673759 hash
Start Date
February 13, 1897
Location
Blackfoot, Idaho (43.190, -112.345)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c1aecdcc9cb603de

Response Measures

None

Description

Bank was a combined banking and mercantile firm; receivership/closure followed heavy withdrawals and attachment.

Events (4)
1. February 13, 1897 Run
Cause
Bank Specific Adverse Info
Cause Details
Sudden large withdrawal of public funds (notably $22,000 of state funds) and other heavy withdrawals precipitated panic and large withdrawals.
Measures
Owners requested appointment of a receiver to protect creditors; bank later attached by First National Bank of Pocatello.
Newspaper Excerpt
Heavy withdrawals caused the failure.
Source
newspapers
2. February 15, 1897 Receivership
Newspaper Excerpt
Judge Standrod has appointed C. E. Thum of Blackfoot and L. A. Pyke of Dubois as receivers. Thum takes charge of the bank while Pyke will look after the closing up of the mercantile and other business.
Source
newspapers
3. February 15, 1897 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed under attachment after heavy withdrawals; receivers C. E. Thum and L. A. Pyke appointed to collect assets and pay creditors.
Newspaper Excerpt
The banking house of C. Bunting & Co. was placed in the hands of a receiver today.
Source
newspapers
4. December 16, 1898 Other
Newspaper Excerpt
The supreme court today decided the somewhat celebrated case of the state of Idaho against C. E. Thum, as receiver of the banking firm of C. Bunting & Co. of Blackfoot. ... The state will be paid in full out of the assets of the bank, but ... other creditors ... will be forced to pay the bill, the state being decreed ... a preferred creditor.
Source
newspapers

Newspaper Articles (19)
1. September 12, 1896 Blackfoot News Blackfoot, ID
Article from Blackfoot News, September 12, 1896

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A LEGACY OF ENTERPRISE Blackfoot in Touch with Things Metropolitan Along Important Commercial Lines of Improvement. Blackfoot has become, by reason of her public-spirited and progressive business men, the recipient of so many generous endowments, that any uew bequest has ceased to be a source of surprise. Among those who have showered on her manifestly the most lasting and substantial gifts, stands the firm of C. Bunting & Co. As the demands of this company's ever-increasing volume of trade in the merchandising line called for more room, it was met by the erection of one of the most commodious store buildings in the State, supplied with every facility for a perfect and systematic conducting of their mercantile business. In conjunction with the construction of this building and under the same roof was partitioned off by fire-proof walls, a room to be occupied as a bank by the firm, thus concentrating the company's business, which had heretofore been carried on in different apartments and places. The advantages to accrue to both establishments under this arrangement are obvious and need no comment. The fitting up of this new bank building, and its occupancy, has been looked forward to for several months past, and on Tuesday of this week, everything having been put in "ship shape," the doors were thrown open for business. A NEWS reporter took occasion to call, and was politely received by Mr. C. V. Jenkins, cashier in charge, and, who, to the query: "What have you here?" made reply: "Come in, look and see." 8 If any one entertains doubts on the e scores of the "best being served last" in the case of this company in this instance, let him step into the new banking quarters and take a look at the interior. Every detail has been carefully considered in its arrangement for the meeting of all business requiree, ments on the most expeditious and 8. convenient basis. In point of elegance the fixtures are not to be excelled by any in the West. From floor to ceiling the evidence of 11 having nothing but the best is so proà nounced that "he who runs may read. g Granite marble pieces are profusely to used in places where defacement of less d lasting material would become most 1. noticeable, which gives to its use a practical and alike decorative effect, the heaviest of plate glass in swinging doors, the latest and most perfect bank ot vault appliances for safety and security h against invasion by fire or burglar 3. fiend, a hot-air furnace in the basee ment to supply the heat to keep all warm within, are among the things of there to be seen, and make one feel as b. if the swaddling clothes of suburbar life had been cast aside, and the gar in ment worn in metropolitan spheres o, suddenly donned, which, in this in

2. February 16, 1897 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, February 16, 1897

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IDAHO BANK FAILURE Much of the State's Cash Tied Up in the Institution. MR. BUNTING AT THE HEAD He Was State Treasurer and His Successor Left the Cash Where He Found It.-The People Are Stirred Up. Special Dispatch to the Standard. Blackfoot. Idaho, Feb. 15.-This little village was thrown into a furgre of exeitement to-day when It became known that the bank and store of C. Bunting & Co. had been placed in the hands of a receiver. It seems that this state of affairs has been brought about by heavy withdrawals of late, and Mr. Bunting. the heaviest stockholder, wishing to protect all creditors against any one, had the bank placed in the hands of C. E. Thum as receiver, who will make all collections and pay all creditors their pro rata dividends. The liabilities are estimated at from $150,000 to $200,000. It is probable that in time sufficient assests may be collected to pay dollar for dollar. This bank is one of the oldest institutions of its kind in the state. There are deposited in it quite an amount of county funds, and besides a good many small depositors. The store is temporarily closed with F. A. Pyke as receiver.

3. February 16, 1897 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, February 16, 1897

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IDAHO BANK FAILURE. Salt Lake, Utah, February 15.-A special to the Tribune from Blackfoot, Idaho, says: The banking house of C. Bunting & Co. was placed in the hands of a receiver today. There have been heavy withdrawals from the bank of late and a receiver was appointed at the request of the principal owners of the bank for the protection of creditors. The liabilities are estimated at $200,000 and the assets will probably be sufficient to pay in full. The bank was one of the oldest institutions of the kind in the state.

4. February 16, 1897 The Herald Los Angeles, CA
Article from The Herald, February 16, 1897

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Depositors Will Bs Paid SALT LAKE, Utah, Feb. 15.-A special to the Tribune from Blackfoot ,Idaho, says: The banking house of C. Bunting & Co. was placed in the hands of a receiver today. There have been heavy withdrawals from the bank of late, and the receiver was appointed at the request of the principal owners of the bank for the protection of creditors The liabilities are estimated at $200,000, and the assets will probably be sufficient to pay in full. The bank was one of the oldest institutions of the kind in the state.

5. February 16, 1897 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, February 16, 1897

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BUNTING & CO. ASSIGN Big Blackfoot Firm Is Pushed to the Wall. (Special to The Herald.) Boise, Ida., Feb. 15.-A sensation was caused here today by the receipt of information that a receiver had been appointed for the banking house and mercantile establishment of C. Bunting & Co. at Blackfoot. The liabilities are from $150,000 to $200,000. Interest in the matter is increased by the fact that Mr. Bunting was state treasurer during the last administration, holding considerable deposit of state funds in his bank. This money has been kept by his successor, George H. Storer, who is closely associated with Mr. Bunting, in the latter's bank. Mr. Bunting is also surety on Treasurer Storer's bond. At the time of the transfer of the office Bunting turned over his check on his own bank to the new treasurer for $32,000. This was sent back by Storer and redeposited. As to the status of the state's account at this time, statements vary widely. The deputy state treasurer states that $9,000 has been deposited since Storer came into office, and that the same has been checked out. He also says the office has been advised of the shipment of $21,000 of called state warrants to the credit of C. Bunting & Co. These, he says, will stand as an offset to the $32,000 deposit. Information respecting the details of the failure are yet lacking. Mr. Bunting is the leading business man of southeastern Idaho, having large interests throughout that section. He is the president and principal stockholder of the First National Bank of Pocatello. Treasurer Storer left this afternoon for Blackfoot. Governor Steunenberg has been summoned from his home, and is making an investigation. There is much uneasiness among state officials.

6. February 16, 1897 The Record-Union Sacramento, CA
Article from The Record-Union, February 16, 1897

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BANK FAILURE IN IDAHO. A Receiver Appointed for the Protec= tion of Creditors. SALT LAKE, Feb. 15.-A special to the "Tribune" from Blackfoot, Idaho, says: The banking house of C. Bunting & Co. was placed in the hands of a receiver to-day. There have been heavy withdrawals from the bank of late, and the receiver was appointed at the request of the principal owners of the bank, for the protection of the creditors. The liabilities are estimated at $200,000. and the assets will probably be sufficient to pay in full. The bank was one of the oldest institutions of the kind in the State.

7. February 16, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, February 16, 1897

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Idaho Failure. BLACKFOOT, Idaho, Feb. 15.-The banking house of C. Bunting & Co. was placed in the hands of a receiver today. There have been heavy withdrawals from the bank of late, and the receiver was appointed at the request of the principal owners of the bank for the protection of the creditors. The liabilities are estimated at $200,000, and the assets will probably be sufficient to pay in full. The bank was one of the oldest institutions of the state.

8. February 16, 1897 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, February 16, 1897

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BLACKFOOT BANK FAILS. It was One of the Oldest Banks in Idaho. Salt Lake, Utah, Feb. 16.-A special to the Tribune from Blackfoot, Idaho. says: The banking house of C. Bunting & Co. has been placed in the hands of a receiver. There have been heavy withdrawals from the bank of late and the receiver was appointed at the request of the principal owners of the bank for the protection of the creditors. The liabilities are estimated at $200,000, and the assets will probably be sufficient to pay in full. The bank was one of the oldest institutions in the state.

9. February 17, 1897 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, February 17, 1897

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An Idaho Bank Failure. The large banking and mercantile Institution of C. Bunting & Co., in business at Blackfoot and Dubois, Idaho, was closed Monday under an attachment of the First National Bank of Pocatello. Heavy with. drawals caused the failure. The liabilities are placed at $150,000 to $200,000, and the time depositors will probably be paid in full. In the bank there was $53,000 of county funds and $9,000 of state money, the state having withdrawn $22,000. C. E. Thum of Blackfoot and L. A. Pyke of Dubois are named as receivers.

10. February 17, 1897 Montpelier Examiner Montpelier, ID
Article from Montpelier Examiner, February 17, 1897

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BUNTING FAILS. A SENSATION AT BLACKFOOT. | Liabilities Placed at $200,000. All will be Paid. A special to the Statesman from Blackfoot says: The large banking and mercantile institution of C. Bunting & Co., in business at Blackfoot and Dubois, was closed today under an attachment of the First National bank of Pocatello. The First National bank of Pocatello, of which Mr. Bunting/is-president is safe, it being in nowise connected with the Blackfoot bank. Heavy withdrawals caused the failure. The liabilit es are placed at from $150,000 to $200,000 and the announcement is made that in time depositors will probably be paid in full. In the attached bank is $53,000 of the county funds and $9000 of state money. The withdrawal of $22,000 of the state funds on the 13th was the immediate cause of the bank's collapse. Judge Standrod has appointed C. E. Thum of Blackfoot and L. A. Pyke of Dubois as receivers. Thum takes charge of the bank, while Pyke will 1 ok after the closing up of the mercantile and other business. The assets are large, but the value is doubtful. It is reported the bank holds $90,000 of Bingham ounty warrants.

11. February 17, 1897 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, February 17, 1897

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Smith Sisters-Smith Sisters. I BANK FAILURE IN IDAHO. Blackfoot. Idaho, Feb. 16. -On application of the principal owners "of the banking house of C. Bunting & Co. yesterday it was placed in the hands of receiver. The liabilities are estimated at $200,000 and the assets will probably be sufficient to pay depositors.

12. February 18, 1897 The Weiser Signal Weiser, ID
Article from The Weiser Signal, February 18, 1897

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Idaho's Biggest Failure. Blackfoot, Feb. 15.-The large banking and mercantile institution of C. Bunting & Co., in business at Biackfoot and Dubois, W:LS closed today under an attachment of the First National Bank of Pocatello. The First National Bank of Pocatello, of which Mr. Bunting is president, is safe, it being in nowise connected with the Blackfoot bank. Heavy withdrawals caused the failure. The liabilities are placed at from $150,000 to $200,000 and the announcement is made that in time depositors will probably be paid in full. In the attached bank is $53,000 of the county funds and $9,000 of state money. The withdrawal of $22,000 of the state funds on the 13th Was the immediate cause of the bank's collapse. Judge Standrod has appointed C. E. Thum of Blackfoot and L A. Pyke of Dubois as receivers. Thum takes charge of the bank while Pyke will look after the closing up of the mercantile and other business. The assets are large, but the value is doubtful. It is reported the bank holds $90,000 of Ringham county warrants.

13. February 20, 1897 The Emmett Index Emmett, ID
Article from The Emmett Index, February 20, 1897

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IDAHO. - -The banking and mercantrie firm of C. Bunting & Co. at Blackfoot, has gone to the wall. Mr. Bunting was state Treasurer under the McConnell administration and had a large amount of state funds on deposit in his bank. The sudden withdrawal of $22,000 of this fund is given as the immediate cause of failure. The liabilities are placed at $200.000. The announcement that time depositors will probably be paid in full has been made.

14. February 23, 1897 The Silver Messenger Challis, ID
Article from The Silver Messenger, February 23, 1897

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News was received in Challis last Thursday that the banking firm of C. Bunting & Co., of Blackfoot had gone to the wall. This is a sad blow to Custer county, owing to the fact that a great many of our citizens had money deposited in this bank. We are also informed that quite an amount of the county money is also in this bank. Mr. Spalding is in Blackfoot, and we are unable to learn to extent the county is involved in this failure. From the Boise Statesman of the 15th inst., the following information is learned : "The large banking and mercantile institution of C. Bunting & Co., in business at Blackfoot and Dubois, was closed today under an attachment of the First National bank of Pocatello. "The First National bank of Pocatello, of which Mr. Bunting is president, is safe, it being in nowise connected with the Blackfoot bank. "Heavy withdrawls caused the failure. The liabilities are placed at from $150,000 to $200,000 and the announcement is made that in time depositors will probably be paid in full. "In the attached bank is $53,000 of the county funds and $9,000 of state money. "The withdrawal of $22,000 of the state funds on the 13th was the immediate cause of the bank's collapse. "Judge Standrod has appointed C. E. Thum, of Blackfoot and F. A. Pyke of Dubois as receivers. "Thum takes charge of the bank while Pyke will look after the closing up of the mercantile and other business. "The assets are large, but the value is doubtful. "It is reported the bank holds $90,000 of Bingham county warrants."

15. February 26, 1897 Idaho County Free Press Grangeville, ID
Article from Idaho County Free Press, February 26, 1897

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He is Ex-State Treasurer and the State Loses $12,000. A Blackfoot special dated February 15, says: The large banking and mercantile institution of C. Bunting & Co., in business at Blackfoot and Dubois, was closed today under an attachment of the First National bank of Pocatello. The First National bank of Pocatello, of which Mr. Bunting is president, is safe, it being in nowise connected with the Blackfoot bank. Heavy withdrawals caused the failure. The liabilities are placed at from $150,000 to $200,000 and the announcement is made that in time depositors will probably be paid in full. In the attached bank is $53,000 of the county funds and $9,000 of state money. The withdrawal of $22,000 of the state funds on the 13th was the immediate cause of the bank's collapse. Judge Standrod has appointed C. E. Thum, of Blackfoot and L. A. Pyke, of Dubois as receivers. Thumb takes charge of the bank while Pyke will look after the closing up of the mercantile and other business. The assets are large but the value is doubtful. It is reported the bank holds $90,000 of Bingham county warrants. This has been a cold day for the people of Blackfoot. Men who a week ago were rated at $10,000 were turning their pockets inside out today to try and find a nickel. As time passes the situation becomes more painful and deplorable. The attached bank of C. Bunting & Co. contained the school and county funds of three counties, Bingham, Custer and Fremont, and the public schools will probably close for lack of funds. Among the heavy depositors are: Bingham county, $53,000; the state of Idaho, $12,000; Louis Mesline, $15,000; J. P. Spaulding $15,000; Parson Jones, 6,000; York Bros., $5,000; First National bank of Pocatello, $22,000; Roger Bros., $15,000; Fremont county, $11,000. Small depositors are numerous. An old lady 75 years of age, who feared a pauper burial, has had $40 on deposit in the bank for a number of years with the understanding that it was to buy her coffin. A letter was received from the Chase National bank by the state treasurer stating that the warrants to which reference has heretofore been made were shipped on Saturday last. These amount to $19,000, and with interest will foot up to something like $21,000. These warrants when received will go to the credit of C. Bunting & Co., and will stand as an offset to the state's deposit in the bank. The $9000 recently deposited in the bank was the Bingham county tax collections. It was sent in the form of a check on the Blackfoot bank. Treasurer Storer sent the check to the bank for deposit. He then went down and checked it out being given Ogden exchange. This paper was deposited in the bank at Idaho Falls for collection. Information received is to the effect that the exchange was collected and the money is on deposit to the credit of the state at Idaho Falls. A Fine Farm For Sale. We offer for sale at $10 nen sem

16. December 17, 1898 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 17, 1898

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DEPOSITORS GET NOTHING. Important Decision In Bunting Bank Failure Case. (Special to The Herald.) Boise, Ida., Dec. 16.-The supreme court today decided the somewhat celebrated case of the state of Idaho against C. E. Thum, as receiver of the banking firm of C. Bunting & Co. of Blackfoot. When the bank failed there was on general deposit in it over $11,000 belonging to the state. Suit was brought by the state to recover the money, on the ground that it was a special deposit and the bank could not legally have used it as part of its assets. The supreme court sustains that view of the case. The state will be paid in full out of the assets of the bank, but as the matter stands the other creditors whose deposits were of a general character, will be forced to pay the bill, the state being decreed, under the circumstances, a preferred creditor. This action will likely be taken on county claims for large sums, which will further eat into the share of the private depositors, if not wipe it out altogether. The supreme court in passing on this case, which is one of the most important decided in some time, says: "The contention of the respondent that public money, deposited in a bank on general deposit by a public officer in violation of law, becomes the estate and property of the bank, the owner of the money so deposited, contrary to its will, becoming a mere creditor of the bank. raises the principal question in this case. The district court sustained this contention. We are unable to do so." The receiver is specifically instructed to Day the state's claim out of any of the assets of C. Bunting & Co., and before the distribution of such assets among the creditors of the bank.

17. December 17, 1898 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 17, 1898

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DEPOSITORS GET NOTHING. Important Decision In Bunting Bank Failure Case. (Special to The Herald.) Boise, Ida., Dec. 16.-The supreme court today decided the somewhat celebrated case of the state of Idaho against C. E. Thum, as receiver of the banking firm of C. Bunting & Co. of Blackfoot. When the bank failed there was on general deposit in it over $11,000 belonging to the state. Suit was brought by the state to recover the money, on the ground that it was a special deposit and the bank could not legally have used it as part of its assets. The supreme court sustains that view of the case. The state will be paid in full out of the assets of the bank, but as the matter stands the other creditors whose deposits were of a general character, will be forced to pay the bill, the state being decreed, under the circumstances, a preferred creditor. This action will likely be taken on county claims for large sums, which will further eat into the share of the private depositors, if not wipe it out altogether. The supreme court in passing on this case, which is one of the most important decided in some time, says: "The contention of the respondent that public money, deposited in a bank on general deposit by a public officer in violation of law, becomes the estate and property of the bank, the owner of the money so deposited, contrary to its will, becoming a mere creditor of the bank. raises the principal question in this case. The district court sustained this contention. We are unable to do so." The receiver is specifically instructed to Day the state's claim out of any of the assets of C. Bunting & Co., and before the distribution of such assets among the creditors of the bank.

18. December 13, 1899 Montpelier Examiner Montpelier, ID
Article from Montpelier Examiner, December 13, 1899

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court, after finding that the demurrer was properly overruled as to the second and third grounds, says: We now come to the only remaining question, and which is the serious question in the case, to-wit: The first ground of demurrer, that the complaint does not state facts sufficient to constitute a cause of action. The complaint shows that the four checks in question were delivered by the defendant to the plaintiff at Challis, county of Custer, on the 30th day of January, 1897; that C. Bunting & Co. did a banking business at Blackfoot in an adjoining county; that stages run from Challis to Blackfoot, where C. Bunting & Co., the drawee, did business; that on February 18, 1898, the plaintiff demanded payment of said checks of the defendant, which payment the defendant refused to make. We do not think that these allegations were sufficient. The law presumes that the defendant had funds in the bank upon which said checks were drawn with which to pay them Section 3546 R. S. is as follows: "If a bill of exchange, payable at sight or on demand without interest, is not duly presented for payment within 10 days after the time in which it could with reasonable diligence be transmitted to the proper place for such presentment, the drawer and in8 dorser are exonerated, unless such t presentment is excused." e Under section 3591 R. S. the t drawer is exonerated by delay in S presentment only to the extent of f e the injury which he suffers thereby. But the complaint in this case does t 1 not show that said checks were pred sented to C. Bunting & Co. at all, does not show any excuse for not d presenting said checks for payment e prior to February 15, the date of y the alleged bank failure. No facts S are alleged in the complaint showing that 16 days was not a reasonable time after deducting 10 days e therefrom within which to present t said checks at the proper place for t payment. The complaint showing on its face that the plaintiff had a such checks for as long a period as d 16 days prior to the failure of the 11 bank, and the law presuming that a drawer had funds in said bank to satisfy said checks, the presumption of law arises that the defendant was damaged by plaintiff's neglect to d present said checks for payment to n the extent of the face of said checks 1and to overcome such presumption facts, if any exist, showing that plaintiff could not by reasonable diligence have presented them prior to the failure of the said bank, n should be alleged in the complaint. No such averments appear in the t complaint, for which reason said e complaint was not sufficient and the first ground of the demurrer should have been sustained. For the foregoing reasons the d judgment is reversed and the cause remanded to the district court for further proceedings in accord with L. the views herein expressed. Cost e of appeal awarded to the appellant, e but in taxing the cost, only the cost of procuring and printing seven 0. (9) pages of the transcript to be al 0 lowed to the appellant,

19. December 6, 1900 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 6, 1900

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# Suit For Life Insurance. W. D. Riter, administrator of the estate of the late Charles Bunting, yesterday commenced suit in the district court against Daniel Wolstenholme for an accounting and for the recovery of a portion of the proceeds of a life insurance policy in the sum of $50,000 on the life of deceased, written by the New York Life Insurance company. The cause of action is stated that by decree of court in the case of M. C. Thum, receiver of the defunct banking firm of C. Bunting & Co. of Blackfoot, Ida., the estate and creditors of deceased are entitled to $45,233.19 as their share of the policy, the bank receiver having the remainder, but that defendant, a brother-in-law of deceased, in fraud of the creditors of the estate, refuses to pay over the sum claimed.