866. West Side Bank (Los Angeles, CA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 17, 1907
Location
Los Angeles, California (34.052, -118.244)

Metadata

Model
gpt-5-mini
Short Digest
657cf65d

Response Measures

None

Description

West Side Bank was closed by the state bank commissioners on December 17, 1907 and placed in receivership. Receivers' reports show misappropriation by the president Homer G. Taber and insolvency. Multiple dividends were paid to creditors while in receivers' hands; no article describes a depositor run or later reopening — the bank remained in receivership and its assets were sold.

Events (5)
1. December 17, 1907 Suspension
Cause
Government Action
Cause Details
Closed by state bank commissioners on Dec. 17, 1907 after examinations found insolvency and unsafe practices (deficit reserve, misappropriation).
Newspaper Excerpt
which was closed by the bank commissioners December 17.
Source
newspapers
2. March 14, 1908 Receivership
Newspaper Excerpt
March 14, 1908, Judge Charles Monroe issued an order declaring the bank insolvent and appointing N. Blackstock and Charles H. Babcock receivers, each giving bonds of $25,000.
Source
newspapers
3. May 12, 1908 Other
Newspaper Excerpt
sale of the fixtures of the West Side bank, now in the hands of N. Blackstock and Charles H. Babcock, receivers, and the sale of the lot on which the bank stands ... for $15,000.
Source
newspapers
4. June 12, 1908 Other
Newspaper Excerpt
the receivers of the West Side bank lay the blame for the wrecking of that institution upon Homer G. Taber, its president, who is now supposed to be in Kansas City. ... appropriated funds of said bank ... totaling $38,275.05.
Source
newspapers
5. August 3, 1908 Other
Newspaper Excerpt
Another dividend of 10 per cent yesterday was authorized to be paid to the creditors of the West Side bank, which has been in receivers' hands several months. ... makes a total of 50 per cent thus far declared.
Source
newspapers

Newspaper Articles (11)
1. February 9, 1908 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, February 9, 1908

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Article Text

BANKER IS APPOINTED AS RECEIVER FOR TRUST FIRM Vice President of Merchants Company Named to Settle Accounts of Defunct Occidental Savings Bank Nehemiah Blackstock, vice president of the Merchants' Trust company, yesterday was appointed receiver of the Occidental Trust and Savings bank, First and Broadway, which was closed by the bank commissioners December 17. The receiver's bond was fixed at $10,000. The amount due depositors on December 17 was $8048. The company owed banks $5692. It is believed all depositors will be paid in full, the directors having signified an intention to come forward if necessary. The West Side bank, Twenty-third and Hoover streets, which was closed at the same time as the trust company, will wind up its affairs next week.

2. March 1, 1908 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, March 1, 1908

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Article Text

DEPOSITORS OF WEST SIDE BANK ARE hereby notified to immediately send deposit books to West Side bank for ap. proval and balance. N. BLACKSTOCK. CHAS. H. BABCOCK, receiver.

3. May 12, 1908 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, May 12, 1908

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Article Text

Orders Sale of Bank Fixtures In department 6 of the superior court yesterday Judge Charles Monroe authorized the sale of the fixtures of the West Side bank, now in the hands of N. Blackstock and Charles H. Babcock, receivers, and the sale of the lot on which the bank stands to Mark G. Jones, president of the Merchants Trust company, for $15,000. The proceedings were purely technical.

4. June 13, 1908 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, June 13, 1908

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Article Text

LOOTED BY THE PRESIDENT Report of the Receivers in Charge of West Side Bank at Los Angeles. Los Angeles, Cal., June 12.-In a report filed in the supreme court today the receivers of the West Side bank lay the blame for the wrecking of that institution upon Homer G. Taber, its president, who is now supposed to be in Kansas City. In the report the receivers say: "We report to the court that Homer C. Taber, former president of the bank, without authority to do so, appropriated funds of said bank to-wit: March 18, 1907, $8,000; July 6, 1907, $18,750; Nov. 1, 1907, $5,000; Nov. 29, 1907, or thereabouts, $3,630." In addition to this, the receivers find the president owes the bank for $2.094.30 overdrafts, making the total $38,275.05. The West Side bank is a small institution in the residence section of the city. It was found that the cash on hand at that time was $1,848;* that the total assets were less than $25,000, and that the liabilities exceeded $50,000. Taber was also president of the bank of Searchlight, Nev.

5. June 13, 1908 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, June 13, 1908

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Article Text

NEWS OF THE COURTS BANK'S AFFAIRS ARE SAYS DOCTOR'S WORK IN SORRY TANGLE WAS POORLY DONE FUNDS MISAPPROPRIATED BY PATIENT SUES SURGEON FOR PRESIDENT $15,000 Receivers of West Side Concern File Laborer Claims He Was Compelled to First Report in Superior Court. Undergo Four Operations as a Liabilities Are Result of III Treatment Heavy Given by Physician "The receivers, after a careful and Alleging malpractice, negligence and critical examination of all the books ll-treatment, Eleuterio Ruiz, through attorney, has filed suit in the suof said bank, have arrived at the conperior court against Horace G. Cates clusion and so report to the court that and the Southern Pacific company, in which he seeks to collect $15,000 damHomer G. Taber, former president of ages from the defendants. the said West Side bank, without any The complainant alleges while workauthority to do so, appropriated funds on a gravel train, operated by the of said bank." Southern Pacific company between the stations known as Arcadia and ChapThe foregoing is an excerpt of the first account and report of the renan, he was thrown between two cars when the train started moving without ceivers of the West Side bank, which warning, and his leg was broken and was filed in the superior court yestermangled above the ankle. day afternoon. He was sent to the Sisters' hospital The dates and amounts of Taber's nd Dr. Cates was called to attend him. alleged misappropriations are, March The physician performed an operation 16, 1907, $8800; July 8. 1907, $18,750; Nond amputated the plaintiff's leg above vember 1, 1907, $5000; about November he ankle on the same date of the acci29, 1907, $3630.75. Total $36,180.75. Overlent, November 25, 1907, but, he dedraft of Taber $2094.30. lares, the amputation was SO incomThe following is the statement of the letely and negligently performed that condition of the bank's affairs: gain on December 12, 1907, Dr. Cates Cash on hand $1,848.06 imputated the leg above the knee, 13,625.46 Bills receivable eaving the bone exposed and protrudSix bonds of the Omaha Home Teleout of the flesh. 6,000.00 phone Co. par value of $1000 each February 5, 1908, he states, another Bank premises and fixtures at 2624 imputation was performed, also leav15,000.00 Hoover street, valued at the bone exposed as before, causing Total $36,473.52 to suffer much pain until April 9, Actual estimated value of bills revhen his leg was again amputated. ceivable $9,000.00 On May 26, the complaint sets forth, 4,500.00 Estimated value telephone bonds while still in a weakened condition and SUMMARY nable to leave the hospital, Ruiz was Assetsarried out of the institution and Cash and cash credits $2,218.00 Cash received from bank premises hrown in the street. 15,000.00 and fixtures, sold by order of court Ruiz is 33 years old and has a wife nd three small children. Total $17,218.00 A suit for similar amount was filed Ruiz against the Southern Pacific Liabilities $51,399.00 327.40 ompany for damages due to the injuExpenses he sustained while working for that The report further states that with

6. June 18, 1908 Abilene Weekly Reflector Abilene, KS
Article from Abilene Weekly Reflector, June 18, 1908

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Boy Drowns in Kaw Flood. Topeka, Kan., June 14.-Roy Skibbe, 12 years old, was drowned in Martin's creek Friday morning. This is the first casualty of the Kaw river flood here. Four boys were rowing up and down the edge of the stream when the current caught the boat and capsized it. Neighbors heard the cries and men took three boys from the river, but it was impossible to save Skibbe. Blame a Bank's President, Los Angeles, Cal., June 14.-In a report filed in the supreme court Friday the receivers of the West Side bank lay the biame for the wrecking of that institution upon Homer G. Taber, its president who is now suppocsed to be in Kansas City.

7. August 4, 1908 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, August 4, 1908

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Article Text

Creditors Get Dividend Another dividend of 10 per cent yesterday was authorized to be paid to the creditors of the West Side bank, which has been in receivers' hands several months. This dividend, which was ordered by Judge Monroe of the superior court, makes a total of 50 per cent thus far declared, and it is believed by George Beebe, deputy attorney general, who is in charge of the proceedings for the state, that in time all the creditors will be paid in full. The outstanding liabilities of the bank at present are about $38,000.

8. October 16, 1908 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, October 16, 1908

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INSOLVENT BANK IS BEING PROBED GRAND JURY EXAMINING INTO ITS AFFAIRS EMPLOYE OF INSTITUTION IS CALLED AS WITNESS Since Being in the Hands of Receivers There Have Been Two Dividends Declared by Officials From indications yesterday it would appear that the grand jury is carrying on an investigation of the affairs of the insolvent West Side bank, or considering the advisability of so doing. Among those appearing before the investigating body yesterday forenoon is G. E. Reed, a bookkeeper for the Merchants Trust company, of which N. Blackstock, one of the receivers appointed to take charge of the bank's affairs, is vice president and trust officer. Mr. Reed took with him into the jury room a number of account boks. Later George Beebe, deputy attorney general, who represented Attorney General U. S. Webb in January, 1908, when receivership proceedings were begun, was called into the jury room, remaining a short time. Neither man would discuss what took place. Books of the West Side bank were examined November 21, 1907, by Henry E. Sherer, a bank commissioner, and following his report a further examination was made by three other commissioners. It appeared to them that the bank was doing business in an unsafe manner, the cash reserve showing a deficit of $10,195, and the bank was holding for investment stock in the Searchlight bank for $18,750, and in the Union Brick company of San Diego for $8800. The directors were ordered to discontinue the alleged unsafe practices before December 13, but it is claimed they did not do so, and after further investigation the fact was revealed that the bank was in an insolvent condition and unable to pay its obligations as they became due. The bank commissioners assumed control of the bank, and March 14, 1908, Judge Charles Monroe issued an order declaring the bank insolvent and appointing N. Blackstock and Charles H. Babcock receivers, each giving bonds of $25,000. Condition of Bank The first account made by the receivers showed cash on hand $1848.06; bills receivable, $13,625.46; bonds of the Omaha Home Telephone company, $6000; bank premises and fixtures, $15,000, a total of $36,473. A list of overdrafts was included, totaling $2625.17, t which the receivers regarded as worthless except $33.54. The liabilities were found to be $51,399.99. After an examination of the books the receivers concluded that Homer G. Taber, former president of the bank, had without authority appropriated funds amounting to $36,180.75, which, together with an overdraft of Taber's, h made a total sum of $38,275.05 due the bnak from Taber. Since taking charge of the bank two dividends have been declared, one for 25 per cent, June 22, and another for 10 1 per cent, August 3.

9. November 3, 1908 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, November 3, 1908

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GRAND JURY PROBES INTO BANK'S AFFAIRS Continues Investigation of West Side Financial Institution and Examines Six Witnesses-Graft Cases Come Wednesday A half day sesion was held by the grand jury yesterday, during which affairs of the West Side bank, an investigation of which was begun several days ago, again were considered. Five witnesses were called-Stephen J. Sullivan, an attorney, who was associated with Hunsaker & Britt at the time receivership proceedings were instituted: Dr. Homer A. Hanson, former owner of the bank; W. E. Mitchell, an attorney associated with Hunsaker & Britt; R. E. Dobbs and Charles Ewing. When the report of the bank's condition was made in June to Judge James, it showed liabilities of $51,000 and assets one-third that amount. The grand jury adjourned at noon to meet again Wednesday morning at 10 o'clock, when it is expected the investigation of charges of protected vice will be resumed.

10. January 1, 1909 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, January 1, 1909

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RECEIVERS FOR BANK WANT TO GIVE DEPOSITORS MONEY H. N. Blackstock and C. H. Blackstock, receivers for the Occidental and West Side banks, filed a petition in the superior court yesterday asking that they be allowed to declare 12½ per cent to depositors of each bank. The application will be acted upon early in the coming week, it is expected. This will make the third dividend in the case of the West Side bank and the second by the Occidental since their failure.

11. January 22, 1909 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, January 22, 1909

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CASHIER MUST FACE CHARGES REQUISITION PAPERS FROM NEVADA HONORED SEARCHLIGHT BANK OFFICIAL UNDER INDICTMENT Accused, with President, of Having Received Deposits, Knowing Insti= tution Was Already in Insol= vent Condition Charged with receiving deposits after knowing that the bank of which he was cashier was in an insolvent condition, S. E. Williamson of the defunct Searchlight Bank and Trust company, Searchlight, Nev., will be compelled to appear in a local justice court and defend himself in proceedings wherein he is declared a fugitive from justice. He was arrested today in Pasadena by Special Deputy Sheriff Rouse. Homer G. Tabor, president of the same institution, is also wanted to explain why money was received by the insolvent bank. He is now believed to be in San Digeo, and officers have been sent to place him under arrest. Tabor is well known in Los Angeles, at one time being connected as an officer of the ill-fated West Side bank of this city, the affairs of which have been made the subject of much investigtaion by the present grand jury. The indictment on which the warrant of arrest received here is based is only one of nineteen distinct charges brought against Williamson and Tabor by the grand jury of Lincoln county, Nev. This indictment was returned September 19, and the specific charge is that the two bank officials received $725 from John Howe, nineteen days after they knew the bank was insolvent. Requisition papers for the return to Searchlight of Williamson and Tabor have been honored by Governor Gillett. The West Side bank, of which Tabor was once an officer, is now in the hands of a receiver.