Cashier's suicide revealed large defalcation; receiver was appointed and bank did not reopen.
Events (2)
1.July 6, 1905Suspension
Cause
Bank Specific Adverse Info
Cause Details
Examination disclosed a deficiency of assets and confused books after cashier John Bowman committed suicide; large defalcation discovered.
Newspaper Excerpt
President Mason of the Commercial bank today issued a statement that the bank would not again open for business
Source
newspapers
+7 days
2.July 13, 1905Receivership
Newspaper Excerpt
J. A. Spekenhier was appointed receiver of the Commercial Bank of Hagerstown, Ind., on application of President Frank Mason.
Source
newspapers
Newspaper Articles (21)
1.July 6, 1905The Topeka State JournalTopeka, KS
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BANK CLOSES. Suspension Follows Suicide of the Cashier Last Monday. Hagerstown, Ind., July 6.-President Mason of the Commercial bank today issued a statement that the bank would not again open for business and it is expected a receiver will be named. Mr. Mason said an examination of the bank had disclosed a deficit of assets and a confused condition of the books. John Bowman, the cashier, committed suicide July 3. The bank was a private institution, owned by Mr. Bowman and Mr. Mason as partners, the business having been transacted entirely by the late cashier. The deposits were $100,000.
2.July 6, 1905Deseret Evening NewsSalt Lake City, UT
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Indiana Bank Fails Hagerstown. Ind., July 6.-President Mason, of the Commercial bank today issued a statement that the bank would not again open for business and it is expected a receiver will be named. Mr. Mason said nn examination of the bank's affairs had disclosed n deficiency of assets and a confused condition of the books. John Bowman, the cashier. committed suicide July 3. The bank was/a private institution, owned by Mr. Bowman and Mr. Mason as partners, the business having been transacted one tirely by the late cashier. The deposits were $100,000.
PRIVATE BANK SUSPENDS. Cashier of Institution Committed Suicide July 3. Hagerstown, Ind., July 7.-President Mason of the Commercial bank has issued a statement that the bank would not again open for business and it is expected a receiver will be named. Mr. Mason said an examination of the bank's affairs had disclosed a deficiency of assets and a confused condition of the books. The cashier, John Bowman, committed suicide July 3. The bank was a private institution owned by Mr. Bowman and Mr. Mason as partners, the business having been transacted entirely by the late cashier. The deposits were $100,000.
4.July 7, 1905Americus Times-RecorderAmericus, GA
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Maryland Bank Cioses Its Door. Hagerstown, Ind., July 6.-President Mason, of the Commercial bank, today issued a statement that the bank would not again open for business and it is expected that a receiver will be named. Mr. Mason said an examination of the bank's affairs had disclosed a deficiency of assets and a confused condition of the books. The cashier John Bowman committed sucide July 3. The bank was a private institution owned by Mr. Bowman and Mason as partners, the business being transacted entirely by the former.
5.July 7, 1905The Madison Daily LeaderMadison, SD
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PRIVATE BANK SUSPENDS. Cashier of Institution Committed Suicide July 3. Hagerstown, Ind., July 7.-President Mason of the Commercial bank has issued a statement that the bank would not again open for business and it is expected a receiver will be named. Mr. Mason said an examination of the bank's affairs had disclosed a deficiency of assets and a confused condition of the books. The cashier, John Bowman, committed suicide July 3. The bank was a private institution owned by Mr. Bowman and Mr. Mason as partners, the business having been transacted entirely by the late cash1er. The deposits were $100,000.
6.July 7, 1905Omaha Daily BeeOmaha, NE
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Indiana Bank Fails. HAGERSTOWN, Ind., July 6.-President Mason of the Commercial bank today issued a statement that the bank would not again open for business, and it is expected a receiver will be named. Mr. Mason said an examination of the bank's affairs had disclosed a deficiency of assets and a confused condition of the books. John Bowman, the cashier, committed suicide July 3. The bank was a private institution owned by Mr. Bowman and Mr. Mason as partners, the business having been transacted entirely by the late cashier. The deposits were $100,000.
Maryland Bank Closes Its Door. Hagerstown, Ind., July 7.-President Mason, of the Commercial bank. to day issued a statement that the bank would not again open for business and it is expected that a receiver will be named. Mr. Mason said an examina. tion of the bank's affairs had disclosed a deficiency of assets and a onfused condition of the books The cashier John Bowman committed sucide July 3.- The bank was a private institution owned by Mr. Bowman and Mason as partners, the business being transact ed entirely by the former.
8.July 9, 1905Evening StarWashington, DC
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# Suicide Was a Defaulter.
INDIANAPOLIS, Ind., July 8.-A News special from Hagerstown, Ind., says: Cashier Bowman of the Hagerstown Commercial Bank, who committed suicide on July 13, was a defaulter to the extent of at least $100,000. This amount may be increased when the muddled books and confused mass of papers have been thoroughly examined by Receiver J. A. Speckenhier.
9.July 10, 1905Daily Kennebec JournalAugusta, ME
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# CONDENSED DISPATCHES.
An Indianapolis News special from Hagerstown, Ind., says: Cashier Bowman of the Hagerstown Commercial Bank, who committed suicide, July 3, was a defaulter to the extent of at least $109,000. This amount may be increased when the muddled books and confused mass of papers have been thoroughly examined by Receiver J. A. Spekenhier.
The C. P. Kerans leather manufactory on Liberty street, Danversport, Mass., was destroyed by fire, Saturday afternoon, together with substantially all the contents. The loss is estimated at $100,000; the insurance is $76,000. The five wooden buildings of various dimensions were owned by the C. P. Kerans estate and Timothy J. Lynch. Mr. Lynch was manager of the business. The firm employed about 100 hands and the factory was running full time, having recently received heavy orders, though it had been shut down for the day when the fire occurred.
10.July 13, 1905The Lehi BannerLehi, UT
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Cashier Committed Suicide. Hagerstown, Ind.-President Mason of the Commercial bank on Thursday issued a statement that the bank would not again open for business, and it is expected a receiver will be named. Mr. Mason said an examination of the bank's affairs had disclosed a deficiency of assets and a confused condition of the books. John Bowman, the cashier, committed suicide July 3. The bank was a private institution, owned by Mr. Bowman and Mr. Mason as partners.
11.July 13, 1905The Mathews JournalMathews, VA
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ONLY 1,900 IN CASH FOUND. Cashier a Suicide and Receiver Appointed For Bank. Richmond, Ind. (Special).-J. A. Spekenhier was appointed receiver of the Commercial Bank of Hagerstown, Ind., on application of President Frank Mason. The liabilities exceed $100,000, while the assets are given as much less than that amount. The cashier, John Bowman, committed suicide Monday, and this action led to the present receivership. Following the suicide an investigation was made, the affairs of the bank having been almost exclusively in Bowman's hands. According to a statement given out before the application for the receiver, only $1,900 in cash was found, although the assets are believed to be nearly $75,000. The reason for Bowman's suicide has not yet been developed.
12.July 14, 1905Highland RecorderMonterey, VA
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# ONLY 1,900 IN CASH FOUND.
Cashier & Suicide and Receiver Appointed For Bank.
Richmond, Ind. (Special).-J. A. Spe-
kenhier was appointed receiver of the
Commercial Bank of Hagerstown, Ind.,
on application of President Frank Ma-
son. The liabilities exceed $100,000, while
the assets are given as much less than
that amount.
The cashier, John Bowman, committed
suicide Monday, and this action led to
the present receivership. Following the
suicide an investigation was made, the
affairs of the bank having been almost
exclusively in Bowman's hands. Accord-
ing to a statement given out before the
application for the receiver, only $1,900
in cash was found, although the assets
are believed to be nearly $75,000. The
reason for Bowman's suicide has not
yet been developed.
13.July 14, 1905The Idaho RepublicanBlackfoot, ID
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Cashier Committed Suicide. Hagerstown, Ind.-President Mason of the Commercial bank on Thursday issued a statement that the bank would not again open for business, and it is expected a receiver will be named. Mr. Mason said an examination of the bank's affairs had disclosed a deficiency of assets and a confused condition of the books. John Bowman, the cashier, committed suicide July 3. The bank was a private institution, owned by Mr. Bowman and Mr. Mason as partners.
14.July 27, 1905East Oregonian : E.OPendleton, OR
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GENERAL NEWS. The Southern Textile company, capitalized at $14,000,000, has failed. It operated 12 valuable cotton mills in southern states. The total acreage of cotton planted in the United States this year was 26,999,000 acres, which is 85.1 per cent of the acreage of last year. The cashier of the Hagerstown, Ind., Commercial bank, has suicided, and the affairs of the bank are being investigated by the grand jury. Charles Long, a negro accused of the murder of Mathew Cunningham, a white man, has been run down and surrounded in a swamp near Trenton, N. J. W. J. McDonald, a Long Island railway flagman, deliberately sacrificed his life to save that of a woman and her baby who were about to be run down by a train. A ship laden with samples of American manufactures of all kinds will leave New York for a tour of the world. It will carry interpreters of all modern languages. P. J. Potter's Sons, private bankers of Bowling Green, Ky., have failed with liabilities amounting to over $1,000,000. The face value of the assets is about $1,000,000. Attorney General Rodgers, of Arkansas, has brought suit against the International Harvester company for penalties amounting to $600,000 for alleged infringement of the Arkansas anti-trust law. Secretary Taft reiterates the opinion that unqualified free trade should be established with the Philippines immediately upon the expiration of the present treaty with Spain, which will be in 1907. Eight prominent women of Industry, Kan., completely wrecked John Peterson's "joint" or illicit saloon. Peterson left town immediately. No arrests, as the women have the backing of the entire respectable element.
15.August 11, 1906The Richmond PalladiumRichmond, IN
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# HAGERSTOWN WILL HAVE K. OF P. HALL
Committee Decides That the Lodge is Financially Able To Build It.
HAD STARTED IT BEFORE
WORK ON THE PROPOSED BUILDING HAD BEGUN BUT IT WAS STOPPED ON ACCOUNT OF BOWMAN'S BANK FAILURE.
Hagerstown, Aug. 10. (Spl)—Over a year ago the Knights of Pythias of this city started the construction of a temple here. A cement block machine was purchased and a large number of blocks were made as the building was to be made of this material. The contract was let to Werking and Keagy who had made a good start when the Commercial Bank failed.
The lodge having its money deposited in this corporation when it collapsed, was without funds to continue the construction of the building as it was already in debt for some money, and comparing the size of the undertaking with the size of the lodge, the members decided to postpone the construction for an indefinite time. All last summer passed and all winter and nothing was done.
But as thirty per cent of their bank account had been paid by J. A. Spekenhier receiver of the defunct bank, late this spring an effort was made to again begin construction. A committee cinsisting of Geo. H. Geisler, S J. Pressel, John C. Hart, Ed Mason and Joseph Cramer, was appointed to see what could be done These men after making a careful examination of the looks of the organization made the report that the undertaking could again be attempted. A few days ago after collecting money due the lodge and accepting some contributions from friends they made a financial report to the lodge and as this was satisfactory it was decided that the building should be erected.
The building will be located on East Main street opposite Davis' saloon. It will be three stories high, the lodge rooms being at the top, a public hall on the second floor and store rooms at the bottom.
16.November 14, 1906The Richmond PalladiumRichmond, IN
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The case of J. A. Spekenheir, receiver of the Commercial Bank at Hagerstown, against the estate of John Bowman, will be called in the Wayne circuit court on Saturday.
17.December 7, 1906The Richmond PalladiumRichmond, IN
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# AN AGREEMENT IS MADE
IT MAY END LITIGATION
Creditors of John Bowman Estate
and Those of Firm of Wyatt, Allen and Company Agree on Terms
of Settlement.
By the terms of an agreement entered into between the creditors of the estate of the late John Bowman, of Hagerstown and the creditors of the firm of Wyatt, Allen & Company, which conducted the Commercial bank at Hagerstown and with which Bowman was identified, litigation probably is at an end. The agreement was drawn up by T. J. Study, representing Hugh Allen, administrator of the Bowman estate and Robbins & Starr representing J. A. Spekenhier, receiver of the defunct Commercial bank. In substance the agreement follows:
It is agreed with the approval of the court and by Hugh Allen, administrator of the John Bowman estate, Martha A. Bowman, widow of the decedent, Edward L. Bowman, heir of the decedent, J. A. Spekenhier, receiver for the firm of Wyatt, Allen & Company and Mary Allen, Mary E. Fritz, Rachel Petty, Pearl Hatfield, Charles P. Fritz, F. P. Allen, Charles T. Knapp and Nathan Canady, executor of the will of Marcus Conway, who hold claims which have been allowed against the Bowman estate for government bonds wrongfully converted and appropriated while on deposit with Wyatt, Allen & Company, but which claims the administrator of the Bowman estate and the individual creditors have contended are primarily claims against the firm of Wyatt, Allen and Company, the assets being in the hands of the receiver, and that these should be settled as such, so to effect a compromise.
It is agreed that Hugh Allen shall settle the Bowman estate and pay in full the individual creditors of the estate, also the expenses of settling and administrating the estate, out of the money Mr. Allen has in his hands. The balance of the money Mr. Allen shall pay to Mr. Spekenhier as receiver for Wyatt, Allen & Company to be distributed among the creditors of Wyatt, Allen & Company.
18.January 8, 1907The Richmond PalladiumRichmond, IN
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# A General Claim.
William H. Porter's claim against J. A. Spekenhier, receiver for the defunct Hagerstown Commercial bank, for $90 becomes a general and not a preferred claim. This is in accordance with the ruling of Judge Fox, in circuit court Monday.
19.February 6, 1907The Richmond PalladiumRichmond, IN
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An Account of the Commercial Bank at Hagerstown, by A. J. Spekenhier. REQUESTED BY JUDGE FOX PARTICULAR ATTENTION WILL BE GIVEN TO ALL THE DETAILS OF THE SETTLEMENT MADE BY RECEIVER. Although A. J. Spekenhier, receiver for the defunct Hagerstown Commercial bank has submitted his report of the moneys handled by him during his receivership, and was accepted, Judge Fox has requested him to prepare an itemized report of all his work while connected with the settling of the bank's affairs. The whole work will mean a history of the bank from the time it started until the time the last settlement was made. The move was made on the part of Judge Fox so that in case of dispute, or reference, the account could be turned to immediately. Postmaster Spekenhier was somewhat surprised at the request as it will entail a great amount of extra labor to complete it. Special state. ments and history of the overdrafts, notes and such will be made, making the statements of all in such form as to give a thorough knowledge of all
20.March 23, 1907The Richmond Palladium and Sun-TelegramRichmond, IN
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# PENNY HAS SEARCH FOR MISSING PAPER
Found It in the Last Box of Course.
# THE CLERK'S EXPERIENCE.
In the record room of the court house which is located in the basement, are seven big dry goods boxes containing all the records, papers, receipts, etc., of the old Commercial bank at Hagerstown. They were placed there by J. A. Spekenhier, receiver for the bank, after he had made his final report.
Friday afternoon County Clerk Harry E. Penny had the delightful task of hunting through these boxes for an envelope which contained some private papers of Cashier Robert Hicks, of the First National bank of Hagerstown. Naturally, Mr. Penny, who was all afternoon at his task, did not find what he was looking for until the last box had been opened. Mr. Hicks asked Mr. Penny to make the search, as he stated that these papers had by mistake, got mixed with the Commercial bank papers. Ripping of boards and hammering of nails resounded throughout the court house from noon until sunset.
21.March 29, 1908The Richmond Palladium and Sun-TelegramRichmond, IN
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TO er Hagerstown Banker, They Say That Accusations Are Unfounded. WESTERN DUNKARDS ARE MUCH SURPRISED. Wayne County Man by Munificent Gifts Has Intrenched Himself in Their Favor-Expects to Be Cleared. Hagerstown. Ind.. March 28 --Great activity is being shown by friends of James M. Wyatt, of Lordsburg. Cal., in the effort to defend him against the charges preferred by the local branch of the Dunkard church. Mr. Wyatt formerly was a member of this denomination but has been expelled because of his alleged complicity as a member of the firm of the Hagerstown bank. whereby a number of other members of the church and the general public in this vicinity were defrauded No matter how active may become Wyatt's friends there are those in this vicinity, who can not view his case in any way other than a violation of faith. The charges. which were signed by twenty-four members of the church in good standing. specifically allege that James M. Wyatt. also a member at the time in good standing, falsely represented certain relations he was presumed to hold toward the Commercial Bank, of Hagerstown. The charges further declare that Mr. Wyatt made the false representation for the purpose of misleading and deceiving his brethren in the church. without whose substantial aid the Commercial Bank could not have long continued in business. The charges conclude by saying that Mr. Wyatt influenced the signers to deposit their money in the bank, and that they lost more than $5,000 through the failure of the bank. which occurred soon after Mr. Wyatt made as ask that the accusers the representations annual alleged. meeting The Mr. of the Dunkard church require to refund to them of which was lost by $5,000. Wyatt them the alleged. through sum his false representations as on of suspended the church and active hood pain in being from brother- participation in church fellowship. Lordsburg Congregation Surprised. charges were forwarded to the committee of the which body standing church. These represents Dunkard the in the denominawere also sent and to the elder of tions. highest Wyatt. Copies authority the to Lords- Mt. a of which he is Mr. Wyatt's member. burg congregation. brethren be sent in to Cal- the ifornia have caused to Exponent. a newspavarious newspaper Hagerstown per. clippings local Lordsburg and resolutions adopted by the congregation. In all of these the action of the Hagerstown brethren is strongly condemned and Mr. Wyatt is sustained to the fullest extent. The news came to the Lordsburg as a great never received an congregation body having surprise. left here intima- that un that Mr. Wyatt had of his local It that James M. one is der tion asserted suspicion Wyatt brethren. the is most useful members of dein California. is in every renomination liberal of the assisting that church he and has strongly intrenchin the hearts of quirement ed himself by his the brethren. Every charge made members of this church branch is denied in full by Mr. Wyatt's friends. and the greatest indignation is expressed that such "unfounded charges* should ever have been made.. Expects to Be Cleared. It is stated. not by Mr. Wyatt, but his friends. that at the annual to be held in May at that he will clear of Moines. by meeting himself showing Des and succeed in animus of the every that the suspicion charges is malice and desire for revenge. than this there are strong suits for hints Further of damages have to be brought against those who signed the charges. An entire denial of all the charges is made. feeling among those who signed the here is one of amazement defense a dethat The charges Mr. Wyatt`s will be nial of the facts as affirmed by twentyfour of his former brethren. As fas as the threatened suits for damages are no fear is entertained that will be brought. among made concerned. no they weakening those There who is to be the charges and unless something unlooked for intervenes. the action against Mr. Wyatt will be prosecuted to the end.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
