The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1893-04-13
TIE PEOPLES BANK.
A. G. Sands, Receiver.


any occurance ever happening in
our midst. We have gone through
strikes, floods, fires, pestilence,
and all combined have not had such
distressing influence upon the but
siness of this town and county, as
the suspension of the bank and the
complications it sntailed. From
testimony in court we give the i'm
portant points in this case SO wide
iy affecting the general public.
Along last Spring dissentions arose
among the Motherwell stockholders,
Mr.. Culver, being one Of the larg-
est, excited alarm as to the so'vency
of the bank, it having a large loan
to the Motherwells. Mr.. " Wellman
drew out his deposit of 50, 600. 90.
Other depositors, drew out consider
able amounts. On the night of June
29th, Mr.. L. A. Culver made an
assignment of all his individual
property to S. III. Bright and
o. w. II. Wright. The next morn
ing Judge Bright, who had several
thousand dollars of trust funds in
the Bank, not as bank deposits but
as separate funds left in the vault for
safe keeping, drew out. Col. Rem
pei drew out $4,000, O. w. II.
Wright $50. 90, and DR.. Pullen 5000.
90. If others drew out, 1t was not
announced in open court. On that
day, June 30th., the Peoples Bank
assigned; Bright and Wright, as
signees. In the proceedings for
assignment in probate court, Mr..
L. A. Culver, Jr., cashier of the
Bank, made the affidavit to the as
setts OF the bank, sEnot from an in
spection of the books, but general
memory" as tie afiidayid reads, as
Gollows:--
Notes discounted, $l35, 100000
Bonds due Bank 100000
Accounts receivable 100000
Furniture, Fixtures 100000
Cash on hand 100000
Total SI52, 600. OU
The court fixed the bond at $780,
10000. The Asslenees failing
within the time required by law to
qualify, on Aug. 4, the Probate
Judge appointed j. a. Culver and
z. w. Keynes, as trustees, bond |!
800, 10000. On August 9TH, at
the request of the stock holders, the
assignment was raised. Then fol
lowing, the Peoples Bank Trust |
Company was established which
has continued to transact business
in the Peoples Bank rooms.
Several meetings of stockholders
were heId following these proceed.
ings, and a number of dcpositors
exchanged their certificates Of de
posit for cir ,iicates Of time of var
lous dates. Suits were entered by
some depositors and the claims CT
others were paid. Judgements were
taken last court by depoSitors to the !
of about 50, 100000, and at
the present term, judgements Of a
greater amount were taken.
Along during the early winter, a
new Bank was started, entitled the
Union Bank, occupying for the
present the Peoples Bank room.
The Union Bank has rented the |
Collins and Moore building, pro
posing to occupy it as soon as the
needed repairs are made and equip
ments provided.
On last Friday the Peoples Bank,
through its attorneys FrIesner and
Bright, in the Circleville Court,
confessed judgements and executed
mortgages in favor of certain de
positors named. to the amount of
near 500, 100000. Information OF
this transaction reaching Logan,
Messers Weldy and Buerhaus, at
torneys for depositors who held
judgements, Immediately issued
executions against stockholders of
the Bank, and the Sheriff made levies
on the properties of S. B. Stevenson.
Sol. Blosser, G. Bielfaut, r. o.
Kittsmiller,. and Joel Kittsmiller,
closing their stores. w. r. Bowl
by assigned to Chas. Bowlby and
o. w. Ii. Wright, Assignees.
On receipt of the Circleville ex-
ecutions, on Monday, Sheriff
Wright detected an inaccuracy, and |
returned the papers.
The following is list of depos-
itors in whose favor the Circleville |
judgements were confessed and |