The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-26
THE MONTICELLO BANK.
Cashier Van Worst, Who Is Here, Ex-
poets 1t to Reopen.

Henry Van Worst, of Monticello, one of
the directors of the State Prison, is cashier
of the Monticello State Bank, which was
closed by the Johnson smash. Mr.. Van
Worst practically owned the bank until
year and a half ago, when it was organized
state bank with Johnson president,
w. NJ. Elliott of Logansport as vice presi7
dent and Mr.. Van Worst as cashier The
bank had capital of $25 900 and deposits of
about $116 900 when it closed it's doors on
account of a run precipitated by the
Logansport failure. Johnson owned $3.50
of the capital stock, all of which he had
hypothecated, together with a considerable
amount of the Logansport bank stock, in
st. Louis upon a loan of $4,000 obtained
there. The Monticello bank had IA reserve
deposit Of $37, 900 in the Logansport bank,
which was reduced to $4,000 few days ago,
when Johnson gave the Monticello bank his
personal note for $4,000 and took a check
for that amount on the Logansport bank.
This $4,000 the Monticello bank will lose.
but there is now hardly any possibility that
it will lose any of the $4,000 it had left on
deposit at Logansport. The Monticello
bank is still in the hands of the auditor of
state, with George U. Bingham in charge.
Auditor Daily went there yesterday to look
way Mr.. Van Worst, who came down here
to testify before the federal grand jury
Mr.. Van Worst feels sure now that the loss
can be repaired and his bank reopened
without the expense and necessary loss of
a receivership. The auditor has not yet APP
piled for receiver and will not if it is
demonstrated that it is safe for the bank
to resume and that it's capital has not been
impaired. On Monday a paper was started
among the depositors at Monticello, and
before night over 100000 OF the deposits
were pledged, the depositors signing the
agreement not to Withdraw more than Is
per cent. of their deposits month if the
bank is reopened: Conferences were held
with some OF the local bankers by Mr.. Van
Worst and Vice President Elliott, of the
bank, yesterday, and they believe they can
arrange TO carry the amount tied up in
the Logansport institution until it is
When Mr. Van Worst arrived yesterday
morning he did not know whether he had
simply lost $1,000 or had lost all he had
accumulated in a long life of work. In
either case he declared that his depositors
should lose nothing, if it took the last cent
he had on earth. He was much relieved
when he met Examiner Caldwell and the
latter expressed the opinion that the de-
posits in the Logansport bank would be
paid in full.
Il trust that we shall be permitted to
reopen, said Mr. Van Worst, and have
no doubt that we shall be able 10 make all
the necessary arrangements II the auditor
gives his consent. OF course, Ii is a bit
rough 10 suffer loss through the actions of
another after working a lifetime but | am
not the only sufferer. The people of my
home have been more than kind in their
expressions of good will toward our bank
and / appreciate their kindness.
Deputy Attorney General Moores returned
last night from stay of several days at
Monticello and Logansport Yesterday he
took in favor of the Monticello bank a Judg-