The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1897-01-14
BANKING COMPANY AFFAIRS.
History Of It's Organization, and Statement
Of its Present Condition.

Inc BloomSDurg Banking Com
pany was organized in March, 1871,
under articles of copartnership. An
Office was opened in the room now
occupied by the Farmers National
Bank while the present quarters were
being prepared.
John A. Funston was its first Presi-
dent, and continued in that position
until July 1880 when he was succeeded
by l. S. Kuhn, who served up to the
time of his death in November 1902.
Col. ]. G.. Freeze was then elected
President, and still fills the office. II.
ii. Grotz was the Cashier from its
organization until the bank went into
the hands of Receiver.
On October 20, 1896 the bank
doors were closed, and a statement
was put up saying that as they were
unable to realize on their securities,
they were obliged to suspend business.
On December 26 an application was
made to the court asking for the ap-
pointment of Receiver, and B. F.
Zarr, Esq, was appointed. The ap-
plication was made by bill in equity
in which the plaintiff is John w.
Shuman, a partner and creditor of the
Bloomsbury Banking Company, for
himself and such other partners and
creditors as may become parties to
the bill," and the defendants are
'John G.. Freeze, B. F. Sharpless, H.
]. Conner, ID. X. Sloan, B. F. Zarr,
j. w. Shuman, and others unknown,
trading as the Bloomsburg Banking
Company"
The court made the following
decree:
"And now December 26th 1906,
came the complainant by his counsel
H. M. Hinckley, and also the res
pondents by their counsel Chas. G..
Barkley, and the complainant's bill of
complaint properly verified by affidavit
being exhibited to the court, as well
as the admissions of the respondents
that from their best information they
believe the partnership to be insolvent,
and that it would be for the best inter
ests of the said partnership and all
the individual members thereof that
the said partnership be dissolved, and
a Receiver be appointed, after due
consideration it is ordered as follows !:
First That the Bloomsbury Bank
ing Company is insolvent.
.Sec0na, B. F. Zarr, Esq, is hereby
appointed Receiver of all the property,
equitable interest, things in action,
effects, money, receipts, earnings,
rights and credits of the said partner
ship, known as the Bloomsburg Bank
ing Company, with all the power,
rights and duties of Receiver as in
like cases, and particularly with the
night and power to enter into immedi-
ate possession, and turn into money
the assets of said co-partnership, to
wind up and terminate its business ;
and to report from time to time to
this court his performance of these
duties, and the sum or sums of money
in his hands for distribution to the
creditors of said partnership, said
Receiver to give bond in the sum of
$4,000, with II. J. Clark, Geo. A,
Herring, William Krickbaum, B. F.
Sharpless and H. J. Conner as sureties
who are approved as sufficient and
good.
ZHird, The members, officers and
directors, of said partnership shall
forthwith upon the giving of said
bond, give up to said Receiver posses
sion of all the property or assets o.
said partnership, and thenceforth in
no way interfere with the same.
FoNrH, That respondents file ar
answer within 80 days, to the bill OF
complaint and furnish Herewith lis
OF all the members OF said partner
ship from the time of its organization,
together with the date of any thereof
the time of their becoming members
the number of shares held by each
and the purchaser or purchasers O.
any stock.
Ei/M, That service be had of sale
bill upon all the members SO furnish
ed VINO do not join as plaintiffs il
said bill, and they be required to ans
wer the same, as well as the defendant
now named"
On December aSth, on petition O
the Receiver, the court appointed J
V. Logan and Frank keller as an
praisers to make an inventory of tht
assets of the bank, and on January
9TH 1897, the inventory was filed in
the Prothonotary's office.
WHAT THE INVENTORY SHOWS.
This document shows that the banl
has assets considered good amounting
to $50, 6,IoS.o4, while those believed
to be worthless amount to t,6 ,r, Q ,