Evening Republican, Volume 19, Number 204, Rensselaer, Jasper County, 28 August 1915 — Griffith State Bank is Closed By State Examiners. [ARTICLE]

Griffith State Bank is Closed By State Examiners.

Arthur Craven and Charles Osborn, state bank examiners, closed the Griffith State Bank at Gritffith, Ind., Friday, pending investigation of $25,000 worth of “hide paper/’ notes held by the bank form various tanneries. The bank was organized six months ago with a capital stock of $26,000, held by eighty stockholders, principally farmers, who were represented largely by local men on the board of directors. The president, R. M. Logan, came to the bank from Oklahoma. The bank deposits amount to $25,000, of which SBOO is in cash. The institution first got into hide paper two weeks ago. President Logan made a desperate effort Friday to provide more tangible assets by ordering workmen to load a car of hides from the Indiana Hide Company’s tannery at Griffith, hoping, it is said, to get a bill of lading for at least SIO,OOO, as the carload of 1,500 hides would be valued at SIB,OOO. The hide company appealed to the sheriff and Logan then desisted in carrying out his plans.