Jasper County Democrat, Volume 10, Number 38, Rensselaer, Jasper County, 21 December 1907 — BALDWIN & DAGUE BANKS CLOSED [ARTICLE]

BALDWIN & DAGUE BANKS CLOSED

By State Examiner.—One Located at Goodland, One at Fowler and One at Ambia.

The three private banks owned by Judge D, P. Baldwin of Logansport and W. H. Dague of Fowler, located at Goodland, Fowler and Ambia were closed by order of the Auditor of state Wednesday morning. Each bank was capitalized for SIO,OOO, and while no official figures have been given out it is said the Goodland bank, which was in charge of L. A, Wiles as cashier, who is well known to many of our people, had about $125,000 deposits; the Bank of Fowler about SIOO,OOO, and the Citizens Bank of Ambia, some thing less than 1100,000. The failure is attributed to speculation in Arkansas timber lands, in which Mr. Dague as active manager of the banks invested largely a few years ago, purchasing 7,500 acres in Poinsett county, paying $6 per acre therefor. It is alleged that all the capital, much of the deposits and considerable borrowed money has been invested in speculation, and it is scarcely hoped by the state officers that they will be able to pay out in full. The examination under the new banking law showed the bad condition and caused the State Auditor's action. ' This was one of the oldest chains of banks in Indiana, the Fowler bank having been established some 25 years ago, and they purchased the Goodland batik from S, C. Spoor about 18 years ago. It is asserted that about SIOO,OOO was borrowed by the bankers from the banks, and that about all that is left in the safes is deeds to the 7,500 acres of Arkansas lands. Baldwin is} supposed to have a private fortune of about SIOO,OOO, and this will help to pay out. Dague apgirently never had much money. e was a republican politician and now has a son who is a cadet at some military school, the appointment of course being secured through his father’s political pull. He is said to be a crack football player at least, and each of the Fowler papers last week contained over a column of matter about yonng Dague’s prowees on the ■gridiron, but not a word as to his standing as a student. Baldwin was also quite prominent in political affairs a few years ago, believe has been both a republican and free trade democrat. He vigorously opposed the enactment of the banking law examination before the legislature last winter, and is said to have been instrumental in having it modified considerably.