Rensselaer Semi-Weekly Republican, Volume 37, Number 28, Rensselaer, Jasper County, 11 April 1905 — Wolcott Bank Failed. [ARTICLE]

Wolcott Bank Failed.

The Farmers’ bank at Wolcott has closed and the president and cashier are both missing. E. W. Settle, cf lilinios, purchased the bank last year from I Gr, F. Baker. He was operating several other banks in I'linofs and one of them running short of funds last January he trans'erred abcut $2, 000 to it from the Wolcott bank and disappeared, leaving the oashi r, F. A Mower, without money to piy depositors; but Mower kept the Wolcott bank open apparently on the promises that he would return and place the bank on a sound basis. Last week Mower was arrested on an affidavit of Wm. Winger, who had paid in a note at the bank and taken Mower’s reoeipt, the latter informing him that the note was deposited in Chicago as collateral. Tbe note turned up later for collection and his arrest followed. Mower was discharged on preliminary hearing, but seemed to scent danger and disappeared. The loss to depositors is said to be less than SSOOO.