Rensselaer Semi-Weekly Republican, Volume 40, Number 30, Rensselaer, Jasper County, 20 December 1907 — BANK CRASH AT GOODLAND [ARTICLE]

BANK CRASH AT GOODLAND

The Goodland Bank, a private institution, one of three banks owned by Win. Dague, of Fowler, and David Baldwin, of Logansport, has been forced to dose its doors. The other banks owned by them are located at Fowler and Ambia in Benton county. State Auditor Billheimersent examiners to these banks Tuesday and ordered them dosed, based on the recent reports. At Goodland it is said the examiner refused to talk extensively but said the banks were not deemed to be solvent L. A. Wiles, the cashier of the Goodland bank, is reported to have talked freely of the matter and to have said that investments by Dague & Baldwin in the southwest, including large land purchases in Arkansas, are responsible for the failure, The recent financial flurry is in no way responsible and did not affect the banks. The Goodland bank had about 1120,000 in deposits. “The three banks,” said R. B. Oglesbee, head of the banking department of the auditor’s office, “are owned by Daniel P. Baldwin of Logansport and William H. Dague, of Fowler, as partners. They have invested the capital, a large portion of the deposits and considerable money borrowed by the banks in Arkansas lands of speculative value and which can not be readily converted into cash to pay the depositors.” Oglesbee added to this statement that the failure of these three institutions would not in any way affect any other banks in their own or other cities. He also said the financial condition of <>he country had nothing to do with the failures. As to the relations of these three banks with other - banks oj the, state,” he said “the amounts due other banks is so small that it will not embarrass any other institution.” He and Auditor Billheimer would give no figures as the assets or indebtedness of the three defunct banks. Examiner J. W. Levings examined the books of the Fowler Bank and the Citizens' Bank at Ambia; and the Goodland Bank was examined by E. M. Hinshaw. Wednesday morning Levings went to Fowler, 0. C. Kelly, to Ambia, and Hinshaw to Goodland.