Source: North Manchester Journal, May 11, 1905
Some Court Decisions
Judge Plummer today made a ruling on two cases brought by North Manchester parties, which are of decided interest. In the case of Lewis Signs, receiver of the North Manchester bank, he found a claim is personal against the late Mrs. Jennie Lawrence, and found for him in the sum of $4,096.60. Interest is allowed from June 10 of last year. ...
Source: North Manchester Journal, September 23, 1909
$17,540 SELLS FOR ONLY $43.46
Old Accounts of Bank of North Manchester Sell at Auction
People can get some idea of where the missing money went from the defunct Bank of North Manchester when over seventeen thousand dollars of notes and accounts were sold for forty-three dollars. Saturday afternoon Lewis Signs, as trustee in bankruptcy, sold all of the remaining uncollected and uncollectable notes and accounts of the bank at public sale. The sale took place on the steps in front of the bank's former place of business and John Isenbarger acted as auctioneer. At the start of the sale hardly half a dozen people were present but the crowd increased to a considerable number before the sale was over. Bidding, however, was not spirited and it seemed that most of those who were there were attracted out of curiosity.
The first place of paper put up was sold to A.B. Thomas for 25 cents, his being the only bid. It was a note of $321.22 on S.A. Noftzger & Company. The next was an account of $2,560.28 on Lawrence & Company and Jennie C. Lawrence. It was bid in by John Curtner for 25 cents. The next offering was an overdraft of $9,789.58 and a note of $200 on L.J. Noftzger. There were several bids on this and it was finally knocked off to Charles Wright for $40. Several notes and account against D.W. Krisher, now deceased and who was president of the bank, amounting to $1,755.90 were sold to John Curtner for 25 cents. Several notes against D.C. Harter, who was the cashier of the bank, amounting to $2,819.71 were also sold to Mr. Curtner for 25 cents. A noted of $100 against B.R. Johnson was sold to Ben Oppenheim for 25 cents. There were several other notes of ten dollars and other small amounts which were sold at prices ranging from ten cents to $1.75. In all thirteen different offerings amounting on their face value to $17,540.78 were sold for a total of $43.46.
All of these notes bore interest at least six per cent, and some of them at eight per cent. It has been five years since the bank failed, so the interest that has accrued since that date would amount to considerably over five thousand dollars, to say nothing of the interest on them that had accrued before the bank failure. That would make the total face value of the paper sold Saturday about twenty-three thousand dollars.
This, it is understood, is the last act before closing the affairs of the bank in the bankruptcy court. These notes and accounts were the last assets of the bank to be realized upon and Mr. Signs as trustee has now secured all the money that is possible from the bank as a bank. He will close his accounts and so report to the referee in bankruptcy, and expects to be discharged in a short time. Thus is closed a long and tedious business which has dragged along for more than five years. The bank closed its doors June 10, 1904 and its liabilities were reported to the referee in bankruptcy a few months later as $47,502.24. At that time the assets were placed at practically the same figures, although it was then believed as was proven by the result of Saturday's sale, that much of the paper held by the bank was practically valueless. Mr. Signs has already paid the creditors of the bank forty-seven per cent of the bank's indebtedness and h states that he now has money enough on hand to be turned over with his final report to make about three percent more. The amount cannot be exactly told until all expenses are figured in, but it seems that the creditors will get about fifty cents on the dollar.
This will end all possibility of the creditors from getting anything more from the bank and whatever other many they may get will have to come from the individuals who were partners in the bank. Suits for this purpose have been in court for some time but are being met by many vexatious delays. It is likely that if the suits are properly pushed the creditors will be able to get something more, but how much is a rather doubtful question.