Jesse Arnold & Co., Banking, North Manchester

Source: The Manchester Republican, September 11, 1873, Ad:

MANCHESTER BANK. JESSE ARNOLD & CO., Bankers, JOHN ARNOLD. JESSE ARNOLD.
Do a general Banking business. Money sent by draft, without danger of loss, to all parts of the United States and Canada. Interest allowed on deposits, by special agreement.

Source: The Manchester Republican, February 12, 1874

JESSE ARNOLD & CO. is the style of the only banking institution in the place and is worthy of more than a passing notice in this connection. This enterprise performs an important function in the business interests of the town, and although established little more than two years ago is one of the most important features of the place. The institution enjoys the utmost confidence of the public, the late money crisis having no visible effect upon the enterprise. This is a private bank--a firm comprising Messrs. Jesse and John Arnold, well and favorably known along the valley of the Eel river as two of the most staunch and reliable business men in Northern Indiana. And for the past 22 years they have been known to our people as honorable, upright citizens. Mr. John Arnold is a resident of our neighboring town of South Whitley, engaged in mercantile and milling pursuits at that place the profits of which are equally enjoyed. They also own large interests in the Huntington mills. They are possessed of ample capital, and have every facility for conducting a first-class banking bureau. They deal in foreign and domestic exchange, make collections upon all available points, and do a general banking business the same as our national banks except in the mere matter of the issue of money. The management of the enterprise devolves entirely upon Mr. Jesse Arnold, and his efficient clerk. We bespeak for the institution a long and prosperous future.


Source: North Manchester Journal, July 29, 1880 Ad: [same as 1873 ad, see above]

JESSE ARNOLD     JOHN ARNOLD
MANCHESTER BANK
JESSE ARNOLD & CO., BANKERS

Do a general Banking business. Money sent in draft, without danger of loss, to all parts of the United States and Canada. Interest allowed on deposits by special agreement.


Source: North Manchester Journal, December 14, 1893

CREDITORS IN CONSULTATION
The Creditors of the Arnolds at South Whitley Meet and Talk over the Situation

A meeting of the creditors of the Arnold's at South Whitley, for consultation and information, was held one day last week. The meeting was called by the creditors, by and with consent of James Arnold and was very largely attended as might be expected, owing to the magnitude of the Arnold failure. It was held in a vacant store room, which was crowded to the utmost all the time, and many were not able to get in. From a business point of view but little was accomplished except to create a better feeling toward the Arnold's than has existed in the community since the failure. James Arnold addressed the meeting and made some explanations which were received with apparent satisfaction, and the creditors in general expressed their good will, so far as they were able to do so under the circumstances. Very little was done with the bank business, but as regards the flouring mill some action was taken toward forming a large stock company among the creditors to operate it, each creditor taking stock to the amount of his claims against the mill.

The following points concerning the meeting are taken from the South Whitley News: The meeting was called to order by Thos. Marshall, of Columbia City, who is the attorney for a majority of the creditors. He stated that if the Arnolds could guarantee a certain amount and satisfy the creditors that they were not concealing, stealing, or covering up anything, that the best thing they, the creditors, could do would be to accept it, and keep the matter out of court and the hands of the lawyers. After the remarks made by Mr. Marshall were ended, James Arnold made a statement of the condition of the bank and mill at the time of his father's death, when he took charge of the business. The mill was at that time out of debt and a little ahead; but improvements in the machinery which it was necessary to make in order to hold the trade, cost them much more than the difference between the assets and liabilities at the time of the failure. The bank's assets and liabilities at that time were about equal. It seems by the explanation given by Mr. Arnold, that these institutions have not been paying expenses since that time, while his individual business adventures have been no less disastrous; so that his investments to the amount of a few thousand dollars at the time he embarked in business, have vanished, and with them have gone fifteen thousand dollars of the money of confiding friends.

The call for a meeting of the creditors was understood by them to be for the purpose of hearing a proposition from the Arnolds to guarantee the payment of a certain per cent of the liabilities and acting thereon. In this they were disappointed. Yet with all this disappointment the good nature of this large assembly of deceived men and women never seemed to waver. After Mr. Arnold had made his statement, a number of questions were asked of him, all of which seemed to be answered satisfactorily. He was asked to explain the meaning of several transfers of which had been made since the assignment, which he did, clearly proving that no fraudulent transfers have been made but that some of them were of actual benefit to the creditors. Ford Grimes was then asked if he had said that about fifty thousand dollars of accounts and notes had mysteriously disappeared from the books. He said he had not, but that he had said that there was about forty thousand dollars of money that had disappeared for which they could find no record. They could find a record showing that it was gone, but could find no record of what was done with it. Mr. Arnold was asked if he could account for it. He said he could and he presented the books in which he said he could show where every dollar went.

A motion was made to appoint a committee of three to settle the business and take it out of court. Mr. Marshall put a veto to this proposition by saying that it would not be taken out of court and placed in the hands of such a committee at the instigation of a majority of the creditors present; that such a move would only be made upon a petition to the judge signed by all the creditors. He further stated that the only object in taking it out of court would be to save expenses and unless means were devised whereby it could be done cheaper nothing would be gained by the creditors settling the matter among themselves.

Dr. Merriman made a motion that a committee be appointed to circulate a petition to take the matter out of court and place it in the hands of an individual who might be chosen by the creditors. An amendment to the motion was made in which Dr. Merriman's name was inserted as the individual to do the business at a compensation of two dollars a day. We believe the motion was never put, at any rate, it was suggested the James Arnold be placed in the bank under the same bond as a receiver under orders from the creditors to settle affairs and make all out it he could for them. Mr. Arnold was called upon and stated that he would go under a bond for the faithful performance of duty and settle up the affairs of these institutions to the very best of his ability, free of charge. The proposition was discussed and seemed to meet the general approval of the creditors present, yet it was sprung so unexpectedly that they seemed to want time before taking action, consequently nothing was done. We have no doubt however, that something of the kind will be done when the full force of the advantage of having Mr. Arnold, who could, and would, get more out of the assets than it is possible for anyone else to do, strikes them, together with a saving of court expenses, which Mr. Marshall stated were now about ten dollars  day.

The meeting of the bank creditors adjourned without having accomplished anything definite, yet we believe much good was done by bringing about a better feeling among the creditors which may eventually result in cutting expenses.

Immediately after this adjournment a meeting of the mill creditors was called. Mr. Moe was chosen president, and upon motion a committee was appointed to draft articles of incorporation and solicit stock for a new Mill Co. Mr. Arnold stated that through this course the creditors, by turning in their wheat checks as stock, could realize at least eighty cents on the dollar.