Russell Bank (Russell, IA)

Episode Information

Episode UID
2328329991301
Episode Type
Suspension โ†’ Closure
Bank Type
private
Bank ID
232832999 hash
Start Date
May 1, 1908*
Location
Russell, Iowa (40.982, -93.199)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
882d7c23caf4e77c

Response Measures

None

Description

Articles state the Russell Bank 'failed' and list liabilities tied to Crocker's embezzlement; explicit receivership for First National is mentioned but Russell's formal receiver isn't named.

Events (1)

1. May 1, 1908* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier F.R. Crocker appropriated bank funds for stockbroker speculation (about $1,162,000), leading to the Russell bank's failure.
Newspaper Excerpt
one of the other claims filed is that of Thos. Brandon of Russell, for $103,531.58, the full amount of the liabilities of the Russell bank ... and the failure of which was caused ... by Mr. Crocker's actions.
Source
newspapers

Newspaper Articles (3)

Article from Ottumwa Tri-Weekly Courier, May 26, 1908

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Article Text

JAMISON FILES $700,000 CLAIM AGAINST CROCKER ESTATE Chariton.-Receiver Jamison, of the defunct First National bank, has filed a claim against the Frank R. Crocker estate, Guilford Crocker, administrator, for $700,000, for money which Cashier Crocker appropriated for the bank's funds for his speculations with brokerage firms. Receipts have been found in the bank showing that Mr. Crocker had spent a total of $1,162,000 within the last three or four year with various brokerage firms, as follows: Chapman DeGolyer & Co., $509,965,63. A. O. Slaughter & C., $16,000. Granger Farwell & Co., $62,500. Counselman & Day. $10,000. Counselman & Co., $35,300. Shearsen Hanmill & Co., $333,986.93. Chas. W. Gates & Co., $10,025. Harriman & Co., $20,000. Wolf Bros., & Co., $15,000. Russell Brewster & Co., $20,000. One of the other claims filed is that of Thos. Brandon of Russell, for $103.531.58, the full amount of the liabilities of the Russell bank, which Messrs. Crocker and Brandon owned jointly, and the failure of which was caused, according to Mr. Brandon, sorely by the failure of the First National bank of Chariton through Mr. Crocker's actions. The assets of the Russell bank are to be deducted from Mr. Brandon's big claim. Another claim of $5,000, for the G. J. Stewart note which Mr. Crocker left as a deposit with the Russell bank after it had been paid, is filed by Mr. Brandon. Other News of Interest. At a meeting of the city council last evening it was decided to make arrangements to pave South Grand street from the southeast corner of the square to Woodlawn avenue, a distance of three blocks. The council also let the contract for 500 street signs, to be painted black with white lettering to Johnson Bros. This is to comply with the requirements of the postoffice department for the establishment of free city mail delivery. Miss Maud Abernathy, who teaches the seventh and eigth grades at the Columbus school building. was given a pleasant surprise Wednesday evening by her pupils. Light refreshments were served and a jolly time was had. She was the recipient of a beautiful souvenir spoon. Principal R. B. Leland and Misses. Mary Moore and Margaret Aikin, who will not teach in the Chariton high school next year, were given a surprise Wednesday evening at the home of Miss Mary Lockwood by the tenth grade pupils. Delicious refreshments were served and some time was spent in an enjoyable manner. The ladies were each presented with a handpainted hat pin and Mr. Leland with a Jade stick pin. Miss Lydia Rahmgren was given a


Article from Audubon County Journal, May 28, 1908

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Article Text

# GAMBLED MILLIONS AWAY. Crocker Dumped $1.162.000 of Funds Into Speculation. Chariton.-Receiver Jamison of the defunct First National bank, has filed a claim against the F. R. Crocker estate, Guilford Crocker administrator, for $700,000 for money which Cashier Crocker appropriated from the bank's funds for his speculation with brokerage firms. Receipts have been found in the bank showing that Mr. Crocker had spent a total of $1,162,000 within the last three or four years with various brokerage firms. The larger sums were as follows: Chapman, DeGolyer & Co. $509,965.63 A. O. Slaughter & Co... 16,000.00 Granger, Farwell & Co.... 62,500.00 Counselman & Day ...... 10,000.00 Shearson, Hammill & Co... 333,966.93 Chas. W. Gates & Co..... 10,025.00 Harriman & Co. ......... 20,000.00 Wolf Eros. & Co....... 15,000.00 Russell, Brewster & Co..... 20,000.00 The receipts for these amounts have been found and will be used as proof of the bank's claim for $700,000. As there is but little left of the Crocker estate above a homestead, the life insurance and other exempt property, there is no possible chance of a recovery of the full amount, or even a large portion of it. There are other claims, too, which will come in for their share, but it is hoped that the depositors will receive at least their share of the estate, even if it is a small amount. Among the other claims filed is that of Thomas Brandon of Russell for $103,531.58, the full amount of the liabilities of the Russell bank, which Messrs Crocker and Brandon owned jointly, and the failure of which was caused, according to Mr. Brandon, by the failure of the First National bank of Chariton through Mr. Crocker's actions. The assets of the Russell bank are to be deducted from Mr. Brandon's big claim. Another claim of $5,000 for the G. J Stewart note which Mr. Crocker left as a deposit with the Russell bank after it had been paid, has been filed by Mr. Brandon.


Article from The Leon Reporter, May 28, 1908

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Article Text

AGAINST CROCKER ESTATE. Receiver Jamison Files $700,000 Claim Against Crocker Estate. for Speculations. Another immense legal paper was filed with Clerk Carpenter last Saturday, when Receiver Jamison, of the defunct First National Bank, filed a claim against the F. R. Crocker estate, Guilford Crocker administrator, of $700,000, for money which Cashier Crocker appropriated from the bank's funds for his speculations with brokerage firms. Receipts have been found in the bank showing a total of $1,162,000 which Mr. Crocker had spent within the last three or four years with various brokerage firms, as follows: Chapman DeGolyer & Co. $509,965,63. A. O. Slaughter & Co. $16,000. Granger Farwell & Co. $62,500. Counselman & Day $10,000. Counselman & Co. $65,300. Shearson Hammill & Co. $333,986.93. Chas. W. Gates & Co. $10,025. Harriman & Co. $20,000. Wolf Bros. & Co. $15,000. Russell Brewster & Co. $20,000, Totaling about $1,162,000, the receips of which have been submitted as proof of the bank's claim of $700,000 against the estate. Of course there is no possibility of the recovery of the full amount or even a reasonable part of it, as there is little left of the Crocker estate above the homestead and other exempt property. And besides, there are numerous other claims to come in for their share. But the depositors are entitled to their share of the estate, no matter how small it may be. One of the other claims filed is that of Thos. Brandon, of Russell, for $103,531.58, the full amount of the liabilities of the Russell Bank, which Messrs. Crocker and Brandon owned jointly, and the failure of which was caused, according to Mr. Brandon, solely by the failure of the First National Bank of Chariton through Mr. Crocker's actions. The assets of the Russell Bank are to be deducted from Mr. Brandon's big claim. Another claim of $5,000, for the G. J. Stewart note which Mr. Crocker left as a deposit with the Russell Bank after it had been paid, is filed by Mr. Brandon.-Chariton Herald.