Corning State Savings Bank (Corning, IA)

Episode Information

Episode UID
2779308691250
Episode Type
Run → Suspension → Closure
Bank Type
savings
Bank ID
277930869 hash
Start Date
February 15, 1904
Location
Corning, Iowa (40.990, -94.741)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bd81d40124048d96

Response Measures

None

Description

Closure followed a steady run and discovery of bad/forged loans; receiver later appointed and bank remained defunct.

Events (5)
1. February 15, 1904 Run
Cause
Bank Specific Adverse Info
Cause Details
Steady withdrawals drained funds and bank had bad loans/forged or worthless assets undermining solvency
Newspaper Excerpt
The savings bank closed its doors February 15... The closing of the institution was the result of a steady run
Source
newspapers
2. February 15, 1904 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended operations after lack of funds due to withdrawals and worthless/bogus assets
Newspaper Excerpt
CORNING BANK FAILS SAVINGS INSTITUTION FORCED TO CLOSE DOORS ON ACCOUNT OF LACK OF FUNDS.
Source
newspapers
3. February 23, 1904 Receivership
Newspaper Excerpt
Upon application of its stockholders O. F. Andrew was to-day appointed receiver of the Corning Savings bank, which has been in the hands of State Auditor Carroll for a week.
Source
newspapers
4. March 4, 1904 Other
Newspaper Excerpt
Frank L. LaRue, president of the Corning State Savings bank, now in the hands of a receiver, shot and killed himself this afternoon.
Source
newspapers
5. September 7, 1905 Other
Newspaper Excerpt
Receiver of the Corning State Savings bank to pay a third dividend of 10 per cent to the depositors of the defunct institution
Source
newspapers

Newspaper Articles (19)
1. February 18, 1904 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, February 18, 1904

Click image to open full size in new tab

Article Text

CORNING BANK FAILS SAVINGS INSTITUTION FORCED TO CLOSE DOORS ON ACCOUNT OF LACK OF FUNDS. Depositors, Will, It is Said, be Paid in Full and the Bank May be Freshly Financed and Re-Opened for Business After a Few Weeks. Creston, Feb. 16.-(Special.)- The Corning Savings bank, located at Corning, in Adams county, was closed yesterday because of a shortage of funds. It is stated that the depositors will be paid in full and it is hoped that the bank will again be able to resume business in a few weeks. The closing of the institution was the result of a steady run, not sensational not excited, but one that has drained the resources of the bank so that business was necessarily suspended. Then too, it is said that bad loans upon which nothing could be realized were made and these had a bad effect upon the bank's finances. F. L. La Rue, the president of the bank, is an old resident of Corning and has always enjoyed the confidence of the people. Even now there is no hint at any crooked work on the part of the bank's officers and there is no excitement as the result of the failure of the institution. Causes of Failure. The causes leading up to the closing of the doors are many. In the last two or three years numerous Adams county people have gone to Montana, Missouri and other places and have drawn their surplus cash from the local banks and it is generally conceded that the majority of these were patrons of the savings bank. The people who purchased their farms also drew a great amount from the banks. Then this summer the hail storm destroyed the corn crop in a large portion of the county and on the heels of this disaster came the flood of August and the drain for the payment of corn shipped in has been another serious drain on the bank To head all these disasters there has been a certain personal fight for a long time or rather talk, that was bad. This has created an unrest that has been detrimental to the banking business of the town and created a suspicion and uneasiness in the minds of the people. May Reopen Soon. It is generally thought that all the depositors will be paid in full. In fact there is a movement on foot to finance the institution and the doors may open on the proposed scheme. Parties interested in the bank have said the depositors will be paid in full. It is true that the bank has some bad paper but with the assessment of the stockholders and the realization on the good paper there can be but a little, if any loss. Pella Bank Not Failure. Pella, Feb. 16.- (Special) - The assignment of the Pella Savings bank is due to a misunderstanding and is not considered in the nature of a failure. The elder Vanderploeg, who is worth in the neighborhood of a quarter of a million dollars, some time ago agreed to advance $20,000 capital, providing his son, W. G. Vanderploeg was made cashier, succeeding Herman Riepold, Riepold resigned and Vanderploeg took charge of the bank as treasurer. When the time came for the advance-

2. February 23, 1904 The Minneapolis Journal Minneapolis, MN
Article from The Minneapolis Journal, February 23, 1904

Click image to open full size in new tab

Article Text

RECEIVER FOR BANK O.F. Andrew Appointed for a Savings Institution at Corning, lowa. Corning. Iowa., Feb. 23.-Upon application of its stockholders O. F. Andrew was to-day appointed receiver of the Corning Savings bank, which has been : in the hands of State Auditor Carroll for a week. President La Rue, until the state auditor assumed charge, was active manager. The liabilities are about $30,000:

3. February 24, 1904 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, February 24, 1904

Click image to open full size in new tab

Article Text

Made Bank Receiver. CORNING, Iowa, Feb. 23.-Upon application of its stockholders, O. H. Andrew was today appointed receiver of the Corning Savings bank, which has been in the hands of State Auditor Carroll for a week. President La Rue, until the state auditor assumed charge, was active manager. The liabilities are about $30,000.

4. March 1, 1904 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, March 1, 1904

Click image to open full size in new tab

Article Text

Assets Are Worthless. An examination of the books of the Corning State Savings bank, at CornIng. Ia., by Receiver C. F. Andrews, shows that the institution had been gutted by its management. President Frank La Rue has confined himself to his home since the failure, refusing to see anybody. One report is that he is losing his mind and another is that he Is feigning insanity. He has turned over $55,000 worth of property to the bank. Receiver Andrews finds that a large part of the assets are worthless, being merely copies of notes once held by the bank, the originals having been disposed of; other notes are forgeries without even the merit of being copies of genuine originals. It is impossible yet to state what proportion of the $175,000 of assets of the institution is worth anything, but the condition is very bad.

5. March 5, 1904 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, March 5, 1904

Click image to open full size in new tab

Article Text

Bank President Kills Himself. Sioux City, Ia., March 4.-Frank L. Larue, president of the Corning State Savings bank, now in the hands of a receiver, shot and kined himself this evening. The savings bank closed its doors February 15, and its affairs were found to be badly tangled. The strain and worry of the weeks preceding the failure had affected Larue both physically and mentally, and he had been confined to the house for ten days or more.

6. March 5, 1904 The Times Dispatch Richmond, VA
Article from The Times Dispatch, March 5, 1904

Click image to open full size in new tab

Article Text

TAKES HIS LIFE BECAUSE OF WORRY President of a Closed Sioux City Bank Is Driven to Suicide. (By Associated Press.) SIOUX CITY, IOWA, March 4.-Frank L. Larue, president of the Corning State Savings Bank, now in the hands of a recelver, shot and killed himself this afternoon. The savings bank closed its doors February 15th, and its affairs were found to be badly tangled. The strain and worry preceding a failure had affected Mr. Larue both physically and mentally, and he had been confined to the house for ten days or more. This afternoon he locked himself in the bath room and shot himself in the temple, death being instantaneous, Ho had long been one of the leading business men of Corning.

7. March 5, 1904 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, March 5, 1904

Click image to open full size in new tab

Article Text

BANK PRESIDENT KILLED HIMSELF. LaRue Put a Bullet Through His Head at Corning, Ia. Sioux City, Ia., March 4.-Frank L. LaRue, president of the Corning State Savings Bank, now in the hands of a receiver, shot and killed himself this afternoon. The savings bank closed its doors Feb. 15 and its affairs were found to be badly tangled. The strain and worry preceding a failure had affected Mr. LaRue both physically and mentally, and he had been confined to the house for ten days or more. This afternoon he locked himself in the bathroom and shot himself in the temple, death being instantaneous. He had long been one of the leading business men of Corning.

8. March 5, 1904 The Bennington Evening Banner Bennington, VT
Article from The Bennington Evening Banner, March 5, 1904

Click image to open full size in new tab

Article Text

Corning Cashier Shot Himself. SIOUX CITY, Ia., March 5.-Frank L. La Rue, president of the Corning State Savings bank, now in the hands of a receiver, has shot and killed himself. The savings bank closed its doors Feb. 15. and its affairs were found to be badly tangled. The strain and worry preceding the failure had affected Mr. La Rue both physically and mentally, and he had been confined to the house for ten days or more. He had long been one of the leading business men of Corning.

9. March 5, 1904 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, March 5, 1904

Click image to open full size in new tab

Article Text

ENDS TROUBLES WITH A BULLET President of a Bank, Now in the Hands of a Receiver, Shoots and Kills Himself AFFAIRS ARE MUDDLED Strain and Worry Preceding Failure Affect the Official and Weaken His Mind SIOUX CITY, Iowa, March 4.Frank L. Larue, president of the Corning Savings Bank, now in the hands of a receiver, shot and killed himself to-day. The savings bank closed its doors on February 15 and its affairs were found badly tangled. The strain and worry of the weeks preceding the failure had affected Larue both physically and mentally and he had been confined to the house for ten days or more.

10. March 6, 1904 The News & Observer Raleigh, NC
Article from The News & Observer, March 6, 1904

Click image to open full size in new tab

Article Text

BY SUICIDE ROUTE Bank President La Rue Sought to Escape His Troubles. (By the Associated Press.) Sioux City, Iowa, March 4.-Frank L. LaRue, president of the Corning State Savings Bank, now in the hands of a receiver, shot and killed himself this afternoon. The savings bank closed its doors February 15, and its affairs were found to be badly tangled. The strain of worry preceding a failure had affected Mr. LaRue, both physically and mentally, and he had been confined to the house for ten days or more. This afternoon he locked himself in the bath room and shot himself in the temple, death being instantaneous. He had long been one of the leading business men of Corning.

11. March 7, 1904 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, March 7, 1904

Click image to open full size in new tab

Article Text

IOWA BANKER SUICIDES. President of Failed Institution Shoots Himself. Sioux City, Ia., March 7.-Frank L. Larue, president of the Corning State Savings bank, now in the hands of a receiver, shot and killed himself during the afternoon. The savings bank closed its doors Feb. 15 and its affairs were found to be badly tangled. The strain and worry preceding the failure had affected Larue both physically and mentally.

12. March 10, 1904 Pierre Weekly Free Press Pierre, SD
Article from Pierre Weekly Free Press, March 10, 1904

Click image to open full size in new tab

Article Text

BULLET TO END WORRY. President of Bank Which Closed Kills Himself. Sioux City, Iowa, March 6.-Frank L. Larue, president of the Corning State Savings bank, now in the hands of a receiver, shot and killed himself yesterday afternoon. The savings bank closed its doors Feb. 15 and its affairs were found to be badly tangled. The strain and worry of the weeks preceding the failure had affected Larue both physically and mentally, and he had been confined to the house ten days or more.

13. March 10, 1904 Audubon County Journal Exira, IA
Article from Audubon County Journal, March 10, 1904

Click image to open full size in new tab

Article Text

Banker LaRue Shoots Himself. Sioux City, March 5.-Frank L. LaRue, president of the Corning State Savings bank, now in the hands of a receiver, shot and killed himself. The savings bank closed its doors on Feb. 15, and its affairs were found badly tangled. The strain and worry of the weeks preceding the failure had affected LaRue, both physically and mentally, and he had been confined to his house for ten days or more. He locked himself in the bathroom and shot himself in the temple. He had long been a leading man of Corning. Call Iowa Prihibition Convention. Ames, Ia., March 9.-The call for the Prohibition state convention has been issued by Chairman Elwell of Ames. The Iowa state convention of delegates from the Prohibition party will be held in Boone May 25. The call issued specifies the number of delegates from the ninety-nine counties as 684. The convention will be held for the purpose of nominating a candidate for secretary of state, auditor, clerk and reporter of supreme court. Besides the Prohibition state convention there will be held on the same date a meeting of the Prohibition alliance.

14. March 11, 1904 The Penn's Grove Record Penns Grove, NJ
Article from The Penn's Grove Record, March 11, 1904

Click image to open full size in new tab

Article Text

Bank President a Suicide. Frank L. La Rue, President of the Corning (Iowa) State Savings Bank, now in the hands of a receiver, shot and killed himself.

15. March 11, 1904 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, March 11, 1904

Click image to open full size in new tab

Article Text

Banker Commits Suicide. Frank L. Larue, president of the Corning State Savings bank, now in the hands of a receiver, shot and killed himself Friday afternoon. The bank elosed its doors Feb. 15 and its affairs were found to be badly tangled. The strain and worry of the weeks preceding the failure had affected Larue both physically and mentally, and he had been confined to the house for several days,

16. July 26, 1904 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, July 26, 1904

Click image to open full size in new tab

Article Text

TO SUE STOCKHOLDERS Court Appoints Receiver to Represent the Creditors of the Defunct Corning State Savings Bank - Widow of President Turns Over Property. Special to Times-Republican. Corning, July 26.-Judge W. E. Miller of the district court, has appointed A. R. Wells, as a special receiver for the purpose of prosecuting the stockholders and directors of the defunct Corning State Savings bank for damages sustained by the creditors thru their neglect of duty as such stockholders and directors. The widow of the defaulting president has turned over to the creditors her interest in all property owned by him, except life insurance.

17. September 8, 1904 Audubon Republican Audubon, IA
Article from Audubon Republican, September 8, 1904

Click image to open full size in new tab

Article Text

NOTES FROM THE CAPITAL Des Moines, Sept. 2. 1904. The question of whether or not Sarah Kuhn, now serving a life sentence for the murder of her crippled husband in Keokuk county, shall participate in his estate is before the supreme court. Mrs. Kuhn's statement of her claim on the estate has been filed in the supreme court. She is appellant in the case, her father in-law having won in the lower court. The estate consists of the life insurance which her husband left and the small estate he had accumulated by cobbling shoes, possibly $1,500. Iowa coal is to be tested by the government of the United States for the purpose of determining its rela tive value for the production of steam for the manufacture of coke and for other commercial purposes of very great importance. Already leading mine operators have been asked tc participate in the tests which are about to begin at St. Louis. Each is asked to donate a car load of coal Mine operators who are interested it the proposed tests have been asked to notify the state geologist, Frank A Wilder at the State university at Iowa City, and he will consult with them in person. About 100 feet under the surface or Polk county is a forest, and in the forest the bones of animals, possibly of human beings. At least that is the case at Enterprise, about twelve miles northeast of Des Moines, on the Iowa Falls Short Line. Parts of this forest are now in the office of the state mine inspector at the capitol The trees from which the pieces were cut were about a foot in diameter and floriculturists and chemists are now engaged in figuring out, scienti fically, what kind of wood it is. In this work they have the aid of In spector Ed. Sweeney, in whose territory the find was made. Superintend ent R. J. Shawhan of the Deer Creek Coal Mining company. found the for est. It was located about 100 feet be neath the surface. There are 759 automobile licenses out from the office of the secretary of state. Five of these, however were issued to non-residents who were exhibiting automobiles on the state fair ground recently. Another ten were re-registered. Under the law, a dealer in autos must have : registered number for each one, and this is true whether he be a non resident or not. It is also one of the wise provisions of the law that every man who purchases a machine al ready registered must put up another dollar and get a brand new number. Actually. therefore, but 769 automo biles are doing business in Iowa, for it is believed that practically every one is registered. It is supposed that they represent an investment of not less than $1,000 each. Nearly a million of dollars may be said to be tied up in horseless carriages in this state. Another complication growing OLD of the Corning bank failure and the suicide of Frank La Rue has made its appearance in the Polk county court in the suit of Harry T. Blackburn, vice president and cashier of the Iowa Na tional bank of Des Moines, against the Aetna Life Insurance company to recover on a policy on the life of La Rue to the amount of $2,000, which was assigned by the deceased banker to Blackburn before his death. Mr. Blackburn's bank was interested somewhat in the failure of the Corning bank, but was secured to some extent by the assignment of the La Rue life insurance policy. The assign ment was all made in good form but on the death of Mr. La Rue the Aetna insurance company refused to pay the the policy, basing its refusal on the fact that La Rue had committed suicide. On the other hand, however Mr. Blackburn insists that he is not held by the suicide of the banker and that the policy is good in his hands even though there is a question as LC the manner of Mr. La Rue's death. Commissioner Lincoln will begin the planting of fish in Iowa waters about the middle of the month. The car is now in the shops at Dubuque and will be ready about September 11 for the resumption of this work. The fish will be placed where none have gone before, except the great lakes into which each year a carload, each is planted. Game fish, only, of course are used for this. The United States is aiding the Iowa department in this work to some extent. Last year. the govern ment distributed 5,000,000 fish to the waters of Iowa. This work is directed from the fish hatchery at Manchester R. S. Johnson is superintendent in charge. But the government has adopted the Iowa plan of securing a supply of fish. It has a boat on the Mississippi gathering the fish. This scheme was devised by Commissioner Lincoln and has been taken over by the govern ment, which no longer depends on the hatchery for its supply for general "It is a very bad form for a person to make a spectacular display of his wealth." "Yes," answered Senator Sor ghum; and in politics it's worse than that. Star. It's in judicious."-Washington Mr. Sport-"Ethel, I'll bet you a

18. September 9, 1904 Iowa State Bystander Des Moines, IA
Article from Iowa State Bystander, September 9, 1904

Click image to open full size in new tab

Article Text

NOTES FROM THE CAPITAL Des Moines, Sept. 7. 1904 There are 759 automobile licenses out from the office of the secretary of state. Five of these, however, were issued to non-residents who were exhibiting automobiles on the state fair ground recently. Another ten were re-registered. Under the law, a dealer in autos must have a registered number for each one, and this is true whether he be a nonresident or not. It is also one of the wise provisions of the law that every man who purchases a machine already registered must put up another dollar and get a brand new number. Actually, therefore, but 769 automo biles are doing business in Iowa, for it is believed that practically every one is registered. It is supposed that they represent an investment of not less than $1,000 each. Nearly a million of dollars may be said to be tied up in horseless carriages in this state. Another complication growing out of the Corning bank failure and the suicide of Frank La Rue has made its appearance in the Polk county court In the suit of Harry T. Blackburn, vicepresident and cashier of the Iowa National bank of Des Moines, against the Aetna Life Insurance company to recover on a policy on the life of La Rue to the amount of $2,000, which was assigned by the deceased banker to Blackburn before his death. Mr. Blackburn's bank was interested somewhat in the failure of the Corning bank, but was secured to some extent by the assignment of the La Rue life insurance policy. The assignment was all made in good form. but on the death of Mr. La Rue the Aetna insurance company refused to pay the the policy, basing its refusal on the fact that La Rue had committed suicide. On the other hand, however, Mr. Blackburn insists that he is not held by the suicide of the banker and that the policy is good in his hands even though there is a question as to the manner of Mr. La Rue's death. Commissioner Lincoln will begin the planting of fish in Iowa waters about the middle of the month. The car is now in the shops at Dubuque and will be ready about September 15 for the resumption of this work. The fish will be placed where none have gone before, except the great lakes, into which each year a carload, each, is planted. Game fish, only, of course, are used for this. The United States is aiding the Iowa department in this work tc some extent. Last year, the govern. ment distributed 5,000,000 fish to the waters of Iowa. This work is directed from the fish hatchery at Manchester R. S. Johnson is superintendent in charge. But the government has adopted the Iowa plan of securing a supply of fish. It has a boat on the Mississippi gathering the fish. This scheme was devised by Commissioner Lincoln and has been taken over by the govern. ment, which no longer depends on the hatchery for its supply for general distribution. Two new industries are in course of establishment at the state institution at Eldora. They are printing and wood working. Superintendent Drake is now engaged in buying the machinero for the printing establishment and the wood working machinery bids are in the hands of the board of control. They wll not be opened for a day or two, or until the bidders all have an opportunity. The Eldora band has just been equipped with new band instruments, throughout, at a cost of several hundred dollars. These instruments were supposed to be here for the state fair SO that the boys might then have them to use. Ole Hura, an inmate of the city jail, was assaulted and unmercifully beaten by three of the other prisoners who had been incarcerated on the charge of drunoenness. Pat Crowe, Walter McNealy and John Hammock fell upon him without any apparent cause than to vent their spite and left him in an almost senseless condition on the floor before the attention of Jailer Willis was called to the squabble. The Des Moines police have been notified to look out for a deserter who has escaped from Fort Des Moines. John Burdy is the soldier who deserted. He is described as being 5 feet 10 inches in height, with light brown hair and a short turned-up nose. The army officers have asked for assistance in the search, but as yet no one answering to the description has been found. The state board of control has pur. chased about ten tons of liver, fourteen tons of sausage and about six tons of bologna for the institutes under its management. This went along with the nearly 150 tons of fresh beef and the nearly seven tons of ham. The contracts let by the board of control were for meat requisitioned by superintendents of the respective institutions. They cover the supply for the last quarter of the present year. Agar & Co., of Des Moines got all of the ham, bacon, sausage, bologna, pork dried beef and mess pork contracts for all of the state institutions. The board was especially pleased with the samples submitted by the Agars. The beef liver and mutton contracts went to Armour, swift and Cudahy. Customer-"The last fish I had from you didn't seem very fresh. Fish Dealer-"Well, mum, 'ow can you ex pect fresh fish to come out o' sait water?"-New Yorker. "I don't want poverty, an' I don't want riches," says Brother Dickey; "all I wants is plenty political cam paigns an' canderdates runnin de year

19. September 7, 1905 The Leon Reporter Leon, IA
Article from The Leon Reporter, September 7, 1905

Click image to open full size in new tab

Article Text

An order was signed by Judge H. M. Towner, this week, granting the receiver of the Corning State Savings bank to pay a third dividend of 10 per cent to the depositors of the defunct institution and Mr. Andrews is now busily engaged in writing the checks. It requires $14,980 to pay a dividend of 10 per cent and after declaring the dividend the receiver had just $12 on hands. The distribution of nearly $15,000 will be quite a sum for those who were so unfortunate as to be doing business with the bank at the time of the failure. This dividend all goes to the depositors and none of it to those who only established a general claim against the bank. It is thought, by those who are familiar with the situation, that there will be another dividend of 10 per cent and quite probably still another for a less amount. If everything works to the best advantage of the defunct institution it is possible the fifth dividend will be for 10 per cent, but it cannot be depended upon. The depositors will have to be content with from 40 to 50 per cent and to get that amount they were fortunate enough in getting certain legal points sustained, not only by the lower court, but by the supreme court. The receiver says the Carbon mill is one of the most difficult assets he has to realW ize on. The bank has a claim for about S $1,500 against it and it is the intention to sell the same at "piece meals." Corning Free Press. n, Piles may be your trouble. Antiseptic Piles Cones will cure you. We sell them. 50c. box W. C. Stempel &;Co.