3147. Cass County Bank (Atlantic, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 1, 1893*
Location
Atlantic, Iowa (41.404, -95.014)

Metadata

Model
gpt-5-mini
Short Digest
a3633ed8

Response Measures

None

Description

The Cass County Bank suspended/failed in December 1893 (doors closed, failure, receiver later appointed). No article describes a depositor run; the failure resulted from mismanagement/embezzlement and criminal charges against officers. Receiver actions and asset auction occurred later (receiver filing suits by 1897; assets sold at auction in 1899).

Events (3)

1. December 1, 1893* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure and suspension in Dec 1893 caused by mismanagement and massive losses; criminal charges and embezzlement by officers are mentioned in later articles.
Newspaper Excerpt
The Cass County Bank for the failure have of the been disposed ... The Cass 29, be doors on at first December 1893, to and a temporary what was suspension
Source
newspapers
2. December 25, 1897 Receivership
Newspaper Excerpt
Theo. C. Steinke, as receiver of the Cass County Bank of Atlantic, Ia., yesterday filed two actions asking for judgment ... . (Salt Lake Herald 1897-12-25). The receiver had been appointed earlier following the bank's failure in 1893 and was pursuing claims in court by 1897.)
Source
newspapers
3. November 27, 1899 Other
Newspaper Excerpt
Remaining Assets Are Sold at Auction for a Mere Song. ... all the remaining assets of the defunct institution were sold at auction by Receiver T. G. Steinke. ... The bank failed in December, 1893, the deposits amounting at that time to nearly $500,000. (Evening Times-Republican 1899-11-27).
Source
newspapers

Newspaper Articles (3)

Article from The Salt Lake Herald, December 25, 1897

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Article Text

that until this company does certain things they cannot do business within the city, which is clearly in contravention of the charter heretofore granted by the city. The law will not permit a municipality one day to grant a corporation the right to do business within its limits, and then the next day, by ordinance requiring rent Imand additional terms than th the posed by either the legislature charter granted by the city, to prevent it from having the benefits of such, charter granted. "For these reasons I must hold the ordinance void; and the defendants should be discharged." MINOR COURT MATTERS. M. D. Lessenger VS. E. T. Hulaniski et al.: arguments heard and decision reserved. Utah Land & Fruit company vs. Alma D. Chambers, treasurer, etc.; defendant granted ten days further time in which to answer. Providence Life & Trust company vs. George J. Marsh et al.; defendants granted ten days additional time in which to answer. Theo. C. Steinke, as receiver of the Cass County Bank of Atlantic, Ia., yesterday filed two actions asking for judgment in the sum of $1,000, from M. N. Groves, and another for a similar judgment from Emma Groves.


Article from Audubon County Journal, December 22, 1898

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Article Text

A. W. case 13.-The of of erson Atlantic, the State December Iowa matters vs A. W. history, Dick- have of are now which indictments since and the hanging over Cass Dickerson County Bank for been the failure have of the been disposed was deliver- of the in 1893, The decision after ed all by time. Judge N. presented W. Macy, to him by and the facts had been at some length representconsidered The State was T. B. Swan attorneys. by County Attorney by Hon Smith Curtis. Mcits and ed the defense H. G. closed Pherson and Major Bank The Cass 29, be doors on at first December County supposecasioned 1893, to and a temporary what was suspension money market be and one the stringent turned out to the by hard greatest times, failures and occasioned misplaced this of the mismanagement occurred in confidence county. by shortly The that receiver's ever after the statement. amounted failure, issued that the deposits far the preferred claims have showed to $525,000.00. been So paid a dividend was of ten per W. cent. Dickerson. who eighteen was he cashier, Mr. A. arrested but on finally the charges venue and a change to or secured cases twenty transferred of September Shelby bank- 1894, were where, in fraudulent county he plead guilty sentenced of to six years ing and was Madison sentence Penitentiary. was in the Fort behavior his months and he By good twenty-one on Sunday, Dereduced his liberty be re-arrested regained 4th, only to under indictcember the prison doors, which have he ments at for embezzeling.... against since had been been found in prison. at this time, has Dickerson, for the future. plans stood by no His wife, troubles, Mr. definite who has Dickerson's is almost him nervous during all wreck, his and will Mr. be the that care first consideration health. It is understood Mr. Isaac of the her indictments father against of A. W. Dickerson. Dickerson, will be dismissed. Following is on the the ruling last petition two of indict- Judge of A. N. W. Macy in granting have the the remaining ments to him dismissed: FIRST. W. indictments Dickerson against indictment herein The court on the 13th not was returned December into 1895, order but was of the day docketed of until the 1898, and was December, defendant's and modocketed court. in against upon the the resistance A warrant tion and the State. the 1st objection issued of herein and until thereun- on was of not December, 1898, was arrested and day der the defendant of December, hereunder 1898, the 4th held day in custody the Court is now is, therefore, held failures by and delay to that It the such part acts, of the State of this amount prosecuon bandonment the State from prostion an and further estop therein; that and before ecuting It appears wasentered in the SECOND. plea of guilty nsferred to Shelby case the No- it was understood and between the de- be a county: fendant counsel that for the such State sentence plea should of five the made and would that be accepted action by would, years and that such discontinuance the of State, probably, prosecution mection work a against with the further his failure. It defendant Cass County for that Bank it was reprecouna further to appears the defendant enter by his such sented that if he would be no further prossel plea there against would him. refused It also to ap ac- of ecutions that the court a sentence cept pears and pronounce stated that in all fixing teafive years, he but should consider its extent, sentence of the bank failure. trust imposed the tures the confidence the and abuse thereo.. thereinjury in its officers, and suffering the sentence wrought should It also by, and less that than six sentence years. was SO not be that the and that the did deappears the court believe, and fixed tendant by that was such led to action against terminated him, believe proceedings expected by further was not defendant and counsel that for it the State at that and time, that denor by the preceedings court, believed would be that sentence further manded, but it was was sufficient under such all the circumstances.


Article from Evening Times-Republican, November 27, 1899

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Article Text

CASS COUNTY BANK CASE. Remaining Assets Are Sold at Auction for a Mere Song. Atlantic, Ia., Nov. 27.-The curtain has fallen on the Cass county bank case. In front of the court house all the remaining assets of the defunct institution were sold at auction by Receiver T. G. Steinke. They consisted of a great many almost valueless notes, which were sold in bunches of ten or more for from 50 cents to $5 a lot. Receiver Steinke has made every possible effort to secure their collection. Owing to their age it was impossible to obtain any considerable sum for them. There was one valuable piece of property secured at a bargain by the purchaser. This was a business block on the main street of the town, comprising two lots and a three-story brick building known as the Yetzer, and costing in the neighborhood of $10,000 at the time of its erection. It was sold to J. H. Johnson, of the firm of Johnson & Thompson, who now occupies it, for $5,210. A report will be made to the court. The bank failed in December, 1893, the deposits amounting at that time to nearly $500,000. Many lost their entire accumulations of years and were left destitute, Others were heavy losers, but were able to stand it better than some of the smaller ones. There were criminal trials in connection with the failure. The president, J. C. Yetzer, is now serving time at Fort Madison. Albert Dickerson served two years in the penitentiary, while the vice president, Isaac Dickerson, has been twice tried, with no conviction.