Bank of Cedar Falls - Cedar Falls, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 1, 1874*
Location: Cedar Falls, Iowa (42.528, -92.445)

Metadata

Model: gpt-5-mini
Short Digest: dcf3d8fc

Response Measures

None

Description

Article (Chicago Daily Tribune, 1876-12-22) reports that about two years earlier the Bank of Cedar Falls was found to have a large deficiency, its president A. G. Thompson left, and the institution was wound up by a receiver. Creditors suspect embezzlement and the president was later arrested and returned to face indictment. No run or depositor run is mentioned; the bank was closed and placed in receivership. Date of failure is described as about two years ago from the 1876 article (approx. 1874), but the receivership/arrest actions are discussed in the 1876 article — I include a suspension (wound up) and a receivership event. Bank type not specified in the text, so set to unknown.

Events (2)

1. January 1, 1874* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Discovery of a large deficiency in the bank's funds and suspected embezzlement by the president (A. G. Thompson) led to winding up by a receiver.
Newspaper Excerpt: about two years ago the Bank ... was accepted as a sound and reliable commercial institution: but suddenly, one day, it was discovered that there was a big hole in the ... and the institution wound up by a receiver.
Source: newspapers

2. December 22, 1876 Receivership

Newspaper Excerpt: the institution wound up by a receiver. The President, A. G. Thompson ... shortly after left, and the institution wound up by a receiver. The President was ... arrested and brought back to answer an indictment for embezzlement.
Source: newspapers

Newspaper Articles (1)

1. December 22, 1876 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, December 22, 1876

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Article Text

dangerous reserves of the good compa- the the or to be stolen by the thieves in out nes, bad companies. And it now turns that the only security the policy-holders have is the unchallenged, unexamined, uncorrected statements of the companies-that the system of State inspection in New York is a fraud and a snare. has opinion of THE TRIBUNE this business 100 already, and it advises to deal with any companies In lasted 20 refuse the long that the or, present public worse only their own unsupported statement S, It yet, certificates from the State Super:utendent. inadvises the public to insist on publicity. An surance company is not a private business concern. and the public have a right to know every detail of its operations. If there is any company that considers itself 100 good to submit to the fullest pablicity. let it be treated as 100 good to be patronized any longer. ALLEGED CROOKED BANKING. Special Correspondence of The Tribune. MOINES, Dec. About two years ago the Rank DES of Cedar Falls was accepted as a Found and reliable commercial institution: but suddenly, one day. it was discovered that there was a big hole in the Little and that the monetary foundation and had fallen out. The President, A. G. Thompson, the Ca-Lier shortly after left. and the in-titution wound up by a receiver. The Pre-ident was The Ni-covered was recently in Scoharie, N.Y. where creditors e had of invested largely in real estate the Bank are suspicious that he took away funds of the bank, and he has been arrested and brought back to answer an indictment for embezzlement. are lle says he can explain satisfactorily. Officer after the other alleged delinquent. BILLS OF LADING AS NEGOTIABLE INSTRUMENTS. The bill proposed by the New York Chamber of of Commerce to facilitate the negotiation of bills lading. and to punish fraud therein, was introduced into the House of Representatives on Monday by Mr. Hewitt, of New York: provides that whenever party. in the course for- of It transaction between the United States and States. any shall any or between any of the United or to any special or common carrier to any warehousement or property whate water. today. d liver nation, er any both. persuns or and by other shall land agree- take cusbill of lading. shippingtherefor any or other voucher. in which be stated that such property of any party whatever named t mon. meet. to the it certificate, order shad is herein. deliverable instru- the in full to, and the right of such instrument. and to by the mentioned therein. shall be of the party mentioned therein absolute erty title unlof all transferable such personal instrument; and subse- LTOPquent document inderects. indure: and the delivery delivery of EU h the fitle and and upon such shall immediately vest in the which trausright of subject only 10 the Lens and conditions proferee. in suid instrument. that if any su. h instrument negotianie, this law shall not apply to that may vieed not be mentioned shall fusteer state it. porto that 11 is men Issued: and provided before settlement or payment, actual Notice trunsferee the property of other equities The bill shall in its be remaining received he shall by sec- the the be tions boand provides by of such securing that notice. it shall the negotiability be construed liberally of the instru- for purpose mentioned. and provides that any person who ments makes. endorses, or transfers any oilthese when tue property as Reserved. eliail be deemed and pulished accord dingly. subject to all penalties now maining knowingly Lu. instruments, stetuento: situated meationed prescribed in besides good guilty therein by fifth law. of re- is a such instrument small be as a Finally. it 1s provided :h same shall no party has c dealing been liable transferred Indorser bill was accepted thereoa after by the surenquent transferee. Commerce. The refeircu to the committee on THE GOLD AND WOOL PRODUCT OF AUSTRALIA. The gold mines of Victoria, Australia, reached their most productive point in 1853, when they turned out $50,000.000. The yield has declined since In 1S71 it was $32,000,000, and in 1973, $16.000.000. As the gold yield decreases the wool crop grows more valuable, and in 1873 the woul product of Australia was $70,000.000, more than four times as much as its gold product. REDUCTION OF INTEREST IN CALIFORNIA. It has been apparent for some time past that the rates of interest charged by our California banks and capitalists were higher than were warranted the general business and funcial situation. The by Trustees of the Bank of California have, we think, acted wisely in deciding upon a reduction. Interest on business paper running from condition thirty to ninety days should not. in the present of the money market. exceed the rate of 9 per annum. When the savings began the rates on which they there was almosI a real cent to reduce estate, per immediately made banks loans on greatly build activity in the erection of cheap And when the example of the making business luans on ings. formin increased in moderate confidently Bank of terms Call- exshall be generally imitated, we may 10 witness # corresponding development of peet activity in manufacturing enterprises of every description. Francisco Caronicle. SAVINGS BANK NOTES. The Park Savings Bank of New York has determined to wind up and go ont of business. DeposRors are being paid np In full. and all but $39,000 has been paid out. The depression in business. and a heavy loss on an investment in Governments the issue of 1865. made just before the issue of of 413 per cents, were the causes of the surrender of the charter. The Receiver of the Abingdon Square Savings of New York has discovered that de- the title Bank of the bank to some of its real estate is : fective. A majority of the Trastees, he says, the were only figure-heads, and the others treated bank as if it were their own private property. SAN FRANCISCO SPECIE SHIPMENTS. total shipment of silver coin and bars of from the The Francisco for the first eleven months this San amounted to $22,163,918.95 or 760, year amount, $10,397, 634. 7S was in bars and $11, 284.17 in coin. GOLD AND GREENBACKS. Gold was 106% @107% in greenbacks. Greenbacks were cents on the dollar gold. FOREIGN EXCHANGE. Sixty day. Sight. 4516 Sterling 48:16