3247. Conesville Savings Bank (Conesville, IA)

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: February 1, 1929*
Location: Conesville, Iowa (41.382, -91.350)

Metadata

Model: gpt-5-mini
Short Digest: a84d70c6

Response Measures

None

Description

The Conesville Savings Bank closed in mid-February 1929 after discovery of alleged defalcations by its cashier and the cashier's suicide. The state superintendent of banking filed receivership proceedings (article dated 1929-02-19). Subsequent articles through 1931 describe receivers' reports, asset sales and final liquidation. There is no clear contemporaneous description of a depositor run; the closure appears driven by bank-specific adverse information (embezzlement/defalcation) and resulted in permanent closure and receivership.

Events (5)

1. February 1, 1929* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Discovery of alleged defalcations (shortage) by the cashier; cashier subsequently committed suicide; bank closed immediately thereafter.
Newspaper Excerpt: The bank closed Friday because of alleged defalcations by cashier ... The bank closed after the suicide Thomas Bell, early Friday morning.
Source: newspapers

2. February 19, 1929 Receivership

Newspaper Excerpt: receivership proceeding filed in district court Monday afternoon by Andrews, state superintendent of banking appointed receiver for the bank ... Judge ... appointed him and directed that all claims ... be filed ... by April 18, and that claims not filed by that date are forever barred.
Source: newspapers

3. October 31, 1929 Other

Newspaper Excerpt: THIRD QUARTERLY REPORT OF CONESVILLE BANK RECEIVER APPROVED BY JUDGE JACKSON ... Payment of the second dividend of $14,114.38 previously announced, is included in the report.. Assets still out and estimated liabilities are figured at $93,988.96 according to the report.
Source: newspapers

4. January 12, 1930 Other

Newspaper Excerpt: Fourth Summary in ConesLiquidation Submitted to Court. ... the report was approved by Judge Jackson ... Bills receivable, $21,140.28; ... deposit claims allowed, $70,571.88; general claims allowed ... cash receipts were $4,849.02.
Source: newspapers

5. April 29, 1931 Other

Newspaper Excerpt: Assets of Cone Bank Will Be Auctioned Off April 29 ... auction sale the remaining assets of the defunct Conesville Savings bank ... the receiver authorized to dispose the assets.
Source: newspapers

Newspaper Articles (8)

1. February 19, 1929 The Muscatine Journal Muscatine, IA

Article from The Muscatine Journal, February 19, 1929

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CONESVILLE BANK ENTERS RECEIVER'S HANDS; THINK LOSS WILL EXCEED 100 Per Cent Assessment Is Not Sufficient STILL OPTIMISTIC State Official Says He Has Not Yet Found Cause for Great Concern Among Stockholders The loss at the Conesville Savings bank. which closed Friday because of alleged defalcations by cashier. Thomas will exceed appears from receivership proceeding filed in district court Monday afternoon by Andrews, state superintendent of banking appointed receiver for the bank Judge D. Although the petition did not state the exact amount of the loss. which unknown, said that even an assessment 100 per cent upon the capital stock. as permitted by would not make bank solvent The bank's capital stock hence appears that the loss this However, appears that stockholders. and not the depositors, would be the greatest losers. of the bank's affairs far have failed to reveal of enough to cause great concern depositors. Reassures Depositors. It rumored in Muscatine Monday that depositors in the bank would not receive cent on the dollar. There is absolutely basis for such Diehl of the state partment said. He explained that it would probably require 60 days more to check transaction that might defalcation. but that every indication that the amount lost to bank will not be large Passbooks being called in. notes held in the bank being and similar measures taken before the complete audit The bank closed after the suicide Thomas Bell. early Friday morning. He went to Marengo and killed himself after bank examiner had discovered the shortage. Bell's brother had agreed make good the shortage. but Bell thought have felt himself unable to stand the disgrace. Yount of Des Moines will remain in charge of the closed bank He accompanied who will not stay in Conesville long. File Claims by April 18. As step necessary adjudication of the bank's affairs. Mr. Andrews. state superintendent, appeared by the office district court Monday afternoon to institute receivership proceedings against the bank Judge appointed him and directed that all claims against the bank must be filed with Yount or with the clerk of the district court in by April 18, and that claims not filed by that date are forever barred. The court's order also stipulates that claims against the bank based on deposits, checking account deposits, savings deposits and deposits on time and demand certificates, except certificates issued for money borrowed for said bank, as shown by the books of the said be allowed as claims of depositors without further proof thereof."

2. October 31, 1929 The Muscatine Journal Muscatine, IA

Article from The Muscatine Journal, October 31, 1929

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Article Text

THIRD QUARTERLY REPORT OF CONESVILLE BANK RECEIVER APPROVED BY JUDGE JACKSON Total collections of L. A. Andrew as receiver of the Conesville Savings bank totaled $16,187.83 for the quarter ending Sept. 30. and disbursements reached $15,144.39 leaving a cash balance of $1,043.4 on hand These figures are shown in the third quarterly report filed today by C. R. Stafford as attorney for Andrew superintendent of banking of Iowa, and which was approved by Judge D Jackson The second annual report showed a total of $82,770.68 in bills receivable. Since that time the receiver paid out $4,064.51 in principal and $295. in interest, leaving a balance for the present report of $28 706.17 For cash items the previous balance was $780 15. with $623 paid out. leaving a balance Sept. 30 of $156 18 In the classification of furniture and fixtures. the former balance was $2. 283, with total sales since of $133 50 giving new balance of $2,149.50 The balance of $3,500 in Liberty bonds were sold during the quarter and this account closed Interest on bank balances from the previous report totaled $101.48 with $71.66 giving a new balance of $173.14 In the classification of rents, the previous balance was $684 94 with $126.85 added, making the Sept. 30 balance $811.79 Collect $2,700 Assets. Assets collected in the quarter totaled $2,700 The amount was secured through the stock assessments paid by the following Leon Bebb. $100 D Buser $200; C. M. Estle $100: Sarah Forbes, $100: Dollie Jones, $100 A W. Jones, $100 Har ry Maxwell $100 Will Maxwell, $100 Allen McCurdy $200; Eva L Leander McKee $500: W H. McKee $100: F. Quimby, $100 Eleanor Wehr. $700 Non-ledger assets collected totaled $11.32 The report showed total cash receipts of $11,580.73. Expenditures of receivership totaled $608.86. Money expended to conserve assets totaled $421 15. Payment of the second dividend of $14,114.38 previously announced. is included in the report.. Assets still out and estimated liabilities are figured at $93,988.96 according to the report. knowledge that a persistent depression had gripped the smaller businesses and industries and agriculture as well. "It may be well to trace the beginning or this calamity, Robinson said, referring again to the stock market collapse "If the foundation of the belief of ruined investors was faith in the strong position of American industry it is also true that the prophets and high priests of American prosperity, represented by no less personalities than former president of the United States. the the secretary of the treasury and former secretary of commerce, new president. contributed by unduly and repeated optimistic statements to the creation of enthusiastic if not frenzied ventures in stocks. "The good faith of these gentlemen may not impugned except insofar as their zeal is justly attributable to the desire for that partisan political advantage which is so often derived from real or fancied business conditions Had the democratic party been in power when the stampede on the stock exchange oc. curred. the ruinous results would have been charged by republican leaders the financial policies of the administration In addition, Robinson asserted that as a result of the decline the "power and prestige of the United States" had been weakend abroad and been greeted by foreign experts as "a great relief to their business institutions Wants an Investigation resolution authorizing the appoint. ment of committe of five senators to investigate speculative operations on all stock exchanges and report remedial measures not later than Feb. 1, 1930, was prepared today by Senator Nye, republican, North DaThe committee would include in its membership Chairman Norris of the judiciary committee and Chairman Norbeck of the banking committee as well as the respective ranking minority members of these committees, Senators Overman. North Carolina, Fletcher Florida The resolution says the speculative operations of the stock exchanges "threaten the stability and integrity of the entire industrial life of the country and "it is necessary that legislation be enacted to regulate purely speculative operations in the securities representing the physical equipment of the industrial structure of the nation Goes to Aid of Employes. Chicago, Oct. 31 AP Another

3. January 12, 1930 Quad-City Times Davenport, IA

Article from Quad-City Times, January 12, 1930

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BANK RECEIVER FILES Fourth Summary in ConesLiquidation Submitted to Court. Muscatine, Ia., Jan. fourth of the ceiver examiner of the defunct Conesville Savings bank was filed district court yesterday by Andrew, banking and for the Conesville bank, and Clyde Yount, examiner. The report was approved by Judge Jackson. total of remained the bills receivable assets when third quarterly report was filed. Since then there been paid the receiver the principal and interest, leavthe total of bills receivable, Five first mortgages foreclosed in that period, three the Cone company for amounts totaling 10-acre farm owned Minnie and Denham for and against the city property of Nell Horton $1,000, total $5,912.94. Balance of $2,149. There balance of the furniture and fixtures division for the third report. Sales of $16 left the balance Under the heading of other real estate, balance of listed. Real estate acquired thru the actions totaled bringing total to Interest on bills receivable totalfor the period. Collections on rents totaled Colstock $2,500. total amount of eral claims allowed was Cash receipts were $4,849.02. Under heading disbursements, report showed $801.19 for advanced cover assets, with cash balance on hand Dec. $4,913.50. The general statement of ceivership on Dec. 31 listed the following totals: List Assets. Assets: Bills receivable, $21,140.28; overdrafts, cash items, Columbus Junetion state bank, and bank Junetion, and banking house, other estate, Iowa National bank, Des Moines, dividends, the first cent June 15 totaled and the second on Sept. of cent totaled, expenses receivership, advanced conserve assets perferred claims account and of making total of Liabilities: Capital, surplus and profits, deposit claims allowed, $70,571.88; general claims allowed, interest from bills receivable, interest from banks, $173.14; rents stock account, $3,100 non ledger with the balance, 169.03.

4. August 29, 1930 The Muscatine Journal Muscatine, IA

Article from The Muscatine Journal, August 29, 1930

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District Court The American Savings bank is, suing Jacob Kropf for $531 65, the bank asking for writ of attachment against the defendant's property for the amount sought. A note is the grounds for the action. G. Allbee is attorney for the bank. By a special order of the court, the law suit the American Savings bank against G. H. Farrall and others is excepted from the order striking cases and retained on the docket until further special order of the court. G. Allbee is attorney for the bank. The application of L. A. Andrew. superintendent of banking of the state of Iowa, for authority to carry out terms of a written contract between the Conesville Savings bank. for which he is receiver, and Joe Allen, will come up for hearing at 2 o'clock the afternoon of Sept. 8, according to an order signed by Judge V. Jackson today. The bank receiver seeks attthority to sell three lots in block 40 of Columbus City to Allen for $800. Attorney C. R. Stafford filed the application for Andrew. The court authorized Cleve Hazen, guardian of Alberta, Loretta, Raymond and Albert Hazen, minor heirs in the estate of their grand. father. Albert Hazen, to expend $150 from their funds for school supplies. H. C. Madden is attorney for the guardian. The final report of Elizabeth Kern, guardian of Harry Kern, Jr., who recently attained his majority. was approved and the guardian was ordered discharged and the guardianship closed. H. C. Madden was the attorney

5. March 7, 1931 The Muscatine Journal Muscatine, IA

Article from The Muscatine Journal, March 7, 1931

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Issue Orders on Bank Notes Conesville Bank Receiver Authorized to Make Settlement Settlement of one outstanding note was authorized, and time for hearing an application to settle another in the receivership of the Conesville Savings bank of Conesville was set when applications were presented to Judge D. V. Jackson in district court today by C. R. Stafford attorney for L. A. Andrew, superintendent of banking and receiver of the Conesville bank. The receiver was authorized to settle the note for $1,000 given by the Conesville bank to John and Della M. Bebb for $300. The same order provided for the dismissal of a suit over the note pending in the Louisa county court. Hearing on the application of Andrew for authority to sell to Leander McKee of Conesville note executed by Harry and Nellie Maxwell and held by the bank, was set for March 14 at 10 o'clock. This note dated Dec. 16. 1925, has a balance of $2,410.67 due and Andrew proposes to settle for $1,200.

6. March 7, 1931 The Muscatine Journal Muscatine, IA

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Issue Orders on Bank Notes Conesville Bank Receiver Authorized to Make Settlement Settlement of one outstanding note was and time for hearing an application to settle another in the receivership of the Conesville Savings bank of Conesville was set when applications were presented to Judge D. V. Jackson in district court today by C. R. Stafford attorney for L. Andrew, superintendent of banking and receiver of the Conesville bank. The receiver was authorized to settle the note for $1,000 given the Conesville bank to John and Della M. Bebb for $300. The same order provided for the dismissal of a suit over the note pending in the Louisa county court. Hearing on the application of Andrew for authority to sell to Leander McKee of Conesville a note executed by Harry and Nellie Maxwell and held by the bank, was set for March 14 at 10 o'clock. This note dated Dec. 16, 1926, has balance of $2,410.67 due and Andrew proposes to settle for $1,200.

7. April 15, 1931 Mid-West Progressive Muscatine, IA

Article from Mid-West Progressive, April 15, 1931

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DATE SET FOR SALE OF BANK Assets of Cone Bank Will Be Auctioned Off April 29 Orders setting April 29. at 10 the hour the auction sale the remaining assets of the defunct Conesville Savings bank and the procedure of sale. were signed this afternoon by Judge Barker district court upon the application of Andrew. superintendent of banking. and receiver for the bank. The receiver authorized to disthe assets. total value including the onebrick building occupied the bank at auction to held in the town of Conesville. The of the bank, furniture and fixtures, accounts. and stock asare be separately collectively for sale. The receiver. however. is authorized settle or adjust any claims withdraw them from the sale to the time of the auction. He is authorized to advertise by publishing notice including the list of assets be placed on sale. The sale will be for cash.

8. July 20, 1931 Mid-West Progressive Muscatine, IA

Article from Mid-West Progressive, July 20, 1931

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AROUND THE CORNER Selection of four delegates to the national convention at Kansas City Aug. 30 to Sept. 4 and the transaction of other important business will feature special meeting 8 p. m., Tuesday of the John Harold Kemble Post No. 1565, Veterans of Foreign Wars. The meeting will be held in the new V. F. W, headquarters in the city hall, formerly occupied by the Welfare association. Miss Ida Grimm, deputy county recorder, who is on her vacation will leave Thursday for Cedar Rapids for short visit. Miss Beulah Hagermann, 1498 Washington street, who has spent the past month visiting in Chicago, has returned to her home. Mr. and Mrs. J. Anderson, 601 East Fifth street, spent the weekend in Chieago. Mr. and Mrs. J. W. Turner, 124 East street, their son, Hugh Arlo Griffith, deputy county Turner of Hutchinson, Kas., and treasurer, was back at work today their daughter, Mrs. Harry Alexan- after a vacation of two weeks. der, of Kansas City, Mo., and two sons, who have been visiting their Miss Mary Luellen of Chicago is parents here for several days, left visiting at the home of her parents, Sunday morning to visit relatives Mr. and Mrs, Walter D. Luellen, 511 at Milwaukee and other Wisconsin Sycamore street. points. Mr. Turner janitor at the Midwest Free Press. Mr. and Mrs. A. E. Hunt and family of Keokuk, Ia., visited Sunday at the home of Mr. and Mrs. Walter Mowel, 226 Dillaway stres Deeds of conveyance showing transfers of plat of ground in the northwest corner of lot 5, block 2, Orono addition to Conesville, from Mrs. Johnson and son MerM. M. Newell and husband to Arrill, of Mason City, are visiting at thur Ingraham, and another part the home of the former's sister, of the same lot from the Conesville Mrs. R. C. Fry, near Letts. Savings bank, by receiver, to M. M. Newel, have been filed in the county Mr. and Mrs. Ross Schafer of recorder's office. Davenport are visiting with the An automobile driven by Mrs. O. A. 2612 Mulberry avenue, caught fire from short in the wiring at the corner of Second and streets, at 10 m. Sunday. The central station fire truck answered the alarm and the was extinguished before any damage occurred. Miss Edith Stocker, who has been visiting her family at their home, 1170 Lucas street, left Sunday for Chicago She accompanied Mrs. Mildred Platt of Chicago, who spent the week-end at the John Barger home, 106 West Seventh street. former's parents, Mr. and Mrs. R. C. Fry, of near Letts.