3452. Graettinger Savings Bank (Graettinger, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
June 28, 1905
Location
Graettinger, Iowa (43.238, -94.751)

Metadata

Model
gpt-5-mini
Short Digest
e3feb1a2

Response Measures

None

Description

No run is reported. The cashier (W. H./William Mueller) disappeared in late June 1905, the safe was opened, the bank was closed and a receiver appointed. The bank is described as 'defunct' and a receiver liquidated assets with partial payments to depositors in 1906, indicating permanent closure. OCR variants of name (W. H./William Mueller) and small date ambiguities corrected from article dates.

Events (3)
1. June 28, 1905 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier William Mueller disappeared and was believed to have misappropriated funds (shortage); bank closed pending examination and safe opened by sheriff.
Newspaper Excerpt
There is considerable excitement here over the disappearance of Cashier William Mueller of the Graettinger Savings bank... The sheriff of the county has secured an order to have the bank safe opened
Source
newspapers
2. June 30, 1905 Receivership
Newspaper Excerpt
E. Soper, of Emmettsburg, Has Been Appointed Receiver of the Abandoned Bank and Indications are the Depositors Will Receive About 50 Cents on the Dollar.
Source
newspapers
3. April 7, 1906 Other
Newspaper Excerpt
Depositors the defunct Graettinger Savings Bank received 75 per cent this morning... It now appears that the depositors will be paid the other twenty-five per cent when the balance of the papers are collected.
Source
newspapers

Newspaper Articles (6)
1. June 28, 1905 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, June 28, 1905

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Article Text

CASHIER IS MISSING Head of the Graettinger Savings Bank Disappeared Over a Week Ago SHERIFF To OPEN THE SAFE Belief That Land Speculation Has Got W. H. Mueller Into Trouble Amount of the Shortage, if Any, Not Yet Known-Depositors Likely to be Paid. Special to Times-Republican. Graettinger, June 28.-There is considerable excitement here over the disappearance of Cashier William Mueller of the Graettinger Savings bank, and subsequent developments. Mueller disappeared about a week ago and his wherabouts are unknown. The sheriff of the county has secured an order to have the bank safe opened and until this has been done the amount of Mueller's supposed shortage will not be known. It is supposed that Mueller's deals in land were the cause of his trouble. The bank was established in 1892 and was the first bank in the town. It was capitalized at $10,000, and the last statement, February 16, 1905, showed deposits of $10,305. It is feared that the most of this money has been squandered. It is believed, however, that the depositors will receive nearly one hundred cents on the dollar. A receiver will be appointed. When the safe of the bank was opened today funds to the amount of $1,250. were found. The exact status of the bank's affairs, however, cannot be told until a more thorough examination of the books have been made. M. F. Kerwick is president of the bank, C. C. Mueller vice president, and William Mueller cashier. Ninety-three per cent of the stock of the bank was owned by Cashier Mueller.

2. June 30, 1905 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, June 30, 1905

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Article Text

All Efforts to Locate the Missing Cashier of Graettinger Bank Have Failed FRIENDS FEAR A SUICIDE E. Soper, of Emmettsburg, Has Been Appointed Receiver of the Abandoned Bank and Indications are the Depositors Will Receive About 50 Cents on the Dollar. Special to Times-Republican. Graettinger, June 30.-Developments in the case of William Mueller, the cashier of the savings bank here, lead to the fear that he has committed suicide. When he left here June 20, he bought a ticket for Estherville, but was not seen there that day. His wife is visiting her parents in Sioux Falls. She denies having knowledge of her husband's whereabouts. The $1,250 found in *the bank safe when it was opened by order of the sheriff was al: the cash called for by the books of the bank. From all appearances, however, the depositors will not realize more than 50 cents on the dollar. Mueller owned two farms m this vicinity, but both have been heavily mortgaged, probably to their full value. There is bank paper to the amount of $22,000, but it is said to be of little value. There was due depositors at the time the bank closed, $10,000. Many poor people had deposits to amounts of $50 to $500, and the loss will be a serious one to them. E. H. Soper, of Emmetsburg has been appointed receiver.

3. July 3, 1905 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, July 3, 1905

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Article Text

Whereabouts of the Missing Cashier of Graettinger Savings Bank Still Unknown BANK BOOKS ARE EXAMINED Depositors Are Assured That They Will be Paid in Full-Appointment of E. H. Soper For Receiver May be Protested as His Father is Creditor of Mueller's. Special to Times-Republican. Graettinger, July 3.-The whereabouts of the missing cashier William Mueller is still a mystery. All efforts to locate him are being made by his brother, C. C. Mueller. Saturday the state bank examiner, accompanied by President Kerwick and Vice President Mueller, looked over the affairs of the bank. The depositors were assured that they would be paid in full. Mueller owes the First National Bank of Emmetsburg a note of $8,000, secured by his personal real estate. It is understood that the depositors will protest to the state auditor the appointment of E. H. Soper for receiver. His father, E. B. Soper, is president of the First National bank OF ---metsburg.

4. July 6, 1905 Audubon Republican Audubon, IA
Article from Audubon Republican, July 6, 1905

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Article Text

CASHIER SKIPS. Wm. Mueller of Graettinger Reported to Be Short. Marshalltown, June 29.-William Miller, cashier of the Graettinger Savings bank at this city, disappeared from the town about a week ago and all efforts to locate him have failed. All bank accounts were locked in the bank, which has not been opened. Sheriff Conkley has secured an order to have the safe opened, and until that is done the amount of the shortage cannot be known, although the estimate runs as high as $10,000. Depositors are highly excited, but it is believed they are likely to get most of their money.

5. July 7, 1905 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, July 7, 1905

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Article Text

Missing Cashier of the Graettinger Savings Bank Is In Indian Territory WILL NOT BE RETURNED There Is No Criminal Charge Against Him and Only Personal Creditors Will Lose-Depositors Will be Paid in Full-Wife Heartbroken Over Her Desertion. Special to Times-Republican. Graettinger, July 7.-William Mueller, the missing cashier of the Graettinger Savings bank, has been located in Indian Territory. No effort will be made to bring him back as nothing unlawful in his doings has been found. The receiver and his assistant have been here, and from all appearances now, depositors will be paid in full, but others holding personal paper might suffer. Mrs. Mueller, the wife of the missing cashier is here from Siuox Falls, where she has been visiting. She is nearly heart-broken over the affair.

6. April 7, 1906 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, April 7, 1906

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Article Text

DEPOSITORS PARTLY PAID. They Are Promised Balance of Money by Defunct Graettinger Bank. Special to Times-Republican. of Graettinger, April 7.-Depositors the defunct Graettinger Savings Bank received 75 per cent this morning. It now appears that the depositors will be paid the other twenty-five per cent when the balance of the papers are collected. William Mueller, the cashier, has been acting as assistant receiver. He may engage in business here again soon. There is great rejoicing among the depositors today.