3489. Holstein Savings Bank (Holstein, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
June 1, 1905*
Location
Holstein, Iowa (42.489, -95.545)

Metadata

Model
gpt-5-mini
Short Digest
51f6ecde

Response Measures

None

Description

Newspaper items (June 1905) report the Holstein bank 'went into the hands of a receiver' following failures tied to the late banker E. H. McCutcheon (OCR also shows 'McCutchen' in some articles). No article describes a depositor run; the bank was placed in receivership (permanent closure). Cause for suspension recorded as government action (receiver assigned); underlying problem appears to be bank-specific losses leading to suit to recover $100,000.

Events (2)

1. June 1, 1905* Receivership
Newspaper Excerpt
the Holstein bank, which went into the hands of a receiver, for just half the amount (suit by Modern Woodmen to recover $100,000 deposited in the Holstein bank which went into the hands of a receiver).
Source
newspapers
2. June 1, 1905* Suspension
Cause
Government Action
Cause Details
Bank was placed in the hands of a receiver (closure by receiver following failures tied to late banker E. H. McCutcheon).
Newspaper Excerpt
the Holstein bank, which went into the hands of a receiver
Source
newspapers

Newspaper Articles (3)

Article from Evening Times-Republican, June 12, 1905

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Article Text

MAKE OFFER TO SETTLE SUIT. McCutcheon's Bondsmen Willing to Part With Fifty Thousand. Des Moines, June 12.-Offers of settlement in the famous $100,000 suit brought by the Modern Woodmen of America against the bondsmen of the late E. H. McCutcheon, the Holstein banker, have been made and are now causing considerable comment among the upper administrative circles of the order. The bondsmen have, it is said, offered to settle the suit to recover the $100,000 which was deposited in the Holstein bank, which went into the hands of a receiver, for just half the amount. This has been refused by the fraternal order since the attorneys for it claim that the bondsmen are good and perfect security. Such a condition they believe, makes a settlement an unwise step to take.


Article from Ottumwa Tri-Weekly Courier, June 13, 1905

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Article Text

WOODMAN SUIT TO BE SETTLED. Negotiations Affecting Compromise, Said to Be Pending. Des Moines, June 10. - Offers of settlement in the famous $100,000 suit brought by the Modern Woodmen of America against the bondsmen of the late E. H. McCutchen, the Holstein banker, have reached Des Moines and are now causing considerable comment among the upper administrative circles of the order. The bondsmen have, it is said, offered to settle the suit to recover the $100,000 which was deposited in the Holstein bank, which went into the hands of a receiver, for just half the amount. This has been refused by the fraternal order since the attorneys for it claim that the bondsmen are good and perfect security. Such a condition they believe makes an unwise step to take. According to George N. Frink, who is one of the most prominent men of the order in Des Moines, the offer was received some time ago. It was not taken seriously, although the attempt at compromise is being made regularly. "I was in Mason City a short time ago," said Mr. Frink, 'and while there I saw Charles McNider. He then said that the directors were certain that the bond was properly drawn and that the claim of the Modern Woodmen was legally regular. The offer to settle for $50,000 gave the prosecutors an idea that the bondsmen of the deceased banker knew that the bond which they signed is still good." The bondsmen in question are farmers of Ida county with a few exceptions. The others are Holstein business men and one is an attorney at Ida Grove. It is understood from Ida Grove advices that the bondsmen are willing to compromise and it is rumored there that a compromise deal would be accepted by the Modern Woodmen. The notice that a compromise was being considered came as a great surprise to Holstein business interests in that Attorney W. E. Johnson who appears for the bondsmen, has started east with the intention of making a European trip. Senator C. G. Saunders of Council Bluffs is one of the attorneys interested in the case. He is a member of the directory board of the fraternal order. besides being attorney in the case which is now pending in the federa] court.


Article from Audubon Republican, June 15, 1905

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Article Text

appellant of an abuse of discretion on the part of the trial court in giving Smith the death sentence instead of a life imprisonment-Smith having pleaded guilty, the discretion was to be exercised by the court instead of a jury-the supreme court says it could not interfery. Smith was to have been hung or December. He is colored, about 40 years of age, and has no relatives in Iowa. He is confined at Fort Madison. Governor Com mins will have the duty to perform of fixing a date for his death. The measure of the damage to a husband in Iowa by reason of injury to his wife is not the expense of hiring a domestic to do the household work which the wife was in the habit of doing before the injury. So declared the supreme court of Iowa in an opinion affirming a $2,000 judgment obtained in Linn county by Fannie Hutchens from the Marion & Cedar Rapids traction, line. "In giving damages to the husband for injuries to his wife the law," says the Iowa court, "does not compute his recovery on a commercial basis but gives him such compensation as in the judgment of the jury is a money equivalent for the loss of such services. asistance, companionship and society as he has been deprived of by the injury." According to a dispatch from Washington to the Register and Leader Washington is wondering if Secretary Shaw will become president of the Equitable Life Assurance society of New York. The question arises, says the dispatch, "from New York reports that James H. Hyde favors Secretary Shaw for the position. It is said that special efforts have been made to get Mr. Shaw to consider the position. It is denied here that Secretary Shaw has been actually asked to take the place. It is not denied that he is being considered. The secretary is now in the south, and there is conjecture whether he would take the proposed position, which is worth $100,000 a year. One view is that on account of presidential aspirations he would not accept it under any circumstances. But it comes from close friends of the secretary that he is likely to take it, if factional differences are so composed in the Equitable as to insure him support in both factions. Inasmuch as his going to the Equitable would mean an end or the movement for the presidency to succeed Roosevelt, and at the same time would leave a cabinet vacancy, developments are being watched with much interest here." Chief A. O. Lund of Blackwell, Okla., has written Governor Cummins to inform him that he expects to come a third time for Frank Shercliffe. And when he comes this time he will come armed with perfect papers. When the officer left the state house recently, his requisition unhonored, he swore that he would never come back. But some friends advised him to get the papers that the governor asked for and from his letter to the executive office it is assumed that he has gone after them. The Iowa law was not satisfied by the recent showing. That is, no showing was made on the most im. portant point connected with the case. That is, as to whether Shercliffe is a fugitive from justice in Oklahoma. All that the authorities of that territory need to present to the governor is an affidavit from some man who knows it to be a fact that Shercliffe was in that territory at the time the crime with which he is charged was committed. Without evidence of this sort there he cannot be convicted. It is presumed, therefore, that it will be easy to procure if the prosecution is in good faith. Offers of settlement in the famous $100,000 suit brought by the Modern Woodmen of America against the bondsmen of the late E. H. McCutchen, the Holstein banker, have reached Des Moines and are now causing considerable comment among the upper administrative circles of the order. The bondsmen have, it is said, offered to settle the suit to recover the $100,000 which was deposited in the Holstein bank which went into the hands of a receiver, for just half the amount. This has been refused by the fraternal order since the attorneys for it claim that the bondsmen are good and perfect security. Such a condition they believe makes a settlement an unwise step to take. According to George N. Frink, who is one of the most prominent men of the order in Des Moines, the offer was received some time ago. It was not taken seriously,