Bank of Coin (Coin, IA)

Episode Information

Episode UID
5616641291251
Episode Type
Suspension โ†’ Closure
Bank Type
private
Bank ID
561664129 hash
Start Date
March 11, 1904
Location
Coin, Iowa (40.654, -95.230)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7afbeb26c214da66

Response Measures

None

Description

Multiple articles report the bank made an assignment for benefit of creditors in March 1904; later coverage cites failure from bad loans/speculation.

Events (1)

1. March 11, 1904 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Owner made assignment for benefit of creditors after insolvency related to bad loans/speculation; sole proprietor Luther Van Arsdel.
Newspaper Excerpt
The Bank of Coin, a private banking institution at Coin, Page county, ... has made an assignment for the benefit of creditors.
Source
newspapers

Newspaper Articles (11)

Article from Ottumwa Tri-Weekly Courier, March 12, 1904

Click image to open full size in new tab

Article Text

Bulk Sale Bill. Courtwright's bulk sale bill was made a special order for next Tuesday. It compels retailers to give creditors five days' notice when negotiating a sale of stocks in bulk. NAME A TRAVESTY. Bank of Coin Runs Short of Money and Assigns. Clarinda, March 11.-The Bank of Coin, a private banking institution at Coin, Page county, of which Luther Van Arsdel was the sole owner, has made an assignment for the benefit of creditors. The schedule of deposits showed nearly $60,000 assets. including real estate in different states.


Article from New Ulm Review, March 16, 1904

Click image to open full size in new tab

Article Text

Banks Assign. Council Bluffs, Ia., March 12.-The Farmers' bank, of Garden Grove, Ia., and the bank of Coin, Ia., made assignments Friday. The Garden Grove institution assigned to its creditors. It has a capital of $60,000, with liabilities unknown and supposed to be vastly larger than the assets. The Coin bank has assets of $30,000 and it is alleged the assets are sufficient to pay depositors.


Article from The Cooperstown Courier, March 17, 1904

Click image to open full size in new tab

Article Text

Banks Assign. Council Bluffs, Ia., March 12.-The Farmers' bank, of Garden Grove, Ia., and the bank of Coin, Ia., made assignments Friday. The Garden Grove institution assigned to its creditors. It has a capital of $60,000, with liabilities unknown and supposed to be vastly larger than the assets. The Coin bank has assets of $30,000 and it is alleged the assets are sufficient to pay depositors.


Article from The Sauk Centre Herald, March 17, 1904

Click image to open full size in new tab

Article Text

Banks Assign. Council Bluffs, Ia., March 12.-The Farmers' bank, of Garden Grove, Ia., and the bank of Coin, Ia., made assignments Friday. The Garden Grove institution assigned to its creditors. It has a capital of $60,000, with liabilities unknown and supposed to be vastly larger than the assets. The Coin bank has assets of $30,000 and it is alleged the assets are sufficient to pay depositors.


Article from Audubon County Journal, March 17, 1904

Click image to open full size in new tab

Article Text

Two lowa Banks Fail. Council Bluffs, Ia., March 12.-The Farmers' bank of Garden Grove, la., and the Bank of Coin, Ia., made assignments. The Garden Grove institution assigned to its creditors. It has a capital of $60,000, with liabilities unknown, and supposed to be vastly larger than the assets. The Coin bank has assets of $30,000 and it is alleged the assets are sufficient to pay depositors.


Article from Twice-A-Week Plain Dealer, March 18, 1904

Click image to open full size in new tab

Article Text

Two Banks Make Assignments. The Farmers bank of Garden Grove, Ia., and the Bank of Coin, Ia., made assignments Friday. The Garden Grove institution assigned to its creditors. It has a capital of $60,000, with liabilities unknown and supposed to be vastly larger than the assets. The Coin bank has also assets of $30,000, and it is alleged the assets are sufficient to pay depositors.


Article from The Ely Miner, March 18, 1904

Click image to open full size in new tab

Article Text

LATER. The nomination of Gen. Leonard Wood to be major general occupied most of the time of the senate on the 11th. In the house Speaker Cannon was named for president by William Alden Smith (Mich.) after an excited debate over the Bristow postal report involving congressmen. A resolution was adopted ordering an investigation of postal affairs so far as members of the house are concerned by a select committee of seven members to be appointed by the speaker. Trade reviews report improved business conditions as a result of better weather, all lines being more active. The great tunnel for passenger traffic between New York and Jersey City has been completed after thirty years' work. Mme. Patti is well satisfied with her American tour, which netted her $210,000. Rear Admiral Walker says that he expects work will be commenced on the Panama canal within two or three months. The wife of David Swope, a laborer, gave birth to five boys at her home near Pittsburg, Pa. A committte has begun inquiry into the charge that United States Senator Dietrich, of Nebraska, sold a postoffice appointment for $2,500. The postal receipts at the fifty largest post offices in the country for February show an increase of 9.79 per cent. over February, 1903. There were 259 business failures in the United States during the seven days ended on the 11th, against 239 the same week in 1903. Nine of the 18 militia companies have been withdrawn from Springfield, O., and renewal of outbreaks by the lawless elements was feared. In a five hour naval battle at Port Arthur the Russians and Japs each lost a torpedo boat, and the Russians admit losses of four killed and 30 wounded. The Farmers' bank of Garden Grove, Ia., with a capital of $60,000, and the bank of Coin, Ia., having assets of $30,000, have assigned. John W. White, head attorney for the Modern Woodmen, died at his home in Rock Island; Ill., aged 51 years. E. B. Critchlow, formerly assistant United States attorney for Utah, testified in the Smoot case in Washington that the Mormon church used ostracism to enforce absolute obedience in all things, business and political.


Article from The Worthington Advance, March 18, 1904

Click image to open full size in new tab

Article Text

Banks Assign. Council Bluffs, Ia., March 12.-The Farmers' bank, of Garden Grove, Ia., and the bank of Coin, Ia., made assignments Friday. The Garden Grove institution assigned to its creditors. It has a capital of $60,000, with liabilities unknown and supposed to be vastly larger than the assets. The Coin bank has assets of $30,000 and it is alleged the assets are sufficient to pay depositors.


Article from The L'anse Sentinel, March 19, 1904

Click image to open full size in new tab

Article Text

LATER. The senate on the 12th considered the fortification appropriation bill and passed a bill having for its purpose the prevention of the descration of the American flag by its use for advertising purposes. In the house Speaker Cannon appointed a select committee to conduct the investigation of the Bristow postal report. Frank Hancock, aged 106 years, died at Sparta, Wis. Death on the gallows is the fate decided on for Harvey Van Dine, Peter Neidermeier and Gustav Marx, the Chicago car barn slayers, whose escapades were attended by many murders. In a fit of jealousy Bert Washington, a negro at Donora, Pa., shot and killed his wife and then killed himself. Judge Hiles, of Salt Lake, testified in the Smoot hearing in Washington that polygamy had been more than usually flagrant in Utah since 1890. Fernando Walters and his three children were burned to death in their home near Garfleld, Ark. An unknown negro was taken from the jail at Mojave, Cal., by a mob and tarred and feathered and then shot to death for criminal assault. The Colombian government has issued a decree reducing the standing army to 5,000 men and declaring peace again in the republic except Panama. Holy Rosary academy, maintained by the Dominican sisters in Essexville, Mich., was burned. the loss being $25,000, and several inmates were badly injured. A heavy snew storm occurred in Kansas, Missouri, Iowa and central Illinois. Fearing that a writ might be served on her, Mme. Patti locked herself in her stateroom on the Lucania, on which she sailed from New York for home. The Japanese war loan has been subscribed 4ยฝ times. The large grain elevator owned by the Beardstown Lumber & Grain company at Arenzville, III., with 26,000 bushels of corn. was burned. Prominent Iowa democrats met in Des Moines and launched a boom for Gen. Nelson A. Miles for the democratic nomination for president. Mrs. Adam Carte died at Deckerville, Mich., aged 117 years. Reports say that the Russians have evacuated Port Arthur. leaving the city in flames. As a result of the recent bombardment by the Japanese, 38 Russian soldiers were killed and more than 100 wounded. Vice Admiral Togo's official report of the attack claims victory for his ships. The nomination of Gen. Leonard Wood to be major general occupied most of the time of the senate on the 11th. In the house Speaker Cannon was named for president by William Alden Smith (Mich.) after an excited debate over the Bristow postal report involving congressmen. A resolution was adopted ordering an investigation of postal affairs so far as members of the house are concerned by a select committee of seven members to be appointed by the speaker. Trade reviews report improved business conditions as a result of better weather, all lines being more active. The great tunnel for passenger traffic between New York and Jersey City has been completed after thirty years' work. Mme. Patti is well satisfied with her American tour, which netted her $210,000. Rear Admiral Walker says that he expects work will be commenced on the Panama canal within two or three months. The wife of David Swope, a laborer, gave birth to five boys at her home near Pittsburg, Pa. A committte has begun inquiry into the charge that United States Senator Dietrich, of Nebraska, sold a post. office appointment for $2,500. The postal receipts at the fifty largest post offices in the country for February show an increase of 9.79 per cent. over February, 1903. There were 259 business failures in the United States during the seven days ended on the 11th, against 239 the same week in 1903. Nine of the 18 militia companies have been withdrawn from Springfield, O., and renewal of outbreaks by the lawless elements was feared. In a five hour naval battle at Port Arthur the Russians and Japs each lost a torpedo boat, and the Russians admit losses of four killed and 30 wounded. The Farmers' bank of Garden Grove, Ia., with a capital of $60,000, and the bank of Coin, Ia.. having assets of $30,000, have assigned. John W. White, head attorney for


Article from The Tomahawk, March 24, 1904

Click image to open full size in new tab

Article Text

DOMESTIC. One million women have begun a crusade against Reed Smoot, and all pastors in the United States are urged to appeal to their congregations on March 27. The postal receipts at the fifty largest post offices in the country for February show an increase of 9.79 per cent. over February, 1903. E. B. Critchlow, formerly assistant United States attorney for Utah, testified in the Smoot case in Washington that the Mormon church used ostracism to enforce absolute obedience in all things, business and political. Russian refugees succeeding in evading military duty at home, reached New York and related thrilling stories of escape. "Buffalo Bill" Cody has filed suit for divorce against his wife in North Platte, Neb., charging that she is cruel. Nine of the 18 militia companies have been withdrawn from Springfield, O., and renewal of outbreaks by the lawless elements was feared. Mark Dunn was hanged at St. Joseph, Mo., for the murder of Alfred Fenton at Rushville. On the scaffold he declared that Fenton was killed by Cy Fisher. The Farmers' bank of Garden Grove, Ia., with a capital of $60,000, and the bank of Coin, Ia.. having assets of $30,000. have assigned. Rain and sleet delayed the work of repairing ravages of the flood at Middletown, Pa., and added to the discomfort of homeless hundreds. Judge Hiles, of Salt Lake, testified in the Smoot hearing in Washington that polygamy had been more than usually flagrant in Utah since 1890. Death on the gallows is the fate decided on for Harvey Van Dine, Peter Neidermeier and Gustav Marx, the Chicago car barn slayers, whose escapades were attended by many murders. In a fit of jealousy Bert Washington, a negro at Donora, Pa., shot and killed his wife and then killed himself. The United States now leads all the countries of the world in the value of its exports of domestic produce. Fernando Walters and his three children were burned to death in their home near Garfield, Ark. Since the explosion on January 25 in the Harwick coal mine near Pittsburg, Pa., 178 bodies have been recovered. An unknown negro was taken from the jail at Mojave, Cal., by a mob and tarred and feathered and then shot to death for criminal assault. Holy Rosary academy, maintained by the Dominican sisters in Essexville, Mich., was burned, the loss being $25,000, and several inmates were badly injured. Miss Virginia Burkholder, a noted magazine writer, died in New York as a result of being run down by an automobile. A heavy snow storm occurred in Kansas, Missouri, Iowa and central Illinois. Fearing that a writ might be served on her, Mme. Patti lot ked herself in her stateroom on the Luc_nia, on which she sailed from New York for home. The large grain elevator owned by the Beardstown Lumber & Grain company at Arenzvilie, Ill., with 26,000 bushels of corn, was burned. The heaviest snowfall of the season occurred in Iowa, Illinois, Michigan and Wisconsin, blocking railvay traffic.


Article from Ottumwa Tri-Weekly Courier, June 3, 1905

Click image to open full size in new tab

Article Text

account of age. He is a rich man. Mt. Ayr - Citizens' bank. Failed on account of bad management and bad loans, but not to farmers. Sigourney - Sigourney Savings bank. The cashier took $47,000 and used it in speculation on the board of trade, and when the discovery was made, shot himself. The bank paid out. Holstein - F. H. McCutcheon & Co.'s bank, Speculations on the board of trade. Corning - Corning State Savings bank. The proprietor of the bank used the funds as his own and when the discovery was made killed himself. Pella - People's Savings bank. Suspended but in settlement paid out. Coin - Bank of Coin. Broke up on account of bad loans, Banker speculated on board of trade. Garden Grove - Farmers' bank. Speculation on Chicago board of trade. Maquoketa - Exchange bank. Broken up on account of dishonesty, shiftlessness and extravagance. Pleasanton - Royal Richardson & Co.'s bank. Broken up on account of speculation. Dixon - Bank of Dixon. Broken up on account of embezzlement by the banker and his son. New Liberty - New Liberty Savings bank, Broken up by loaning money to a theatrical syndicate in Chicago and by speculation and extravagance on the port of the manager. Imogene - Citizens' bank. This bank did not fail; cashier skipped and his father put up shortage and bank flourishes. Birmingham - E. H. Skinner & Co.'s bank. Failed from bad management. Banker now under nine indictments. Olin - Bank of Olin. Broken up by speculation. Buck Grove - H. S. Green's bank. Banker skipped with the money. Dow City - H. S. Green's bank. Failed on account of speculation, and banker skipped. Waverly - German-American Loan and Trust Co. Failed, but paid out. Curlew - Bank of Curlew. Did not fail; moved to another town. Gaza - Bank of Gaza, Did not fail; sold out and moved away. Little Sioux - Little Sioux bank. Failed on account of speculation; president was a farmer and feeder and speculator; finally paid out. Tiffin - Corn Exchange bank. Did not fail; was the private bank and incorporated under the name of Tiffin Savings bank. Emerson - Farmers' bank. This bank never failed. It was consolidated with another bank under name of Emerson state bank. Sheldon - Sheldon state bank. This bank failed on account of politics and bad business methods. Ireton - Bank of Ireton. Failed because it had no capital; manager was a cranky man, and lost money in a brick plant. Ireton - F. M. McKeever's bank. There was no such bank. The bank referred to was the Bank of Ireton. Germania - State bank. This was one of the W. E. Brown banks and was loaded with northern and Canadian lands, hence its failure. Colfax - Bank of Colfax. This bank failed on account of speculations on the board of trade; the cashier suicided. Royal - Bank of Royal. This is one of the W. E. Brown banks and failed on account of speculations on the board of trade. New Providence - O. E. Miller & Sons' bank. This firm kept a store; had small capital; for various reasons lost public confidence and failed. Linn Grove - H. W. Main's bank. This was one of W. E. Brown's banks and failed on account of the speculation upon the part of Brown; Main suicided. Grinnell - National bank. Failed on account of misuse of funds by the Spencer family, extending over a period of years; Spencer and son were drowned, either by accident or intention. Storm Lake - National bank. This was W. E. Brown's bank and failed on account of Brown's speculations; Brown is under indictment. Le Mars - National bank. This bank failed about the year 1900, and the cashier was convicted of embezzlement. The bank failed for want of public confidence and on account of bucketshop speculations by cashier. In some cases it will be seen that the banks were not failures, but were incorporated with others. But in spite of the fact that the story is entirely wrong it is allowed to go out over the country and exert an influence dangerous to Iowa and her real estate interests. The fact is that loans to farmers in Iowa are sought after by country bankers and are valued by them. There is a great deal of legitimate and truthful ground upon which to fight the beef trust without damaging the reputation of the Iowa farmer. According to the magazine article, Senator L. W. Lewis of Page county is quoted as authority for the statements made by Mr. Russell. The Des Moines Capital wrote to Mr. Lewis and received the following in reply: "I am of the opinion that the Iowa bank failures are due to down-right rascality, outside speculation and over-loans.