Article Text
IOWA BANK BREAKS. By the Associated Press, Cedar Rapids, la., Dec. 14.--The Bank of Olin, owned by E. E. Snyder, assigned today. Liabilities, $155,000; assets, $171,000. Assets in clude $163,000 loans, some of which are considered poor.
Bank of Olin (Olin, IA)
Episode Information
- Episode UID
2124621691260- Episode Type
- Suspension → Closure
- Bank Type
- private
- Bank ID
-
212462169hash - Start Date
- December 14, 1904
- Location
- Olin, Iowa (41.998, -91.142)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
221a258af4ee59e9
Response Measures
None
Description
Assignment/receiver reported and indictments for fraudulent banking indicate permanent failure.
Events (2)
1.
December 14, 1904
Receivership
- Newspaper Excerpt
- made an assignment in favor of L. M. Carpenter, a merchant at Olin; receiver has been able to realize only about $30,000, and declare a 10 per cent dividend to the depositors.
- Source
- newspapers
2.
December 14, 1904
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Assigned due to poor loans and insolvency related to owner E. E. Snyder's management and alleged fraud.
- Newspaper Excerpt
- The Bank of Olin, owned by E. E. Snyder, assigned today.
- Source
- newspapers
Newspaper Articles (3)
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Article Text
Iowa Bank Fails Cedar Rapids, Iowa, Dec. 15.-The bank of Olin, owned by E. E. Snyder, assigned yesterday. The liabilities are $155,000, the assets $171,000. The assets include $163,000 of loans, some of which are considered poor.
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Article Text
SEVEN COUNTS AGAINST BANKER E. E. Snyder, Head of Defunct Bank of Olin, Iowa, to Return for Trial. Special to The Journal. Anamosa, Iowa, Oct. 6.-E. E. Snyder of Barlow, N. D., alleged defaulter, who failed in the Bank of Olin, Iowa, because he tried to pay as high as 7 and 8 per cent interest on deposits, will come back soon for trial in the district court here. His case is being reviewed by his attorneys preparatory to starting the defense by the middle of the week. Snyder, according to the charges against him, has victimized farmers along the Wapsie river out of $200,000. He moved to Olin from Grinnell, Iowa, and it is now said that all he had to start the bank were an inkstand, a desk, several pads of paper and exactly $500. He advertised in the newspapers that he would pay a higher rate of interest on deposits than any bank in the state, finally offering 6 and 7 per cent for money deposited with him. While the state authorities felt certain that this meant utter ruin, there was no wa yto stop it. Auditor Carroll ruled that a man could pay any amount up to the usury rate and no of fense could be charged except that he was a fool. The crash came in December, 1904, when Suyder. with $200,000 cash on deposit, had no money, according to the books, with which to meet his obligations and closed up the bank, making an assignment in favor of L. M. Carpenter, a merchant at Olin. The day after the bank was closed, 400 farmers walked the streets of Olin and vowed vengeance on Snyder. It was found upon examination that he had loaned as high as $36,000 on paper that had little or no value. It was alleged that he had handled the school funds of the district in such a way as to victimize the district in the sum of $15,000 and thus raise the tax rate of the depositors who are losers. Following the immediate exposure of Snyder there were stories about high living, robbery, crime and the like, most of which now seem to be exploded. The better element at Olin believes that Snyder actually believed he could pay 7 per cent on- money and still make money for his bank. Snyder is charged on seven counts with fraudulent banking and embezzlement. He disappeared from Olin last spring and was gone for several months, turning up finally in St. Louis in May. Later hé secured a position at Barlow, . D., as station agent for the Northern Pacific railway. Out of the mass of assets turned over by him in his assignment to Carpenter, the receiver has been able to realize only about $30,000, and declare a 10 per cent dividend to Iowa the the depositors. Under law Snyder's home was awarded to his wife, and was sold under the hammer for $3,500. The wife realized $3,100 and the estate $400. It is understood here that Snyder has agreed to plead guilty to one count in the indictments, provided he may. secure release from the other six. This release, the county attorney refuses to give. There are almost 100 witnesses subpenaed for the trial, which wil occupy at least a week. Under the Iowa law, Snyder, if found guilty, may be sent to the penitentiary for eighteen years on each indictment.