Farmers Bank (Fontanelle, IA)

Episode Information

Episode UID
2242516391092
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
224251639 hash
Start Date
December 12, 1890
Location
Fontanelle, Iowa (41.290, -94.562)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
fc0f341470748123

Response Measures

None

Description

Sources report the bank 'failed' with assets well below liabilities; one article shows an apparent OCR digit error in the liabilities figure.

Events (1)
1. December 12, 1890 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failure/insolvency: reported liabilities (~$60,000) exceed reported assets (~$25,000).
Newspaper Excerpt
The failure of the Farmers' bank at Fontanelle, Ia., yesterday, caused great excitement, many merchants and farmers being depositors.
Source
newspapers

Newspaper Articles (4)
1. December 14, 1890 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, December 14, 1890

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Article Text

ASSIGNMENTS ALL AROUND. An Elevator Company Fails-Rumors About Trow & Co., Printers. MINNEAPOLIS, Dec. 13.-A dispatch from Luverne, Minn., to the Tribune says that the Iowa, Minnesota and Dakota Elevator Company, operating warehouses on the Burlington, Cedar Rapids & Northern railroad, has assigned. Liabilities, $150,000; assets, unknown. John Butler, a banker of Ellsworth, was manager of the company. Two days ago special trains were run on the Burlington road and all the grain taken from the elevators to Chicago and disposed of. The Metropolitan and German-American banks of Minneapolis are said to be losers. The elevator company's accounts in the Rock County bank, at Luverne, are all right. A few Luverne merchants are involved for small amounts. NEW YORK, Dec. 13.-It was reported in financial circles today that the Trow Printing and Publishing Company had asked an extension of four months on some of its paper bearing the endorsement of H.K. Thurber, which was readily granted by the banks holding it. The amount could not be definitely learned, but it is supposed to be over $125,000. The president of one of the banks said he was sorry the matter had become public, for he considered the company perfectly solvent. All the notes discounted, he said, have Thurber's indorsement, and the bank is not worried, because Thurber's statement of assets foots up between $3,000,000 and $4,000,000. The officers of the Trow company could not be seen this evening, but from other sources it was learned that the company does a very extensive business. The total assets are considerably over $1,000,000, which greatly exceeds the liabilities, and the opinion is expressed that there will be no trouble after the first of the year's collections. Mr. Thurber declined to talk on the matter. CINCINNATI, Dec. 13.-Application was made this afternoon for the appointment of a receiver for the large dry goods house of Bell, Miller & Co., and for dissolution of the partnership. The petition alleges that the firm is insolvent. The estimated liabilities are $265,000; assets, $350,000. CLARKSVILLE, Tenn., Dec. 13.-Peacher's mills have failed. Liabilities, $85,000; assets about the same. CRESTON, Ia., Dec. 13.-The failure of the Farmers' bank at Fontanelle, Ia., yesterday, caused great excitement, many merchants and farmers being depositors. It is reported that the liabilities are $60,000; assets, $25,000. CHICAGO, Dec. 13.-The Morrison & Allen Paint Company was today closed by the sheriff on confessions of judgment aggregating over $28,000. The firm's liabilities are placed at $50,000. The assets are in excess of that amount. BALTIMORE, Dec. 13.-At a meeting of the creditors of the Gambrill Manufacturing Company, which failed yesterday for $300,000, it was shown that the firm will be forced to sell at 50 cents on the dollar. The amount realized will pay every dollar of the indebtedness. BOSTON, Dec. 13.-At a meeting of the creditors of Whitten, Burdett & Young today the assignee made statements showiny liabilities of $1,077,000, with preferences of $99,000, and assets of $1,092,000. The creditors of the defunct woolen firm of William Bloom & Co. have appointed William Bowman assignee. PITTSBURG, Dec. 13.-An execution for $30,000 was today issued against the Pittsburg Lumber Company. The trouble grew out of a dispute among the partners, and hence an application for the appointment of a receiver. PHILADELPHIA, Dec. 13. - Frank H. Webb, of Webb & Lee, manufacturing machinists, against whom an execution was yesterday entered upon on judgment on a note for $40,000, said late last night that the firm would probably make an assignment today. There is no statement of assets or liabilities. The firm claim a capital of $200,000. The business of the firm was to export hardware, hardwood, woodenware and machinery to all parts of the world

2. December 14, 1890 Sacramento Daily Record-Union Sacramento, CA
Article from Sacramento Daily Record-Union, December 14, 1890

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Temperature in the East. WASHINGTON, December 13th.-Generally fair weather prevailed in all the districts east of the Rocky Mountains except the Lake regions, where light snow has fallen. The temperature is 10% to 20° lower on the Atlantic Coast and 10° to 13° lower in the Gulf States. There has been a decided rise in the temperature in the Upper Mississippi and Missouri Valleys, which will extend over the central portions of the country to-day and to the Atlantic Coast Sunday. The conditions are still favorable for fair weather in the Northern Pacific Lake region, where light snows are likely to occur. THE TEMPERATURE. CHICAGO, December 13th.-The temperature this morning at 8 'clock was as follows: Chicago, 24°; Cincinnati, 20°; St. Louis, 38°; Winnipeg, 12°. Consul Lyall Replies. GALVESTON, December 13:h.-Thepublication of the fact that Governor Ross had written to Secretary Blaine, complaining of Lyall, the British Consul at this point, has brought forth the following: To the News: The publication of Governor Ross demand for my exequatur to be withdrawn is in violation of official etiquette on his part. Pending the question of my removal from the post of British Consul the State authorities are entirely wrong in publishing any official or other correspondence bearing on the matter. With reference the alleged improper conduct, can honestly affirm that none of my official letters to Governor Ross, respecting the imprisment of James Kelly, have in any way transgressed the bounds of courtesy, nor have in any manner exceeded my consular duties. am here to protect her Majesty s subjects, however humble, and have endeavored to do so. WALTER M. LYALL, H. B. M. Consul. Sale of Relics. PHILADELPHIA, December 13th.-The sale of Washington relics was concluded yesterday. A letter written by Washington to Major Henry Lee, dated October 20, 1780, giving instructions about the taking of Arnold, was sold to J. Murphy, who was scting for Senator Hearst, of California, for $1,000. He also purchased a letter written by Franklin to James Reed, August 27. 1745, for $500. Both these letters are celebrated. Jay Gould's "History of Delaware County and the Border Wars of New York,' issued in 1856, brought $11. The book was written in the financier's youth, and it is said he now buys and destroys all the copies he can find. Death of a Former Californian NEW HAVEN (Conn ). December 13th.Chester Hitchcock, aged 80, died last night of paralysis. Hitchcock was well known on the Pacific Coast and in the Northwest. In 1849 he went to California, and engaged in mercantile and shipping pursuits and invested largely in real estate. Later he went to Minnesota, and with others founded a settlement that is now the city of St. Paul. As the city grew he invested in buildings and engaged in the carriage business. He leaves two sons and three daughters. Expenses to be Reduced. YANKTON (S. D.), December 13th.-A movement is in progress among the members-elect of the Legislature to abolish many of the State offices in the interest of economy. The finances of South Dakota are in bad shape. It is proposed to abolish the offices of Commissioners of Immigration, Railroad Commissioners. State Veterinary Surgeon, and to cut off the militia appropriation and reduce the legislative ex penses from $125,000 to $75,000 for the ses sion. An effort will also be made to reduce the representation from 165 to 100 members. Bond Filed. PHILADELPHIA, December 13th - The Girard Life Insurance and Trust Company to-day filed a bond of $200,000, as security for a trust resigned last week by the Barkers. It is claimed that the trust was for the benefit of certain depositors. Should the claim prove well founded, it will take from the assets securities of a par value of $200,000, but whose market value is really less than the $183,750 of deposits for which the securities were to be held as collateral. Killed by a Passing Train. BRISTOL (Pa.), December 13th.-At the Mill-street crossing this afternoon the safety gates, which had been down for a freight train, were raised while an express train was coming. A wagon, in which were six persons, started to cross the tracks and was struck and demolished. Neal McIlvaine, Joseph Hussey, Hugh Dever and Joseph Johnson were killed. John McIlvaine and John McGee were seriously hurt. Switchmen On Strike. CHEYENNE (Wyo.), December 13th.-The Union Pacific switchmen at Evanston, to the number of fifteen, went out on a strike yesterday, and there is a blockade there. The officials say the men demanded shorter hours and more pay, but the men say they have been ill-treated and are in sympathy with the Ogden and Green River striker. Horse Thief Captured. OMAHA, December 13th.-Jack Hawley, one of the most daring horse thieves that Montana ever produced, passed through here last night under charge of a United States Marshal, who captured him at West Liberty, Iowa. Three years ago he stole 500 ponies from Montana ranchmen and took them to Texas and sold them. Dissolution Prayed For. CINCINNATI, December 13th.-An application was made this afternoon for the appointment of a receiver for the large dry goods house of Bell. Miller & Co, and for a dissolution of partnership. The petition alleges that the firm is insolvent. Estimates of the liabilities, $265,000; assets, $350,000, Bank Failure. CRESTON (Ia.), December 13th.-The failure of the Farmers' Bank, at Fontanelle, Iowa, yesterday caused great excitement, many merchants and farmers being depositors. It is reported that the liabilities are $6,000, and the assets $25,000. California Hops. NEW YORK, December 13th.-Prime California hops sold here yesterday at 35 cents, one cent advance on the preceding day for similar goods. The market shows rather more tone, but the local demand is slow. Fatal Boiler Explosion. BIG RAPIDS (Mich.), December 13th.The boiler of a sawmill at Tibbett's Siding exploded this morning. The engineer and two others were instantly killed and two more probably fatally injured. Another Tascott Arrest. PORT HURON (Mich.), December 13th.The police have arrested man agreeing with the description of Tascott, the murderer of millionaire Snell at Chicago. Foul Play Feared. NEW YORK, December 13th.-James L. Hawkins, aged 70, said to be worth $300,000, has been missing over a week, and foul play is feared. Short in His Accounts. HIAWATHA (Kan.). December 13th.Robert Sweeney of Reserve, an Alliance man who sold grain for farmers, is short in his accounts over $1,000. Chess Contest. NEW YORK. December 13th.-The third game of the chess contest resulted in a draw. A Young Ananias. The four-year-old son of Charles Clifford, the pugilist, who is now in jail for probably fatally wounding David A. Greever, the stockman, is precocious and "a chip of theold block." Police Surgeon Iuen, while trying to entertain the little fellow at the police station yesterday, pointed to his hunting

3. December 16, 1890 Telegram-Herald Grand Rapids, MI
Article from Telegram-Herald, December 16, 1890

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OLOSED UP. Creditors Force . Clasianati Dry-Goods First to Suspend-Their Liabilities About $165,000 Au Iowa Bank Falls Assignmeet of . Northwestern Elevates Com. pary. CONCENNATI. Dec. 15. -The application was made Saturday afternoon by william Bell for the appointment of a ceiver for the large dry-goods house of Beli, Miller & Co., of this city, and for the dissolution of the partnership The petition alleges that the firm is insolvent The representatives of the priucipal preferred creditors. Lowry Jackson for the Ohio Valley National Bank of Cineinnati, and Leo Frank for Claflin & Co., of New York, closed the store Saturday afternoon and are now in possession. Large chattle mortgages are out. Leo Frank estimated the liabilities at $965,000. and assets at $850,000. He thought that the firm would be able to resume business very soon, and believed that creditors were safe The stringency of the money market. an overstock of goods and dull trade are the causes given for the temporary embarrassment MINNEAPOLIS, Minn. Dec. 15.-The Iowa, Minnesota & Daketa Elevator Company, operating a line of warehouses on the Burlington, Cedar Rapids & Northern railway, has assigned. Liabilities, $150,000; assets unknown. Two days ago special trains were run on the Burlington road and all the grain taken from the elevators to Chicago and disposed of The elevator company's account in the Roek County Bank at Luverne are all right, showing a balance to its credit. The wreck has long been expected in financial quarters, but has been kept very quiet. CLARKSVILLE, Tenn., Dec. 5.-Hancock, Hallams & Co., proprietors of the Gracely tobacco warehouse of this city, made an assignment to W. J. Ely at a late hour Saturday evening. It is not known what the liabilities are, but they are said to be about $180,000. The assets are thought to greatly exceed the liabilities. The stringency of the money market caused the assignment. CRESTON, Ia., Dec. 15.-The failure of the Farmers' Bank at Fontanelle, Ia., caused great excitement, many merchants and farmers being depositors. Reported liabilities, $60,000; reported assets, $23,000. MILWAUKEE. Dec. 15.-A. N. Freize, dealer in sporting goods, made an assignment Saturday without preferences. The assets are $18,000; liabilities about $17,000. The tight money market and slow collections are given as the causes. WINONA, Minn., Dea. 15.-Hillyer & Baker, furniture dealers, one of the pioneer business firms of this city, assigned Saturday. Liabilities, $12,000; assets, $6,000. NASHVILLE, Tenn., Dec. 15.-H. O. Hambough & Co., of Peacher's Mills, near Clarksville, Tenn, have failed. Their liabilities are about $85,000. The assets are estimated at more than the liabilities.

4. December 20, 1890 The Livingston Enterprise Livingston, MT
Article from The Livingston Enterprise, December 20, 1890

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ingNEWS OF THE WEEK the apportion bill ment The house fixing has passed the representation Fontanelle has Iowa, 356. The Farmers' failed; liabilities bank of $60,000; as sets $25,000. took W. Hathaway of Montana of the on Monday. the James oath of office as postmaster T O'Brien, o house The Gill Irish and envoys, Timothy William Harrington, Saturday P. for Europe. Tues house coinage committee Ohio, chairman The elected Wickham of resigned to beday succeed Conger, who Brazil. to minister to Huron, come National bank of of The Hume Tuesday because suspended of deposits S. D., of $60,000 every the withdrawal bank claims to be able to pay dollar The of indebtedness. of ex scene great Saturday. Tullyrone was the The Parnell forces threw sticks eitement the anti-Parnell faction and a riot was and and stones at each other The Parnellites nearly precipitated. were worsted. A Hen At Portland, Oregon, boy Major of the R. Rappa dershot, the drummer arrested on the charge hotel of hannock, was worthless check on a give passing a He refused to settle or bonds keeper. and went to jail. traffic liquor committee on a bill to The house to report favorably and sale of agreed manufacture the prohibit and the intoxicating liquors medical in spiritous district of Columbia, except for and scientific purposes. a on bill, based The apportionment of 356 members of the representation of representatives, as originally has been house by Frank of Missouri, committee on proposed acted on by the favorably and reported in the house. the census have been issued offices to Instructions and receivers of land entry registers California to withhold trees." from The in containing the "big to reserve lands is to ask congress intention lands for national park purposes. provide such senate has passed the bill public doThe entrymen upon the acres ing that taken eighty who have additional of E surveyed main land may take an land, providT eighty ing that acres it is of contiguous unsurveyed to that already f T entered. Brevet Major General United Alfred H. States Ter de the retired list his home di army,died ry,on Tuesday morning at For three New Haven, Connecticut. suffering in general has been from al 6. from years the Brights disease, and it was this that death resulted. th house committee on invalid pen the th The has agreed to report favorably allowed an of sions bill limiting to $2 the fee the lia attorney in prosecuting on fr agent or for an increase of pension disability. de application of the increase of $10. ne account The maximum fee now allowed is no The house committee on irrigation the agreed to report favorably on lands on bill has giving to states all public and proed within their borders, the use the tai ceeds of which are to go toward questions esan tablishment of irrigation. All settled all as to water rights, etc., are to be th by the states themselves. The cabinet meeting Saturday consid counfai the financial condition of the fro ered and the result is that the president, to Ha try it is understood, will send a message of re no suggesting as a measure for the cil congress lief the enactment of legislation on for issue of additional currency based increased silver purchases. the an The bill introduced by Congressman reCarter has been ordered favorably Ho the ported. It provides that gold coin may we be exchanged for gold, bars, but gives to ha the director of the mint the power ex cor his discretion to impose for such boi rec change use a charge which shall equal the cost of manufacturing them. con the The board of general appraisers in the con brought before it by Marshall omis- Field case Co., Chicago, has decided the una Co ion of section 30 does not invalidate wh he McKinley tariff bill, but affects only 356 he omitted section. They also decide the hat the bill confers on the president no the atic legislative power. The case will be apealed. tee Dis In the United States district court at Uta Saturday Judge Wit R. Sims to we enced Chicago George fifteen Blodgett of months issuing senHe was found guilty the decrees of divorce con by the probate court raudulent jail. be issued purporting of he Box dithe Clder county, Utah. In this way orced hundreds of people throughout country. no an Power has introduced to reduce the mendment Senator amount of the of 339. nited States bonds required the banks, so as to nun the notes are to ational henever retired provide national under that Ala existing laws so that the Iow ank reserve shall aggregate $1,000,000 sach shall be the duty of the secretary of Card etreasury to purchase silver bullion the same amount and to pay for the me with United States notes. has A Cheyenne dispatch of the 15th says: ing welve hundred miners and laborers dict the Rock Spring mines of the Union give are on a strike and will The company ers acific idle. prrposed the miners paying of by no s dell workmen by the hour instead