Bank of Cedar Falls - Cedar Falls, IA

Episode Information

Episode UID: 7604750090889
Episode Type: Suspension → Closure
Bank Type: state
Bank ID: 760475009 hash
Start Date: January 1, 1874*
Location: Cedar Falls, Iowa (42.528, -92.445)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 635455f9364a7bb7

Response Measures

None

Description

Article states the bank was wound up by a receiver after officers (president and cashier) left and an indictment for embezzlement; exact suspension date is given only relative to the article.

Events (2)

1. January 1, 1874* Receivership

Newspaper Excerpt: the institution was wound up by a receiver. The President, A. G. Thompson, and the Cashier shortly after left, and the institution was wound up by a receiver. ... The creditors of the bank are suspicious that he took away funds of the bank, and he has been arrested and brought back to answer an indictment for embezzlement.
Source: newspapers

2. January 1, 1874* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Alleged embezzlement by the president and missing funds discovered led to winding up by a receiver.
Newspaper Excerpt: About two years ago the Bank of Cedar Falls was accepted as a sound and reliable commercial institution; but suddenly, one day, it was discovered that there was a big hole in the bottom, and that the monetary foundation had fallen out. ... the institution was wound up by a receiver.
Source: newspapers

Newspaper Articles (1)

1. December 22, 1876 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, December 22, 1876

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Article Text

the dangerous reserves of the good companies, or to be stolen by the thieves in the bad companies. And it now turns out that the only security the policy-holders have is the unchallenged, unexamined, uncorrected statements of the companies—that the system of State inspection in New York is a fraud and a snare. In the opinion of THE TRIBUNE this business has lasted too long already, and it advises the public to refuse to deal with any companies that present only their own unsupported statements, or, worse yet, certificates from the State Superintendent. It advises the public to insist on publicity. An insurance company is not a private business concern, and the public have a right to know every detail of its operations. If there is any company that considers itself too good to submit to the fullest publicity, let it be treated as too good to be patronized any longer. ALLEGED CROOKED BANKING. Special Correspondence of The Tribune. DES MOINES, Dec. 19.—About two years ago the Bank of Cedar Falls was accepted as a sound and reliable commercial institution; but suddenly, one day, it was discovered that there was a big hole in the bottom, and that the monetary foundation had fallen out. The President, A. G. Thompson, and the Cashier shortly after left, and the institution was wound up by a receiver. The President was discovered recently in Schoharie, N. Y., where he had invested largely in real estate. The creditors of the bank are suspicious that he took away funds of the bank, and he has been arrested and brought back to answer an indictment for embezzlement. He says he can explain satisfactorily. Officers are after the other alleged delinquent. BILLS OF LADING AS NEGOTIABLE INSTRUMENTS. The bill proposed by the New York Chamber of Commerce to facilitate the negotiation of bills of lading, and to punish fraud therein, was introduced into the House of Representatives on Monday by Mr. Hewitt, of New York: It provides that whenever any party, in the course of any transaction between the United States and any foreign nation, or between any of the United States, shall deliver to any special or common carrier by land or water, or both, or to any warehouseman or other custodian, any personal property whatever, and shall take therefor any bill of lading, shipping-receipt, agreement, certificate, or other voucher, in which instrument it shall be stated that such property is deliverable to the order of any party whatever named therein, the absolute title in full to, and the right of possession of, such instrument, and to and of all such personal property mentioned therein, shall be transferable by the indorsement of the party mentioned therein and subsequent indorsers, and the delivery of such instrument; and upon such indorsement and delivery the title and right of possession shall immediately vest in the transferee, subject only to the liens and conditions which may be mentioned in said instrument, provided that if any such instrument shall state that it is not negotiable, this law shall not apply to it, nor to the property mentioned; and provided further that if actual notice of other equities shall be received by the transferee before settlement or payment, he shall be bound by such notice. The bill in its remaining sections provides that it shall be construed liberally for the purpose of securing the negotiability of the instruments mentioned, and provides that any person who knowingly makes, indorses, or transfers any of these instruments, when the property mentioned therein is not situated as described, shall be deemed guilty of a misdemeanor and punished accordingly, besides remaining subject to all penalties now prescribed by law. Finally, it is provided no party dealing in good faith with any such instrument shall be liable as indorser thereon after the same shall have been transferred and accepted by the subsequent transferee. The bill was referred to the Committee on Commerce. THE GOLD AND WOOL PRODUCT OF AUSTRALIA. The gold mines of Victoria, Australia, reached their most productive point in 1853, when they turned out $60,000,000. The yield has declined since steadily. In 1871 it was $32,000,000, and in 1875, $16,000,000. As the gold yield decreases the wool crop grows more valuable, and in 1875 the wool product of Australia was $70,000,000, more than four times as much as its gold product. REDUCTION OF INTEREST IN CALIFORNIA. It has been apparent for some time past that the rates of interest charged by our California banks and capitalists were higher than were warranted by the general business and financial situation. The Trustees of the Bank of California have, we think, acted wisely in deciding upon a reduction. Interest on business paper running from thirty to ninety days should not, in the present condition of the money market, exceed the rate of 9 per cent per annum. When the savings banks began to reduce the rates on which they made loans on real estate, there was almost immediately a greatly increased activity in the erection of cheap buildings. And when the example of the Bank of California in making business loans on moderate terms shall be generally imitated, we may confidently expect to witness a corresponding development of activity in manufacturing enterprises of every description.—San Francisco Chronicle. SAVINGS BANK NOTES. The Park Savings Bank of New York has determined to wind up and go out of business. Depositors are being paid up in full, and all but $39,000 has been paid out. The depression in business, and a heavy loss on an investment in Governments of the issue of 1865, made just before the issue of 4½ per cents, were the causes of the surrender of the charter. The Receiver of the Abingdon Square Savings Bank of New York has discovered that the title of the bank to some of its real estate is defective. A majority of the Trustees, he says, were only figure-heads, and the others treated the bank as if it were their own private property. SAN FRANCISCO SPECIE SHIPMENTS. The total shipment of silver coin and bars from San Francisco for the first eleven months of the year amounted to $22,163,918.95. Of this amount, $10,397,634.78 was in bars and $11,766,284.17 in coin. GOLD AND GREENBACKS. Gold was 106¾@107⅛ in greenbacks. Greenbacks were 93⅝@93¾ cents on the dollar in gold. FOREIGN EXCHANGE. Sterling... Sixty day. 482½ Sight. 484½