11775. Midland Savings Bank (Lincoln, NE)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
savings bank
Start Date
May 6, 1922
Location
Lincoln, Nebraska (40.800, -96.667)

Metadata

Model
gpt-5-mini
Short Digest
fce91e3b2cfd2e86

Response Measures

None

Description

Articles (May 6, 1922) report Midland Savings Bank of Lincoln as being 'in hands of receivers' after failure; no mention of a depositor run. Federal indictments for mail fraud tied to the failure indicate bank-specific adverse information leading to suspension and receivership/closure.

Events (2)

1. May 6, 1922 Receivership
Newspaper Excerpt
All these organizations are in hands of receivers and involve losses to stockholders, it is charged, of several millions of dollars.
Source
newspapers
2. May 6, 1922 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure tied to alleged fraud; federal grand jury returned indictments charging use of the mails to defraud in connection with the failure.
Newspaper Excerpt
the Midland Savings bank of Lincoln ... All these organizations are in hands of receivers and involve losses to stockholders
Source
newspapers

Newspaper Articles (2)

Article from The Seattle Star, May 6, 1922

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Article Text

25 NAMED IN INDICTMENTS OMAHA, Neb., May -The federal grand jury Friday returned a blanket indictment against 25 men, charging use of the mails to defraud in connection with the failures of the Guaranty Security company of Omaha, Deg Moines and Denver, the Midland Savings bank of Lincoln, the Pioneer State bank of Omaha, the Farmers' State bank of College View, Neb., and the Colonial Coal & Timber company of West Virginia. All these organizations are in hands of receivers and involve losses to stockholders, It is charged, of several millions of dollars. All the indicted men were released on bonds ranging from $1,000 to $25,000 each.


Article from Imperial Valley Press, May 6, 1922

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Article Text

U. S. Grand Jury Holds 25 in Fraud United Press Leased Wire OMAHA, May 6.-The federal grand IMPERIAL COUNTY'S jury Friday returned a blanket indictment against 25 men charging use of the mails to defraud in connection with MOST VITAL SUIT the failures of the Guaranty Securities company of Omaha, Des Moines and Denver, the Midland Savings Bank of ON TRIAL Lincoln, the Pioneer State Bank of Omaha, the Farmers State Bank of College View, Nebraska, and the Colonial Judge Franklin J. Cole, in departCoal and Timber company of West Virment 1 of the local superior court has ginia. before him one of the most important Wm. H. Culver of Los Angeles was cases which has ever found its way to among those indicted. All these organthe court calendar of Imperial county. izations are in hands of receivers and The case is entitled, H. H. Timken vs. involve losses to stockholders, it is Imperial Irrigation District and incharged of several million dollars. volves a claim for damages from high All the indicted men were released water table alleged to have been causon bonds ranging from $1,000 to $25,ed by leakage from a main canal of 000 each. the Imperial Irrigation District which Some of those indicted, and their runs along the property of the Timken bonds follow: Ranch Company within the territory of Thomas H. Matters, Omaha attorney Imperial Water Company No. 7, situ$10,000. ated southeast of Holtville. Willard V. Mathews, Omaha, $25,000. H. H. Timken is the millionaire of Walter A. George, former treasurer roller bearing fame and owns several of Nebraska, $1,000. thousand acres of land in the Imperial Ralph E. Sunderland, Omaha, $1,000. Valley, much of it the most highly imH. L. Fuller, Omaha, $10,000. proved in the county. Harold R. Cozier, Omaha, $5,000. The suit involves the liability of the Lucien B. Faller, Lincoln, Neb., $10,Irrigation District and of the various 000. mutual water companies for seepage Alexander L. Mathews, Broken Bow, from their canals where the seepage Neb., $10,000. may be proved to have raised the water Rev. Charles H. Rogers, Lincoln, Neb., table under adjoining lands to an ex$10,000. tent to render the land unproductive. Samuel G. Moore, Des Moines, $10,000. There are many thousand acres in a sitD. Eykelboom, Denver, $10,000. uation similar to that of the Timken James R. Ellison, Charleston, W. Va., ranch and the outcome of the case is $25,000. being closely watched because of the George L. Roach, Denver, $10,000. bearing it may have upon other cases Charles Rudolph, Chicago, $25,000. which are said to be pending and may Wm. H. Culver, Los Angeles, $25,000. be based upon the Timken case as a