First National Bank (Cedar Falls, IA)

View Charter #2177 on SPMC View balance sheet

Episode Information

Episode UID
217701121
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
21770 national
Charter Number
2177
Start Date
May 16, 1893
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
70df5eff129c8635

Response Measures

None

Receivership Details

Depositor recovery rate
58.5%
Date receivership started
1893-06-13
Date receivership terminated
1897-01-06
OCC cause of failure
Fraud
Share of assets assessed as good
31.2%
Share of assets assessed as doubtful
49.6%
Share of assets assessed as worthless
19.2%

Events (4)
1. September 1, 1874 Chartered
Source
historical_nic
2. May 16, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Involvement by the assignment/failure of William M. Field & Brother, who controlled a majority of the bank's stock
Newspaper Excerpt
The First National Bank of Cedar Falls suspended at the close of business today, being involved by the assignment of William M. Field & Brother
Source
newspapers
3. June 13, 1893 Receivership
Source
historical_nic
4. June 14, 1893 Receivership
Newspaper Excerpt
Comptroller Eckels has appointed ... Elmer A. Howard, receiver of the First National Bank of Cedar Falls, Io.
Source
newspapers

Newspaper Articles (25)
1. May 17, 1893 The Record-Union Sacramento, CA
Article from The Record-Union, May 17, 1893

Click image to open full size in new tab

Article Text

A STRINGENCY OF MONEY. The Financial World Still in a Very Unsettled State. SEVERAL MORE BANKS FORCED TO SUSPEND PAYMENT. The Armored Cruiser New York Leaves the Shipyards at Philadelphia on Her Official Trial TripForeign Naval Officers Surprised and Delighted at the Manner in Which Her Departure Was Conducted. Special to the RECORD-UNION. WATERLOO (Iowa), May 16.-The First National Bank of Cedar Falls suspended at the close of business to-day, being involved by the assignment of William M. Field & Brother, who failed on Monday, and who control a majority of the stock. Field and his brother were among the largest importers of draft and coach horses in the West, and their failure is due to a decline in the stock which they handle. The liabilities of the bank are estimated at $100,000 to $150,000, while the personal liabilities of the Fields will be fully as much more. No statement of the assets can be given as yet, the resources consisting of 125 imported draft and coach horses, and large tracts of land in Iowa, the Dakotas and Kansas. The bank is in the hands of the Comptroller of Currency. It is said to be solvent and will pay all claims in full. The creditors are 152 in number, mostly farmers from the surrounding country. BANK OF THE CAROLINAS. CHARLESTON (S. C.), May 16.-The doors of the Bank of the Carolinas, with the home office at Florence, this State, closed with a notice of temporary suspension until a meeting of the directors. The capital stock of the bank is $60,000. It has branches at Kingstree, Conway, Williston and Yarnville, in this State, and several towns in North Carolina. It is believed the bank has assets to cover all indebtedness. The stringency of the money market and consequent inability to realize on securities caused the failure. ERASTUS WIMAN FAILS. NEW YORK, May 16.-Erastus Wiman has made a general assignment for the relief of his creditors. Wiman would not make a formal statement, merely saying the assignment was without preferences. At the close of a conference between Erastus Wiman and Attorney A. B. Fletcher, the latter gentleman, representing a majority of the stockholders, made the following statement: "Wiman figured out with me this morning that his total debts amounted to some $600,000. His assests to a large extent are mere conjecture, as he owns property which might be made very valuable could his schemes, in some cases already halfcarried through, be brought to perfection." DID BUSINESS WITHOUT CAPITAL. BLOOMINGTON, May 16. - The Exchange Bank of Norval, a suburb of this city, closed its doors to-day. It was a private bank, conducted by W. F. Schureman. The cause of the failure was the doing of business without capital. It has been expected for some time. The deposits averaged $90,000. The capital stock is supposed to be $25,000. A COAL COMPANY ASSIGNS. TORONTO (Ont.), May 16.-The Ontario Coal Company has assigned. The Molson Bank is the principal local creditor, the amount of paper held by it being between $250,000 and $400,000. The Ontario bank is interested to the extent of over $100,000. FORGED POPER OUT. DETROIT, May 16.-Herman C. Fechheimer, leading wholesale liquor-dealer, has failed, two weeks ago his partner, Thomas Swan, caused his arrest on a charge of fraud. He was released on bail, and has not been seen since. Bank officials admit much of the $100,000 of Fechheimer's paper held by the bank is forged. Cincinnati banks, it is also said, held a large amount of forged paper.

2. May 17, 1893 Evening Journal Wilmington, DE
Article from Evening Journal, May 17, 1893

Click image to open full size in new tab

Article Text

Embarrassed by Another Firm. WATERLOO, Iowa, May 17.-The - First National Bank, of Cedar Falls, suspended at the close of business yesterday being involved by the assignment of Wm. M. Fields & Bro., importers of horses. The liabilities are estimated at $100,000 to $150,000, while personal liabilities of Fields will be fully as much. No statement of assets can be given as yet. The bank is'in the hands of controller of currency. It is said to be solvent and will be able to pay all claims in full,

3. May 17, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, May 17, 1893

Click image to open full size in new tab

Article Text

A Cedar Falls Bank suspends. WATERLOO. Ia., May 16. - The First National bank. of Cedar Falls. suspended at the close of business today. being involved by the assignment of William M. Fields & Brother, who failed this morning, they having control of a majority of the bank's stock. Fields & Brother are among the largest importers of colts and coach horses in the West and their failure is due to a decline in the stock which they handle. The liabilities of the bank are estimated at $100,000 to $150,000, while the personal liabilities of the Fields will be fully as much more. No statement of the assets can be given as vet, the resources consisting of 126 head of imported draft and coach horses, and vast tracts of lands in Iowa, the Dakotas and Kansas. The bank is in the hands of the comptroller of the currency. It is said to be solvent and will pay all claims in full. The creditors, 152 in number, are mostly farmers from the surrounding country.

4. May 17, 1893 The Herald Los Angeles, CA
Article from The Herald, May 17, 1893

Click image to open full size in new tab

Article Text

FAILURES IN IOWA. The First National Bank of Cedar Falls Saspends. WATERLOO, Ia., May 16.-The First National bank of Cedar Falls suspended at the close of business today, being involved by the assignment of William M. Field & Brother, who failed this morning, and who controlled a majority of the stock. Field & Brother are among the largest importers of draft and coach horses in the west, and their failure is due to a decline in the stock which they handle. The liabilities of the bank are estimated at $100,000 to $150,000, while the personal liabilities of the Fields will be fully as much more. No statement of assets can be given as yet; the resources consist of 125 imported draft and coach horses, large tracts of land in Iowa, the Dakotas and Kangas. The bank is in the hands of the comptroller of the currency. It is said to be solvent and will pay all claims in full. The creditore, 152 in number, are mostly farmers from the surrounding country. STOUX CITY, Ia., May 16.-E. B. Spalding, assignee of the Ed Hankinson estate, has filed a schedule. The total value of the assets are put at $24,254, as against Hankinson's scheduled total of $1,877,788, R discrepancy of $1,853,534. The explanation is that the bulk of the securities originally scheduled were bypothecated previous to Itle failure. In the matter of the Sioux City Dreamed Beef and Canning company's Resignment, H. J. Taylor, ae aseignee, has also filed an amended schedule of assets, which places the total valuation of available property at $38,257. as againet the assignor's valuation of $836,198, a discrepancy of $797,841. The difference in valuation in this case is also attributed to the hy pothecation of securitiee, large amounts of which were floated by the defunct Union Loan and Trust company.

5. May 17, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, May 17, 1893

Click image to open full size in new tab

Article Text

AN IOWA BANK SUSPENDS. The First National Bank of Cedar Falls Closes Its Doors. WATERLOO, Ia., May 16.-The - First National bank of Cedar Falls suspended at the close of business today, being involved by the assignment of William M. Fields & Bro., which failed this morning, who control a majority of the stock. Fields & Bro. were among the largest importers of draft and coach horses in the west, and their failure is due to a decline in the stock which they handle. Liabilities of the bank are estimated at $100,000 to $150,000 while the personal liabilities of the Fields will be fully as much more. No statement of assets can be given as yet the resources consisting of 125 imported draft and coach horses, vast tracts of land in Iowa, the Dakotas and Kansas. The bank is in the hands of the comptroller of the currency. It is said to be solvent and will pay all claims in full. The creditors. 152 in number, are mostly farmers from the surrounding country.

6. May 17, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, May 17, 1893

Click image to open full size in new tab

Article Text

First National Bank of Cedar Falls, Io., Suspends Payments WATERLOO, 1.0, May 16. The First National bank of Cedar Falls suspended close of business yesterday. being the assignment of & Brother, which involved at M. the Fields by was William filed this and who a stock. Field & are ity of morning the control Brother majorthe largest importers of draft horses in the West. among coach decline and is due to the which they of the at $100,000 to and estimated failure stock liabilities $150,000, handle. bank the Fields while their The are in the personal liabilities of will be fully as much more. No state- The ment of assets can be given as yet. resources consist of 125 imported draft of coach horses, and vast tracts and land in Iowa, the Dakotas and Kansas. The bank is in the hands of the comptroller of the currency. It is said to all be solvent, and will be able to pay claims in full. The creditors. 152 in number, are mostly farmers from the surrounding country. WASHINGTON, May 16. -Comptroller Eckles has bean informed of the failure of the First National bank of Cedar Falls, Io. Bank Examiner John McCough has been ordered to take charge of the bank. The comptroller today appointed Albert Watkins, of Lincoln, Neb., receiver of the First National bank of Ponca, Neb. He also appointed David Armstrong, of Little Rock. Ark., receiver of the First National bank of Little Rock, vice Logan H. Root, resigned. GRAND RAPIDS Mich. May 16.-In the United States circuit court today a decree in foreclosure was handed down, and a judgment in favor of the Farmers' Trust and Loan company, of New York, the for $36,397.80 was entered against The Toledo & South Haven railway. road is thirty miles long, narrow gauge, and runs from South Haven to Lawton. BLOOMINGTON. III., May 16.-The Exchange Bank of Normal, a suburb of this city, closed its doors today. It was private banking institution, conducted a H. Schuereman, and the cause is business without has been expected some average $90,000, was supposed to be May 6.-Erastus doing The tal by The NEW W. stock deposits crash YORK, adequate $95,000, and capital. Wiman timer capi to made a general assignment Lawyer today David Bennett King, of 44 Pine The assignment was signed by Mr. and Assignee would not make any street. Wyman Wyman King. that formal Mr. the statement. He merely said assignment was without any preference. MILWAUKEE, May 16.-H. Penner & whose bedding factory was burned today. Co., last week, made an assignment Assets. $20,000; liabilities, not stated. MONROEVILLE, Ind., May 16.-The Bank of Monroeville, which its doors last Friday a on hour had depleted its closed Citizens' one after business cash run of has opened its doors for that it hand, this morning, with a statement inwould pay dollar for dollar ou all debtedness. NEW YORK, May 6.-An attachment $95,000 against the West Superior the for Iron and Steel company in favor ot of Atlantic Trust company, the trustée Cecil B. Griffith, was granted by attach- Judge Andrews today. Copies of the Cenhave been served upon the tral ment Trust company and Knickerbocker Trust company. PITTSBURG, May 16. - Judgments been entered in court here today have against the Godfrey & Clark Paper bringing the total against the company, up to $94,000. The firm hopes, and however, company to weather the trouble soon resume business. CHARLESTON, S. C., May 16.-The with of the Bank of the Carolinas, doors office at Florence, this state, closed home today with a notice of temporary suspension until a meeting of the directThe capital stock of the bank is ors. $60,000. It has branches at Kingstree, nearly Conway, Williston and Varn- in ville, in this state, and several towns North Carolina. It is belleved that the bank has assets to cover all indebtedness. Stringency of the money market and consequent inability to realize on securities held by the bank is the cause of the failure. SIOUX CITY, 10., May 16. - E. B. assignee for Ed Haakinson's to. filed his schedule of The total value of assets day. estate, Spalding, values to which he will have access is $24,245, as against Haakinson's scheduled total of $1,877,7SS, a discrepancy of The explanation is that of the the $1,853,534. bulk securities hypothe- originally scheduled had been cated previous to the failure. In the matter of the Sioux City Dressed Beef and Canning company assignment. also H. J. Taylor, as assignee, the filed an amendment to schedule of assets which place the total valuation of available property at as against the assignée's valuaa discrepency difference in valuation is also attributed to the 841. $38,257, case tion of The $836,198, amounts hypotheca- of in $797, this of tion of securities, large the which have been floated through nany. defunct Union Loan and Trust com-

7. May 18, 1893 The World Martinsburg, WV
Article from The World, May 18, 1893

Click image to open full size in new tab

Article Text

Iowa Bank Suspends. WATERLOO, Ia, May 17.-The first national bank of Cedar Falls suspended at the close of business Tuesday, being involved by the assignment of Wm. M. Fields & Brother, which was filed Tuesday morning. The Fields control a majority of the stock.

8. May 18, 1893 The Morning News Savannah, GA
Article from The Morning News, May 18, 1893

Click image to open full size in new tab

Article Text

An Iowa Bank Fails: Waterloo, Ia., May 17.-The First National Bank of Cedar Falls suspended at the close of business yesterday, being involved by the assignment of William M. Fields & Bro., importers of hosiery. The liabilities are estimated at $100,000 to $130,000, while the personal liabilities of the Fields will be nearly as much more. The bank is in the hands of the controller of the currency. It is said to be solvent and able to pay all claims in full.

9. May 18, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, May 18, 1893

Click image to open full size in new tab

Article Text

Business Embarrassinents BALTIMORE, May 17.-The Baltimore Forwarding and Railroad Company made an assignment to Winfield J. Taylor this afternoon. Differences among those interested in the management of the road 18 said to have been the real cause of the trouble. The company was incorporated by the Legislature of 1892 for the purpose of reconstructing and operating the Baltimore & Lehigh railroad, which extends from Baltimore to York, Pa. Its interests are concentrated, and the assignment does not affect any other road or busine. a here. WASHINGTON, May 17.-Controller Eckles has been informed of the failure of the First National Bank of Cedar Fails, la. Bank Examiner John McHugh has been orGered to take charge of the bank. The Controller bas appointed Albert Watkins, of Lincoln, Neb., receiver of the First National Bank of Ponca. Neb. He also appointed David Armstrong. of Little Rock, Ark., receiver of the First National Bank of Little Rock, vice Logan H. Root, resigned. NEW YORK, May 17.-The following un. official statement of the status of the National Cordage Company was circulated on the street to-day: The figures of assets and liabilities of the National Cordage Combany will show assets in excess of liabil-

10. May 19, 1893 The Goodland Republic Goodland, KS
Article from The Goodland Republic, May 19, 1893

Click image to open full size in new tab

Article Text

Looking After Bursted Banks. WASHINGTON, May 17.-Comptroller Eckles was Tuesday informed of the failure of the First National bank of Cedar Falls, Ia. The capital of the bank was $50,000. Bank Examiner John McHugh has been ordered to take charge of the bank. The comptroller has appointed Albert Watkins of Lincoln, Neb., receiver of the First National bank of Ponca, Neb.

11. May 20, 1893 Albuquerque Weekly Citizen Albuquerque, NM
Article from Albuquerque Weekly Citizen, May 20, 1893

Click image to open full size in new tab

Article Text

1000 are thritty and have P suite of life and which go off into vigetous growth are # much more interesting than stunted half dead specimens . the same kinds, even though they be double the height of the others More could be said, Mr. Editor, re garding the relative value of nursery KTOWN and wild evergreen trees for the climate of New Mexico, suitable soile gr. irrigation protection, etc., but this article 18 now too lengthy, so I will ELIAB A. LONG Telegraphic Brevities The First National bank of Cedar Palle, Iowa, has suspended Liabilities 8150,000 assets not given. Dr Graves will not be tried a second time for the poisoning of Mrs. Josophine Barbaby until next fall. The Louisville Liquor Co. of Salt Lake City, Urah, assigned to Ethes S. Newell has liabilities $7,805. The indictment against John C. Euo, president of the Second National back of New York, has been quashed. William R Mygatt, banker and real estate denter of Denver. Col. has PUBpeaded. with heavy liabilities but ample assets There are 1,100 persons on Hoffman BUG Swimburne Inlands ID New York har. bor, taken from Atlantic libers, who were exposed to infection from small pox Indians on the Kickapoo Indian reter. vation. Indian territory, have discovered the body of a white woman in is tree. It in supposed to have been dropped there m cyclone The Spanish government IN to bear the expance of towing the caravels the New w . nicago 11 estimated that twenty days will D+ required for the voyare. The confirming of the Algodones land not at Yuma, Arizona, has eent the price I land up from $50 to $150 per Note. An unmease pumping plant has put in irrigate the fruit lands. Ab at forty members of Odd Fellow befor KINK to various lodges in the and west. and who are ID the city met 1) W. Strong's on Second street stevening for the purpose of organiz 10% BOW lodge in this city. The lodge will have forty two charter members, and reveral important committees to ar range. the necessary details were ap. pointed It is though that the new lodge will be in running order in a few weeks Major Towar. paymaster of the United States army and his chief clerk. A. W. Butler, who have been south on a pay ing visit to the forte. returned to Hanta Fe Wednesday might and found waiting them a leave of absence for two months from the war department oginning with June 15 The maj and family. with Mr. Buder, will all go to the World's Fair, and from there they will visit the Adiantic coast resorts. Serapio Romero, chief deputy United States marshal. with Pinito Pino and B. Romero as assistants, arrived last night from Silver City, having in charge 81% Chinese, who had been emuggled over from Mexico to this side. They were captured at Silver City, and this more I the officers took them to California, where they will be shipped back to the Celestial Kingdom I I Aelano Lopez, aged about 45 years. died 10 o'clock last evening at his residence near the government Indian ( school a complication of diseaser ' 110 will be buried to morrow morning in Santa Barbara cemetery Mr. Lopez was well known among the native citi. 2008 of the valley, and his demise is much repretted by a host of relatives and friends. ( I sporting Item. t Guide to city nimrod. who has a 0 spell of nervousness at sight of live deer What ver trembling about Got an atta k of buck fever W City Nimrod - No. mu eh I'm troubling at the narrow escape that t deer had sam Siftings a 11 the Bull a I He, who has been boring her all the evening It's good night for : some of the in ites. Miss Edie She 11 . to be a "good night l for some of the men too hicago I News-Record 9 thing Uneaut Fiddleback Do you suppose Miss D Pinkerly noticed that my cuffs were soiled X n Tutter don't believe so, old de man. She never notices anything it unless it's out of the ordinary. Truth W m Between Boardere be Pipkin-Wonder how the loin steak to ba knighted?

12. May 25, 1893 Barton County Democrat Great Bend, KS
Article from Barton County Democrat, May 25, 1893

Click image to open full size in new tab

Article Text

BY the capsizing of a tug and dredge boat on Lake Conneaut, O., five persons were drowned. WARREN & Co, of the Chicago board of trade, have assigned. FIRE at Starbuck, Wash., destroyed the Union Pacific car and machine shops, nineteen locomotives and all other railroad property except the coal bunkers. Loss, $300,000. THE Spanish steamer bearing the Infanta Eulalie arrived at quarantine on the 18th. THE Santa Fe wants a return rate of $16.50 to the world's fair from Missouri river points. A SCHEME has been completed for the slaughter of cattle in New York on western packing house plans. THE premier of South Australia reports financial matters all right and harvest prospects excellent. THE failure of the First National bank at Cedar Falls, Ia., shows peculiar transactions. THE National bank of Evanston failed, causing great excitement in that suburb of Chicago. LAWSON RUNYON, a prominent Cherokee, was shot and killed by ex-Deputy United States Marshal Creekmoor. A BRAKEMAN and three workmen were killed by a runaway train at Dubois, Pa. BEFORE the Crescent City club at New Orleans Billy McCarthy, the Australian, knocked out La Blanche, the marine, in sixteen rounds. A FIRE at Trondhjem, Norway, resulted in the loss of a number of lives. Four persons were killed while jumping from a burning building and three women and two children were burned to death in the flames. AT Ilmenau, Saxe-Weimar, the boiler of a locomotive exploded, killing five S persons instantly and injuring a number of others so seriously that eight of them were dying. CLEARING house returns for the week ended May 18 showed an average decrease of 1.2 compared with the corresponding week of last year. In New York the decrease was 6.4. J. A. R. ELLIOTT, of Kansas City, Mo., captured the Missouri state trophy as 1 the champion wing shot in the state tournament. He killed thirty straight birds. : JUDGE RICKS, at Cleveland, O., appointed a receiver for the Clover Leafthe Toledo, Kansas City & St. Louis railway. I FROM indisputable sources it is learned that Erastus Wiman's total liabilities will aggregate about $617,000, a 5 little more or less, according to whether f certain contingent debts are counted 1 in. BLONDIN, the strong man with Cole's 1 circus, undertook to hold a powerful team of horses together at Lake Placid, S N. Y. Several blood-vessels in the man's head and chest were ruptured and he died. THERE is great excitement in Normal, Ill., over the failure of the Exchange bank of that city, and the president has 1 been arrested for receiving deposits 1 after he knew the bank was insolvent. THE plate glass trust is an assured fact. IT is said that a mistake has been f made by the interior department in referring back to the Cherokees the matter of to whom the seventy allotments b shall be made in the strip. A COMPANY is being formed to build a railway from Bowie, Tex., to the City of Mexico. IT is conceded that Collector Wenneker, of St. Louis, will be dismissed as soon as his successor can be decided on. : THE Russian cruiser Vitiaz is a total a loss on the coast of Corea. The report y states that all hands were saved. e NINE young men have been arrested s for distributing boycotting circulars against the firm of Diel & Bro., gents' s furnishings, St. Louis. di A WASHINGTON florist has offered $500 k for the first Isabella souvenir quarter. THE controversy between Benjamin Feuchts and eight other members of r the Economite society and Trustee John S. Duss has come to an end by an amicable settlement, by which the contest1 ants will withdraw from the society. MONCHICOURT, the Panama liquidator, , has commenced suit against M. Imbert, the administrator of Baron Reinach's fortune, to recover 9,000,000 francs, which it is alleged Reinach received e from the company. g ADDITIONAL DISPATCHES. Mo. e was as of WALTER honored WILLIAMS, by election of Columbia, president the National Editorial association at

13. May 25, 1893 Abilene Weekly Reflector Abilene, KS
Article from Abilene Weekly Reflector, May 25, 1893

Click image to open full size in new tab

Article Text

# BANK REFORM. Suggestions Dealing With Evil Practices of Bank Officers. # A DESIRABLE BILL LOADED DOWN. Consequently It Was Killed in Congress- Loans to Bank Officers and Other Bad Doings to Be Watched. WASHINGTON, May 24.-Among the recommendations which are to be made to the next congress by the secretary of the treasury is a measure to limit the loaning of money of national banks to their officers and directors and to require a recorded yea and nay vote when loans to such officers are made. Such a bill was introduced in the last house and went through that body without much opposition, but it was loaded down in the senate by an amendment offered by Senator Sherman increasing the circulation of the banks to the par value of their bond deposits. This threw the bill into conference committee, and the conference report was never called up in either house. The new comptroller of the currency has had his attention forcibly called to the need of such legislation by several of the recent failures in the west. Big loans to officers had much to do with the failures of the Capital National bank of Indianapolis, the First National bank of Cedar Falls, Ia., and the Brunswick, Ga., banks. The officers of the Iowa bank were engaged in running a stock farm and borrowed largely of the bank to keep the farm going. Comptroller Eckles would like to break up such practices, and will do it as far as he can without waiting for new legislation. He will instruct his examiners to scan the books of the bank closely for cases of loans to officers, and will direct attention to the fact that he does not approve them. Another point to which the new comptroller is directing his attention is the original issue of bank charters. He proposes to exact additional guarantees of the standing and financial resources of the men who ask for charters, and will endeavor to satisfy himself of their responsibility before granting the authority, which is in his discretion, "to commence the business of banking." He will probably require from each incorporator a personal statement of his assets and liabilities and will ask the members of congress from the district to give some personal attention to the truthfulness of such representation before affixing his indorsement, as he is now called upon to do under the regulations of the treasury department. Mr. Eckles believes that it is useless to authorize institutions which are not strong enough to stand permanently on their feet, and that some discrimination should be exercised in authorizing them in communities already largely equipped with banking facilities.

14. May 26, 1893 The Iola Register Iola, KS
Article from The Iola Register, May 26, 1893

Click image to open full size in new tab

Article Text

LIZZIE BOLT, the woman accused of the murder of Detective Lowenstein, at Cincinnati, was acquitted. She was indicted for murder in the first degree, but the court ordered the jury to return a verdict of not guilty. Thus the tragedy goes down as a suicide. Lowenstein was found dead in his room with a bullet-hole in his head. The Bolt woman was his mistress. THE local directory of the world's fair decided to open all portions of the fair on Sundays and return the conditional grant of $2,500,000 to the government A COMPROMISE has been effected between the imprisoned St. Clair county, Mo., judges and the bondholders at 50 cents on the dollar at 4 per cent. interest. This makes the debt $400,000 with $16,000 annual interest. BY the capsizing of a tug and dredge boat on Lake Conneaut, O., five persons were drowned. THE world's fair continues to be short of funds. The running expenses are $45,000 daily. The pay of janitors and helpers has been long overdue. THE First National bank, of Cedar Falls, Ia., has failed. HUGH ADAMS, aged 85, has sued his wife, aged 62, at Martinsville, Ind., for divorce. SCHUREMAN'S private bank at Normal, III., has closed. IT is said that ex-Secretary John W. Noble will soon take up his residence in Oklahoma having in view his elevation to the United States senate when the territory is admitted to statehood. THE government commission has been inspecting the work on the Missouri river in the vicinity of Kansas City. ONE phase of the Sunday opening of the world's fair is that the directors believe that it will entail financial loss rather than gain as is generally supposed. THERE is some talk of the Chemical National Bank of Chicago resuming. THE C., B. & Q. directors have been re-elected WARREN & Co., of the Chicago board of trade, have assigned. FIRE at Starbuck, Wash., destroyed the Union Pacific car and machine shops, nineteen locomotives and all other railroad property except the coal bunkers. Loss, $300,000. Ex-SENATOR VAN WYCK, of Nebraska, suffered a stroke of paralysis which may result fatally. THE Santa Fe wants a return rate of $16.50 to the world's fair from Missouri river points. THE failure of the First National bank at Cedar Falls, Ia.. shows peculiar transactions. THE National bank of Evanston failed, causing great excitement in that suburb of Chicago. LAWSON RUNYON, a prominent Cherokee. was shot and killed by ex-Deputy United States Marshal Creekmoor. CHARLES H. JONES, editor .of the St. Louis Republic, has resigned his office to Charles W. Knapp, president and publisher, though still retaining his interest in the paper. THE Oakland, Cal., ferryboat Bay City ran a containing down and all rowboat drowned. five persons were A DAM restraining the water of Lakes Ida and Milton, in Minnesota, broke and a large area of land was flooded with the escaping water. NINE young men have been arrested for distributing boycotting circulars against the firm of Diel & Bro., gents' furnishings, St. Louis. JAMES E. MURDOCK, the well known tragedian and teacher of elocution, died at Cincinnati on the 19th. He was 83 years of age. R. ELLIOTT, of Kansas City, Mo., captured the Missouri state trophy as the champion wing shot in the state tournament. He killed thirty straight birds. JUDGE RICKS, at Cleveland, O., appointed a receiver for the Clover Leafthe Toledo, Kansas City & St. Louis railway. THERE is great excitement in Normal, III., over the failure of the Exchange bank of that city, and the president has been arrested for receiving deposits after he knew the bank was insolvent.

15. May 26, 1893 The Kinsley Graphic Kinsley, KS
Article from The Kinsley Graphic, May 26, 1893

Click image to open full size in new tab

Article Text

REFORM DEMANDED. Evil Practices of Bank Officers to Be Looked Into-The Cause of Late Failures. WASHINGTON, May -Among the recommendations which are to be made to the next congress by the secretary of the treasury is a measure to limit the loaning of money of national banks to their. officers and directors and to require a recorded yea and nay. vote when loans to such officers are made. Such a bill was introduced in the last house and went through that body without much opposition, but it was loaded down in the senate by an amendment offered by Senator Sherman increasing the circulation of the banks to the par value of their bond deposits. This threw the bill into conference committee, and the conference report was never called up in either house. The new comptroller of the currency has had his attention forcibly called to the need of such legislation by several of the recent failures in the west. Big loans to officers had much to do with the failures of the Capital National bank of Indianapolis, the First National bank of Cedar Falls, la. and the Brunswick, Ga., banks. The officers of the Iowa bank were engaged in running a stock farm and borrowed largely of the bank to keep the farm going. Comptroller Eckles would like to break up such practices, and will do it as far as he can without waiting for new legislation. He will instruct his examiners to scan the books of the bank closely for cases of loans to officers, and will direct attention to the fact that he does not approve them.

16. May 27, 1893 Macon Beacon Macon, MS
Article from Macon Beacon, May 27, 1893

Click image to open full size in new tab

Article Text

MISCELLANEOUS. THE premier of South Australia reports financial matters all right and harvest prospects excellent. FIRE at Starbuck, Wash., destroyed the Union Pacific car and machine shops, nineteen locomotives and all other railroad property except the coal bunkers. Loss, $300,000. THE failure of the First National bank at Cedar Falls, la., shows peculiar transactions. THE National bank of Evanston failed, causing great excitement in that suburb of Chicago. LAWSON RUNYON, a prominent Cherokee, was shot and killed by ex-Deputy United States Marshal Creekmoor. A BRAKEMAN and three workmen were killed by a runaway train at Dubois, Pa. BEFORE the Crescent City club at New Orleans Billy McCarthy, the Australian, knocked out La Blanche, the marine, in sixteen rounds. A FIRE at Trondhjem. Norway, reS sulted in the loss of a number of lives. S Four persons were killed while jumping from a burning building and three women and two children were burned to death in the flames. AT Ilmenau, Saxe-Weimar, the boiler of a locomotive exploded, killing five persons instantly and injuring a number of others SO seriously that eight of them were dying. CLEARING house returns for the week ended May 18 showed an average der, crease of 1.2 compared with the corresponding week of last year. In New York the decrease was 6.4. it J. A. R. ELLIOTT, of Kansas City, Mo., S. e captured the Missouri state trophy as the champion wing shot in the state y tournament. He killed thirty straight ot birds. or JUDGE RICKS, at Cleveland, O., aper pointed a receiver for the Clover Leafed the Toledo, Kansas City & St. Louis yrailway. ok FROM indisputable sources it is n, learned that Erastus Wiman's total lia16 bilities will aggregate about $617,000, a in little more or less,according to whether rd certain contingent debts are counted in. ch BLONDIN, the strong man with Cole's ncircus, undertook to hold a powerful xteam of horses together at Lake Placid, & N. Y. Several blood-vessels in the les man's head and chest were ruptured and he died. rch THERE is great excitement in Normal, aIII., over the failure of the Exchange les bank of that city, and the president has of been arrested for receiving deposits is after he knew the bank was insolvent. he THE plate glass trust is an assured fact. he IT is said that a mistake has been as, he made by the interior department in re he ferring back to the Cherokees the mat ter of to whom the seventy allotments is shall be made in the strip. ng A COMPANY is being formed to build a railway from Bowie, Tex., to the City of Mexico. ng IT is conceded that Collector Wenne for of ker, of St. Louis, will be dismissed as at- soon as his successor can be decided on THE Russian cruiser Vitiaz is a total ral ave loss on the coast of Corea. The repor states that all hands were saved.

17. May 27, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, May 27, 1893

Click image to open full size in new tab

Article Text

is NEED NEW BANK LAWS. LOANS TO OFFICERS MUST BE LIMITED IN AMOUNT. e The Secretary of the Treasury Will Urge Upon f Congress a Measure Which Will Tend to Make Banks Much Safer. Washington May 20.-Among the recommendations which are to be made to the next congress by the secretary of the treasury will be a measure to limit the loan of- of the money of national banks to their ficers and directors and to require a recorded yea and may vote when loans to such offi ers are made, Such a bill was introduced In the last house and went through that body without much opposition, but It was loaded down In the setiate by an amendment offered by Senator Sherman Increasing the circulation of the banks to the par value of their bond deposits. This threw the bill Into conference committee and the conference report was never called up in either house. The new comptroller of the currency has had his attention forcibly called to the need of such legislation by séveral of the recent failures In the west. Big loans to officers had much to do with the failures of the Capital national bank of Indianapolis, the First-national bank of Cedar Falls, Iowa, and the Brunswick, Ga., banks. The officers of the Iowa bank were engaged in running a stock farm and borrowed largely of the bank to keep the farm going. Comptroller Eckels would like to break such practices and will do It HM far na he can without walting for new legislation. He will Instruct his examiners to sean the books of the banks closely for cases of loans to officers and will direct attention to the fact that he does not approve them. Another point to which the new comptroller Is directing his attention Is the origInal Issae of bank charters. He proposes to exact additional guarantees of the standing and financial resources of Lite men who ask for charters, and will endeavor to satisfy himself of their responsibility before grant. ing the authority, which is In his discretion, "to commence the business of banking. He will probably require from each Incorporafor a personal statement of his assets and Habilities, and will ask the member of congress from the district to give some personal attention to the truthfulness of such representation before affixing his indorsemeut. as how to the treasury regulations he is of the called upon department. do under Mr. Eckels believes that It is useless to allthorize institutions which are not strong enough to stand permanently on their feet, and that some discrimination should be exercised In authorizing them in communities already largely equipped with banking faetlities.

18. May 27, 1893 Baxter Springs News Baxter Springs, KS
Article from Baxter Springs News, May 27, 1893

Click image to open full size in new tab

Article Text

REFORM DEMANDED. Evil Practices of Bank Officers to Be Looked Into - The Cause of Late Fallures. WASHINGTON, May 24.-Among the recommendations which are to be made to the next congress by the secretary of the treasury is a measure to limit the loaning of money of national banks to their officers and directors and to require a recorded yea and nay vote when loans to such officers are made. Such a bill was introduced in the last house and went through that body without much opposition, but it was'loaded down in the senate by an amendment offered by Senator Sherman increasing the circulation of the banks to the par value of their bond deposits. This threw the bill into conference committee, and the conference report was never called up in either house. The new comptroller of the currency has had his attention forcibly called to the need of such legislation by several of the recent failures in the west. Big loans to officers had much to do with the failures of the Capital National bank of Indianapolis, the First National bank of Cedar Falls, Ia., and the Brunswick, Ga., banks. The officers of the Iowa bank were engaged in running a stock farm and borrowed largely of the bank to keep the farm going. Comptroller Eckles would like to break up such practices, and will do it as far as he can without waiting for new legislation. He will instruct his examiners to scan the books of the bank closely for cases of loans to officers, and will direct attention to the fact that he does not approve them.

19. June 7, 1893 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, June 7, 1893

Click image to open full size in new tab

Article Text

READVERTISE FOR BIDS O'Rourke Thinks This the Only Solution of the Omaha Building Muddle. LITTLE HOPE FOR GRANITE IN THAT CASE Senator Manderson Still Opposing the Idea of Using Cheaper Material-One More Conference on the Subject to Be Held. WASHINGTON BUREAU OF THE BEE, 513 FOURTEES STREET WASHINGTON. D. C., June 6. The question whether the new federal building, which it is proposed to erect in Omaha.is to be built of granite or someother material will not be definitely decided until Thursday Senator Manderson called upon Supervising Architect O'Rourke today, but at official has been suddenly called out of the city upon business and he will not return until Thursday. Senator Manderson is de termined that if it be possible the new build ing shall be constructed of granite. The supervising architect, whilendmitting that a granite structure would be far more preterable than one built of any other material, does not see how with the existing appropriation he can erect a granite build ing. Mr. O'Rourke is inclined to believe the only solution of the vexed question is to readvertise for bids. the specifications calling for a cheaper material than granite. However, until Senator Manderson and Mr O'Rourke have another conference on the question no steps will be taken by the supervising architect. Quarters will Not Be Changed. It was stated at the War department to day that nothing would be settled in the matter of the location of the military headquarters at Omaha until the return of Secretary Lamont, who is now in Chicago There seems to be little doubt that the present quarters in THE BEE building will be retained. It is learned on high authority that thequartermastergeneralhas recommended that white the rental asked for the quarters in THE BEF building is higher than some other offers that have been made that the present location is so much more desirable because of the large amount of room and other conveniences, that the department cannot afford for the sake of economy to go elsewhere. There seems to be no doubt that the army headquarters will remain in THE BEE building. May Reorganize the Bank. It is believed in the comptroller's office that t arrangements may be perfected for the resumption of the First National bank of Cedar Falls. Propositions looking to this end have been submitted by the stockholders of the bank and as the failure was honest and as there is some indication of the solvency of the institution, Mr. Eckels has de cided not to appoint a receiver until ample opportunity shall have been given to the bank people to reorganze. Mr. Eckels demands that there shall be an addition to the capital and that there shall be some change in the management before he shall permit the bank to resume business, but the latest advices from the examiner indicate that vigorous efforts are being made to insure the acquisition of enough money to put the bankin good shape and if these efforts are successful there will be no receivership. News for the Army. The following army orders were issued today: Second Lieutenant George O. Squier. Third artillery. will repair to Chicago, III. Missime to reach that place by the 15th of August 1893, and will attend the sessions of bethe international electrical congress tween that September 1. 1893, and then return to his proper station Leave of absence for four months is granted Captain Jess C. Chance, Thirteenth infantry First Lieutenant Charles E. B. Flagg, assistant surgeon. is detailed as a member of the examiniug board convened at the presidio of San Francisco, Cal., vice First Lieutenant Charles Willcox, assistant surgeon, hereby relieved. The following named enlisted men now at the posts designated after their respective names will be discharge Private William Adams. troop G. Eighth cavalrv. Fort Yates Privates Waggoner, Allie and Franklin Bailey, company F. Twenty-first infantry, Fort Sidney, Neb.: Private William F Caywood, company G. Ninth infantry, Madison Barracks. Y.:Private William A. Mouck. battery M. Second artillery. Fort Adams, R.I.: Private George, W. Nleman, troop K. seventh cavalry, Fort Sherdian, III. Private Robert R. St. John. battery D, First artillery, Fort Wadsworth, N. Y.: To date June 15, 1893: Private Marion B. Thomas, company C, Nineteenth infantry, Fort Macinac, Mich Corporal Frank Viles, troop L, Fourth cavalry, Fort Walla Walla, Wash. Recruit Calvin McIntyre general service now at Columbus Barracks, O., will be discharged without honor from the service The following named men now at the posts designated after their naines, having enlisted under false pretenses, will be discharged: Recruits Adam Eichlesbacher and Henry Poyker, mounted service, Jefferson barracks, Mo.; Recruit Scott Marshall, mounted service, recruiting rendezvous, Lynchburg, Va.: Private Francis H. Buzzacott.company B. Fifteenth infantry, Fort Sheridan, III., to take effect upon receipt of this order att post Sergeant Elmer P. Lewis, troop D, Fourth cavairy, recruiting rendezvous, Seattle Wash First Lieutenant Charles B. SatterIce, Third artillery, is detailed to attend the encampment of the First regiment, Alabama state troops, at Mobile, Ala., June 12 to 19, 1893 The following transfers in the Ninth cavalry are made Captain Matthias W. Day, L. from troop to troop L Captain Walter Finley, from troop L to troop G. First Lieutenant Charles H. Barth, Twelfth infantry. is relieved from duty at the United States infantry and cavalry school. Fort Leavenworth, Kan., to take effect June 20, 1893. Miscellaneous. Assistant Secretary Sims of the Interior department today affirmed the decision of the commissioner of the land office in the case of Florence Trimer versus William O. Miner. Miner appealed from the decision of the commissioner who issed his contest against Florence Trimer's timber culture entry in the McCook land district, Nebraska Comptroller Eckels today appointed John D. Benton of Chicago to act as receiver of the National Bank of North Dakota P.S.H. TREATY WITH RUSSIA.

20. June 12, 1893 The Sun New York, NY
Article from The Sun, June 12, 1893

Click image to open full size in new tab

Article Text

Owners or a Broken Bank Threatened. WATERIOR Ia.. June 11.-The depositors of the defunet First National Bank of Cedar Falls rejected yesterday the proposition of J. H. March of Lemars to pay 80 cents on the dollar for the certificates of deposits. This puts an end to all negotiations for the purchase of the bank. and a receiver will be appointed. Threats have been made against the lives of the Fields brothers. owners of the bank. LAWTON. Mich. June 11.-The American Back of Dwizzins, Starbuck & Company was vesterday placed in charge of C. .8 Adams and T. F. Chamberiain as receivers. The institution will not be reopened. It is expected that the depositors will realize about fifty cents on the dollar.

21. June 13, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, June 13, 1893

Click image to open full size in new tab

Article Text

Will Appoint a Receiver. WATERLOO, Ia., June 13. -The depositors of the defunct First National bank of Cedar Falls have rejected the proposition of J. H. March of Le Mars to pay so cents on the dollar for the certificates of deposit. This puts an end to all ne rotiations for the purchase of the bank and a receiver will be applied for.

22. June 14, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 14, 1893

Click image to open full size in new tab

Article Text

A Receiver for Mears' Bank. WASHINGTON, June 13.-Comptroller Eckels has appointed receivers of insolvent national banks as follows: Charles M. Wilson, receiver of the First National Bank of Lakota, N. D.; Elmer A. Howard, receiver of the First National Bank of Cedar Falls, Io.

23. June 14, 1893 New Ulm Review New Ulm, MN
Article from New Ulm Review, June 14, 1893

Click image to open full size in new tab

Article Text

Will Appoint a Receiver. WATERLOO, Ia., June 13.-The depositors of the defunct First National bank of Cedar Falls have rejected the proposition of J. H. March of Le Mars to pay 80 cents on the dollar for the certificates of deposit. This puts an end to all negotiations for the purchase of the bank and a receiver will be applied for.

24. June 15, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, June 15, 1893

Click image to open full size in new tab

Article Text

A Receiver For Mears' Bank. WASHINGTON, June 15.-Comptroller Eckels has appointed receivers of insolvent national banks as follows: C. M. Wilson, receiver of the First National bank of Lakota, N. D.; Elmer A. Howard, receiver of the First National bank of Cedar Falls, Ia.

25. June 22, 1893 The Comet Johnson City, TN
Article from The Comet, June 22, 1893

Click image to open full size in new tab

Article Text

COMPTROLTER Eckels yesterday ap. pointed receivers for the Oglethorp National Bank, of Burnswick, Ga.,; First National Bank, of Lakota, N. D. First National of Cedar Falls, Ia., and the First National, of Brady, Texas.