Le Mars National Bank (Le Mars, IA)

Episode Information

Episode Type
Suspension β†’ Closure
Start Date
April 17, 1901
Location
Le Mars, Iowa (42.794, -96.166)
Bank Type
national
Charter Number
2818

Metadata

Receivership Details

Depositor recovery rate
60.0%
Date receivership started
1901-04-17
Date receivership terminated
1903-01-05
OCC cause of failure
Fraud
Share of assets assessed as good
11.8%
Share of assets assessed as doubtful
52.4%
Share of assets assessed as worthless
35.8%

Notes

Closure followed discovery of large embezzlement by the vice president; receiver appointed same day.

Events (5)

1. November 13, 1882 Chartered
Source
historical_nic
2. April 17, 1901 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of a $25,000–$30,000 embezzlement by Vice President/manager Thomas F. Ward led officers to close the bank; examiner placed in charge and temporary receiver appointed.
Newspaper Excerpt
The Le Mars National Bank ... closed its doors this morning. National Bank Examiner Meyer has been temporarily placed in charge pending the arrival of Special Agent Thornton, who has been appointed temporary receiver.
Source
newspapers
3. April 17, 1901 Receivership
Newspaper Excerpt
Special Agent Thornton, who has been appointed temporary receiver.
Source
newspapers
4. April 17, 1901 Receivership
Source
historical_nic
5. August 13, 1901 Other
Newspaper Excerpt
Receiver Thornton ... instructed ... to pay a dividend of 25 per cent to the creditors of the bank.
Source
newspapers

Newspaper Articles (19)

Article from Daily Inter Mountain, April 17, 1901

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IOWA BANK CLOSES

Closes Its Doors, but Nobody Will Lose Money. Washington, April 17.-The controller of the currency has received word that the Lemars National Bank of Lemars, Iowa, closed its doors this morning. National Bank Examiner Meyer has been temporarily placed in charge, pending the arrival of Special Agent Thornton, who has been appointed temporary receiver. The following is a statement of the condition of the bank as shown by its sworn report to the controller of the currency under date of February 5, 1901: Capital stock $100,000; surplus and undivided profits $3,579. Circulation $25,000; due to banks and bankers $659; deposits $180,177; borrowed money $30,421. Total liabilities $267,836. Total resources $267,836.


Article from Rock Island Argus, April 17, 1901

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LEMARS, IOWA, BANK SUSPENDS BUSINESS Washington, April 7-The comptroller of the currency has received word that the Lemars, Iowa, National bank closed its doors this morning. Bank Examiner Meyer has been placed in chargΓ© pending the arrival of Special Agent Thornton, who has been appointed temporary receiver. The following is the statement of the condition of the bank Feb. 5: Capital, $100,000; surplus and undivided profits, $3,600; circulation, $25,000; due banks, $700; deposits, $108,000; borrowed money, $30,000. The total liabilities are $268,000, resources the same. Sioux City, April 17.-The Lemars National bank has failed, Cashier Thomas Ward is missing and it is said the bank affairs are in bad shape. There is not much excitement over the failure as it, was not wholly a surprise.


Article from Evening Star, April 17, 1901

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Bank at Le Mars, Iowa, Closed. The controller of the currency has received word that the Le Mars National Bank of Le Mars, Iowa, closed its doors this morning. National Bank Examiner Meyer has been temporarily placed in charge, pending the arrival of Special Agent Thomas M. Thornton, who has been appointed temporary receiver. The following is a statement of the condition of the bank, as shown by its sworn report to the controller of the currency, under date of February 5, 1901: Capital stock, $100,000; surplus and undivided profits, $3,579; circulation, $25,000; due to banks and bankers, $659; deposits, $108,177; borrowed money, $30,421; total liabilities, $267,826; total resources, $267,836.


Article from The Topeka State Journal, April 17, 1901

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ACCOUNTS BALANCE

Liabilities and Resources of a Failed National Bank. Washington, April 17.-The comptroller of the currency has, received word that the LeMars National bank of LeMars, Ia., closed its doors this morning. National Bank Examiner Myer has been temporarily placed in charge pending the arrival of Special Agent Thomas M. Thornton, who has been appointed temporary receiver. The following is a statement of the condition of the bank as shown by its sworn report to the comptroller of the currency under date of February 5, 1901: Capital stock. $100,000: surplus and undivided profits, $3,579; circulation. $25,000; due to banks and bankers, $659: depcsits, $108,177: borrowed money, $30,421. Total liabilities, $267,836; total resources, $267,836.


Article from The Indianapolis Journal, April 18, 1901

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VICE PRESIDENT AND MANAGER A SELF-CONFESSED EMBEZZLER. An Iowan Who Says Board of Trade Business Ruined Him-Fled, but Left a Letter. SIOUX CITY, Ia., April 17.-The Lemars National Bank, at Lemars, Ia., did not open this morning. Thomas F. Ward, vice president and manager of the institution, is a self-confessed embezzler to an amount of from $25,000 to $30,000. He has also absconded. Ward departed Monday night and yesterday Cashier Frank Koob received a letter from him, beginning: "Dear Frank-I leave to-night for, God Almighty knows where. This Board of Trade business has ruined me. Save me from indictment if you can. I will pay back every cent I can." Then the writer explained the funds from which he has been stealing to cover his losses. Cashier Koob, in the absence of advice, other officers and directors being away, closed the doors, posting a notice that an examiner would be placed in charge. Other Lemars banks-the First National, the German-American and American State -learning last night that the Lemars bank would not open to-day, sent to Sioux City for currency to withstand the run to-day. The Sioux City clearing house responded promptly, offering ample assistance. The defunct bank was organized a number of years ago by William H. Dent, who represented Plymouth county in the State Legislature in 1895. He left the State after disposing of the institution, Ward coming from Primghar, Ia., to be manager. The institution was capitalized for $100,000, and at the date of the last statement, Feb. 15, showed $108,000 deposits. Ward was a member of the Democratic state central committee from the Eleventh congressional district. The sad feature of the case is that Mrs. Ward is dangerously sick at her home, having given birth to a child but a week ago. News of her husband's disgrace is kept from her.


Article from The Indianapolis Journal, April 18, 1901

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Examiner Meyer in Charge

WASHINGTON, April 17.-The controller of the currency has received word that the Lemars National Bank, of Lemars, Ia., closed its doors this morning. National Bank Examiner Meyer has been temporarily placed in charge pending the arrival of Special Agent Thomas M. Thornton, who has been appointed temporary receiver.


Article from The Topeka State Journal, April 18, 1901

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RUINED BY GAMBLING

Bank Cashier Loses Thousands on Board of Trade. St. Paul, Minn., April 18.-A Sioux City, Ia., special to the Dispatch says: The Lemars national bank at Lemars, Iowa, did not open thismorning. Thomas F. Ward, vice president and manager of the institution is self-confessed embezzler to an amount of from $25,000 to $30,000. He has also absconded. Ward departed Monday night, and Tuesday Cashier Frank Koots received the following letter from Ward, beginning: "Dear Frank-I leave tonight, for God Almighty knows where. This board of trade business has ruined me. Save me from indictment if you can. I will pay back every cent I can." Then the writer explained the funds from which he had been stealing to cover his losses. The officers of the bank are: President, V. G. P. MacLagan, who is in Scotland; vice president, T. F. Ward, absconded; cashier, Frank Kcots, the only officer in town. Directors, J. J. Tierney and John Linden, both in Hot Springs, Ark. Cashier Koots in the absence of the officers closed the doors, posting a notice that an examiner would be placed in charge. Other Lemars banks, the First National, German-American and German States learning that the Lemars National would not open sent to Sioux City for currency to withstand the run. The Sioux City clearing house responded promptly offering ample assistance. The defunct bank was organized a number of years ago by William H. Dent, who represented Plymouth county in the state legislature in 1895. He left the state after disposing of the institution, Ward coming from Primghar, Iowa, to be manager. The bank was capitalized for $100,000, and at the date of the last statement, February 15, showed $108,000 deposits. Ward was a member of the Demoeratic state central committee from the Eleventh congressional district. The sad feature of this case is that Mrs. Ward is dangerously sick at her home. News of her husband's disgrace is kept from her.


Article from Evening Times-Republican, April 18, 1901

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WARD STILL MISSING

Nothing Yet Heard From the LeMars Absconder. Special to Times-Republican Sioux City, April 18.-T. F. Ward, the absconding vice president of the LeMars National Bank. has not been found. The cashier of the bank refuses to divulge the amount of the shortage until the temporary receiver arrives from Washington. It is understood that most of the shortage has come since April 1. Ward's scheme was to draw on Chicago for $5.000 or $10,000 and enter the figures on the books as $5 or $1. When he bade his wife good-bye Monday night she thought he was leaving town on a business trip. She is quite shocked over the news of his defalcation. He was seen to board a northbound train that night.


Article from The Saint Paul Globe, April 18, 1901

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LEFT $30,000 SHORTAGE MANAGER WARD, OF THE LEMARS NATIONAL BANK, A DEFAULTER "GOING GOD KNOWS WHERE" The Iowa Town Excited Over the Case, but None of the Other Banks Are Affected. LE MARS, Io., April 17.-(Special.)Thomas F. Ward, the manager and vice president of the Le Mars National bank has furnished this town the greatest sensation it has ever had. The bank failed to open this morning and it was later discovered that Ward had fled after using $30,000 of the bank's funds. He left a note saying he was "going, God knows where," and asking to be saved from indictment if possible, and saying that he would pay every cent. He had been speculating on the board of trade heavily for some time and the money taken by him was deposited in the bank the past few weeks. The affairs of the bank are badly involved. The liabilities to depositors are more than $125,000. Ward has been one of the most prominent business men of Le Mars, a city of 5,000 people. News of his defalcation and the closing of the bank has caused much excitement, but has not started runs on the other banks. Ward leaves a beautiful wife and several children among them a babe one week old.


Article from The Salt Lake Herald, April 18, 1901

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CASHIER LOOTS BANK AND FLEES Leaves Wrecked Institution and Sick Wife. 'HE SAYS BOARD OF TRADE RUINED HIM Shortage Said to Be Between $25,000 and $30,000. St. Paul, Minn., April 17.-A Sioux City (Ia.) special to the Dispatch says: The Lemars National bank at Lemars, fa., did not open this morning. Thomas F. Ward, vice president and manager of the institution, is a self-contessed embezzler to the amount of $25,000 to $30,000. He has also absconded. Ward departed Monday night and yesterday Cashier Frank Koots received a letter from Ward beginning: Wear Frank-1 leave tonight, for God Aimighty knows, where. Tae board 01 trade business has ruined me, Save me from indictment if you can. I will pay back ever cent I can. The writer explained the funds from which he had been stealing to cover his losses. Cashier Koots, in the absence of advice, closed the doors, posting a notice that an examiner would be placed in charge. The officers of the bank are: President. v G. P. Mac Lagan, who is in Scotland: vice president, x. F. Ward, absconded; cashier, Frank Koots, the only officer in town; directors, J. J. Terney and John Linden, both in Hot Springs, Ark Other Lemars banks, thei First Nationay, German-American and German State, learning last night that the Lemars National would not open today, sent to Sioux City for currency to withstand the run today. The Sloux City clearing house responded promptly, OIfering ample assistance. The defunct bank was organized a number of years/ago by Wiliiam H. Dent, who represented Plymouth county in the state legislature in 1895. He left the state after disposing of the institution, Ward coming from Primghar, 1a., to be manager. The bank was capitalized for $100.000, and at the date of the last statement, Reb. 15, showed $108,000 deposits. Ward was a member of the Democratic state, central committee from the Eleventh congressionaj district. The sad ieature of his case is that Mrs. Ward is dangerously it at her home, having given birth to a child but week ago. ,News of her husband 8 disgrace is kept from her.


Article from The Age-Herald, April 18, 1901

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BANK MANAGER SKIPS COUNTRY Thos

F, Ward, of L. m rs, la., Confesses to Embezzlement and the Bank Closes St. Paul, Minn., April 17.-A Sioux City, Iowa, special to the Despatch says: The Lemars National Bank at Lemars, Iowa, did not open this morning. Thomas F. Ward, vice president and manager of the institution, is a self-confessed embezzler to an amount of from $25,000 to $30,000. He has also absconded. Ward departed Monday night and yesterday Cashier Frank Koob received a letter from him beginning: "Dear Frank: I leave tonight for God Almighty knows where. This board of trade business has ruined me. Save me from indictment if you can. I will pay back every cent I can." Then the writer explained the funds from which he has been stealing to cover his losses. Cashier Koob closed the doors, posting a notice that an examiner would be placed in. charge. Other Lemars banks, the First National, German-American and German State, learning last night that the Lemars would not open today, sent to Sioux City for currency to withstand the run today. The Sioux City clearing house responded promptly, offering ample assistance. The defunct bank was capitalized for $100,000 and at the date of the last statement, February 15, showed $150,000 deposits.


Article from Morris Tribune, April 27, 1901

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CRIMINAL NEWS

I Two convicts were killed in an attempt to escape from the New Mexican penitentiary at Santa Fe. Captain Ripley, the fourth man to be tried in connection with the murder of Governor Goebel of Kentucky, has been acquitted. Marvin R. Baldwin, former congressman from the Duluth district, committed suicide at Seattle, Wash., because of financial troubles. An express train on the Choctaw, Oklahoma and Gulf railway was held up near Bridge Junction, Ark. The express messenger and porter were wounded in resisting the robbers. The Le Mars (Ia.) National bank has suspended. Thomas F. Ward, vice president and manager of the institution, is a self-confessed embezzler to an amount of from $25,000 to $30,000. Charles Brown and E. L. Canby, president and cashier, respectively, of the First National bank of Vancouver, Wash., which was closed Saturday by the controller of the currency, committed suicide by shooting themselves with a revolver.


Article from The Butler Weekly Times, May 2, 1901

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An lowa Banker Flees

LeMars, la., April 17.-T. F. Ward, vice president of the LeMars National bank, fled last night, leaving a note saying: "I am going, God knows where." It is said he left his affairs badly involved and in a letter to his wife said the board of trade had ruined him. It is supposed he took $30,000 with him or lost it in the last few days in speculation. as it is missing from the vault of the bank. All the directors except F. Koob, the cashier, are absent from theeity. G. C. MacLagan, the president, is in Scotland. A number of minor depositors will suffer. The failure did not cause excitement and no run was occasioned upon the other three banks. Ward leaves a young wife, & baby boy a week old. and a Inxurious home. The bank's capital stock was $100,000.


Article from Evening Times-Republican, August 13, 1901

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LeMars National Dividend

LeMars, Aug. 13.-Receiver Thornton, of the LeMars National Bank. which was wrecked by T. F. Ward last April, has received instructions from the comptroller of the currency at Washington to pay a dividend of 25 per cent to the creditors of the bank, and the dividend will be paid as soon as the achedule can be made up and the checks mailed out from Washington. Receiver Thornton advised the payment of the dividend a few days ago and yesterday morning received notice that the first dividend would be paid at once.


Article from Iowa State Bystander, August 16, 1901

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DIVIDEND FOR CREDITORS

Announced LeMars National Bank Will Pay Dividends. LeMars, Aug. 15.-The comptrolier of the currency has instructed Receiver Thornton to pay a dividend of 25 per cent to the creditors of the LeMars National bank and the dividend will be paid as soon as the schedule can be made up and the checks sent out from Washington. The LeMars National bank is the bank closed by the defalcation of Vice-President Tom F. Ward, who skipped out in the early spring with about $30,000 of the bank funds and who was arrested about a month ago at Jersey City, New Jersey. Receiver Thornton advised the payment of the dividend a few weeks ago and has just received notice that the first dividend will be paid at once.


Article from Iowa State Bystander, August 16, 1901

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DIVIDEND FOR CREDITORS

Announced LeMars National Bank Will Pay Dividends. LeMars, Aug. 15.-The comptroller of the currency has instructed Receiver Thornton to pay a dividend of 25 per cent to the creditors of the LeMars National bank and the dividend will be paid as soon as the schedule can be made up and the checks sent out from Washington. The LeMars National bank is the bank closed by the defalcation of Vice-President Tom F. Ward, who skipped out in the early spring with about $30,000 of the bank funds and who was arrested about a month ago at Jersey City, New Jersey. Receiver Thornton advised the payment of the dividend a few weeks ago and has just received notice that the first dividend will be paid at once.


Article from The Minneapolis Journal, October 1, 1902

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Clark and J

Haines and the serious injury of D. Davis, IOWA "SHOCKED" HIS CORN SEED Microbes Were Killed and the Yield Is 70 Bushels to the Acre. MARSHALLTOWN, IOWA.-A new thing in growing corn was attempted by W. S. Stacy, a farmer residing near this city, with what he asserts are remarkable results. The corn was planted May 17, after having been treated to a course of electricity in the electric light plant at this place. Mr. Stacy filled a barrel with corn and water, placing a piece of zinc at the bottom and one on top. Five hundred volts of electricity was then turned on and continued for twenty minutes. The corn was then thoroughly dried and ten acres planted with a drill. The corn averaged eight feet in heighth, and Mr. Stacy says the yield will be not less than seventy bushels to the acre. His theory is that all microbes are killed by the electric treatment and the germ is not injured in any way. Much indignation is expressed over the turn affairs have taken in the RhoadesCarmean Buggy company's affairs, Federal Judge McPherson having granted an order for temporay receiver, on the request of creditors representing not much over a hundredth part of the liabilities. Mr. Greene, the assignee, had just put matters in shape where he thought he could start the works and in time put the institution on its feet. L. B. Goodrich, of State Center, has temporary charge of the company's affairs. The department store known as the Bee Hive, owned byJ. F. Harrigan, was entered by robbers and goods to the value of several hundred dollars stolen. Daniel Daley, charged with larceny, was found guilty. He is a railroad laborer and is alleged to have stolen a time check for $42.20 from A.. J. Cofer. SIOUX CITY, IOWA-T. C. Cannon, expert accountant hired by Cedar county, Nebraska, to investigate the records of the former treasurer of the county, T. F. Zeigler, yesterday sent his report to the Cedar county commissioners, stating there was a known shortage of $23,914.22. -For the first time since its establishment, there will likely be no federal court at Sioux City this fall. There are no contested civil or criminal cases and the business will be transferred to the Fort Dodge term, to convene Nov. 11. The most important case is against T. F. Ward, who wrecked the LeMars National bank, by his speculations with its money, and loss of $30,000. Twice has this case been continued, and now it will go over a third time..-Dealers in the small towns about Sioux City are suffering from the coal and car shortage. It is estimated that there are 700 cars of unfilled orders for surrounding territory, sent in by Sioux City coal jobbers.


Article from The Mitchell Capital, October 9, 1903

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of Ward LeMars in Ex-Banker National Pleads Guilty Federal Court. STATEMENT IN HIS BEHALF Makes Showing the Attorney Persons Officer's Relations Com- to the Bank Before He Institution mitted Crime. tw Oct. s.-In sesSioux City, Ia., at the evening court here, T. short minutes the federal sentenced of sion of Smith McPherson acting president pay of Judge Ward, former National bank, until to it the F. LeMars $12,000 and go to jail to a quespaid. fine Ward said in response he had anyounced, reason tion Mr. as to whether should not add be to a to state- the why sentence he had nothing been to submit said he that ment whch Judge had McPherson did not deserve no inthere. this court. thought the sentence offense and he had statetention penitential of from looking him over just what was fact, tell remarked. ment, "In I can hardly the court his attorney. J. the offense, Ward, esterday through afternoon counts M. Mr. Parsons to the first count of seven t under general which ed the guilty indictment sentenced The charged the bank's funds. he was opriation counts of were McMillan sapple Attorney fact that The United States recites the organized ized by The statement National capital, bank, olvent was closed con the 1882 LeMars with $100,000 of its insolvent reopen bank Mr in in 1898 on account was allowed to with sident the in dition, became but associated vice presid bank there Ward was made to the and real in When paper, which are the total 1897. 1896 and worthless he came of Securities loss to enuIn was estate, of the items of $103,000 addition of to merated, without a interest in the bank estate $50,400 valued for bank. was real receiver this there paper sold and by the loss on these this $20,000, $23,000. valueless at $43,00 making was a All net of loss the Ward Institution of represented when Mr. cent. $25,000 item items bank of $175,000 A 25 per Mr. lost joinedmen to assessment the $25,000 brought of stock in the and ssment. he drafts Ward with held his portion Mr. of amount Ward used of $6,500 there The this, books show to the 1901 and the reof the he bank left in recovered April and by settlewas beforafterwards from his collateral receiver the paid bank, out is bank ceiver ments $5,220. from the The assets made of that Mr. had Ward the on have $102,000 and the been statement is liquidated institution when not been 10 realized. cents joined the would Escape. subhe dollar A Way of provides one can, court, A federal fine statute in the federal before a showing United jected thirty to days, go and, by subject to after themmissioner, property obtain States he comm has excess not of $20, be can necessary to that tion in It will not any one else discharge Ward or fine. a for either cent Mr. of the statute large under Ward, which pay Following one J. M. is the Parsons, the for light Mr. penalty Attorney shrewdly planned must pay senconvict, court States a which has 1042. his client When a of poor the cost, United nether been days Sec. by any Andine and has for tenced fine, or solely and fine confined ment appli the without to pay without in prison of thirty such fine, or in United writ non- missioner make of where he is to the he may Whability ing court cost, of cost, to any commis in the forth distric his and after the imprisoned States setting or fine and attorney offer eviimprison fine district mission pay such to the who may the appear, the notice States, heard, and determin it shall United and be to hear amination is undence proceed if, on and cost, matter; shall and him that fine, such or fine exceed jaw to such property by appear able to pay has not any such on as execution that he except taken administration and $20 in value being ssioner shall do from oath: propexempt the Following not any for debt, him the that have the a mount from solmenly ister to swear personal, to law xempt for debt, adreal or as is by precept is erty, except such civil where oath proper in taken on of (state I have no or being the laws and that or future benconveyed my thereupon any disposed God.' for And the keeper comany efit. way Somet help shall me to be the discharges setting jaller or forth the missioner such of the convictiving jail a certificate this statute and his was atfacts. The existence by Mr. of Ward was passed and client last fully known before sentence both attorney of the pen- contorney night, aware even if of before the nature there was a It alty were to be plead paid guilty. true, however, that of this, sent to is doubtless universal versal northwere thwest populari Iowa to the well-inroughouth Ward do in securing emba Mr. much to from .lictment his was had happy exit the have been him. position two Since years ago there Spectacle avoid- of former States numerous turned Sentation continua of state the chairman attorney ed the republican district colleague was for a now United uting a former he defaulted district Mr. for was prose Ward, when the Eleventh at the head chairman McMil Millan state. when H. affairs G. in the guilty yesterday counts fternoon Mr. ictment of of party Ward the pleaded first of seven him, this indiction him in the accusing the bank. count tion of funds of Like New Man. the court Appearward entered jast night, to saw When Mr. 7:30 o'clock those present the past room ceive his at sentence in the man Ward in appeared great change When Mr. two years his face, two years. grand criss- jury the fever last were his features before month the lines rest estless from were hag anxiety loss of was of his eyes and dressed flesh. immac immaculately the bench. ose-fitting a and gard Mr. fom Ward was called before suit of black when wore he a close-11 collar. He high, spotless


Article from Belding Banner, October 15, 1903

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CONDENSED NEWS.

A large female bear and two cubs were killed by Supt. Kruse, of the Forest mine, at Iron Mountain.

The Frankfurter Zeitung's Shanghai correspondent wires that news was received there from Chee Foo that the Japanese have occupied Ma-San-Pho, Korea. The correspondent adds that an official declaration of war between Japan and Russia is expected shortly.

Pleading guilty to embezzlement of $14,000, Thomas F. Ward, formerly vice president of the Lemars, Iowa, National bank, faces a penalty of $5,000 fine and 10 years in prison. Ward's embezzlement of funds resulted in the failure of the bank in 1901.

Living in a bath tub filled with water for 17 months, Thos. Brower, aged 14, of Albany, N. Y., is dead from the effects of a bullet which lodged in his spine. He became paralyzed and was suspended in the water by elastic bands.

Brigham Young's successor as an apostle of the Mormon church selected by the semi-annual conference at Salt Lake City, is Elder George A. Smith, a son of Apostle John Henry Smith, and the present receiver of the United States land office in Utah.

Christian Science is a legal method of doctoring according to a decision of the New Hampshire supreme court in a case against Rev. Irving C. Tomlinson, charged with criminal malpractice in treating a case of appendicitis by that method.

Laughed himself to death, that was the case with Joseph Jennison, who was so amused by a joke at the Eighth Avenue theater in New York that he couldn't control himself and died in the lobby, whither he was taken by ushers.