Valley National Bank (Des Moines, IA)

View Charter #2886 on SPMC View balance sheet

Episode Information

Episode UID
288601165
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
28860 national
Charter Number
2886
Start Date
January 22, 1897
Location
Des Moines, Iowa (41.601, -93.609)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
de8077feda403ff1

Response Measures

None

Events (3)
1. February 17, 1883 Chartered
Source
historical_nic
2. January 22, 1897 Suspension
Cause
Local Banks
Cause Details
Failure of the German Savings Bank in Des Moines prompted city banks to fortify and invoke the 60-day notice for time deposits under clearinghouse resolution.
Newspaper Excerpt
Each has $100,000 to $300,000 piled on the counters. All agreed to refuse to pay time deposits without 60 days' legal notice.
Source
newspapers
3. October 12, 1937 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (6)
1. December 24, 1896 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, December 24, 1896

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Article Text

SOME QUEER TRANSACTIONS. Brought Out in Connection With the Bank of Illinois Failure. Chicago, December 23.-An officer of National Bank of Illinois is charged with a commission one of the loans to receiving making of the $125,000 Calumet for Electric street railway company. Some of the directors of the bank claim that they were not fully informed of the Calumet loans until Saturday, believing them to be nearly $1,000,000 less in the aggregate than they proved to be. A rumor has gained some currency to the effect that many of the loans made by the National Bank of Illinois were unsecured. The American Brewing, Malting and Elevator company, the George A. Weis Malting and Elevator company and George A. Weiss individually, have ASsigned. The failure of the two corporations was the result of the failure of the National Bank of Illinois. Iowa Banks Affected. (Des Moines, December 23.-The Des Moines banks have been called to the aid of numerous country banking customers, who were embarrassed by the failure of the National Bank of Illinois. The Chicago institution had a large number of accounts with Iowa nanks scattered all over the state. The indications are that Iowa banks will in no case be injured beyond temporary embarrassment of this kind, but the number that have made such requests is several score. Receivers for Bank of Minnesota. St. Paul, December 3.-This afternoon Judge Otis appointed Wm. H. Lightner and Frank A. Seymour, cashier of the Merchants' national bank, receivers of the Bank of Minnesota. Public Examiner Kenon in the petition to the court, stated that the assets of the bank were $281,000 real estate; $45,000 cash; $1,675, 000 loans and discounts. When the banks last statement October 6, was made, the loans and discounts were given as $2,300,000. The public examiner has evidently giveu these,at what he regards as the actual value. The bank is indebted to depositors $2,341,000. Its liabilities over all assessments are $84,000. As the capital stock is $600,00 and every stockholder is hable to twice the amount of his stock, it is pretty certain the depositors will be paid dollar for dollar. West Superior Caught in Maelstrom. West Superior, December 23 -The bank of West Superior did not open its doors for business this morning, being forced into liquidation by the failure of the Bank of Minnesota. Roseland Bank All Right. Chicago, December 23.-John H. Nichols was appointed receiver Monday afternoon for Fredrick Wierseman, proprietor of the Roseland savings bank. Sufficient money has been raised to carry on the business and the judge has discharged the receiver. The bank will open its doors tomorrow morning.

2. January 22, 1897 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, January 22, 1897

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Article Text

Way the Des Moines Banks Stay the Panic. EXCITEMENT IS ABOUT OVER. Notorious Suspects Arrested in Chicago. General Late News of the Day by Wire. Des Moines, Iowa, Jan. 22.-No more failures are likely to occur today. The banks received over $1,000,000 from outside sources this morning, and all are standing together and will hold each other up. Each has $100,000 to $300,000 piled on the counters. All agreed to refuse to pay time deposits without 60 days' legal notice. The savings banks have taken advantage of the state law allowing them to refuse to pay sayings deposits except on 60-days' notice. Heavy runs are not expected.

3. January 22, 1897 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, January 22, 1897

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Article Text

Banks Prepared for a Run. DES MOINES, Ia., Jan. 21.-The banks of Des Moines have all fortified themselves against dangers of a run tomorrow, following the failure of the German Savings bank. Fully $500,000 will be received tomorrow from Chicago and other points.

4. January 22, 1897 The Herald Los Angeles, CA
Article from The Herald, January 22, 1897

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Article Text

PREPARING FOR TROUBLE. DES MOINES, Iowa, Jan. 21.-The banks of Des Moines have all fortified themselves against all dangers of a run tomorrow, following the failure of the German Savings bank. Fully $500,000 will be received tomorrow from Chicago and other points.

5. January 23, 1897 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, January 23, 1897

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Article Text

DANGER TO THE BANKS HAS PASSED. Million Dollars Imported from Chiengo is Not Needed. DES MOINES, Jan. 22.-(Special Telegram.) -All danger of a run on Des Moines banks is considered to be past. This morning nearly a million dollars arrived from Chicago on the early trains for different banks. Express wagons heavily guarded were in waiting and when the banks opened this money, together with what they had on hand, enabled them to display great piles of bills and coin before the eyes of callers. Acting on the clearing house resolution, the banks announced that they would take advantage of their contracts and require notices from time depositors before permitting withdrawals and the savings banks took advantage of the sixty-day clause in the law. It is believed that before the sixty days is up, apprehension on the part of depositors will pass away. In banking circles the failure of the German Savings bank yesterday is said to have resulted from careless banking. Loans were made indiscriminately, business men failing to get accommodation elsewhere going to it. The bank had built up a big business in three years, but did it by offering great inducements. As high as 4 per cent interest was allowed depositors on daily balances. It will take many months to close out the bank's business and its assets will depreciate materially, but will pay 75 or 80 cents on the dollar.

6. January 29, 1897 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, January 29, 1897

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Article Text

From the State Capital. Whether it be for the purpose of currying favor with the taxpapers or from a genuine spirit of economy the state senate has done the right thing in reducing the number of clerks from forty to twenty. If it is a real desire to save the state funds why did they not think of it last sestion? Ex-Congressinan Walter I. Hayes, was elected from Clinton county to the vacancy occasioned by the death of State Representative N. A. Merrill. Last November, Mr. Hayes was the silver candidate for congress in that district and lacked about 1000 votes of carrying Clinton county. At this special election, less than three months after the goldbug victory, he carried the county by about 1000 majority, getting ebout two-thirds of all the votes. If straws show which way the wind blows, what does this indicate? It looks very much as though the people are sick of the way they allowed the election to go last tall and would be glad to try something different now if they but had an opportunity. If the same ratio holds good all over the state, and everything goes to show that it will, the reform forces will sweep Iowa next all by a tremendous majority. The McKinley wave of prosperity and restored confidence struck Des Moines in good shape last week. To ay nothing of several smaller failures he German Savings bank closed its loors. It was the most popular bank n the city and has plenty of assets to bay out but owing to the scarcity of noney, which the present powers re# 'uo uu make 07 esn could not realize on them and had to quit. The other banks were considerably scared for fear their depositors would want their money, knowng that a "run" would burst every one of them, but by publishing reorts that they had got all the money needed from Chicago and by taking advantage of the sixty day clause under which deposits cannot be withdrawn, other banks were prevented and depositors will continue to plod along in a state of uncertainty and ear, not knowing whether they will ever get their money or not. Depositors of the bursted bank are promised their money as soon as the business can be straightened out, but such promises are always madeand seldom fulfilled and they may get all and they may get very little. And still there are some people who refuse to believe that we need more and cheaper tem. money and a better banking sysNever before were there so many people In Des Moines in need of assistance. Not charity, but an opportunity to earn a living. In fact hundreds of thousands are becoming desperate. The monopoly-serving, anti-silver, Hanna-helping organ, the Register, is forced to admit that its ante-election promises of plenty of work at good wages as soon as McKinley's election was assured, was false and misleading and in depicting the present pitiable situation urges prompt action by the city government to prevent hundreds of families from starvation and says if immediate assistance be not forthcoming there will be so-called criminal acts to secure bread which under the circumstances, will be perfectly justifiable in the sight of God. Speaking of the destitute workingmen the Register says: "Now the savings have been expended, they are out of employment and out of food, and as a last resort they have gone to the city