Directors closed the bank after the drowning of the cashier and discovery of large forgeries/defalcations. A national bank examiner was placed in charge and a receiver (E. B. Shaw, later G. W. Swords) was appointed; the bank did not reopen and was wound up (stockholders assessed, partial dividends paid later). Multiple articles (July–Aug 1904) report closure, appointment of receiver, massive forged paper (~$204,000) and that the bank was 'defunct' and would never re-open.
Events (8)
1.January 15, 1866Chartered
Source
historical_nic
2.July 26, 1904Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors closed the bank after discovery of irregularities following the drowning of the cashier and his son; suspected large forgeries and shortages in accounts.
Newspaper Excerpt
has closed its doors pending an investigation by national bank examiners.
Source
newspapers
3.July 27, 1904Receivership
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historical_nic
4.July 27, 1904Receivership
Newspaper Excerpt
The Comptroller of the currency today appointed E. B. Shaw national bank examiner as receiver of the First National Bank, Grinnell, Iowa, whose doors were closed by directors yesterday.
Source
newspapers
5.August 2, 1904Other
Newspaper Excerpt
H. C. Spencer ... was not merely a defaulter, but also a forger. ... nine fraudulent notes ... signatures spurious.
Source
newspapers
6.August 6, 1904Other
Newspaper Excerpt
stockholders received notices from the receiver ... they would be assessed to the full amount of their stock ... forged paper amounting to $204,000 found in the private accounts of ... cashier.
Source
newspapers
7.August 18, 1904Other
Newspaper Excerpt
Preparing report for permanent receiver, who will take charge Thursday morning August 18. George W. Swords is his name.
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newspapers
8.May 10, 1905Other
Newspaper Excerpt
Receiver Swords ... has declared, in all, 55 per cent in dividends, an unexpectedly large proportion.
Source
newspapers
Newspaper Articles (22)
1.July 27, 1904Evening Times-RepublicanMarshalltown, IA
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Spencers having suicided are not born out as matters were left in no state of preparation such as a man would naturally leave them in if he had planned his end. Washington, D. C., July 27.-The Comptroller of the currency today appointed E. B. Shaw national bank examiner as receiver of the First National Bank, Grinnell. Iowa, whose doors were closed by directors yesterday. The following statement of the condition of the bank was made June 9:Resources, loans and discounts, $389,700. Overdrafts, $2,500. United States bonds, $25,000. Banking house, $1.600. Due from bank, $32,100. Cash. $41,400. Redemption fund, $1,300. Total, $473.600. Liabilities: Capital, $100,000. and Surplus undivided profits, $26,600. Circulation. $25,000. Deposits, $322.000. Total, $473,600.
2.July 27, 1904Evening Times-RepublicanMarshalltown, IA
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FORGED PAPER FOUND AT GRINNELL Admitted by Directors of Grinnell Bank That Large Shortage Was Caused by Forged Notes Not Yet Known What the Amount Will Be-Examiner Shaw Appointed Receiver-Believed That Cash on Hand and Stockholders' Assessment Will Pay Out-Rumors Are Many and Large But Can Not Be Verified. Today the suspicions of the two Grinnell, July 27.-E. B. Shaw, of Spencers having suicided are not born West Union, Iowa, national bank exout as matters were left in no state aminer, was today placed in charge of of preparation such as a man would the First National bank as receiver. naturally leave them in if he had planned his end. Stories leaking from several of those who know now point very strongly to Washington, D. C., July 27.-The conditions much worse than was exComptroller of the currency today appected. It is told from mouth to mouth pointed E. B. Shaw national bank examiner as receiver of the First Natin Grinnell by business men who were ional Bank, Grinnell. Iowa, whose depositors at the bank that a large doors were closed by directors yesteramonut of forged paper has already day. The following statement of the been discovered, aggregating over condition of the bank was made June 9:$100,000. At least two directors have Resources, loans and discounts, admitted that they have been ruined $389,700. by the failure and it is almost certain Overdrafts, $2,500. that the loss of their stock investment United States bonds, $25,000. Banking house, $1.600. and a possible assessment will wipe out Due from bank, $32,100. all that some of them have in the Cash, $41,400. world. It is not yet known whether Redemption fund, $1,300. the depositors will suffer. The bank, Total, $473.600. on July 5. had $41,000 in cash on hand Liabilities: Capital, $100,000. and a deposit showing of $321,000. One Surplus and undivided profits, $26,600. depositor claims, however, that the Circulation. $25,000. deposit account has been stuffed very Deposits, $322.000. Total, $473,600. greatly for the purpose of making a good showing for the bank and if this In Marshalltown today information is true the forged paper could be acpassed over the telephone wires to counted for as a stuffed asset to offset other towns that the Grinnell shortage the factitious deposits with no real will reach $200,000. but this can not be verified at Grinnell in fact, the best inharm done to the bank. The examiner formation that can be gained by the is at work and refuses to make a stateT.-R.'s regular Grinnell correspondent ment. Directors themselves admit that is to the effect that the shortage will forged paper has been found in large be much less. amounts and this is all that is known.
3.July 27, 1904The Saint Paul GlobeSaint Paul, MN
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COMPLICATIONS FOLLOW DOUBLE DROWNING Banker and Son Succumbed Though They Were Good Swimmers GRINNELL, Iowa, July 26.-The First National bank of Grinnell, whose leading director, H. C. Spencer, and Cashier W. C. Spencer, father and son, were mysteriously drowned here last week, has closed its doors pending an investigation by national bank examiners. The bank has been closed since the drowning, but no reason was assigned until today, when notice was posted stating that an examiner had been called for by the directors. It is known that there is a shortage due to the Spencers, but its amount will not be known until the examiner reports. The stockholders of the bank, however. will be abundantly able to take care of all deposits. The drowning of the Spencers. who were good swimmers, is a mystery which is still unexplained.
SHORTAGE MAY BE SMALL Receiver Shaw at Work on the Books of the Bank. Special to The Journal. Des Moines, July 28.-E. B. Shaw, national bank examiner, who has been appointed receiver of the First National bank of Grinnell, owing to the reported shortage discovered after the tragic death of Cashier H. C. Spencer and his son, C. H. Spencer, has computed the liabilities and is determining the assets. He fails to confirm the prevalent belief of a $100,000 defalcation, but declines to make any statement. Those who saw the drowning of the cashier and his son, who was the head bookkeeper of the bank, emphatically deny that it was suicide and absolutely establish the correctness of the accident theory. The impression is gaining that after all no serious shortage exists and that the irregularities, if any, are slight.
5.July 28, 1904Missouri Valley TimesMissouri Valley, IA
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Grinnell, In. July 28.-Since the tragle double drowning of H. C'. Spencer and son. the doors of the First National bank of this city have been closed, awaiting an examination and a reorganization under a new cashier. It is learned that some Irregularities, including complicated book entries, have been discovered and the directors have decided that the only safe plan would be to await an examination by a bank examiner. Either Examiner Shaw or Examiner Miller is expected today. The doors are still closed, with this notice posted: "By an order of the board of directors this bank will be closed until the national bank examiner has made an investigation of the bank's affairs." Public Is Nervous. The public is nervous, naturally. and all sorts of runiors are rife, but this much is certain, there will be a serious shortage but it will not be large enough to affect depositors, the directors even hope that what now appears to be a deficit may be explained away by the examiner. The national banking law holds all stockholders liable for an assessment equal to the amount of their stock besides the loss of the stock itself, which will amply protect depositors. The First National was capitalized at $100,000. Its surplus was $27,500, and its deposits ran about $300,000. Its list of officers included J. P. Lyman, president; David Vanderveer, vice president: W. C. Spencer, cashier, and W. C. Statt. assistant cashier. Its directorate was composed of J. Childs, C. F. Childs, II. K. Edson, W. S. Hendrixson, J. P. Lyman. L. F. Parker, C. H. Spencer, H. C. Spencer and D. Vanderveer, all of whom were heavy stockholders in the bank. One-fourth of the stock was owned by the Spencers, and H. C. Spencer has considerable property that can be applied to the liquidation of any liability. Old Affair Recalled. It will be recalled that when Charles H. Spencer was killed about ten years ago, there was talk of an alleged deficit or unsecured liabilities to the bank of $20,000. The directors were made to believe that this was fully settled. It is now claimed that securities were substituted and carried as assets, and that H. C. Spencer kept up the interest on them. The stockholders of the First National are pioneer settlers, who knew the Spencers years ago. The directors are men of known probity and character. They are men who will surrender every dollar they have in the world rather than wrong any creditors. Whoever suffers they will suffer the most. Every one of them had the most absolute confidence in their cashier. Should the worst develop in the examination the mystery of the drowning accident may be explained.
CITY OF GRINNELL FEARS THE WORST WILD RUMORS AFLOAT ABOUT ITS FIRST NATIONAL. Stories of Forgeries and Shortages Aggregating Over $200,000-Nothing to Indicate Clearly that the Spencers Were Suicides or that Their Accounts Are at Fault. Special to The Journal. Grinnell, Iowa, July 29.-The directors of the First National bank, whose cashier and bookkeeper were drowned July 20, decided to close the bank pending an investigation into its affairs, and requested that a bank examiner be sent by the government. The examiner took charge yesterday, and is engaged in going over the accounts. This action caused the wildest rumors concerning the condition of the bank. The town is nervous and apprehensive and stories of forgeries and shortages amounting to over $200,000 have found ready circulation and belief. There appears to be no adequate reason for the sudden alarm. The bank directors had trusted implicitly in Cashier Spencer, whose connection with the bank covered thirty-one years of service. His tragic death by drowning, together with his son, last week, gave the town such a shock as it has not had since the tornado of 1882. Whether the bank directors had any further motive than a natural feeling of prudence in requesting the investigation has not been made public. Since the examiner assumed charge he has given out nothing, and will not until his work is finished. While a shortage may be found, there is as yet nothing to indicate that the death of the Spencers was due to suicide, in place of accident, or that anything is wrong with the bank's accounts. No receiver has been appointed, and none will be until the bank inspector sends in his report. The city is in the grip of a blind unreasoning fear, and the most absurd tales gain credence.
7.July 29, 1904The Owosso TimesOwosso, MI
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WEDNESDAY. Fire at Two Harbors, Minn., de strcyed the car shops and their contents of the Duluth & Iron Range Railroad Co. Loss, $75,000. Henry Holmes, a colored man, shot his mother, Mrs. Ellen Holmes, and af terward blew off the top of his own head at South River, 'N. J. His mother cannot live. Rear Admiral H. C. Taylor ,U. S. N.. who commanded the Indiana at the battle of Santiago, died at Copper Cliff General hospital, Sudbury, Ont., of peritonitis. W. E. Livingston, the American who was injured at San Sebastian, Spain, Sunday in the panic following a fight between a tiger and a bull, is pushing his claim for indemnity and has engaged counsel. The Steel Company of America, with an authorized capital of $3,000,000, was incorporated at Trenton, N. J., to manufacture and deal in steel and other metals. The incorporators are A. H. Henderson, A. T. Smith and E. C. Sicardi of Jersey City. The First National bank of Grinneli, Ia., whose leading director, H. C. Spencer. and cashier, W. C. Spencer, father and son, were mysteriously drowned here last week, has closed its doors pending an investigation by the national bank examiner.
8.August 2, 1904Rock Island ArgusRock Island, IL
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FRAUD SHOWN AFTER DEATH Bank Cashier, Mysteriously Drowned With His Son, Was a Forger. Grinnell, Iowa, Aug. 2.-H. C. Spencer, cashier of the defunct First National bank of this city, who was mysteriously drowned with his son two weeks ago, was not merely a defalter, but also a forger. Evidence of this fact came to light yesterday in the discovery of nine fradulent notes purporting to be signed by as many prominent farmers and business men of this section. The nine notes aggregate $7,479. The receiver of the bank sent notices to men whose names appeared on the notes and today they declared the signatures spurious. In each case there was a slight transposition of letters in spelling of names. How many more notes of the same character are extant is not yet known. The bank receiver is not yet ready to make a statement, the affairs of the institution being badly involved.
9.August 2, 1904The Cairo BulletinCairo, IL
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DEVELOP FORGERIES. By the Associated Press. Grinnell, la, Aug. 1.-H. C. Spencer cashier of the defunct First National bank of this city, who met death with his son in a mysterious double drowning two weeks ago, it is alleged, was not merely a defaulter but also a forger. Evidence of this fact came to light today in the discovery of nine bogus notes purporting to be signed by as many prominent farm T8 and business men of this see tion. The notes aggregate $7,459. The bank's receiver sent notices to the men whose names were attached and hay app rel 00 y and declared the signatures spurious. In each case here wa: a slight transposition of he letters la the spelling of the names. How many more notes of this same character are extant is not yet known.
10.August 4, 1904The TomahawkWhite Earth, MN
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LATER. At Sagamore Hill, President Roosevelt formally received and accepted the nomination of the republican party for president of the United States. The formal notification was made in an address by Speaker Cannon. The speech of the president will be circulated extensively in the campaign, as, aside from the letter of acceptance which he will issue in a few weeks, it will be his only public utterance during the campaign. The comptroller of the currency has appointed E. B. Shaw, a national bank examiner, as receiver of the First national bank of Grinnell, Ia., whose doors were closed by the directors. Twelve business houses were destroyed by fire at Mora, Minn., causing a loss estimated at about $70,000. George Stanley, of Cadillac, was nominated for congressman by the democrats of the Ninth Michigan district. Rear Admiral Philip H. Cooper, commander-in-chief of the Asiatic station will be retired August 4. The death of John Rogers, sculptor and designer of the famous "Rogers groups" of statuary, is announced. It occurred at his summer home in New Canaan, Conn. Russian refugees who have arrived at Chefoo report that theLieutenant Burukoff and two other Russian torpedo destroyers were torpedoed and totally destroyed by the Japanese on the night of July 25. The Japanese casualties in the fighting before Tatchekiao were 800. Hon. Cyrus P. Walbridge, of St. Louis, was nominated for governor of Missouri on the first ballot taken by the state republican convention in session at St. Joseph. Ex-Senator Davis, when asked for an expression of opinion in regard to the selection of Mr. Thomas Taggart, of Indiana, for natinoal chairman, refused to comment on the committee's action. Albert F. Dawson, private secretary to United States Senator Allison, was nominated for congress by republicans of the Second Iowa district. Justice Scott, of New York, has signed the formal decree of divorce, dissolving the marriage of Lillian Nordica, the singer, and Zoltan Doehme. There were 79 passengers and 840 employes of railroads killed and 1,590 passengers and 10,854 employes injured in accidents on railroads in the United States during the quarter ended March 31, 1904.
11.August 4, 1904Audubon RepublicanAudubon, IA
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DEATH MYSTERY CLOSES BANK Grinnell People Stirred By Drowning of the Spencers. ACCIDENT OR INTENTIONAL Death of Prominent Banker Followed By Closing-Bank Examiner Takes Stepsfor Investigation of the Affairs of the First National Bank. Grinnell, July 28.-Absolute ruinthat is the specter that confronts more than one stockholder of the First National Bank of Grinnell, whose affairs were brought to a woeful pass through the manipulations of Cashier H. C. Spencer, who met such a tragic death by drowning last week with his son, C. H. Spencer, a bookkeeper in the bank. So serious is the situation that a receiver has been appointed. While at first it was not believed that the shortage in the accounts of Cashier Spencer would be very large, perhaps not more than $25,000, it is now believed that that it will wipe out absolutely the $100,000 capital stock of the bank. and perhaps more. The stockholders will be required under the national banking act to make good any loss to the extent of twice their stock holdings, and this will deprive a number of them of all they have in the world. It is absolutely impossible to get definite information concerning the bank's condition from National Bank Examiner Shaw. who arrived here Tuesday to take charge. or from the officials and directors of the bank. They refuse tc talk. However, some of the stockholders have stated that the loss would be heavy and that they feared financial ruin for themselves in protecting the interests of their depositors. It is currently reported that evidence of forged securities has been found by officials of the bank in their investigations. No statement to this effect could be secured from the efficials. but the report is based upon statements by responsible stockholders. This forged paper, it is alleged, was used to cover up the shortage and in accounting for bank funds wrongfully abstracted from its vaults. If the full story of the wrongdoings of Cashier Spenctr is ever made known it is believed that it will tell the pathetic tale of a devoted son's sinning to shield an erring father from exposure. About ten years ago one of the officers of the First National bank was C. H. Spencer, father of the late Cashiom U.
12.August 6, 1904Evening Times-RepublicanMarshalltown, IA
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STOCKHOLDERS ARE ASSESSED Grinnell Bank Failure Grows Much Worse as Facts Develop IS SUICIDE NOW BELIEVED Forgeries Tremendous and Even Heartless Thievery of Petty Amounts Appear-Stockholders Assessed 100 Per Cent-Depositors May SufferHave Three Months to File Claims. Special to Times-Republican Grinnell, Aug. 6.-As time passes, and the facts come to light the failure of the First National Bank grows worse instead of better. Stockholders today received notices from the receiver to the effect that they would be assessed to the full amount of their stock. This means that the depositors must lose something for it is estimated that only one-half the stockholders are able to pay. Just what the shortage will be will not be known for three months as notice has been published by Comptroller of the currency Ridgely that claims can be filed within that time. Henry Spencer and his wife owned one-third of the bank stock. His stock cannot be depended upon for an assessment for the reason that his estate will all be taken before the assessment is used. About one-fourth of the other stockholders had their all invested in the bank stock and when this is gone they will not be able to pay an assessment besides. As incidents come to light the diabolical work of the cashier becomes more and more apalling. It was learned today that when C. L. Gaddis of Hickory township, a very poor and aged farmer. died some two months ago, he prepared for his end by locking up in his safety deposit box at the Spencer bank a certificate of deposit for $700, and entrusted the key to Mr. Spencer with instructions to deliver the contents to the widow. When the old lady called after the death she deposited $500, the proceeds of their farm sale and asked for the certificate of deposit. Spencer denied all knowledge of the same and investigation shows that the certificates are marked paid. The old lady never got a cent of it and her $500 is tied up in the deposits. So hot had become the volcano over which the Spencers were sitting that there is no longer any doubt in the minds of Grinnell people that both father and son committed suicide. It now transpires that in Spencer's private desk was found a list of the forged paper amounting to $204,000. Henry Spencer had been in the habit of personally keeping the note register. the certificate register and the discount register. which constitute about all the books of the bank. By keeping all hands off from these records he was compelled to work till midnight often and did about all of the bank work himself. but was able to perform almost any kind of a trick with the record.s The Grinnell Herald yesterday published a story to the effect that The bank would not be re-opened That there will be a material loss to depositors. That the report of the receiver is likely to show that the deposits were even greater than reported, and that the false entries were made to cause them to show less rather than greater as at first supposed. That new evidences of forgery constantly appear. The Times-Republican correspondent reported more than a week ago that there were evidences of forgery. and that the bank would never re-open; but for this the newspaper was censured for disturbing the Bradstreets rating of all Grinnell citizens in generh al. However, it is not yet certain that there will be a loss to depositors altho this is possible, and the facts will not be known for three months or uno til all claims are filed in the legal way. h It is not true that the receiver's report will show any new developments in ret gard to the deposits for the men in charge of the investigation have not t taken up the deposit accounts except t to verify the official statement of $321. n 000 with the books which was p be correct. enr will develop will tries found deposits to What not their be false claims. known fl depositors file tl mistake as la newspaper errors be all The until such Herald's all is excusable exercised should si but more care should be or Bradstreets ratings in Grinnell will be demoralized by so-called "yellow journalism."
13.August 10, 1904Evening Times-RepublicanMarshalltown, IA
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Examiner's Report Reaches Washington But ( ontents Are Kept Secret RIDGELY CALLS IT TOTAL WRECK Comptroller of Currency Says Spencers Would Have Been In Penitentiary Had They Lived - Grinnell Still Insists That Depositors Will be Paid, Few Stockholders Are Ruined. Washington, Aug. 10.-Examiner Shaw's report on the bank failure at Grinnell was received by the comptroller of the currency yesterday but there is a continued air of mystery about the affair yet and the officials refuse to make the report public. Comptroller Ridgeley says the bank is completely wrecked and that is all there is to it. "The report received today from Mr. Shaw," said Comptroller Ridgeley, "indicates that the affairs of the Grinnell bank are in an almost interminable tangle, and their unraveling may take many weeks. According to the report gross frauds have been committed, criminal in character. The report also shows that the Spencers, father and son, were the parties to the commission of the crimes, and they are dead. So far as I can ascertain there does not seem to be anyone left connected with the Grinnell bank who can in any way be held responsible for the fraudulent actions of the Spencers. It is a most remarkable case, and bids fair to be one of the most interesting that has been brought to the attention of the department for years." In this connection Comptroller Ridgeley said when he was appaised of the death of the Spencers, he went over to see Secretary Shaw, and in his office found Representative Hepburn. He explained that the Spencers had been drowned, but there was a suspicion of sucide due to certain elements of the affairs of the First National bank at Grinnell. Col. Hepburn. it is said, spoke up and assured Mr. Ridgeley that there could not be the slightest doubt as to the probity of the Spencers, as they were held in the highest esteem in the community in which they lived. "Subsequent events would seem to disprove Col. Hepburn's judgment," said Mr. Ridgeley, "as it appears quite evident that the Spencers' were entirely and alone responsible for the disasterous wrecking of the First National bank at Grinnell, and that thru methods, which, had they lived, would probably have landed them behind the bars. "This only proves," continued Mr. Ridgeley, "that a man having made a reputation for honesty and fair dealing in a community may do almost any fraudulent thing for years until some such catastrophe as overtook the Spencers bring home the fact that they have played upon the credulity of the public for dishonest purposes." Comptroller Ridgeley said that in all probability Bank Examiner Shaw would be held at Grinnell for some time to continue further his examination into the bank's affairs. As to the appointment of a receiver for the bank, Mr. Ridgeley said he could not under present conditions say whether such'an official would be appointed or not; he would await further advices from Mr. Shaw. The fact of the matter is the bank is completely wrecked and the wreckers are dead.
14.August 11, 1904Ottumwa Tri-Weekly CourierOttumwa, IA
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SHORTAGE INCREASES FORGED PAPERS AMOUNTING TO $204,000 FOUND IN GRINNELL BANK. Grinnell, Aug. 9.-Forged paper to the amount of $204,000 has been found in the private accounts of J. C. Spen. cer, cashier of the First National bank of this city, which institution was closed shortly after he and his father were drowned in an artificial lake near this city a few weeks ago. The defalcations are so large that the bank will never be able to re-open. It will also undoubtedly financially ruin a large number of people in this vicinity. The theory that the Spencers committed suicide and were not accidentally drowned, is generally believed. The exact amount of the defalontions will not be known until Receiver Snaw has finished his examination of the bank's effairs.
15.August 18, 1904Evening Times-RepublicanMarshalltown, IA
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The Grinnell News, Special to Times-Republican. Grinnell, Aug. 18.-The funeral of Mrs. Elizabeth Williams, held yesterday at the home of her daughter, Mrs. Latham, in Searsboro. Mrs. Williams was born in England and at the time of her death was 70 years old. Her husband was in the civil war and lost his life in Sherman's march to the sea. She was left with a small farm and a family of four children. Selling her property she moved to Grinnell and purchased the property now hers on North Elm. Her children, three daughters and one son, were all given a good education, and all have married and have homes of their own. For thirty years she has been identified with the interests of the city. She was an earnest christian and member of the M. E. church. The bulletin board at the First National bank building reads on closed doors: "Preparing report for permanent receiver, who will take charge Thursday morning August 18." George W. Swords is his name. Charles E. Anderson, of the firm of A. D. Woodruff & Co., has traded his twelve room house and two lots on North Elm, for Mr. Woodruff's interest in the business. The business will be carried on under the name of Anderson Furniture Company. A. A. Foster owns 120 acres, known as the Tallman farm. It is all planted with corn. The stand is fine, the ground is clean and the prospect for a big crop seldom better. There are many such fields in our county, and barring unforeseen circumstances, corn with many bushels per acre will be much in evidence this fall. Cards are out announcing the marriage of Nellie Blanche, daughter of Mr. and Mrs. William H. Alley, to Mr. Peter A. Schmelz, Wednesday evening, August 31. Mrs. Mary Bump has returned from Missouri. The city council sends to the county auditor the following tax levy for 1905: Library, 2 mills; corporation, 6½; light, 31/4 : fire, 1/4; cemetery, 1/2; water, 3½; sewer, 2; sinking, 2; total, 20.
16.September 1, 1904Mexico Missouri MessageMexico, MO
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Stockholders Assessed. Washington: The first report of the receiver of the First National Bank of Grinnell, Iowa, was filed with the Comptroller of the Currency Thursday. The Comptroller authorizes the statement, that, owing to thte large amount of forged paper among the assets, an assessment against the shareholders for their full 100 per cent liability is necessary and has been levied.
17.September 7, 1904The Denison ReviewDenison, Dow City, IA
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# AROUND THE STATE.
Ex-Congres-man Joe R. Lane of Davenport has consented to take a two months vacation from nis business as an attorney and accept the chairmanship of the Second district congressional committee to manage the campaign of Candidate A. F. Dawson.
The democrats of the first congressional district have nominated as their candidate for Congress Jonn E Craig of Lee County.
A peculiar case in the district court at Fort Dodge is that in which one M. M. Wheeler sues the city of Fort Dodge for $20,000 damages for personal injuries sustained on July 4, 1933, being struck by a "slide for life" performer, who met her death there on that date by the breaking of the harness which she wore. The case involves a question of liability on the part of the city for the accident and the injury of the plaintiff, who was a spectator.
The receiver of the First National bank at Grinnel, is mailing notices to stockholders of the assessment that has been made against them of $100 per share to meet the deficit in the bank's funds. The language of the comptroller demands the fuil payment and directs the receiver to proceed "Dy suit or otherwise to enforce" to the extent of $100 per share the ind voual liability of each share holder.
Charles Anderson, aged 17, of Iowa City was run over and suffered a crushed right leg and a concussion of the brain, which resulted in his death three hours later, while jumping a freight train in the switch yards.
E. O. Sou.e the cashier who embezzled over $50,000 from the Home Savings bank at Iowa Falls, has been taken to the penitentiary at Anamosa to serve cut a sentence of eighteen mouths. A few years ago a man who stole a bicycle in the same county was sentenced to the penitentiary for three years and the bicycle was recovered.
After a short but hot fight between the silver and the gold democrats in the Ninth district convention, Hamilton Wilcox, a wealthy farmer of Griswold and a well-known anti-Bryan democrat was nominated for congress.
A couple of hundred coal miners employed by the Colfax Consolidated Coal company in its mines at Andersonville and Seevere, mining camps just over the line from Polk. to Jasper county, quit work because the company would not provide them with free transportation to and from the coal mines.
18.November 9, 1904Evening Times-RepublicanMarshalltown, IA
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Depositors In Defunct Grinnell Bank, Demand Appointment of John C. Manly INTERESTS ARE JEOPARDIZED Such is the Claim of Those Signing the Petition Which Will be Presented to Secretary Shaw on His Expected Arrival in Grinnell Wednesday-The Situation. Special to Times-Republican. Grinnell, Nov. 8.-Matters in regard to the failure of the First National bank are still interesting. A petition. addressed to Comptroller Ridgeley signed by numerous depositors and some business men, asking for the removal of the present receiver and the appointment of John C. Manly of this city, will be presented to Secretary Shaw on his promised arrival on Wednesday next. Failing In this, It is the intention of these dissatisfied depositors to secure the services of some able lawyer to protect their Interests, which they claim are jeopardized under the management of the present receiver. Legal steps are more than likely to be instituted, in the matter of one stockholder liable for $5,000, who was compromised with for $1,875. The basis of the suit will be the public statement in a public meeting that said stockholder would lose every cent he had on earth but that he would pay his assessment in full, and the bank depositors would lose nothing on his account. Whether this will stand law and the proceedings of the receiver in this case be annulled, is an open question but the dissatisfied depositors feel assured that If this case is brought to the attention of Shaw and Controller Ridgley it will produce results. In regard to the politics in the case Lacey has relieved himself of some embarrassment as to any direct action in the appointment of Receiver Swords but there is n. general feeling that politics did result in the appointment of a man outside of Poweshiek county, notwithstanding there were many men living in Montezuma, Malcom or Brooklyn who would have been acceptable both to depositors and stockholders. There is a surprising number of women's signatures on the list, asking for the removal of the present receiver, and to these the loss of even the small amount of money they had in the defunct bank is most serious. Hardly any of the business firms are Interested more than to hope for as speedy a settlement as possible, and this without making the appointment of any receiver "a plum," for political services rendered. There is no feeling because Lanphere was not appointed. Lanphere himself is no sore head, and the majority of republicans here feel that Lacey in trying to secure the services of Judge Lewis of Montezuma, was working along the line of the real Interests of both stockholders and depositors. Nevertheless so acute is the situation now that to claim that the continuance of the present receivership will not result in future political grief is a mistake. If political considerations forced the appointment greater ones demand the change.
19.November 10, 1904Evening Times-RepublicanMarshalltown, IA
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Secretary of the Treasury Leslie M. Shaw, who spent Wednesday in Grin nell, to consider the petition of depositors of the First National bank, who are dissatisfied with the appointment of Receiver Swords, the present incumbent, arrived in the city at 4:53 Wednesday evening, and left at 5:29 for Denison, where he will remain for a short time before returning to Washington.
20.December 21, 1904Evening Times-RepublicanMarshalltown, IA
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'Phone Company Reorganized. Special to Times-Republican. Grinnell, Dec. 21.-At the reorganization of the Newburg and Grinnell Telephone Company, whose affairs have been in the hands of a receiver and the property sold at public aution, the following officers were elected: President, J. L. Burroughs; vice president, N. W. Cox; secretary, Thos. Mason; treasurer, A. H. Palmer. Trustees-J. M. Campbell, E. P. Bonsall and John Newcomer. Thirty-one members signed the constitution and by-laws and the company is ready for a prosperous business. The depositors of the First National bank have received about $40,000 since the first check was given out about 3 o'clock Saturday afternoon. T. R. Cessna drew the first check given out, and, so far as known, J. F. Wilson drew the smallest, one, calling for 22 cents.
NOVEL STEP BY RECEIVER Grinnell Bank Official Asks Federal District Court to Approve His Acts. IOWA CITY, IOWA.-A novel step in disposing of the affairs of a defunct bank was taken today by George W. Swords of Iowa City, receiver of the First National bank of Grinnell, who asks the district court of the United States to approve his settlements and adjudication of many matters connected with the bank-in which he has handled something like $300,000 worth of cash. claims and collateral. He has declared, in all, 55 per cent in dividends, an unexpectedly large proportion. Receiver Swords calls particular attention to matters connected with the dower interest of Mrs. Spencer. widow of the president. who committed suicide a year ago; to disputed claims amounting to many thousands of dollars, legal actions brought to determine the rights of the bank under certain leases to which Josiah B. Grinnell, the father of the city, was party in his lifetime; the foreclosure of a mortgage in the courts of Colorado-one of the notable assets of the bank (amounting to $30,000), and some other matters connected with the real and personal property in the assets. The controller of currency has already approved Mr. Swords' acts, but the Iowa City official wished to take the matters higher. This is the first time that an Iowa receiver has construed the law SO as to place the business in his charge in the district court of the United States. Owing to the refusal of Byron Stillwell's paint and panerhanging establishment to sign a
22.June 15, 1905Audubon RepublicanAudubon, IA
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THE NEWS Judge Blair issued a permanent innction a few days ago against the saloons in Independence. The have been on the docket for a and were pushed by Messrs. and Acers. S. Moyer, a bigamist who was nvicted in the district court at okuk on that charge, has been sento a term of two years and at months in the penitentiary Madison. In case of appeal his was fixed at $1,000. The council of Onawa has let the ntract for a deep well to J. H. of Sioux City. The well will 400 feet in depth and twelve inches diameter. It will be sunk to the rock, where an unlimited supply be pure water is expected to S. Smith of Osage, while enin cutting wire nails with a was painfully injured by havthe nail fly and strike him in the eye, penetrating the eyeball, and was removed with considerable ficulty. He was taken to Charles and the eye was operated on in of saving the member. A por- He of the eyeball was removed. lose the sight of the eye entirely, it is too early to determine the outcome. Indictments have been returned five men supposed to be imin the theft of 12,500 pounds lead rom freight cars of the Warailroad during March and April. are Grant Booten, Joseph BadGeorge Lattimer Sylvester and Harry. alias "Dutch" Lattimer has made a confesimplicating all the men. The was valued at $600. It was buried the ground at different places and of it has been recovered. Receiver G. W. Swords a few days announced the payment of a diviof 10 per cent to depositors in broken First National bank of innell who had their claims apprior to May 6. The checks been received from the compand the payment of the divihas begun. As 10 per cent of deposits amounts to about $35.this makes a total of 55 per cent, been about $200,000 which has off so far to the depositors. With the aid of the detective force, eriff George Evans of Nodaway Mo., succeeded in locating in hospital at Des Moines, DomSparo, an Italian wanted at arysville, Mo., in connection with a ooting scrape in which six or sevpeople were either fatally or serinjured. The affair for which is wanted occurred at Parnell, He was a member of a steel at work on repairs on the Great Western road at that According to Sheriff Evans, had a fight with an American, whom he was badly beaten up. attempted to retaliate the followday by securing a position behind tree and opening fire on the laborwith a shotgun. injuring six of before he could be driven from position. The Iowa Child Labor committee. was selected a few weeks ago the officers of the national comhas held an election to choose members of a directory board. board, or executive committee it is to be called, is composed of persons receiving the greatest mber of votes. The result was anin a letter received in Des a few days ago from Dr. S. Lindsey of New York, secretary the committee, the seven who elected being Mrs. & B. CumDes Moines: T. D. Brigham, Moines: Professor I. A. Loos, City: Dr. A. B. Storms, Ames; T. J. Fletcher, Marshalltown: Julia Clark Hallam, Sioux City, A. L. Urick. Des Moines. Mrs. immins, by virtue of receiving the number of votes, is tempor- A chairman of the committee. for the purpose of organizwill be held in a few days. The mmittee will assume active charge the child labor movement in the Because the Western Union dea telegram addressed to "E. Bauyer" to E. G. Bowyer at Algona latter has filed a petition of apin the supreme court of suit $500 damages, which he lost in lower court. The message was Balfour, N. D., and stated, Your brother is sick. Come at (Signed) Pioneer hotel.' owyer claims that he thought his had been misspelled and conthe message was for him, as had a brother-in-law in North Daat the time. He accordingly took first train for Balfour, but on riving there found the sick man, had just died, to be an entire ranger to him. Bowyer claims that spent $47.50 in making this trip, esides having had to sleep in a dechair one night. He sued for damages but the district court eclared that he had not taken proper recaution to verify the message and not entitled to any damages. the supreme court will have to the problem. The loss on stock and building in incendiary fire in the Williams store at Sheldon, is now esmated at $15,000. The store was of the largest in north-western
