3030. State Central Savings Bank (Keokuk, IA)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
August 15, 1913
Location
Keokuk, Iowa (40.397, -91.385)

Metadata

Model
gpt-5-mini
Short Digest
3d96f6f59a84121a

Response Measures

None

Description

Two articles describe a past run on the State Central Savings Bank in Keokuk that was driven by a report/rumor the bank was not safe. The bank paid depositors in full, ordered large shipments of silver to meet withdrawals, and the run ended the next day. No suspension, receivership, or permanent closure is mentioned. Dates of the original run are not explicitly given; the contemporaneous article is dated 1913-08-15 and recounts the episode, and a 1927 obituary refers back to the same run. I used the 1913 article as the reporting date for the extracted event.

Events (1)

1. August 15, 1913 Run
Cause
Rumor Or Misinformation
Cause Details
A reported rumor that 'the bank was not safe' triggered heavy withdrawals.
Measures
Paid depositors in full (~$55,000 to small depositors), declined outside capital offers, telegraphed for $100,000 in silver from Chicago and $100,000 from St. Louis; silver arrived next morning and panic subsided.
Newspaper Excerpt
started a report that the bank was not safe. That was sufficient for our impulsive American blood and without giving the matter sane consideration they rushed to the bank and demanded their money. Everyone who came to the counter that day was paid in full, and before the door closed... the bank had paid out to its small depositors $55,000.00. ... he crawled to the telephone and order from Chicago $100,000.00 silver dollars and $100,000.00 from St. Louis. The next morning these silver dollars arrived and the bank run was over.
Source
newspapers

Newspaper Articles (2)

Article from The Daily Gate City, August 15, 1913

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Article Text

started a report that the bank was not safe. That was sufficient for our impulsive American blood and without giving the matter sane consideration they rushed to the bank and demanded their money. Everyone who came to the counter that day was paid in full, and before the door closed, which was after five o'clock, the bank had paid out to its small depositors $55,000.00. Mr. Logan had offers that day, by wire, by phone and by word of mouth from his friends of more money than would have been paid all depositors twice over. He did not accept them, he did not need them. But the offers coming as they did unsolicited and from so many unexpected sources, caused the eye to moisten and the heart to throb. What he did do, although suffering from rheumatism, was to crawl to the telephone and order from Chicago $100,000.00 silver dollars and $100,000.00 from St. Louis. The next morning these silver dollars arrived and the bank run was over. Out of what seemed to be certain ruin to the bank came unending success. The officers of the State Central Savings bank are all men who have been connected with the institution for many years. They have given to the bank the best of their ability, and to them in no small measure the bank's constantly increasing business is due. They are as follows: William Logan, president; Geo, E. Rix and Wells M. Irwin, vice presidents; C. J. Bode, cashier: H. T. Graham and H. Boyden Blood, assistant cashiers. The bank is also very fortunate in having an unusually strong list of directors, as the names given below indicate: William Logan, W. N. Sage, t C. A. McNamara, C. J. Bode, Jas W. Huiskamp, Wells M. Irwin, Geo. E. Rix and H. Boyden Blood. With the completion of the dam it behooves all wide awake people to look a little into the future, There is no question in the minds of thinking men and women but that Keokuk is on the threshhold of a great awakening. Money will be needed for all kind of investments. Now 18 the time if you have not done it before to start to accumulate. The State Central Savings bank prepared itself some three years ago to be able to handle the increased business which follows the opening of the power plant. It invites all, large and small to come in and make use of its plant for transacting business. The very best asset that any city, town, village or hamlet can have is a good bank. The daily routine of the bank's activities records with


Article from Schuyler County Republican, November 3, 1927

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Article Text

JUDGE WILLIAM LOGAN DIES IN KEOKUK Was a Former Prominent Citizen of Schuyler County Judge William Logan, who for many years was one of the most prominent business men of Glenwood passed away at his home in Keokuk last Saturday morning. The following is taken from the account of his death and life history in the Keokuk Gate City: From Saturday's Keokuk Daily Gate City. Judge Willian Logan, banker, business man. community builder. died at his home this morning at 7:30 o'clock. He had been ill for a week, death was due to heart trouble with which he was afflicted. illiam Logan was born September 11. 1848 in Chester County, Pa., the son of William P. and Sarah J. Logan. He was the second of a family of ten children. His birthday was on the anniversary of the Battle of Brandywine. and he was born within sight of this famous field of the revolution. He came west with his family when a child four years old. coming by way of the Ohio and Mississtppi river to Quincy. The family stayed for one year in Payson, III., and then sett led on a farm near Nanvoo. Judge Logan attended the country school of those days, and later taught school. Such training as this established those habits which made him a deep thinker and scholar, for he had been trained to reason things out for himself. When he was nineteen years old he went to Schuyler County. Mo., where he established and conducted a lumber and sawmill business. It was while he was in Missouri that he first became interested in bank. ing. and be also figured prominently in the public life of the communserved as presiding judge the county court. The First National Bank of Macon elected him its president. and he organized the Logan Bank at Glenwood. Mo., where he lived from 1869 to 1889. Both interests prospered under his direction and his broad experience gave him a comprehensive know ledge of every phase of the banking business. This spring Judge Logan celebrated his forty-fifth year as a bank president. March 27. 1882, he was elected president of the bank at Macon. Mo., was controlled then by Scovern. Logan and Wilson. In 1882 it became the first National Bank of Macon. May 27, 1882, he was elected president of the Logan bank at Glenwood, Mo. In March of 1892 he became the president of the State Contral Savings Bank here. and had continued in that capacity until his death. In the banking business Judge Logan was the first to employ women, and he was also the first to advocate keeping the bank open in the evening. .It was as president of the State Central Savings Bank of Keokul that he became prominent in every movement for the betterment ofKeo kuk. He directed asound finane policy for this bank. was a leader in the community in banking affairs and as he himself has often said. he has weathered every kind of a storm known to bankers: panics, bank runs and similar lightning thrusts of failure made upon establisbed business. He will be remembered by many as a fighter, and perhaps of his greatest fights was that which he waged to weather a run on the bank here. He carried through successfully. there had really been no cause for such panic in the place. The policy which he inaugurated for the conduct of the bank, has made it-one of the most substantial financial institutions in the entire section. This alone would have Judge Logan to recognition in the world of business, but there were vericious other interests which have profited by his co-operation, support and guidance. At the time of his death his interests controlled the Merchants Ex- change Bank at Downing, Mo., and he was interested in the Queen City Bank. In the past he has been actively connected with various other Judge Logan was president of the State Insurance company for years. He was elected director of the company in 1896 and in His keen business ability. and his vision were helpful in bringing this ous ness to the high place of effi ciency which it has assumed in the community. September 1st. 1900 Judge Logan became a stockholder in the Gate City Company and the same year he became president of the company continuing until 1916. It would be hard to name a business in this vicinity in which Judge Logan was not intere ed or with which he was not connected in some manner. He was one of the prime movers in the effort to secure minion station for Keokuk, and also in the organization of a bridge company here. In Politics Judge Logan was a stannch republican. He was a delegate to the convention when Blaine was nominated. He served his party in many ways his council and advice being sought in every election. whether state, national or commun- In fraternal circles he was a Mason and had gone as far as Knight Pemplar. being a member of Damasens Commandery. He was interested in the Blue Lodges and served as Worshipful Master on one in Missouri, besides being state leeturer for Missouri for a number of years. He was also a member of Keokuk Lodge of Elks. He belonged to the Keokuk Club and the Country Club. In his religious convictions Judge Logan was a Unitarian. Judge Logan was married December 26, 1871 to Sarah Jane Jackson, near Nauvoo, III. Two children were born to that union. a son, William Archibald Logan. whose death occurred September 6. 1905, and Eva Isabel Logan. now Mrs. James W. Huiskamp. Mrs. Logan's death occurred April 20, 1926. Besides Mrs. Huiscamp there are four grandsons. Archie W. Logan, and James. Logan and Carl Huiscamp. There are two sisters, Mrs. Emma Colwell and Mrs. Clara Hull of Tarkio, Mo., and three brothers, James D. and Horace Logan of Tarkio, Mo., and Charles Logan of Castle Rock. Colo Funeral services were held from the home at 625 Grand Ave., Tues. day afternoon at 2 o'clock, Rev. F. W. Long officiating. M. E. Church Lawrence E. Wheeler, Minister S. S. at 10 a. m. Morning Worship at m. Theme- A Good Man Saw." Epworth League at 6.30 Evening worship at 7.30 This "is the Sunday Defore Armistice Day and a special program is being prepared by the Orchestra and choir. The soldier boys will be present in a body Let us make it a real service and show our appreciation to them for the service they rendered.