Marshalltown Bank - Marshalltown, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 16, 1872
Location: Marshalltown, Iowa (42.049, -92.908)

Metadata

Model: gpt-5-mini
Short Digest: ab308cf0a634c017

Response Measures

None

Description

Article (Chicago Daily Tribune, 1872-10-16) reports an internal quarrel at the Marshalltown Bank (organized under the National Banking Act) and that the Comptroller of the Currency informally recommended the bank go into voluntary liquidation because of charges including usurious interest. The piece does not report an explicit suspension date or assignment of a receiver, but recommends voluntary liquidation (permanent closure). I therefore classify this as a suspension/closure via voluntary liquidation. Date for the event uses the newspaper date (1872-10-16) since the Comptroller's remarks occurred 'to-day' in that report. No run is mentioned.

Events (1)

1. October 16, 1872 Suspension

Cause: Voluntary Liquidation
Cause Details: Internal quarrel among stockholders and charges (including usurious interest); Comptroller informally recommended voluntary liquidation.
Newspaper Excerpt: The Comptroller of the Currency has not officially decided the muddle yet, but he said to-day informally that the best thing the bank could do would be to go into voluntary liquidation.
Source: newspapers

Newspaper Articles (1)

1. October 16, 1872 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, October 16, 1872

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Article Text

WASHINGTON. The Marshalltown, Iowa, Bank Muddle Referred to the Comptroller. Favorable Report to the Revenue Bureau Concerning Chicago Distilleries. Colored_Cadet Roughly Treated at Annapolis. Special Despatch to The Chicago Tribune. PREPARING WORK FOR THE NEXT CONGRESS. WASHINGTON, D. C., Oct. -General Gar field, having done his part toward the campaign in Pennsylvania and Ohio, will return here tomorrow to attend to his duties as Chairman of A the House Committee on Appropriations meeting of a portion of the Committee will soon be held for the purpose of considering the various bills for the next session. Estimates are being made by the several Departments. The Committee expect that all the appropriation bills will have been thoroughly considered by the Committee on the first day of the session. As the next session of Congress will only last three months it is proposed to attend to the business of the country first, and not leave the indispensable work to be rushed through in a crude if not dishonest condition on the last days of the session. MARSHALLTOWN (IA.) BANK MUDDLE. The Marehalltown Bank, of Iowa, was one of the earliest to organize under the National Banking Act, its incorporation dating as faz back as 1864. Its quarterly statements and annual reports to the Currency Bureau have always shown it to be in a flourishing condition. Indeed BO safe and profitable have been the business transactions that its stockholders and Directors admit that their annual profits have never gone much below 50 per cent. But prosperity has ruined the organization. After a tedious and protracted quarrel among themselves. the parties sought the intervention of the Comptroller of the Currency. Among other charges the fatal one of usuricus interest was hit on, and upon this issue alone the Comptroller assumed juriediction of the case. It will be remembered that one of the provisions of the National Bank act, is that no bank organized thereunder shall charge any greater interest than that allowed by the laws of the State. One set of stockholders desired a forced liquidation, and they had hearing through counsel to-day, through their attorney, C. Henderson. Another clique opposed this action, arguing that the funds of the bank were all right, and that liquidation could not be required of a bank that was able to pay dollar for dollar. The Comptroller of the Currency has not officially decided the muddle yet, but he said to-day informally that the best thing the bank could do would be to go into voluntary liquidation. STEAMBOAT INSPECTION. The Secretary of the Treasury has written & letter to the Supervising Steamboat Inspector at Detroit to the effect that, in instituting investigations as to casualties to ocean vessels, particular care should be taken that no officer should be assigned to such duty who could have any motive whatever to conceal the facts. ILLINOIS DISTILLERIES. E. S. Holmes, of the International Revenue Bureau, has just returned from tour of observatian among the distilleries in and around Chicago. He reports to Commissioner Douglass that everythingisworkingsatisfactorily and that the new regulations meet with general satisfaction, and are being satisfactorily observed. ALLEGED DEFALCATION. J. V. Creeley, member of the present Congress from the Second District of Pennsylvania. the wealthiest and most aristocratic district of Philadelphia, is said to be the person to whom the Associated Press despatches refer as a probable defaulter, owing $20,000 to various persons for whom he was Trustee. Creeley was the creation of Simon Cameron, who had quarrelled with Charles O'Neill, Creeley's predecessor, and set up Creeley to beat him. The usual accessaries prevailed, and O'Neill was left out of Congress till this year, when he begged forgiveness, and the Winnebago Chief let him up. Creeley, meantime, came to Washington, studiously absented himself from his soat, and was a nonentity, except with thosa Government clerks and city police officers with whom he associated. He has not been seen for several months. He leaves many debts here among hotel keepers, saloons, &c. Judge Kelley is now the only Republican Congressman in Pennsylvania who dares to fight Cameron. Conyers, the recently appointed colored midshipman, is having about as bad e time of it at the Annapolis Naval Academy as Cadet Smith did at West Point. On last Friday night, when the midshipmen were in line marching from the lower part of the grounds to their quarters, an attack was made on Conyers by some score of middys, who kicked and cuffed him unceremonionsly. A cadet officer rushed in with drawn sword among the crowd that had gathered about the unfortur cadet and stopped the attack. Midshipman Conyers could recognize only one of his assailants. Two colored attendants who we made guard to him, were beaten at the same time. The Presid lent's attention has been called to this matter, and he haspronounced that all the parties engaged in the affair shall be dismissed. [To the Associated Press.] TREASURY ORDER REGARDING WAR CLAIMS WASHINGTON, Oct. 15.-Secretary Bontwell has addressed the following letter to the Third Auditor of the Treasury: SrB: You are requested to suspend action etores use nished upon army claims in ostensibly all for cases for where the and the supplies receipting required of fur- the the fact in returns officer. some tificates that instances have This ex-officers and not course been receipts given is of made made the their for by necessary army the forage official have by cer and other supplies, dating them years before the time when they were actually made, in order to bring them within the scape of their official authority, thus leaving an open door for collusion and fraud in the absence of portant guard as official returns BOUTWELL. GEO. S. (Signed) TALK WITH THE INDIANS An interv. took place to-day at the Interior Department between General F. A. Walker, Commissione of Indian Affairs, and a large of Indians representing the Klowas, Coand of and Texas. party who manches, western have Apaches, part so Esstern the long other New Indian wild made Mexico tribes Territory after Kansas. of their the raiding ground. The Commissioner, ad-