Bank of Cedar Falls - Cedar Falls, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 22, 1893
Location: Cedar Falls, Iowa (42.528, -92.445)

Metadata

Model: gpt-5-mini
Short Digest: 1631dd98

Response Measures

None

Description

Newspaper (Comptroller Eckels quoted) states one national bank failed at Cedar Falls, Iowa due to bad management/speculation. No run or temporary suspension is described — failure/closure reported. Date taken from article: May 22, 1893.

Events (2)

1. May 22, 1893 Other

Newspaper Excerpt: out of the 3,800 national banks there have been only seven failures - two in Chicago, one at Cedar Falls, Iowa; ... The Cedar Falls bank failed because the officers attempted to run a stock farm at the expense of the bank.
Source: newspapers

2. May 22, 1893 Receivership

Newspaper Excerpt: out of the 3,800 national banks there have been only seven failures - two in Chicago, one at Cedar Falls, Iowa; ... The Cedar Falls bank failed because the officers attempted to run a stock farm at the expense of the bank.
Source: newspapers

Newspaper Articles (1)

1. May 25, 1893 The Comet Johnson City, TN

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Article Text

ECKELS ON RECENT FAILURES. Bad Muaagement and Speculation Caused the Natioal Banks to Suspend. Washington, May22.-I asked Comp. troller of the Currency Eckels to-day if the recent bank failure were attributed to the present condition of the country's finances. "I do not think so," replied Mr. Eckels. "The failures that have occurred have been brouht on by bad management and speculation out of the 3,800 national banks there have been only seven failures-two in Chicago, one at Cedar Falls, Iowa; one at Evanston, III, ; one at Indianapolis, and two in Brunswick, Ga. That is a very small percentage to cover SO wide a territory. "The Chemical of Chicago failed through bad management, while the Columbia Bank of Nashville, Tenn.. was a sort of kiting institution. The Cedar Falls bank failed because the officers attempted to run a stock farm at the expense of the bank. The Evanston bank failed because its president did not conductitproperly. The Indianapolis bank broke out of sympathy, so to speak, with the Calumbia. The two banks in Georgia were owned by the same persons, and it seems there was too much speculating going on there. There was' a "boom" at Brunswick, and the banks got into it very deeply.