3197. First National Bank (Cedar Falls, IA)

View Charter #2177 on SPMC

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 2177
Charter Number: 2177
Start Date: May 16, 1893
Location: Cedar Falls, Iowa (42.528, -92.445)

Metadata

Model: gpt-5-mini
Short Digest: 3f20919d

Response Measures

None

Receivership Details

Depositor recovery rate: 58.5%
Date receivership started: 1893-06-13
Date receivership terminated: 1897-01-06
OCC cause of failure: Fraud
Share of assets assessed as good: 31.2%
Share of assets assessed as doubtful: 49.6%
Share of assets assessed as worthless: 19.2%

Description

Multiple reports (May 16–17, 1893) state the First National Bank of Cedar Falls suspended at close of business, being involved by the assignment of William M. Fields & Bro. No contemporaneous article describes a depositor run; the bank was placed in the hands of the Comptroller and later (June 13, 1893) a receiver was appointed, indicating permanent closure. Cause tied to failure/assignment of the majority-stockholder firm (bank-specific adverse info / involvement).

Events (4)

1. September 1, 1874 Chartered

Source: historical_nic

2. May 16, 1893 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank was involved by the assignment/failure of William M. Fields & Brother, who controlled a majority of the stock; their failure impaired the bank's ability to continue business.
Newspaper Excerpt: The First National bank of Cedar Falls suspended at the close of business, being involved by the assignment of William M. Fields & Bro., which failed...
Source: newspapers

3. June 13, 1893 Receivership

Source: historical_nic

4. June 13, 1893 Receivership

Newspaper Excerpt: Comptroller Eckels has appointed Elmer A. Howard, receiver of the First National Bank of Cedar Falls, Ia.
Source: newspapers

Newspaper Articles (25)

1. May 17, 1893 The Helena Independent Helena, MT

Article from The Helena Independent, May 17, 1893

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VAST DISCREPANCIES. Assets Estimates at Millions Shrink to Thousands. SIOUX CITY, Ia., May 16.-E. B. Spaulding, assignee of the Ed. Hankinson estate, has filed a schedule. Total value of assets is put at $24,245, as against Hankinson's scheduled total of $1,877,788, a discrepancy of $1,853,534. The explanation is that the bulk of securities originally scheduled were hypothecated previous to the failure. In the matter of the Sioux City Dressed Beef and Canning company's assignment, H. J. Taylor. as assignee, also filed an amended schedule of assets. which places the total valuation of available property at $38,257 as against the assignee's valuation of $836,198, A discrepancy of $797,941. The difference in valuation in this case is also attributed to hypothecation of securities, large amounts of which were floated by the defunct Tnion Loan and Trust company. WATERLOO, Iowa, May 16.-The First National bank at Codar Falls suspended at the close business yesterday, being involved by the assignment of Wm. M. Fields & Bro.. who failed Monday, and who controlled a majority of the stock. Field & Bro. are among the largest importers of draft and coach horses in the west and their failure is due to the ineline of stock which they handle. Liabilities of the bank are estimated an $100,000 to $150,000, while the personal liabilities of the Fields will be fully as much or more. No statement of asset can be given as yet. DETROIT. May 16.-Herman - C. Fechbeimer, leading wholesale liquor dealer, failed. Two weeks ago his partner. Thos. Swan, caused his arrest on the charge of fraud. He fled. A bank official admits that much of the $100,000 of Fechheimer's paper held by the bank is forged. Cineinnati banks are also said to hold a large amount of forged paper. PITTSBURG. May 16.-Judgements aggregating nearly $150,000 were filed to-day against Godfrey & Clark. paper manufacturers. The total judgments issued 80 far will reach $250,000. The solicitor of the firm SATS its assets will exceed half a million dollars. BLOOMINGTON, III., May 16.-The Exchange bank of Normal. a suburb of this city. closed its doors to-day. it was a private bank. conducted by W. F. Sobureman. The cause of the failure was doing business without capital. NEW YORK, May 16.-Erastus Wiman has made a general assignment for the benefit of creditors. Wiman would not make a formal statement, merely saying the assignment is without preference. NEW YORK. May 16.--Attaehments have been granted against the West Superior Iron and Steel company for $95,000 in favor of the Atlantic Trust company.

2. May 17, 1893 The Jersey City News Jersey City, NJ

Article from The Jersey City News, May 17, 1893

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MORE BANKS GO DOWN. MINNEAPOLIS, May 17, 1893.-The Citizeos' Bank has suspended, and application has been made for a receiver for the Northwestern Guaranty Company. The Citizens' Bank has a oapital of $250,000. The Citizens' Bauk officials declare the bank is perfectly solvent and that the suspension is due simply to its inability to realize promptly on its securities. The Citizens is one of the smaller State banks of this city. Its statement at the close of business May 4 shows loans and dis. counts $478,844, cash on hand and due from banks $60,000: deposits $283.918; surplus and profits $16,800° re-discount $76.500. The capital is $250.000. The suspension is at worst only temporary. There had been no run on the bank and the action was taken to) protect all depositors alise. WATERLOO, Ia., May 17, 1893. .-The - First National Bank ot Cedar Falls suspended at the close of business yesterday, being involved by the assessment of William M. Fieldses & Bro., which was filed yesterday morning. The Fields control a majority of the stock. Liabilities are estimated at $100.000 to $150,000, while the personal liabilities of the Fieldses will be fully as much more. No statement of assetts oan be given as yet.

3. May 17, 1893 Asheville Daily Citizen Asheville, NC

Article from Asheville Daily Citizen, May 17, 1893

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Banks Suspend. MINNEAPOLIS, May 17.-The Citizens' bank has suspended and a receiver has been appointed as asked for by the Northwestern Guaranty company. WATERLOO, Ia., May 17.-The First National bank of Cedar Falls has suspended. Liabilities, estimated, $100,000 to $150,000. The bank is said to be solvent any able to pay all claims in full.

4. May 17, 1893 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, May 17, 1893

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AN IOWA BANK SUSPENDS. The First National Bank of Cedar Falls Closes Its Doors. WATERLOO, Ia., May 16.-The - First National bank of Cedar Falls suspended at the close of business today, being involved by the assignment of William M. Fields & Bro., which failed this morning, who control a majority of the stock. Fields & Bro. were among the largest importers of draft and coach horses in the west, and their failure is due to a decline in the stock which they handle. Liabilities of the bank are estimated at $100,000 to $150,000 while the personal liabilities of the Fields will be fully as much more. No statement of assets can be given as yet the resources consisting of 125 imported draft and coach horses, vast tracts of land in Iowa, the Dakotas and Kansas. The bank is in the hands of the comptroller of the currency. It is said to be solvent and will pay all claims in full. The creditors. 152 in number, are mostly farmers from the surrounding country.

5. May 17, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, May 17, 1893

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First National Bank of Cedar Falls, Io., Suspends Payments WATERLOO, 1.0, May 16. The First National bank of Cedar Falls suspended close of business yesterday. being the assignment of & Brother, which involved at M. the Fields by was William filed this and who a stock. Field & are ity of morning the control Brother majorthe largest importers of draft horses in the West. among coach decline and is due to the which they of the at $100,000 to and estimated failure stock liabilities $150,000, handle. bank the Fields while their The are in the personal liabilities of will be fully as much more. No state- The ment of assets can be given as yet. resources consist of 125 imported draft of coach horses, and vast tracts and land in Iowa, the Dakotas and Kansas. The bank is in the hands of the comptroller of the currency. It is said to all be solvent, and will be able to pay claims in full. The creditors. 152 in number, are mostly farmers from the surrounding country. WASHINGTON, May 16. -Comptroller Eckles has bean informed of the failure of the First National bank of Cedar Falls, Io. Bank Examiner John McCough has been ordered to take charge of the bank. The comptroller today appointed Albert Watkins, of Lincoln, Neb., receiver of the First National bank of Ponca, Neb. He also appointed David Armstrong, of Little Rock. Ark., receiver of the First National bank of Little Rock, vice Logan H. Root, resigned. GRAND RAPIDS Mich. May 16.-In the United States circuit court today a decree in foreclosure was handed down, and a judgment in favor of the Farmers' Trust and Loan company, of New York, the for $36,397.80 was entered against The Toledo & South Haven railway. road is thirty miles long, narrow gauge, and runs from South Haven to Lawton. BLOOMINGTON. III., May 16.-The Exchange Bank of Normal, a suburb of this city, closed its doors today. It was private banking institution, conducted a H. Schuereman, and the cause is business without has been expected some average $90,000, was supposed to be May 6.-Erastus doing The tal by The NEW W. stock deposits crash YORK, adequate $95,000, and capital. Wiman timer capi to made a general assignment Lawyer today David Bennett King, of 44 Pine The assignment was signed by Mr. and Assignee would not make any street. Wyman Wyman King. that formal Mr. the statement. He merely said assignment was without any preference. MILWAUKEE, May 16.-H. Penner & whose bedding factory was burned today. Co., last week, made an assignment Assets. $20,000; liabilities, not stated. MONROEVILLE, Ind., May 16.-The Bank of Monroeville, which its doors last Friday a on hour had depleted its closed Citizens' one after business cash run of has opened its doors for that it hand, this morning, with a statement inwould pay dollar for dollar ou all debtedness. NEW YORK, May 6.-An attachment $95,000 against the West Superior the for Iron and Steel company in favor ot of Atlantic Trust company, the trustée Cecil B. Griffith, was granted by attach- Judge Andrews today. Copies of the Cenhave been served upon the tral ment Trust company and Knickerbocker Trust company. PITTSBURG, May 16. - Judgments been entered in court here today have against the Godfrey & Clark Paper bringing the total against the company, up to $94,000. The firm hopes, and however, company to weather the trouble soon resume business. CHARLESTON, S. C., May 16.-The with of the Bank of the Carolinas, doors office at Florence, this state, closed home today with a notice of temporary suspension until a meeting of the directThe capital stock of the bank is ors. $60,000. It has branches at Kingstree, nearly Conway, Williston and Varn- in ville, in this state, and several towns North Carolina. It is belleved that the bank has assets to cover all indebtedness. Stringency of the money market and consequent inability to realize on securities held by the bank is the cause of the failure. SIOUX CITY, 10., May 16. - E. B. assignee for Ed Haakinson's to. filed his schedule of The total value of assets day. estate, Spalding, values to which he will have access is $24,245, as against Haakinson's scheduled total of $1,877,7SS, a discrepancy of The explanation is that of the the $1,853,534. bulk securities hypothe- originally scheduled had been cated previous to the failure. In the matter of the Sioux City Dressed Beef and Canning company assignment. also H. J. Taylor, as assignee, the filed an amendment to schedule of assets which place the total valuation of available property at as against the assignée's valuaa discrepency difference in valuation is also attributed to the 841. $38,257, case tion of The $836,198, amounts hypotheca- of in $797, this of tion of securities, large the which have been floated through nany. defunct Union Loan and Trust com-

6. May 18, 1893 The Times Richmond, VA

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MORE BANK SUSPENSIONS. One Each in Iowa and Minnesota-The Situation Abroad. WATERLOO, IA., May 17.-The First National Bank of Cedar Falls suspended at the close of business yesterday, being involved by the assignment of William Fields & Brother, importers of horses. The liabilities are estimated at from $100,000 to $150,000. while the personal liabilities of the Fields will be nearly as much more. No statement of the assets can be given as yet. The bank is in the hanks of the Comptroller of Currency It is said to be solvent, and will be able to pay all claims in full. MINNEAPOLIS MINN., May 17.-The Citizens Bank has suspended, and a receiver has been asked for by the Northwestern Guaranty Company. The Situation Abroad LONDON, May 17.-The Stock Exchange opened to-day with a better tendency, but afterwards weakened. Grand Trunk of Canada consols were a fraction better; buyers were scarce and there were many liquidations. BRISBANE, AUS., May 17.-The Government of Queensland has proclaimed a holiday for one month in the gold fields in order to enable the mine owners and others embarrassed as to their business by recent failures to make new arrangements as to their financial affairs. LONDON, May 17.-Advices from Australia show that the financial crisis is still acute. This morning a dispatch was recelved announcing that the Royal Bank of Queensland (limited) had suspended.

7. May 18, 1893 The World Martinsburg, WV

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Iowa Bank Suspends. WATERLOO, Ia, May 17.-The first national bank of Cedar Falls suspended at the close of business Tuesday, being involved by the assignment of Wm. M. Fields & Brother, which was filed Tuesday morning. The Fields control a majority of the stock.

8. May 18, 1893 The Morning News Savannah, GA

Article from The Morning News, May 18, 1893

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An Iowa Bank Fails: Waterloo, Ia., May 17.-The First National Bank of Cedar Falls suspended at the close of business yesterday, being involved by the assignment of William M. Fields & Bro., importers of hosiery. The liabilities are estimated at $100,000 to $130,000, while the personal liabilities of the Fields will be nearly as much more. The bank is in the hands of the controller of the currency. It is said to be solvent and able to pay all claims in full.

9. May 19, 1893 The Goodland Republic Goodland, KS

Article from The Goodland Republic, May 19, 1893

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Looking After Bursted Banks. WASHINGTON, May 17.-Comptroller Eckles was Tuesday informed of the failure of the First National bank of Cedar Falls, Ia. The capital of the bank was $50,000. Bank Examiner John McHugh has been ordered to take charge of the bank. The comptroller has appointed Albert Watkins of Lincoln, Neb., receiver of the First National bank of Ponca, Neb.

10. May 25, 1893 Barton County Democrat Great Bend, KS

Article from Barton County Democrat, May 25, 1893

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BY the capsizing of a tug and dredge boat on Lake Conneaut, O., five persons were drowned. WARREN & Co, of the Chicago board of trade, have assigned. FIRE at Starbuck, Wash., destroyed the Union Pacific car and machine shops, nineteen locomotives and all other railroad property except the coal bunkers. Loss, $300,000. THE Spanish steamer bearing the Infanta Eulalie arrived at quarantine on the 18th. THE Santa Fe wants a return rate of $16.50 to the world's fair from Missouri river points. A SCHEME has been completed for the slaughter of cattle in New York on western packing house plans. THE premier of South Australia reports financial matters all right and harvest prospects excellent. THE failure of the First National bank at Cedar Falls, Ia., shows peculiar transactions. THE National bank of Evanston failed, causing great excitement in that suburb of Chicago. LAWSON RUNYON, a prominent Cherokee, was shot and killed by ex-Deputy United States Marshal Creekmoor. A BRAKEMAN and three workmen were killed by a runaway train at Dubois, Pa. BEFORE the Crescent City club at New Orleans Billy McCarthy, the Australian, knocked out La Blanche, the marine, in sixteen rounds. A FIRE at Trondhjem, Norway, resulted in the loss of a number of lives. Four persons were killed while jumping from a burning building and three women and two children were burned to death in the flames. AT Ilmenau, Saxe-Weimar, the boiler of a locomotive exploded, killing five S persons instantly and injuring a number of others so seriously that eight of them were dying. CLEARING house returns for the week ended May 18 showed an average decrease of 1.2 compared with the corresponding week of last year. In New York the decrease was 6.4. J. A. R. ELLIOTT, of Kansas City, Mo., captured the Missouri state trophy as 1 the champion wing shot in the state tournament. He killed thirty straight birds. : JUDGE RICKS, at Cleveland, O., appointed a receiver for the Clover Leafthe Toledo, Kansas City & St. Louis railway. I FROM indisputable sources it is learned that Erastus Wiman's total liabilities will aggregate about $617,000, a 5 little more or less, according to whether f certain contingent debts are counted 1 in. BLONDIN, the strong man with Cole's 1 circus, undertook to hold a powerful team of horses together at Lake Placid, S N. Y. Several blood-vessels in the man's head and chest were ruptured and he died. THERE is great excitement in Normal, Ill., over the failure of the Exchange bank of that city, and the president has 1 been arrested for receiving deposits 1 after he knew the bank was insolvent. THE plate glass trust is an assured fact. IT is said that a mistake has been f made by the interior department in referring back to the Cherokees the matter of to whom the seventy allotments b shall be made in the strip. A COMPANY is being formed to build a railway from Bowie, Tex., to the City of Mexico. IT is conceded that Collector Wenneker, of St. Louis, will be dismissed as soon as his successor can be decided on. : THE Russian cruiser Vitiaz is a total a loss on the coast of Corea. The report y states that all hands were saved. e NINE young men have been arrested s for distributing boycotting circulars against the firm of Diel & Bro., gents' s furnishings, St. Louis. di A WASHINGTON florist has offered $500 k for the first Isabella souvenir quarter. THE controversy between Benjamin Feuchts and eight other members of r the Economite society and Trustee John S. Duss has come to an end by an amicable settlement, by which the contest1 ants will withdraw from the society. MONCHICOURT, the Panama liquidator, , has commenced suit against M. Imbert, the administrator of Baron Reinach's fortune, to recover 9,000,000 francs, which it is alleged Reinach received e from the company. g ADDITIONAL DISPATCHES. Mo. e was as of WALTER honored WILLIAMS, by election of Columbia, president the National Editorial association at

11. May 25, 1893 River Falls Journal River Falls, WI

Article from River Falls Journal, May 25, 1893

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WEST AND SOUTH. THE doors of the First national bank at Cedar Falls, Ia., were closed, with liabilities of $100,000. LOCAL directors of the World's Columbian exposition decided to abrogate their contract with congress by which they bound themselves to close the fair on Sunday by returning the money and to throw open the entire exhibition on the Lord's day with or without the sanction of the national commission. FIRE destroyed O. F. Day, Son & Co.'s harness and unk factory at Baltimore, the loss being $150,000. IN Chicot county, Ark., 100 feet of levee near Grand Lake collapsed, flooding many plantations and causing immense loss, AT Conneaut, O., the tug Continental and scow were washed out into the lake and foundered and seven men and two women who were on board were drowned. NEGROES lynched Will Neal (colored) near Williamsville, Miss., for assaulting the 6-year-old daughter of Jackson Conly, also colored. WHILEON his way from Smyrna. Mich., to Bowling Green, O., Charles R. Griner, a timber buyer, was waylaid and robbed of $1,200. THE Charles Pope Glucose company's factory at Geneva, III., blew up, wrecking the building and killing seven workmen and terribly injuring four other men. The property loss was $150,000. JOHN JOHNSON. Albert Currier, Nicho las Servas and Chester Simons, mem bers of the life-saving crew at Cleveland O., were drowned by the capsizing of their boat while attempting to rescue two drowning men AT Keytesville, Mo., William Morris shot his wife and then took his own life. Jealously was the cause. THE doors of the Citizens' bank of Minneapolis, with a capital of $250,000, were closed. and the Bank of Zumbrota, at Zumbrota, Minn., suspended payment. CHIEFS of police of many cities met in Chicago and organized a national union with W. S. Seavey, of Omaha, as president. THE wife of Michael Bierge, a wealthy farmer residing near Barnard, Mo., suddenly became insane and killed her 5months-old babeand cut her own throat, dying instantly. REPRESENTATIVE negroes of South Carolina met in Columbia and adopted resolutions in which lynching was condeinned and an appeal inade to the humane people of the state to aid them in suppressing any attempt to violate the law by lynching.

12. May 25, 1893 Abilene Weekly Reflector Abilene, KS

Article from Abilene Weekly Reflector, May 25, 1893

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# BANK REFORM. Suggestions Dealing With Evil Practices of Bank Officers. # A DESIRABLE BILL LOADED DOWN. Consequently It Was Killed in Congress- Loans to Bank Officers and Other Bad Doings to Be Watched. WASHINGTON, May 24.-Among the recommendations which are to be made to the next congress by the secretary of the treasury is a measure to limit the loaning of money of national banks to their officers and directors and to require a recorded yea and nay vote when loans to such officers are made. Such a bill was introduced in the last house and went through that body without much opposition, but it was loaded down in the senate by an amendment offered by Senator Sherman increasing the circulation of the banks to the par value of their bond deposits. This threw the bill into conference committee, and the conference report was never called up in either house. The new comptroller of the currency has had his attention forcibly called to the need of such legislation by several of the recent failures in the west. Big loans to officers had much to do with the failures of the Capital National bank of Indianapolis, the First National bank of Cedar Falls, Ia., and the Brunswick, Ga., banks. The officers of the Iowa bank were engaged in running a stock farm and borrowed largely of the bank to keep the farm going. Comptroller Eckles would like to break up such practices, and will do it as far as he can without waiting for new legislation. He will instruct his examiners to scan the books of the bank closely for cases of loans to officers, and will direct attention to the fact that he does not approve them. Another point to which the new comptroller is directing his attention is the original issue of bank charters. He proposes to exact additional guarantees of the standing and financial resources of the men who ask for charters, and will endeavor to satisfy himself of their responsibility before granting the authority, which is in his discretion, "to commence the business of banking." He will probably require from each incorporator a personal statement of his assets and liabilities and will ask the members of congress from the district to give some personal attention to the truthfulness of such representation before affixing his indorsement, as he is now called upon to do under the regulations of the treasury department. Mr. Eckles believes that it is useless to authorize institutions which are not strong enough to stand permanently on their feet, and that some discrimination should be exercised in authorizing them in communities already largely equipped with banking facilities.

13. May 26, 1893 The Iola Register Iola, KS

Article from The Iola Register, May 26, 1893

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LIZZIE BOLT, the woman accused of the murder of Detective Lowenstein, at Cincinnati, was acquitted. She was indicted for murder in the first degree, but the court ordered the jury to return a verdict of not guilty. Thus the tragedy goes down as a suicide. Lowenstein was found dead in his room with a bullet-hole in his head. The Bolt woman was his mistress. THE local directory of the world's fair decided to open all portions of the fair on Sundays and return the conditional grant of $2,500,000 to the government A COMPROMISE has been effected between the imprisoned St. Clair county, Mo., judges and the bondholders at 50 cents on the dollar at 4 per cent. interest. This makes the debt $400,000 with $16,000 annual interest. BY the capsizing of a tug and dredge boat on Lake Conneaut, O., five persons were drowned. THE world's fair continues to be short of funds. The running expenses are $45,000 daily. The pay of janitors and helpers has been long overdue. THE First National bank, of Cedar Falls, Ia., has failed. HUGH ADAMS, aged 85, has sued his wife, aged 62, at Martinsville, Ind., for divorce. SCHUREMAN'S private bank at Normal, III., has closed. IT is said that ex-Secretary John W. Noble will soon take up his residence in Oklahoma having in view his elevation to the United States senate when the territory is admitted to statehood. THE government commission has been inspecting the work on the Missouri river in the vicinity of Kansas City. ONE phase of the Sunday opening of the world's fair is that the directors believe that it will entail financial loss rather than gain as is generally supposed. THERE is some talk of the Chemical National Bank of Chicago resuming. THE C., B. & Q. directors have been re-elected WARREN & Co., of the Chicago board of trade, have assigned. FIRE at Starbuck, Wash., destroyed the Union Pacific car and machine shops, nineteen locomotives and all other railroad property except the coal bunkers. Loss, $300,000. Ex-SENATOR VAN WYCK, of Nebraska, suffered a stroke of paralysis which may result fatally. THE Santa Fe wants a return rate of $16.50 to the world's fair from Missouri river points. THE failure of the First National bank at Cedar Falls, Ia.. shows peculiar transactions. THE National bank of Evanston failed, causing great excitement in that suburb of Chicago. LAWSON RUNYON, a prominent Cherokee. was shot and killed by ex-Deputy United States Marshal Creekmoor. CHARLES H. JONES, editor .of the St. Louis Republic, has resigned his office to Charles W. Knapp, president and publisher, though still retaining his interest in the paper. THE Oakland, Cal., ferryboat Bay City ran a containing down and all rowboat drowned. five persons were A DAM restraining the water of Lakes Ida and Milton, in Minnesota, broke and a large area of land was flooded with the escaping water. NINE young men have been arrested for distributing boycotting circulars against the firm of Diel & Bro., gents' furnishings, St. Louis. JAMES E. MURDOCK, the well known tragedian and teacher of elocution, died at Cincinnati on the 19th. He was 83 years of age. R. ELLIOTT, of Kansas City, Mo., captured the Missouri state trophy as the champion wing shot in the state tournament. He killed thirty straight birds. JUDGE RICKS, at Cleveland, O., appointed a receiver for the Clover Leafthe Toledo, Kansas City & St. Louis railway. THERE is great excitement in Normal, III., over the failure of the Exchange bank of that city, and the president has been arrested for receiving deposits after he knew the bank was insolvent.

14. May 26, 1893 The Kinsley Graphic Kinsley, KS

Article from The Kinsley Graphic, May 26, 1893

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REFORM DEMANDED. Evil Practices of Bank Officers to Be Looked Into-The Cause of Late Failures. WASHINGTON, May -Among the recommendations which are to be made to the next congress by the secretary of the treasury is a measure to limit the loaning of money of national banks to their. officers and directors and to require a recorded yea and nay. vote when loans to such officers are made. Such a bill was introduced in the last house and went through that body without much opposition, but it was loaded down in the senate by an amendment offered by Senator Sherman increasing the circulation of the banks to the par value of their bond deposits. This threw the bill into conference committee, and the conference report was never called up in either house. The new comptroller of the currency has had his attention forcibly called to the need of such legislation by several of the recent failures in the west. Big loans to officers had much to do with the failures of the Capital National bank of Indianapolis, the First National bank of Cedar Falls, la. and the Brunswick, Ga., banks. The officers of the Iowa bank were engaged in running a stock farm and borrowed largely of the bank to keep the farm going. Comptroller Eckles would like to break up such practices, and will do it as far as he can without waiting for new legislation. He will instruct his examiners to scan the books of the bank closely for cases of loans to officers, and will direct attention to the fact that he does not approve them.

15. May 27, 1893 Macon Beacon Macon, MS

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MISCELLANEOUS. THE premier of South Australia reports financial matters all right and harvest prospects excellent. FIRE at Starbuck, Wash., destroyed the Union Pacific car and machine shops, nineteen locomotives and all other railroad property except the coal bunkers. Loss, $300,000. THE failure of the First National bank at Cedar Falls, la., shows peculiar transactions. THE National bank of Evanston failed, causing great excitement in that suburb of Chicago. LAWSON RUNYON, a prominent Cherokee, was shot and killed by ex-Deputy United States Marshal Creekmoor. A BRAKEMAN and three workmen were killed by a runaway train at Dubois, Pa. BEFORE the Crescent City club at New Orleans Billy McCarthy, the Australian, knocked out La Blanche, the marine, in sixteen rounds. A FIRE at Trondhjem. Norway, reS sulted in the loss of a number of lives. S Four persons were killed while jumping from a burning building and three women and two children were burned to death in the flames. AT Ilmenau, Saxe-Weimar, the boiler of a locomotive exploded, killing five persons instantly and injuring a number of others SO seriously that eight of them were dying. CLEARING house returns for the week ended May 18 showed an average der, crease of 1.2 compared with the corresponding week of last year. In New York the decrease was 6.4. it J. A. R. ELLIOTT, of Kansas City, Mo., S. e captured the Missouri state trophy as the champion wing shot in the state y tournament. He killed thirty straight ot birds. or JUDGE RICKS, at Cleveland, O., aper pointed a receiver for the Clover Leafed the Toledo, Kansas City & St. Louis yrailway. ok FROM indisputable sources it is n, learned that Erastus Wiman's total lia16 bilities will aggregate about $617,000, a in little more or less,according to whether rd certain contingent debts are counted in. ch BLONDIN, the strong man with Cole's ncircus, undertook to hold a powerful xteam of horses together at Lake Placid, & N. Y. Several blood-vessels in the les man's head and chest were ruptured and he died. rch THERE is great excitement in Normal, aIII., over the failure of the Exchange les bank of that city, and the president has of been arrested for receiving deposits is after he knew the bank was insolvent. he THE plate glass trust is an assured fact. he IT is said that a mistake has been as, he made by the interior department in re he ferring back to the Cherokees the mat ter of to whom the seventy allotments is shall be made in the strip. ng A COMPANY is being formed to build a railway from Bowie, Tex., to the City of Mexico. ng IT is conceded that Collector Wenne for of ker, of St. Louis, will be dismissed as at- soon as his successor can be decided on THE Russian cruiser Vitiaz is a total ral ave loss on the coast of Corea. The repor states that all hands were saved.

16. May 27, 1893 Fort Worth Gazette Fort Worth, TX

Article from Fort Worth Gazette, May 27, 1893

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is NEED NEW BANK LAWS. LOANS TO OFFICERS MUST BE LIMITED IN AMOUNT. e The Secretary of the Treasury Will Urge Upon f Congress a Measure Which Will Tend to Make Banks Much Safer. Washington May 20.-Among the recommendations which are to be made to the next congress by the secretary of the treasury will be a measure to limit the loan of- of the money of national banks to their ficers and directors and to require a recorded yea and may vote when loans to such offi ers are made, Such a bill was introduced In the last house and went through that body without much opposition, but It was loaded down In the setiate by an amendment offered by Senator Sherman Increasing the circulation of the banks to the par value of their bond deposits. This threw the bill Into conference committee and the conference report was never called up in either house. The new comptroller of the currency has had his attention forcibly called to the need of such legislation by séveral of the recent failures In the west. Big loans to officers had much to do with the failures of the Capital national bank of Indianapolis, the First-national bank of Cedar Falls, Iowa, and the Brunswick, Ga., banks. The officers of the Iowa bank were engaged in running a stock farm and borrowed largely of the bank to keep the farm going. Comptroller Eckels would like to break such practices and will do It HM far na he can without walting for new legislation. He will Instruct his examiners to sean the books of the banks closely for cases of loans to officers and will direct attention to the fact that he does not approve them. Another point to which the new comptroller Is directing his attention Is the origInal Issae of bank charters. He proposes to exact additional guarantees of the standing and financial resources of Lite men who ask for charters, and will endeavor to satisfy himself of their responsibility before grant. ing the authority, which is In his discretion, "to commence the business of banking. He will probably require from each Incorporafor a personal statement of his assets and Habilities, and will ask the member of congress from the district to give some personal attention to the truthfulness of such representation before affixing his indorsemeut. as how to the treasury regulations he is of the called upon department. do under Mr. Eckels believes that It is useless to allthorize institutions which are not strong enough to stand permanently on their feet, and that some discrimination should be exercised In authorizing them in communities already largely equipped with banking faetlities.

17. May 27, 1893 Baxter Springs News Baxter Springs, KS

Article from Baxter Springs News, May 27, 1893

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REFORM DEMANDED. Evil Practices of Bank Officers to Be Looked Into - The Cause of Late Fallures. WASHINGTON, May 24.-Among the recommendations which are to be made to the next congress by the secretary of the treasury is a measure to limit the loaning of money of national banks to their officers and directors and to require a recorded yea and nay vote when loans to such officers are made. Such a bill was introduced in the last house and went through that body without much opposition, but it was'loaded down in the senate by an amendment offered by Senator Sherman increasing the circulation of the banks to the par value of their bond deposits. This threw the bill into conference committee, and the conference report was never called up in either house. The new comptroller of the currency has had his attention forcibly called to the need of such legislation by several of the recent failures in the west. Big loans to officers had much to do with the failures of the Capital National bank of Indianapolis, the First National bank of Cedar Falls, Ia., and the Brunswick, Ga., banks. The officers of the Iowa bank were engaged in running a stock farm and borrowed largely of the bank to keep the farm going. Comptroller Eckles would like to break up such practices, and will do it as far as he can without waiting for new legislation. He will instruct his examiners to scan the books of the bank closely for cases of loans to officers, and will direct attention to the fact that he does not approve them.

18. June 7, 1893 Omaha Daily Bee Omaha, NE

Article from Omaha Daily Bee, June 7, 1893

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READVERTISE FOR BIDS O'Rourke Thinks This the Only Solution of the Omaha Building Muddle. LITTLE HOPE FOR GRANITE IN THAT CASE Senator Manderson Still Opposing the Idea of Using Cheaper Material-One More Conference on the Subject to Be Held. WASHINGTON BUREAU OF THE BEE, 513 FOURTEES STREET WASHINGTON. D. C., June 6. The question whether the new federal building, which it is proposed to erect in Omaha.is to be built of granite or someother material will not be definitely decided until Thursday Senator Manderson called upon Supervising Architect O'Rourke today, but at official has been suddenly called out of the city upon business and he will not return until Thursday. Senator Manderson is de termined that if it be possible the new build ing shall be constructed of granite. The supervising architect, whilendmitting that a granite structure would be far more preterable than one built of any other material, does not see how with the existing appropriation he can erect a granite build ing. Mr. O'Rourke is inclined to believe the only solution of the vexed question is to readvertise for bids. the specifications calling for a cheaper material than granite. However, until Senator Manderson and Mr O'Rourke have another conference on the question no steps will be taken by the supervising architect. Quarters will Not Be Changed. It was stated at the War department to day that nothing would be settled in the matter of the location of the military headquarters at Omaha until the return of Secretary Lamont, who is now in Chicago There seems to be little doubt that the present quarters in THE BEE building will be retained. It is learned on high authority that thequartermastergeneralhas recommended that white the rental asked for the quarters in THE BEF building is higher than some other offers that have been made that the present location is so much more desirable because of the large amount of room and other conveniences, that the department cannot afford for the sake of economy to go elsewhere. There seems to be no doubt that the army headquarters will remain in THE BEE building. May Reorganize the Bank. It is believed in the comptroller's office that t arrangements may be perfected for the resumption of the First National bank of Cedar Falls. Propositions looking to this end have been submitted by the stockholders of the bank and as the failure was honest and as there is some indication of the solvency of the institution, Mr. Eckels has de cided not to appoint a receiver until ample opportunity shall have been given to the bank people to reorganze. Mr. Eckels demands that there shall be an addition to the capital and that there shall be some change in the management before he shall permit the bank to resume business, but the latest advices from the examiner indicate that vigorous efforts are being made to insure the acquisition of enough money to put the bankin good shape and if these efforts are successful there will be no receivership. News for the Army. The following army orders were issued today: Second Lieutenant George O. Squier. Third artillery. will repair to Chicago, III. Missime to reach that place by the 15th of August 1893, and will attend the sessions of bethe international electrical congress tween that September 1. 1893, and then return to his proper station Leave of absence for four months is granted Captain Jess C. Chance, Thirteenth infantry First Lieutenant Charles E. B. Flagg, assistant surgeon. is detailed as a member of the examiniug board convened at the presidio of San Francisco, Cal., vice First Lieutenant Charles Willcox, assistant surgeon, hereby relieved. The following named enlisted men now at the posts designated after their respective names will be discharge Private William Adams. troop G. Eighth cavalrv. Fort Yates Privates Waggoner, Allie and Franklin Bailey, company F. Twenty-first infantry, Fort Sidney, Neb.: Private William F Caywood, company G. Ninth infantry, Madison Barracks. Y.:Private William A. Mouck. battery M. Second artillery. Fort Adams, R.I.: Private George, W. Nleman, troop K. seventh cavalry, Fort Sherdian, III. Private Robert R. St. John. battery D, First artillery, Fort Wadsworth, N. Y.: To date June 15, 1893: Private Marion B. Thomas, company C, Nineteenth infantry, Fort Macinac, Mich Corporal Frank Viles, troop L, Fourth cavalry, Fort Walla Walla, Wash. Recruit Calvin McIntyre general service now at Columbus Barracks, O., will be discharged without honor from the service The following named men now at the posts designated after their naines, having enlisted under false pretenses, will be discharged: Recruits Adam Eichlesbacher and Henry Poyker, mounted service, Jefferson barracks, Mo.; Recruit Scott Marshall, mounted service, recruiting rendezvous, Lynchburg, Va.: Private Francis H. Buzzacott.company B. Fifteenth infantry, Fort Sheridan, III., to take effect upon receipt of this order att post Sergeant Elmer P. Lewis, troop D, Fourth cavairy, recruiting rendezvous, Seattle Wash First Lieutenant Charles B. SatterIce, Third artillery, is detailed to attend the encampment of the First regiment, Alabama state troops, at Mobile, Ala., June 12 to 19, 1893 The following transfers in the Ninth cavalry are made Captain Matthias W. Day, L. from troop to troop L Captain Walter Finley, from troop L to troop G. First Lieutenant Charles H. Barth, Twelfth infantry. is relieved from duty at the United States infantry and cavalry school. Fort Leavenworth, Kan., to take effect June 20, 1893. Miscellaneous. Assistant Secretary Sims of the Interior department today affirmed the decision of the commissioner of the land office in the case of Florence Trimer versus William O. Miner. Miner appealed from the decision of the commissioner who issed his contest against Florence Trimer's timber culture entry in the McCook land district, Nebraska Comptroller Eckels today appointed John D. Benton of Chicago to act as receiver of the National Bank of North Dakota P.S.H. TREATY WITH RUSSIA.

19. June 12, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, June 12, 1893

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Eighty Cents Not Enough. WATERLOO, Io., June 11.-The depositors of the defunct First National Bank of Cedar Falls yesterday rejected the proposition of J. H. March, of Le Mars, to pay 80 cents on the dollar for certificates of deposit. This puts an end to all negotiations for the purchase of the bank, and a receiver will be applied for. Threats have been made against the lives of the Field Bros., owners of the bank.

20. June 12, 1893 The Sun New York, NY

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Owners or a Broken Bank Threatened. WATERIOR Ia.. June 11.-The depositors of the defunet First National Bank of Cedar Falls rejected yesterday the proposition of J. H. March of Lemars to pay 80 cents on the dollar for the certificates of deposits. This puts an end to all negotiations for the purchase of the bank. and a receiver will be appointed. Threats have been made against the lives of the Fields brothers. owners of the bank. LAWTON. Mich. June 11.-The American Back of Dwizzins, Starbuck & Company was vesterday placed in charge of C. .8 Adams and T. F. Chamberiain as receivers. The institution will not be reopened. It is expected that the depositors will realize about fifty cents on the dollar.

21. June 13, 1893 Evening Star Washington, DC

Article from Evening Star, June 13, 1893

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Bank Receivers Appointed. The controller of the currency has appointed receivers of insolvent national banks as follows: Joseph W. Bennet, receiver of the Oglethorpe National Bank of Brunswick. Ga. Charles M. Wilson. receiver of the First National Bank of Lakota. North Dakota. Elmer A. Howard, receiver of the First National Bank of Cedar Falls, Iowa. Henry H. Kerr, receiver of the First National Bank of Brady, Texas.

22. June 13, 1893 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, June 13, 1893

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Will Appoint a Receiver. WATERLOO, Ia., June 13. -The depositors of the defunct First National bank of Cedar Falls have rejected the proposition of J. H. March of Le Mars to pay so cents on the dollar for the certificates of deposit. This puts an end to all ne rotiations for the purchase of the bank and a receiver will be applied for.

23. June 14, 1893 St. Paul Daily Globe Saint Paul, MN

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A Receiver for Mears' Bank. WASHINGTON, June 13.-Comptroller Eckels has appointed receivers of insolvent national banks as follows: Charles M. Wilson, receiver of the First National Bank of Lakota, N. D.; Elmer A. Howard, receiver of the First National Bank of Cedar Falls, Io.

24. June 14, 1893 New Ulm Review New Ulm, MN

Article from New Ulm Review, June 14, 1893

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Will Appoint a Receiver. WATERLOO, Ia., June 13.-The depositors of the defunct First National bank of Cedar Falls have rejected the proposition of J. H. March of Le Mars to pay 80 cents on the dollar for the certificates of deposit. This puts an end to all negotiations for the purchase of the bank and a receiver will be applied for.

25. June 22, 1893 The Comet Johnson City, TN

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COMPTROLTER Eckels yesterday ap. pointed receivers for the Oglethorp National Bank, of Burnswick, Ga.,; First National Bank, of Lakota, N. D. First National of Cedar Falls, Ia., and the First National, of Brady, Texas.