3256. Okey Vernon National Bank (Corning, IA)

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 8725
Charter Number: 8725
Start Date: February 3, 1915
Location: Corning, Iowa (40.990, -94.741)

Metadata

Model: gpt-5-mini
Short Digest: b7d3ad85

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health

Description

Multiple contemporaneous articles (Feb 1915) describe a brief run on the Okey-Vernon National Bank halted by rushing currency by special train from Omaha/Council Bluffs. The bank remained open and resumed normal business; no suspension or receivership is reported.

Events (2)

1. June 3, 1907 Chartered

Source: historical_nic

2. February 3, 1915 Run

Cause: Rumor Or Misinformation
Cause Details: Run appears to have been triggered by undefined rumors and nervousness in the community (several articles reference rumors and coincident dividend payments from a failed local bank); no concrete solvency problem reported.
Measures: Bank officers obtained $200,000 in currency by arranging with correspondent banks (Omaha, Council Bluffs, Chicago) and had it sent by a chartered special train; currency displayed to reassure depositors.
Newspaper Excerpt: A special train carrying $150,000 in gold and currency and an additional $50,000 in cash ... aided materially yesterday in stopping a run on the Okey-Vernon National Bank of Corning, a run which had started Saturday -because of what-no one knows or can find out.
Source: newspapers

Newspaper Articles (9)

1. February 3, 1915 Evening Times-Republican Marshalltown, IA

Article from Evening Times-Republican, February 3, 1915

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SPECIAL TRAIN CARRIES $200,000 FROM OMAHA TO SAVE CORNING BANK. BLIZZARD PLAYS PART IN DIFFICULTIES With Train Service Crippled and Wire Communication Interrupted, Bankers Have Difficulty in Arranging For Funds to Halt Run-Sunday Saves Bank From Serious Trouble. Special to Times-Republican. Corning, Feb. 3.-A special train carrying $150,000 in gold and currency and an additional $50,000 in cash received by express, aided materially yesterday in stopping a run on the Okey-Vernon National Bank of Corning, a run which had started Saturday -because of what-no one knows or can find out. The $200,000 in cash was secured from the banks of Omaha and Council Bluffs and the sight of so much money, coupled with the apparent readiness with which the officers of the institution were able to fortify themselves for a run, turned a feeling of nervousness and fear for their money into one of confidence and the deposits of the bank today are said to be greater than when the run began Saturday in the blizzard. Blizzard Adds to Troubles. The blizzard had its terrors not known to ordinary mortals for it threatened to increase the troubles of the bank officials as train schedules were slowly smashed and telephone and telegraph lines were being put out of commission, but Sunday came a day of respite and gave the officers of the bank time to reach Omaha and make their plans for the special train to carry their extra cash for the depositors. The bank is one of the strongest in southwestern Iowa, say business men. It has deposits of approximately $750.000 and when the run on it started the bank had over $300,000 in cash with unlimited resources. Failed Bank Pays Dividend. At. the time the run started there was being paid to depositors of the failed First National Bank of Corning, which has been closed about eight months, the first dividend of 30 per cent and the coincidence is so marked as to cause comment. Corning people have had other embarrassing experiences in banking and for this reason it is believed they are more than usually nervous and conditions make the life of the present bankers more than a simple burden at times like Saturday and early this week.

2. February 4, 1915 The Bridgeport Evening Farmer Bridgeport, CT

Article from The Bridgeport Evening Farmer, February 4, 1915

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Because of a run of deporistors, officials of the Okey-Vernon National Bank, of Corning, Ia., rushed to Omaha and sent back $150,000 on a special train, saving the bank.

3. February 9, 1915 Ottumwa Tri-Weekly Courier Ottumwa, IA

Article from Ottumwa Tri-Weekly Courier, February 9, 1915

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BANK RUN QUICKLY OVER. Corning, Feb. 6.-The run started on the Okey-Vernon National bank of this place lasted just one day, and the bank is now proceeding as usual with the public's confidence in the institution stronger than ever. Funds to meet the run were rushed here by special train from Omaha.

4. February 11, 1915 The Leon Reporter Leon, IA

Article from The Leon Reporter, February 11, 1915

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SENSATIONAL RUN ON CORNING BANK. Special Train from Omaha Brought $100,000 and All Who Wanted Money Got It. Last week gave promise to be a rather quiet one in Corning, says the Corning Free Press. Usually we have something new here. A few weeks ago we had a prize fight, shortly afterward there was a "run" on a crap game and to give us something new, worth while, there was a run last Saturday and Monday morning on the Okey-Vernon National Bank. The first question that is naturally asked, "What started the run?" If the bank officials know they refuse to say, and it is probably wise. There have been all kinds of rumors and the one that has gained the most notice is the one that some person southwest of Brooks had started: That he had applied for a loan and was told the bank had no money to loan and at a sale in the neighborhood on Thursday much was said. The fact that Corning has had three bank failures in the past eighteen years naturally makes the people nervous and any little thing about the insolvency of a bank starts trouble. The management of the bank had heard of talk Thursday and Friday, and in fact on Friday there were a few withdrawals. Saturday there was more talk and the bank secured a small amount of currency, $10,000, from a neighboring city bank. All day there could be seen small groups standing on the street and the bank was the general subject of conversation. The telephones were busy and the report traveled fast that there was a run on the bank. It is said two telephone lines were worn out Saturday and Sunday talking about the bank. A large per cent of the people had confidence in the bank and transacted their usual business on Saturday as though there had been no rumor. Deposits were being made while a number were drawing their deposits. The officers were courteous and treated all with consideration and have no ill-feeling towards any who thought their deposits might be in jeopardy. All were told they could have their money and that they had money to loan on good security and went along. When the bank opened in the morning they had about $675,000 on deposit, about $60,000 in cash and $240,000 in sight exchange (that is in city banks) and the National banking law only requires that they carry 12 per cent of their deposits in cash and in sight exchange which would be about $80,000. In other words, they had $210,000 more than the law requires them to have to be considered safe. During the day about $38,000 was drawn out. The bank opened on Monday as usual and had received currency from Omaha and Des Moines and when the doors were opened there was in plain view on the counter about $67,000 in currency. On Sunday F. C. Okey, vice president, went to Omaha and visited president Caldwell of the U. S. National bank, the Omaha correspondent of the-local bank, and arrangements were made for securing $100,000 in currency for the following morning as soon as the safe was opened and a special train chartered on the Burlington at an expense of $250, to leave at 8 o'clock and bring the money to Corning. The details were all arranged and further arrangements were made to secure $340,000 more and have it here Tuesday morning, but it proved not necessary. This shows that a solvent bank can get funds when in need of them and that a run on a bank does not necessarily mean that it must susped. Monday morning about $10,000 were withdrawn before the people became easy and the question settled down. It was announced that there would be a special train here about 10:30 and the news spread rapidly; still some people were nervous and withdrew while others made deposits, and there were all kinds of rumors afloat. The train was due to leave Omaha at 8 o'clock but it was delayed and left at 8:25 and when near Emerson the engine broke down and it took an hour and a half to get it repaired and it arrived in Corning after noon. On the train were G.

5. February 11, 1915 The Leon Reporter Leon, IA

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THE LEON REPORTER, THURSDAY, FEBRUARY 11, 1 G The doors did not close at 4 o'clock DOG RESCUES MAN. and after that hour all who came to Citizen of Hopeville Narrowly the door were admitted and paid if capes Death by Freezing. t desired. The following is a letter from the E. E. Homewood, a farmer resi U. S. National of Omaha, that was near Hopeville, recently met wit posted in the bank window on Mona very severe accident, but is than day morning: to have escaped as he did. He Omaha, Neb., Jan. 31, 1915. gone to a field about 1 ½ miles f Mr. C. E. Okey, Cashier, his house to chop the ice at the Okey-Vernon National Bank, tle watering place. The cattle cro Corning, Iowa. p ed around, knocking him down Dear Mr. Okey:-By special train breaking his leg below the knee. leaving tomorrow, Monday at 8 a. m., it Homewood was unable to move, we are sending you sufficient funds n fortunately thought of sending for your good bank for any purpose dog home to bring help. Tyin you may need and we will be only y handkerchief around the dog's n too pleased to follow it up with more f he sent him back to the house. so you will be prepared to meet any e wife's attention was attracted by 1 and all demands that may be made e and with the help of neighbors, upon you. e ried the unfortunate man home. Yours very truly, e is reported that Mr. Homewood V. B. Caldwell, President. now resting easy.-Creston Adve The following is a letter from the er-Gazette. bank's correspondent at Chicago and S shows that the local bank can get How People of Iowa Do Live n currency in the Windy City: n Chicago, Jan. 31, 1915. Prosperity and happiness are C .H. Vernon, Esq., President, cardinal prizes sought by every k C. E. Okey, Esq., Cashier, tion, community and individual. S Okey-Vernon National Bank, preamble of the Constitution S Corning, Iowa. forth these two principles, prima Dear Sirs:-If in need of funds for making them a sacred right to et citizen of the United States. To k any purpose during the next few d days, you are at liberty to call on us the degree of happiness and pros for $100,000 to $150,000 on usual ity reached by an individual, stat e terms. Please wire us regarding community, it is but necessary your needs and we will be glad to know how he or they live. How d ship you currency in amounts and dethe people of Iowa live? is asked nominations to suit your requireevery other state in the union, ments. the answer is given, concerning e Assuring you we have every confiIowa farmer in a government sur e dence in your bank and its manageof forty-six farms located in diffe counties. Great care was taker ment, we are Yours faithfully, choosing average farms, in aver t Continental and Commercial Nationcounties, for were the results of n al Bank, by Ralph Van Vechten, investigation of the farms in som Vice President. the richest communities given d C. H. Vernon, president, says that the world would says, "Incredible the bank has never loaned to the ofThough the government stat ficers of the bank, sold a note or borcians have issued figures on the I d rowed money. The owners of the farmer, other investigators have S fined themselves to the cities and bank, the Okeys and Vernons, have several thousand acres of land in this results are such that cannot be county, besides city property and passed by any other state in e personal property. By city banks it great country. There are no large d is considered one of the strong counies in Iowa, and there is no city is not situated in a rich agricult try banks and they were thunderstruck when the report came of the section, for there is no place in I run. that the soil is not highly product This being the situation of the ci Of course there were some funny of the state, there is none but incidents. We are told by an onlookfirst hand access to pure and wh er that a lady and her husband called some products, such as vegetal and she wanted to draw her money meats, milk,-that which makes and he did not. Finally the wife health and happiness, and all thi won. The husband said, "what are S prices that cannot be boosted you going to do with it? and the cause. of freight and express ra lady said if the bald headed demoand various other reasons. crats would leave, including her husTurning to the Iowa farmer, band who was a democrat and bed investigators found that in the a longed to that class, she would put it studied in Iowa the cost of board in her stocking. The democrats left lodging on the farm for each indi and business in the bank suspended ual was on an average of $221 a y during the operation. One depositor This sum included food, fuel, came rushing to town, his team all house rent and house labor, the it lathered with foam, jumped out of being as follows: Food $105 the sleigh and fell down twice in fuel, $14.24; oil, $1.31; house r reaching the bank. Just left the $36.00; house labor, $64.00. To team standing. Many would leave $221.21. The average for all their team at the livery stable and n area of all the states studied is $ say: "Take care of my team; I am Thus the Iowa farmer in an aver going to get my money." During the d county lives 17-26th per cent be day many called on Treasurer E. F. than farmers do elsewhere. Miner and inquired, "Will you take a But why should the people of I "Sure," check on Okey-Vernon?" live better than those of other sta was the reply. They paid their taxes There is but one answer to this q for the year and some had been in tion, and that is that the people the habit of paying the last day, in S the state are wealthy, they can af the afternoon, and then only paying more than the average necessitie one-half, SO the county profited by life. the run. If the wealth in texable prop

6. February 11, 1915 Audubon Republican Audubon, IA

Article from Audubon Republican, February 11, 1915

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-шелом 10 will am no naury 'HIOLE ber 30 last near Mason City. Rollo Van Horn, the brother. who was arrested charged with the crime, has been released from custody, and Mrs. Charlotte Van Horn, who has been under arrest since January 1, was liberated from jail but under bonds. Her father, Mike Callanan, a wealthy resident of Clear Lake, and her brother Ralph, gave bonds to the amount of $7,500 for her appearance when demanded by the court. A special train carrying $150,000 in gold and currency and an additional $50,000 in cash received by express, aided materially in stopping a run on the Okey-Vernon National bank of Corning, a run which had started beCan JO smoun euo JO canse find out. The sight of so much money, coupled with the apparent readiness with which the officers of the institution were able to fortify themselves for a run, turned a feeling of nervousness and fear for their money condition JO euo o;up Despite the stormy weather a great audience gathered to attend the dedication of the new $75,000 Methodist church in Newton. Following the sermon by Bishop Quayle at the morning service fifty-six minutes were devoted to the raising of money to dedicate the church free of debt. The money was raised at the rate of $1,000 a minute. As $19,000 had been raised beforehand, enough money was secured to complete the $75,000 the building cost when finished. Miss Emma Henderson, aged 17, of Eliston. was hit by the Burlington fast mail at Afton Junction and her body was thrown 200 feet. She was dead when picked up. Her sister, Mrs. Richard Daub, who was standing upon the viaduct, fainted at the sight, fell three flights of stairs, and was pickdn pe The First Presbyterian church of Muscatine has awarded the contract for a $40,000 improvement to the church property. The old enurch, which stands as one of the pioneer edifices of Iowa, is to be improved at IIIM uns 11ke B pue $20,000, JO cost B -ung B JO erection the up pepuedxe eq day school hall adjoining. Fire which destroyed the home of Ben Meyer, a farmer living ne Elkader, cost the life of Miss Sweeney of McGregor, a rural school teacher. Mr. and Mrs. Meyer and their two small children escaped in their night clothes and were badly frozen, the terrerature being 20 degrees below zero. The Iowa Conservation society is understood to be back of a measure introduced in the house by Lenocker, of Madison county, for the protection of wild fowls. The bill prohibits the shooting, trapping or killing of grouse, pheasants, wild turkey, quail and prairie chicken for a period of Years. every Plans for the new $500,000 Woodbury county court house which were submitted to the board of supervisors by the architect, provided for a women's jury room. The supervisors stated that in their opinion woman suffrage is coming in Iowa and that provisions should be made for the accommodations for women jurors. John Nye, a son of Mr. and Mrs. J. P. Nye of Shenandoah, has been appointed vice consul to the Island of Ceylon. He has been teaching at Grand Rapids, Mich., this winter and will leave soon for his post. Walter Leonard, formerly of Essex, Ia., is the consul at Ceylon. Notwithstanding zero weather the Fred Swan Duroe hog sale at Missouri Valley was largely attended. The fifty-five head of hogs were sold for a total sum of $5,500. Dr. C. E. Still of Kirksville, Mo., purchased the best of the herd at $225. Following a report that live stock was being transported over the ice from Illinois into Iowa and then shipped east to market, a patrol has been established by the state department in the Iowa river counties. The Essex Commercial club has decided to have a public market day on March 4 when bargains will be offered as an inducement to trade. The club also has voted another chautauqua for the coming season. William Link sold his quarter section farm adjoining Rock Rapids on the northwest to George E. Jeffers, the consideration being $210 per acre. George Huyde, a well known farmer living at Exira, was found dead in bed. Death was due to a sudden attack of heart failure. John Siple, a farmer residing near Ida Grove, shot a big timber wolf. The shot from a 44 rifle broke one of stubbord B dn and 11 pue [sse] 113 fight before Siple finished it with another shot. Later he killed a large female prairie wolf near the same place, and his bounty on the two ani'07$ 01 amounted mals Representative Haugen has nominated Leland H. Hewitt of Northwood as cadet at West Point. He is a son of Dr. L. G. Hewitt. a prominent resident. and is in the third year in the electrical engineering course at Ames. Citizens of Mt. Vernon demand that the saloons of Cedar Rapids be closed. A great mass meeting adopted resolutions to that import. It is claimed the saloons in Cedar Rapids are a menace to suburban towns.

7. February 12, 1915 The Olneyville Times Providence, RI

Article from The Olneyville Times, February 12, 1915

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General A Detroit knitting company secured contracts for 1,000,000 pairs of army socks for delivery next winter. The Illinois Central ordered 1,000 refrigerator cars. When running away from pretty Mrs. Winifred Price, who wished to kiss him, John Radcliffe, aged 16, of Moultrie, Ga., fell and broke his arm and three ribs. About 40,000 new women voters regIstered in Chicago. The total registered is 205,000. Because of a run of depositors, officials of the Okey-Vernon National Bank, of Corning, Ia., rushed to Omaha and sent back $150,000 on a special train, saving the bank. Governor Wythcombe of Oregon, sent a letter to Cork, Ireland, in behalf of George Ira Cox, a farmer of Oregon, detained as a German. Muttering protests to the end, Eng Hing and Lee Dock were electrocuted in Sing Sing prison for the murder of a rival Chinese tong man in New York. The acreage of onions in the principal onion growing section of Texas for 1915 is estimated at 7,820, an increase of nearly 22 per cent. over 1914. The French Government calls for bids from Seattle lumber dealers for 500,000,000 feet of lumber to rebuild houses destroyed by the war. Resumption of operations on full time was ordered at the Calumet & Hecla Co., at Calumet, Mich., and all its operating subsidiaries.

8. February 12, 1915 Putnam Patriot Putnam, CT

Article from Putnam Patriot, February 12, 1915

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General A new York Stock Exchange membership was posted for exchange for $42,000, an advance of $2,000. Sixty-six refugees from Kiao-chow, China, captured by Japanese and English, arrived at New York on the steamer Creole. Cortez Waggoner, a high school student of Wichita Falls, Texas, died of injuries received in a game of basketball. Statewide prohibition was placed before the Indiana Legislature by a bill introduced in the House. Because of a run of depositors, officials of the Okey-Vernon National Bank, of Corning, Ia., rushed to Omaha and 3ent back $150,000 on a special train, saving the bank. Governor Wythcombs of Oregon, sent a letter to Cork, Ireland, in behalf of George Ira Cox, a farmer of Oregon, detained as a German. The Illinois Central ordered 1,000 refrigerator cars. When running away from pretty Mrs. Winifred Price, who wished to kiss him, John Radeliffe, aged 16, of Moultrie, Ga., fell and broke his arm and three ribs. A Detroit knitting company secured contracts for 1,000,000 pairs of army socks for delivery next winter. Muttering protests to the end, Eng Hing and Lee Dock were electrocuted in Sing Sing prison for the murder of e rival Chinese tong man in New York. The acreage of onions in the principal onion growing section of Texas for 1915 is estimated at 7,820, an increase of nearly 22 per cent. over 1914. The French Government calls for bids from Seattle lumber dealers for 500,000,000 feet of lumber to rebuild houses destroyed by the war. Resumption of operations on full time was ordered at the Calumet & Hecla Co., at Calumet, Mich., and all its operating subsidiaries.

9. February 17, 1915 Manchester Democrat Manchester, IA

Article from Manchester Democrat, February 17, 1915

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IOWA NEWS The parole department has brought back from Texas to Iowa another parolee who violated the rules of the parole department and left Iowa to make good elsewhere. This was Charles Neff, who had been sent to serve a ten-year term for some infraction of the law in Wapello county a few years ago. He was paroled and sent to Sioux City, where he obtained work in a packing house. He was turned over to the foreman, who was told to treat him well. He took the wife of the foreman with him to Texas and they were found together at Dallas. There are lightning changes in the murder mystery of Chester Van Horn, killed on the night of November 30 last near Mason City. Rollo Van Horn, the brother, who was arrested charged with the crime, has been released from custody, and Mrs. Charlotte Van Horn, who has been under arrest since January 1, was liberated from jail but under bonds. Her father, Mike Callanan, a wealthy resident of Clear Lake, and her brother Ralph, gave bonds to the amount of $7,500 for her appearance when demanded by the court. A special train carrying $150,000 in gold and currency and an additional $50,000 in cash received by express, aided materially in stopping a run on the Okey-Vernon National bank of Corning, a run which had started because of what-no one knows or can find out. The sight of 50 much money, coupled with the apparent readiness with which the officers of the institution were able to fortify themselves for a run, turned a feeling of nervousness and fear for their money into one of confidence. Iowa postmasters have been commissioned as follows: Thos. J. Capper, Elgin; Patrick H. Donlon, Emmetsburg; William Cohrt, Gladbrook; Jesse A. Winger, Newton; Ella C. Nolan, Ruthven; John Hickey, Vail; Edwin J. Kooreman, Alton: Hans E. Eiel, Buffalo Center; Francis D. Mead, Cresco: William J. Nelson, Grinnell; Stanley Miller, Mount Pleasant and Frank McShane, Springville. Liberty appears to be awaiting Mrs. Dorcas Brazzell, of Dubuque, who was sentenced last year to 20 years' imprisonment at Anamosa for the murder of her husband. The supreme court reversed her case, declaring she should have been acquitted, and unless there is new evidence submitted she will probably be set free. Carl Pappas, a young Greek of 22 years who eloped to Fort Madison with Miss Elizabeth Brown, an 11year-old girl and married her there may find the bridegroom's pathway a thorny one. Under the Iowa law the marriage is no marriage at all. Neither the girl nor her parents could legally consent to her marriage. Merchandise worth $1,500 disappeared from cars of the Milwaukee road at Tama recently, and a still hunt has been on for the thieves since. Marshal Heely aided special agents in corraling three men suspected of the thefts. W. S. Davis, All Robert Stover and John Duffy. bear a rather unsavory reputation. William Link sold his quarter section farm adjoining Rock Rapids on the northwest to George E. Jeffers, the consideration being $210 per acre. George Huyde, a well known farmer living at Exira, was found dead in bed. Death was due to a sudden attack of heart failure. The 10th annual corn show has just closed in Keokuk, and it proved to be a big success. The woman's department was a feature in the affair. Prizes worth over $250 were distributed. The third fire in Waukon last week resulted in almost a total loss to the home of B. F. Boomer and the overcoming of a roomer who occupied apartments on the second floor. Tipping a gasoline stove caused the fire. The Dubuque College quintette triumphed over the Central College, Pella, five in a basketball contest by a score of 29 to 18. Never in the history of the Dubuque five were they compelled to fight as hard as against the Pella visitors. Following a report that live stock was being transported over the ice from Illinois into Iowa and then shipped east to market, a patrol has been established by the state department in the Iowa river counties. A. B. Miller of Iowa Falls has been appointed receiver for the electric light plant at Iowa Falls and has taken possession of the property. The appointment was made by Judge McHenry, of Des Moines. The High school building at Nichols was burned to the ground. The blaze started in the attic and the fire fighters could not save the building. Iowa pensions granted recently are as follows: Catherine Heaton of Tingley, $12; Carrie L. Ross of Davenport, $12; Elizabeth Wombacher of Riverside, $12; Mary L. Crosby of Knoxville, $12; Jennie E. Patton of Villisca, $12, and Lucinda Williamson of Eldora, $12. John Nye, a son of Mr. and Mrs. J. P. Nye of Shenandoah, has been appointed vice consul to the Island of Ceylon. He has been teaching at Grand Rapids, Mich., this winter and will leave soon for his post. Walter Leonard, formerly of Essex, Ia., is the consul at Ceylon. Zell Williams was found guilty of manslaughter in the district court at Fort Dodge on a charge of having caused the death of J. B. Bedell on Dec. 2 of last year. Mrs. May Wilson, his sister, entered a plea of guilty to a charge of assault with intent to commit great bodily injury and was sentenced to a year in the state reformatory at Anamosa. The bee industry is making a lively