3260. Iowa Savings Bank (Sioux City, IA)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
savings bank
Start Date
November 10, 1896
Location
Sioux City, Iowa (42.500, -96.400)

Metadata

Model
gpt-5-mini
Short Digest
8bd9c50afe466b4f

Response Measures

None

Description

Contemporary reports (Nov 10โ€“11, 1896) state steady withdrawals and runs (linked to failure of Union Loan & Trust and runs on local banks) forced the Iowa Savings Bank to post a notice suspending payments; a receiver (W. P. Manley) was appointed and the bank remained in receivership. Thus a run led to suspension and permanent closure/receivership.

Events (3)

1. November 10, 1896 Receivership
Newspaper Excerpt
W. P. Manley has been appointed receiver for the Iowa Savings bank of this place by the district court this morning.
Source
newspapers
2. November 10, 1896 Run
Cause
Local Banks
Cause Details
Runs and heavy withdrawals were triggered after the failure/distress of the Union Loan & Trust and runs on other local banks, producing steady withdrawals during preceding weeks.
Measures
Bank posted notice suspending payment; later receiver appointed
Newspaper Excerpt
When the Union Loan and Trust company failed there were runs on both the Sioux National and Iowa Savings banks
Source
newspapers
3. November 10, 1896 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability to realize on securities except at great sacrifice combined with heavy withdrawals left the bank unable to meet payments, prompting suspension/closure.
Newspaper Excerpt
the Iowa Savings Bank closed its doors to-day. ... The bank posted a notice on its door this morning that it had suspended payment.
Source
newspapers

Newspaper Articles (20)

Article from The Topeka State Journal, November 10, 1896

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PROSPERITY TOO LATE To Reach This Sioux City Savings Bank-Closes Today. Sioux City, Ia., Nov. 10.-The Iowa Savings bank closed its doors today. The steady withdrawal of deposits and inability to realize on securities except at a great sacrifice were the causes of the failure. The bank statement of October 10 showed $470,000 assets and $150,000 deposits. W. P. Manley has been appointed receiver. Bank officials this afternoon gave out a statement of the condition of the bank's affairs. The assets are: Loans and discounts, $419,000: cash on hand, $617. Liabilities: Individual depositors, $123,400; capital $250,000. Tonight will be the last opportunity to view the grandchrysanthemum show in the room formerly occupied by the Hall Lith. Co.


Article from Santa Fe Daily New Mexican, November 10, 1896

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Bank Collapsein Iowa. Sioux City, Iowa, Nov. 10.-The Iowa Savings bank closed its doors to-day. Steady withdrawals of deposits and inability to realize on securities except at R k reat sacrifice were the causes of the failures. The bank's statement on Oo. tober 10 showed $470,000 assets; $150, deposits. W. P. Manler has been appointed receiver.


Article from The News & Observer, November 11, 1896

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BANK FAILURES. Sioux City, Iowa, Nov. 10.-The Iowa Savings Bank closed its doors to-day. The steady withdrawal of deposits was the main cause of the failure. The bank statement of October 10th showed $470.000 assets and $150,000 deposits. W. P. Manley has been appointed receiver.


Article from Birmingham State Herald, November 11, 1896

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ANOTHER PROSPERITY SIGN. Sioux City, Ia., Nov. 10.-Inability to realize on its securities and heavy withdrawals of deposits caused the Iowa Savings bank to close its doors this morning. The bank's last statement showed assets $470,000, deposits, 150,000. W. P. Manley was appointed receiver.


Article from The Copper Country Evening News, November 11, 1896

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Sioux City Bank Failure. Sioux City, Ia., Nov. 11.-The Iowa Savings bank closed its doors Tuesday morning. A steady withdrawal of deposits and inability to realize on securities except at. great sacrifice were the cause of the failure. No statement The of liabilities or assets is made. bank statement Oct. 10 showed $470,000 assets and $150,000 deposits. W. P. Manley has been appointed receiver.


Article from The San Francisco Call, November 11, 1896

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TWO IOWA BANKS FAIL. In One Case the Depositors Will Lose Heavily, and in the Other They Will Be Paid in Full. SIOUX CITY, Iowa, Nov. 10.-The Iowa Savings Bank failed to-day, posting a notice on its door this morning that it had suspended payment. Eri Richardson was president; George W. Wakefield, vicepresident, and F. B. Hutchins, cashier of the institution. A statement this morning showed assets in loans and discounts, $419,000; cash, $617; liabilities, due depositors, $122,000; capital stock, $250,000. The bank also had a nominal surplus of $50,000. Inability to realize on assets except at great sacrifice caused the failure. The depositors will be paid in full and the capital will be saved in part. DECORAH, IOWA, Nov. 10.-The First National Bank of this city failed to open its doors this morning as a result of a special examination by order of the Comptroller of the Currency. Bank Examiner Stone is in charge pending the appointment of a receiver. The bank had suffered a run for some weeks and was unable to


Article from The Portland Daily Press, November 11, 1896

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BRIEFLY TOLD. Secretary Richardson of the Kentucky 8 Democratic campaign committee, said last night that his committeee has strong R Brand 09.14 you II OM1 electring TO sedoq electors. The Republican managers say m that but one Bryan elector, if any, will to win. The authorities of Northwestern university, at Evanston, Ill., met last night to consider the advisability of abolishing , football. The trouble is caused by betting on the game, which has become almost universal among the students, There was another sharp rise in wheat yesterday morning. The opening figures showed advances of 11-2 to 7-8. The advance was due to an active bidding 4 and a firm Liverpool market, some grades of wheat there showing an advance of one-half. e The funeral of Mrs. W. H. Vanderbilt WAS held Tuesday morning in St. BarI tholomew's church, Madison avenue and I 47th St., N.Y. The church was crowded. 1 J. Hermann & Co.'s jewelry store, on I the tenth floor of the Masonic temple, Chicago, was entered by two armed robbers Monday afternoon, who secured $50 worth of diamonds, a gold watch and chain and $100 in money and escaped. U Henry C. Paine said Tuesday that the old McKinley tariff not will not be re4 vived in Congress, but that there will S oertainly be tariff legislation as soon as e possible to protect American industries and to raise money enough for the ex-] penses of the government. A tariff on wool will be one of its chief features. 9 morj B 07 response uI 8 Sir Mathew W. Ridley, home secretary, last evening, stating that in considera1 tion of her mental condition and other circumstances that Mrs. Castle would be E discharged and restored to the care of her husband, Mr. Castle went to the prison a Tuesday morning and took his wife away. She is physically unable to be e taken to America. Chairman Baboook of the Republican Congressional committee, who was reelected to Congress by his Wisconsin cone stituents, shares in the general belief e that the days of returning prosperity are at hand, and his only fear is that the 004 eq Avm ehe 18 105 pace I fast e A special from Indianapolis says that during the last two days some effort toward a union of the two wings of the Democratic party in Indiana has been 4 made, but nothing has resulted. About : 25,000 Democrats in Indiana refused to support the Chicago ticket, and 90 per 8 cent voted for McKinley. S In the Supreme court in Troy, N. Y., e Tuesday afternoon ex-County Treasurer 1 George H. Morrison, pleaded guilty to e 10] OM1 county funds, and was sentenced to ten years and five months in Clinton prison. Russell Sage said Tuesday afternoon [ that be knew nothing of the report from Boston that a new agreement had been I effected between the Western Union and Bell Telephone companies. The examination of Broker Edward Records of Boston, arrested in New York Monday morning, was adjourned in the Centre street police court Tuesday by 18 01 Josunoo JO quesuoo Bail was increased to $15,000, and the prisoner was taken back to police headquarters. Inability to realize on its securities and heavy withdrawals of deposits caused the Iowa Savings bank at Sioux City, Iowa, to close its doors. 6 The Republican Congressional campaign committee is to be made permanent with headquarters in Washington, where in connection with the national committee it will continue the fight against free silver. Attorney General Dawes of Kansas does not consider the appointment of a receiver for the Santa Fe well founded in law and 18 not in sympathy with its Geraldine Ulmer, the London actress and singer, has secured a deed of separation from her husband, Ivan Caryll. About three years ago Mrs. Caryll and 0001$ JO B pernos passenq Joq damages against the London 7 correspondent of a New York newspaper for defamination in alleging that Mrs. Caryli


Article from The Morning Times, November 11, 1896

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Iowa Banks Fail. Sioux City, Iowa, Nov. 10.-Inability to realize on its securities and heavy withdrawals of deposits caused the lowa Savings Bank to close its doors this morning. The bank's last statement shows assets $470,000; deposits, $150,000. W.P.Manley was appointed receiver. Decorah, Iowa, Nov. 10.-The First Nationa! Bank of this city failed to open its doors this morning as a result of a special examination by order of the Comptroller of the Currency. Bank Examiner Stone is in charge pending the appointment of a receiver. The bank had suffered a run for some weeks, and was unable to convert assets, fast enough. It has $75,000 capital. No statement has been made public of its condition.


Article from Richmond Dispatch, November 11, 1896

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Savings-Bank Suspends. SIOUX CITY, IA., November 10.-Inability to realize on its securities and heavy withdrawals of deposits caused the iowa Savings Bank to close its doors this morning. The bank's last statement showed assets of $470,000; deposits, $150,000. W. P. Manley was appointed receiver.


Article from The Morning News, November 11, 1896

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Sioux City, Ia., Nov. 10.-Inability to realize on its securities and heavy withdrawals of deposits, caused the Iowa Savings Bank to close its doors this morning. The bank's last statement showed assets of $470,000, and deposits of $150,000. W. P. Manley was appointed receiver.


Article from Omaha Daily Bee, November 11, 1896

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SIOUX CITY SAVINGS BANK FAILS. Carried Down Finally in the Wreck of the Union Loan and Trust. SIOUX CITY, Nov. 10.-(Special Telegram.)-A receiver was appointed for the Iowa Savings bank of this place by the district court this morning. The bank was the oldest savings bank in the city, having been organized in 1883, with D. T. Hedges, one of the big boomers, as president, and L. Wynn as cashier. In its early days it was closely connected with the Sioux National bank and both the banks were connected more or less with the syndicate of boomers who made Sioux City famous a few years ago. When the Union Loan and Trust company failed there were runs on both the Sioux National and Iowa Savings banks, and it was with difficulty that they were saved. Some weeks ago the Sioux National gave up and this affected the Iowa Savings also. During the campaign withdrawals of deposits were steady and yesterday the bank was left practically without ready cash. Mr. Manley of the Security National was placed in charge as receiver. The report shows the following: Assets:


Article from The Roanoke Daily Times, November 11, 1896

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ANOTHER BANK IN TROUBLE. Sioux City, Ia., Nov. 10.-The Iowa Savings Bank closed its doors to-day. The steady withdrawals of deposits and inability to realize on securities, except at a great sacrifice, were the causes of the failure. The bank statement of October 10 showed $470,000 assets, and $150,000 deposits. W.P. Manley has been ap pointed receiver.


Article from The Guthrie Daily Leader, November 12, 1896

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a SIOUX city savings mana while. SIOUX CITY, Iowa, Nov. 11.-W, T. Manley was to-day appointed receiver of the Iowa Savings bank. Slow collections and heavy withdrawals of deposits were the causes. The assets are placed at 8445,515.45, and the deposits at $123,428.13.


Article from The Pioneer Press, November 12, 1896

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Savings Bank Fails. Sioux CITY, Ia., Nov. 11.-The Iowa Savings bank has closed its doors. The steady withdrawals of deposits and inability to realize on securities except at a great sacrifice, were the cause of the failure. The bank's statement of Oct. 10 showed $470,000 assets and $150,000 deposits. W.D. Manley has been named as receiver.


Article from Iowa State Bystander, November 13, 1896

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IOWA BANKS FAIL. Iowa Savings Bank of Sloux City Has a Receiver. SIOUX CITY, Nov. 11.-Inability to realize on its securities caused the Iowa Savings Bank to close its doors. The bank's last statement showed assets, $470,000, deposits $150,000. W. P. Manley has beenappointed receiver. WASHINGTON, Nov. 11.-Comptroller Eckels has closed the First National Bank at Decorab capital $75,000, and placed Bank Examiner Stone in charge. The bank is in bad shape, being unable to realize on its acsets.


Article from The Dickinson Press, November 14, 1896

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Another in Sioux City. Sioux City, Iowa, Nov. 12.--The Iowa Savings bank closed its doors to-day. the steady withdrawals of deposits and inability to realize on securities except at a great sacrifice were the causes of the failure. The bank statement of Oct. 10 showed $470,000 assets and $150,000 deposits. W. P. Manley has been appointed receiver.


Article from The Diamond Drill, November 14, 1896

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The twelfth annual meeting of the national horse show of America began in Madison Square garden in New York. Michael Foley was arrested at Chillicothe, O., on the charge of counterfeiting nickels, dimes, quarters and halves. Members of the Grain Dealers' National association met in Chicago and formed a national association for the protection of shippers and elected E. S. Greenlief, of Jacksonville, III., president. Two young men entered the jewelry establishment of Hermann & Co. in Chicago, bound and gagged the head of the firm and a clerk and escaped with $5,000 worth of diamonds. In a fit of jealousy William J. Goukler murdered his wife in Philadelphia by cutting her throat and then ended his own life in the same manner. The residence of Sandy Campbell, near Perrinton, Mich., was burned and Mr. Campbell's cousin, a youth 19 years of age; also Mr. Campbell's two children, aged two and six years, were cremated. The sixteenth annual session of the Farmers' National congress began at Indianapoplis. The fishing smack W. W. Story, which sailed from New York September 25 with a crew of 11 men, has been given up as lost. Charles F. Bright, 39 years old, a wealthy citizen of Reading, Pa., and Catherine Boyer. aged 19, were killed by the cars at a crossing. John Rogers, a coachman employed by Richard Brandies at White Plains, N. Y., killed William Smith, who worked about the place, and then took his own life. No cause is known for the crime. Dr. Edward H. Parker, a prominent physician, died in Poughkeepsie, N. Y., aged 73 years. He was author of the lines: "Life's race well run; life's work well done; life's victory won; now comes rest," and the lines were selected by the widow of James A. Garfield as an inscription for the tombstone of the martyred president. The annual report of Capt. N. M. Brooks, superintendent of foreign mails, shows that the sum of $5,294,756 was received by this country for mail exchanged with other countries. Only 1,516 errors were reported in the distribution of 11,518,373 letters and postal eards. J. H. Moran, 72 years old. was frozen to death near Goodland, Kan., in a blizzard. George H. Morrison. treasurer of Rensselaer county. pleaded guilty at Troy. N. Y., to the defalcation of nearly $240,000 and was sentenced to ten years and five months in prison. Dr. James S. Wintermute was murdered at Tacoma, Wash.. by Samuel Tucker. a patient, who afterwards took his own life. The Iowa savings bank at Sioux City closed its doors with liabilities of nearly $500,000. Great Britain and the United States have reached an agreement concerning the Venezuela dispute, the British yielding everything the United States asked for. Not only is the controversy to be submitted to arbitration. but all of the territory in dispute comes within the jurisdiction of the tribunal of five arbitrators. The First national bank of Decorah, Ia., closed its doors. A Northern Pacific passenger train was wrecked at Paradise Bluffs, Mont., and the engineer, George Fairchild. was killed and six other persons were badly injured. Jack Francis and Roderick Baker were killed and nine others injured, three of them seriously, by a boiler explosion in a sawmill near Lexington, Ky. The twentieth annual general assembly of the Knights of Labor began in Washington.


Article from Mineral Point Tribune, November 19, 1896

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the South Boston police court charged with the murder of his sister, Mrs. Fallon of South Boston on the night of October 31 and was held without bail. There is such activity at the Brooklyn navy yard in completing repairs on warships that United States naval officers believe the government has determined upon a show of force In some quarter. Rev. Alexis Berk, aged 23, has probably perished in the Flathead Mts., Montana. His body is being searched for. He was a circuit rider with 130 miles circuit. His people live in Chicago. Miss Dolly Mollar, of Otsego, Mich., went crazy election night while shouting "Hurrah for McKinley!" Walter Cord, of Macomb township, aged 26, since election has done nothing but shriek "16 to 1." At Manchester, Conn., the big silk mills of the Cheney Bros. began a full time schedule. The works have been running at a reduced time for more than three years. The change affects 2,500 employes. By the explosion of a boiler at the Centralia colliery, Centralia, Pa., on Saturday, John Rovitze and Andrew Munock were killed, and Michael Kulick, John Stenshak and Mathias Lesher were fatally injured. At Lyons, N. Y., the Manhattan silver plate factory has commenced running nights on account of large orders. The New Haven silver plate factory and A. H. Town & Co.'s silver plate factory have both started up on full time. At Lebanon, Ky., William Bean, the negro who assaulted Mrs. L. C. Clark, was captured and carried before Mrs. Clark, who identified him. She is expected to die, but pleaded with the crowd to let the law take its course. He is in jail. Important discoveries regarding the planets Venus and Mercury are made at the Lowell observatory in Arizona. Kentucky republicans and gold democrats in the legislature may unite upon Secretary Carlisle for senator to defeat Blackburn. Governor Oates of Alabama in his annual message asks that the carrying of concealed weapons be made a felony: recites numerous cases of lynching in this state in the last two years, and makes some timely suggestions to the legislature. Dr. James Stinson Wintermute, who moved to Tacoma ten years ago from Chicago, was murdered by Samuel Tucker, a hypochondriac. The latter then committed suicide. Dr. Wintermute had been treating Tucker for melancholia. Incendiaries fired James T. Abbot's house at Hamlin, Va. Cora, his daughter aged 20, was burned to death. She was recently acquitted for alleged blowing up of Squire Vance's house with dynamite, killing one and injuring another. At Bristol, Conn., a business revival is felt and the most notable instance of it is found at the works of the Bristol Brass and Clock Co. The factory will now run overtime. This course is necessary to all orders which have been received. The winter residence and the valuable library of Miss Octava French, 10cated at Elmwood, Ark., were burned. Miss French is better known as Octave Thanet, the novel and magazine writer. The family narrowly escaped. The loss is $12,000. Fire in the five-story huilding. 45 and 47 Federal street, Boston, caused a loss of about $8,000, chiefly to George Coleman, book binder. Heyer Bros toys, etc., and C. F. West, printer, suffered considerable from smoke and water. Coleman's insurance is $5,000. The United States battleship Texas while lying at the cob deck, Brooklyn navy yard. this morning, had a thirteen-inch hole stove in her side, caused by the breaking of her sea cock. and she now lies on the bottom of the dock with her engine room full of water. The Iowa Savings bank, at Sioux City, closed its doors. The steady withdrawal of deposits and inability to realize on securities except at a great sacrifice were the causes of the failure.


Article from Omaha Daily Bee, January 21, 1897

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BANK DEPOSITORS BRING ACTION. Sioux City Men Not Satisfied with the Present Receiver. SIOUX CITY, Jan. 20.-(Special Telegram.) -An action was commenced in court today by the depositors of the failed Iowa Savings bank for a change of receivers. W. P. Manley, receiver of the Iowa Savings, is president of the Security National, and the petition charges that he is in collusion with officers of the failed bank to defraud creditors out of their rights, The depositors in the Sioux City Savings bank and the First National bank have also employed attorneys to investigate the conduct of the bank officials, and it is anticipated that a bitter fight will be precipitated over the affairs of all three of these banks.


Article from Herald and News, March 17, 1898

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# Vermont Stockholders Must Settle. E. D. Wigton, receiver of the Iowa Savings bank, of Sioux City, Ia., and T. F. Bevington, attorney for the bank, arrived in Montpelier last week. They come here to confer with the stockholders of the bank, of whom there are about a dozen or fifteen residing in Montpelier and vicinity. Their visit is for the purpose of effecting a settlement if possible, and if not to put the question to the test in the courts. About $75,000 of the capital stock of the bank is held in the east, and from $12,000 to $15,000 in Montpelier, Waterbury and Burlington. The original assessment was 100 cents on a dollar. It has since been cut down to 50 cents. Efforts will be made to make a settlement on this basis. Some time ago most of the Montpelier stockholders clubbed together with the intention of fighting the cases. They retained Dillingham, Huse & Howland. Spaulding of Burlington was originally among the number, but settled about two months ago after the assessment was reduced. The payment of the 50 per cent assessment releases all stockholders from paying any additional assessment. Many have already settled. Others, however, look on the failure of the bank as the biggest swindle that was ever perpetrated on the public and do not feel any too communicative on the subject. They want the case to get into court, so that it can be aired, as they believe in that way that the actions of the officers of the bank may be shown up.