Contemporary reports (Nov 19-20, 1896) state the failure of the First National Bank triggered a run on the Sioux City Savings Bank. Officers 'took advantage of the sixty-day law' (suspension) and a receiver (F. B. Ross) was appointed the same day for protection of stockholders and creditors. Subsequent reporting (Jan–Jun 1897) documents internal fraud/forgeries by cashier E. P./L. P. Stone and worthless paper discovered by receivers, indicating the savings bank did not resume normal operation and was placed in receivership/permanently failed.
Events (5)
1.November 19, 1896Receivership
Newspaper Excerpt
Late in the day F. B. Ross was appointed receiver for the protection of the stockholders and creditors.
Source
newspapers
2.November 19, 1896Run
Cause
Local Banks
Cause Details
Run was precipitated by the failure/closure of the First National Bank of Sioux City (heavy withdrawals there spread to the Savings Bank).
Measures
Officers 'took advantage of the sixty-day law' to suspend payments/limit withdrawals.
Newspaper Excerpt
The failure of the First National bank caused a run on the Sioux City Savings bank
Source
newspapers
3.November 19, 1896Suspension
Cause
Local Banks
Cause Details
Suspension invoked in response to heavy withdrawals following the First National Bank failure.
Newspaper Excerpt
The officers took advantage of the sixty-day law
Source
newspapers
4.January 22, 1897Other
Newspaper Excerpt
Depositors ... swore out warrants for E. P. Stone, late cashier of the bank, charging him with embezzlement and cheating by false pretenses.
Source
newspapers
5.June 4, 1897Other
Newspaper Excerpt
Receiver finds among the assets $20,000 forged paper by ex-cashier Stone and $23,000 notes given for loans to himself ... all non-collectible.
Source
newspapers
Newspaper Articles (21)
1.November 20, 1896The Seattle Post-IntelligencerSeattle, WA
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BANK FAILURE AT SIOUX CITY. First National Goes Under, Causing a Run on the Savings Bank. Sioux City, Ia., Nov. 19.-The First Natronal bank of Sioux City closed its doors at 11 o'clock this morning, a result of heavy withdrawals since the failure of the Iowa Savings bank last week. The bank has always been considered one of the most solid financial institutions in the west. It was originated in 1871. E. H. Hubbard, attorney for the bank, made the following statement tonight: "There is nothing to say, further than that the bank is closed on account of steady withdrawals and the inability to get necessary money. Whether it will open again I cannot say. No detinite statement can be made until the bank examiner comes. The comptroller of the currency. Mr. Eckels, has been notified, and unt!! the examiner comes we shall have nothing more to say." The bank had nearly $400,000 in deposits: loans and discounts, 492,000; capital, $100,000. The failure caused a run on the Sioux City Savings bank, T. J. Stone being president of both institutions. The officers took advantage of the sixty- day law. Late in the day F. B. Ross was appointed receiver for the protection of the stockholders and creditors. No further trouble is looked for by the bankers of Sioux City. J. K. Prugh & Co., china and queensware, made an assignment as the result of the failure of the First National. Their liabilities are given as $23,000, with $21,000 assets.
2.November 20, 1896Arizona RepublicanPhoenix, AZ
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CLOSED ITS DOORS. The First National Bank of Sioux City, Iowa. SIOUX CITY, Ia., Nov. 19.-The First National bank has closed its doors. The failure is due to heavy withdrawals. The bank is one of the oldest institutions of the city and was considered one of the soundest. The failure caused a run on the Sioux City savings bank, but it took advantage of the sixty-day law. The firm of J. K. Pugh, china and queensware, assigned as a result of the failure of the First National.
3.November 20, 1896Kansas City Daily JournalKansas City, MO
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A TRIO OF FAILURES. Sioux City, Ia., Bank Goes Down and With It Two Other Institutions. Sioux City, Ia., Nov. 19.-The First National bank, of Sioux City, closed its doors at 11 o'clock this morning, a result of heavy withdrawals since the failure of the Iowa Savings bank last week. The bank has always been considered one of the most solid financial institutions in the Northwest. It was organized in 1870. E. H. Hubbard, attorney for the bank, made the following statement to-night: "There is nothing to say further than that the bank is closed on account of steady withdrawals and the inability to get necessary money. Whether it will reopen again I cannot say. No definite statement can be made until the bank examiner comes. The comptroller of the currency, Mr. Eckels, has been notified, and until the examiner comes we shall have nothing more to say." The bank had nearly $400,000 in deposits; loans and discounts, $49,000; capital, $100,000. The failure of the First National caused a run on the Sioux City Savings bank, T. J. Stone being president of both institutions. The officers took advantage of the sixty day law. but late in the day F. B. Ross was appointed receiver for the protection of the stockholders and creditors. No further trouble is looked for by the bankers of Sioux City. J. K. Prugh & Co., china and queensware, made an assignment as the result of the failure of the First National. Liadilities are given as $23,000, with $41,000 assets.
4.November 20, 1896Great Falls Weekly TribuneGreat Falls, MT
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Failures in Iowa. SIOUX CITY, Nov. 19.-The First National. bank of Sioux City closed its doors at 11 o'clock this morning as a result of heavy withdrawals since the failure of the Iowa Savings bank last week. E. H. Hubbard, attorney for the bank, said the bank closed on account of steady withdrawals. The failure of the First National bank caused a run on the Sioux City Savings bank, T. J. Stone being president of both institutions. The officers took advantage of the 60-day law, but late in the day F. B. Ross was appointed re-
5.November 20, 1896Rock Island ArgusRock Island, IL
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BANK FAILURE AT SIOUX CITY. First National Closes Its Doors-Run on a Savings Bank Follows. Sioux City, Ia., Nov. 20.-The First National bank, of Sioux City, closed its doors at 11 o'clock yesterday morning, a result of heavy withdrawals since the failure of the Iowa Savings bank last week. The bank has always been considered as one of the solidest financial institutions in the northwest. It was organized in 1870. E. M. Hubbard, attorney for the bank made the following statement: "There is nothing to say, further than that the bank is closed on account of steady withdrawals and inability to get necesary money. Whether it will reopen again I can not say. No definite statement can be made until the bank examiner comes." The bank had nearly $400,000 in deposits; loans and discounts, $492,000; capital, $100,000. Sioux City, Ia., Nov. 20. -The failure of the First National bank caused a run on the Sioux City Savings bank, but it took advantage of the sixty-day law. The firm of J. K. Prugh, china and queensware, has assigned as a result of the failure of the First national. Later in the day a receiver was appointed for the Savings bank, to protect the stockholders and creditors. No further trouble is expected by business men here.
6.November 20, 1896The HeraldLos Angeles, CA
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THE PROMISED PROSPERITY Has Missed Some Citizens in Its Forward March A Sioux City Bank Fails and the Great Probst Construction Company Goes to the Wall. SIOUX CITY, Ia., Nov. 19.-The First National bank of Sioux City closed its doors at 11 oclock this morning as a result of heavy withdrawals since the failure of the Iowa Savings bank last week. The bank has always been considered one of the most solid financial institutions in the west. It was originated in 1871. E. H. Hubbard, attorney for the bank, made the following statement tonight: "There is nothing to say further than that the bank is closed on account of steady withdrawals and the inability to get necessary money. Whether it will reopen again I cannot say. No definite statement can be made until the bank examiner comes. The comptroller of the currency, Mr. Eckles, has been notified and until the examiner comes we shall have nothing more to say." The bank had nearly $400,000 in deposits; loans and discounts, $492,000; capital, $100,000. The failure caused a run on the Sioux iCty Savings bank, T. J. Stone being The president of both institutions. officers took advantage of the sixtydays law, but late in the day F. B. Ross was appointed receiver for the protection of the stockholders and creditors. No further trouble is looked for by the bankers of Sioux City. J. K. Prugh & Co., china and queensware, made an assignment as the result of the failure of the First national. Liabilities are given as $23,000, with $41,000 assets.
7.November 20, 1896Evening JournalWilmington, DE
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BANK FAILURES. Sloux City Financial Institutions Embarrassed by Lack of Funds. SIOUX CITY, Ia., Nov. 20.-The First National bank of this city has closed its doors, a result of heavy withdrawals since the failure of the Iowa Savings bank last week. The bank has always been considered one of the most solid financial institutions in the northwest. It was originated in 1870. E. H. Hubbard, attorney for the bank, makes the following statement: "There is nothing to say further than that the bank is closed on account of steady withdrawals and the inability to get necessary money. Whether it will open again, I cannot say. No definite statement can be made until the bank examiner comes." The bank had nearly $400,000 in deposits; loans and discounts, $492,000; capital, $100,000. The failure of the First National caused a run on the Sioux City Savings bank, T. J. Stone being president of both institutions. The officers took advantage of the 60 day law, but late in the day F. B. Ross was appointed receiver, for the protection of stockholders and creditors. J. K. Prugh & Co., china and queensware, made an assignment as the result of the failure of the First National. Liabilities are given as $23,000, with $41,000 assets.
8.November 20, 1896The Roanoke Daily TimesRoanoke, VA
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BANKS GO UNDER. A Financial Panic at Sioux City, lowa. Sioux City, Ia., Nov. 19.-The First National Bank of Sioux City closed its doors this morning, a result of heavy withdrawals since the failure of the Iowa Savings Bank last week. The bank has always been considered one of the most solid financial institutions in the Northwest. The bank has nearly $400,000 in deposits; loans and discounts $492,000; capital $100,000. The failure of the First National Bank caused a run on the Sioux City Savings Bank, T. J. Stone being president of both institutions. The officers took advantage of the sixty day law, but late in the day F. B. Ross was appointed receiver for the protection of the stockholders and creditors. No further trouble is looked for by the bankers of Sioux City. J. K. Prugh & Co., china and queensware, made an assignment as a result of the failure of the First National. Liabilities are given as $23,000, with $41,000 assets.
SIOUX CITY BANK FAILS, First National Has Been Placed in the Hands of the Examiner. Sioux City, Ia., Nov. 19.-The First National bank of Sioux City closed its doors at 11 o'clock this morning, as a result of heavy withdrawals since the foilure of the lowa Savings bank last week. The bank has always been considered one of the most solid financial institutions in the northwest. It was originated in 1870. E. H. Hubbard, attorney for the bank, made the following statement tonight: "There is nothing to say further than that the bank is closed on account of steady withdrawals and its inability to get necessary money. Whether It will reopen again I cannot say. No definite statement can be made until the bank examainer comes. The comptroller of the currency, Mr. Eckels, has been notified, and until the examiner comes we shall have nothing more to say." The bank had nearly $400,000 in deposits; loans and discounts $492,000; capital $100,000. The failure of the First National caused a run on the Sloux City savings bank, T. J. Stone being president of both institutions. The officers took advantage of the sixty-days law, but late in the day F. B. Ross was appointed receiver for the protection of the stockholders and creditors. No further trouble is looked for by the bankers of Sioux City. J. K. Prugh & Co., china and queensware, made an assignment as a result of the failure of the First National. Liabilities are given as $28,000, with $41,000 assets. Washington, Nov. 19.-The comptroller of the currency has received a telegram announcing the failure of the First National bank of Sloux City, Iowa, capital $100,000. Its liabilities to depositors at the date of last report was $407,000; loans and discounts, $492,000. Bank Examiner Blanding has been placed in charge.
10.November 20, 1896The Saint Paul GlobeSaint Paul, MN
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Iowa Bank Closes. SIOUX CITY, Io., Nov. 19.-The First National bank has closed its doors. The failure is due to heavy withdrawals. The bank is one of the oldest institutions in the city, and was considered one of the soundest. The bank had nearly $400,000 in deposits; loans and discounts, $492,000; capital, $100,000. The failure caused a run on the Sioux City Savings bank, T. J. Stone being president of both institutions. The officers took advantage of the sixty-day law, but late in the day F. B. Ross was appointed receiver for the protection of the stockholders and creditors.
11.November 21, 1896The San Francisco CallSan Francisco, CA
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Sioux City's Defunct Bank. SIOUX CITY, IOWA, Nov. 20.-Bank Examiner Blanding to-day took charge of the defunct First National Bank. The officers have received offers of assistance and may be able to reopen soon. The following statement of the condition of the Sioux City Savings Bank, for which a receiver was appointed yesterday, was made to-day: Assets, bilis receivable, $118,588 68; real estate, $34,51488; cash on hand and stocks and bonds, $8486 48; liabilities, stocks and surplus, $55,463 97; deposits, $106,136 07.
12.November 27, 1896Iowa State BystanderDes Moines, IA
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CRASH AT SIOUX CITY. First National Bank Crushed by Real Estate Holdings. SIOUX CITY, Nov. 20.-The First National Bank has closed its doors. The cause of the failure was an overload of real estate. The officers of the bank declare that the bank is perfectly solvent and that dollar for dollar will be paid creditors. The crash was caused by recent heavy withdrawals and difficulty in realizing on assets. Many bad investments have also been made within the past few years and much of the concern's money is in unproductive property. The publication of the reported weakness of a Sioux City bank, to which, however, no direct reference was made, is also said to have precipitated matters. The failure of the First National caused a run on the Sioux City Savings Bank, T. J. Stone being president of both institutions. The officers took advantage of the sixty day law, but late in the day F. B. Ross was appointed receiver for the protection of stockholders and creditors.
13.November 28, 1896The Van Buren PressVan Buren, AR
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The Sioux City savings bank has failed. Liabilities over $100,000. The Plant Cloak company, of New York, have made an assignment. Liabilities, $50,000. The East St. Louis Packing company, which has a plant valued at $400,000, has closed and several hundred men are now out of employment. The Pullman Car company has reduced the wages of its employes at the shops at Pullman 15 per cent. Phillip Schaeffer & Sons, brewers of New York, are involved to the extent of $178,000 and a receiver is appointed to take charge of the business. The Illinois Central Railroad company reduces its force and cuts down the wages of the remaining workmen. Truly this is a fine showing for Mr. McKinly. He has given us a taste of his quality within three weeks of his election, and has demonstrated that he is the champion prosperity restorer of the world. There may be those who will say that this list of bankruptcies does not indicate prosperity. All such doubting Thomases are referred to Mr. McKinley for an explanation as to what he means by ''prosperity.''
14.January 23, 1897Omaha Daily BeeOmaha, NE
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WARRANT FOR THE BANK CASHIER. Sioux City Depositors Indignant at Officers of Failed Banks. SIOUX CITY, Jan 22.-(Special Telegram.) -An ugly feeling has been growing in this city among the vietims of the failed banks and for a time it was feared that some of the officers of banks suspected of irregular banking would receive personal violence at the hands of infuriated people. A committee of depositors has been investigating the affairs of the Sioux City Savings bank and has found out that much of the security listed as good is worthless and some of it is apparently bogus. Yesterday the cashier, Edward P. Stone, left the city, presumably to go to his farm in Nebraska, which has just been attached by the receiver, and as he did not return today a warrant was sworn out for his arrest. He is charged with embezzlement and cheating. His attorney says he went to New York to accept a position with a wholesale paint house and will return. Charges of fraud and irregularities have been made against others connected with the failed banks.
15.January 23, 1897The Providence NewsProvidence, RI
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Two Sets of Warrants Out Against Him. One Set Secured by Depositors, Other by Receiver. Forgery and Embezziement From Sioux City Savings Bank Charged. FIOUX City, Iowa, Jan. 23.-Depositors f Sicux City Savings Bank, dissatisfied with the way matters are progressing under the management of Receiver Moss, have made an investigation on their own account. A committee visited four Nebraska counties where cattle were said to be, on which the bank held alleged "gilt edged" p per end could find neither the cattle nor the men who were said to have given the mortgages on them. On their reports attorneys for the depositors immediately swore out warrants for the arrest of L.P. Stone, cashier of the bank, charging nim with embezzlament, and with chesting y false pretenses.) They then found Receiver Moes already bad secured warrants for Stone, on the charge of forgery and embezzlement and to the sheriff of Woodbury county is chasing him across the continent. Friends and the family of Mr. Stone say that he bus gone to New York. Mr. Stone said he was going to New York on business, and that te never had any intention of running away, but will return in three weeks. There are five warrents for him, in three different courts and they were placed in the hands of the chief of police as well as the steriff. Mr. Sione is 40 years of age and has been connected with the Sioux City banks for 20 years.
16.January 23, 1897San Antonio Daily LightSan Antonio, TX
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The Daily Light SATURDAY, JANUARY 23. 1897. A CASHIER ON THE RUN. Sioux City, Ia., Jan. 23.-Depositors of the Sioux City Savings bank, dissatisfied with the way matters are progressing under the management of Receiver Moss, have made an investigation on their own account. A committee visited four Nebraska counties where cattle were said to be, on which the bank held alleged "gilt-edged" paper and could find neither the cattle or the men who were said to have given the mortgages on them. On their report attorneys for the depositors immediately swore out warrants for the arrest of L. P. Stone, cashier of the bank, charging him with embezzlement and with cheating by false pretenses. They found that Receiver Moss, already had secured warrants for Stone, on the charges of forgery and embezzlement, and that the sheriff of Woodbury county is chasing him across the continent. Friends and the family of Stone says he has gone to New Y ik on business and that he never had any intention of running away, but will return within three weeks. There are five arrants for Mr. Stone in the different courts, and they were placed in the hands of the chief of police as well as of the sheriff. Mr. Stone is forty years of age and has been connected with the Sioux City bank for twenty years.
17.January 23, 1897Kansas City Daily JournalKansas City, MO
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WARRANTS FOR A CASHIER. Crookedness Alleged in Connection With the Sioux City Savings Bank Failure. Sioux City, Ia., Jan. 22.-Depositors of the defunct Sioux City Savings bank today swore out warrants in a justice court for E. P. Stone, late cashier of the bank, charging him with embezzlement and cheating by false pretenses. In the assets of the failed bank was counted about $20,000 worth of cattle paper, which was classed as gilt edged. One of the depositors' committee, with the former teller of the bank, went into the counties of Nebraska, where the cattle on which the money had been loaned were alleged to be, and could find neither the cattle nor any such men as those whose names were supposed to be signed to the mortgages. It appeared that the paper was wholly fictitious and without worth. The receiver immediately swore out the warrants. Mr. Stone, the ex-cashier, it was supposed, had gone to his farm in Nebraska, and it was expected that he would return to-day. He did not come, and the sheriff who had gone to the Nebraska farm could not find him. It was said he had gone to Omaha. The sheriff went to Omaha, and there learned that Stone had gone to Chicago. He took the first train on the excashier's trail. The attorney for Stone says there is no mystery about the excashier's whereabouts. He says he has gone to New York to take a position with a large wholesale firm, and that he will return to Sioux City in three weeks. Mrs. Stone also says her husband has gone to New York.
18.January 24, 1897The Bryan Daily EagleBryan, TX
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WARRANTS FOR A CASHIER. He Is Being Chased Aeross the Continent by a Sheriff. Stoux CITY, Ia., Jan. 23.-Depositors of the Sioux City Savings bank, dissatisfied with the way matters are progressing under the management of Receiver Moss, have made an investigation on their own account. A committee visited four Nebraska counties where cattle were said to be on which the bank alleged "giltedged" paper and could find neither the cattle nor the men who were said to have given the mortgages on them. On their report attorneys for the depositors immediately swore out warrants for the arrest of L. F. Stone, cashier of the bank. charging him with embezzlement and with cheating by false pretenses. They then found that Receiver Moss already had secured warrants for Stone on the charges of forgery and embezzlement, and that the sheriff of Woodbury county is chasing him across the continent. Friends and the family of Mr. Stone say he has gone to New York on business and that he never had any intention of running away, but will return within three weeks. There are five warrants for Mr. Stone in three different courts, and they were placed in the hands of the chief of police as well as of the sheriff. Mr. Stone is 40 years of age and has been connected with Sioux City banks for 20 years.
Depsitors Dissatisfied. Sioux City, Iowa, Jan. 26-Depositors in the Sioux City Savings bank formally decided to petition for the removal of Receiver Goss on the ground that he is mismanaging the bank's affairs and working against the depositors' interests.
20.June 5, 1897Omaha Daily BeeOmaha, NE
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FORGERIES OF CASHIER STONE. Receiver Finds Worthless Paper to the Amount of Forty Thousand. SIOUX CITY, June 4.-(Special Telegram.) -Receiver Goss today reported that among the assets of the Sioux City Savings bank there is $20,000 worth of paper which was forged by ex-Cashier Stone and $23,000 worth of notes given for loans to himself, relatives and his private business institutions. All of It is non-collectible. but the directors are held liable on th ground of negligence. Stone has not been apprehended.
21.March 24, 1898Omaha Daily BeeOmaha, NE
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Iowa Press Comment. Keokuk Gate City: A larger acreage of wheat will be sown in Iowa this year than for a long time. The prevailing high price prompts this increase. Marshalltown Times-Republican: Governor Shaw is having a great deal of advice on the question of selecting good men for office. And he is very anxious to act upon the best of it. Des Moines Register: The average criminal convictions in this city have numbered about 100 a year. But now we have had 121 in five montha and nine-tenths of them have come from the Whitechapel district. After the election is over we hope to see that district as it now exiets abolished. It should have been done long ago. There is no use in forcing crime in hot houses. Sioux City Journal: All the way from Seattle comes a popoeratic wail over the recent suspension of a Sloux City savings bank, coupled with an inquiry as to what party is responsible and a lot of insanity over the question of standard. The causes of the suspension of the bank in question are well understood. A receivership was asked for and ordered for the protection of all interests. It does not appear that anyone will lose a dollar, and it is believed to be certain that no depositor will lose anything. It was simply a matter of business-a matter, therefore, of which the ordinary poperatic howler 1 has not the remotest conception.
