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Cash Flows to Sioux City After Two Banks Close SIOUX CITY, IOWA, Dec. shipments of money, said by houses to total were celved by Sioux City banks today precaution against possible heavy following the closing of the First National and Sloux National banks late yesterday. The banks were two oldest in Sioux City. The First National 000 and the National Officials of both Institutions expressed today that the banks following examination the records by examiner
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Iowa Banks Import Cash To Prevent Heavy Runs SIOUX shipments of money by clearing house to total received by Sioux City banks Sunday precaution against following closing the National and Sioux National banks late Saturday.
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BANKS NAMED Bankers Here See Possible Move for Reorganization Appointment of receivers for the First National and Sloux National closed Saturday banks, which were federal bank examiners, order of on was announced Monday evening by of Chicago, examiner D. H. charge. B. C. Schram, of Grand Forks, N. D., has been named receiver for the First National and H. Marshall Kirk. has abeen man, of Sheldon, placed In charge of the Bloux. Mr. Kirkham already has arrived In the assumed his Mr. city and has expected to arrive here Schram morning. Both appointments this were made by the United States controller of currency at Washington, D. The appointment of Mr. Schram to one of the receiverships here was construed by Bloux City bankers very good indication of the possibility that steps soon would be taken reorganize the two closed Mr. Schram, they said, is recognized the being one in of the most capable of receivers. He has been with some the largest bank receiverships in the country. Mr. Kirkham also is recognized most efficient receiver. For says eral years he has served in north. western Iowa, with headquarters He was receiver for the Sheldon. National bank at Sheldon, the First First National hank at the First National bank Melyin and the Security National bank of Cher- Deposit Boxes Safe Kirkham and Mr. that deposit the two safety banks would made to holders as soon as the their of the had completed the they said, the which the boxNotice will 1 available will anlater by
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BANK CRISIS TO HAVE PASSED (Continued from Page One.) loans, and the house go to work phase aid program. The president asked for construe tion to employment but the house appropriat trimmed the figure to $110,000,000 said include loans for human food in the federal drouth relief bill would remove occasion for an increase in the highway in the states.' The secretary approved loans for seed. feed fertilizer. to which of the bill reMrs. Walburga Oesterreich ported Monday would be directed statement came shortly after protest in the senate against the relief program as inadequate. Senator leading the outburst said the adminisproposals but drop and demanded ex. panded even at the taxes. Outlining the plans. Hyde said sum for road and harbors other purposes in the drouth work especially has been proposed in of giving the farmers an to find the win. clothing." he said The Red Cross. has undertaken all cases of distress and its "states that is able to car rushed good share of the day open- the burden ing accounts. side the presence of curios. Farm Bureau ity seekers. was nothing in the activities at the Head Defends Live bank. said president had few more Marketing Act withdrawals than usual. but our annual threeposits were up normal he said day American have had for assist. Bureau board ance from country banks indicating opened Monday several they are following the policy of Sioux standing City banks preparing for any Among the Sam H emergency that might who opposed Leonard Manley president of the Security National bank said that ing and James M Curappeared for alarm. taking of ev. who the erybody of dollars the federal government on development of Quiet in Morningside the cashier of the Morningside Savings bank. that everything ha satisfactory his bank and that there had been no heavy run was kept until to ecommodate any persons might care to make remained normal We are all for thing might possibly develop Tuesday he added John Scott. president of the State that although that bank an few and all who came left the day there was nobody the lobby of the bank Indicating no among our patrons." Mr. president of the Commercial Savings bank. said that business had normal and that check of the activities had shown more on deposit at the than in the morning Our deposited rather than withdrawn funds, Mr. Olson Norrhom cashier of the First Trust and banks said. though we had few extra withdrawals was no great alarm and business in general was normal.' Store Business Brisk Retail stores reported brisk business during the day. Some of the sons who withdrew their deposits from banks. hurried to stores to pay and to make puro hases. Several banks reported that their deposits during day had exceed. withdrawals In many instances bank patrons from bank and immediately deposited bank Squads of police to the various banks to der in materialized At most banks the officers had nothing to do and their was the only sign of any unusual activ- Police cars. manned by heavily armed officers, ready during the day to transport from one bank another the event that sudden need might arise. Not Total Loss Bankers called attention to the fact deposits the First National bank and the Stoux Na tional should not be considered as losses There large of money the closed bank and as as the frozen ssets" in each bank can be liquidated the depositors will receive part their money back What percentage will returned to the depositors cannot be determined the bank finished their work The last published statements of the closed banks showed that the assets of institution were least $1,000,000 more than the liabilities. Officers of other banks in the city have indicated that they are willing to loan money to anyone worthy of credit who in need of temporary relief. In making such loans the bankers will consider in the closed bank as partial assets, they California's statistical department estimates are Involved in 12 per cent of the automobile accidents of the state.
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OF BANKS NAMED (Continued from Page One.) banks estimated about $100,000 Bank said that savings deposits not deposits, and that they the same as private accounts. Sioux banks have no agreement protecting such funds, and no protects them School savings deposits the city now total $236,302. it was stated Monday Public funds on deposit in the two closed banks are protected by state guaranty passed five The law provides that all interest from public funds must be turned the state to provide sinking fund from which is to be paid any losses by the failure of banks. The city the heaviest governmental depositor the two closed banks. One hundred ten dollars was on deposit in the First National and in the Sioux National. The county had in the Sioux and $50,000 the First The board of education divides its deposits the banks of the city and its loss in standing less than About outstanding in roll against salary hecks had been Some of those had not been cashed. H. Roberts, secretary of the board 13,000 Accounts Suffer County Recorder Katherine Stew. art said office had on deposit in the First National and County Clerk Harold Henderson said his office had about $6,000 in the Sioux Both accounts are protected by the guaranty law From reliable source It was learned that about 13,000 persons were directly affected by the ing of the First National It said that savings accounts totaled and checking accounts about 5,000 The Sioux to have had about 6,000 accounts Numerous bank were car. ried by both banks.
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MORE BANKS CLOSE AFTER HEAVY Two more Iowa banks were closed today. while an all-day run of depositors was paid off with $2,000,000 rushed here Sunday The suburban Leeds State bank with deposits of $135,000 was closed to await action of the directors The Bailey State bank at Correctionville near here. with deposits of $200.000. failed to open its doors The two million was rushed here after the First National and Sioux National two of the city's largest banks, were closed Saturday Heads of these two institutions said the closing was because of frozen assets and general business depression. In Des Moines, the Iowa Trust and Savings bank. placed in receivership late Saturday night was consolidated with the Iowa Moines National Bank and Trust company the state's largest institution. The number of depositors secking withdrawals from two of the Sioux City banks today was so great that closing time all had not been accommodated These were invited to return tomorrow Officials the 10 Sioux City bank tonight to discuss the situation
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BANK AUDIT NEAR THE END Receiver at Sioux Will Be in Full Charge Today Assets of the Sioux National bank, which closed its doors here Decemwere expected to be signed over to the receiver, H. M. Kirkman. early this morning. Fixaminers, who have been checkthe the affairs of the bank since December 8, were almost through with the task at noon Thursday. It was reported by Mr. Kirkman. The been working under the direction of La E. Burk, of Des Moines. First steps In liquidating the Sloux National bank's affairs will be taken By Mr. Kirkman when the assets of The bank are turned over to his care. Mr. Kirkman said that the liquidaLion work would be effected as quickly as was practical for the best Interests of all depositors. Receivers of the Sloux National
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SIOUX CITYAN NAMED EMBEZZLER Jerome Rudd, Teller. Accused of Taking $5,000 From Sioux National Sicux City, Ia., Dec. Charged with the Sioux National the Jerome Jerry" Rudd has arrested federal warrant and confined the county jail. Rudd. who had been employed teller at the until it was closed bank aminers, said to have signed The peculations of the savings department teller had beeen cleverly concealed and were not discovered until federal examiners took over the bank's and made audit of the United States Commissioner J. W. Hubbard has Monday morning the time for preliminary hearing the charge. Automobile numto remember in the vice 111; Mrs. Dolly Gann's is 11.
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SIOUX CITY BANK TO BE REOPENED Comptroller of Currency Grants Permission. SIOUX IA. The First National bank here will be reopened within 60 days, a committee of depositors from the defunct institution said Thursday upon their return from Washington. The committee obtained permission of the comptroller of the currency to reopen the which was closed Dec. 6. Similar permission is expected to be granted to the Sloux National bank, which closed the same day. Rumors of merger of the two banks into one of the strongest banking houses in northwestern Iowa are circulat- BANK RECEIVER NAMED. ELK H IA. The Farmers bank here was placed in the hands of F. Kruse of Cherokee as receiver Thursday by Judge K. R. Cook Bank officers said they asked for receiver that assets might be conserved and all depositors paid in full. They blamed frozen assets, mostly collectable, for the closing The bank is capitalized at Its deposits total more than $600,000.
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DEPOSITORS FILE CLAIMS More Than 1,000 Call at Sioux and First Banks Monday More than 1,000 depositors of the First and Sloux National banks filed claims with the bank receivers for the amount of their deposits here Monday, the first day for filing claims. B. C. Schram, receiver at the First National bank. said that about 600 depositors filed claims by 5 o'clock Monday afternoon, when the bank closed. A line of depositors was waiting to file claims at the bank all day. starting at o'clock. Depositors will have 90 days In which to file claims. Banking hours will be from 9 a. m. to p. m., Mr. Schram said. After completing the procedure of filing claims with the receiver. depositors at the First National hank signed contracts agreeing to the reorganization plan. Fritz Fritzson. who has charge of the work on be half of the reorganization committee. said that as far as was known, all those who filed claims Monday also signed the reorganization agreement. He said no depositor had refused to sign H. M. Kirkman. receiver at the Sloux National bank, estimated that about 500 depositors filed claims by the close of business Monday. He said that the depositors were being taken care of quickly through arrangements previously made The small crowds at both banks were reported orderly. The Bloux Na. tional bank had about 8,000 depositors on the day the bank closed and the First National bank had between 10,000 12,000.
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Church Activities Members of the Progressive, PrisPilgrim and Plymouth circles of Mayflower Congregationni church will meet for a o'clock luncheon Friday in the church. Each member has been asked to bring a gift for the church kitchen. Midweek services will be conduct. ed in the Norweglan language in the First Lutheran church at # p'clock night Mrs. Verner Hagstrom, 1420 West Palmer avenue. will be hostess to members of the Ruth circle of Im. manuel English Lutheran church in her home at 2:30 o'clock Wednesday Alleged seizure of articles in safety deposit box the receiver of afternoon. the Sioux National bank is the basis Miss Helen Bolvaberg. 112 Twentyof sult brought in district court third street. will entertain members by I. Sokolsky. 1118 Sixth street. of the Faith Lippard circle of TrinThe plaintiff alleges that H. Mar Ity Lutheran church in her home toshall Kirkman, receiver of the bank. day. Miss Hermnina Huber will be wrongfully aeized papers and jew. the leader. alry belonging to Sokolsky and kept Midweek church services will be in the box. He demands return of held at 6:45 o'clock Wednesday night the articles in the box and $300 for in the First Baptist church. wrongful detention of the property.
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DEPOSITORS FILE CLAIMS More Than 1,000 Call at Sioux and First Banks Monday More than 1,000 depositors of the First and Sioux National banks filed claims with the bank receivers for the amount of their deposits here Monday, the first day for filing claims. B. C. Schram, receiver at the First National bank. said that about 600 depositors filed claims by 5 o'clock Monday afternoon, when the bank closed. A line of depositors was waiting to file claims at the bank all day. starting at o'clock. Dewill have 90 days in which to file claims Banking will be from a. m. to p. m., Mr. Schram said. After completing the procedure of filing claims the receiver de. positors at the First National bank signed to the organization plan. Fritz Fritzson. who has of the on behalf of the committee said that as far known. all those who filed claims Monday also signed the agreement He said no depositor had refused to sign it. H. M. Kirkman. receiver at the Sioux bank. estimated that about 500 depositors filed claims by the close of business Monday. He said that the depositors being taken of quickly through arrangements previously made The small crowds at both banks were orderly. The Sioux National bank had about 8,000 depositors on the day the bank closed and the First National bank had between 10,000 and 12,000.
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Sues Receiver; Says Safety Box Was Emptied Alleged seizure of articles in the Sioux National bank is the of brought in district court by Sokolsky. 1119 Sixth street. The plaintiff alleges that H. Marshall Kirkman, receiver of the bank. wrongfully seized papers and jewelry belonging to Sokolsky and kept in the box. He demands return of the articles in the box and $300 for wrongful detention of the property.
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SIOUX NATIONAL WILL Receiver Plans to Pay 20 Per Cent Dividend to Claimants With the arrival of checks totaling $540,000 from the controller at Washington, D. C., late Friday, H. M. Kirkman, receiver of the Sious National bank, announced that pay. ments of the first dividend about 5,700 creditors of the bank would begin at o'clock this morning. Banking hours during the distribue tion of checks to claimants will be from to to daily. The dividend will represent 20 per cent of the claims which were filed to May 15. Checks will be sent tors in every state of the union, Mexico and European countries Mr. Kirkman announced that plans had been completed so that the bank's 5,200 Sloux City creditors could be paid their first dividend in the next 10 days. The checks range from 10 cents to $7,500. Suggestions for Creditors By of facilitating the payment Kirkman made the following suggestions to crediclaimants should present their temporary receipts at the bank dividend checks and regular receivcertificates then will issued them. Care should be taken by creditors to indorse checks in actly same way as shown the face of checks. "Member banks of the Sioux City Clearing House association agreed cash checks par. The checks be drawn on the Continental Illinois Bank and Trust com. Chicago. "Persons who have not received their statements must statement window proceeding further with the plan of obtaining their checks."
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DIVIDEND Sioux Bank Receiver Is Paying 20 Per Cent to Creditors Nine hundred persons checks totaling from the Sioux National bank ceiver here Saturday distribution the first dividend of the defunct bank began. The bank receiver mailed 143 checks to depositors living outside of city for total of $79,676. Seven Sioux Cityans Called for checks totaling $109,349 depositors call at the bank for their checks must take temporary receipts with them. without which the checks will not issued. The checks. representing the first dividend of per cent on deposits, arrived here from the controller currency's office Washington late and staff was kept at work the bank most of the night paring distribution the Saturday morning. Clerks at Work M. Kirkman, receiver of the bank said Saturday that although fair crowd the bank, difficulty in handling deposiexperienced. Eight tellers duty. distributing those claimed them. The open o'clock Sat urday afternoon for distribution banking hours Monday and thereafter be depositors residing in Sioux must call for their checks presenting temporary for their checks. Checks to depositors in every state the United States, Mexico and foreign countries were being mailed.
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Promotion for Bank Receiver at the Sioux Here For second time the assistant of H. M. Kirkman, receiver of the Sioux National bank. has been promoted to the position of a national bank receiver, it was announced Saturday. E A. Heiden, former auditor and later assistant receiver at the bank. has been made receiver for five banks in the vicinity of Spirit Lake, Ia. The five banks have been' under receivership from two to five years, and Mr. Heiden will take charge of the Early in July, W. T. Hatch, former assistant cashier of the Sioux bank and then assistant to Mr. was given receivership in Michigan. Mr. Heiden took Mr. place as assistant at that time. Mr. Heiden was assistant to Mr. in bank receiverships in and near Sheldon prior to coming the Sioux National bank here.
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For Receiver Company SIOUX CITY. Oct. of the ment bank, Lyon, Sioux National the Sioux National former employe of receivers the bank, made in company afternoon by Judge district court Friday Wakefield. the result The appointments were Box petition filed by which asked for appointment the financial receiver because which trunk factory found itself. The Kari-Keen company hearing on the objection to the petition, but made appointment will continue to operreceivers the