3447. State Bank (Germania, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 26, 1903
Location
Germania, Iowa

Metadata

Model
gpt-5-mini
Short Digest
442e7ee8

Response Measures

None

Description

Multiple articles (Nov 26–28, 1903) report Judge Quarton appointed Frank Weimar/Weimer receiver for the State Bank of Germania due to heavy investment in real estate and improper overdrafts. No run is described; receiver appointed (suspension/closure). Later (Mar 21, 1904) a 25% dividend is reported while in receivership, indicating settlement through the receivership rather than reopening as an operating bank.

Events (1)

1. November 26, 1903 Receivership
Newspaper Excerpt
Judge Quarton Appoints Frank Weimar Receiver For State Bank of Germania. Inability to convert its holdings into ready money and allowance of overdrafts not consistent with good banking are said to be the reasons for receivership proceedings.
Source
newspapers

Newspaper Articles (11)

Article from Evening Times-Republican, November 26, 1903

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Article Text

RECEIVER FOR A BANK Judge Quarton Appoints Frank Weimar Receiver For State Bank of Germania HELD TOO MUCH REAL ESTATE Inability to Convert Its Holdings Into Ready Money Given as the Cause of Failure - The Assets Thought to be Large Enough to Meet All Demands of the Bank's Creditors Special to Times-Republican. Algona, Nov. 26.-Judge Quarton has appointed Frank Weimar of Ledyard, receiver for the State Bank of Germania. The institution has $25,000 capital and $40,000 deposits. Inability to convert real estate into ready money and allowance of overdrafts not consistent with good banking are said to bè the reasons for receivership proceedings. The assets may meet the demands.


Article from The Minneapolis Journal, November 27, 1903

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GERMANIA, IOWA-The State Bank of Ger. mania is in the hands of Frank Weimer of Ledyard as receiver. The 1 bank has $25,000


Article from The Salt Lake Herald, November 27, 1903

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IOWA BANK BROKE. Algona, Ia., Nov. 26.-A receiver was today appointed for the State Bank of Germania, which carries $40,000 of deposits. State Bank Examiner Thompson has been in charge of the bank for more than a week. Inability to convert real estate into ready money and the allowance of overdrafts not consistent with good bankIng is said to be the cause of the bank's trouble. The assets may meet all demands.


Article from Bismarck Daily Tribune, November 28, 1903

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IOWA BANK FAILS. Heavy Investment in Real Estate the Cause. Des Moines, Nov. 28.-The State bank of Germania at Germania. Kossuth county, is in the hands of Frank Weimer of Ledyard as receiver. The bank has $25,000 capital and about $40,000 in deposits and the failure was due to too heavy investments in real estate. The bank will pay out.


Article from The Madison Daily Leader, November 28, 1903

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Article Text

IOWA BANK FAILS. Heavy Investment in Real Estate the Cause. Des Moines, Nov. 28.-The State bank of Germania at Germania, Kossuth county, is in the hands of Frank Weimer of Ledyard as receiver. The bank has $25,000 capital and about $40,000 in deposits and the failure was due to too heavy investments in real estate. The bank will pay out.


Article from The Fulton County News, December 2, 1903

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THE LATEST NEWS IN SHORT ORDER. Domestic. The visit of the Italian cruiser Liguria to San Juan, Porto Rico, has been made the occasion for a show of international good feeling, the sailors of the United States cruiser Baltimore and those of the Liguria fraternizing. Judge Acheson filed an opinion in the United States Court of Appeals, in Philadelphia, sustaining Judge Kirkpatrick in appointing James Smith, Jr., as receiver for the United States Shipbuilding Company. The McNair Mill, at Fernandina, Fla., with all the lumber stored in the mill yard, one of the Seaboard Air Line warehouses, was destroyed by fire. The entire waterfront was saved with difficulty. The W. A. Denecke private bank at Casper, Wyo., capitalized at $5000, but carrying large deposits, failed, overspeculation in poor stock loans being the statement of the cause. Six persons wree injured, one of them fatally, by the explosion of a boiler on a steam scow belonging to the Empire Shipbuilding Company, at Buffalo, N. Y. Capt. Oberlin M. Carter having completed his term at Fort Leavenworth for conspiracy to defraud the government. was released and hastened to Chicago. Commander Robert E. Peary, who arrived at New York on the steamer Philadelphia, spoke with confidence of his ability to reach the North Pole. Katharine Flynn Ray was arrested in Newark, N. J., on the charge of torturing her niece, Mary Conning, six years old. until the child died. Rev. William E. Hinshaw, a life prisoner for wife murder in Michigan City Prison. was allowed to go to the bedside of his dying mother. The San Juan (Porto Rico) office of the Vandegrift Construction Company, interested in a $3,000,000 trolley scheme. has been closed for nonpayment of rent and owing to attachments for salaries in behalf of many engineers, other employes and business creditors. Mrs. Caroline Koch, aged 46 years, committed suicide at her home, in Philadelphia, upon learning that her daughter had been secretly married in opposition to the family's wishes. Judge Quarton has appointed Frank Weimar receiver for the State Bank of Germania, Ia. The institution has $25,000 capital and $40,000 of deposits. Mrs. Mary Ousick and Mrs. Julia Ward, who boarded with Mrs. Ousick, died in New York under circumstances indicating death from some poison. The Ogden-Lucien cutoff across the Great Salt Lake was formally declared completed and made part of the Harriman system. It has cost $4,200,000. Under involuntary bankruptcy proceedings the Lacrosse (Wis.) Cheese and Butter Company has been adjudged bankrupt. The White Star liner Cedric, which was falsely reported to have been lost in midocean, arrived at New York. The military force in the Cripple Creek (Col.) coal district, where the miners' strike is prevailing, has been increased. Gen. Ruiz Reyes, representing the government of Columbia, reached New Orleans on his way to Washington. Elisha B. Gaddis, a multimillionaire, of Newark, N. J., died suddenly of heart failure.


Article from The Fulton County News, December 2, 1903

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Article Text

THE LATEST NEWS IN SHORT ORDER. Domestic. The visit of the Italian cruiser Liguria to San Juan, Porto Rico, has been made the occasion for a show of international good feeling, the sailors of the United States cruiser Baltimore and those of the Liguria fraternizing. Judge Acheson filed an opinion in the United States Court of Appeals, in Philadelphia, sustaining Judge Kirkpatrick in appointing James Smith, Jr., as receiver for the United States Shipbuilding Company. The McNair Mill, at Fernandina, Fla., with all the lumber stored in the mill yard. one of the Seaboard Air Line warehouses, was destroyed by fire. The entire waterfront was saved with difficulty. The W. A. Denecke private bank at Casper, Wyo., capitalized at $5000, but carrying large deposits, failed, overspeculation in poor stock loans being the statement of the cause. Six persons wree injured, one of them fatally, by the explosion of a boiler on a steam scow belonging to the Empire Shipbuilding Company, at Buffalo, N. Y. Capt. Oberlin M. Carter having completed his term at Fort Leavenworth for conspiracy to defraud the government, was released and hastened to Chicago. Commander Robert E. Peary, who arrived at New York on the steamer Philadelphia, spoke with confidence of his ability to reach the North Pole. Katharine Flynn Ray was arrested in Newark, N. J., on the charge of torturing her niece, Mary Conning, six years old. until the child died. Rev. William E. Hinshaw, a life prisoner for wife murder in Michigan City Prison. was allowed to go to the bedside of his dying mother. The San Juan (Porto Rico) office of the Vandegrift Construction Company, interested in a $3,000,000 trolley scheme, has been closed for nonpayment of rent and owing to attachments for salaries in behalf of many engineers, other employes and business creditors. Mrs. Caroline Koch, aged 46 years, committed suicide at her home, in Philadelphia, upon learning that her daughter had been secretly married in opposition to the family's wishes. Judge Quarton has appointed Frank Weimar receiver for the State Bank of Germania, Ia. The institution has $25,000 capital and $40,000 of deposits. Mrs. Mary Ousick and Mrs. Julia Ward, who boarded with Mrs. Ousick, died in New York under circumstances indicating death from some poison. The Ogden-Lucien cutoff across the Great Salt Lake was formally declared completed and made part of the Harriman system. It has cost $4,200,000. Under involuntary bankruptcy proceedings the Lacrosse (Wis.) Cheese and Butter Company has been adjudged bankrupt. The White Star liner Cedric, which was falsely reported to have been lost in midocean, arrived at New York. The military force in the Cripple Creek (Col.) coal district, where the miners' strike is prevailing, has been increased. Gen. Ruiz Reyes, representing the government of Columbia, reached New Orleans on his way to Washington. Elisha B. Gaddis, a multimillionaire, of Newark, N. J., died suddenly of heart failure.


Article from Highland Recorder, December 4, 1903

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Article Text

THE LATEST NEWS IN SHORT ORDER. Domestic. The visit of the Italian cruiser Liguria to San Juan, Porto Rico, has been made the occasion for a show of international good feeling, the sailors of the United States cruiser Baltimore and those of the Liguria fraternizing. Judge Acheson filed an opinion in the United States Court of Appeals, in Philadelphia, sustaining Judge Kirkpatrick in appointing James Smith, Jr., as receiver for the United States Shipbuilding Company. The McNair Mill, at Fernandina, Fla., with aM the lumber stored in the mill yard, one of the Seaboard Air Line warehouses, was destroyed b fire. The entire waterfront was saved with difficulty. The W. A. Denecke private bank at Casper, Wyo., capitalized at $5000, but carrying large deposits, failed, overspeculation in poor stock loans being the statement of the cause. Six persons wree injured, one of them fatally, by the explosion of a boiler on a steam SCOW belonging to the Empire Shipbuilding Company, at Buffalo, N. Y. Capt. Oberlin M. Carter having completed his term at Fort Leavenworth for conspiracy to defraud the government, was released and hastened to Chicago. Commander Robert E. Peary, who arrived at New York on the steamer Philadelphia, spoke with confidence of his ability to reach the North Pole. Katharine Flynn Ray was arrested in Newark, N. J., on the charge of torturing her niece, Mary Conning, six years old, until the child died. Rev. William E. Hinshaw, a life prisoner for wife murder in Michigan City Prison, was allowed to go to the bedside of his dying mother. The San Juan (Porto Rico) office of the Vandegrift Construction Company, interested in a $3,000,000 trolley scheme, has been closed for nonpayment of rent and owing to attachments for salaries in behalf of many engineers, other employes and business creditors. Mrs. Caroline Koch, aged 46 years, committed suicide at her home, in Philadelphia, upon learning that her daughter had been secretly married in opposition to the family's wishes. Judge Quarton has appointed Frank Weimar receiver for the State Bank of Germania, Ia. The institution has $25,000 capital and $40,000 of deposits. Mrs. Mary Ousick and Mrs. Julia Ward, who boarded with Mrs. Ousick, died in New York under circumstances indicating death from some poison. The Ogden-Lucien cutoff across the Great Salt Lake was formally declared completed and made part of the Harriman system. It has cost $4,200,000. Under involuntary bankruptcy proceedings the Lacrosse (Wis.) Cheese and Butter Company has been adjudged bankrupt. The White Star liner Cedric, which was falsely reported to have been lost in midocean. arrived at New York. The military force in the Cripple Creek (Col.) coal district, where the miners' strike is prevailing, has been increased. Gen. Ruiz Reyes, representing the government of Columbia. reached New Orleans on his way to Washington. Elisha B. Gaddis, a multimillionaire, of Newark, N. J., died suddenly of heart failure.


Article from Twice-A-Week Plain Dealer, December 4, 1903

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Germania Bank Fails. The State bank of Germania at Germania, Kossuth county, is in the hands of Frank Weimer of Ledyard as receiver. The bank has $25,000 capital and about $40,000 in deposits and the failure was due to too heavy investments in real estate. The bank will pay out.


Article from Evening Times-Republican, March 21, 1904

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DIVIDEND FOR GERMANIA BANK. Institution Which Has Been in the Hands of a Receiver. Special to Times-Republican, Germania, March 21.-The State Bank of Germania, which has been in the hands of a receiver the past few months, declared a 25 per cent dividend this week. At a citizens' caucus held here Satur. day night, the following ticket was nominated by acclamation: H. Bert Ley, for mayor; T. S. Waud, Jr., for clerk; N. W. Thoren was renominated for treasurer and H. Butzlaff and G. Stelsel were renominated for councilmen for three years. The election will probably be a quiet one, as there is no opposition to the ticket. It is reported in railway circles here that the Rock Island will build their line from Ruthven to this place this coming summer. School commenced today with Miss Elvina Seastream, of Algona, as principal. The farmers of this vicinity expect to commence seeding this week.


Article from Ottumwa Tri-Weekly Courier, June 3, 1905

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account of age. He is a rich man. Mt. Ayr - Citizens' bank. Failed on account of bad management and bad loans, but not to farmers. Sigourney - Sigourney Savings bank. The cashier took $47,000 and used it in speculation on the board of trade, and when the discovery was made, shot himself. The bank paid out. Holstein - F. H. McCutcheon & Co.'s bank, Speculations on the board of trade. Corning - Corning State Savings bank. The proprietor of the bank used the funds as his own and when the discovery was made killed himself. Pella - People's Savings bank. Suspended but in settlement paid out. Coin - Bank of Coin. Broke up on account of bad loans, Banker speculated on board of trade. Garden Grove - Farmers' bank. Speculation on Chicago board of trade. Maquoketa - Exchange bank. Broken up on account of dishonesty, shiftlessness and extravagance. Pleasanton - Royal Richardson & Co.'s bank. Broken up on account of speculation. Dixon - Bank of Dixon. Broken up on account of embezzlement by the banker and his son. New Liberty - New Liberty Savings bank, Broken up by loaning money to a theatrical syndicate in Chicago and by speculation and extravagance on the port of the manager. Imogene - Citizens' bank. This bank did not fail; cashier skipped and his father put up shortage and bank flourishes. Birmingham - E. H. Skinner & Co.'s bank. Failed from bad management. Banker now under nine indictments. Olin - Bank of Olin. Broken up by speculation. Buck Grove - H. S. Green's bank. Banker skipped with the money. Dow City - H. S. Green's bank. Failed on account of speculation, and banker skipped. Waverly - German-American Loan and Trust Co. Failed, but paid out. Curlew - Bank of Curlew. Did not fail; moved to another town. Gaza - Bank of Gaza, Did not fail; sold out and moved away. Little Sioux - Little Sioux bank. Failed on account of speculation; president was a farmer and feeder and speculator; finally paid out. Tiffin - Corn Exchange bank. Did not fail; was the private bank and incorporated under the name of Tiffin Savings bank. Emerson - Farmers' bank. This bank never failed. It was consolidated with another bank under name of Emerson state bank. Sheldon - Sheldon state bank. This bank failed on account of politics and bad business methods. Ireton - Bank of Ireton. Failed because it had no capital; manager was a cranky man, and lost money in a brick plant. Ireton - F. M. McKeever's bank. There was no such bank. The bank referred to was the Bank of Ireton. Germania - State bank. This was one of the W. E. Brown banks and was loaded with northern and Canadian lands, hence its failure. Colfax - Bank of Colfax. This bank failed on account of speculations on the board of trade; the cashier suicided. Royal - Bank of Royal. This is one of the W. E. Brown banks and failed on account of speculations on the board of trade. New Providence - O. E. Miller & Sons' bank. This firm kept a store; had small capital; for various reasons lost public confidence and failed. Linn Grove - H. W. Main's bank. This was one of W. E. Brown's banks and failed on account of the speculation upon the part of Brown; Main suicided. Grinnell - National bank. Failed on account of misuse of funds by the Spencer family, extending over a period of years; Spencer and son were drowned, either by accident or intention. Storm Lake - National bank. This was W. E. Brown's bank and failed on account of Brown's speculations; Brown is under indictment. Le Mars - National bank. This bank failed about the year 1900, and the cashier was convicted of embezzlement. The bank failed for want of public confidence and on account of bucketshop speculations by cashier. In some cases it will be seen that the banks were not failures, but were incorporated with others. But in spite of the fact that the story is entirely wrong it is allowed to go out over the country and exert an influence dangerous to Iowa and her real estate interests. The fact is that loans to farmers in Iowa are sought after by country bankers and are valued by them. There is a great deal of legitimate and truthful ground upon which to fight the beef trust without damaging the reputation of the Iowa farmer. According to the magazine article, Senator L. W. Lewis of Page county is quoted as authority for the statements made by Mr. Russell. The Des Moines Capital wrote to Mr. Lewis and received the following in reply: "I am of the opinion that the Iowa bank failures are due to down-right rascality, outside speculation and over-loans.