3545. Le Mars National Bank (Le Mars, IA)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: national
Bank ID: 2818
Charter Number: 2818
Start Date: August 18, 1893
Location: Le Mars, Iowa (42.794, -96.166)

Metadata

Model: gpt-5-mini
Short Digest: 31c8a855

Response Measures

Full suspension, Books examined

Other: Banks closed doors by order of directors; later examiners arrived and national bank was permitted to reopen by Comptroller.

Description

Multiple contemporaneous articles (Aug 18-19, 1893) report heavy/steady withdrawals and depositor panic causing the Le Mars National Bank to not open (suspension). Bank examiners expected; later national bank permitted to reopen Sept 16, 1893. Cause classified as 'other' because accounts consistently cite steady withdrawals and inability to obtain cash rather than a specific false rumor or discovered insolvency.

Events (3)

1. August 18, 1893 Run

Cause Details: Steady and heavy withdrawals over preceding months ($500,000 cited) and depositor panic/flight for cash; not attributed to a single false rumor or disclosed embezzlement.
Measures: Directors posted notices on doors announcing closure; bank directors decided not to open to protect remaining banks; bank examiners called in.
Newspaper Excerpt: owing to the constant withdrawal of deposits this bank is closed by order of the directors
Source: newspapers

2. August 18, 1893 Suspension

Cause Details: Banks suspended due to inability to realize on assets and inability to obtain cash in face of heavy withdrawals; assets reportedly exceed liabilities but cash unavailable.
Newspaper Excerpt: Four banks of Lemars did not open for business this morning. On the door of each was posted a notice stating that owing to the constant withdrawal of deposits this bank is closed by order of the directors
Source: newspapers

3. September 16, 1893 Reopening

Newspaper Excerpt: the Lemars National Bank of Lemars, Ia. ... permitted to reopen for business: The Le Mars national bank of Le Mars, Ia. permitted to reopen for business.
Source: newspapers

Newspaper Articles (13)

1. August 19, 1893 The Record-Union Sacramento, CA

Article from The Record-Union, August 19, 1893

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NEW PASSENGER RATES. CHICAGO, Aug. 18.-The Union Pacific to-day gave notice that on next Sunday it would put into effect $25 first-class and Ssecond-class rates from Missouri River points to Butte, Helena, Portland and Spokane. The same first-class rate will apply to East-bound. The California Rate Committee has submitted a proprosition to the Western roads to make $70 the selling aud $65 the basing rate from California to the Missouri River. This would make the rate to Chicago a trifle under $80. BANK DOORS CLOSED. Four Institutions at Lemars, Iowa, Suspend Business. LEMARS (Iowa), Aug. 18.-Four banks of Lemars did not open for business this morning. On the door of each was posted a notice stating that owing to the constant withdrawal of deposits this bank is .closed by order of the directors, and all depositors will be paid in full. The Lemars National Bank informed the other banks last night that it would be unable to open this morning, and as a means of self-protection the other banks closed. The assets of all the banks are far in excess of the liabilities. The Lemars National was the oldest bank in the city, and has a capital of $100,000, with $20,000 surplus. The others are the First National, capital of $100,000; German American Savings, $50,000 capital; German State Bank, $50,000. All have a large suplus of accounts, and have been ranked among the best institutions in the State. They closed because of the impossibility of getting cash. All are in good condition for ordinary times, but the withdrawals of cash have been steady, and the collaterals could not be realized. The action of the banks was a complete surprise, and caused a panic in town. The officers of the banks say they will pay every dollar when they can liquidate advantageously. The Bank Examiners are expected in a day or so, and the banks all expect to resume business again,

2. August 19, 1893 The Daily Morning Astorian Astoria, OR

Article from The Daily Morning Astorian, August 19, 1893

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FOUR SOLID BANKS GONE. Le Mars, Iowa, Aug. 18.-Four banks at this place failed to open their doors this morning. They are the First National, with a capital of $100,000, the Le Mars National with the same cap. ital, the German American Savings Bank, with $50,000 capital and the German State Bank, with $50,000. All have large surplus accounts and have been ranked among the best institutions in the state. They closed because of -the impossibility of getting cash. All were in good condition for ordinary times, but withdrawals of cash had been steady and collaterals could not be realized on. The action of the banks was a complete surprise and has caused a panic in town. The officers of the banks say that they will pay every dollar when they can liquidate advantageously.

3. August 19, 1893 Rock Island Daily Argus Rock Island, IL

Article from Rock Island Daily Argus, August 19, 1893

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BOTH BANKS ARE CLOSED, Although the Assets Will More Than Pay Liabilities. LE MARS, Ia., Aug. 19.-Le Mars was surprised by the suspension of all the banks in the city. They were the First National and Le Mars National, with a capital of $100,000 each. Notices were posted on the doors that the suspensions are due to inability to realize on assets, but that all the depositors will be paid. At a meeting of the bankers of the city it was decided not to open. During the past three months over $500,000 have been withdrawn from the banks by depositors and the banks decided that they could not stand the strain any longer. The Le Mars National bank, the oldest bank in the city, notified the other bank that they could not open and as a means of self-protection the other bank dediced to close. The Le Mars National has paid out over $200,000 on deposits during the past three mouths. The assets of the banks are far in excess of the liabilities.

4. August 19, 1893 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, August 19, 1893

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FOUR BANKS CLOSE. Every Bank in Lemars, Ia,, Fails to Open Yesterday. LEMARS, Ia., Aug. 18.-Four banks at this place failed to open their doors this morning. They are the First National, capital $100,000; Lemars National, same capital; German-American Savings, $50,000 capital; and German State bank, $50,000. All have large surplus accounts and have been ranked among the best institutions in the state. They closed because of the impossibility of getting cash. All were in good condition for ordinary times, but the withdrawals of cash had been steady and collaterals could not be realized on. The action of the banks was a complete surprise, and has caused a panic in town. Officers of the banks say they will pay every dollar when they can liquidate advantageously. On the door of each was posted a notice stating that "owing to the constant withdrawal of deposits this bank is closed by order of the directors and all depositors will be paid in full." The Lemars National bank informed the other banks last night that it would be unable to open this morning, and as a means of self-protection the other banks closed. Bank examiners are expected in a day or so and the banks all expect to resume business again.

5. August 20, 1893 Omaha Daily Bee Omaha, NE

Article from Omaha Daily Bee, August 20, 1893

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LEMARS DEPOSITORS EXCITED. Business Men Much Surprised at the Sus pensions-Means Serious Embarrassment, LEMARS. Ia., Aug. 19.-Depositors thronged the streets in front of the closed banks all day yesterday. In some cases small depositors, ignorant of the business exig encies, became demonstrative and had to be kept in check by the more level headed people. To the business men the action of the banks was a surprise. The houses control a large amount of English capital and were thought to be as strong as any in the state, and it is still thought the tie-up may only be temporary. The Lemars National bank appears to have been the first to go to the wall. Thursday night Cashier McLagan told the other banks he would not open the bank in the morning. The other banks being in no condition to stand a run, followed suit. McLagan stated that $500,000 of deposits had been withdrawn in the past six months. This bank had a capital of $100,000. with $10,000 surplus. The other banks were the First National with $100,000, $50,000 surplus; the State Bank of Lemars with a capital of $50,000, and the German Savings bank with $50,000. Until the state bank examiner for the district returns no statement will be made by the two state banks. An attempt was made to secure a statement from the National bank, but nothing more definite was got from them than that they would easily pay out when currency could be obtained. The business men are generally disposed to think this true, but will be seriously embarrassed in the meantime. Small depositors are still very much excited. According to the last statement, the bank's assets are largely in the form of real estate and farm securities. Several Sioux City capitalists, who have scattered their deposits among the smaller towns, were caught. State Bank Examiner Miller arrived this morning and proceeded to examine the state banks. It will probably take him till Monday to finish. Merchants are accepting checks on the banks in trade, and grain and stock men have made arrangements for cash to conduct their business. Bank Examiner McHugh took charge of the First National bank this morning and tonight said the bank is solvent, and he sees no reason why it should not resume in a few days.

6. August 21, 1893 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, August 21, 1893

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Le Mars Banks Suspend. LE MARS, Ia., Aug. 21.-Le Mars was surprised during the morning by the suspension of all the banks in the city. They were the First National and the Le Mars National, with a capital of $100,000 each, and the Le Mars Strte and German Savings banks. Notices were posted on the doors that suspensions were due to inability to realize on assets, but that all depositors would be paid.

7. August 23, 1893 The Star Reynoldsville, PA

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LATER NEWS WAIFS. FINANCIAL AND COMMERCIAL The Teople's National Bank, of Winston, N. C., capital $100,000, has suspended. Lerzars, La., was surprised by the suspension of all the banks in the city. They were the First National and Lemars National, with a capital of $100,000 each, and and the Lemars State and German Savings Banks. Notices were posted on the doors that the suspensions are due to inability to realize on assets, but that all depositors will be paid. The First National Bank of Anthony, Kan., which suspended payment in July was permitted to reopen its doors to business. The Waxahachie National bank of Waxahachie, Tex., which suspended payment August 11, was permitted to resume business. PUEBLO, Con-Bank Examiner J. Sam Bro wn has given permission to the Central National Bank, which suspended July 15. to resume business. The American and Western national banks, which suspended the same day, have received permission from Comptroller Eckels to resume and are rapidly complying with the conditions required.

8. August 24, 1893 The State Republican Jefferson City, MO

Article from The State Republican, August 24, 1893

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e waukee & St. Paul railroad near Dubuque, In., twelve persons were injured THE death of John Logan Chipman, member of congress from the First dis triet of Michigan Becaused at his Holite in Detroit, aged 63 years. THE Nebraska democrats will hold their convention at Lincoln October 4. IN a fit of anger Cyrus Brown, of Cincinnati, shot and killed his wife, to whom he had been married thirty years. VIRGINIA democrats in convention at Richmond nominated Charles T. 'Ferrall for Moverner and R. G. Kent for lieutenant governor. THE four banks in Le Mars, Ia., suspended. They were the First national and Le Mars national, with a capital of $100,000 each, and the Le Mars state and German savings banks. DINNEING Mater from all impure well caused the death of three children of J. L. Casey, of Little Rock, Ark., and the rest of the family were seriously ill. A TRACTION engine near Martin's Ferry, O., became unmanageable and ran backward down n kill. killing CarH8 and Nellie aged di and 11 years, respectively, and fatally injuring Ella, King. A FIRE at Benton, III.; destroyed the city hall, post office and the Chronicle office. J. S. JOHNSON made 3 miles in 7:.5% in a bicycle race at Minneapolis, lowering the record 15 1/4 seconds. BUSINESS has been resumed by the First national bank of Anthony, Kan., which suspended payment in July. A MOB near Morganfield, Ky., lynched Charles Watson, a negro who cut the throat of little Sam Keith, 10 years old, to secure four dollars. WILLIAM J. JAMISON (colored), who murdered Supervisor Charles N. Aaron April 19, 1892, was hanged at Quincy, III. This was the third hanging in Quincy in sixty-five years. WITHIN ten days twenty members of the Meacham gang have been killed near Jackson, Ala., and five others were suffouided, but escaped BY the upsetting of a boat Mrs. Foster, her two children and her sister were drowned at Bonnot's mill, 12 miles east of Jefferson City, Mo: NEAR Fort Smith, Ark., Charles Tart, a federal prisoner, was lynched by a mob for wounding Capt. C. C: Peete with a gun during a struggle. DOUGLASS CURTIS, of Chicago, as the result of a long spree, killed his child, fatally wounded his wife, and then took his own life. MRS. ANNA E. SCHOLTKA. after forty years of married life, brought suit at Milwaukee for divorce from Christian Scholtka on the charge of cruelty. The couple have nineteen children. BUSINESS was resumed by the Union and People's national banks at Denver. Col., afte. a short suspension. NEAR Hunnewell, Kan., four haymakers were killed in a collision with a company of soldiers who were clearing the Cherokee strip of intruders. A MOB lynched Monroe Smith (colored) for an attempted assault at Old Spring Hill, Ala. FIRE destroyed a large portion of the town of Dickson, Tenn.

9. August 24, 1893 The Worthington Advance Worthington, MN

Article from The Worthington Advance, August 24, 1893

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A CONVENTION of the Pan-American Bimetallis association will be held in St. Louis on October 3 next. A CYCLONE near Humboldt, Neb., did great damage and Mrs. G. Schultz and her son were fatally injured and horses and cattle were killed. THE Union national bank at Racine and the banks at River Falls and Ellsworth, in Wisconsin, closed their doors. The private bank of Levi Hall at Oswego, III., and the Cardington Banking company at Cardington, O., also suspended. A BLAZE in St. Paul did $100,000 damage to the music house of W. J. Dyer & Bro. and Michael Clenan, a fireman, was killed. INTERPRETER YOSHIKAWA and Commissioner Minano, Japanese representing their government at the world's fair, have been converted to Christianity. THE impeachment of President Cleveland and Secretary Carlisle is demanded by the Advocate, the organ at Topeka of the Kansas populists, for failure to purchase the prescribed quantity of silver in July. THREE cars were dropped 60 feet by the giving way of a bridge near Milton, Va., and seven persons were killed and four injured. THE First national bank at Dubuque, Ia., the bank at Albany, Mo., and the Kendall county bank at Yorkville, III., closed their doors. MARTIN SCHULTZ and -his wife, an aged couple living near Cherokee, Ia., were murdered and their home ransacked by robbers. THE doors of the National bank of commerce at Denver, Col., have reopened for business. IN Cincinnati the Standard Wagon company, one of the largest concerns of the kind in the west, failed for $700,000; assets, $1,200,000. By a collision on the Chicago, Milwaukee & St. Paul railroad near Dubuque, Ia., twelve persons were injured THE death of John Logan Chipman, member of congress from the First district of Michigan, occurred at his home in Detroit, aged 63 years. THE Nebraska democrats will hold their convention at Lincoln October 4. IN a fit of anger Cyrus Brown, of Cincinnati, shot and killed his wife, to whom he had been married thirty years. VIRGINIA democrats in convention at Richmond nominated Charles T. O'Ferrall for governor and R. C. Kent for lieutenant governor. THE four banks in Le Mars, Ia., suspended. They were the First national and Le Mars national, with a capital of $100,000 each, and the Le Mars state and German savings banks. DRINKING water from an impure well caused the death of three children of J. L. Casey, of Little Rock, Ark., and the rest of the family were seriously ill, A TRACTION engine near Martin's Ferry, o., became unmanageable and ran backward down a hill, killing Carrie and Nellie Ackerman, aged 5 and 11 years, respectively, and fatally injuring Ella King. A FIRE at Benton, III., destroyed the city hall, post office and the Chronicle office. J. S. JOHNSON made 3 miles in 7:55% in a bicycle race at Minneapolis, lowering the record 15 1/4 seconds. BUSINESS has been resumed by the First national bank of Anthony, Kan., which suspended payment in July. A MOB wear Morganfield, Ky., lynched Charles Watson, a negro who cut the throat of little Sam Keith, 10 years old, to secure four dollars. WILLIAM J. JAMISON (colored), who murdered Supervisor Charles N. Aaron April 19, 1892, was hanged at Quincy, III. This was the third hanging in Quincy in sixty-five years. WITHIN ten days twenty members of the Meacham gang have been killed near Jackson, Ala., and five others were surrounded, but escaped.

10. August 24, 1893 The Middleburgh Post Middleburg, PA

Article from The Middleburgh Post, August 24, 1893

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LATER NEWS WAIFS. FINANCIAL AND COMMERCIAL. The People's National Bank, of Winston, N. C., capital $100,000, has suspended. Lerears, La, was surprised by the suspension of all the banks in the city. They were the First National and Lemars National, with a capital of $100,000 each, and and the Lemars State and German Savings Banks. Notices were posted on the doors that the suspensions are due to inability to realize OR assets, but that all depositors will be paid. The First National Bank of Anthony, Kan., which suspended payment in July was permitted to reopen its doors to business. The Waxahachie National bank of Waxahachie, Tex., which suspended payment August 11, was permitted to resume business. PUEBLO, CoL-Bank Examiner J. Sam Bro wn has given permission to the Central National Bank, which suspended July 15. to resume business. The American and Western national banks, which suspended the same day, have received permission from Comptroller Eckels to resume and are rapidly complying with the conditions required.

11. August 26, 1893 The Cape Girardeau Democrat Cape Girardeau, MO

Article from The Cape Girardeau Democrat, August 26, 1893

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ing their government at the world's fair, have been converted to Christianity. THE impeachment of President Cleveland and Secretary Carlisle is demanded by the Advocate, the organ at To peka of the Kansas populists. for failure to purchase the prescribed quantity of silver in July. THREE cars were dropped 60 feet by the giving May of a bridge near Milton, Va., and seven persons were killed and four injured. THE First national bank at Dubuque, I Ia., the bank at Albany. Mo., and the Kendall county bank at Yorkville, III., I closed their doors. e MARTIN SCHULTZ and his wife, an aged couple living near Cherokee, Fa., were murdered and their home ransacked by robbers. THE doors of the National bank of commerce at Denver, Col., have re opened for business. is Cincinnati the Standard Wagon company, one of the largest concerns of the kind in the west, failed for $700,000; assets, $1,200,000. Br a collision on the Chicago, Milwaukee & St. Paul railroad near Dubuque, Ia., twelve persons were injured THE death of John Logan Chipman, member of congress from the First dis triet of Michigan, occurred at his home in Detroit, aged 63 years. THE Nebraska democrats will hold their convention at Lincoln October 4. IN a fit of anger Cyrus Brown, of Cincinnati, shot and killed his wife, to whom he had been married thirty years. VIRGINIA democrats in convention at Richmond nominated Charles T. O'Ferrall for governor and R. C. Kent for lieutenant governor. THE four banks in Le Mars, Ia., suspended. They were the First national and Le Mars national, with a capital of $100,000 each, and the Le Mars state and German savings banks. DRINKING water from an impure well caused the death of three children of J. L. Casey, of Little Rock, Ark., and the rest of the family were seriously ill. A TRACTION engine near Martin's Ferry. O., became unmanageable and ran backward down a hill, killing Carrie and Nellie Ackerman, aged 5 and 11 years, respectively, and fatally injuring Ella King. A FIRE at Benton, Ill., destroyed the city hall, post office and the Chronicle office. J. S. JOHNSON made 3 miles in 7:53/4 in a bicycle race at Minneapolis, lowering the record 1514 seconds. BUSINESS has been resumed by the First national bank of Anthony, Kan., which suspended payment in July. A MOB near Morganfield, Ky., lynched Charles Watson, a negro who cut the throat of little Sam Keith, 10 years old, to secure four dollars. WILLIAM J. JAMISON (colored), who murdered Supervisor Charles N. Aaron April 19. 1892. was hanged at Quiney, III. This was the third hanging in Quiney in sixty-five years. WITHIN ten days twenty members of the Meacham gang have been killed near Jackson, Ala., and five others were surrounded, but escaped.

12. September 17, 1893 The Sun New York, NY

Article from The Sun, September 17, 1893

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National Banks Resume. WASHINGTON. Sept. 16.-The following national banks which recently suspended payment have been permitted to reopen their doors for business: The First National Bank of East Portland. Or., the First National Bank of Decatur. Ala., and the Lemars National Bank of Lemars. Ia.

13. September 23, 1893 Perrysburg Journal Perrysburg, OH

Article from Perrysburg Journal, September 23, 1893

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AT Washington park, Chicago, Directum lowered the stallion record to 2:06 1/4 and Flying Jib paced a mile in 2:04, equaling Mascot's record. FOOTPADS waylaid some twenty employes of a St. Louis firm on pay day and robbed them of their earnings. Two MASKED men held up the stage near Tahlequah, I. T., and after robbing the passengers carried off the mail pouches. LYDIA BULLIVANT shot her husband fatally at Spokane, Wash., and then shot herself. No cause was known for the deed. THE Cleveland, Canton & Southern railroad was placed in the hands of receivers. STAPLES GREEN. a negro, was hanged at Livingstone, Ala., for murder. He prayed and sang on the scaffold and confessed his guilt. BUSINESS failures to the number of 814 occurred in the United States in the seven days ended on the 15th, against 821 the preceding week and 154 during the same time last year. a FIRE at Cynthiana, Ky., destroyed livery stable and fifteen horses were cremated. FOREST fires still raged in northern Wisconsin and hundreds of persons were homeless. The loss to forests alone was estimated at $6,000,000. WILLIAM JACKSON. a negro, was taken from jail at Nevada, Mo., and hanged to a tree for assault. FIRE destroyed the Benton club stables at St. Joseph, Mo., and 100 vehieles and eleven valuable horses were burned. NEARLY 100,000 persons made the race for land in the Cherokee strip and in the run six persons were known to have been killed and many others were injured. FOREST fires were still raging in northern Wisconsin, covering an area of nearly 200 square miles, and many lives had been lost. FIVE highwaymen held up fifteen harvest hands near Fargo, N. D., killing one of the workmen and terribly pounding three. REDMOND BURKE was murdered at Breckinridge, Mo., by white caps. He had been charged with frequently beating his wife. VOLSIN. Baslie and Paul Julian (colored), brothers of Roselius Julian, who murdered Judge Victor Estopinal in Jefferson parish, La., were lynched by mob. JAMES WICKS at Niagara Falls fatally injured two Italians and barely escaped lynching. THE flouring mill at Patterson, O., caught fire, and before the flames could be checked over a third of the town was destroyed. AN open switch caused an accident on Paul at and Charles the George St. Heddings, W. road Remsen, fireman, Oliver, engineer, and Minn. Anthony Brewer, brakeman, were instantly killed. All lived in Minneapolis. NEARLY the entire business portion of Bunker Hill, Ill., was destroyed by fire. THE First national bank of East Portland, Ore, and the Le Mars national bank of Le Mars, Ia., were permitted to reopen for business. WHILE the family of G. M. Raney, of Decaturville, Tenn., was asleep, robrs entered and robbed them of $4,700 and their jewelry. effigy of President Cleveland was found dangling to a tree in Sacramento, Cal. YELLOW fever is epidemic in Brunswich, Ga. The residents refilled with terror but cannot leave the city. LEADERS at Pittsburgh, Pa., were taking toward the formation of a new national association embracing all labor societies. HENRY S. COCHRANE, who had worked for the government forty-three years, confessed to stealing $134,000 in gold from Philadelphia's mint. TWELVE business houses at Manistique, Mich., were destroyed by fire, the loss being $150,000; partially insured. Ex-CITY TREASURER ISENOEE, of Whateom, Wash., was arrested on the charge of embezzling $47,000 of city money. INSANE patients to the number of 300 were given a picnic in Buckeye grove, near Columbus, O. FOR twelve consecutive hours Chicago firemen fought a prairie fire covering of twenty the world's Columbian an Seven adjoining area nearly guards fair blocks were grounds. in over- part come by the intense heat and smoke, and two will probably die. IN a collision between two sections of a Big Four train at Manteno, Ill., seven persons were known to have been killed'and twenty injured and it was probable that many bodies were buried under the wreck. IN a fight between Hungarian and American workingmen at Benwood, W. Va., five of the former were fatally hurt. THE Wayne iron works of Brown & Co. at Pittsburgh resumed operations as a nonunion mill. The plant employs 600 men and has been one of the strongest in the Amalgamated association. A GALE swept the Cherokee strip, laving low many of the tented towns.