3592. Commercial Bank (Marshalltown, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 1, 1898*
Location
Marshalltown, Iowa (42.049, -92.908)

Metadata

Model
gpt-5-mini
Short Digest
6ac91cf0

Response Measures

None

Description

The Commercial Bank in Marshalltown suspended in July 1898 and remained closed with a receiver handling dividends thereafter. Article language indicates insolvency/business troubles rather than a depositor-driven run. Dates inferred from newspaper statements: 'suspended two years ago last July' (1900 article) => July 1898; 'doors of which were closed a year ago' (1899 article) refers to the prior suspension. Receiver active as of 1899.

Events (2)

1. July 1, 1898* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank experienced business troubles and insolvency; directors and stockholders did not or could not put up cash to cover liabilities, leading to suspension in July 1898.
Newspaper Excerpt
he was president at the time that it suspended two years ago last July.
Source
newspapers
2. August 12, 1899 Receivership
Newspaper Excerpt
depositors of the failed Commercial Bank, the doors of which were closed a year ago, would be a long time in securing further dividends... there is but about $2,000 in the hands of the receiver at the present time, according to his own statement.
Source
newspapers

Newspaper Articles (2)

Article from Evening Times-Republican, August 12, 1899

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Article Text

LOCAL COMMENT. It begins to look now as though the depositors of the failed Commercial Bank, the doors of which were closed a year ago, would be a long time in securing further dividends. But two dividends have been declared, and although some time has elapsed since the last one there is but about $2,000 in the hands of the reeciver at the present time, according to his own statement. This is probably not the fault of the receiver, but is due to the nature of the securities. The belief is still general that the directors and stockholders of the concern would have been acting more fairly to themselves and the depositors had they put up the cash and taken the bank's paper, to handle it and realize on it as best they could. Recent events have demonstrated that there are a number of people in this city who attend, in a way, private social functions to which they are not invited, and consequently not wanted. It doesn't look well for individuals to assemble around a house or lawn where a wedding or party is in progress. At several recent functions of this kind the uninvited spectators, including men, women and children, have nearly outnumbered the invited guests. Merchants of the city report that never during their business careers has it been so hard to have orders filled as at the present time. The jobbers and manufacturers all over the country are behind on their orders, owing to the almost unprecedented demand due to the improved financial and industrial conditions of the country. A plan recently inaugurated by the street car company ought to prove popular, and, at the same time, profitable to the company. That is the sale of round trip tickets over the entire line for 10 cents. It is a plan followed in the cities and is for the special benefit of those busy people whose time for pleasure is limited. It requires nearly one hour to make the round trip over the entire Marshalltown line. In Friday's Issue was reprinted an editorial opinion of Christian Science and the treatment of a certain case of typhoid fever by a healer of this city. Today, in the religious department, is printed an article in defense of the doctrine. The arguments of both sides will probably be accepted according to the personal views and prejudices of the general public. When there's work for every able bodied man dissatisfaction pervades the ranks of a few, as evidenced by several recent strikes in this city. While some of the strikers' demands are just and they are entitled to participate in the benefits of the good times, some of the malcontents quit work simply because the hot weather had taken away what little ambition they had. Some of the critics who have been observing the construction of the new Woodbury block as it has advanced by stages are finding fault with the height of the stories, the walls being up to the floor of the third story at present. They should withhold their criticisms, as an unfinished building does about as little credit to its finished self as does a new


Article from Evening Times-Republican, September 24, 1900

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Article Text

SYLVESTER LAGEY DEAD Demise of One of the Oldest and Most Honored Residents of the City. Bright's Disease the Immediate Cause of His Death, But Business Troubles Hasten It. Funeral to Be Held Tuesday Afternoon With Masonic Honors— Other Deaths. the past few years Marshalltown has lost many of its oldest and bestknown citizens, those who in an early day helped to build the city and who after the days of pioneering were done helped to preserve that which had been accomplished. Such a citizen Marshalltown lost Sunday when Sylvester Lacey died. It is no fulsome flattery, which sometimes is meted out to the dead, to say that he was one of the best and worthiest men who ever lived in the city. For over forty years he resided in Marshalltown and the years have proved his sterling worth, for he is mourned by many friends. Mr. Lacey was born in Wilton, Conn., the day before Christmas of 1822. His early life and manhood were spent in New England and at Stratford, Conn., he was married on April-22, 1845, to Miss Mary Ellen Welles. It was ten years later that they came west and since then they have made their home in Marshalltown For years Mr. Lacey was engaged in the grocery business, and he prospered until at one time he was considered one of the wealthiest men in the city. He was one of the founders of the Commercial Bank and was its president at the time that it suspended two years ago last July. Practically all that he had went to satisfy the claims of those who had been patrons of the bank. The beautiful homestead at No. 310 West Main street was given up and since then the family has resided at No. 309 West Church street. Even the insurance which he had carried upon his life, with the exception of $1,000, was given over to pay the indebtedness. Despite the fact that he could in no way be blamed for the bank's failure, Mr. Lacey worried greatly over the matter and that trouble, no doubt, had much to do in hastening his death. But recently he had been much perturbed over affairs in connection with the trouble and it is thought that an attack of Bright's disease, with which he had suffered before, was induced by his mental trouble. He had been ill just a week when he died and from the first he was very ill. He is survived by his wife and their only child, Mrs. Ida Williams, who has made her home with them for many years. Two granddaughters, Mrs. J. M. S. White, of St. Louis, and Mrs. W. V. Couchman, of Hamburg, Germany, also survive him. Mrs. White arrived in the city this morning, and her husband and son, Master Lacey Grey, will be here in the morning. A cablegram from Mr. Couchman says that owing to the death, the plans of himself and Mrs. Couchman will be changed and they will come home as soon as posible, tho they had not expected to come this fall. Mr. Lacer has been since he was 18 years old a member of the Methodist church, in the belief of which he was very firm and in the work of which very interested. He is one of the oldest Masons of the city and has given much time and care to the lodge here. In the time of sorrow and death he was one who showed his friendship.