3594. Commercial State Bank (Marshalltown, IA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
July 22, 1898
Location
Marshalltown, Iowa (42.049, -92.908)

Metadata

Model
gpt-5-mini
Short Digest
943b0ef7

Response Measures

Full suspension, Books examined

Other: Went into hands of a receiver after closure.

Description

Newspapers report a run (mid-late July 1898) that forced the Commercial State Bank to close pending examination; later reporting (Aug 5, 1898) states the bank will go into the hands of a receiver at once. Closure appears to follow the run and leads to receivership (permanent closure). The run was attributed to reports circulated by stockholders (rumors/misinformation), not a specific corrected false telegram or similar.

Events (3)

1. July 22, 1898 Run
Cause
Rumor Or Misinformation
Cause Details
Run attributed to reports circulated principally by stockholders (rumors/negative reports), not described as a specific factual revelation of insolvency.
Measures
Bank closed doors pending state bank examiner's examination; president said depositors would be paid in full; indicated probable reorganization.
Newspaper Excerpt
President Lacey said a run had been made on the bank owing to reports circulated principally by stockholders, and that the bank was not in condition to stand a run.
Source
newspapers
2. July 22, 1898 Suspension
Cause
Rumor Or Misinformation
Cause Details
Closure was a direct consequence of the run prompted by reports circulated by stockholders; bank not in condition to stand the run.
Newspaper Excerpt
BANK'S DOORS CLOSED. Commercial State Bank of Marshalltown Couldn't Withstand a Run. ... The doors of the Commercial State Bank have been closed until the state bank examiner has finished his examination.
Source
newspapers
3. August 5, 1898 Receivership
Newspaper Excerpt
Marshalltown, Iowa-The Commercial State Bank, which closed its doors Tuesday will go into the hands of a receiver at once.
Source
newspapers

Newspaper Articles (3)

Article from Iowa State Bystander, July 22, 1898

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Article Text

BANK'S DOORS CLOSED. Commercial State Bank of Marshalltown Couldn't Withstand a Run. MARSHALLTOWN. July 22.-The doors of the Commercial State Bank have been closed until the state bank examiner has finished his examination. President Lacey said a run had been made on the bank owing to reports circulated principally by stockholders, and that the bank was not in condition to stand a run. He said depositors would be paid in full, but the stockholders would be small losers. The bank will probably bereorganized and continue business.


Article from Willmar Tribune, July 27, 1898

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Article Text

MINOR NEWS ITEMS. For the Week Ending July 21. The town of New Holland, O., was nearly wiped out by fire. The Commercial state bank in Marshalltown, Ia., closed its doors. An immense deposit of coal has been discovered 400 miles up the Koyukuk river in Alaska. The republicans of the First Missouri district nominated Frederick W. Blees for congress. In convention at Burlington the Vermont democrats nominated Thomas W. Maloney for governor. Joseph B. Cheadle has been renominated for congress by the Ninth district democrats of Indiana. The annual reunion of confederate veterans was held at Atlanta, Ga., with 25,000 persons in attendance. William Patterson, a white farmer, was lynched by a mob at Westville, Miss., for killing his son-in-law. A terrific windstorm did great damage at Marinette, Marshfield, Fond du Lac and other Wisconsin towns. The republicans of the Eighth congressional district of Missouri nominated J. W. Vosholl for congress. The Wisconsin River Pulp & Paper company's mill was destroyed by fire at Stevens Point, the loss being $200,000. Half of the business houses in Sunderland, England, were destroyed or damaged by fire, the loss being $2,000,200. Fire that started in the sash and door factory of the Segelke-Kohlhaus company in La Crosse, Wis., caused a loss of $150,000. The malting plant of the David Stephenson Brewing company was burned at Oswego, N. Y., the loss being over $300,000. Jasper Simpson, while resisting arrest, shot and killed J. B. Grady and L. S. Hill, deputy United States marshals, near Jenson, Ark. Admiral Thomas Leeke Massie, known throughout Great Britain as the father of the British navy, died in London, aged 96 years. Perry S. Heath. first assistant postmaster general, has been authorized to establish the First national bank of Honolulu with a capital of $150,000. The receivers of the Hampshire savings bank of Northampton. Mass., say that the defalcation of Treasurer Lewis Warner amounts to $640,000. The North Dakota republicans met in Fargo and nominated Fred B. Fancher, of Stutsman, for governor, and B. F. Spaulding, of Cass, for congressman. Fred Sudderby. an engineer, William McCarthy, an engineer's helper, and Joseph Estabaugh, ex-city marshal, were drowned while bathing at Gladstone, Mich.


Article from Marshall County Independent, August 5, 1898

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Article Text

Minor Happenings of the Past Week. EVENTS OF LAST SEVEN DAYS. Political, Religious, Social and Criminal Doings of the Whole World Carefully Condensed for Our Readers-The Accident Record. Hot Springs, Ark.-T. J. Hicks and Edward Winfield overpowered the jailer and escaped from the Garland county jail. Milwaukee, Wis.-The jewelry store of Theodore Schelle has been closed by the sheriff on an execution for $10,808.56 in favor of James Gilowsky Watertown, Wis.-Joseph Reinehr, a wood and coal dealer, was arrested on a charge of forgery, pleaded guilty and a was sentenced to state prison for year. Massilion, 0.-At East Greenville fire destroyed the businees houses of Benjamin Edwards, John Boyd and John Howells and the residence of John McGinnis. Loss, $15,000. Findlay, 0.-Gustave Wagner, aged 16, tried to dive from a ladder ninety feet high into a stone quarry filled with water. He received injuries which will result in his death. Valparaiso, !nd.-Henry A. Stone: was swindled out of $4,000 by two men who claimed they wanted to buy a farm. The three-card monte game was used. Stoner recovered $2,200. London-The Times says that a challenge for the America cup will be issued by the Royal Ulster Yacht club. Topeka, Kan.-A spark from a railroad engine in Rush county started a conflagration that swept over a wide area, destroying thousands of dollars worth of wheat in stacks and many fields of oats ready for harvest. Columbus, Ind.-McaFrren's large grain elevator at Lewis Creek, near here ,was burned, with 1,500 bushels of wheat and 500 of corn. Loss, $5,000; insurance, $2.000. Paris-The Madrid correspondent of the Temps say that a band of 300 Carlists recently appeared near Seo de Urgel, in Catalonia, and the troops are pursuing them. Canton, Ill.- Monroe Seidel, a carpenter, aged 40 years, was dangerously stabbed in the abdomen in Canton by his stepson, Albert Seidel, a boy of 15 years. Geneva, N. Y.-The farmhouse of Mrs. J. Zartman, situated one and onehalf miles south of Waterloo, was deetroyed by fire. Mrs. Zartman, her married daughter and a hired man were burned to death. Birmingham, Ala.-At Ensley City six miles from Birmingham, ground has been broken for the construction of the $1,000,000 steel plant of the Alabama Steel and Shipbuilding Company Jefferson City, No.-Attorney General Crow and Superintendent of Insurance Orear left for Chicago to take testimony in the proceedings instituted by the attorney general in the supreme court against the foreign fire insurance companies doing business in this state for violation of the state anti-trust law. Berlin-A dispatch from Shanghai states that the Chinese warship Jutschi foundered during a storm at Port Arthur. One hundred and forty-six of her crew perished. Yokohama-Prince Henry of Prussia has arrived at Fusan, on the southeast of Corea. and will visit Japan. Pewaukee, Wis.-Henry Geuting, a Milwaukee salesman. met death by drowning at Waukesha Beach in fuil view of hundreds of resorters who had gathered to witness the weekly Sunday regatta, Milwaukee. Wis.-Former Sheriff S. S. Conover died at the residence of his daughter, Mrs. W. G. Parsons. Mr. Conover was 80 years of age, and came Washington, d.-Calvin Stewart, 14 years old. was drowned while swimming in White river. to Milwaukee in 1837. Leavenworth, Kas.-Two families, consisting of thirteen persons, on the De Coursey farm, south of here. were Doisoned by buttermilk. One child 5 years old is dead. Valparaiso, Ind.-Albert Seeley of Hebron was shot and perhaps fatally wounded by William Sloan. Marshalltown, Iowa-The Commercial State Bank. which closed its doors Tuesday will go into the hands of a receiver at once. Terre Haute, Ind.-Mrs. Maggie Wane has brought suit against John Apman for $5,000 damages for breach of promise. Annapolis, Md.-Admiral Cervera is slightly ill. Milwaukee-Capt. Otto Lehfeldt, well known by all marine men along the chain of lakes. is dead after an illness of three weeks. Capt. Lehfeldt was €8 years old. Frankfort,Ind.-J W. Hackard, aged 22. of Jefferson, was shot by Nelson Smith, aged 70. Smith had forbidden Hackard calling upon his granddaughter, and his order was ignored Huntington, Ind.-Charles Laudig committed suicide by shooting himself. Livingston, Mont.-The electric light plant in this city was almost entirely destroyed by fire. Loss, $32,000; insurance, $24,000. Freeport, III.-The brew and malt houses of Franz Bros.' brewery were destroyed by fire. Loss, $10,000; insurance, $2,000.