State Bank (Tabor, IA)

Episode Information

Episode Type
Suspension → Reopening
Start Date
November 3, 1905
Location
Tabor, Iowa (40.898, -95.671)
Bank Type
state

Metadata

Episode ID
Bank ID
City ID
190462169
Model
gpt-5-mini
Short Digest

Notes

Closure caused by admitted forgery/peculation by the vice president; bank reopened after family and others made good the shortage.

Events (2)
1. November 3, 1905 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Vice president C. H. (Claude) Dye confessed to forging notes, embezzling funds and creating a shortage of roughly $50,000–$53,000.
Newspaper Excerpt
The bank is closed and the state bank examiner is in charge of its affairs.
Source
newspapers
2. November 11, 1905 Reopening
Newspaper Excerpt
No special demonstration followed the reopening of the State Bank of Tabor yesterday, and deposits at the close of the day's business were practically the same as the opening, $130,000.
Source
newspapers

Newspaper Articles (6)
1. November 5, 1905 The Minneapolis Journal Minneapolis, MN
Article from The Minneapolis Journal, November 5, 1905

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Article Text

SQUANDERED FUNDS IN BUCKETSHOPS Tabor Bank's Vicepresident Is Watched By a Director for Two Days. Special to The Journal. Council Bluffs, Iowa, Nov. 4.-Director Gregory of the State bank of Tabor, Iowa. played detective and watched Vicepresident H. C. Dye of the same institution for two days this week, and as a result he caught Dve in Omaha drinking heavily and squandering the bank's money in bucketshops. Dye has confessed to forging notes and indorsements, to borrowing tho bank's cash and to forging accounts to cover up his shortage. Aside from his shortage at the bank, which will amount to $20,000, he has confessed to an outstanding indebtedness of more than $40,000, making the total more than $50,000. The bank is closed and the state bank examiner is in charge of its affairs. Dye is now at the home of his father in Council Bluffs. Tabor is the seat of a big Congregational collége and many students had the money with which they expected to pay their year's expenses, in the closed bank. A panic resulted among these students when they discovered that the bank was in the hands of the state examiner.

2. November 9, 1905 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, November 9, 1905

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Article Text

I For Honor of the Family Name e Relatives Will Make Good 1 Cashier's Peculations 1 NOT TO SAVE PROSECUTION. Specific Statement Made in the Agreement to the Effect That the Money Is Not Paid to Protect Claud H. Dye From the Consequences of ActOther News of State. 1 Council Bluffs, Nov. 9.-Specifying particularly that it was for the honor of the family name and not to affect possible criminal prosecution, Sylvester Dye and Willoughby Dye have signed an agreement to pay every dollar involved in Claude H. Dye's peculations as vice president of the State t bank of Tabor, amounting to $53,000. Certified checks for the bank's shortage of $13,000 were turned over to the directors, who came here to discuss the question of a settlement. Delay of State Auditor Carroll in 1 authorizing the proposed 100 per cent assessment, together with a hitch in getting expected financial assistance from the First National bank at Tabor not to reopen yesterday as announced. The 100 per cent assessment is for the purpose of creating a $25,000 cash fund to meet a possible run at the opening of the bank. The directors and some of the prinr cipal creditors of the bank held a meeting at Council Bluffs yesterday e and an agreement was reached to use all possible endeavor to prevent a run on the bank at the opening, which will probably occur Friday morning. Arrangements have been made with Council Bluffs banks for funds to prevent a run. President Barnes of the Tabor State bank was badly hurt Tuesday night in a runaway and this is given as one of the reasons for the bank not opening Wednesday. He had three ribs broken and was otherwise severely bruised.

3. November 9, 1905 The Oskaloosa Herald Oskaloosa, IA
Article from The Oskaloosa Herald, November 9, 1905

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Article Text

CONFESSES FORGERY. CROOKED WORK OF c. H. DYE CAUUSES SUSPENSION OF TABOR, IA., BANK, Tabor, Ia., Nov. 4.-The State bank of Tabor is closed today as the result of the admission of C. H. Dye, vice president, that he had forged notes on various individuals and placed them in the bank as security for large loans. A state bank examiner is here going over the books of the institution. The officers and directors claim that the institution is sound and that the depositors will receive dollar for dollar. The bank is capitalized for $5,000 and had $165,000 deposits and $5,500 surplus last spring. Dye's liabilities will total at least $50,000 and his assets less than $20, 000, His father, Sylvester Dye, of Council Bluffs, is very wealthy, having formerly resided at Macedonia, where he is still a large landholder.

4. November 11, 1905 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, November 11, 1905

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Article Text

NO RUN ON THE BANK. Tabor Institution is Reopened Without Any Unusual Demonstration. Council Bluffs, Nov. 11.-No special demonstration followed the reopening of the State Bank of Tabor yesterday, and deposits at the close of the day's business were practically the same as the opening, $130,000. Some of the bank's patrons who had been without bank facilities for several days featured the opening with heavy deposits as a special mark of confidence and quite a few withdrawals were made later in the day, but there was no demonstration that could be classed as a run. Cashier Hall admitted at the close of the day's business that the occasion had been one of great anxiety to him. A large amount of cash was on hand to satisfy prospective demands and a special watchman is being used at the bank tonight to guard the funds.

5. November 16, 1905 Missouri Valley Times Missouri Valley, IA
Article from Missouri Valley Times, November 16, 1905

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Article Text

TABOR BANK OPENS. Tabor, 1a., Nov. 11.-The State Bank of Tabor, which closed its doors No'vember 3 owing to an alleged shortage of $20,000, has resumed business. Every dollar of the deficit was made good. This enabled the bank to re-establish its credit, and when it reopened yesterday morning merchants hastened to show their confidence by making large deposits. A good many withdrawals occurred later in the day, but the bank was amply prepared, and promptly paid every depositor who asked for his money.

6. November 16, 1905 Audubon Republican Audubon, IA
Article from Audubon Republican, November 16, 1905

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Article Text

TROUBLE IN WAKE OF TABOR BANK Des Moines, Nov. 10.-Auditor of State Carroll was called to Tabor yesterday by Bank Examiner H. M. Cormany because of the new complication which had arisen in the affairs of the State bank of Tabor, whose doors closed Friday. The bank was expected to open its doors on Wednesday and resume business as usual. President C. A. Barnes had arranged to secure plenty of ready money with which to meet any run that might be started on account of the reported shortage of the vice president, C. H. Dye. While on the mission of securing this ready cash, Mr. Barnes was very seriously injured in a runaway. He suffered the fracture of several ribs and otherwise was badly hurt. On account of his injuries it was impossible to carry out the plan he had formulated for resumption of business by the bank. Bank Examiner Cormany, who has charge of the bank all of this time and was familiar with the plan for reopening it, considered the complication of sufficient importance to wire the auditor of state to come on to examine the condition of the institution and make a statement concerning it to the people. Tabor, Nov. 10.-Sylvester Dye and Willoughby Dye. father and uncle of H. C. Dye, late vice president of the Tabor State bank, have arranged to assume every dollar of liability of the $53,000 involved in the vice president's recent peculations. These pay ments have been arranged for and will not be made under any restrictions or promises that young Dye shall be immune from punishment. The made simply to maintain the family honor, which the father and uncle allege has been without a stain for more than a century. Council Bluffs, Nov. 11.-No special demonstration or excitement follow ed the reopening of the State Bank of Tabor yesterday and deposits. at the close of the day's business were practically the same as the opening, $130,000.