American Savings Bank - Sioux City, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: November 24, 1921
Location: Sioux City, Iowa (42.500, -96.400)

Metadata

Model: gpt-5-mini
Short Digest: c9e01e03

Response Measures

None

Description

Article (Audubon Republican, 1921-11-24) reports the state superintendent of banking applied and a judge appointed a receiver for the American Savings Bank of Sioux City. Cause given as bad notes and large estimated losses; no mention of a depositor run prior to suspension. Classified as a suspension leading to closure/receivership.

Events (2)

1. November 24, 1921 Receivership

Newspaper Excerpt: Judge Hamilton appointed Paul J. Fischer of Sioux City as receiver for the American Savings bank of Sioux City. Bad notes are blamed for the failure of the institution. The banking superintendent asserted an assessment of 100 per cent on the stockholders would not make good the loss which it is believed will amount to between $200,000 and $400,000.
Source: newspapers

2. November 24, 1921 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bad notes blamed for the failure; estimated losses between $200,000 and $400,000.
Newspaper Excerpt: On the application of W. J. Murray, state superintendent of banking, Judge Hamilton appointed Paul J. Fischer of Sioux City as receiver for the American Savings bank of Sioux City.
Source: newspapers

Newspaper Articles (1)

1. November 24, 1921 Audubon Republican Audubon, IA

Article from Audubon Republican, November 24, 1921

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Article Text

# Iowa News Items of Interest Summarized for Busy Readers. The Dubuque county supervisors have reduced taxes two and a half mills. Albert Visborg, 38 years old, was accidentally killed while hunting near Elisworth. Judge Charles Bradley has declared that movies cannot run in LeMars on Sunday if anybody objects. Clinton celebrated completion of eighteen miles of Lincoln highway paving with elaborate ceremonies recently. The mystery of missing Clarence Squires of Marne deepens, since auditors find his accounts at the farmers' elevator in perfect shape. Mrs. Edith M. Mudge who trailed her husband and Miss Frances Reeme through Sioux-City and Council Bluffs a year ago has been awarded $400 a month alimony. Mayor Warner of Shenandoah has prohibited football games on Sunday, on account of injury to players suffered in the game with Missouri Valley recently. Simon Campbell, former postmaster at Loveland, entered a plea of not guilty to a charge of embezzlement before Judge Martin J. Wade. He agreed to furnish $1000 bond. Ray Everhart, 22 years old, son of Mr. and Mrs. Charles Everhart of Rhodes was killed recently when his automobile overturned. His neck was broken, and his skull and chest crushed. Announcement is made that W. F. Severa, wealthy manufacturing pharmacist of Cedar Rapids has given $50,000 to the new republic of Czecho-Slovakia for the construction of an orphan's home. Governer N. E. Kendall has ordered the parole of Barton J. Peaker, a former service man now at Anamosa, so that he may receive hospital treatment at a government hospital. The Spencer Grocery company's building at Spencer, valued at $10,000, was entirely destroyed by fire recently. Much of the stock, valued at $65,000, was removed. The origin of the fire is unknown. While digging in a cornfield south of Dubuque, William Leute and Arthur Vandermillen found the skeletons of five bodies and numerous Indian implements which have led the discoverers to believe that this is the site of an ancient burying ground. A case of death from sleeping sickness was reported to the state board of health recently from Ida Grove. The victim, Hulda Strecht, was sick only a few days. Doctor G. H. Sumner, secretary of the board says that there has been more deaths than usual from this cause this year. Anna Poches, 6 year old daughter of Mr. and Mrs. Charles Poches, of Sioux City, was struck by a Chicago & Northwestern railway engine alighted on a rail, balanced there for an instant and then rolled to safety before the train struck her a second time. She escaped with only minor bruises. Master bakers of Cedar Rapids announce a cut in the price of bread. The pound-loaf will sell at 6½ cents in the future and the pound and a half loaf at 10 cents. This is the second reduction in the last few months: Retail prices now are 8 cents for the smaller loaf and 12 cents for the larger. Frank Trumbauer, alleged liquor manufacturer living near Winterset, was assessed $2,516 manufacturers' tax by the internal revenue department. Officers of the anti-saloon league and federal officials raided Trumbauer's farm near Winterset several weeks ago and had him arrested for violating the prohibition laws. Art Cooper, Negro of Oskaloosa, must spend the rest of his days within prison walls without hope of pardon or parole, for slaying his aged and crippled white mother Aug. 25. After more than twenty-six hours deliberation the jury hearing the case found Cooper guilty of murder in the first degree and recommended life Imprisonment without possibility of release through pardon or parole. On the application of W. J. Murray, state superintendent of banking, Judge Hamilton appointed Paul J. Fischer of Sioux City as receiver for the American Savings bank of Sioux City. Bad notes are blamed for the failure of the institution. The banking superintendent asserted an assessment of 100 per cent on the stockholders would not make good the loss which it is believed will amount to between $200,000 and $400,000. Judge Hubert Utterback recently ordered the sheriff to deliver to the Polk county farm 331 pounds of copper, 103 gallon jugs; 11 two gallon jugs; five 5-gallon jugs and many bottles, all seized in raids made on liquor establishments. The birth of three calves to a Jersey cow belonging to Gust Tillman of near Shenandoah is creating much interest. The unusualness of it has cause a number of people to visit the farm to see the healthy, vigorous calves and their mother. This same Jersey has given birth to four calves since Jan. 1, 1921. The university of Iowa has put the ban on Sunday dancing, swimming parties without chaperons and dancing after midnight. Bankruptcy petitions filed in United States District court recently included: Tom Ferif, a baker, Max-