3766. First National Bank (Sioux City, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
1757
Charter Number
1757
Start Date
December 29, 1904
Location
Sioux City, Iowa (42.500, -96.400)

Metadata

Model
gpt-5-mini
Short Digest
70b5bb58

Response Measures

None

Description

No article describes a depositor run. In Dec 1904 the bank had recovered goods and have reopened for business in new quarters after a fire. By Nov 1905 the First National Bank had failed and its president W. E. Brown was convicted for misapplication of funds (~$185,000 loss). The coverage indicates a failure/closure due to bank-specific malfeasance rather than a run.

Events (2)

1. December 29, 1904 Reopening
Newspaper Excerpt
The City National and First National banks recovered all their goods, together with about $90,000 in cash, and have reopened for business in new quarters.
Source
newspapers
2. November 3, 1905 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Misapplication of funds by president W. E. Brown causing estimated losses of about $185,000; bank subsequently failed.
Newspaper Excerpt
In sentencing W. E. Brown, president of the failed First National bank, to five years in the penitentiary... His misapplication of funds caused a loss to creditors of about $185,000.
Source
newspapers

Newspaper Articles (2)

Article from Evening Times-Republican, December 29, 1904

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Article Text

The Storm at Sioux City. Sioux City, Dec. 29.-Driven by a relentless, forty-mile gale from the northwest, a blizzard raged here all night. The snow was preceded by sleet which coated the streets and made traveling and street car traffic very difficult. The ice also put most of the telegraph and telephone companies out of commission. A 7-below-zero temperature was hammered into the air Tuesday forenoon by the wind and it is as bad a blizzard as the city has had for five years. The storm stopped suddenly the work of removing the ruins of last Friday's fire, and, altho three days have passed, five streets are yet blocked, street cars being compelled to run on irregular routes. Tuesday was devoted to recovering safes, nearly all of which were found to contain well-preserved books and money. The City National and First National banks recovered all their goods, together with about $90,000 in cash, and have reopened for business in new quarters. The walls of the seven-story Toy building were pulled down by ropes at 6 o'clock Tuesday evening, filling Fourth street with great heaps of debris which will require days for removal. It was Minneapolis' disastrous experience with fire walls that induced Mayor Sears to take immediate steps to have all walls torn down at once. The most remarkable story of heroism in Friday night's fire was made public today and as a result a subscription paper is being circulated for Gus Berg. a fireman, and Addis Bell, an elevator boy. The two dragged a hose to the roof of the seven-story Metropolitan block when its outside woodwork had been ignited. One sat on the other's legs for two hours so the hose could be held out and the front drenched. This alone saved the block from burning, which would have carried the fire across Fourth street and probably doubled the loss.


Article from Los Angeles Herald, November 4, 1905

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Article Text

THIRTY-SIX BANKS HAD FAILED So Judge Makes an Example of the Last Official to Be Con. victed Special to The Herald. SIOUX CITY, Iowa, Nov. 3.-In sentencing W. E. Brown, president of the failed First National bank, to five years in the penitentiary, Judge H. T. Reed of the northern district of Iowa has set a new mark of severity in the matter of meting out punishment to erring bankers in this state. In the last five years there have been thirty-six bank failures in Iowa which attracted attention. Of these, 5 twenty-four did not provoke any prosecutions; in six other cases the heads of the institutions committed suicide, taking no chances of being sent to prison; in the remaining six moderate sentences were imposed. The longest term, prior to the one just passed in this city, was three years. That was administered to F. E. Dunning of ) Mount Ayr, who failed for $125,000. J. e C. Brown of Wapello was given two : and one-half years for beating his I creditors out of $35,000. E. W. Soule of Iowa Falls got off with eighteen months, although he caused a loss of I $45,000. Thomas Ward of Le Mars gambled away $30,000 of his depositors' money, and after a long trial was sen: tenced to one month in the county jail and never spent a single night in a cell. Letson Balliett of Des Moines, s who added promoting to his banking, $ was prosecuted for causing a loss of $250,000. and he escaped with a thirtyday jall sentence. : The suicides were George D. Wood e of Colfax, who failed for $125,000; Charles Wood of St. Charles, $120,000; F. L. LaRue of Corning, $75,000; G. C. Utterback of Sigourney, $60,000; I Harry Mayne of Beck Grove, $40,000. and a banker of Lone Tree, whose h name and amount failed for are not recalled. In sentencing W. E. Brown, Judge Reed said he agreed in a large measure with counsel for defendant, who made a plea for leniency, claiming that there was no evidence of self-interest or viciousness in the transaction which caused Brown's downfall. The court said his idea of punishment was that it viz.: To of the served man for three violation ends, and law; punish third, second, the to to reform the individual, make him a warning example to others. He thought the five-year sentence, which, by the way, is the minimum for the crime for which he was convicted, would serve the ends of justice. in fact sentenced for five Brown was but the years on each of six counts, terms are to run concurrently. Brown is broken in health and is said to be penniless. His misapplication of funds caused a loss to creditors of about $185,000. He has a wife and two children. He is forty-six years of age.