3779. Sioux City National Bank (Sioux City, IA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Start Date
August 28, 1896
Location
Sioux City, Iowa (42.500, -96.400)

Metadata

Model
gpt-5-mini
Short Digest
6c1e196a

Response Measures

Full suspension

Other: Depositors were publicly promised payment in full; receiver later appointed and stockholders assessed.

Description

Multiple contemporaneous reports (Aug 28, 1896) state the bank did not open owing to heavy withdrawals; notices posted said depositors would be paid in full. Later (Apr 1897) receivership/winding up actions and assessments are reported, indicating the bank did not resume operations and was being liquidated.

Events (3)
1. August 28, 1896 Run
Cause Details
Heavy withdrawals/depositors rushing the bank (newspapers state 'heavy withdrawals' as cause; no specific rumor or external shock identified).
Measures
Notice posted that depositors will be paid in full; bank did not open its doors.
Newspaper Excerpt
Heavy withdrawals of deposits caused the failure of the Sioux City National Bank here this morning.
Source
newspapers
2. August 28, 1896 Suspension
Cause Details
Bank suspended operations because of heavy withdrawals; notice on door announced suspension and promise to pay depositors in full.
Newspaper Excerpt
The Sioux City National Bank did not open its doors this morning. A notice on the door says the suspension is owing to heavy withdrawals and that depositors will be paid in full.
Source
newspapers
3. April 19, 1897 Receivership
Newspaper Excerpt
Holders of 431 shares of stock of the failed Sioux City National Bank ... received notice from ... the attorney for the receiver that suit would be instituted ... the affairs of the bank, the affairs of which are now going through the winding up process.
Source
newspapers

Newspaper Articles (9)
1. August 28, 1896 The Jersey City News Jersey City, NJ
Article from The Jersey City News, August 28, 1896

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Article Text

Iron Furnace Reduces Wages. PHILLIPSBURG, N J., Aug. 28, 1896.-A reduction of 10 per cent. in the wages of the employes of the Andover furnace, who receive more than $1.10 a day, will take place on September 1. Superintendent Patterson says the company is unable to compete with other furnaces in the price of iron because of the fact that it cannot get coal at a reasonable figure. The men have concluded that út is better to suffer the reduction than to have the furnace banked. Six Hundred Hosiery Hands Out. NEW BRUNSWICK, N. J., Aug. 28, 1896.-The New Brunswick and Norfolk Hostery Company have announced that, owing to the dull times and stagnation in trade, they will close down their various departments for an indefinite period. Over 600 hands will be thrown out of employment. New Yosk Collapses. NEW YORK, Aug. 28, 1896.-Alter Gottlieb, retail jeweler, alt No. 336 East Houston street, has assigned to Simon Friedman, with preferences for $2,500. The liabilities are estimated at $23,000. Frederick C. and Isaac N. Van Vliet, malsters, No. 402 Produce Exchange Building, have assigned to Lucas L. Van Allen, without preferences. National Bank Succumbs, SIOUX CITY, Iowa, Aug. 28, 1896.Heavy withdrawals of deposits caused the failure of the Sioux City National Bank here this morning. The Bank Examiner has not yet arrived and no accurate estimate of assets and liabilities can be given. They will probably be about $950,000 each.

2. August 28, 1896 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, August 28, 1896

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Article Text

Bank Failure at Sloox City. Stoux CITY, Iowa. Aug. 28.-The Sioux City National bank did not open its doors this morning. Notice on the door says the suspension is owing to heavy withdrawals and that depositors will be paid in full. No other statement is made.

3. August 28, 1896 Evening Star Washington, DC
Article from Evening Star, August 28, 1896

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Article Text

FAILED TO OPEN ITS DOORS. Heavy Withdrawals Caused a Bank's Suspension. SIOUX CITY, Iowa, August 28.-The Sioux City National Bank did not open its doors this morning. A notice posted on the door says the bank has suspended, owing to heavy withdrawals, and that depositors will be paid in full. No statement was made as to liabilities or assets.

4. September 2, 1896 Morris Tribune Morris, MN
Article from Morris Tribune, September 2, 1896

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Article Text

FINANCE AND TRADE. Exports from the Hawaiian Islands during the past year nearly doubled. The new system of grain inspection has gone into effect at West Superior. The Sioux City National bank has suspended. Depositors will be paid in full, it is stated. Failures for last week were 288 in the United States, against 186 last year, and 33 in Canada, against 42 last year. A. H. Eddy, an ex-member of the Washington state legislature, reports having struck a 200-barrel oil well about 100 miles from Juneau, Alaska. The dry goods firm of Hilton, Hughes & Co. (once A. T. Stewart & Co.) have made an assignment to G. M. Wright. The assets will probably cover liabiliities. The first of the Rockefeller boats, built on the Calumet, was launched at South Chicago Saturday. It is a tow barge and will be named the George H. Corliss. The dry goods firm of Miller & Daugherty, operating stores at Waterloo and Washington, Ia., has made an assignment. Liabilities $40,000, nominal assets $50,000. Oliver Bros.' Tenth street (Pittsburg) rolling mill has closed down indefinitely, throwing several hundred men out of employment. General depression in trade is the reason given. Total exports of wheat, flour included as wheat from both coasts of the United, States and from Montreal last week amounted to 3,281,854 bushels, against 2,291,000 bushels the previous week, and 1,871,000 bushels in the week a year ago.

5. September 4, 1896 Tensas Gazette Saint Joseph, LA
Article from Tensas Gazette, September 4, 1896

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Article Text

Sloux City Bank Suspends. The Sioux City national bank did not open its doors Friday morning. A notice posted on the door says the bank has suspended owing to heavy withdrawals and that depositors will be paid in full. No statement was made as to liabilities and assets,

6. September 12, 1896 The Madisonian Virginia City, MT
Article from The Madisonian, September 12, 1896

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Article Text

FINANCE AND TRADE. Exports from the Hawaiian Islands during the past year nearly doubled. The new system of grain inspection has gone into effect at West Superior. The Sioux City National bank has suspended. Depositors will be paid in full, it is stated. Failures for last week were 288 in the United States, against 186 last year, and 33 in Canada, against 42 last year.

7. April 19, 1897 The Providence News Providence, RI
Article from The Providence News, April 19, 1897

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Article Text

WILL BE SUED. Receiver to Endeavor to Recover on Bank Stock. Nashua People do Not Want to Pay on Shares of Sioux City Bank. Nashua, N. H., April 19.-The holders of 431 shares of stock of the failed Sioux City National Bank of Sioux City, Ia., today received notice from W. H. Farnsworth, the attorney for the receiver that suit would be instituted in the United States court to compel them to show cause why they should not pay an assessment of $75 per share, which has been levied for the purpose of paying the indebtedness of the bank. the affairs of which are now going through the winding up process. The local stockholders have engaged counsel and will fight the assessment. In all 431 shares which were valued at $43,100 are held here. The assessment notices were received April 6, but little attention was paid to them, and the shareholders, one and all, resolved not to pay the money requested. At the time the stockholders sent F. W. Estabrook to Washington where he laid the case before the comptroller of the currency. The result of the conference is kept secret and several interesting developments in connection with the bank's affair are expected at the trial. The stockholders will be sued for the full amount of the assessment and interest on the same at the rate of six per cent, dating from April 6.

8. April 20, 1897 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, April 20, 1897

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Article Text

Bank Stockholders in a Bad Boat. Nashua, N. H., April 19.-Holders of 431 shares of stock of the failed Sioux City National bank of Sioux Citv, Ia., today received notice from W. H. Farnsworth, the attorney for the receiver, that suit would be instituted against them in the United States courts to compel them to show cause why they should not pay an assessment of $75 per share, which has been levied for the purpose of paying the indebtedness of the bank, the affairs of which are now going through the winding up process. The local stockholders will fight the assessment.

9. April 23, 1897 Iowa State Bystander Des Moines, IA
Article from Iowa State Bystander, April 23, 1897

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Article Text

Sioux City National Bank Shareholders. Nashua, N. H.. April 21.-Holders of 431 shares of stock of the failed Sioux City National Bank, at Sioux City, Iowa. have received notice from W. H. Farnsworth, the attorney for the receiver, that suit would be instituted against them in the United States courts to compel them to show cause why they should not pay an assessment of $75 per share which has been levied for the purpose of paying the indebtedness of the bank, the affairs of which are now going through the winding up process. The local stockholders will fight the assessment.