Davenport National Bank (Davenport, IA)

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Episode Information

Episode UID
84800885
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
8480 national
Charter Number
848
Start Date
September 27, 1873
Location
Davenport, Iowa (41.524, -90.578)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b2f92293f370e5c5

Response Measures

None

Description

The bank also appears in later articles (1901 voluntary liquidation and subsequent suits), but the core episode here is the 1873 partial suspension and resumption.

Events (4)
1. March 1, 1865 Chartered
Source
historical_nic
2. September 27, 1873 Suspension
Cause
Macro News
Cause Details
Derangement of financial matters in larger cities (Panic of 1873) caused currency shortages; banks of Davenport coordinated a temporary limit on currency payments and issued certified checks.
Newspaper Excerpt
To pay only $100 in currency to each of our depositors...To give certified checks for all amounts above $100
Source
newspapers
3. October 10, 1873 Reopening
Newspaper Excerpt
The banks of this city have all taken down their notices of limited payments or partial suspension, and have resumed in full.
Source
newspapers
4. December 4, 1901 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (11)
1. September 26, 1873 The Rock Island Daily Argus Rock Island, IL
Article from The Rock Island Daily Argus, September 26, 1873

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THE MONEY PANIC Action of Rock Island, Moline and Daven$ port Banks. Last evening, (the 26th) a consultation of the officers of all the banks in Rock Island, Moline and Davenport. was held at the Rock Island National Bank in this city. The following were represented First National, Rock Island. Rock Island National. Rock Island. First National, Moline. 0 Moline National, Moline. e First National, Davenport. . Davenport National, Davenport. d Citizens National. Davenport. t The Davenport Savings Banks were also 1. informally represented. e After discussing the situation. Hon. e Hiram Price introduced the following: WHEREAS The partial suspension of the New York and Chicago banks has locked up the currency and other means of the banks of the West. so that we are unable for the present to procure currency to meet the demands of our customers; therefore Resolved. That the banks of Rock I-land, Davenport and Moline will, hereafter. and until further e. and better arrangements can be made, only pay in S currency our depositors $100 each. where the depositor has that much on deposit. and will certify d all other checks. which certified checks will be taken by all of said banks of Davenport, Rock 1-1or and and Moline. n The above resolution was agreed to and sk signed by all present except the Moline d National. the representative from that inle stitution being of the opinion that they d could weather the storm. no This action is simply following in the line ey of precedent set by secure banks in the nd Eastern states-not to pay out currency in he large amounts. When Chicago and St. ot. Louis banks refuse to pay out currency for the benefit of New York banks why should rt our banks do so? It seems to be a matter he of self-preservation for our banks to he pursue the course pursued elsewhere and ks wait a bit, for the clouds to clear away re rotten concerns will be wound up, but sound he ones will be all the better for being rid of ple the gamblers and speculators. Prices will not fall temporarily, and men who have cash acin their pockets can take advantage of the ur times and buy grain, stock. or other prop se erty at prices which will pay them a big re profit. Those who are not obliged to sell 10should keep quiet and wait for things to ex settle. is The strongest assurances are given tha ti each bank in this city has assets very large of ly in excess of its liabilities, and that bu little time will be required to resume i full. e is REMOVAL.- - Balch, Frazer & Co. hav removed their office to the old C., R. I. & un27dtf P. passenger depot. of

2. September 27, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 27, 1873

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Article Text

Special Dispatch to The Chicago Tribune. DAVENPORT, Ia., Sept. 20.-A meeting of bank officers and Directors of all the city banks was held last night. The session lasted until midnight. The result was that it was RESOLVED TO TEMPORABILITY SUSPEND, and on the opening of the banks this morning the following placard, signed by the officers and Directors, was posted on each National Bank: "The derangement of financial matters in the larger cities, with the consequent difficulty of obtaining currency on produce or other drafts, and of making exchanges between banks, has coinpelled this bank to adopt, for the preeent, the following course: 1. To pay only $100 in currency to each of our depositors who may have that amount due to them. 2. To give certified checks for all amounts above $100, which certified checks will be taken at par by any of the banks of this city on doposit or in payment of any debt due it, the same as cash. 4 This bank never was in a sounder or safer condition than now, and to any ono holding a certified check, who wishes it, either of us will give an individunl note. The above arrangement will not apply to currency deposited on and after this date, which currency will be paid on checks, in full, as usual," This arrangement was adhered to strictly. There were excited crowds gathered about the banks all day, and business has been suspended to a certain degree. The Rock Island and Molino banks adopted the same plan, paying no larger than $100 checks. All merchanta in the three cities FREELY TAKE CERTIFIED at par, thus preventing a total suspension of trade. There was considerable of a run on the savings banks to-day, but they declined, in most cases, to make immediate payments. At the close of business to-day the Davenport Savings Bank filed a statement of its condition, which showed resources amounting to $1,430,185 cash on hand, $52,055. The German Savings Bank also made a sworn state. ment, alowing resources amounting to $938,958; cash on hand, $35,281. SHIPMENTS OF GRAIN AND STOCK to the East have entirely ceased, and the markets are dead, buyers holding over all they have. The effects of the panic yesterday were to drain the banks of much-needed money, over $130,000 MORE THAN USUAL having been drawn out of the banks in Davenport and and Rock Island. The banks will continue business to-morrow, adhering to the same plan adopted to-day.

3. September 30, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 30, 1873

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Article Text

DAVENPORT. Special Dispatch to The Chicago Tribune. DAVENPORT, Ia., Sept. 29.-At the soveral banking-houses in the city, to-day, business has been progressing very quietly. There are no longer any signs of uneasiness among depositors, and deposite are growing larger constantly. It is the general opinion that within one week from this, their date of suspension, our banks will resumo full payment, but the policy of liniting checks will bo adhered to strictly for BOVeral days yet. It is said, privately. that the First National has plenty of funds, while the Davenport National is hard up for ready cash, and draws funds from the First National. Our savings banks have been doing busine 18 to-day just as they were six months ago. There have been heavy deposits, and noticos given of intention to draw out money have been canceled. The grain and stock markets are still very dull, although prices are rapidly coming up, The only importnut shipment made to-day was 5,000 bushels of barloy to Fort Madison.

4. October 5, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 5, 1873

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l'okin, is paying its depositora in full, either in currency or exchanges, AR its customors dictate, DUBUQUE. Special Dispatch to The Chicago Tribuna, DUBUQUE, In., Nov. 4.-Bank Examinor Magruder arrived horo to-day by direction of the Comptrollor of the Currency to deformino whether the Morchants' National Bank should be placed in the hands of a Rocolver. The depositors are signing n polition requesting the Comptroller to lot the Directors of the bank entile up its afTuirs, OR they believe by 80 doing they will the sooner be paid what in due them. The depositors of the Dubuquo Savings Institution hold a meeting to-day and agreed to the appointment of a Recolvor, and William G. Stewart, the present County Treasurer, hus been appointed. It 1A presumed that the assets of this bank will yield 30 per cent to depositors, and that the liability of the stockholders will yield 20 per cent more. DAVENPORT, IOWA. Special Dispatch to The Chicago Tribune. DAVENPORT, Oct. 4.-It has beon Retiled by bank mon hero that the banks of this city will, in all probability, resume full payments by next Thursday. Considorable trouble was experienced by employers in gotting their pay-rolls discharged to-day. It WAR apprehonded yesterday that there would be a run on the savings banks to-day, but such line not beon the case. Sinco yesterday, over 100 loaded cara of grain and stock have been shipped to Chicago.

5. October 10, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 10, 1873

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Article Text

DAVENPORT, IA. Special Dispatch to The Chicago Tribune. DAVENPORT, Ia., Oct. 0.-The banks of this city have all taken down their notices of limited payments or partial susponsion, and have reBumed in full. Thoy are now doing business in the usual manner, and, although a large amount of money is being drawn out this week, the banks are little the worse for the panic or for the resumption. The savings banks are also doing a fine businose now.

6. October 6, 1903 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, October 6, 1903

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DEMAND A RECEIVER Stockholders of a Bank at Davenport Wants Its Affairs Invegtigated CLAIM UNFAIRLY DEALT WITH Now They Have Asked for a Receiver and a Thorough Overhauling of the Bank's Affairs-The Institution Was Recently Merged With Another Bank. Davenport, Oct. 6.-A sensation was sprung on the Davenport public yesterday afternoon when a petition was filed in the Scott county district court asking for a receiver for the Davenport National Bank and charges were made against the officers claiming that they had mismanaged the affairs of the bank in making loans exceeding the amount allowed by the banking laws of the United States. The petitioners are stockholders of the Davenport National Bank. It will be remembered that the Davenport National suspended business under that name about a year ago, merging with the Union Savings Bank. It was said at the time that the action was taken to curtail expenses as the two banks would do business better as one institution and more economically. It was rumored at the time that the failure of the D. H. Stuhr Company case had a good deal to do with the Davenport National's suspension of business. The stockholders who are petitioning for the receiver are Benjamin Barr. who has twenty-two shares: W. K. Haight, thirty shares: Mrs. E. L. Gould. five shares: J. J. Humphrey. ten shares: Mrs. Adelaine Meyers, fourteen shares: Walter Hender, eleven shares: and R. M. Abbett, six shares. Hubbell & Hubbell represent the plaintiffs and Judge Wolfe has sat the time for hearing the case for this afternoon at 2 o'clock. The petition states the assets of the company consist mainly in drafts and obligations of the D. H. Stuhr Grain Company, $40,000: Hawkeye Elevator Company. $20,000 (practically the D. H. Stuhr Grain Company): D. H. Stuhr Grain Company, H. Egbert. trustee. $35,657; D. H. Stuhr Grain Company. overdraft, $9.730. The petition further states that these are of l'tt'e value and that the affairs of the bank were mismanaged and the assets wasted. It is further stated that the laws of the United States do not allow & bank to loan more than 10 per cent of its capital stock and that an amount greatly in excess of that has been loaned and therefore the officers of the bank are personally liable to the stockholders for the shortage. A list of interrogatories are appended asking minutely about the loans to the Stuhr people and asking if letters were not received from the compi troller of the treasury in regard to this matter some time ago.

7. October 8, 1903 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, October 8, 1903

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The hearing in which a receiver is asked for the old Davenport National bank has been postponed until next Tuesday. The case came up before Judge Wolfe yesterday afternoon and Lane & Waterman, attorneys for the defendant, filed a petition representing several shareholders protesting against the receiver being appointed. Several affidavits were also shown stating that at the time of the voluntary liquidation of the bank the majority of the stockholders decided that it was best to let the officers and directors settle up affairs. It must be remembered that the suit in question is only a demand for a settlement of the affairs of the bank which went into voluntary liquidation two years ago and paid its depositors in full at the time. It will not affect the other banks in the least.

8. October 16, 1903 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, October 16, 1903

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Judge Wolfe's opinion in the case of Benjamin Barr, et al. vs. The Davenport National bank, which has been out of business for two years past, in which a receiver was asked, was received by the clerk of the district court yesterday morning. In it Judge Wolfe refuses to appoint a receiver. His opinion is brief, and contains nothing material beyond the fact of his holding. Julius Schlichting, of West Locust street, is confined to his bed. He was taken suddenly ill while at work at the Rock Island arsenal several days ago and had to be taken home. Charles Becker has a grievance. He says he got an option from George Mengel for the purchase of the southeast corner of Fourth and Harrison street for $12,000, and paid down $6,000 on it. Monday Mr. Mengel sold his undivided interest in the property for $4,000 to P. T. Walsh, who in turn conveyed it to Ernst Zoller. Mr. Becker is getting ready to go a lawing. Saturday evening at Topp's hall in Green Tree the opening gun of the democratic campaign in Davenport township will be fired. Messers. Waldo Becker, E. M. Sharon, N. D. Ely, Fred and Henry Vollmer, Fred C. Naeve, M. F. Donegan, William R. Mains and others are primed for the occasion. Joseph Harding, a broth of a boy with a liking for vivalves, stole a 6gallon bucket of oysters from the H. H. Vogt depot Wednesday afternoon, and was later arrested by Detective Mullane. He was sentenced to 10 days in jail for the offense. Joe may not be stewed over his predicament, but he certainly landed out of the fryingpan into the fire. Charles Clark, chief deputy marshal of Kansas City, came to the city yesterday for Ed Bright, the negro recently arrested by Detective Mullane. He is here awaiting the requisition from the governor of Iowa and the governor of Kansas. He is a smooth shaven gentleman with a headful of knowledge. He even knew Charles Gartland, who told him he once was in business in Kansas City. Mr. Clark says that Bright had been sentenced to the Kansas City jail, on a petit larceny charge, which had been scaled down from that of grand larceny, on a sentence of several months. He managed to break jail, and therefore he is wanted. Bright, when arrested. said he came from Denver, and had once been arrested here for receiving stolen goods. He denied at the time that he had been in Kansas City, but when Clark came before him he acknowledged the jail breaking and was ready to go back. Mr. Clark says the man is wanted in Chicago, as well as in Kansas City, and thinks that he will be taken back to Chicago to answer to a more serious charge. "We have the Bertillion system down there, and we will put it on the negro," said Mr. Clark, "If he isn't wanted there for a crime for which the Kansas City people want him, his next place of exhibition will be the penitentiary. He is-wanted in other places." Wednesday at the parsonage of St. Pauls Lutheran church Rev. W. H. Blancke married Herman Hunt Meyer and Miss Martha E. Foster. both of this city. The affair was private. The couple will reside at 728 East Tenth street.

9. March 16, 1904 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, March 16, 1904

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In the case of Benjamin Barr. et al. VS. the Davenport National bank and its former board of directors, Judge House yesterday denied the petition for a receiver and dismissed the case. The decision was made on the grounds that the board of directors were setting up the affairs of the bank in the best manner possible and the appointment of a receiver would only ineur an additional expense that would have to be paid from funds

10. April 12, 1905 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, April 12, 1905

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Asks Receiver for Bank. Ira R. Tabor, representing the stockholders of the old Davenport National bank, which went into liquidation in 1901, has entered suit in the United States circuit court, in which all the officers and directors of the bank at the time it went into liquidation are made defendants. While Mr. Tabor represents all the stockholders in the suit, his name appears alone in the title as the plaintiff in the case. The plaintiff avers that the capital stock of the Davenport National bank was $100,000, and during the years 1897, 1898, 1899, 1900 and 1901 the sum of $130,367 was loaned to the D. H. Stuhr Grain company and to the Hawkeye Elevator company, which are declared to be practically one company. This sum is declared to be far in excess of the capital stock of the bank and the amount that could legally have been loaned out. In conclusion, the plaintiff seeks the court to order the appointment of a receiver for the bank, who shall have charge of all papers, books and records, and that he be authorized to collect the amount found to be due from these officers and directors who are found to be liable and to distribute these assets to the stockholders, share and share alike, according to the amount of shares held by each.

11. February 20, 1906 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, February 20, 1906

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ditional stories, making the building four stories in height. In addition they are to pay $1,800 a year rental. The $20,000 to be advanced by the Elks will be in the nature of a loan, secured by a mortgage upon, the building, bearing 4 percent interest. Masons Here for Three Days. - The reunion of the four co-ordinate bodies of the Scottish Rite of Masonry sitting in the Valley of Davenport, southern jurisdiction of the United States, opened today at the Masonic temple. It began at 2 o'clock and runs for three afternoons and evenings. Another Dividend in Liquidation. Notices are about to circulate among the shareholders of the Davenport National bank, notifying, them that the board of directors have declared the third dividend in liquidation of the affairs of the bank, and that it will amount to 10 per cent, or $10 per share, to the shareholders of record on March 1, 1906, the dividend to be paid March 10. Declares Special Dividend. - The board of directors of the German Savings bank at its regular meeting declared a special or extra dividend of 20 per cent or $100,000-which by the unanimous assent of the stockholders will be placed in the hands of Messrs. Jens Lorenzen and C. N. Voss as trustees for the purpose of acquiring and paying for the total outstanding capital stock of the German Trust company. This later company was organized in 1894. Its capital stock was paid for by dividends declared by the German Savings bank at the time and distributed among the stockholders. Struck Actress; 30 Days.-Because he struck Annie Meyers of the Orpheon theatre while she was eating lunch at the Iowa theatre, Leo Badger, a young man, was sent to jail for 30 days by Police Magistrate S. A. Finger.