33001571165 3300157
routing
33-001537f9d43ce9d56c2fNone
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THE CUPBOARD WAS BARE. Assets Were Big, but There was Only S1,000 on Hand. Des Moines, Jan. 21.-The German Savings bank suspended today, capital $75,000. It's assets were $611,000, deposits $540,000 but there was less than $1,000 cash on hand when the doors closed.
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Savings Bank Closed. DES MOINES, Iowa, January 21. The German Savings bank of this city closed its doors this morning. The German Savings bank owed depositors at last report $554,000; assets stated to be $661,000. The failure was a great surprise, the bank being under a very conservative management, A great crowd surrounds doors but there are no signs of a run on other banks.
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Bank Failure. DES MOINES, Iowa, Jan. 21.-The German Saving Bank, the second larg est bank in the city in point of deposits, closed its doors today. A notice posted on the door states that the bank is in the hands of the assignee. The bank owed depositors atits last report on the sixth instant, $554,158.17, and its assets were $661,040.53. The failure was a great surprise. Great crowds surround the door of the bank, but there are no signs of runs on other bank,
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Des Moines Bank Assigns. Des Moines, Ia., Jan. 22.-The German Savings bank of this city assigned to H. T. Blackburn Thursday. The capital of the concern is $75,000; assets, $611,000; undivided profits, $11,000; deposits, $540,000. The bank suspended payment after having opened Thursday morning with only $5,000 on hand. Very little money came in, and when William Musson presented a check for $1,000 there was not enough to pay it, so the bank closed its doors. Depositors will be paid in full.
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Iowa Bank Assigns, DES MOINES Jan. 21.-The German Savings bank here has assigned to H. T. Blackburn. The bank's capital was $75,000;assets, $611,000 : undivided profits, $11,000; deposits, $540,000. The bank suspended after having opened this morning, with only $3000 on hand. Very little money came in, and when William Musson presented a check for $1000 there was not enough to pay it, so the bank closed its doors.
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Savings Bank Suspends. DES MOINES, Ia., Jan. 22.-The / German Saving bank of this city has assigned to H. T. Blackburn. The bank's capital is $75,000; assets $611,000. Undivided profits, $11,000; deposits, $540,000. The depositors will be paid in full, but the capital stock will be wiped out entirely and an assessment will be made. No other banks here are affected.
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Failure of an Iowa Bank. Des Moines, Ia,, January 21.-The German Savings bank was the second largost bank in the city in point of deposits. A notice posted on the doors states the bank is in the hands of an assignee, Harry Blackburn, who, only two weeks ago, became cashier. The bank's capital is $50,000 which it was about to increase to $75,000, as its deposits were up to the legal limit for the present capital. The bank owed depositor# at the last report January 6, $554,158. The assets were $661,040. There WHS no signs of runs on other banks.
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Close of an Iowa Bank. DES MOINES, IowA, Jan. 21.-The German Savings Bank closed its doors this morning. The bank owed its depositors at the last report $2,554,000. The assets, as stated, are $7,661,040. The failure was a great surprise, the bank being under a conservative management. A great crowd surrounds the doors. There is no sign of runs on other banks.
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Banks Prepared for a Run. DES MOINES, Ia., Jan. 21.-The banks of Des Moines have all fortified themselves against dangers of a run tomorrow, following the failure of the German Savings bank. Fully $500,000 will be received tomorrow from Chicago and other points.
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PREPARING FOR TROUBLE. DES MOINES, Iowa, Jan. 21.-The banks of Des Moines have all fortified themselves against all dangers of a run tomorrow, following the failure of the German Savings bank. Fully $500,000 will be received tomorrow from Chicago and other points.
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Inability to Collect DES MOINES, Ia,, Jan. 21.-The Germans Savings bank of ehis city has assigned to H. T. Blackburn. The cadital is $75,000, assets $611,000; undivided profits, $11,000: deposits, $540,000. The bank opened with only $5,000 on hadd. Very little money came in at d when William Musson presented a check for $1,000 there was ,not enough to pay it, so the bank closed its door
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May Reopen the Bank. DES MOINES, Jan. 23.-(Special Telegram.)-A petition was circulated today among depositors of the German Savings bank, the signers of which signified their willingness that the bank should be reorganized, provided the present stockholders will increase its capital to $100,000. The paper is already signed by a good number of leading depositors, and the movement for reorganization bids fair to result well. Depositors believe that a large proportion of the slow paper can' be collected If time is given, but that if a forced settlement 103 made under a receiver, they will lose heavily. Reports as to the value of the bank's assets are very conflicting, and until something more definite is reported the court and state auditor will not determine their course. A general meeting of depositors is likely early next week.
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AN IOWA BANK FAILS. When a Check for $1,000 Was Presented There Wasn't Enough Money to Pay it. DES MOINES, Iowa, Jan. 21.-The German Savings Bank of this city has assigned to H. T. Blackburn. The bank's capital is $75,000; assets, $611. 000; undivided profits, $11,000; deposits, $540,000. The bank suspended payment after having opened this morning with only $5,000 on hand. Little money came in, and when Wm. Muson presented a check for $1,000 there was not enough to pay, so the bank closed its doors.
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COULDNTSTANDARUN DES MOINES BANK FORCED TO CLOSE ITS DOORS. Over Half a Million Dollars on Deposit-Less Than a Thousand in the Vaults When the Assignment Was Made-Other Items. Couldn't Stand a Run. At 10:30 Thursday the German Savings Bank at Des Moines closed and assigned to Henry T. Blackburn, eashier. The Clearing House Association made an OXamination Wednesday night and concluded that it was not in shape to warrant an extension of assistance. The bank had been involved in several recent failuresand had loaned too close. The statement given out shows $50,000 capital, $510,000 deposits and $457,000 assets, and it is stated the bank will pay in full, but the capital stock will be wiped out and assessments will have to be made. The bank opened Thursday morning with only $5,000 cash. A run began at once, and when William Musson presented a check for $1,000 there was not enough money to pay it, SO the doors were closed. The Clearing House Association has plenty of money on hand, and all the other banks will be taken care of. There have been considerable withdrawals from some of the other institutions, but the situation is not serious.
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THE RECORD OF PROSPERITY, As Told in the Headlines of City Dailies. Out of business.-Upland Bank of Upland, Ill., closes its doors. Forced to the wall.-American Paper Box Co., of Nashville, makes an assignment. Liabilities, $11,600.69. German Savings Bank, of Des Moines, Iowa, makes an assignment. Deposits, $540,000. The Bennis Bay Company, of Madison, Wis., is in the hands of a receiver. The Russell-Miller Milling Co., of West Superior, Wis., which was incorporated in 1893 with $400,000 capital, has applied for a receiver. Receiver appointed for the First National Bank, of Newport, Ky.
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COULDN'T COLLECT. So a Large Savings Bank at Des Moines Goes Under. Des Moines, Iowa, Jan. 22.-The German Savings bank has assigned to H. T. Blackburn. The bank's capital is $75,000; assets, $611,000; undivided profits, $11,000; deposits $540,000. The bank suspended payment after having opened this morning with only $5,000 on hand. Very little money came in and when William Musson présented a check for $1,000 there was not enough to pay it, so the ban.. closed. The depositors will/be paid in full, but the capital stock will be wiped out entirely and an assessment will be made.
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WANTS AN EXAMINER IN THE BANK. State Auditor McCarthy Asks the Court for Authority. DES MOINES, Jan. 30.-(Special Telegram.)-State Auditor McCarthy filed today in court a petition for authority to place a bank examiner in the German Savings bank and learn its true condition. In his application he made some serious charges. He states that a short time before the failure he ordered the stockholders to increase the capital from $50,000 to $75,000, because they were carrying deposits to the amount of over ten times their capital, which the state law does not allow. This the bank failed to do, and he wants to know why. He also states that the receiver has refused to allow him to examine the institution. He represents that there. were suspicious circumstances connected with the failure. One of these pointed out is that the bank's time deposits decreased over $100,000 in a few days, while demand deposits were practically unchanged. He charges that there is reason to believe money was borrowed by the bank and carried as time deposits instead of rediscounts, so that the report of January 6 made the bank appear to be in excellent condition, whereas it was really in) very bad shape. The court has not yet ruled on the petition. The movement to reorganize is meeting with poor success, the depositors not believing the plan is a safe one. They will probably hold a meeting in the near future and take steps to learn more definitely the condition of the bank.
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Why Not Acquit Him at Once. Des Moines, Ia., June 4.-Fred Reil was convicted of manslaughter for killing Carl Leveke, a wealthy contractor, here April 6. The extreme penalty is ten years. Leveke had $16,000 in the German Savings bank which suspended Jan. 21. While he and Reil were discussing the matter Leveke criticised the Roman Catholic management of the bank, when Reil, a Roman Catholic, crushed Leveke's skull with a beer mug.
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REPORT ON STATE BANKS OF IOWA. Show a Net Increase of Two in Number During the Year. DES MOINES, Sept. 21.-(Special Telegram.)-State Auditor McCarthy today issued his annual report to the legislature on the condition of state and savings banks for the year ended June 30 last. It shows that the number of savings banks was 166, and of state banks, 206. There has been a decrease of three in the number of savings, and an increase of five in the number of state banks. During the year six banks have failed: The Iowa Savings bank, Sioux City Savings bank and Commercial Savings bank, all of Sioux City; the German Savings of Des Moines, the Harlan State bank of Harlan and the Citizens' Savings of Ireton. Of these, the German Saving of Des Moines has been reorganized and reopened. The report says: "The present report indicates beyond question, not only the return of full confidence in our banking and financial institutions, but also an ease in the money market such as this state has not experienced in several years. The increase in available cash held by the banks over a year ago is $3,045,998.40, and the increase in deposits amounts to $1,476,100.37. The following shows the percentage of the deposits held by the banks as available cash for a series of years: 1892, 25 per cent; 1893, 19 per cent; 1894, 29 per cent; 1895, 21 per cent; 1896, 22 per cent; 1897, 28 per cent. It will be seen the banks now hold a larger proportion of available cash than at any time except in 1894, when the panic compelled them to fortify themselves with cash in order to prevent suspension on account of sudden withdrawals." The following statement is made for the 327 banks covered in the report:
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READY FOR CREDITORS. German Savings Bank of Des Moines to Make Payments. The German savings bank of Des Moines announces that it will pay all of the first certificates held by the deporitors at the time of the failure of the bank, last February. The prospects are that all the depositors will be paid 100 cents on the dollar. When the bank was reorganized certificates were issued on $410,000 of deposits, payable in six, 12, 15 and 18 months, each depositor's claim being divided into four portions. The money due after the first payment draws two per cent. interest. The bank has announced its willingness to pay the first certificates although they will not be due for 45 days. But few of the deposits have been withdrawn, showing that the effects from the only bank failure Des Moines had during the panic have been entirely eradicated, and the bank is once more on a sound financial footing.