3794. Union Stockyards State Bank (Sioux City, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 10, 1893
Location
Sioux City, Iowa (42.500, -96.400)

Metadata

Model
gpt-5-mini
Short Digest
ce27a966

Response Measures

None

Description

Bank filed an assignment/suspended on June 10, 1893 due to 'loose methods' and carrying railroad paper; a receiver was later appointed (June 26, 1893). No contemporaneous run is described in the articles.

Events (2)
1. June 10, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure attributed to 'loose methods of carrying on business', carrying large amounts of Leads Electric railroad paper, overdrafts and doubtful discounted notes/bills; prompted filing of assignment/suspension.
Newspaper Excerpt
The Union Stock Yards State bank filed an assignment this morning. Assets are placed at $482,667, liabilities $163,140.
Source
newspapers
2. June 26, 1893 Receivership
Newspaper Excerpt
E. C. Tompkins was to-day appointed receiver for the Union Stockyards State Bank, which failed three weeks ago.
Source
newspapers

Newspaper Articles (10)
1. June 11, 1893 The Herald Los Angeles, CA
Article from The Herald, June 11, 1893

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Article Text

FINANCIAL TROUBLES. The Record of Saturday's Bank Failures, Assignments, Etc. CORVALLIB, Ore., June 10.-The - private bank of Hamilton, Job & Co. failed to open its doors for business this morning. Job & Co. expect to pay the depositors in full as soon as their assets can be realized upon. There was no preceding distrust apparent, but a steady withdrawal of deposite on account of the prevailing financial stringency. The assets are $255,000, in money, notes, county securities and real estate. The liabilities are $255,000, of which $171,000 is deposits. General confidence is expressed that the concern will be able to resume business shortly. The First National bank kept its doors open till 6 o'clock. SIOUX CITY, Iowa, June 10.-The Union Stock Yards State bank filed an assignment this morning. Its assets are placed at $428,667; liabilities, at $163,140. The bank is capitalized at $300,000. The clearing-house committee which investigated the failure stated that it is due to loose methods of carrying on business and will not affect anybody else in the city. The deposits are less than $50,000 and there is no possibility of any loss to depositors. CINCINNATI, June 10.-The Citizens' National bank of Hillsboro was closed order of curA cousin today rency. by the of comptroller ex-Governor of Forof the bank, and J. J. a aker Pugeley, vice-president. is president late The member last of statement, congress, two months ago, showed: Capital stock, $100,000; surplus, $50,000; undived profite, $19,000; average deposits, $275,000. WILMINGTON, o., June 10.-Owing to the suspension of the Citizens' National bank of Hillaboro yeeterday the Lynchburg branch of the institution has been forced to suspend, but it is thought only temporarily. MINNEAPOLIS, June 10.-A statement of assets and liabilities of the Northwestern Guaranty Loan company was filed this afternoon. It shows general assets $5,262,515 and general liabilities $3,145,722.76. TOLEDO, O., June 10.-A.1 L. Backue & Sone company, a grain firm of this city, made a voluntary assignment today. The liabilities are estimated at $300,000, while the assets are not known, though it is claimed they will be sufficient to meet the indebtedness. NEW YORK, June 10.-Kuhn, Doerflinger & Co., diamond merchants, have made an assignment.

2. June 11, 1893 The Sun New York, NY
Article from The Sun, June 11, 1893

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Article Text

MORE BANKS IN TROUBLE. One in Hillsboro, O., and One in Koslyn. Wash. SEATTLE. June 10.-A special despatch from Roslyn says that the Roslyn branch of Ben E. Snipes & Co.'s bank closed yesterday. and Cashier Abernethy posted on the door a card reading: "This bank and our bank at Ellensburg are temporarily suspended. Owing to the many other bank failures deposits have been steadily decreasing. and money is so scaree that it is impossible to realize on anything at present. No depositor will lose a dollar. as we have ample resources to cover all. We hope to resume in a short time." The Roslyn branch conducted a regular banking business. with the exception of making loans. The latter feature was handled exclusively by the main bank at Ellensburg. The deposits aggregate between $93,000 and $95. 000. mostly owned by miners. CINCINNATI. June 10.-The Citizens' National Bank of Hillsboro. O., is closed by order of Comptroller Eckels and placed in the hands of bank examiners. C. M. Overman 16 cousin of ex-Gov. Foraker. is President. The Hon. J. J. Pugsley. late member of Congress. is VicePresident. The bank's statem nt. made two months ago. showed: Capital. $100,000; surplus. $50,000; undivided profits. $19,000: average deposits. $275,000: circulation. $22,500. CHATTANOOGA. June 10.-J. R. Roid. a leading clothier. made an assignment yesterday. His liabilities are named as $70,000. with only $20,000 assets. DES MOINES. June 10.-State Auditor McCarthy received a telegram from Sioux City late this afternoon announcing the assignment of the Union Stock Yards State Bank to Howard Pierce for the benefit of creditors. The deposits aggregate $50.000. and it is claimed they will be paid. State Bank Examiner D. F. McCarthy has been sent to Sioux City.

3. June 11, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, June 11, 1893

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Article Text

AN IOWA BANK ASSIGNS. Union Stock Yards State Bank at Sioux City Suspends. SIOUX CITY, Ia., June 10.-The Union Stock Yards State bank filed an assignment this morning. Assets are placed at $482,667, liabilities $163,140. The bank was capitaliztd at $300,000. The clearing house committee which investigated the failure state that it was due to the loose methods of carrying on business and will not affect any body else in the city. The deposits are less than $50,000 and there is no posibility of any loss to depositors.

4. June 11, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 11, 1893

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Article Text

LOOSE BUSINESS METHODS Responsible for the Failure of a Sioux City Bank. SIOUX CITY, June 10.-The Union Stockyards State bank, E. W. Skerry president, and C. C. Pierce cashier, filed an assignment today. The assets of the bank are placed at $483,667; liabilities, $163,140. The bank is capitalized at $300,000. A committee which investigated the failure, states that it is due to loose methods of carrying on business and will not affect anybody else in the city. The deposits are less than $20,000 and there is no likelihood of any loss to depositors. Skerry and the two Pierces have been promoters of the Leads Electric railroad, and it is said the failure is due in large part to carrying that company's paper. Accounts on the bank had been overdrawn $34,194. The principal item of assets is $368,648, notes and bills discounted, the actual value of which is doubtful. WEST SUPERIOR, Wis., June 10.- 1 Four new attachments were Jevied against the Frank A. Lappen Furniture company this morning,aggregating $6,837.14. Two of them are Lappen notes and two legitimate claims for merchandise supplied the company in Superior. CINCINNATI, O., June 10.-The Citizen's National Bank of Hillsboro, Obio, is closed by order of Comptroller Eckels and placed in the hands of the bauk examiner. The bank's statement made two months ago showed capital, $100,000; surplus. $50,000: undivided profits, $19,000; average deposits, $225,000; eirculation, $22,000. NEW YORK, June 10.-George Doerflinger and Charles Kuehn Jr., composing the firm of Kuehn, Doerflinger & Co., dealers in diamonds and precious stones at 18 John street, today assigned, with a preference for $10.000 to the Quincy National Bank of Florida, for notes discounted. F. A. Phillips announced their failure at the Consolidated Exchange this morning.

5. June 16, 1893 Iowa County Democrat Mineral Point, WI
Article from Iowa County Democrat, June 16, 1893

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Article Text

The Union Stock Yards State bank at Sioux City has assigned. No one will lose. Al Backus & Sons, grain dealers, have failed in Toledo. A small bank at Lynchburg has failed, and also the bank of Hamilton, Job & Co. Cowalis, Oregon.

6. June 17, 1893 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, June 17, 1893

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Article Text

The Union Stock Yards State bank at Sioux City has assigned. No one will lose. Al Backus & Sons, grain dealers, have failed in Toledo. A small bank at Lynchburg has failed, and also the bank of Hamilton, Job & Co. Cowalis, Oregon.

7. June 27, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, June 27, 1893

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A FEW MORE FAILURES. The East Has Not Recovered From the Late Flurry. BUFFALO, June 26.-The Queen City Bank has failed. The bank has suffered a steady drain the past several weeks. After paying out all the available cash, even to dimes, nickels and pennies, the officers this morning walked out and closed the doors. It owes the depositors over $1,400,000. The failure is due to inability to realize on the assets, the New York banks refusing aid. The management claims the depositors will be paid in full. The liabilities, according to the June report. were $2,328,754, assets not known. The Clearing-house Association met this afternoon and decided to stand by all its members and to render whatever assist. ance might be necessary in the event of their becoming embarrassed. WILMINGTON, N. C., June 26.-Huske & Draper, retail dry-goods merchants, assigned to-day. No statement is obtainable. CHESTER, Pa., June 26. - The Crum Creek Iron and Steel Company has assigned. The liabilities are $120,000 and the assets $119,000. MINNEAPOLIS, June 26.-The Bank of New England has suspended paymentsat least temporarily. Since the failure of the State Bank Thursday there has been a steady withdrawal of deposits. A. J. Blethen, president, says he had considerable money tied up in the Chicago failures. He says depositors will be paid in full. The liabilities are $200,000; assets somewhat in excess of that sum. Blethen is a well-known newspaper man. INDIANAPOLIS, June 26.-Dr. W. N. Wishard of this city says: "I am authorized to make the statement that T. F. Day, manager of the failed Plankinton Bank of Milwaukee, who has been reported miss. ing, is now under medical treatment, owing to his physical condition, and that he will voluntarily return to Milwaukee as soon as his medical advisors permit." SIOUX CITY, Iowa, June 26.-E. C. Tompkins was to-day appointed receiver for the Union Stockyards State Bank, which failed three weeks ago. On the application of its president, John Pierce, Chrys Moller, his son-in-law, was to-day appointed receiver of the Sioux City Cable Railway Company. CINCINNATI, June 26. - At Hamilton this evening Louis Snider's Sons in the Probate Court made an assignment of their four paper-mills at Hamilton, their real estate in Butler County and their paper warehouses; and their warehouse with its contents in Cincinnati. The assets are over $1,000,000, of which $250,000 is debts due them and considered good. The total liabilities are less than $300,000, and it is estimated that liquidation by forced sale would leave them $430,000. The assignment is due to the fact that they were unable to borrow from the banks to-day the sum of $7000.

8. June 27, 1893 The Herald Los Angeles, CA
Article from The Herald, June 27, 1893

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Sioux City Receiverships, SIOUX CITY, Ia., June 26.-E. C. Tompkins was today appointed receiver for the Union Stock Yards State bank, which failed three weeks ago. On application of its president, John Pierce, Chris Miller, his son-in-law, was today appointed receiver for the Sioux Cable Railway company.

9. June 27, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, June 27, 1893

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RECEIVER APPOINTED SIOUX CITY, Ia., June 26.-E.C. Tompkius was today appointed rereiver for the Union Stockyards State Bank, which failed three weeks ago, on application of its president, John Pierce. Chrys Moler, his son-in-law. was today appointed receiver for the Sloux City Cable Railroad company. BANKS REOPENED. SAN DIEGO, Cal., June 26.-The Bank of Commerce, which suspended three days ago during the panic, re. opened this morning. No further run was made on it. FRESNO, Cal., June 26.-The Savings an Loan Bank opened for business this morning, after being closed one day. The bank is perfectly sound. The financial outlook is all serene.

10. June 28, 1893 The Sun New York, NY
Article from The Sun, June 28, 1893

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Minor Business Troubles. COLORADO SPRINGS. June 27.-The Snyder Brothers' Lime and Stone Company of Manitou made an assignment yesterday. The liabilities are placed at $35,000 and the assets at $100,000. The stringency of the money market is assigned as the cause of the failure. SIOUX CITY. IA.. June 27.-E. C. Tompkins was yesterday appointed receiver forthe Union Stock Yards State Bank. which failed four weeks ago. On application of President John Pierce. Chris Moller. his son-in-law. was yesterday appointed receiver forthe Sioux City Cable Railway Company. Pierce and T. T. Hedge had. it is said. been shouldering shortages. but since the latter's failure Mr. Pierce sought relief from the courts. Attachments for debts of an unknown amount had been threatened. INDIANAPOLIS June 27.-The D. E. Stone Furniture Company assigned to-day. Liabilities. $45,000; assets, $40,000. The concorn has been in operation about three years, and had a large trade in the East.