Union Stockyards State Bank (Sioux City, IA)

Episode Information

Episode UID
398009791122
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
39800979 hash
Start Date
June 10, 1893
Location
Sioux City, Iowa (42.500, -96.400)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7e1342ad3e783ca5

Response Measures

None

Description

Receiver appointed ~3 weeks after assignment; failure attributed to loose methods and shortages.

Events (2)
1. June 10, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Filed an assignment due to 'loose methods of carrying on business', shortages and insolvency; assets $482,667, liabilities $163,140.
Newspaper Excerpt
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.
Source
newspapers
2. June 26, 1893 Receivership
Newspaper Excerpt
E. C. Tompkins was today appointed receiver for the Union Stock Yards State bank, which failed three weeks ago.
Source
newspapers

Newspaper Articles (10)
1. 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.

2. 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.

3. 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.

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

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Article Text

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.

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

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Article Text

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.

6. June 27, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, June 27, 1893

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Article Text

Receivers for Sioux City Firms. 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 the application of its president John Pierce, Chris Moler, his son-in-law. was today appointed receiver for the Sioux City Cable railway company.

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

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Article Text

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.

8. January 31, 1895 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, January 31, 1895

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Article Text

A dispatch from Chamberlain states that Judge Kellam of the state supreme court, is defendant in an important case which is to be tried at the term of court now in session there. The suit is brought by Receiver Tompkins, of the Union Stock Yards state bank, of Sioux City, and is to recover the sum of $7,237.99, which is claimed to be due the bank and secured by notes and mortgages. In his reply to the complaint of Receiver Tompkins, Judge Kellam admits that he executed the notes and mortgage by which they were secured, but expressly denies that they were executed for value received, but that they were given wholly without consideration of any kind. Kellam says the notes were simply "accommodation notes," and were given to E. W. Skerry, president of the defunct Sioux City bank, for the reason that Skerry and himself had for years

9. January 31, 1895 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, January 31, 1895

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Article Text

SUIT AGAINST JUDGE KELLAM. South Dakota Supreme Justice Placed in a Peculiar Light. CHAMBERLAIN, S. D., Jan. 30.-(Special.) -Judge Kellam of the state supreme court is defendant in an important case which is to be tried at the term of court now in session here. The suit is brought by Receiver Tompkins of the Union Stock Yards State bank of Sioux City, and is to recover the sum of $7,237.99, which is claimed to be due the bank and secured by notes and mortgages. In his reply to the complaint of Receiver Tompkins, Judge Kellam admits that he executed the notes and mortgages by which they were secured, but expressly denies that they were executed for value received, but that they were given wholly without consideration of any kind. Kellam says the notes were simply "accommodation notes," and were given to E. W. Skerry, president of the defunct Sioux City bank, for the reason that Skerry and himself had for years been on terms of close business and social intimacy, and because Skerry requested his aid in signing the notes for the bank in order that they might be rediscounted, for the time being, and thus assist materially in carrying the bank safely over the financial shoals with which it was evidently surrounded at the time. Kellam further says it was understood that the notes would be taken up by the bank previous to maturity, canceled and then returned to him. For some reason this was not done, and the exposure of the questionable methods adopted to bolster up an insolvent bank is the result. A case of identically the same character is brought by Receiver Tompkins against Scott Hayes of this city, except that the amount claimed to be due the bank by Hayes is $9,069.91.

10. January 3, 1902 Barre Evening Telegram Barre, VT
Article from Barre Evening Telegram, January 3, 1902

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Article Text

SETTLEMENTS Are Reported To Have Been Made SIOUX CITY BANK Took $17,000 Investments From This Vicinity Several years ago a number of well to do citizens of Washington, Chit tenden and Orange counties became st cxholders in the Union Stock Yards S are Bank, doing business at Sioux City, IOW L. After a time the banks failed and the assets vanished as snow b. fore a summer sun. Acting under the laws of Iowa the Vermont stockholders were deemed the full am unt of th ir stock this they refu ed to pay, another amendment was made. this time for only half the amount of stock held by each stockholder. Still they refused to pay. The receiver of the bank retained W. W. Lapoint of this city to collect the amount claimed to be due and 14 suits were brought in the Vermont :courts, the amounts in band being about $17,000. Wm Wishart has assisted in the conducting of these cases and after nearly three years of negotiation between a torneys representing the rec ivers and the defendants, comp omise settle. ments are reported to have been effected and the cases are to be settled.