451001572 45100
national
56ffc5e0ccdb12c7Accommodated withdrawals, Borrowed from banks or large institutions, Clearinghouse loan, Public signal of financial health, Full suspension, Books examined
Clearinghouse involved: Yes (loan, examination, or other measures)
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Cash Flows to Sioux City After Two Banks Close SIOUX CITY, IOWA, Dec. shipments of money, said by houses to total were celved by Sioux City banks today precaution against possible heavy following the closing of the First National and Sloux National banks late yesterday. The banks were two oldest in Sioux City. The First National 000 and the National Officials of both Institutions expressed today that the banks following examination the records by examiner
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Iowa Banks Import Cash To Prevent Heavy Runs SIOUX shipments of money by clearing house to total received by Sioux City banks Sunday precaution against following closing the National and Sioux National banks late Saturday.
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BANK CRISIS TO HAVE PASSED (Continued from Page One.) loans, and the house go to work phase aid program. The president asked for construe tion to employment but the house appropriat trimmed the figure to $110,000,000 said include loans for human food in the federal drouth relief bill would remove occasion for an increase in the highway in the states.' The secretary approved loans for seed. feed fertilizer. to which of the bill reMrs. Walburga Oesterreich ported Monday would be directed statement came shortly after protest in the senate against the relief program as inadequate. Senator leading the outburst said the adminisproposals but drop and demanded ex. panded even at the taxes. Outlining the plans. Hyde said sum for road and harbors other purposes in the drouth work especially has been proposed in of giving the farmers an to find the win. clothing." he said The Red Cross. has undertaken all cases of distress and its "states that is able to car rushed good share of the day open- the burden ing accounts. side the presence of curios. Farm Bureau ity seekers. was nothing in the activities at the Head Defends Live bank. said president had few more Marketing Act withdrawals than usual. but our annual threeposits were up normal he said day American have had for assist. Bureau board ance from country banks indicating opened Monday several they are following the policy of Sioux standing City banks preparing for any Among the Sam H emergency that might who opposed Leonard Manley president of the Security National bank said that ing and James M Curappeared for alarm. taking of ev. who the erybody of dollars the federal government on development of Quiet in Morningside the cashier of the Morningside Savings bank. that everything ha satisfactory his bank and that there had been no heavy run was kept until to ecommodate any persons might care to make remained normal We are all for thing might possibly develop Tuesday he added John Scott. president of the State that although that bank an few and all who came left the day there was nobody the lobby of the bank Indicating no among our patrons." Mr. president of the Commercial Savings bank. said that business had normal and that check of the activities had shown more on deposit at the than in the morning Our deposited rather than withdrawn funds, Mr. Olson Norrhom cashier of the First Trust and banks said. though we had few extra withdrawals was no great alarm and business in general was normal.' Store Business Brisk Retail stores reported brisk business during the day. Some of the sons who withdrew their deposits from banks. hurried to stores to pay and to make puro hases. Several banks reported that their deposits during day had exceed. withdrawals In many instances bank patrons from bank and immediately deposited bank Squads of police to the various banks to der in materialized At most banks the officers had nothing to do and their was the only sign of any unusual activ- Police cars. manned by heavily armed officers, ready during the day to transport from one bank another the event that sudden need might arise. Not Total Loss Bankers called attention to the fact deposits the First National bank and the Stoux Na tional should not be considered as losses There large of money the closed bank and as as the frozen ssets" in each bank can be liquidated the depositors will receive part their money back What percentage will returned to the depositors cannot be determined the bank finished their work The last published statements of the closed banks showed that the assets of institution were least $1,000,000 more than the liabilities. Officers of other banks in the city have indicated that they are willing to loan money to anyone worthy of credit who in need of temporary relief. In making such loans the bankers will consider in the closed bank as partial assets, they California's statistical department estimates are Involved in 12 per cent of the automobile accidents of the state.
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OF BANKS NAMED (Continued from Page One.) banks estimated about $100,000 Bank said that savings deposits not deposits, and that they the same as private accounts. Sioux banks have no agreement protecting such funds, and no protects them School savings deposits the city now total $236,302. it was stated Monday Public funds on deposit in the two closed banks are protected by state guaranty passed five The law provides that all interest from public funds must be turned the state to provide sinking fund from which is to be paid any losses by the failure of banks. The city the heaviest governmental depositor the two closed banks. One hundred ten dollars was on deposit in the First National and in the Sioux National. The county had in the Sioux and $50,000 the First The board of education divides its deposits the banks of the city and its loss in standing less than About outstanding in roll against salary hecks had been Some of those had not been cashed. H. Roberts, secretary of the board 13,000 Accounts Suffer County Recorder Katherine Stew. art said office had on deposit in the First National and County Clerk Harold Henderson said his office had about $6,000 in the Sioux Both accounts are protected by the guaranty law From reliable source It was learned that about 13,000 persons were directly affected by the ing of the First National It said that savings accounts totaled and checking accounts about 5,000 The Sioux to have had about 6,000 accounts Numerous bank were car. ried by both banks.
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MORE BANKS CLOSE AFTER HEAVY Two more Iowa banks were closed today. while an all-day run of depositors was paid off with $2,000,000 rushed here Sunday The suburban Leeds State bank with deposits of $135,000 was closed to await action of the directors The Bailey State bank at Correctionville near here. with deposits of $200.000. failed to open its doors The two million was rushed here after the First National and Sioux National two of the city's largest banks, were closed Saturday Heads of these two institutions said the closing was because of frozen assets and general business depression. In Des Moines, the Iowa Trust and Savings bank. placed in receivership late Saturday night was consolidated with the Iowa Moines National Bank and Trust company the state's largest institution. The number of depositors secking withdrawals from two of the Sioux City banks today was so great that closing time all had not been accommodated These were invited to return tomorrow Officials the 10 Sioux City bank tonight to discuss the situation
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BANK AUDIT NEAR THE END Receiver at Sioux Will Be in Full Charge Today Assets of the Sioux National bank, which closed its doors here Decemwere expected to be signed over to the receiver, H. M. Kirkman. early this morning. Fixaminers, who have been checkthe the affairs of the bank since December 8, were almost through with the task at noon Thursday. It was reported by Mr. Kirkman. The been working under the direction of La E. Burk, of Des Moines. First steps In liquidating the Sloux National bank's affairs will be taken By Mr. Kirkman when the assets of The bank are turned over to his care. Mr. Kirkman said that the liquidaLion work would be effected as quickly as was practical for the best Interests of all depositors. Receivers of the Sloux National
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BANK AUDIT NEAR THE END Receiver at Sioux Will Be in Full Charge Today Assets of the Sioux National bank. which closed its doors here Decemexpected to be signed the receiver, H. M. Kirkman, this morning. Examiners who have been checkaffairs of the bank since & were almost through Preported by Mr. Kirkman. The viminers have been working under direction of L. S. Burk, of Des First steps in Hquidating the Sioux bank's affairs will be taken Kirkman when the assets of are turned over to his care. Kirkman said that the liquidawork would be effected as as was practical for the best of all depositors. of the Sioux National
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SIOUX CITYAN NAMED EMBEZZLER Jerome Rudd, Teller. Accused of Taking $5,000 From Sioux National Sicux City, Ia., Dec. Charged with the Sioux National the Jerome Jerry" Rudd has arrested federal warrant and confined the county jail. Rudd. who had been employed teller at the until it was closed bank aminers, said to have signed The peculations of the savings department teller had beeen cleverly concealed and were not discovered until federal examiners took over the bank's and made audit of the United States Commissioner J. W. Hubbard has Monday morning the time for preliminary hearing the charge. Automobile numto remember in the vice 111; Mrs. Dolly Gann's is 11.
SIOUX CITY BANK TO BE REOPENED Comptroller of Currency Grants Permission. SIOUX IA. The First National bank here will be reopened within 60 days, a committee of depositors from the defunct institution said Thursday upon their return from Washington. The committee obtained permission of the comptroller of the currency to reopen the which was closed Dec. 6. Similar permission is expected to be granted to the Sloux National bank, which closed the same day. Rumors of merger of the two banks into one of the strongest banking houses in northwestern Iowa are circulat- BANK RECEIVER NAMED. ELK H IA. The Farmers bank here was placed in the hands of F. Kruse of Cherokee as receiver Thursday by Judge K. R. Cook Bank officers said they asked for receiver that assets might be conserved and all depositors paid in full. They blamed frozen assets, mostly collectable, for the closing The bank is capitalized at Its deposits total more than $600,000.
Sues Receiver; Says Safety Box Was Emptied Alleged seizure of articles in the Sioux National bank is the of brought in district court by Sokolsky. 1119 Sixth street. The plaintiff alleges that H. Marshall Kirkman, receiver of the bank. wrongfully seized papers and jewelry belonging to Sokolsky and kept in the box. He demands return of the articles in the box and $300 for wrongful detention of the property.
For Receiver Company SIOUX CITY. Oct. of the ment bank, Lyon, Sioux National the Sioux National former employe of receivers the bank, made in company afternoon by Judge district court Friday Wakefield. the result The appointments were Box petition filed by which asked for appointment the financial receiver because which trunk factory found itself. The Kari-Keen company hearing on the objection to the petition, but made appointment will continue to operreceivers the
Two Sued on Note change. by Bank Receiver Suit against and Paul Johnson for $1,500 promissory has been brought in district court by H. Marshall Kirkman. as receiver of the Sioux National
Four Judgments on Promissory Notes Granted Four judgments, two of them involving closed banks, were granted in district court here Saturday. The Sioux National bank receivership was granted judgment of $1,347 on a promissory note against H. Goldstein and Mrs. S. H. Goldstein. The Moville State bank was granted a judgment for $19,928 on note against August F. and Erma E Bartels. On foreclosure suit W. I. Barclay. guardian for Charles Dablenburg, was granted a judgment of $3,071 against Thomas Chew and Helen M. Rieman. The Connecticut Mutual Life Insurance company was granted judgment of $10,209 on note executed by Henry Baker of Pierson.
Bank Receiver Judgment of One promissory note been in district court in being sought. judgment $1,691 against property security mortgage Heiden. receiver the Sioux tional bank, against Lohr. The Life Insurance company suing Albert Naeve Meta Naeve for $14.117 note. North Dakota Invites King Bismarck, invitato King Haakon VII, of to visit North Dakota during contemplated visit the United States cabled Oslo by Langer. the second the Norwegian Langer letter transmitted through Oswent to Norway royal couple to visit this country. Polyglot Paper in Africa which started publication here in four languages, English, Zulu, Xosa Sesuto. staff Europeans and and the policy seeks the different races South Africa.
CLAIM UPHELD IN STOCK SUIT U. S. Court Allows No Assessment. Register's SIOUX CITY. W. Cremin of Sioux City was advised Saturday the United States circuit court of appeals upheld Federal Judge George C. Scott's decision the Sioux National bank denying receiver here $14,000 judgment against the physician. Several years ago Dr. Cremin bought 140 shares of Sioux Na tional bank stock for his children's names, with himself as trustee. When the bank closed. an sessment of 100 per cent on all stock at $100 par value was levied Cremin resisted on the ground his stock was being held in trust.
Deny Judgment Upon Stock Held in Trust SIOUX CITY-(AP)-The U. S circuit court of appeals has upheld a lower court decision denying $14,000 judgment against Dr. W. S. Cremin asked by the Sioux Na tional bank receiver on grounds that bank stock bought by Cremin was held in trust.
Bank Receiver Is Refused Review in Cremin Case A. Heiden, receiver the Sioux National bank of Sioux City, Monday refused review of the decision of the Eighth circuit court of appeals sustaining the federal district court in holding William S. Cremin not individually liable on stock he held as trustee for the benefit his grandchildren. Controller of Currency O'Connor urged the court to decide the controversy, emphasizing the great importance to the federal government in closing the affairs insolvent tional banks to know whether bank stock in the hands of trustees was subject to assessment.