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CLOSED ITS DOORS. The First National Bank of Sioux City, Iowa. SIOUX CITY, Ia., Nov. 19.-The First National bank has closed its doors. The failure is due to heavy withdrawals. The bank is one of the oldest institutions of the city and was considered one of the soundest. The failure caused a run on the Sioux City savings bank, but it took advantage of the sixty-day law. The firm of J. K. Pugh, china and queensware, assigned as a result of the failure of the First National.
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BANK FAILS. First National Bank or stonx City Makes 1411 Assignment. SIOUX CITY, Iowa, Nov. 19.-The First National Bank of Sioux City closed its doors at 10 o'clock this morning. a result of heavy withdrawals since the failure of the Iowa Savings Bank Inst week. The bank has always been considered one of the most solid financlal Institutions in the northwest. The bank had nearly $400,000 In deposits: loans and discounts, $192,000; capital, $100,000. The failure of the First National caused n run on the Sloux City Savings Bank, J. T. Stone being president of both institutions. + The officers took ndvantage of the sixty-day law, but late
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THIS WAY, M'KINLEY! Sioux City, Iowa, Nov. 19.-The first National bank of Sioux City closed its doors this morning, as a result of heavy withdrawals since the failure of Iowa Savings bank last week. The bank has always been considered one of the most solid in the Northwest. The bank had nearly $400,000 in deposits, loans and discounts $492,000 and capital $100,000. The failure of the First National caused a run on the Sioux City Savings bank. T. J. Stone being president of both institutions. The officers took advantage of the sixty day law, but late in the day F. B. Ross was appointed receiver for the protection of the stockholders and creditors.
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Failures in Iowa. SIOUX CITY, Nov. 19.-The First National. bank of Sioux City closed its doors at 11 o'clock this morning as a result of heavy withdrawals since the failure of the Iowa Savings bank last week. E. H. Hubbard, attorney for the bank, said the bank closed on account of steady withdrawals. The failure of the First National bank caused a run on the Sioux City Savings bank, T. J. Stone being president of both institutions. The officers took advantage of the 60-day law, but late in the day F. B. Ross was appointed re-
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BANK FAILURES. Sloux City Financial Institutions Embarrassed by Lack of Funds. SIOUX CITY, Ia., Nov. 20.-The First National bank of this city has closed its doors, a result of heavy withdrawals since the failure of the Iowa Savings bank last week. The bank has always been considered one of the most solid financial institutions in the northwest. It was originated in 1870. E. H. Hubbard, attorney for the bank, makes the following statement: "There is nothing to say further than that the bank is closed on account of steady withdrawals and the inability to get necessary money. Whether it will open again, I cannot say. No definite statement can be made until the bank examiner comes." The bank had nearly $400,000 in deposits; loans and discounts, $492,000; capital, $100,000. The failure of the First National caused a run on the Sioux City Savings bank, T. J. Stone being president of both institutions. The officers took advantage of the 60 day law, but late in the day F. B. Ross was appointed receiver, for the protection of stockholders and creditors. J. K. Prugh & Co., china and queensware, made an assignment as the result of the failure of the First National. Liabilities are given as $23,000, with $41,000 assets.
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BANKS GO UNDER. A Financial Panic at Sioux City, lowa. Sioux City, Ia., Nov. 19.-The First National Bank of Sioux City closed its doors this morning, a result of heavy withdrawals since the failure of the Iowa Savings Bank last week. The bank has always been considered one of the most solid financial institutions in the Northwest. The bank has nearly $400,000 in deposits; loans and discounts $492,000; capital $100,000. The failure of the First National Bank caused a run on the Sioux City Savings Bank, T. J. Stone being president of both institutions. The officers took advantage of the sixty day law, but late in the day F. B. Ross was appointed receiver for the protection of the stockholders and creditors. No further trouble is looked for by the bankers of Sioux City. J. K. Prugh & Co., china and queensware, made an assignment as a result of the failure of the First National. Liabilities are given as $23,000, with $41,000 assets.
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Iowa Bank Closes. SIOUX CITY, Io., Nov. 19.-The First National bank has closed its doors. The failure is due to heavy withdrawals. The bank is one of the oldest institutions in the city, and was considered one of the soundest. The bank had nearly $400,000 in deposits; loans and discounts, $492,000; capital, $100,000. The failure caused a run on the Sioux City Savings bank, T. J. Stone being president of both institutions. The officers took advantage of the sixty-day law, but late in the day F. B. Ross was appointed receiver for the protection of the stockholders and creditors.
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CRASH AT SIOUX CITY. First National Bank Crushed by Real Estate Holdings. SIOUX CITY, Nov. 20.-The First National Bank has closed its doors. The cause of the failure was an overload of real estate. The officers of the bank declare that the bank is perfectly solvent and that dollar for dollar will be paid creditors. The crash was caused by recent heavy withdrawals and difficulty in realizing on assets. Many bad investments have also been made within the past few years and much of the concern's money is in unproductive property. The publication of the reported weakness of a Sioux City bank, to which, however, no direct reference was made, is also said to have precipitated matters. The failure of the First National caused a run on the Sioux City Savings Bank, T. J. Stone being president of both institutions. The officers took advantage of the sixty day law, but late in the day F. B. Ross was appointed receiver for the protection of stockholders and creditors.
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CRASH AT SIOUX CITY. First National Bank Crushed by Real Estate Holdings. Sioux CITY, Nov. 20.-The First National Bank has closed its doors. The cause of the failure was an overload of real estate. The officers of the bank declare that the bank is perfectly solvent and that dollar for dollar will be paid creditors. The crash was caused by recent heavy withdrawals and difficulty in realizing on assets. Many bad investments have also been made within the past few years and much of the concern's money is in unproductive property. The publication of the reported weakness of a Sioux City bank, to which, however, no direct reference was made, is also said to have preciptated matters. The failure of tl. First National caused a run on the Sioux City Savings Bank, T. J. Stone being president of both institutions. The officers took advantage of the sixty day law, but late in the day F. B. Ross was appointed receiver for the protection of stockholders and creditors.
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The Sioux City savings bank has failed. Liabilities over $100,000. The Plant Cloak company, of New York, have made an assignment. Liabilities, $50,000. The East St. Louis Packing company, which has a plant valued at $400,000, has closed and several hundred men are now out of employment. The Pullman Car company has reduced the wages of its employes at the shops at Pullman 15 per cent. Phillip Schaeffer & Sons, brewers of New York, are involved to the extent of $178,000 and a receiver is appointed to take charge of the business. The Illinois Central Railroad company reduces its force and cuts down the wages of the remaining workmen. Truly this is a fine showing for Mr. McKinly. He has given us a taste of his quality within three weeks of his election, and has demonstrated that he is the champion prosperity restorer of the world. There may be those who will say that this list of bankruptcies does not indicate prosperity. All such doubting Thomases are referred to Mr. McKinley for an explanation as to what he means by ''prosperity.''
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WARRANT FOR THE BANK CASHIER. Sioux City Depositors Indignant at Officers of Failed Banks. SIOUX CITY, Jan 22.-(Special Telegram.) -An ugly feeling has been growing in this city among the vietims of the failed banks and for a time it was feared that some of the officers of banks suspected of irregular banking would receive personal violence at the hands of infuriated people. A committee of depositors has been investigating the affairs of the Sioux City Savings bank and has found out that much of the security listed as good is worthless and some of it is apparently bogus. Yesterday the cashier, Edward P. Stone, left the city, presumably to go to his farm in Nebraska, which has just been attached by the receiver, and as he did not return today a warrant was sworn out for his arrest. He is charged with embezzlement and cheating. His attorney says he went to New York to accept a position with a wholesale paint house and will return. Charges of fraud and irregularities have been made against others connected with the failed banks.
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The Daily Light SATURDAY, JANUARY 23. 1897. A CASHIER ON THE RUN. Sioux City, Ia., Jan. 23.-Depositors of the Sioux City Savings bank, dissatisfied with the way matters are progressing under the management of Receiver Moss, have made an investigation on their own account. A committee visited four Nebraska counties where cattle were said to be, on which the bank held alleged "gilt-edged" paper and could find neither the cattle or the men who were said to have given the mortgages on them. On their report attorneys for the depositors immediately swore out warrants for the arrest of L. P. Stone, cashier of the bank, charging him with embezzlement and with cheating by false pretenses. They found that Receiver Moss, already had secured warrants for Stone, on the charges of forgery and embezzlement, and that the sheriff of Woodbury county is chasing him across the continent. Friends and the family of Stone says he has gone to New Y ik on business and that he never had any intention of running away, but will return within three weeks. There are five arrants for Mr. Stone in the different courts, and they were placed in the hands of the chief of police as well as of the sheriff. Mr. Stone is forty years of age and has been connected with the Sioux City bank for twenty years.
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Bank Cashier Wanted. Stoux City, Iowa, Jan. 23.-Depositors of the Sloux City Savings bank have sworn out warrants in justice court for E. P. Stone, late cashier of the bank. charging him with embezzlement and cheating by false pretences. In the assets of the failed bank was counted about $20,000 worth of cattle paper that was classed as gilt edged. It appears that the paper was wholly fictitious and without worth. The receiver immediately swore out the warrants.
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Depsitors Dissatisfied. Sioux City, Iowa, Jan. 26-Depositors in the Sioux City Savings bank formally decided to petition for the removal of Receiver Goss on the ground that he is mismanaging the bank's affairs and working against the depositors' interests.
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Bank Cashier Wanted. Sioux City, Iowa, Jan. 24.-Depositors of the Sioux City Savings bank have sworn out warrants in justice court for E. P. Stone, late cashier of the bank, charging him with empezzlement and cheating by false pretences. In the assets of the failed bank was counted about $20,000 worth of cattle paper that was classed as gilt edged. It appears that the paper was wholly fictitious and without worth. The receiver immediately swore out the warrants.
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Bank Cashier Wanted. Sioux City, Iowa, Jan. 23.-Depositors of the Sioux City Savings bank have sworn out warrants in justice court for E. P. Stone, late cashier of the bank. charging him with embezzlement and cheating by false pretences. In the assets of the failed bank was counted about $20,000 worth of cattle paper that was classed as gilt edged. It appears that the paper was wholly fictitious and without worth. The receiver immediately swore out the warrants.
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Depsitors Dissatisfied. Sioux City, Iowa, Jan. 27-Depositors in the Sioux City Savings bank formally decided to petition for the removal of Receiver Goss on the ground that he is mismanaging the bank's affairs and working against the depositors' interests.
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Directors Will Have to Pay. SIOUX CITY, Feb. 13.-Receiver Goss of the Sioux City Savings bank has been directed by the court to commence suit for damages against the directors for the amount of loss incurred by reason of Cashier Stone's forgery, the ground of the suit being that the directors neglected to require Stone to put up proper bonds.
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Forgeries of Cashier Stone. SIOUX CITY, June 5.-Receiver Goss reported that among the assets of the Sioux City Savings bank there is $20,000 worth of paper which was forged by exCashier Stone and $23,000 worth of notes given for loans to himself, relatives and his private business institutions. All of it is non-collectible, but the directors are held liable on the ground of negligence. Stone has not been apprehended.
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Directors Make Good a Shortage. SIOUX CITY, Ia., July 19.-The directors of the defunct Sioux City Savings bank have paid Receiver Goss $28,000, which it was alleged the bank lost through the peculations of absconding Cashier Stone, rendered possible by the directors' carelessness. This payment brails releases them from liability.
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Iowa Press Comment. Keokuk Gate City: A larger acreage of wheat will be sown in Iowa this year than for a long time. The prevailing high price prompts this increase. Marshalltown Times-Republican: Governor Shaw is having a great deal of advice on the question of selecting good men for office. And he is very anxious to act upon the best of it. Des Moines Register: The average criminal convictions in this city have numbered about 100 a year. But now we have had 121 in five montha and nine-tenths of them have come from the Whitechapel district. After the election is over we hope to see that district as it now exiets abolished. It should have been done long ago. There is no use in forcing crime in hot houses. Sioux City Journal: All the way from Seattle comes a popoeratic wail over the recent suspension of a Sloux City savings bank, coupled with an inquiry as to what party is responsible and a lot of insanity over the question of standard. The causes of the suspension of the bank in question are well understood. A receivership was asked for and ordered for the protection of all interests. It does not appear that anyone will lose a dollar, and it is believed to be certain that no depositor will lose anything. It was simply a matter of business-a matter, therefore, of which the ordinary poperatic howler 1 has not the remotest conception.
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Dividend on Defunct Bank. SIOUX CITY, May 13.-A dividend of 20 per cent has been declared by the receiver of the defunct Sioux City Savings bank. This means a distribution of over $22,000 among the depositors, and this is a total of 50 per cent they have received. The receiver of the Home Savings bank is also engaged in paying out $10,000, or a dividend of 15 per cent to the depositors of this bank.
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# Indictments Dismissed Sioux City, April 9.-The pending indictments against absconding ex-Cashier Edward P. Stone, of the defunct Sioux City Savings Bank, were dismissed by District Judge F. R. Gaynor on County Attorney Haliam's request Saturday. For the first few days after the bank's failure Mr. Stone remained in Sioux City and proved of much assistance to the receiver in balancing up the books. Then he left, ostensibly on a visit to a farm which he owned near Wayne, Neb. But he never came back. Before long it developed that there were peculiarities in connection with the institution's management which hadn't appeared at first glance. Many of the securities were practically worthless-some entirely so. The worst was about a $20.000 batch of mortgages on cattle at O'Neill, Neb. Careful investigation proved that the cattle did not and never had existed. This was too much for the creditors, and indictments were returned charging Stone with forgery, embezzlement!
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away. OLD NOTES SOLD, Total of $30,000 Brought Less Than $300 at Sloux City. Special to Times-Republican. Sioux City, Dec. 2.-John H. Jackson, receiver for the Sloux City Savings bank, yesterday disposed of $30,000 worth of old notes and $2,500 worth of old judgements at public auction for $256.75. The securities disposed of included all of the remaining assets of the defunct bank which closed its doors November 19, 1896, and the sale was in accordance with an order of Judge Gaynor, of the district court, with a view to closing up the receivership. Those who attended the sale of the remaining assets, which began at 2 o'clock in the afternoon, were W. B. Carter, W. W. Stevens, George Bliven, George D. Weintz, O. J. Taylor and R. C. A. Flournoy. Probably the largest sacrifice made in all of the notes sold was the sale of eight notes aggregating $8,677.07 for the sum of $3. This batch was bought by W. W. Stevens. The signers of the notes were Kittie A. Holly, Sloux City, Sash and Door company, J. H. Hamilton, W. D. McLaughlin. Mutual Trust and Deposit company, H. H. Buckwalter and Nancy Sloan.