Sigourney Savings Bank (Sigourney, IA)

Episode Information

Episode UID
7901372291249
Episode Type
Run → Suspension → Closure
Bank Type
savings
Bank ID
790137229 hash
Start Date
January 11, 1904
Location
Sigourney, Iowa (41.333, -92.205)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
90087c63ef4300a4

Response Measures

None

Description

Cashier's embezzlement and suicide precipitated the run and closure; receivers later paid most/all depositors.

Events (5)
1. January 11, 1904 Run
Cause
Bank Specific Adverse Info
Cause Details
Long-time loans and later-revealed large embezzlement/defalcation by the cashier prompted withdrawals
Measures
Directors and local businessmen deposited funds to help tide the bank over; no full remedy succeeded
Newspaper Excerpt
unable to tide over a small run lasting the past week
Source
newspapers
2. January 12, 1904 Suspension
Cause
Government Action
Cause Details
Iowa state bank examiner closed the bank's doors following the run and concerns about condition
Newspaper Excerpt
THE BANK WAS CLOSED TODAY
Source
newspapers
3. January 14, 1904 Receivership
Newspaper Excerpt
a receiver will be appointed. A. O. Shipfer and Henry Snakenberg were named as receivers for the Sigourney Savings bank and these men have taken charge of the business of the institution
Source
newspapers
4. January 23, 1904 Other
Newspaper Excerpt
Defaulting Cashier... confesses... short in his accounts with the Sigourney Savings bank to the amount of $47,000. 'The run has killed them all.' 'A true confession from your son. G. F. Utterback.'
Source
newspapers
5. January 25, 1905 Other
Newspaper Excerpt
Depositors in Sigourney Savings Bank Have Received 95 Per Cent. ... receivers ... pay another fifteen per cent to the depositors.
Source
newspapers

Newspaper Articles (15)
1. January 12, 1904 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, January 12, 1904

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G. E. Utterback of the Sigour ney Savings Bank Attempts to Kill Himself THE BANK WAS CLOSED TODAY Cashier's Attempt to Suicide Was Result of Brooding Over Condition of the Bank, Which Had Been Unable to Tide Over a Recent Run-Utterback Is Dying. Special to Times-Republican. Ottumwa, Jan. 12.-G. E. Uttterback, aged 45, cashier of the Sigourney Savings Bank, shot himself in the head last night in a barn at his home, as R result of brooding over the condition of the bank, which, on account of long time loans, was unable to tide over a small run occurring during the past weeks. The bank was closed this morning. A receiver has been asked for and the directors say they will pay depositors in full. Utterback is still alive, but hopes for his recovery are slight.

2. January 14, 1904 The Minneapolis Journal Minneapolis, MN
Article from The Minneapolis Journal, January 14, 1904

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Article Text

SIGOURNEY, IOWA-G. F. Watterbach, cashier of the Sigourney Savings bank, who attempted suicide Jan. 11 by shooting himself, is dead. The Iowa state bank examiner closed the doors of the bank to-day and a receiver will be appointed. It is thought depositors will be paid in full.

3. January 14, 1904 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, January 14, 1904

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CASHIER UTTERBACK DEAD. / Sigourney Savings Bank Officer Succumbs to His Wounds. Special to Times-Republican. Sigourney, Jan. 14.-G. F. Utterbach, cashier of the Sigourney Savings bank. who attempted suicide January 11 by shooting himself. died yesterday morning. The Iowa state bank examiner closed the doors of the bank yesterday and a receiver will be appointed. It is thought depositors will be paid in full.

4. January 14, 1904 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, January 14, 1904

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DEATH ENDS HIS ANGUISH G. F. UTTERBACK SUCCUMBS TO SELF INFLICTED WOUNDS. Sigourney, Jan. 13.-(Special.)-Gilbert F. Utterback died at 11 o'clock this morning at his home in this city. Mr. Utterback's death was caused by wounds inflicted by himself on Monday night while in a state of despondency on account of what he thought was approaching failure in business. He was cashier of the Sigourney Savings bank of this city, which was closed Tuesday morning for the appointment of a receiver. Bank Receivers Named. Yesterday afternoon A. O. Shipfer and Henry Snakenberg were named as receivers for the Sigourney Savings bank and these men have taken charge of the business of the institution. Their examination thus far tends to show that the bank was not in quite as good condition financially as was reported yesterday but it is still thought that the assets will pay all the debts. Other Banks Not Affected. It is pleasing to note that the other banks in Sigourney are not affected by the tragic events connected with the Sigourney Savings. The other institutions have felt no pressure and the people are viewing the affair without any undue alarm. A Sad Case. The utmost sympathy of the entire community is extended to the relatives of the late Mr. Utterback. The case is an extremely sad one and has been a distinct shock to all who knew Mr. Utterback and valued his friendship. It seems that his determination to end his existence was the result of brooding over his personal disgrace and his failure, in his own eyes, as a business man. He had made loans upon which money could not be realized in time to meet the run which was made upon the bank last week and the fact that, after years of success he had been taken off his guard seemed to prey upon his mind more than any real fear of a financial failure could have done. No Arrangements for Funeral. As yet there have been no arrangements made for the funeral over Mr. Utterback's remains.

5. January 14, 1904 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, January 14, 1904

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HIS OWN I which he overcame this F. UTTERBACK, OF SIGOURNEY, curing a piece of gas pi one end against his head SHOOTS HIMSELF AND IS muzle of the revolver in NEAR DEATH. he pulled the trigger. and the gas pipe were when he was found in the Bullet in Bra BANK FAILS TO OPEN The bullet entered the hind the left eye and is the skull. Just how far cannot be determined 1 Constant Worry Over the Condition of cians. Dr. A. P. Johnson the Institution of Which He Was who was called immedia sad occurrence. worked Cashier Caused Him to Try Suicide his patient but today h -Director Says Debts Will Be Paid. the chances for recover slight and that Mr. Utter cannot survive more tha Sigourney, Jan. 12. (Special.)To probe for the bullet Rather than undergo the disgrace of a says would be useless an hasten death. ailure, after years of successful bankBank Director 1 business, G. F. Utterback, cashier "The Sigourney Savin the Sigourney Savings bank, and perfectly solvent and W member of one of the richest famipay its creditors in ful in southeastern Iowa last evening Stockman, a prominent shot himself through the head with a Sigourney and a directo: of which Mr. Utterback evolver, and now lies at the point of Mr. Stockman was inter leath. Doctors say he cannot recover, morning by a representa that he may live for three more Courier and stated that lays in spite of his awful wound. The tion of the affairs of tl completed yesterday mo ank of which he was cashier was not that the institution is i pened this morning, and an applicasolvent condition and ha has been made for the appointficient to discharge all nent of a receiver. ties. Mr. Stockman is a business man and has 1 Say Bank is Solvent. dence of the people of S An examination of the affairs of the Bank Closed Volu ank, which was completed yesterday, The trouble has been said to have shown that the institucording to Mr.Stockman was in a good condition and perpaper and overloaning, ectly solvent. Business men in Sigconfident that it will be p urney have known that for some out in full. The directo veeks the bankers have been in a remain closed today b ight position, but the Utterbacks have wish to apply for a rece always enjoyed the full confidence of plication will doubtless he entire community, and there was mediately and the recei ittle suspicion that the bank would asked to take charge of 1 rove a failure. During all of its fourvert its assets into mon years of existence the Sigourney the direction of the cou Savings bank has been the leading inmands against it. titution in Keokuk county, and little A Sigourney Instit hought was given to what was conJosiah Utterback the idered simply a temporary embarrassnent. man who attempted suici ident of the bank and ow Run on the Bank. stock. The other stoc The report spread through the little all prominent business own, however, that Utterback's bank kuk county. W. I. McLe vas not as sound as it had been, and a vice president, the two a un in a mild form was started. This iers are S. W. Richards continued for two weeks, or more, but Snakenberg, and among apparently had no effect. The friends are D. T. Stockman and the Utterbacks were aiding the bridge. bank, bringing money from other Was Prominent S banks and depositing it with the SigG. F. Utterback is al burney Savings, and thus helping the of age and has lived in I infortunate institution to tide over its nearly all his life. He lifficulty. have always been promir Driven to Desperation. and are members of the club, an organization W The situation preyed heavily on the among its members the cashier's mind, however. Always acent of Sigourney people customed to enjoying the biggest busiinence of the family has in the county, and to being reUtterback to possible c garded as the most solid and dependathan many of his fellow institution, the Sigourney Savings he has always had the was, before his very eyes, in a condiand confidence of the where it was forced to accept aid entire community is sho from outside parties, aid prompted by of his act and everyone sheer friendship and good will. pathy for the other me Many men would have enjoyed this family. condition of affairs, would have pridthemselves upon their credit, but Family is Well H The other members so with Mr. Utterback. For years he are all well known. had been associated with the bank, Josiah Utterback is one had been looked to for aid by the very who were helping him now, and prominent capitalists Iowa. He has made 1 the sudden blow to his pride in his business ability, his friends think, Sigourney for several ye tains also a residence at rather than any real fear of ruin was hard for him to bear that constant California, where the eld prooding over it fairly unseated his back is now sojourning. reason. is in Sigourney. Their S resides in Sigourney has Held Himself Responsible. ed a term as representat As cashier of the bank Mr. Utterkuk county in the state back had made several loans. AlAnother son, Edward, 1 ways ready to aid those who were in ville and is a stock buy trouble he had made many long time five daughters, all ma loans and when calls were made upon whom live in California. the institution he could not collect are Mrs. W. B. Armstr money in time to conceal the lack of W. O. Childs of Sigour funds available. No doubt he blamed C. H. Boland of Webster himself for this condition of affairs, is president of a new he had made the loans himself in established by the Utt

6. January 15, 1904 The Mitchell Capital Mitchell, SD
Article from The Mitchell Capital, January 15, 1904

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CASHIER SUICIDES. G. F. Utterback of Sigourney Puts a Bullet in His Brain. Ottumwa, Ia., Jan. 14.-G. F. Utterback, aged 45, cashier of the Sigourney Savings bank, shot himself in the head last night in the barn at his home, the result of brooding over the condition of the bank, which on account of long time loans was unable to tide over a small run lasting the past week. The bank closed this morning and a receiver was appointed. The directors say it will pay all in full. Utterback was still alive but hopes were slight for his recovery.

7. January 15, 1904 The Billings Gazette Billings, MT
Article from The Billings Gazette, January 15, 1904

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Iowa Bank Cashier Dead. Sigourney. Ia., Jan. 14.-G. F. Utterback, cashier of the Sigourney Sav. ings bank. who attempted suicide by shooting on Tuesday, died Wednesday. The state bank examiner closed the doors of the bank and a receiver will be appointed. It is said the depositors will be paid in full.

8. January 19, 1904 The Billings Gazette Billings, MT
Article from The Billings Gazette, January 19, 1904

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Iowa Bank Cashier Dead. Sigourney, Ia., Jan. 14.-G. F. Utterback, cashier of the Sigourney Savings bank. who attempted suicide by shooting OL Tuesday, died Wednesday. The state bank examiner closed the doors of the bank and a receiver will be appointed. It is said the depositors will be paid in full.

9. January 20, 1904 Vernon County Censor Viroqua, WI
Article from Vernon County Censor, January 20, 1904

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Cashier a Suinide: Bank Closed. G. F. Utterback, cashier of the Sigourney, Iowa, Savings Bank, who attempted suicide Jan. 11 by shooting, is dead. The bank examiner closed the doors of the bank and a receiver will be appointed. It is thought depositors will be paid in full.

10. January 22, 1904 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, January 22, 1904

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Eashier Dead and Bank Closed. 6. F. Utterback cashier of the Sigourney Savings bank, who attempted suicide by shooting last week, is dead. The state bank examiner has closed the doors of the bank and a receiver has been appointed. A bundle of notes of a face value of $25,000 found in the vaults of the bank were discovered to be copies and cannot be counted as assets. Certificates amounting to $20,000 have turned up and are not accounted for in the bank books. The shortage of $55,000 may not have been known to Cashier G. F. Utterback when he killed himself a few days ago. The state has not completed its examination.

11. January 23, 1904 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, January 23, 1904

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HIS WROTE A CONFESSION TO FATHER ON EVE OF HIS DEATH. HE COULD NOT RUNAWAY Realizing His Helpless Condition Phys sically He Took the Only Course Which Offered Release From His Trouble-Embezzled $47,000. Sigourney, Jan. 22.-(Special.)-In a letter to his father just before he took his own life, Gilbert F. Utterback con. fesses to being a defaulter, and short in his accounts with the Sigourney Savings bank to the amount of $47,000. This letter has just been made public by the sorrowing father, Josiah Utterback, the president and heaviest stockholder in the bank in which his son was cashier. The Confession. The letter of confession, showing how strongly the man regretted his folly, and how clearly he had in his mind the status of affairs in connection with the institution, confirms the reports which have gained circulation since the closing of the bank on the day following Mr. Utterback's suicide. It is as follows: "Sigourney, Jan. 11, 1904. "To My Dear Father: "This will be a sad letter indeed and it is with the saddest regret that I am compelled to write you. "In the first place I am a defaulter, I speculated years ago and owe $47,000. The Chicago account will show t up $5,000 short when all notes are paid. When the citizens are paid then there will be $10,000, and at present the Union Savings bank is short $10,000. and if all time certificates were paid I would be short $22,000. In all this makes $47,000. "The bank examiners, Blackburn Wheelan and the last one, could not detect it The Phillips corn deal made me a loss of $54,000 but other deals have made me, so it is only $47,000. at "Previous to this deal I was times three to five thousand dollars ahead. There is plenty to pay the depositors and the stockholders should get a little. I admit I have done wrong and do not blame anyone but myself. I hate to do this but cannot run away and see no chance of ever redeeming myself. Have lived in hopes during the last two or three years that I could make it back, but the run has killed them all. "A true confession from your son. "G. F. Utterback.' Could Not Run Away. "I hate to do this, but cannot run away, and see no chance of ever redeeming myself." This one sentence tells how hard the unfortunate casnier tried to be brave and face his disgrace. It tells of the nights of worry, the days of scheming and of the final discouragement when, after three years and more of deceit, he saw the S hands of the law about to reach out for him. He could not run away. Since childhood he had been an invalid because of rheumatism Realizing his physical helplessness he was forced by his own feelings to escape the punishment he knew would come to him, and he took what seemed the easiest way out, though the most selfish-suicide. The Phillips' Deal. Many rumors are afloat as to the cause of the Sigourney Savir gs shut ting its doors. The facts are mainly these. In 1901 when George Phillips made his meteoric flight on the board of trade in Chicago and sent corn up to 60 cents per bushel, Gilbert F Utterback made a small investment on the board. He was already two to three thousand dollars ahead of the game. Corn kept going higher and higher and higher and Gilbert kept putting in more money and using the bank's funds. Phillips kept sending corn higher. A Moment of Triumph Mr. Utterback had secrelly put in more money until he had his own investment and $54,000 of the bank's funds on the board of trade. This was a critical time. Everybody was breath less. Phillips had the corn cornered th He was crowned corn king of country. He was a poor boy stanwith hardly a dollar. He made vestment It doubled. It trebled. It grew into the thousands, then the tens y. of thousands and up into the millions. The General Downfall. The bears on the board got their heads together. They wanted to break this young corn king and send him to the way. They schemed, they manipulated and soon the word was flashed over the wire that George Phillips had gone to the wall and carried with him wrecks from all over this great country. Then it was that G. F. Utterback lost his original investment and $54. 000 of the bank's money. He could in all probability have sold at one time and cleaned up for himself a half mil lion dollars. But he held on too long and all his money invested was wipes out in the twinkling of an eye. The was the starting point of the down£ of G.F. Utterback.

12. January 23, 1904 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, January 23, 1904

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MADE A CONFESSION of SigourCashier Defaulting a Left Bank ney Savings Letter to His Father HIS OF DEALS TOLD SPECULATIVE the of Bank's $47,000 Taking Admitted in the Deal Thru Corn the ly With Downfall Funds Which To Carry Ended So Disastrous- of Young Phillips. to Times Special Republican his taking 23.-Before casoOttumwa, Jan. F. Utterback, the bank. own life Gilbert Sigourney father Savings making of his The ier wrote of a the letter to defalcation his letter of $47,000 has confession bank's funds. by the sorrowing the been was bank. just of the who made public president in the and parent, heaviest stockholder confession. showing folly, how The letter of regretted his the the man had in his mind with the clearly which of the the strongly and how affairs he in connection reports closMr. institution. status confirms circulation since following folhave e gained bank on the day It is as lows: ing of Utterback's the suicide. "Sigourney. Jan. 11, 1904. indeed "To My Dear will Father: be a saddest sad letter regret that "This with the write you and it compelled is place to am a owe defaulter. $47.000. $5,000 short I am "In speculate the first years account ago all and notes will show are then I The when there up paid. "When the citizens and at are present paid $10,000 the Un- and if will be $10,000. bank is short were paid I would $47.short $22,000. ion all Savings time rtificates In all this makes Blackburn be 000. examiners, could not The bank the last one, deal made deals me The but Wheelan and Phillips $54,000. corn other $47,000. at tect it. loss of it is only was have to five the Previous a made three me. to this so plenty thousand deal to pay I dollars should deThere is stockholders done positors times ahead. little. and the I admit I anyone have but not not blame but can I hate to no chance get a wrong myself. away and and do see do Have this lived or of three ever in last two back, but hopes run redeeming that during myself. I could the them make all. it son. years killed your the 'A run true has confession "G. from F. Away. away. Could Not Run but can not run re"I have to no chance one sentence and myself." see do this. This unfortuna of ever cas'1 disier tells deeming tried how to hard tells be brave of the the and nights and face of of the his worry final years It scheming after three hands days when, saw the him. grace. the discouragement of deceit, he out for more of about to reach Since childcould not run an his physical of and the law been away. invalid because own He he had Realizing by his of he the he took hood helplessness rheumatism. escape was forced him, punishr and the he feelings would to come easiest to way out, knew seemed the suicide. what selfish-flips' the most The Phillips' are afloat Deal. as to shut- the cause The George Many of rumors the Sigourney facts Savings are Phillips mainly these. In flight sent corn U up made Chicago Gilbert a ting its his doors. meteoric 1901 when and on the F. boar on dollars of to terback trade 60 cents made in per He small bushel, was already investment ahead two of and the to three kept Gilbert the board. thousand Corn higher going and and higher using kept the bank's putting funds. higher game. and in more Phillips money kept sending in put corn higher. Utterback had had secretly his own inMr. until he of the bank's was vestment more money and board $54,000 of trade. was This breathfunds critical on time. the had Everybo the corn cornere of this Phillips king starting less. crowned corn boy inwas He was a made He country. hardis a doubled. dollar. poor He It trebled. the an tens thousands with It thousands, then milgot grew vestment. into the and up into the their lions. of The bears on They the board wanted send to him break to heads together. king and they manipuyoung corn schemed, was flashed the this way. They soon the word Phillips him had lated and that George carried with 5 over Utterback gone the to the wire wall all over and this G. F. great coun- $51.recks from was that and Then it investment He could ost his bank's money. sold at one mliry. of the original have half time in on 00 11 probability for himself on a too long cleaned he held was wiped nd dollars. money up But invested of an eye. This G. nd all his twinkling the downfall F. ut in the starting point of was the Utterback.

13. January 29, 1904 The Black Hills Union Rapid City, SD
Article from The Black Hills Union, January 29, 1904

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CASHIER SUICIDES. G. F. Utterback of Sigourney Puts a Bullet in His Brain. Ottumwa, Ia., Jan. 14.-G. F. Utterback, aged 45, cashier of the Sigourney Savings bank, shot himself in the head last night in the barn at his home, the result of brooding over the condition of the bank, which on account of long time loans was unable to tide over a small run lasting the past week. The bank closed this morning and a receiver was appointed. The directors say it will pay all in full. Utterback was still alive but hopes were slight for his recovery.

14. January 29, 1904 Iowa State Bystander Des Moines, IA
Article from Iowa State Bystander, January 29, 1904

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SON WROTE A CONFESSION. Defaulting Cashier of Sigourney Bank Tells of His Downfall. Sigourney, Jan. 26.-The following (eter was written to Josiah Utterbeck, father of G. T. Utterbeck, by his son, just previous to his suicide. "To My Dear Father: This will be a sad letter indeed, and it is with the saddest regret that I am compelled to write you. "In the first place, I am a defaulter. I speculated years ago and owe $47,000. The Chicago account will show up $5,000 short when all notes are paid. When the Citizens' bank is paid there will be $10,000; and at present the Union Savings bank of Davenport is short $10,000; and if all time certificates were paid I would be short $22,000. This makes $47,000 in all. "The bank examiners-Blackburn, Wheelan and the last (McKee)could not detect my shortage. There is plenty of money to pay the depositors and the stockholders should get a little. "The Phillips corn deal lost me $54,000, but other deals have made money so that I have paid back $7,000. Previous to the Phillips deal I was at times $3,000 to $5,000 ahead in my speculations. "I admit I have done wrong and do not blame any one but myself. I hate to do what I am about to do, but I cannot run away and see no chance of ever redeeming myself. I have lived in hopes during the past two or three years that I could make enough to pay all back and avoid detection, but the recent run on our bank killed all my hopes. "A true confession from your loving son, G. F. Utterback." Nothing but pity is felt here for the dead man, his wife, his respected old father and the other members of the family. Not one word of censure has been uttered in this community against "Gilley" Utterback. The above letter, addressed to his father, Josiah Utterback, one of the veteran and most highly respected business men of this county, tells the story in a nutshell. Another letter was left by the unfortunate man for his wife. Its contents have not been made public, but It is said to have been pathetic in the extreme.

15. January 26, 1905 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, January 26, 1905

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ANOTHER DIVIDEND. Depositors in Sigourney Savings Bank Have Received 95 Per Cent. Sigourney, Jan. 25.-Judge Scott came down the other night and held a short session of court. He ordered the receivers of the Sigourney Savings bank to pay another fifteen per cent to the depositors. This makes a total of 95 per cent that has been paid up to date. The other 5 per cent will be paid in the near future.