Omaha daily bee., 1894-02-13
TROUBLE BREWING IN IOWA


AahAh NAAAiAh ANANH tA'
as soon as he was notified OF the failure o.
his bank he wired the intelligence that Il
would pay out all claims. He claimed Will,
here that he knew that the Cass County
bank had failed, but he supposed Yetzer was
financially all right, and would be able to as.
sist him and the Miller bank. Yetzer Is
bankrupt so he says. claiming he has not q
dollar on earth. HIN returned to Miller
and proved too quick for the sher
III to prevent him from receiving the
papers as land receiver. but II Is reported
here that efforts will be made to prevent
Hin from qualifying as land receiver. and he
may also be knocked out of a good demo-
cratic government job.
DEPoSIToRS STILL IN THE DARK.
When the officials of the Cass County
bank went out and locked the doors, 1t Is
said that out of the large sums of money
which had been deposited there, only 5000
remained. Then Theodore G.. Steinke. a
wealthy clothing merchant and an old-time
citizen here. was appointed as receiver,
with j. ). Black of Council Bluffs as eN-
pert examiner. This took place about De-
cember 20, and although these men have
been at work ever since, they have given
the public no Information as to the proba-
Bile condition of affairs, and are very close
mouthed about the banks condition. 1t Is
reported that Receiver Steinke has stated
that he would be ready to render a public
statement of the banks condition this
week, and the depositors are
awaiting MS report with teVerlSn
anxiety. Expert Black has been sick for a
few days and this has given credence to the
rumor that the men now in charge of affairs,
fearful of the personal safety of the officials,
were not only delaying their report until the
excitement subsidies. but until the grand jury
adjourns.
When the depositors in the southeastern
part of the county heard of this they held a
meeting and agreed to petition for another
and extra session of the grand jury for the
Vttp nA Hf t,t NI- .At.A -.D-rt -
torney and all others concerned for conspir-
ing to defeat the ends of Justice by con-
certed delay. But those who have known
Receiver Steinke for years say that under no
conditions would he be a party to such a
conspiracy and but few question his integrity
in the matter. However, unless the re-
ceiver's report is made public this week, the
people will become very uneasy. in fact,
they are now, and new complications may
arise.
WHAT BECAME OF THE MONEY?
Where did all this money go?
Dickerson doesn't gamble; he lives bet
ter than most people, 1t is true, but he
could not spend so much money in his liv-
ing expenses. lie and his family have been
prominent in the exclusive society set here
and frequently entertained their friends in
splendid style, but this, If he received no
salary or had no income whatever, would
account for but little of the amount which
has disappeared.
President Yetzer had a stock farm, a
fine home, a big hardware and farm imple-
ment house, and a fine new three-story
brick block on the northwest corner of Sixth
ana chestnut streets. He is not a society
man and was a good judge of whisky.
Isaac Dickerson, the vice president of
the bank, is the pioneer real estate dealer,
loan agent and abstractor of this county,
having located here in 1856. He ac-
cumulated a competence in this
business and his sons have all
been prosperous, so he did not take the
money for his personal wants. The depos-
itors have put this and that circumstance
together, until many of them have come to
the conclusion that the money has been lost
on the Board Of Trade in Chicago and other
places, or in unlucky speculation. The ac-
cused vouchsafe no explanation, although
many people are of the opinion that IL Albert
Dickerson would tell the whole story an APP
palling state of affairs would be revealed.
However, he suffers in silence. The silence
of the younger Dickerson leads people to
suspect. that he is suffering alone to shield
his father, the vice president. If this is the
case the depositors promise not to allow him
this privilege, as they intend that the grand
jury shall probe the matter to the very
bottom and let the blame rest where it may.
The depositors are also inclined to ques-
ton the legality or honesty of the transfer
of several pieces of property made to the
German Savings bank Of Davenport by some
of the officers of the bank. While the trans
dCtIuu appears u De leSdl VII III lace, tHe
men who lost their money are going to take
a peep behind the scenes in the matter.
Another report In connection with this fail
ure has reached here from the Oskaloosa,
Mo. Some time ago, Clarence Dickerson,
son of the vice president, and Julian Phelps,
attorney for the bank, purchased extensive
coal lands in Missouri and established the
town of Oskaloosa. These mines, it is said,
have been operated Independent of assistance
from the Cass County bank, and are in no
vFtgn nnAn rft t1nA Dat
rumor has it that the miners were paid off
in checks on the bank drawn against the
funds of the mine owners. The bank failed
that week, so the report goes, and when the
checks were returned unpaid the indignant
miners secured a rope and were going to
lynch young Dickerson. Cooler counsel inter-
fered and the miners received their money.
1t is said that Issac Dickerson is in Oskaloosa
awaiting the action of the grand jury and
the report Of the receiver.
CAUGHT THE POOR PEOPLE.
The class of people most affected by this
failure are hard working men and women,
who can i'll afford to lose their earnings
which were deposited in this bank with the
utmost confidence In the officers. The failure
has created a financial depression and lack
Of confidence which will require consider
able time to restore again. The other banks,
the Atlantic National, Bank of Atlantic and
Commercial bank, are in no way affected by
this failure and are in good shape, besides
being oficered by men who stand high in
commercial circles.
The Cass County bank was Incorporated on
April %, 1876, under the state banking laws,
by j. c.. Yetzer. Newton Richards, Isaac
Dickerson, Sam Childs, G. S. Montgomery,
s.. A. Keyes, A.. W.. Dickerson and l.. o.
Reinig. OF these incorporators, Childs, Mrs. |
Reyes and Reinig are deceased. Yetzer, the
two Dickersons, Richards and Mrs. Reyes
estate were interested in the institution
when 1t failed. The paid up capital
stock was $4,000. All of these men
were then in the prime of life,
had the confidence of a young man and
community, and were filed with
the energy of men who intended establish
ing a financial institution which would be
n credit to western Iowa. For several years
previous to the Incorporation as a state
bank this institution had been run as a
private bank, and Frank II. Whitney. now
mayor OF Atlantic and president of the
Bank of AtlaRdc, was interested in the
management. He then withdrew and en-
gagged in the banking and grain buying
business for himself. The liberal methods
pursued by these men in those days estab-
IIshed a confidence with the people, which
until the bank failed in De-
cember, 1893.
During the next few days some interest
.ng developments are expected.
EARNING HER LIVING.
One pathetic side of this case was learned
by The Bee reporter today. It was a hand
4oma vounp daughter of Isaac DiCkerson at