The labor world. [volume] (Duluth, Minn.) 1896-current, 1904-12-31
FAILURE AND SUICIDE
RESULTS FROM SYSTEM
Forty three Banks Fail and
Eleven Officials Commit
Suicide.
All Result of Stock Plundering,
Trust Making and 1niqui-
tous System.

market by the beef trust forty three
Iowa banks have collapsed within the
past biennial period. which is covered
In the Forthcoming report Of the State
Auditor. and eleven bank officials have
committed suicide because Of financial
embarrassments resulting from the
same cause.
Computing the aggregate loss sus-
tanned by Iowa farmers by reason Of
the artificial decline in the value of
cattle the leading cattlemen declare
they have been robbed of more than
$4,000. 000
Each week adds to the list of failures
and it Is impossible to say when the
tide will be stemmad. The Auditor
contends that a reformation Of the
banking system alone will reduce the
number Of failures.
Despite the fact that this years
corn crop was the largest ever known,
and conditions would indicate extra
ordinary prosperity, times are unusual
~ hard among the farmers and bankers
are closely pinched. Never before were
SO many precautions taken in loaning
money and collections are exceedingly
difficult.
An incomplete list of the failures has
been compiled by Millard Cox, head Of
the Banking Department in the Audit
or's office. The state has no super
vision over national banks Data relat-
Ing to these is difficult to obtain.
State and savings institutions alone are
regulated by the state.
List of Collapsed Banks.
Following is the list comiled by MIR.
Cox:
Bucks Grove-H. s. Green's Bank,
private.
Dow Clty-H. S. Green's Bank, pri-
vate
Grinnell-Ctizens' Bank. private
Waverly-German American Loan &
Trust Company.
Pisgah-Bank Of Pisgah, private.
Curlew-Bank of Curlew. private.
GaZa-Bank of GAIA, private.
Little Sioux-Little Sioux Bank, pri-
:vate.
Tiffin-Corn Exchange Bank, pri-
vate- 49, - :
Observation-Disclosures Bank. private.
Sheldon-Sheldon State Bank.
1reton-Bank Of Ireton. private.
Cermania-State Bank.
Colfax-Bank of Colfax, private.
Royal-Bank Of Royal. private.
1reton-F. S. McKeevers' Bank, pri-
vate.
Bank, private.
Linn Grove-H. w. Mains Bank,
private
The above failures were reported for
1908
Failures of This Year.
The following failures are reported
for 1904:
St. Charles-Citizens' Bank. private.
Victor-1owa County Bank, private.
Mount Ayr-Citizens Bank, private.
Sigourney-Sigourney Savings Bank.
Holstein-E. H. Mccutcheon & Co.'S
Bank. private.
Corning-Corning State Savings
Bank.
Pella-People's Sa wings Bank
Coin-Bank Of Coin. private.
Garden Grove-Farmers Bank, pri
vate.
Maquoketa-Exchange Bank. private.
Pleasanton-Royal Richardson &
Co.'S Bank, private.
Dixon-Bank Of Dixon private.
New Liberty-New Liberty Savings
Bank.
Imogene-Citizens' Bank. private.
Birrning ngham-E H. Skinner & Co.'s
Bank, private.
Oln-Bank of Olin private.
These Men Took Their Lives.
It is impossible to give an accurate
list of the suicides. Among them, how
ever may be noted the following:
Grinnell National Bank-~Cashier H.
c. Spenser and his son, assistant
cashier.
Bank of co1fax-Cashier George D.
Wood.
Citizens Bank of St. Charles
Cashier Charles Wood.
Corning State Bank-Cashier F. L..
La-Rue
sigourney Savings Bank. Cashier G..
D. Ttterback.
Linn Grove-Cashier H. W. Main.
Lone Tree-Cashier.
At least two other instances of
suicide are known to exist but the
names of the victims cannot be recalled
by the State Auditor.
Among the National Bank failures
were those of large institutions at
Grinnell, Storm Lake and LIE Mars.
The cashier of a bank at Lone Tree
committed suicide without causing the
failure of the bank and the cashier of
a bank in a small town near Cedar
Rapids recently committed suicide
without imparing the banks capital.
tt Is safe to assume that, if memory
serves perfectly, the list Of bank
failures. crimes and casualties that
nearly resulted in failure would come
nearer the fifty than the forty mark
Meat Trust In Blamed.
Many prominent public men and some
Of the leading bankers blame the meat
trust. senat tor Lewis Of Page County
prominent banker and a member OF
the Banking Committee in the Legis-
lature, shares this view. They fix the
liability in this way: sThose institu-
tions that have failed in most: in
stances, have been located In small
communities where they have loaned
money extensively Il upon Il arm II ort-