The Leon reporter. (Leon, Iowa) 1887-1930, 1915-02-11
SENSATIONAL RUN ON CORNING
BANK.

BANK.
Special Train from Omaha Brought
100000 and All Who Wanted
Money Got 1t.
Last week gave promise to be a
rather quiet one in Corning, says the
Corning Free Press. Usually we have
something new here. A few weeks
ago we had prize fight, shortly af-
terward there was a run" on crap
game and to give us something new,
worth while, there was run last
Saturday and Monday morning on
the Okey-Vernon National Bank.
The first question that is naturally
asked, "What started the run?" II
the bank officials know they refuse
to say, and it is probably wise. There
have been all kinds of rumors and the
one that has gained the most notice
is the one that some person south
west of Brooks had started: That
he had applied for a loan and was
told the bank had no money to loan
and at a sale in the neighbOrhOod on
Thursday much was said. The fact
that Corning has had three bank
failures in the past eighteen years
naturally makes the people nervous
and any little thing about the in
solvency of a bank starts trouble.
The management of the bank had
heard of talk Thursday and Fri
day, and in fact on Friday there
were few Withdrawals.
Saturday there was more talk and
the bank secured small amount OF
currency, $4,000, from a neighbor-
ing city bank. All day there could be
seen small groups standing on the
street and the bank was the general
subject of conversation. The tele-
phones were busy and the report
Travelled fast that there was a run on
the bank. 1t is said two telephone
lines were worn out Saturday and
Sunday talking about the bank. A
large per cent of the people had con-
fidence in the bank and transacted
their usual business on Saturday as
though there had been no rumor. De-
posts were being made while num-
Der were drawing their deposits. The
officers were courteous and treated
all with consideration and have no
ill-feeling towards any who thought
their deposits might be in jeopardy.
All were told they could have their
money and that they had money to
loan on good security and went along.
When the bank opened in the
morning they had about $675,OOO on
deposit, about 100000 in cash and
S24O,0O0 in sight exchange (that IS
in city banks) and the National bank
ing law only requires that they carry
~ per cent of their deposits in cash
and in sight exchange which would
be about $4,000. In other words,
they had $4,000 more than the law
requires them to have to be consider
ed safe. During the day about $685.
900 was drawn out.
The bank opened on Monday as
usual and had received currency from
Omaha and Des Moines and when the
doors were opened there was in plain
view on the counter about $67 900 in
currency. On Sunday F.. c. Okey,
vice president, went to Omaha and
visited president Caldwell of the U. s..
National bank, the Omaha correspon-
dent of the local bank, and arrange
ments were made for securing $780,
900 in currency for the following
morning as soon as the safe was
opened and special train chaCtered
on the Burlington at an expense OF
$3.50, to leave at o'clock and bring
the money to Corning. The details
were all arranged and further ar
rangements were made to secure
100000 more and have it here Tues
day morning, but it proved not neces-
sary. This shows that solvent bank
can get funds when in need of them
hor
necessarily mean that it must sus-
ped.
Monday morning about $4,000
were withdrawn before the people
became easy and the question settled
down. 1t was announced that there
would be special train here about
1890 and the news spread rapidly;
still some people were nervous and
withdrew while others made depos-
it's, and there were all kinds of ru-
mOrs afoat. The train was due to
leave Omaha at o'clock but it was
delayed and left at 1925 and when
near Emerson the engine broke down
and it took an hour and a half to
got it repaired and it arrived in Corn
ing after noon. On the train were G.
E. Haverstick, assistant cashier OF
the U. S. National bank of Omaha;
C. F. Brinkman, assistant manager
of the credit department; ]. 0. Ward
paying teller; John Caldwell, John N.
Baldwin and H. L. Lord. Our illus
trations are good representations of
the arrival of the train and the enter
ing of the bank with suit cases filled
with money. They can not be men
toned as .suit case merchants from
CrestOn.
When the suit cases were opened
and the 100000 counted and placed
on the counter, together with the
So, 200, people realized that the
bank had ample funds for all Corners
and when they found they could get
their money they did not want it and
went away satisfied. The run was
of. The large sum of money enough
to wad a German siege gun, was a
sumner and the management of the
bank did a wise thing when they
took the course they did. The time
locks on a city bank are set on Sat