Tipton National Bank (Tipton, IA)

View Charter #13232 on SPMC View balance sheet

Episode Information

Episode UID
1323201597
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
132320 national
Charter Number
13232
Start Date
January 18, 1933
Location
Tipton, Iowa (41.770, -91.128)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
27a6d087706d28b4

Response Measures

None

Description

Bank suspended Jan 18 under a banking holiday and plans/steps to reopen (including conversion to a state charter) are described.

Events (5)
1. August 20, 1928 Chartered
Source
historical_nic
2. January 18, 1933 Suspension
Cause
Government Action
Cause Details
Suspended on Jan. 18 under a two-week banking holiday (state/local holiday)
Newspaper Excerpt
The bank suspended !business Jan. 18 under two week banking holiday
Source
newspapers
3. January 26, 1933 Reopening
Newspaper Excerpt
Tipton National Reopening ... Many Sign Waivers. ... plan whereby the bank may reopen and to serve this community are asked to sign depositor's waivers whereby they agree to place 50 per cent of their deposits for period five years ... It was announced that as soon the necessary were signed the would [reopen].
Source
newspapers
4. February 17, 1933 Reopening
Newspaper Excerpt
that the former Tipton National bank might open Saturday morning as the Tipton State bank ... A new charter for the state bank was reported to be in process of formation, upon the completion of which the bank is expected to open under state supervision ...
Source
newspapers
5. June 8, 1933 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (6)
1. January 26, 1933 The Muscatine Journal Muscatine, IA
Article from The Muscatine Journal, January 26, 1933

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Article Text

Tipton National Reopening Depositors Show Inclination to Accept Conditions; Many Sign Waivers. Tipton busiattended meeting callthe Tipton Chamber Commerce, in dining room the Tinton hotel, Monday purpose of passing plans for the the Tipton National bank which, other banks of Cedar county has holiday until Feb. The by James Des Moines attorney, who explained plan whereby the bank may reopen and to serve this comare askeds to sign depositor's whereby they agree place 50 per cent their deposits for period five years, per cent interevery six months. The other 50 per cent be used to purchase like amount of least desirable sets of the bank, which are to be liquidated an orderly manner and dividends paid depositors fast funds are available. This last 50 per cent is to be placed trust fund, in charge of HarDodds, farmer west Tipton, CasterTipton attorney, and Rumble, former business man and present employee the bank. The directors of the bank, in turn, pledge the earnings the bank, during the period liquidation, to make any defiand be paid the stockholders during this period. The 50 per cent which placed in time deposits is pledgmost desirable assets the bank. The Tipton Chamber of Commerce the plan and committee was cure signers the depositor's similar meeting, which was held in the high school here Tuesday evening, attended by 300 depositors of the bank. The plan to the group able taken. It was announced that as soon the necessary were signed the would Bank who were pointed out that, under the as proposed, Tipton would have run proof which would able serve this community without fear. Deposits made after the bank reopens will not be bound by any depositor's agreement and loans can be deposits now in the bank order that there be no hardship to the depositors. While securities the bank are said to be sound, they could not be dumped on to the market the present time withthe depositors. Foreclosures, forced, would entail hardship to both the borrower but, it was exorderly over longer period, would be for the best interests all concernrealization of full 100 cent by the depositors not Similar plans are being adoptin other towns the county no trouble being found securing signers of the agreements. Each bank will open as soon as its depositors have signthe expected that will week. In the the Union Trust and Savings bank of 100 cent per signing of agreements fore-

2. February 17, 1933 The Muscatine Journal Muscatine, IA
Article from The Muscatine Journal, February 17, 1933

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Article Text

State May Open Bank at Tipton Former National Bank Reported Forming State Charter; May Open Saturday. (Journal News Service.) that the former Tipton National bank might open Saturday morning as the Tipton State bank were seen here today if present plans are completed. A new charter for the state bank was reported to be in process of formation, upon the completion of which the bank is expected to open under state supervision as outlined in senate file 111. The bank suspended !business Jan. 18 under two week banking holiday, which was later extended two weeks, and on Wednesday night was extended two more days.

3. March 5, 1933 Chicago Tribune Chicago, IL
Article from Chicago Tribune, March 5, 1933

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Article Text

EVERY STATE JOINS IN MOVE TO SAVE BANKS Take Holiday or Impose Restrictions. Wilmington, Del., March 4.-(P)Delaware, the last of the nation's 48 states not under form of banking restriction, declared bank holiday tonight, e.ective Monday and continuing until further notice." Harold W. Horsey, state banking missioner, said Gov. C. Douglas Buck had directed him to notify all banks in the state as follows: Not of anything that has in tion but wholly because of the action practically all the other in declaring bank holiday and the observance thereof by the Federal Reserve bank, this bringing about temporary suspension of banking business over the country, am with no alternative to take action protect Delaware banks and their depositors. Wisconsin Plans Reopening. Milwaukee, Wis., March 4.-[Speof this city and Wisconsin are making plans to reopen next week, but on what day had not been determined tonight. In Madison, Banking Commissioner Arthur Kingston said that plan has been devised for reopening Wisconsin banks morning, although he withheld details of the plan pending an expected President at Washington on the situation. hand, Walter Kasten, president the First Wisconsin Na. tional member of committee appointed by the Milwaukee Clearing House association to work out plan, said the Milwaukee banks will not reopen until Wednesday at the earliest, and then probably will operate under scrip plan similar to that used in 1907. In the meantime the fourteen day bank holiday proclaimed by Gov. R. G. Schmedein effect. No Holiday in Indiana. Indianapolis, Ind., March 4.-[Spebanks, under the bank code recently rushed through the state legislature, have the power to limit withdrawals one-tenth per cent. Therefore, no state-wide bank moratorium will be declared in Indiana Gov. Paul McNutt today informed state officials from Washington, where he attended the inaugurabanks today continued to pay per cent and 100 per on deposits made they declared per cent withdrawal last Monday. few upstate banks have limited withdrawals to per cent. Plan Michigan Reopening. Detroit, Mich., March 4.-[Special.] -There up of banking anxieties Detroit the tion of the state legislature on relief bills which are scheduled be passed on Monday They should become laws not later than next Saturday and thereby permit banks re-open and permit another withdrawal of funds amounts to decided upon. Operations in Detroit will be immediresumed by the First National bank and the Guardian National Bank of Commerce. Iowa Proclaims Holiday. Des Moines, Ia., March 4.-[SpeGov. N. G. Kraschel today ordered moratorium effective once. In his proclamation the lieutenant governor set no definite time, declaring only temporary banking holiday mandatory for all Iowa banks, savings banks and [Continued on page 6, column 8.]

4. March 6, 1933 The Courier Waterloo, IA
Article from The Courier, March 6, 1933

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Article Text

IOWA'S BANKS BE PERMITTED TO RAISE BAN FRIDAY Will Not Be Allowed to Open Before Under Permission from Treasury. NEED RESERVES TIED UP IN CHICAGO BANKS Use of Clearing House Scrip Will Afford Means for Circulation. Des bank holiday effective until the ban on withdrawals from New York Chicago banks is lifted. Lieut. Gov. N. Kraschel said Monday. reserves of Iowa banks are held by national banks in Chicago and New York," Kraschel said. "Until those reserves are available, Iowa banks that opened would be exposed the dangers of withdrawals, particularly business organizations which might wish obtain money from Iowa deposits for use in other states.' It was indicated that Iowa situation will continue unchanged at least until Friday. earliest when congressional action could lift the Iowa's banking holiday remained despite the terms of President that liquid banks remain open during the holiday given permission by the secretary treasury. Agree To Keep Banks Closed. Lieut. Gov. Kraschel early Monday Iowa banks will not permitted to take advantage that provision the president's proclamation that the state hollday will remain in effect on all Iowa Agreement to the Iowa clamation force reached in telephone between Lieut. Gov. Kraschel and Gov. Clyde Herring, who in Washington. Officials the Iowa Bankers association met here Sunday for discussion of legislation to be considered by the legislature which reconvened Monday following week's recess. Fred Figge of Ossian, president the said the legislation would deal with methods of bank withdrawals after the holidays are suspended. Details of the proposals could not be discussed, Figge as they discussed further with the banking committees Monday. Two Banks Told To Stay Shut. Bank officials discussed the issuance clearing house certificates as provided for in President Roosevelt's Information concerning the certificates, which would be issued under regulations the Chicago Federal Reserve bank, was expected Gov. Kraschel said he had ordered officials two Iowa banks to observe state holiday not to open their banks today had declared they would do. Henry M. Carpenter, president of the Monticello State bank, and Robinson, assistant cashier of the Anita bank Anita, were ordered Mr. Kraschel to open Monday. Must Restrict Openings. Des Moines Reopening of banks the nation must be on restricted payment basis, Andrew, state of banksaid "There no question, he said in formal statement, "that when the banks the country be restricted payment and with use, in many cities, of banking scrip consisting of clearing Such scrip, he asserted, will provide medium for cities in which issued. This scrip, promise pay all the banks in clearing and has behind good assets cover the entire Calling upon public to face (Continued on page column seven

5. March 6, 1933 Ames Tribune Ames, IA
Article from Ames Tribune, March 6, 1933

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Article Text

IA. BANK HOLIDAY WILL CONTINUE (Continued from Page One) from Washington, it was believed. The banking holiday, also added incentive to the stamp money plan which originated at Hawarden, Ia., and which, due to legislative action 10 days ago, may now be set in motion by every county in the state for poor relief. Some amendment to this law to make it applicable to present conditions was suggest ed to legislators. Kraschel, however, said that no emergency legislation by Iowa was necessary. The state, he said, had already set its financial house in order and would be ready to proceed with normal bank business at the expiration of the national holiday. Kraschel telephone Gov. Clyde L. Herring, who is attending the governors' conference in Washing ton. before announcing early Monday that the lowa proclamation closing banks until further notice would be rigidly enforced. Several score banks throut the state, it was said, were prepared to open their doors at the first possible op portunity in spite of the proclamation of the lientenant governor, and had closed temporarily only under protest One bank. the Iowa-Des Moines National here. had announced Datly that it would re-open Wednesday. In view of President Roosevelt's proclamation however, this plan probably will be changed coincide with present developments. l'ending a readjustment of emergency money matters, merchants scrip, several kinds of barter and agreements honoring checks of roliable firms in Heu of cash, were being worked out in individual cities thruout the state Kraschel urged that all business in honoring these until lowa's banks reopen.

6. March 8, 1933 The Gazette Cedar Rapids, IA
Article from The Gazette, March 8, 1933

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Article Text

Iowa Maintains Solid Front In Banking Crisis DES MOINES Gov. ernor Kraschel announced shortly after noon Wednesday that all Iowa state and national banks were closed to conform with the state Several of the banks which opened accept new deposits discontinued the after conversations with state Kraschel The banks may continue to make change allow patrons to use their safety deposit position extremely Kraschel said He bankers for their and said that Governor Herring in has kept hourly contact with the Iowa "Within few days and sounder banking arise for the service of the he His statement was as follows: Iowa banks are closed strict conformity with the state The operation that they have shown upholding our hands gives us hope of obtaining release of Iowa money in Chicago and New York It is that of our banks were to and permit als of our position would be lost is unfortunate that America's business should be but Iowa's position is extremely strong in such have food products that the the country and we would weak indeed did not demand the of sound currency for our own funds now in city banks before normal business resumed do not seek an unfair vantage of sister states but the present bank crisis is due to tation and unsound banking in higher circles over which had no blame for this therefore would be weak failed our position at this time for the protection of our own people. "President Roosevelt forward and manner Gov. Herring hourly with advising as to the Within few days new sounder banking structure will for the of the nation We need to be tient but few days and the loyalty of our ers and the patience our peoin the maintenance of our state program. DUBUQUE BANK OPEN. DUBUQUE (AP)-The First tional here for open business Wednesday despite advice from Lieut Kraschel that should Iowa banks, both state national, closed with the state banking holidty.