Central National Bank & Trust Company (Des Moines, IA)

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Episode Information

Episode UID
1332101599
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
133210 national
Charter Number
13321
Start Date
March 4, 1933
Location
Des Moines, Iowa

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
676f1bfa0cc4ccba

Response Measures

None

Events (3)
1. May 15, 1929 Chartered
Source
historical_nic
2. March 4, 1933 Suspension
Cause
Government Action
Cause Details
Statewide banking holiday/moratorium ordered by Iowa authorities in response to the national banking crisis (Iowa proclamation closing banks until further notice).
Newspaper Excerpt
Des Moines, Ia., March 4.- Gov. N. G. Kraschel today ordered moratorium effective once.
Source
newspapers
3. March 14, 1933 Other
Newspaper Excerpt
All Des Moines banks... open for restricted business. The Central National bank reported $9,000 in gold coin and gold certificates turned Monday, the Bankers Trust Co. $5,000 gold ... (Note: reopening under restrictions/Section 111.)
Source
newspapers

Newspaper Articles (6)
1. 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.]

2. 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

3. 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.

4. March 7, 1933 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, March 7, 1933

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factor for continued operation of packing industry. the "We are buying hogs and will to do as long as we continue said Henry Foster of can," Morrell and Co. at Ottumwa. "This order the secretary of will help the packers the treasury continue to operate." to Seek Usual Number. Armour and Co. and Both Swift and Co. will continue to buy Iowa and subsidiaries of hogs in latter packing firm are the the usual number of ing to buy hogs. The western live stock markets will be taken basis for makof hogs and even ing price of them should close, the some demand for provisions and the of hogs would be supply factor in fixing prices, mining buyers Few to Iowa's assertion of independence the Chicago livestock market by the fact that made possible of the hogs only about this state any terminal from go market and with Omaha and Sioux included in this total City receipts more than 15 to 20 probably not of Iowa's hogs go to per cent cago. Packing Co. at Des The Iowa Morrell Packing Co. at Moines, Ottumwa, M. Sinclair Co. Cedar Rapids, and Iowa buying stations of the Squire Packing Co. East Cambridge, Mass., of nounced that they would continue buying hogs. Orders to Buy. W. Rath of the Rath Packing said that their plans were Co. change but that his subject would continue as long as firm conditions warranted. Brenner, Armour buyer Glenn Six, Swift buyer: and Compton of Valley Junction. conpoint manager, said centration they had orders buy hogs. Cudahy Packing was The hogs Tama Monday buying said that they exemployes that they would resume oppected erations later in the week. They bought hogs the weekend and paid in checks redeemable in cash in Milwaukee. Paying Cash. The Cudahy firm was paying cash for hogs in Milwaukee Monand receipts heavy day there that they halted buying Most packers are extending the privilege to their customers same meat purchases that in making are asking of the shipper and they the farmer. For Currency. Nelson of the Iowa Packing your own foot of this Co. said Monday, Iowa important feature. ing Co. is receiving livestock as for them by order on paying through Central National Bank and Trust These will be redeemed when orders banks resume operations.' In Ottumwa the Morrell Packing Co. issuing low enough so that they may be used in lieu of currency. The Des Moines firm is issuing orders lower denominations, Glut Possible. Stocks of meat and provisions said to low and in the eastare markets prices for hogs ern as much as 50 cents ranged hundred higher Monday Packer buyers expressed the opinion that hog prices might be held on relatively higher basis if orderly marketing were purThey warned that there sued. might be market glut when the holiday comes to an end and the markets are operating on normal basis. The opinion expressed Monday that fear on the part of the packers that some change in the gold standard might be made had caused them lay in supply of hogs this week. Produce Slow. Produce markets were not farwell as the livestock and ing stocks of butter and eggs were accumulating with little outlet for them. Prices of from to cents dozen eggs were quoted throughout Iowa and 10 to 14 cents pound for butterfat. The produce exchange in Chicago was open Monday with ter quoted at 16 to 17 cents and 12 eggs Low storage stocks as reported Feb. 15 by the and the fact that shipments from the try were negligible were taken as an indication stagnation in the markets and prices being paid for butter and eggs might be temporary. Point to Shortage. These facts pointed to shortof the consuming at age produce within the next few days centers conditions continued as they if were The Board of Trade was closed Chicago but there were reports trading in grain country buying points. There were no price but sales were have been on about the said to basis before the exchange same and bank holidays. The Chicago cash market remained open Monday but it is to A officials of be closed after Board of Trade announced the Monday evening

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

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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.

6. March 14, 1933 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, March 14, 1933

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Iowa Banks-- (Continued From Page depositors withdrawing more than $500 in cash. Others to Open Wednesday. National banks and other federreserve member bank smaller cities that upon examinabeen by the tion have department as sound treasury probably will be opened Wednesday for full business without strictions, except as to currency Possibly few outside hoarding. Moines will be opened today. Reopening of these banks is derstood mean that the government's certificate authorizing sumption of business with the implied pledge the federreserve system provide these credit or currency they may need. Under 111. State banks Iowa that are not federal will continue under 111, the new law. As examinations are completed these banks judged sound be released from 111 and those found not sound be reorganized or liquidated. Will List Releases. L. Andrew, state superintendent of banking, said Monday afternoon he would announce some time today the list of state banks which would released from the restrictions of 111. These banks, he said, would be permitted to operate without restrictions. Only banks which are at least 50 per cent liquid will be on the list, Mr. Andrew declared. All But 24 Open. All but 24 of the 626 state banks Iowa opened Monday under 111, Mr. Andrew said. He pected these 24 apply for their today. Delay service kept these banks from receiving applications time to apply for licenses Monday he said. Although state banks were limited Monday under 111 to receipt of new deposits, many banks reported business,' and thousands of dollars were deposited throughout the state. Brisk Business. All Des Moines banks. the six state banks and three federal serve members, open for stricted business. The state banks reported brisk new deposits. The federal reserve expecting open today or tomorrow without restrictions, accepted deposits, but in some cases asked depositors wait until today, when was expected federal licenses would received. Checks Cashed. The Moines National Bank Trust Co. cashed payroll checks Monday, if the checks were written on the bank's own depositors. Gold and gold certificates continued pour hoarding during the day. was estimated nearly $200,000 worth turned Des Moines banks. The Moines National Bank and Trust Co. received $100,000 worth gold coin $40,000 worth of gold certificates during the and shipped the entire amount Monday night to the federal reserve bank Chicago. The bank had shipped out $240,000 last Saturday. Gold Flows In. One package containing $2,000 worth of gold certificates had been "hiding" since 1926, according to the teller's stamp on the package. The Central National bank ported $9,000 in gold coin and gold certificates turned Monday, the Bankers Trust Co. $5,000 gold and in gold certificates from persons are following out government orders to bring in hoardgold. The Home Savings bank report$10,000 in gold certificates and $500 in gold, while the Capital City bank received $5,000 coin and certificates. The First Federal State bank reported between $500 $600 and the University State bank estimated gold receipts at $300. Waterloo Special. The Waterloo Savings bank operated Monday without restrictions under state banking authority. All deposits made and new deposits accepted. Checks were cleared and every of banking business transacted for the first time since Mar. will close tonight with more cash than when we opened this morning. There are virtually no withdrawals," Robert W. Waite, vice president, and Miller, cashier, said Monday afternoon. The bank operated under telegraphic order from the state banking department saying "you are hereby released from the provisions senate file No. 111. Confirmation by