2947. Iowa Savings Bank (Fort Dodge, IA)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
savings bank
Start Date
January 4, 1931
Location
Fort Dodge, Iowa (42.497, -94.168)

Metadata

Model
gpt-5-mini
Short Digest
0183c2e0625401d0

Response Measures

None

Description

Multiple January 1931 newspaper accounts report the board of directors voted not to open the Iowa Savings Bank after a continuous 'run' caused by 'circulation of injurious rumors.' No article mentions a reopening or receivership, so it is unclear whether the suspension was permanent.

Events (2)
1. January 4, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Circulation of injurious rumors leading to continuous withdrawals and a run on the bank.
Measures
Board voted not to open bank doors to protect loyal depositors.
Newspaper Excerpt
board of directors of the Iowa Savings bank...gave reasons as the circulation of injurious rumors. decided and continuous run on the bank
Source
newspapers
2. January 5, 1931 Suspension
Cause
Rumor Or Misinformation
Cause Details
Directors voted to close (not open) the bank following continuous withdrawals triggered by injurious rumors.
Newspaper Excerpt
board of directors of the Iowa Savings bank voted not to open the bank for business today...to protect loyal depositors following continuous 'run' the bank caused by 'the circulation of injurious rumors.'
Source
newspapers

Newspaper Articles (4)
1. January 4, 1931 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, January 4, 1931

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Article Text

THREE ARE HURT IN AUTO MISHAPS Ray Murphy's Child Injured When Car Overturns After Collision. Three persons were injured. none seriously. in accidents reported Sunday to Des Moines police. Leone Murphy. 4. daughter of Mr. and Mrs. Ray Murphy. 3309 Pleasant st., was injured when the Murphy car was overturned at Thirty st. and Iola ave., In collision with car driven by W. W. Young, 56, of North Liberty. Paul Welton, 30, of East Fifteenth and Lyon streets. was injured when a car in which he was riding with Thmoas Cook, 40, of 2445 Lyon st. collided with car driven by Roy McManus, 20, of 1212 Fifteenth st. The accident occurred at East Twelfth st. and Grand ave., at m. McManus was arrested by poon the capitol extension grounds after Cook and Welton reported to them that he fled after the accident No charges had been filed against him late Sunday but be was being held for investigation to Inspector of Detectives H. Pederson The third accident occurred at Johnston, 16 miles northwest of Des Moines. when cars driven by Adelaide Laird. 60. of 1823 Oak land ave., and Edwin Stewart, 19, of Adelphi, collided. An un identified woman. passenger with Stewart. was bruised. FORT DODGE DIRECTORS VOTE TO CLOSE BANK (Register's Special Iowa News Service.) FORT DODGE-T board of directors of the Iowa Savings bank, meeting Sunday noon. voted not to open the bank's doors for business this morning C. B Smeltzer, president and chairman of the board of directors, save reasons as the circulation of in jurious rumors. decided and continuous "run on the bank and an effort to protect loyal depositors According to the Iowa bank directory. the institution is capitalized at 000 and has deposits of $1,278,367

2. January 5, 1931 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, January 5, 1931

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Article Text

CENTRAL in Last Statement Deposits of One of Five Depositories in Town. FOUR SUSPENSIONS IN INDIANA TOWNS Two at Indiana Harbor, and One at 000 Depository at Zanesville, Central Trust Co. of Charles, one of five banks closed today by action of the Board of Directors. notice on the door stated that the directors' action was "owing to constant withdrawals and to conserve the assets for the benefit of depositors. Willbrand, secretary of the company, said the company solvent. Its capital stock is $100,000, been increased from $50,000 ago. Its last stateyear ment, Dec. 10, deposof and loans of $838,267. of which $138,904 on real estate security and the mainder on personal and collateral security. The statement showed the total assets and of liabilities as listed $50,000 plus and $8056.08 undivided The resources include $58,454.57 bonds, which $1251 are Government bonds, State, county and municipal bonds, $1855 foreign bonds and bonds of railroads and public service companies. The trust company's building at 103 South Main street valued at Dr. Wentker president of the pany. dividend of $2 share little more than month ago. by depositors of the trust company had been gradual. and had not attracted general tention. The State Finance Department City, on being notified of the closing of the trust company, sent W. Chapman, bank examiner, take charge for the department. Fort Dodge Bank Suspends Due Rumors." DODGE, Jan. board directors of the Iowa Savings Bank voted not open the bank for business today. Cirof injurious rumors, decided "run" the bank and effort to protect loyal depositors were given reasons for the move, according to statement by Smeltzer, The Iowa bank directory lists the bank's deposits at Zanesville (O.) Depository Closed; Is Cause. Associated Jan. Security Bank closed day by Gray, State Superintendent of Banking. The superintendent said that "frozen loans" and depreciation in bond accounts had caused closing. At the close of business last Saturday the State curity Bank had resources capital of and surplus and undivided profits of $70,000. Four Indiana Depositories Close Doors; Gary. Ind., Jan. Four Indiana banks failed to open for today, Luther Symons, State Banking Loss deposits given the cause for the closings. The banks closed today are: The the First Indiana State Bank Gary, Ind., capitalized at Citizens' Trust and Savings Bank, Indiana Harbor, capitalized at $100,000; Indiana State Bank of Indiana Harbor, capitalized Bank of Huntertown, len County, capitalized at Two Small Illinois Banks Close for Ill., Jan. Closing of the State Bank of Yale Jasper and the Joppa State Bank in County today by State Auditor of Oscar Both banks closed examination and adjustment.

3. January 5, 1931 Lincoln Journal Star Lincoln, NE
Article from Lincoln Journal Star, January 5, 1931

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Article Text

VOTE TO CLOSE BAND. FORT DODGE, Ia. (/P). The board of directors the Iowa Savings bank meeting Sunday voted not to open bank for business Monday. Circulation of injurious rumors, decided "run" on the bank and an effort to protect loyal depositors were given as reasons the move. The Iowa bank directory lists the bank's deposits at $1,278,367.

4. January 5, 1931 The Courier Waterloo, IA
Article from The Courier, January 5, 1931

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Article Text

officiating Burial will be in the Lincoln He survived by his widow and eight children Domestic Animal Claims Domestic animal claims amount ing to were allowed by the Grundy county board of supervisors This was for damage done to livestock the county in December by Clapsaddle Bockes. Miss daughter Mr and Mrs. Harvey Bockes Grundy Center and Dale Clapsaddle Mr. and E. Clapsaddle the bride's home New Year's day Ia. officiating The couple were attended by the Floyd Rouse and and Mrs. Elliot She was attired blue silk chiffon trimmed in cream delicious luncheon was served to 36 relatives intimate friends The young couple will reside on farm near Liscomb BANK AT FORT DODGE CLOSED BY "RUMORS" Fort Dodge Iowa Savings bank failed to open its Monday reason of decision its board directors The board in meeting at noon Sunday decided that the should be closed to protect loyal depositors following continuous "run' the bank caused by "the circulation of injurious ru-