3032. Iowa Savings Bank (La Motte, IA)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
savings bank
Start Date
January 6, 1931
Location
La Motte, Iowa (42.296, -90.621)

Metadata

Model
gpt-5-mini
Short Digest
caee114406bfd057

Response Measures

None

Description

A run occurred after a nearby bank in Lamont closed; depositors in La Motte, confused by the similar name, ran on Iowa Savings Bank. Bank suspended payment by order of its board for protection and articles state it was in sound condition and would probably reopen.

Events (2)
1. January 6, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
False reports/cry that a bank had closed in nearby Lamont (similar name), prompting depositors to run on the La Motte bank.
Random Run
Yes
Random Run Snippet
False 'Bank's closed' cry from Lamont closing; similarity of names caused run
Measures
Bank closed doors/suspended payment; suspension by order of board for protection of depositors.
Newspaper Excerpt
The cry of Bank's closed! rang over La Motte today... Depositors staged a run on the Iowa Savings Bank here
Source
newspapers
2. January 6, 1931 Suspension
Cause
Rumor Or Misinformation
Cause Details
Suspension ordered after run triggered by false reports of a bank closure in Lamont (name confusion); described as closing for protection though bank was in sound condition.
Newspaper Excerpt
The Iowa Savings bank here suspended payment late Tuesd by order of the board of directors
Source
newspapers

Newspaper Articles (5)
1. January 7, 1931 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, January 7, 1931

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Article Text

SCHOOLS TO PAY BYRD TRIBUTE Students to Send Greetings to Explorer. Des Moines school children will co-operate in a move to pay tribute to Rear Admiral Richard E. Byrd when he speaks before the department of superintendence at Detroit, J. W. Studebaker, superintendent of schools here, announced Wednesday. School children from every state will send letters of greeting to the/explorer. One letter will be sent from each school in Des Moines. The formulating of the letters will afford students an opportunity to study historic and scientific results of the polar explorations of Admiral Byrd. BANK SUSPENDS PAYMENT. The Tribune's Iowa News Service.) LAMOTTE-The Iowa Savings bank here suspended payment late Tuesd by order of the board of directors The bank is capitalized nt $40.000 and has deposits of $360,000. according to W M. Hayes vice president M Mahoney is president. Lamotte is in Jackson county. 2 WISCONSIN BANKS CLOSED. banks, the Citizens' Bank of Monroe. and the State Bank of Robcrts at Roberts, Wis. failed to open Wednesday, the state bank ing department announced. The Monroe bank had deposits of $1.363,000. while the Roberts institation amounted to $67,500. MYSTIC BANK CLOSED. MYSTIC. IA. (P)-The Mystic Industrial Savings bank closed Wednesday and was placed in the hands of receiver report to the state banking department last June showed deposits of $175,000.

2. January 8, 1931 The Albert Lea Tribune Albert Lea, MN
Article from The Albert Lea Tribune, January 8, 1931

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Article Text

Two Banks in Iowa Close After Run Des Moines, Ia., Jan. banks closed during the last Iowa two days, one as the result of run which followed the closing of um bank in town of similar name. a ter Officers of the Iowa Savings Bank in La Motte said run on their bank resulted from the closing of bank in Lamot Monday. They said the La Motte bank was in sound condition and had closed as safety adding that it would probably reopen soon. The other bank close was the Mystic Industrial Savings Bank of Mystic, whose affairs were turned over to the State Banking department. You would never guess they are lame ducks from the speed with which they are running after fed-

3. January 8, 1931 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, January 8, 1931

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Article Text

SIMILARITY OF NAMES RESULTS IN RUN ON BANK IN IOWA TOWN LA MOTTE, Iowa, Jan (A. P.)-The cry of "Bank's closed!" rang over La Motte today. The closed bank, however, was in Lamont-but the damage was done. Depositors staged run on the Iowa Savings Bank here and the doors were closed. Officials said the bank was in excondition and the closing was for protection of depositors.

4. January 9, 1931 Evening Star Washington, DC
Article from Evening Star, January 9, 1931

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Article Text

Bank Closes to Thwart Run. LA MOTTE, Iowa, January 9 (P).The cry of "Bank's closed" rang over La Motte Wednesday. The closed bank was in Lamontbut the damage was done. Depositors staged a run on the Iowa Savings Bank here and the doors were closed. Officials said the bank was in excellent condition and the closing was for protection of depositors.

5. January 9, 1931 Deseret News Salt Lake City, UT
Article from Deseret News, January 9, 1931

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Article Text

Relief Societies Plan Pleasant Grove Meet LA MOTTE. Iowa Jan (AP)- The cry of closed.' rang over La Motte today. The annual teachers' meeting The closed bank however. was the Timpanogos stake Relief society. in LaMont-but the damage was be held Tuesday Jan. 13, at done. Depositors staged run on in the Third ward amusement the Iowa Savings bank. here and the doors were Officials Members from the general board said the bank was in excellent conthe Relief the stake presidency and the bishopries the dition and the closing was for provarious wards will be in attnedance tection of depositors.