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IOWA BANK IS CLOSED: BLAME FROZEN ASSETS CHEROKEE Dec. First National bank here failed open for business Monday., Frozen assets were named as the cause of closing. The bank was capitalized and carried listed of $750,000. JEFFERSON CLUB Mo., Dec. meeting has been called here for Friday, January organize county Jefferson Louis Stigall has accepted an to speak at the meeting.
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BANK AT CHEROKEE FAILS TO OPEN DOORS (Resister's Special Iowa News Service.) CHEROKEE- The First National bank of Cherokee falled to open its doors Monday morning The bank's affairs have been turned over to G. W. Baugh, national bank examiner Officers of the bank blamed "frozen assets According to Iowa bank directory, the First National bank at Cherokee was capitalized at $100. 000 and had deposits of $1,442, 622. L. F. Parker is listed as president. Meriden Bank Closed. News MERIDEN declared solvent by bank examiners a few days ago, the Cherokee State bank of Meriden closed its doors Monday morning officers said the action was taken to protect depositors. Officers are Lloyd Sangwin, president, and Loris Ferrin. cashier. The bank was capitalized and listed deposits of $150,000.
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NEW YORK BOND PRICES NEW YORK CURB MARKETS 51 SWINE MARKET HITS NEW LOW CORPORATION BONDS. CLOSE ACTIVE AT First Million Share Day Since Nov. 10. 911 EARLY DECLINE NEW YORK (/P)-The curb market was pounded further into Prices 10 to 15 Cents Un- new low ground in the first 1,000,000 share day since Nov. der Monday Average. 10 Tuesday The oils were most conspieuQuotations by United States Department ously weak several issues break ing sharply, in sympathy with CHICAGO (AP) Hogs Tuespetroleum issues on the big board. receipts, 27,000 in LAMBS The day's total transfers aggrecluding 4,000 direct: closed fair 73 25 active at early 10@ 15c decline: gated 1,030,500 shares. or 260, bulk all weights 300 more than Monday's. KANSAS $7 Vaeuum Oil tumbeld 111 points ship to 452 and closed at 471. As estimated holdover this carried the stock far out of good and line with the exchange agree160 ment for merger with Standard of 160 to lbs. 10 New York which amounts to one medium good Vacuum for three Standard, some heavy head apprehension was aroused over 350 $7.65@ the prospect of concluding the packing medium and merger which has been queslbs $6.65@ tioned by the of jusslaughter good and tice. Standard of New York 100 to 130 losed on the big board at 20. Cities dropped to new TIVE SALES low at 132, and closed at 141 off 11 Galf and Standard of Nebraska dropped about and Humble points, to new bottom price Indiana sold off a 66 point and closed off net. In the utilities American Gas tumbled points. but held about point above the year's low head Electric Bond and Share dropped general fed steers to she $12.50 NEW YORK Ruberoid Co and 600 to Gold Prod 300 to 00 RAILS HOLD AS and 600 good choice 550 to 850 BONDS RESUME and 50 good and 25 common medium low A LOWLY TREND and excluded good Pa (beef) to medium New Crop of Lows Hit in (milk fed) good. and 10 Day's Trading. cull and common 50: stocker and feeder Steers good and NEW YORK Bonds sumed their downward and medium Tuesday and with the exception 00 of some investment issues, partie ularly those in the carrier group were lower at the close of a very busy session Several score domestic and for eign loans were included in crop of new 1930 lows which day trading brought In sections many changes were istered in points. The outstand weak spots were domestic bonds that follow the trend head stocks and Latin American issues steady to choice fat 15c higher Few Plus Signs. better grade 35 United States government $8 50 choice fed yearlings failed to maintain the advance fat native which developed in Monday ses few $3.75 slaughter sheep and sion but the few hat 90 DOMESTIC BONDS. curred were of the smallest vari good and ety The relatively few plus 50 all weights sprinkled through the bond 90 were mostly in legals and a few medium second grade rails that have yield all and ed the most ground in the autumn common feeding decline good and The steadier tone that has de veloped in investment issues wide ly held by commercial banks has encouraged the belief in financia circles that selling by the banks to improve their liquid condition had Selling of Latin American and European issues broadened in Tuesday's session and was tributed to the nervousnes spired by the revolution in Spain and reports showing the affect of the worldwide depression on se EAST eral countries Losses of one to points were numerous but the sharpest tumble was taken by Bolivian governments They de clined seven to nine points, all to new lows for the year. A commis sion is conferring with New York bankers in an effort to obtain adjustment of service on the debt which amounts to approximately Foreign Bonds Drop. Several Peruvian joined the Bolivian group new low ground for the Italian and bonds of yielded to New for the registered by Rhine Cologne City 618 and Berlin 618 German and Italian heavily traded and each sagged dozen stock privibonds to and in the losses registered points. The same was third grade and domestics Even among the best the lished month in infrequently traded obligations AVERAGES BONDS Hog Futures TUESDAY LIGHTS Grade March MEDIUMS March HEAVIES March Bank Receiver Named Special Iowa News Service) Lorne F Parker, Sept cashier of the First National bank Cherokee. has been appointed receiver of the closed Exchange of There's a conspiracy to kill Santa laus Read all about it in the Big Red line story in next Sunday Des Moines SunCordoba day Register.
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(CONTINUED FROM PAGE ONE) least 100 more mank failures, based on a statement of the editor of the Journal of Commerce, is beginning to be borne out by the report that four anks crashed on the very day the Daily Worker printed this statement. Three mid-West banks, two in one Iowa county, with deposits of $1,000,000 closed their doors Monday. The First National Bank of Cherokee, Iowa, with $750,000 in deposits failed. The Cherokee County State Bank at Meridan, Iowa, also shut down. In Illinois the Ina State Bank smashed. N.C. Bank Crashes. Another bank in North Carolina closed its doors. More than a dozen in that state have already failed within the last month. The latest to close its doors is the Bank of Mars Hill, which had deposits of over $163,000. So serious has the anking situation ebcome in the United States that Thomas W. Lamont, partner of J. P. Morgan and Co., was forced to make a speech at the Stock Exchange Monday to quiet down the growing nervousness and to attempt to bolster up waning confidence. Lamont, in the course of his remarks said: "This last week has been one o fespecial concern for the New York community, because of a bank suspension of considerable proportions." Boss Press Hid This. This is an admission that was never made in the capitalist press. Every boss newspaper in the United States played down what Morgan's partner. admits has caused Wall St. "especial concern." Even Lamont does not egin to bring out the real seriousness of the banking situation occasioned by this big bank crash. Hooked up with the rapid downward swing of all basic industries, the future of American capitalism is black. In order to stiffen the masses' belief in the indestructability of the capitalist financial system Lamont was forced to say to his fellow parasites, who didn't believe him for a minute, "You know as well as I that the leading banking institutions of this city are sound, strong and a bulwark to the community. You know that the Federal Reserve Bank of New York is a tower of strength." Same As Hoover's Lie. This is exactly what Lamont, Hoover, Klein, Barnes, and more than a hundred other of the leading osses said. about the banking system months and weeks before the largest bank crash in U. S. history took place. The same line was handed
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"LOAN" PROMISE PROVES FAKE; MORE BANKS CRASH; MORGAN HEAD LIES (CONTINUED FROM PAGE ONE) out by Hoover and Co. about the economic crisis.-Facts proved they least 100 more mank failures, based were liars. Facts will prove that on a statement of the editor of the Lamont is just a plain liar. Being Journal of Commerce, is beginning closely connected with Wall Street, to be borne out by the report that and knowing the inside of the bankfour anks crashed on the very day ing situation, he knows that the the Daily Worker printed this statetruth is exactly opposite to what he ment. says for publication. Three mid-West banks, two in one Lamont's statement about the Iowa county, with deposits of $1,banks is exactly in keeping with 000,000 closed their doors Monday. Hoover's promise of "prosperity in 60 The First National Bank of Cherdays" last March. The workers should okee, Iowa, with $750,000 in deposits have as much confidence in Lamont failed. The Cherokee County State as they now have in Hoover's "magic Bank at Meridan, Iowa, also shut 60 days" promise. down. In Illinois the Ina State Bank Killed News of Runs. smashed. N.C. Bank Crashes. At no time immediately after the closing of the Bank of the United Another bank in North Carolina States did the capitalist press admit closed its doors. More than a dozen that there was a wholesale run on in that state have already failed other banks. Now this news is bewithin the last month. The latest ginning to leak out. The Journal of to close its doors is the Bank of Commerce (Dec. 16) says: Mars Hill, which had deposits of "Runs on branches of local over $163,000. banks in sections of the city where So serious has the anking situation the greatest nervousness prevailed ebcome in the United States that at the end of last week, chiefly Thomas W. Lamont, partner of J. where foreign-born residents preP. Morgan and Co., was forced to dominate, were said to have abated make a speech at the Stock Exchange markedly, and in many cases to Monday to quiet down the growing have ended." nervousness and to attempt to bolsSo far as the capitalist press is ter up waning confidence. concerned they never existed. The Lamont, in the course of his refact is, as admitted by the Jaurnal marks said: "This last week has been more than $100,000,000 was drawn out one o fespecial concern for the New of Commerce, in the past five days York community, because of a bank of ohter banks in the run that folsuspension of considerable proporlowed the smashing of the Bank of tions." the United States. Boss Press Hid This.
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3 NAMED ATTORNEYS FOR BANK RECEIVERS Special The Tribune D N Jepson has been attorney for the of the First Na tional bank of Sioux City the same time, Robert E. Pike has been attorney for the receiver of the Sioux City Na. tional bank. Both are widely known Sioux City attorneys D. Meloy has been named at torney for the receiver for First National bank at Cherokee Ia.
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"LOAN" FAKE; BANKS CRASH; MORGAN HEAD PAGE ONE) least 100 mank failures, based statement of the editor the on Journal of Commerce, is beginning be borne out the report that to four anks crashed on the very day the Daily Worker printed this statement. Three banks, two in Iowa county, with deposits 000,000 closed their doors Monday. First National Bank of CherThe Iowa, with $750,000 in deposits okee, The Cherokee County State failed. Meridan, Iowa, also shut Bank down. Illinois the Ina State Bank smashed. N.C. Bank Crashes. bank in North Carolina Another its doors. More than dozen closed that state have already failed last month. The latest within the doors the Bank close its Mars Hill, which had deposits over $163,000 the anking situation So serious has the United States that ebcome Thomas Lamont, partner and Co., was forced Morgan make speech the Stock Exchange quiet down the growing Monday and to attempt to bolster waning confidence. in the course of his Lamont, marks said: last week has been fespecial concern for the New because of bank York community, of considerable suspension tions." Boss Press This. This an admission that was never made in the capitalist press. boss newspaper in the United Every States played down what Morgan's admits has caused Wall partner. "especial concern.' Even Lamont does egin to bring out the seriousness the banking situation occasioned this big bank crash. Hooked up with the rapid downward swing all basic industries, the of American capitalism black. ture In order to stiffen the masses' in the the financial system Lamont capitalist forced to say his fellow who didn't believe him for minute, know well leading banking institutions city sound, strong and the You know bulwark the Federal Reserve Bank York tower of strength." Same Hoover's Lie. exactly what Lamont, HooThis Barnes, and more than hundred other of leading about the banking system and weeks before the largest months bank crash history The same line was handed out by Hoover and Co. about the proved they liars. Facts will prove that Lamont just plain liar. Being closely connected with Wall Street, and knowing the inside of the banking situation, he knows that the truth exactly opposite to what he for publication. Lamont's statement about the banks exactly keeping with Hoover's promise of "prosperity in last March. The workers should have much confidence in Lamont they now have in Hoover's "magic promise. Killed News of Runs. At no time immediately after the closing of Bank the United States did the capitalist press admit that there was wholesale on other banks. Now this news beginning to leak out. Journal (Dec. 16) "Runs on branches of local banks in sections the city where the greatest prevailed at the end last week, chiefly where residents predominate, said to have abated markedly, and in many cases So far the capitalist press concerned they never existed. The admitted by the Jaurnal than was drawn Commerce, the past five days ohter banks in the that followed the smashing of the Bank the United States.