3319. Union Savings Bank (Davenport, IA)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
September 30, 1931
Location
Davenport, Iowa (41.524, -90.578)

Metadata

Model
gpt-5-mini
Short Digest
cc2f189e

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Multiple contemporaneous articles (Sept 30–Oct 2, 1931) describe a run on the Union Savings Bank in Davenport. The bank remained open, paid on demand, extended hours, used an orchestra and civic appeals to calm depositors, and by Oct. 2 was reported back to normal. No suspension, receivership, or permanent closure is reported.

Events (1)
1. September 30, 1931 Run
Cause
Local Banks
Cause Details
Panic and heavy withdrawals spurred by recent banking disturbances in nearby Rock Island, Moline and other local banks which imposed 60-day notice rules and some voluntary closings.
Measures
Remained open and paid on demand; extended hours; posted an orchestra in the lobby and civic leaders made speeches to calm depositors; accepted withdrawals as possible.
Newspaper Excerpt
Union Savings bank, Davenport, places despite heavy run during day, and remains open extra hours to meet requests of depositors.
Source
newspapers

Newspaper Articles (11)
1. September 30, 1931 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, September 30, 1931

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Developments In Bank Situation Central Trust Savings bank Rock Island closed by action board of directors to conserve interests depositors; representatives of state auditing partment in charge. Manufacturers Trust Savbank, Rock Island Saving and State Bank of Rock Island impose 60-day notice rule stop runs and protect Board of directors of Manufacturers Trust bank to meet this to determine the future policy of institution. group of Rock Island merchants page advertisement expressing confidence in and declaring they will accept payment for purchases savings checks the banks that 60-day notice of withdrawals. Officials and campaign workof membership campaign in expression fidence checks will be accepted on any bank tricities. Bettendorf, industrial leader, named chairman of board American Savings Bank Trust company, Davenport, reorganize during day restriction of savings and commercial deposits. Union Savings bank, Davenport, places despite heavy run during day, and remains open extra hours to meet requests of depositors. Home Savings bank and Northwest Davenport Savings bank announce 60-day deposit withdrawal rule. Same rule adopted Bettendorf bank and Buffalo Savings bank. Peoples Savings Bank Trust Moline. Moline State Trust Savings bank, announce no restrictions withdrawals, does State Bank of East Moline.

2. October 1, 1931 The San Bernardino County Sun San Bernardino, CA
Article from The San Bernardino County Sun, October 1, 1931

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Woman Lost After Swooning in Bank ROCK ISLAND, Sept. Great fear expressed tonight relatives for the safety of Miss Stocker, been missing since she fainted this afternoon in the lobby of the Union Savings bank, Davenport, Iowa. Miss Stocker had just withdrawn her life savings during run the bank when she fainted. She carried out by unknown persons, left in an automobile.

3. October 1, 1931 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, October 1, 1931

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CONFIDENCE BANKING SITUATION REFLECTED AS EXCITEMENT PASSES Hysteria of Yesterday Gives Way Quickly in Rock Island as Public Shows Desire to Preserve Business Structure of Community. RUN ON DAVENPORT BANK BEGINS TO EBB Deere Co. Issues Statement of Confidence in Peoples Savings Bank Trust Company; Moline State Bank Applies Notice Rule. Hysteria and excitement which created turbulent day in quad-city banking history yesterday had disappeared in Rock Island today and was dwindling in Davenport. In Moline the 60-day rule was imposed by the Moline State Trust & Savings bank. Those persons in Davenport who could not be dissuaded from withdráwing their deposits at the Union Savings bank, Davenport, transacted their business to strains of lively music by an orchestra stationed in the bank. Business men, churchmen and civic leaders talked to the crowds and urged a calm view of the situation, and assured skeptical depositors that there was no occasion for alarm. In Rock Island the examination of the Central Trust & Savings bank, occasioned by the voluntary closing yesterday to protect all depositors, was begun under the direction of Jaeger, examiner in charge representing Oscar Nelson, state auditor public accounts. Normal activities in progress at the three other Rock Island banks which yesterday imposed the 60-day notice rule for withdrawal of savings deposits, the Rock Island Savings bank, the State Bank of Rock Island and the Manufacturers Trust & Savings bank. None of the excitement of yesterday was in evidence. Deere Co. Statement. At Peoples Savings Bank Trust company, Moline, persons who entered the banking house handed copy of statement signed President Wiman Deere Co. The statement presses the confídence of Deere Co. the soundness the Peoples Savings Bank Trust announces that Deere the extent of its power and ability, with the cooperation othdepositors, will aid and support the bank." Nearby Iowa communities felt the effect of banking velopments of the last week, when the Peoples Trust Savings bank Clinton, DeWitt Savings bank DeWitt, and the Union Savings bank of Wilton, Iowa, closed, and the bank nounced would require 60-day notice deposit withdrawThe First National bank of business usual. The City bank of Clinton revoked the requirement for 60-day notice of it ready to pay all depositors. Statement by Hallgren. the Trust and bank held ference late after the close of for the day, lowing which Carl issued formal statement follows: Manufacturers Trust and bank in for the purpose of taking over the deposit liabilities bank that had been closed, and for the tection the that Every depositor paid in full. sound carried on its business servative and businesslike "Unusual which vailed yesterday the height of the the closone Rock Island bank quired careful analysis and sideration. directors agement the Trust Savings bank felt that necessary carefully measeffect the developments of the day, in order determine whether further restrictions were necessary full protection of depositors and best interthe community. happy to announce that after the careful and thorough analysis situation, judgment that there no reaany further measure than the requirement the 60-day tice as provided by the state banking for withdrawal savings Manufacturers Trust and Savings bank in position to tinue normal activities, and will continue to serve its customers usual. are gratified by the general expressions confidence and believe that that the public has given calm thought to the will realize that there occasion fear alarm, that measures which have taken for the protection best interests of the depositors the community. "No depositor has ever lost penny of in Rock Island bank in the entire history of the Rock Island depositors who called to sign the notices were shunted from the main banking rooms to private established the They were greeted of the bank talked the situation calmly with them. Very notice of of the amount of deposits. Most of those signed did arrange meeting current and limited the notice to sums estimated actually needed for such purposes. deposits were to the volume greater. Officials reported number of new accounts opened with substantial deposits. Explain Banking Process. handling this situation the best judgment have the welfare of depositors and bank officials told savings account depositors. shall endeavor to impose no hardships there any way avoid them. The banks sound depositors need have no alarm, but bank immediately cash the full amount of its posits. All money deposited us not kept in the vaults. has been loaned perfectly sound security the ordinary course business. The people who borrowed from the banks agreed pay and but they have not many cases tracted to back they rowed in days in six months. Ordinary cash requirements always met, but every depositor be paid full amount deposit 60 because loans made sound can not be collected that In almost all instances the planation the fundamental proof banking the assurance bank officers that depositors need worry ness the banks. resulted in limitation notices normal needs. Those who withdrawal few number. houses accepting savings account checks in Rock (Continued on Page Nine.)

4. October 1, 1931 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, October 1, 1931

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Article Text

Woman Draws Cash, Faints, Lost ROCK ISLAND, III., Sept. 30 (UP) -Great fear was expressed tonight by relatives for the safety of Miss Eva Stocker, 45, who has been missing since she fainted this afternoon in the lobby of the Union Savings bank, Davenport, Iowa. Miss Stocker had just withdrawn her life savings during a run on the bank when she fainted. She was carried out by unknown persons who left in an automobile. Dr. A. M. Stocker of Rock Island notified police when his sister failed appear at home and he learned of the accident. He fears she was robbed.

5. October 1, 1931 Las Vegas Age Las Vegas, NV
Article from Las Vegas Age, October 1, 1931

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Article Text

LIFE SAVINGS, WOMAN VANISH ROCK ISLAND. Ill., Sept. 30. (U.P.) Great fear was expressed tonight by relatives for the safety of Miss Eva Stocker. 45, who has been missing since she fainted this at ernoon in the lobby of the Union Savings bank. Davenport. Iowa. Miss Stocker had just withdrawn her life savings during a run on the bank when she fainted. She was carried out by unknown persons who left in an automobile. Dr. A. M. Stocker of Rock Island notified police when his sister failed to appear at home and he learned of the accident. IN: fears she was robbed.

6. October 2, 1931 The Houston Post Houston, TX
Article from The Houston Post, October 2, 1931

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Band Used to Halt Run on Iowa Bank DAVENPORT. Ia., Music's charms were turned to soothdepositors in the Union Savings bank Thursday as they lined up to their money. The bank the only one in Davenpaying demand. The others, as those in Rock Island, require day notices of with An orchestra was posted in the lobby of the bank opened played lively airs between speeches prominent citizens, pleading with depositors to have confidence in the city's financial institutions.

7. October 2, 1931 The Daily Times Davenport, IA
Article from The Daily Times, October 2, 1931

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UNION SAVINGS BANK BACK TO NORMAL TODAY (Continued from Page One) needed. Their presence was not due to excitement or fear, but normal business requirements. Award School Funds The Davenport school board took action at a special meeting late yesterday to authorize the officers to establish an account at the Union to facilitate financial transactions of the district pending settlement of affairs at the American Savings Bank & Trust Co., which has been the depository of school funds. Similarly steps have been taken by Postmaster Chas S. Lewis to make the Union the official depository of the funds of the Davenport postoffice, deposits of which average about $2,000 a day. Banking conditions in Rock Island, Moline and East Moline were normal today.

8. October 2, 1931 The Los Angeles Times Los Angeles, CA
Article from The Los Angeles Times, October 2, 1931

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ON BANK R SET TO MUSIC Iowa Depositors Listen to Orchestra and Oratory While Lined Up DAVENPORT (Iowa) Oct. 1. (P)-Music's charms were turned to soothing worried depositors in the Union Savings Bank today as they lined up to withdraw their money. The bank is the only one here paying on demand. The others are requiring sixty-day notices of intended withdrawals. An orchestra was posted in the bank lobby and played lively airs between speeches by citizens pleading with the depositors to have confidence in the city's financial institu-

9. October 2, 1931 The Wichita Eagle Wichita, KS
Article from The Wichita Eagle, October 2, 1931

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to Halt Run on Bank Oct. charms turned soothing depositors in the Union Savings bank today they lined up to withdraw their money. The bank is the only one in Davenport paying on mand. The others, well those in Rock Island, require notices of An was posted in the lobby of the today and played lively tween izens, pleading with the deposihave the city's financial institutions.

10. October 3, 1931 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, October 3, 1931

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which expected to exist in the state winter will be given fur Des Moines, Hood, of Rochester. Minn., president of the Northwestern Hotel association, has announced the program the 29th annual convention of that organization, to be conducted here October to Jointly with meetings of the group, sessions of the State Hotel association and the Midland Empire Hotel exposition will be conducted. George Dempsey, of Davenport. president of the Iowa State Hotel will call the 19th convention of his organization to order the Hotel Fort Des Moines. President Dempsey will give the annual address, to followed reports of Secretary S. and Treasurer Business matters take up the rest of the morning session. Wednesday afternoon will be devoted the qualifying round of the annual H. golf tournament the Golf and Country club, luncheon and tea. buffet supper and dance will be given Wednesday evening. Gov. Dan of Iowa, will welcome the Northwestern hotel men at their Thursday morning. Eppley, of Omawill and R. Hood deliver the president's address Dick Lane, of Davenport, exposition chairman, disthe exhibits: Medlar, of Omaha, will give the secretary report: President D. Green, of the Hotel association. of New York will speak Trade and Plain Facts About Hotel Rates, and matters of business will be taken up, On the Thursday afternoon probusiness session of the an army dinner and horse show Fort Des Moines. At the former, Roy Watson. of Roter chester. will lead an open forum discussion on various phases of hotel operation. MAN LOST IN OCEAN PROVES TO BE IOWAN New passenger went to his death the side of the Western Wave. while enroute from Beaumont, Tex., to Orleans, appears to have definitely identified as Seldon Huntting of la., forestry registered on the ship "H. P. Nash." member of the crew of the viewed apicture of Huntting sent here by relatives said the perfect of the photograph. No light has been however, on the over the of the ship in the gulf after boarding the vessel at Beaumont and acting trangely. According Huntting's two brothers, to make an investigation, 29, supposedly of in was about to east to take post course in forestry at Harvard. They indicated they would the inquiry when the Western Wave returns here. WHO ROBBED 10 HOUSES ARE CAPTURED Council Bluffs, Two house prowlers who robbed 10 resithis city the night of September 19 are under arrest St Louis, Mo., according to word ceived by police The men, John O'Brien, 37, ex convict of Trenton, N. J., and Charles Osterstock, 22, were found in stolen from the home of E. Brownell, cording the information received from St. Louis. Other jewelry in the possession the men were stolen in Council Bluffs homes, they admitted to St. Louis police. The two men arrested in St Louis for concealed weapons and robbery. ORCHESTRA PLAYS TO PUT END TO RUN ON BANK Davenport, orchestra and line of depositors the of run on the Union Savings bank here. The orchestra furnished music as the depositors waited to withdraw their funds following the posting of 60-day withdrawal notice. Reassured by churchmen and men, the crowd was said to have decreased. In the other two of the tri-cities. banking affairs quiet. Rock Island, merchants announced they would accept savings checks pay. ment for merchandise. In Moline, Deere Co., announced it would back the Peoples Trust and Savings bank. NEW HOSPITAL IN SAC CITY OPENED TO PUBLIC Sac City, Ia.-Special: The new Sac City hospital has opened for business. The large residence property of the Early estate, on Main street, has been remodeled for this purpose. New modern equipment has been installed. Dr. Amick, who formerly operated hospital at Millers. burg, Ia., the owner and manager of the hospital. Three Booze Owners Punished Council Biuffs, Three Harrison county men pleaded guilty the federal district court here on liquor violation charges and were sentenced by Judge Charles Dewey. Jens Ritchison, Modale, given 45 days in jail; Lloyd Dessert, Missouri Valley, was given 60 days in jail, and Roy Patterson, Vail, was fined $150.

11. October 7, 1931 Platteville Witness Platteville, WI
Article from Platteville Witness, October 7, 1931

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Music Averts Run On Davenport Bank While. worried depositors lined up to withdraw their money from the Union Savings Bank at Davenport Thursday an orchestra posted in the lobby played lively airs, while business men and ministers pleaded with the depositors to have confidence. The line gradually dwindled and run was averted.