1.
December 20, 1926
The Dowagiac Daily News
Dowagiac, MI
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ANOTHER 10WA BANK FAILED TO OPEN TODAY
DES MOINES, Iowa, Dec. 20(UP)-The Iowa Loan and Trust Company bank, with $500,000 capital. surplus and deposits of .000.000 failed to open for business today. Frozen real estate loans. accu. mulated period of several years. was given as the reason for the failure. Conferences of business men and DesMoines bankers were held until m.. today in vain effort to save the institution Hope was aban. doned when it became known that the bank had endorsed more than in mortgages, and thus were liable for these in addition
2.
December 20, 1926
Stevens Point Journal
Stevens Point, WI
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PREPARE FOR RUNS AS IOWA BANK FAILS
Dec The Iowa Loan and Trust Company bank, plus. and deposits of failed to open for business today Frozen real estate loans. accumulat ed over II period of several years, was given as the reason for the fail-
Conferences of business men and Des Moines bankers were held until to Hundreds of persons jammed the ty in keeping a traffic lane open. *The bank had specialized in Christmas savings deposits. Hundreds of thousands of dollars were
3.
December 20, 1926
Chippewa Herald-Telegram
Chippewa Falls, WI
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FROZEN ASSETS
Iowa Trust and Loan Company Fails Today Up With Mortgages
DES MOINES, Iowa, Dec. Iowa Loan and Trust company bank with $500,000 capital, $500,000 surplus and deposits 000,000 failed to open for business day. Frozen real estate loans accumulated over of several years was given the reason for the failConferences of business men and Des Moines bankers were held until m. today in vain effort to the institution. Hope was abandoned when became known that the bank had endorsed mortgages and thus liable for these addition to the deposits. Hundreds of persons jammed the streets in front the closed institution at today, and special squad of police had difficulty in traffic The bank had specialized in Christ mas savings Hundreds of thousands of dollars were rushed into the city late Satur day Sunday and other Des Moines bankers they ready for heavy runs which appeared might affect all the other institutions.
4.
December 20, 1926
Baraboo News Republic
Baraboo, WI
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Des Moines Bank Closes Doors
(By United Press) DesMoines, Iowa The Iowa Loan and Trust. company bank with capital $500,000, a surplus of $500,000, and deposits of $7,000,000 failed shir open its dcors today. Frozen real estate loans accumulating for many years was giv. en as the cause of failure. Hundreds of depositors jammed the streets and squads of special police struggled to keep a lane open for traffic. Hundreds of dollars were rushed to the city late Saturday and Sunday and other banks announced that they were ready for the heavy run which was to be expected. The closed institution is said to have 100 to 125 correspondent banks throughout the state. Officials were unable to say whether these deposits were heavy enough to cause trouble.
5.
December 21, 1926
The Cincinnati Enquirer
Cincinnati, OH
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SECRET CONFERENCE HELD
To Devise Plans To Reopen Doors of Des Moines Bank.
Des Moines, Iowa, December 20 (A. P.). for reopening the Iowa Loan and Trust Company Bank, which closed today with deposits of approximately $5,235,000, were being dis cussed at conference of banking officials here tonight. That a group of business men take over the bank, eventually pay its-depositors and assume any loss, or that an attempt be made to secure time waivers on time deposits under which 10 per cent would be paid soon, 40 per cent within 18 months and the remainder upon liquidation of the bank's frozen assets, were two plans before the conferees, it was understood. committee from the Des Moines Clearing House, including B. F. Kauffmann, Homer A. Miller, R. A. Crawford and Rolfe Wagner, was meeting with State Superintendent of Banking Although the Iowa Loan and Trust Company had surplus of $500,000 and stock of $500,000. frozen assets, mostly in real estate, brought about the closing today. after an all-night session of business leaders had failed to bring about consolidation of the trust company with some other local institution. The bank was one of the largest in Des $656,000 public funds was on deposit in the bank. $500,000 of which was state all protected by surety bonds. The depositors came from all walks of life.
6.
December 21, 1926
The San Bernardino County Sun
San Bernardino, CA
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ON CHRISTMAS
Many Des Moines Homes Feel Depressing Effect, Holiday Savings Gone
(By United News)
DES MOINES, Iowa, Dec. Failure of the Iowa Loan & Trust company bank here today, one of the largest and oldest banking institutions west of the Mississippi river, cast blight on the Christmas spirit in many Des Moines homes, for the bank had specialized Christmas savings. The bank, member of the federal reserve, recognized one of the soundest in the middle west, with $500,000 capital, $500,000 surplus and $7,000,000 deposits, collapsed over the weekend, despite efforts of other bankers and Des Moines business men to keep the institution alive Heavy runs were made on practically every other large bank in Des Moines during the day, but these withdrawals were met with hundreds of thousands dollars imported from Chicago and Omaha banks during Sunday. Inability to realize on real tate loans, made over period of several years, was given the reason for the failure by officials. Huge throngs of were congregated in front of the closed bank throughout the day, and special squad patrolmen had difficulty in keeping a traffic lane open. Andrews, state superintendent. announced today that the institution would probably pay to 75 cents on the dollar. bell that can be heard for 30 miles will ring in the new year. morial to John Wanamaker made in England and has just crossed the Atlantic.
7.
December 21, 1926
Fremont Tribune
Fremont, NE
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CLOSING OF IOWA BANKING FIRM IS CAUSE OF UNREST
Starts Heavy Run on Other Des Moines Banks
DES MOINES, Dec. had somewhat subsided today following the closing yesterday of the Iowa Loan and Trust company one of the oldest banking of the Mississippi river. Despite that there no cause for alarm with regard to deposits in other Des Moines banks depositors continued run on other banks until late yesterday afternoon. The Iowa National bank with deposits of more than $22,000,000 held the doors until after p. yesterday to allow any depositor State banking officials were in charge of the closed Iowa Loan and Trust bank and bankers and business were today continuing efforts to complete an Immedlate No announcement was available state bank officials said until complete checkup of the bank's affairs be Frozen assets in the of widely scattered real estate loans caused the bank to fall Efforts of bankers and business men to save the were blocked when was revealed that the bank had guaranteed more than In mortgages sold to eastern companies and was liable for these is-addi. tion to deposits of approximately
8.
December 21, 1926
The Klamath News
Klamath Falls, OR
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Christmas
Iowa Loan & Trust Co. of Des Moines, Member Federal Reserve, Closes its Doors.
Dec. 20. of the Iowa Loan and Trust company bank here today, one of the largest and oldest banking institutions west of the Mississippi cast blight on the Christmas spirit in many Des Moines homes, for the bank had specialized in Christmas savings. The bank. member of the federal recognized one of the soundest the middle with surplus and deposits collapsed the week end. depsite efforts of other bankers and Des Moines business men to keep the institution alive. Heavy runs were made on practically other large bank in Des Moines during the day. but these with hundreds of thousands dollars (Continued on Page Four)
9.
December 21, 1926
The Morning Press
Santa Barbara, CA
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DES MOINES BANK IS CLOSED
Efforts to Save Iowa Loan and Trust Company Fail
DES (United News) Failure of the Iowa Loan & Trust company here today one of the largest and oldest banking Institutions west of the Mississippi river. cast a blight on the Christmas spirit in many Des Moines homes for the bank has specialized in Christmas savings The bank. member of the fed eral reserve. recognized as one of the soundest in- the middle west plus and $7,000,000 deposits. collapsed over the week-end despite efforts of other bankers and Des Moines businessmen to keep the alive Heavy runs were made on prace tically every other large bank Des Moines during the day but these withdrawals were met with hundreds of thousands of dollars imported from Chicago and Omaha banks during
10.
December 23, 1926
The Missouri Telegraph
Fulton, MO
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BIG IOWA BANK CLOSES
DesMoines Dec. Iowa Loan and Trust Co., one of the largbanks DesMoines, failed its doors today. A notice posted the door of the bank stated been closed by resolution of the board of directors. The state bankdepartment will assume charge. Capitalized for and deposits listed
11.
December 26, 1926
Evening Star
Washington, DC
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ATTACKS BANK RECEIVER. Depositor Wants Iowa Official Removed From Post. DES MOINES. Iowa, December 25 (P).-Court action to remove L. A. Andrews, State superintendent of banking. as the receiver for the Iowa Loan and Trust Company. which suspended business here Monday. was started yesterday. The petition. filed by Lon Pollock. a depositor. contends that the State law making the superintendent receiver for all closed banks is unconstitutional. Hearing was set for Wednesday. The bank had deposits of about $6.600,000.
12.
December 28, 1926
The Sioux City Journal
Sioux City, IA
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BOND CONCERNS PAY STATE FOR LOST DEPOSITS
Des Moines, Treasurer Johnson today final payment the state interest and replaceunder surety bond of public with the Central deposit when closed its doors. The bonding company now claim against the assumed state's receiver. restores to the state payment the deposit Des Moines Treasoffice, with the of remaining unfrom the Mechanics Savings bank. $500,000 on deposit Iowa Loan and Trust pany which closed week ago today, and will reimbursed under bank guaranty law replacement fund permits. The bonding companies that paid state were National today company, the Fidelity the Continental company, company and the Southern
13.
December 28, 1926
The Daily Nonpareil
Council Bluffs, IA
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STATE RECOVERS $1,060,667 DEPOSIT
PAYMENT OF $192,217 TO THE STATE TREASURER, CLOSES ACCOUNT IN 3 BANKS.
FROM BONDING COMPANIES
Four Nationally Known Surety Concerns Involved-Treasurer Johnson Had $7,818 In Another
Closed Bank.
(By The Associated Press.) DES MOINES, Ia., Dec: 28.-State Treasurer R. E. Johnson today recelved the final payment of $192,217.83 due the state as interest and replacement under a surety bond of public money on deposit with the Central Trust company when it closed its doors. The bonding company now assumed the state's claim against the bank's receiver. The payment restores to the state all the $1,060,667 43 on deposit in three Des Moines banks when Treasurer Johnson assumed office, with the exception of $7,818.75 remaining unpaid from the Mechanics Savings bank. The state had $500,000 on deposit with the Iowa Loan and Trust company which closed week ago today, and will be reimbursed under the Lovrien Brookhart bank guaranty law as the replacement funds permits. The bonding companies that paid the state today were the National Surety company. the Fidelity and Casualty company, the Continental Casualty company and the Southern Surety company.
14.
January 6, 1927
Des Moines Tribune
Des Moines, IA
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SECOND NEVADA BANK CLOSES IN TWO DAYS
Nevada. Ia., Jan. The Peoples Savings bank of Nevada. failed to open for business today, making the second bank failure in this city within twentyfour hours statement issued by officials said the bank had been closed the protection of depositors The bank had capitalization of 000 and deposits of Officers were M. president, and McConkie and Martin. vice presidnets. Meeting of bank officials of the city with business men and citizens was held last night follow ing the failure of the First National was given the meeting that the finances of the two remaining banks were in good condition. Peoples Savings however, failed few The Peoples Savings bank was correspondent the defunct Iowa Loan and Trust company bank of Des Moines.