1.
December 31, 1924
New Britain Herald
New Britain, CT
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TWO BIG BANKS CLOSE IN DES MOINES TODAY Mechanics Savings and Commercial Savings Fear Runs on Institutions Des Moines, Dec. 31.-Two Des Moines banks the Mechanics' Savings and the Commercial Savings closed today and were taken over by the state banking department, due, it was announced to prospective or actual heavy withdrawals of public and private funds. The Commercial Savings bank, which carried deposits of $1,500,000 in public money. was the first to close, officers stating they had been advised of the probable withdrawal of the funds because Surety companies declined to renew depository bonds. The Mechanics' bank. it was said, was closely allied with the Commerciai and held $115,000 of state funds which were not fully covered by sure ties, in addition to large deposits by insurance companies centering here. Officers of the Mechanics' bank offered no explanation except that heavy withdrawals had prompted their action. The necessity for withdrawal of public money to be turned over to the incoming state treasurer by the present treasurer. who closes up his accounts tonight, was said unofficially to have had a bearing on the bank suspensions. The closing followed closely upon an opinion by Attorney General Ben Gibson that public funds, under a new state law, were not preferred claims. This, it was believed, led the Surety companies to decline further guarantees of public money until the question was decided by the courts. A hearing arising from the state's claim against a group of sureties concerned with $284,000 of state funds which was on deposit with the defunct United States bank was under way in district court today, the sureties contending that the state's preferment of claim should pass to them by subrogation. Officials of the Commercial Savings bank said that the institution was closed to safeguard the claims of private depositors and that it was believed the bank would pay out in full.
2.
January 1, 1925
The State Journal
Frankfort, KY
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FIVE BANKING HOUSES CLOSE
Combination of Causes Results In Their Failure.
DES MOINES. lowa. Dec. 31 (By A. Pt A combination of causes. includ ing uncertainty as to subrogation rights of surety companys guaranteeing to public deposits the public with drawal of large sums of public money because of failure of banks to obtain depository bonds for public mon eye and shaken public confidence, was assigned by various officials to night for series of bank suspensions in today
Five banks closed their doors during the day and two of them were turned over to the state banking department which. it was announced will exert every effort to protect the rests of depositors. These two were the Commercial Savings and the Mechanics Savings Bank here. The others included the First Na tional Bank of Denison. lowa and private banks controlled by that institu tion in Dow City and Vail. The Commercial Savings Banks here was the largest institution to close its doors Officers declared they were unable to obtain surety for the $600,000. state funds on deposit and that withdrawal of this sum was in prospect with the changing administration in state treasury on Friday. The Mechanics Bank. closely allied with the Commercial. suspended business after experiencing a run during he first hour this morning. Reports of the suspensions caused runs upon other banks here throughout the day. but none was reported in
3.
January 1, 1925
The Washington Post
Washington, DC
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STATE FUNDS UNSECURED, TWO IOWA BANKS CLOSE
Uncertainty of Security Companies' Rights Among Causes Assigned.
DOORS OF 3 OTHERS SHUT
Des Moines, Ia., Dec. 31.-A combination of causes, including uncertainty as to subrogation rights of surety guaranteeing public deposits, the probable withdrawal of large sums of public money because of failure of banks to obtain depository bonds for publie moneys and shaken public confidence, was assigned by various of ficials tonight for the series of bank suspensions in Iowa today. Five banks closed their doors during the day and two of them were turned over to the State banking department, which, it was announced, will exert every effort to protect the interests of the depositors. These two were the Commercial and the Mechanics Savings banks The others include the First National bank, of Denison, Ia., and private banks controlled by that institution in Dow city and Vail The Commercial Savings bank here was the largest institution to close its doors. Officers declared they were unable to obtain surety for the $600 000 State funds on deposit and that withdrawal of this sum was in prospect with the changing administration in the State treasury on Friday The Mechanics bank, closely allied with the Commercial, suspended business after experiencing a run this morning. Reports of the suspensions caused runs upon other banks here throughout the day. but none was reported in diffeulties tonight. Robert Leach, superintendent of banking, is examining the condition of the banks. It was said progress was being made toward consolidations with other banks of the two which closed here.
4.
January 1, 1925
The Daily Astorian
Astoria, OR
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BANKS IN IOWA IN BIG CRASH
Combination of Causes Is Fatal to Five: Runs Met by Others.
DES MOINES, Iowa, Dec. 31. (A) combination of causes, including uncertainty as to subrogation rights of surety public deposits, the probable withdrawal of large sums of public money because of failure of banks to obtain depository bonds for public moneys and shaken public confidence, was assigned by various officials tonight for the series of bank suspensions in Iowa today. Five banks closed their doors during the day and two of them were turned over to the state banking department, which, it was announced, exert every effort to protect the interests depositors. These two were the Commercial Savings and the Mechanics Savings banks here The ohters included the First National bank of Denison, lawo, and pri(Continued on Page Three)
5.
January 1, 1925
The Des Moines Register
Des Moines, IA
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BANKERS PLAN OF LIQUIDATION 2 INSTITUTIONS
Conference to Be Held Tomorrow.
Bankers and others interested in De Moines banks will meet tomorrow for conference which may result in the working out of feasible plan for liquidation of the Mechanics Savings bank and the Commercial Savings bank. which were closed yesterday Conferences were held Tuesday fternoon and evening by bank ers in an effort to keep open the Savings bank bring about consolidation with some other institution but failed to produce too short period of time in which to work out The Com mercial Savings bank failed to open its doors yesterday morning at clock Officers posted notice that the bank had been turned over the state banking department. Threatened withdrawal state and county deposits. totaling $442,000. was given as the cause of closing
Many Withdraw Deposits. Within two hours of the closing of the Commercial bank many de positors in the Mechanics Savings bank withdrew their deposits and officers decided close Announcement was made the bank had turned to the state banking department. Other banks in the city were not seriously affected by the closing of the two institutions. few citizens rushed to other banks and small sums. but the prompt manner in which payment demands met resulted in normal condition being reached before all banks closed for the day at m. Many persons who withdrew deposits from the im mediately their money in other banks of the city Robert Leach. state banking said last night he believed the two banks will pay out quicker than the general public believes He also declared. he had heard that plan is being formulated by bankers for either the liquidation of the Commercial and Mechanics or their consolidation with other institutions.
No Intention of Closing.
George Messenger, president of the Mechanics, said yesterday the officers had no intention of closing the when it was opened business at m There not much to say he said. "The smaller banks have had tough sledding for several months and when the closing of the Commercial Savings bank started flood of withdrawals from our bank there was nothing else to do but to close report of the department of the state of banking conditions of June 30. 1924 shows deposits of the Commercial Savings bank to be $3.Reliable figures obtained yesterday by The Register show that deposits of public funds in the Commercial bank amounted to approximately $851,000 Charles Grahl. treasurer and employe of the bank had $409. 000 of district funds in the bank The county treasurer had $188 000 on deposit and state funds amounted $254 000 There were no city funds on deThe Mechanics reported on June 30. 1924, total deposits of School deposits amounted to $22,500. state funds were 4.000. county funds totaled $86,000 and city money on deposit was $60. 000 Total funds on deposit amounted to $322,500
School District Protected.
Harry Evans. president of the board of education told The Reg. ister last night the school district is amply protected in its deposits in both of the banks, by depository or surety bonds, as well as personal bonds taken out by Grahl when he qualified for the position of school treasurer Names of the bonding companies and persons could not be secured last night W Burbank. who retires as state treasurer Jan. said last night he could not immediately obtain the names of his surety on deposits in the two banks Col. E. Bennett. retiring county treasurer said surety bonds on his deposit in the Mechanics totaled and in dition personal bonds the deposit in the Commercial amount to $300 000 The surety bonds on the Mehanics county deposit made the following Union Indemnity company of New Orleans. $25,000: National Surety company $10.000: Aetna Casual& Security company of Hartford. Conn. $10,000 Southern Surety 000: Indemnity Insurance company of North Amerity & Casualty company of New York Surety bonds on the county fund in the Commercial bank were made by the following com-
6.
January 1, 1925
The Des Moines Register
Des Moines, IA
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BANKS WHICH CLOSED YESTERDAY
These pictures were taken yesterday by Register photographer, following the closing of the Mechanics Savings bank and the Commercial Savings bank The Mechanics bank is located at 319 avenue and the Commercial bank at the northwest corner of Fifth avenue and Locust street.
7.
January 1, 1925
The Butte Miner
Butte, MT
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String of Iowa Banks In Hands of Receiver
DES MOINES, Iowa, Dec. bination of causes, including uncertainty to subrogation of rights of surety companies guaranteeing public deposits, the probable withdrawal of large sums of public money because of failure of banks obtain depository bonds for public moneys and shaken confidence was by rious officials tonight for the series bank Iowa today. Five banks closed their doors during the and two of them turned over the state department, which, was announced, exert every effort protect interests of depositors. These two were the Commercial Savings and the Mechanics Savings banks here. The others included the First Na. tional Bank of Denison, Iowa, and private banks controlled by that institution in Dow City and Veil.
8.
January 1, 1925
Hartford Courant
Hartford, CT
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FIVE IOWA BANKS FORCED TO CLOSE
Two Are in Des Moines Heavy Withdrawals Given As Cause.
Des Moines, In., Dec Des the Commercial Savings. closed today and were taken over by the state bank due announced to prospective tual heavy of public and The banking this that the First Bank of the of Dow Traders' of had been drawals thre the Refused to Renew Bonds. The of in carried deposits public first they had of the withdrawal the The Mechanics Bank was the Commer state funds and held by large by here Bank of Officers of the that withdrawals had prompted of be turned by the up counts had the bank
Question for The Attorney Gibson the was of decided claim funds the defunct the in should pass to Officials the safeguard be
9.
January 1, 1925
The Fresno Morning Republican
Fresno, CA
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BANKS DOORS
Combination Of Causes Assigned For Suspensions
By the Associated Press DES MOINES, Iowa, Dec. assigned by various officials tonight for the series of bank suspensions in Iowa today. Five banks closed their doors during the day and of them turned the bank. ing which, was mounced, will exert effort to protect the interests of depositors. These were the Commercial Savings and the Mechanics Savings banks here. The others included the First National bank Denison, Iowa, and private banks controlled that institution in Dow City and Vail The Commercial Savings bank here was the largest institution to close its doors. Officers declared they were unable obtain surety for the six hundred thousand dolfunds on deposit and that withdrawal of this pect with the changing administration the state treasury on Friday. The Mechanics bank, closely lied with the suspended business after experiencing run during the first hour this morning. Reports of the suspensions caused runs upon other banks here throughout the day, none reported in difficulties tonight.
10.
January 1, 1925
The Record
Stockton, CA
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FIVE BANKS IN IOWA ARE CLOSED DURING THE DAY
DES MOINES, Jan. 1.-A combination causes, including uncertainty as subrogation rights guaranteeing public deposits, the probable withdrawal of large sums of public money failure of banks obtain depository bonds public moneys and shaken public confidence, assigned by various officials night the series bank suspensions in Iowa terday. Five banks closed their doors during the day and two of them turned the bankexert every effort protest the interests deposiThese the Com* mercial Savings the Mechanics Savings banks here. others included First National bank Denison, private controlled by that institution Dow City and
11.
January 1, 1925
The Times Leader
Wilkes-Barre, PA
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FIVE BANKS IN
Two Are Turned Over to the State Department
VARIOUS CAUSES
Des Moines, Iowa, Dec. combination of causes including uncertainty as to subrogation rights of surety companies guaranteeing public deposits, the probable withdrawal of large sums of public money because of failure of banks to obtain depository bonds for public moneys and shaken public confidence. was assigned by various officials to-night for the series of bank suspensions in Iowa to-day. Five banks closed their doors during the day and two of them were turned over to the State banking department. which, announced, will exert effort to protect the interests of depositors. These two were the Commercial Savings the Mechanics Savings Banks here. The others included the First National private controlled by that institution in Dow City and Val. The bank here was the largest institution to close its doors. Officers declared they were unable to obtain surety for the $600.000 State funds on deposit and that withdrawal this sum was prospect with the changing administration in the State treasury on Frlday The Mechanics Bank, closely allied with the Commercial busiexperiencing run during the first hour this morning. Reports of the suspensions caused runs on other banks here throughout the but none were reported in difficulties
12.
January 1, 1925
The Daily Deadwood Pioneer-Times
Deadwood, SD
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Five Iowa Banks Close Their Doors
DES MOINES. Dec. Des Moines bands. the Mechanics' Savings and the Commercial Savings, closed their doors. giving as a reason prospective or actual heavy withdrawals of public and private funds. The banks at Denison. Vall and Dow City are also closed. The closing followed an opinion by the attorney general that under the new law. public funds are not preferred claims. Both Des Moines banks are said to be solvent. DES MOINES. Dec. combination of causes. including the uncertainty of the subrogation of the rights of surety companies In guar anteeing public deposits and the probable withdrawal of large sums of public money because of the failure of the banks to obtain deposit ory bonds for public moneys and shaken public confidence. were signed tonight for series of bank suspensions in Iowa today Five banks closed their doors. and two of them were turned over to the state oanking department. which will do all possible to protect depositors. Those closed were the Commercial Savings and Mechanics' Savings banks here. the First National at Denison. and the private banks controlled by that institution at Dow City and Vall.
13.
January 1, 1925
Miles City Star
Miles City, MT
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TWO BANKS FAIL
THE ASSOCIATED PHEAS) Des Moines, Dec. Des Moines banks: the Mechanics Savings and the Commercial Savings closed their doors today and were takeu by the state banking department The cause each case being given as prospective or tual heavy withdrawals of public and
14.
January 2, 1925
The Palm Beach Post
West Palm Beach, FL
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FIVE IOWA BANKS CLOSE DOORS IN DAY
Des Moines, Iowa., Jan. 1.-A combination of causes, including uncertainty as to subrogation rights of surety companies guaranteeing public deposits, the probable withdrawal of large sums of public money because of failure of banks to obtain depository bonds for public moneys and shaken public confidence. was assigned by various officials tonight for the series of bank suspensions in Iowa, today. Five banks closed their doors during the day and two of them were turned over to the state banking department, which it was announced, will exert every effort to protect the interests of the depositors. These two were the Commercial Savings and the Mechanics Savings banks here. The others include: The First National Bank of Denison, Iowa, and private banks controlled by that in stitution in Dow City and Vail. The Commercial Savings Bank here was the largest institution to close its doors. Officers declared they were unable to obtain surety for the $600,000 state funds on deposit and that withdrawal of this sum was in prospect with the changing administration in the state treasury on Fri-
15.
January 7, 1925
The Weekly Kansas City Star
Kansas City, MO
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IOWA CLOSE.
Runs Three Towns Blamed
Des Moines- Des Moines banks. the Mechanics and the Savings, closed their last week taken by the state the in each actual heavy withdrawals of public and private funds. banking department was formed National Bank Denison, the Bank and the Traders Bank of Vail also been closed of were said be closely related.
RUN WITH KINDNESS.
Des Bank Feeds Depositors Waiting Their Des and coffee were furnished local bank at noon today group of depositors who were waiting money institution following closing two Des Moines banks The depositors had been waiting lunch time but did not relinquish their places in the line. bank's officers came rescue, however, ordering the nearby furnish and coffee to the The bank withstood the run
Read the advertisements the FarmWant advantage of the bargains livestock food products, implements, etc.
16.
January 16, 1925
The Courier
Waterloo, IA
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Bank Reorganization May Pay 75 Per Cent
Des Moines, Jan. state banking department today nounced plans were under way for the bank stockholders and surety concerned of thru which depositors of three defunct banks might be paid 75 per cent of their claims. The banks are the United State bank, the Mechanics Savings Savings. The banking department, said, favors the plan.
17.
February 4, 1925
The Des Moines Register
Des Moines, IA
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BANK RECEIVER
Claims Must Be Filed Before March 7.
Robert Leach. state superintendent of was appoint. ed receiver late yesterday for Mechanics and the Com mercial Savings District by Judge after representatives office had filed petitions in district court asking that ers be appointed for the two stitutions which closed few weeks minutes elapsed the two and the hour when Judge Meyer announced he had selected Superintendent Leach as supervisor of liquidation proceedings asserted in the petitions that the banks now are an insolvent condition and that even though an assessment 100 per should be made by institutions directors upon the each they would be in an became known yesterday that directors and of banks decided at conferences held last week forward recomto Leach which they stressed the of ing receivers by district judge as soon possible understood that setting forth wishes similar to these received from Presiand John Elliott banks. several ago by Mr. Superintendent Leach gave yesterday had decided to appoint iners for the banks Judge Meyer, bonds for these of the 500 000 the individual who will administer the affairs of the Savings bank and for other examiner Judge Meyer handed down order in which stipulated that the notify customers of banks that all for be on file in Leach's office that the county some time prior to March Any claims filed after date become the court held
Sanction Setoff Plan.
In response another request the state the sanctioned the "setoff plan counts This whereby examiner eliminate certain defunct such as promissory notes given its former patrons subtracting the amount of obligations from sums for checking ac. counts by these people The among bankers and business men is that action will lead to repetition of the litigation which (Continued on Page 2. Col.
18.
February 11, 1925
The Des Moines Register
Des Moines, IA
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SCHOOL DISTRICT SEEKS PREFERENCE IN BANK FUNDS was begun yesterday in district court represent ing the independent school district Des Moines foreing R Leach receiver Com mercial Savings and Mechanics Savings banks, to accord preference to district accounts when begins to settle with the The petitions filed assert that at time the Commercial Sav ings bank suspended business on Charles Grabl. school district treasurer had $495,040 deposit district's claim against the Mechanics Sav. ings bank totals it was stated
19.
February 11, 1925
The Des Moines Register
Des Moines, IA
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BURBANK SUED FOR $350,000
First of Several Actions Against Ex-Treasurer.
Suit against J. former the Central Trust company of Des Moines and bonding for more than of the state's money on déposit with the Central Trust company was filed yester in district court by Herbert Huff of the attorney general's The suit, which asks judgment against all the defendants for the amount of the state's deposit the company and the first of several to be filed for collection of all state deposits. totaling more than which Burbank was unable to turn over his successor. at the beginning of year suits be filed against the Commercial vings ba and the bonding companies and personal bondsmen on depository bonds public funds in those banks. The and Mechanics banks the hands State Banking Leach as receiver The Central Trust company The na ture company business did not prompt payment due the Burbank to be treasurer. as its funds are loaned on longer time than banks The filed yesterday were brought in name of the state of Iowa and Treasurer R. E. Johnson against former State TreasurBurbank the American Surety company York which is sued his official bond of $500 000 the Central Trust company for $369 balance and crued interest and the pository bonds on Central Trust company deposit Surety company of Des Moines Casualty company of Ind Fidelity and Casualty company of New York National company York and the Bonding and Casualty of Moines Suit brought against the bond all the bonds they Burbank's state deposits in the trust company including those and rewritten
20.
February 11, 1925
Quad-City Times
Davenport, IA
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DERS STOCK ARE SUED
State Seeks to Recover Money Deposited in Des Moines Banks.
Bank Suspended When State Sought to Withdraw Its Funds.
Des Moines. Feb. against stockholders in three Des banks for state money involved in the 'closing of the institutions recently was filed today by Attorney General Ben Gibson. The suits are directed against all of the United State bank. the Savings bank and the Mechanics Savings bank. and set out that under the laws the are personally liable thru stock assessments. for losses by depositors. The state funds amount to more than $500,000. The amount of capitol stock to be assessed under the terms of the attorney general's suit is $100.000 the Mechanics Savings bank; for the United State bank. and $200.000 for the Commercial bank. have been granted are pending for three institations. The United State bank closed early in the winter. The Commercial and Mechanics bank suspended operations the first of this year when they failed to provide surety for the public money and the state funds were about to be withdrawn.
21.
February 12, 1925
Des Moines Tribune
Des Moines, IA
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BILL BANK BOARD
Would Pass on Places for Public Deposits.
Carriage by the state of its own insurance on public deposits it carries its own fire insurand do with depository bonds insuring them, proposed in in senate Senator Brookof Washington The bill provides for banking board composed the governor of bank ing and attorney duties the be pass upon the eligibility banks receive public deposits of the state and its municipalities.
Require No Security. No security for these deposits or depository bonds would quired under the Brookhart bill Public treasurers would longer be required give official bonds be liability the deposits count the failure an approved bank depository In place of the depository and official bonds now required, any losses in public funds would made to the state and its municipalities state sink ing fund made up of portion state' receipts from the per cent interest paid on public
Sinking Fund. This sinking fund would average balance in the office state treasurer The rest the interest account would kept on deposit in local banks Whenever the went below in his the state treasurer would proportionately interest fund maintained county, city and school board treasurers Whenever bank having public deposits the state treasurer once pay from his sinking fund, the amount the state municipality on deposits and subrogated in the rights of the treasurer he had paid
Share With Individuals. The municipalities would then share individual dewithout any difference between the amount of the public deposit would be made of the sinking fund. The amount celved from bank receiver fund go back into the sinking The Brookhart bill provides that shall be made effective all banks now receivership where distribution of assets has not been started If the bill were passed by both houses would apply United State, Commercial Savings and Mechanics Savings banks Moines which there are school board and counfunds and to all other closed banks which distribution of assets has not been started.
22.
April 24, 1925
Des Moines Tribune
Des Moines, IA
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SURETIES SEEK PREFERENCE OF PUBLIC FUNDS
Guarantors in Three Closed Banks Begin Action to Test Ruling.
The first move to test the validity of the Iowa preference law the decision of the supreme court that public funds were not preferred accounts. In the United States Supreme court was started today by attorneys representing six companies who have bonded approximately $800,000 in three defunct banks in Des Moines The action was started an amendment pending against bond to the losses of the state and Polk county the Mechanics. Commercial and United State In the amendments filed in district court today the dam company of New York Globe Indemnity company. Fidelity and Deposit com pany of Maryland. Maryland Cas nity company the law which passed by the fortieth general assembly and which the supreme court ruled invalidated the preference void.
Attack Ruling. the law their amendments void and of effect in the rights of Bennett counstate then = in and posed to the constitution the state of United States in that it deprives them property without due process of
Plan to Appeal. Harley Stipp. attorney for four of companies today stated that the to their filed today failed in the courts his was appeal to United States preme contention in conflict with the constitution of the United States action was stated the thouse. taken would delay the liquidation the banks in Moines year at least
23.
July 1, 1925
Des Moines Tribune
Des Moines, IA
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LIQUIDATION COST $36,000
Leach Makes Report Showing Closed Banks' Standings.
Liquidation costs of the three closed Des Moines banks were given at in the report for the fiscal year ending at midnight last night. made by Robert Leach in turning his office Thursday over to Andrew new state superintendent of banking, who took office today Expenses of liquidation for each bank United State bank $15,826.93 Boys' Play Suits Commercial Savings 12,812.14 Flapper play made Mechanics State top styles. khaki. and plain In the United State bank. notes collected are given in the report as $158,932.62 and cash on 1.29 Notes collected in the Commercial Savings were given at $344.638.86. and cash on hand, $270.In the Mechanics Savings bank, notes amount to $158.and cash on hand $149,092 The itemized account for the Mechanics Savings follows: Bills bonds expenses First conserve Claims paid Capital profits Deposits credit 19 from banks bond interest A Complete Line Non N ledger 188018 Assessments $1,309,445.12 Of Khaki Apparel
United State Bank. Assets and liabilities of the United State bank follow Bills for touring. picnicking. fishing and general sports wear All well made, correct fitting ap transit parel. None 24 Khaki Knickers, 1.95. Khaki Shirts, 2.49 assets Khaki Middies, 1.69 and 1.98 charges 143.36 Khaki Skirts, 2.49 Khaki Coats, 3.95 surplus and Khaki Hats, $1 and 1.25. deposits subject None Sizes for women and misses. Extra sizes for certificates Time large figures. -In The Economy Basement liability Expense None savings and 1923 None checks checks 7,358.29 Non Just Arrived--New Shipment collected Commercial Savings. Assets and liabilities of the Sacings bank are: Pretty New United bonds 35 bonds other than United transit Silk Dresses fistures Central receiver's National Trust Savings To Sell For National 000 assets .95 account funds notes Box assets account Rent 163
24.
October 6, 1925
The Des Moines Register
Des Moines, IA
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Pay County's Claim on Mechanics Bank
Settlement between surety companies and Polk county on the county's deposits in the closed Mechancis Savings bank was reached yesterday on the terms under which the state settled with the bonding companies on its deposits in that bank The county. under the settlement, to receive the full amount of deposit and interest at the rate per cent. the same as would have received if the bank had not closed The total amount the county will receive is $50.934 The county's dividend check, not yet issued. will be rewritten and paid to the surety companies by the bank receiver. The amounts paid by each surety company are follows: Indemnity Insurance company $3,847.01; Aetna Casualty and Surety company. Fidelity and Casualty company, $13.464 Union Indemnity company. $19 235.07 National Sure-