3635. American Savings Bank (Muscatine, IA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
July 7, 1931
Location
Muscatine, Iowa (41.424, -91.043)

Metadata

Model
gpt-5-mini
Short Digest
f4e7c714

Response Measures

Full suspension

Other: Receivership followed suspension; multiple court orders disposing assets 1931–1934.

Description

Newspapers from summer 1931 report depositors pulling their money out amid press attacks; receiver (state superintendent L. A. Andrew) was appointed Sept 23, 1931 and the bank remained in receivership with asset sales and court actions through at least 1934. Classified as run → suspension → permanent closure/receivership.

Events (5)

1. July 7, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Local press campaigns and stories urged closing the bank; depositors withdrew funds ('pulled their money out') amid efforts to discredit the bank.
Newspaper Excerpt
to be among the first ones to PULL THEIR money out of the American Savings Bank, when the AVE. BOSSES started stories to close it.
Source
newspapers
2. September 23, 1931 Suspension
Cause
Government Action
Cause Details
State superintendent of banking appointed a receiver and took possession of the bank's affairs (official receivership/suspension).
Newspaper Excerpt
L. A. Andrew, state superintemdent of banking, was appointed receiver for the Savings bank ... The order ... was authorised incur all expenses, employ counsel, and to commence suits where necessary to collect the bank's funds.
Source
newspapers
3. November 24, 1931 Receivership
Newspaper Excerpt
An order signed by Judge Scott directed Andrew receiver for the American Savings bank, assign Jackson, trustee, five mortgage notes ... The court authorized the receiver ... pay interest on prior liens ... keep the properties insured, make such repairs ... preserve properties for the benefit of the depositors . . . . the receiver was authorized to accept security for notes ... and execute deeds ... . (series of court orders relating to the receivership).
Source
newspapers
4. June 17, 1932 Other
Newspaper Excerpt
Deeds for the following real estate transfers have been filed here: American Savings bank, by receiver, to C. F. Oakley, lots ... Park Place addition, Muscatine.
Source
newspapers
5. November 20, 1934 Other
Newspaper Excerpt
NOTICE HEARING ... W. Bates superintendent of banking ... American Savings Muscatine ... application ... settlement this receivership ... (court notice concerning disposition of receivership real estate and claims).
Source
newspapers

Newspaper Articles (13)

Article from Mid-West Progressive, July 7, 1931

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Article Text

An Honest Dozen It is to the credit of the hundreds in Muscatine and vicinity, who showed their confidence in our local bank which Iowa Ave. Bosses wished to see closed. It did not close, much to the dissatisfaction of those instrumental in trying to close it. Some it holds the best line of bonds and securities of say any bank in these recent statement is goodshows them sound. wonder what the Muscatine Journal thinks now. They were one of the first to run to the bank and withdraw their account. That shows the interest a company has in local enterprises when it comes to crisis. Their money first, is the rule of the usual outside financiers. The Journal. of course, is controlled and owned in majority by Adler and his crowd in the Lee Syndicate. In Davenport, the citizens have not succeeded in getting Adler to make fight for the people for lower light rates, gas rates and other public utility rates— NO ONE EVER WILL, if their money floats in the water with public utility companies. To build up a community, we must have local men, local enterprises to control the voice of the community NOT OUTSIDERS who do not care a tinkers darn for your welfare. Mysteries may come and mysteries may go, but that there are still people in Muscatine, whose business has been hurt and whose property is scheduled for a fall and who yet continue to patronize those at fault, can only be attributed to outside influences. Can your Journal deny their part in it? They worked to discredit many things in Muscatine, and here are few for you to think over. 1-Worked against the municipal water works when people fought for pure water to preserve their health. Worked against cheaper electricity for our people. Fought to have all of us pay upwards to cents when NOW we get it for 1-2 cents. 3-Fought with the railroads to secure our river front property for side tracks, where now appears a beautiful park that thousands have taken advantage of. against lowering rates of gas to the contract price. 5-Fought with the public utilities for higher car 6-Refused to give co-operation to the War Veterans when have their speakers here. printed stories of men and women connect with belittle their bare a woman's reputation from out near West Liberty, Conesville and Nichols. behind a corpse to attack the Baker Hospital, printing a story and later RETRACTING IT. to discredit the Baker Hospital, causing loss of thousands of dollars to Muscatine people. especially merchants who sold to the patients, their friends and relatives. co-operation to the them. for the closing of K-TNT, depriving Muscatine of a station such as no other city in the world possesses, and none more popular. to be among the first ones to PULL THEIR money out of the American Savings Bank, when the AVE. BOSSES started stories to close it. dozen things they have done. and some of the people still stand for it. We wonder why the public never gets equality in governmental stepped and trampled no can step on some of them as long as HYPOCRISY EXISTS. NORMAN BAKER


Article from The Muscatine Journal, September 23, 1931

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Andrew Named Bank Receiver State Superintendent pointed to Handle Affairs of American Bank. L. A. Andrew, state superintemdent of banking, was appointed receiver for the Savings bank and his bond and that of examiner were fixed at an order signed by Judge By this afternoon. The order that should Andrew's term of fice expire before the closed, his successor will be pointed to complete the work. The was authorised incur all expenses, employ counsel, and to commence suits where necessary to collect the bank's funds. The order also provides for the deposit of the ceivership funds in any state national in The bank officers and directors, through H. Glessler, president. and W. Hahn, cashier, entered their appearance in writing and waived the customary time and notice of the receivership. Attorney General John Fletchappeared as counsel for the state bank superintendent.


Article from Mid-West Progressive, November 24, 1931

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DISTRICT COURT Ball bonds furnished by William Blessing in the criminal actions against Warner Foster, George Foster and Ella Green, who have been fined in district court, were exonerated today by Judge W. Scott. An order signed by Judge Scott directed Andrew ceiver for the American Savings bank, assign Jackson, trustee, five mortgage notes given Edward McMahon. One for $2,000, for three $500. The notes are secured acres of land section In another order, the court rected the receiver convey the interest of the American Savings real estate quit claim deed on payment $350 the receiver. The land involved subject to first mortgage of $5,117. The court authorized the receiver for the American Savings bank pay interest on prior liens against properties held by the receivership. keep the properties insured, make such repairs as may preserve properties for the benthe depositors. Another order was secured by the American bank authorizing him credit real estate notes and charge the amount the account of estate. The application stated that bank of $37,825 for signed by Blanchard, which were secured by real estate. The title to the upon which the notes based. were later secured by the bank. An order signed by Judge Jackson, Earl De Camp executor of the estate Joseph Lindley, make partial distribution of the funds hand. The apportionment included $200 each. Henry Lindley, Clarence Lindley, Marie Borgstadt, Addie Camp. Fishburn and Fishburn are attorneys for the estate.


Article from The Muscatine Journal, December 23, 1931

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District Court receiver of the L. as American Savings bank, filed plication with the clerk of court for authority sell lots and and outlot the addiMuscatine, for $450. Clarke, examiner charge, through Attorneys Drake andw Wilson, appeared for the receiver. Judge Scott an der authorizing Andrew receiver of the American Savings bank accept security for notes for $3,386.71 executed by Young, first mortgage substitute for personal property, previously offered. Drake Wilson appeared for the receiver. The will of Martz, with Edna Toyne was admitted to probate. and Fishburn represent the estate. Ida Gable filed suit to collect from Gable, claiming the amount to be due for board and room medical bills and other accounts. Rosenberger is attorney for the plaintiff. The court approved the final port of the receiver for property involved in suit of Walter trustee against Fritz and Mary Jensen, discharging the reexonerating bond. Attorney Robert Brooke represented the receiver. Capps and Sons brought suit against E. West to collect an alleged account for Nichols, Tipton and Tipton represent the plaintiff. Hearing of the consolidated suits the Sanitary Plumbing and against the Midcompany west Food Products and $891 and the counter claim of defense for $60, before Judge Scott. Witnesses the stand were Horst, Ed Lorber, Herbert Harvey Frank Young, Eugene Horst Horst and Fuhlman. An was taken this afternoon.


Article from Quad-City Times, June 17, 1932

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Article Text

Property Transfers Special The Democrat Muscatine, Ia., June 17.-Deeds for the following real estate transfers have been filed here: American Savings bank, by receiver, taC. F. Oakley, lots to 14, block 25, lots 3 to 19, block 52, all of block 53, and streets and alleys, Park Place addition, Muscatine. Daniel A. Bottomly to Fred Bush, lot 5, block 6, Nichols. Henry Heitz and Margaret Neitz to Muscatine county, tenth of an acre in sec. 7-78-1E for road pur poses.


Article from The Muscatine Journal, June 17, 1932

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District Court Hearing was held in district court today on the application of Katherine widow of William Banker, for the appointment receiver to take charge of the Banker Auto company. The receiver of the American Savings bank was authorized to pay from funds in receivership $2,000 to Caroline Brown for a note covered by mortgage which was lien against land acquired by the bank. In the American bank receivership, the receiver was authorized to execute deed for lots 12, 13 and 14, block of the Burnside addition to Muscatine, seven acres in all, to H. Kessels for the of his deposit claim of $1,369.13. Motion for more specific statement was filed by the Domestic Finance corporation, defendant in suit for $3,000 brought by Edith Shaw. C Hime. defendant in suit for $472.73 brought by Andrew as receiver of the Nichols Savings bank, filed an answer denying he executed note in favor of the bank. The Pleasant Prairie bank, in receivership, authorized in court order to accept deed to estate settlement of note $4,500 executed by Gustof and


Article from Quad-City Times, July 14, 1932

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UNITED WORKMEN WOULD TERM FUND A DEPOSIT CLAIM Muscatine. Ia., July 14-Counsel for the Grand lodge, Ancient Order United Workmen filed an application district court in which they ask the funds on deposit in the American bank when the bank closed, be classified as deposit claim rather than as pending The lodge funds of were deposited in th name of count. The application sets forth that the 25 bonds, of value of each. of Association Gas and Electric company, due in 1949, given to the lodge by the bank to insure it against loss, are worth less than their face value


Article from The Daily Times, November 16, 1932

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Reports Made by Muscatine County Bank Receivers MUSCATINE Ia., Nov. 16. (Special) Quarterly reports in he receivership the Pleasant Prairie Savings bank and the American Savings bank of Musatine been approved by Judge W. R. Maines. The Pleasant Prairie bank rebort showed balance on hand of at the close business Sept. 30 $9,397.33 carried from the last report, receipts of 390.04 during the quarter and $2,818.02 which amount vas listed as of the reAssets and liabilities of were shown. cash of $60,247 99 was shown at the end of the fourth assets and were listed in the general statement of the ship of American Savings bank of Muscatine Judge Maines signed a decree in the suit Pleasant Prairie bank receivership against William Ehrecke and others, foreclosing against property in block nine the Ogilvie addition to Muscatine and awarding judgment for $2. 669.64. Clarke was named receiver and his bond fixed at $300. decree for in favor of Else Weiss Wood, in her suit against M. E. Black was signed. An order in the receivership of the Citizens Savings bank West Liberty approved the sale of furniture and fixtures to J. E. McIntosh.


Article from The Muscatine Journal, April 25, 1933

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Deeds Recorded Katie Chayka to state of acres land section road purposes. Charity Lewis to James and Ella Howard, part of lot block Smalley's addition South Muscatine American Savings bank ceiver, to Conrad Kothe, part Lucas street addition, Muscatine.


Article from Mid-West Progressive, July 13, 1933

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NORMAN BAKER EXPOSES RADIO MONOPOLY FIGHT AGAINST KTNT (Continued from page eight) Now read the first paragraph in the Iowa State Medical Society letter shown on page seven. Notice those words "IN OUR JOINT EFFORT." Doesn't that show a joint effort to revoke the license of KTNT. Doesn't that constitute conspiracy. I am suing them for $100,000 conspiracy charge. Now if you want to laugh read page 13 remembering my hospital opened in December 1929 and this statement was given to the press September 8, 1932 by the state health commissioner of Iowa, Dr. Steel-, smith, who said the Iowa, cancer death rate was on the decrease. That made Iowa the only state in the union with a decrease in cancer deaths but please read in the third column as to what he says caused the decrease and when the fact is the decrease was caused by the many many cured cases of cancer was produced from December 1929 up to 1932. How foolish it is when he says in the second paragraph, third column, page 13, "It is hoped that this decrease is a result of the information issued by health authorities." Did you ever know of a cancer decrease by information? All they have yelled for years is "If you have a lump or bump see your doctor first," but what have they to offer for a satisfactory treatment of cancer if you do see your doctor? The September, 1930 hearing at the recommendation of Examiner Yost was decidedly against us-that station KTNT must be closed. He carried the case to the Supreme Court of the District of Columbia. They decided that we should go back to the Court of Appeals as set out by the law and we could appeal to them from the Court of Appeals which was good law as the law says just that. I then appealed to the Court of Appeals the decision. The attorneys for the Federal Radio Commission put through the records of the case before the Court of Appeals this entire stack eight inches high of typewritten copy including two purported copies of speeches I had made over radio, in which both reports stated they were not absolutely correct copy. More Expense The Court of Appeals then sent me a bill for I believe $5,400, cost of printing the record. I believe the case was set for November, 1930. I wrote them that the American Savings Bank at Muscatine had closed and tied up my funds and that the American Commercial and Savings Bank at Davenport had closed and tied up the balance of my funds, that I did not have $5,400 to pay for the printing of the records and asked them for an extension of time on the hearing until the banks opened and I could afford to go ahead with the case. The Clerk of the Court of Appeals advised me that it was perfectly satisfactory to him providing the Federal Radio Commission attorneys and my attorneys would agree to the extension of time. They positively did not agree on the second extension of time but I believe I received the first extension while we were still dealing with the commission's attorneys about the amount of data they were putting into the record. A review of that case will show that they charged me with using the word "Testicle" as obscene language over the radio and out of one stack of typewritting covering one of my speeches of one hours length meaning hundreds of typewritten in pages they introduced in the record before the radio commission on one or two paragraphs only about me using the word testicle but they never introduced a page or two before that paragraph or a page or two after the paragraph to show what the talk was really about which in substance was this. I was talking at the microphone-the A.M.A. was fighting me, the newspapers were carrying stories practically every day. Harry Hoxsey came up to the microphone and said, "Look, Mr. Baker they have yours and my pictures in the paper on the front page and they even have your spectacles." There was our pictures on the front page and I wore glasses and the reporter who took down the copy said he said testicles instead of spectacles and the Federal Radio Commision believed it. Not being able to raise $5,400 I was forced to drop my case before the Court of Appeals which deprived me of justice in the U. S. Courts and on June 12, 1931 I received a telegram about noon from Washington advising me to close my station immediately, which I did. I then flew to Mexico City, secured a permit for a station three times larger than anything the United States and we are now ready to go on the air in late July. Now let me prove the handwriting on the wall. A few months ago while here in Mexico I received a letter from Mr. Francis St. Austell on Mission Hotel stationery at Norfolk, Virginia, which letter I now have in my files. His first letter said this: "You will no doubt recall me as one man that you fought over radio more than any other and it is needless to say I would not write you this letter excepting I am broke." He goes on to say he is announcing for a small radio station in Norfolk part time, with his wife and children and merely getting by and that he has much information that I could use to good advantage and he wanted a job with me at this station XENT at Mexico. To Fight Baker He said that he accepted the position as President of the Iowa Radio Listeners League believing it was organized for the purpose publicly stated-to fight stations that were exercising direct advertising but that after he became president and was in the association a short while he learned that the Iowa Radio Listeners League was not organized to fight direct selling radio stations but to fight Norman Baker and close station KTNT at Muscatine. That the association was organized by the Iowa State Public Utilities Association and his paymaster was the manager of the light and power company at Moline, IIIInois and that after they fought me for a few years through the league that when I started the cancer work and brought upon my shoulders the vicious enemythe A.M.A.-that they painted the picture against me handed it over to the Iowa State Medical Society to complete and they slid out underground while the A.M.A. finished the fight and closed my station with assistance of the republican press with Adler, manager of the Lee Syndicate of newspapers and Gardner Cowles of the Des Moines Register, and who Hoover placed on the Reconstruction Finance Corporation Board as you will know and who later resigned. Then they said Iowa was over-quoted and they refused me authority to sell my station to anyone that it could not be relicensed in Iowa because Iowa was overquoted. Now get this-WOC and WHOin which Adler of the Lee Syndicate holds stock in WOC and WHO which is owned by the Bankers Life Insurance Company applied to the Federal Radio Commission for 50,000 watt station in Iowa. The Commission granted them a 50,000 watt station and they now have it in operation, all of which was done in face of their order that Iowa was over-quoted and that when KTNT went off the air with its 5,000 watts it left Iowa still over-quoted and no more power could be given to stations. The result America's most beautiful radio station KTNT-America's most popular radio station proven by the crowds attracted is closed-a dead loss to memy merchandising business-my magazine and all of my enterprises-many are closed, others about to be closed and I suffered a $750,000 loss. For instance I had to sell out a storehouse full of merchandise because my mouthpiece was taken from me which stood as a monument to the radio industry of America and the only erful station XENT you may rest assured 100 per cent voice the farmer and laborer of my full cooperation. of the midwest ever had or has had to this Read this booklet carefully and if you day. are interested in more details just request Now Mr. Elizey you have my story. them. What can be done to secure justice? What can be done to restore the license of KTNT? If nothing else can be done read this letter or parts of it into the congressional record, it will at least help some. Any assistance I can give you in public matters worthy of public attention from this pow-


Article from The Muscatine Journal, December 6, 1933

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CITY NEWS The Rev. Georgia Walraven, evangelist of the Church of the Nazarene, will give her life story at meeting at the church tonight. Mrs. Walraven was bustneas woman prior to her conversion and call to the ministry. A review of the book, "Dr. Luke of Labrador. was given by Mrs. Frank Drake when the Mary's class of the First Methodist Episcopal church met Tuesday afternoon at the home of Mrs. Omer Jones. 1202 Park drive. members attended. 31rs. Harry Reeves, and not Mrs. Ernest Reeves, was named tady of ceremonies at the annual election officers held by the Women's Benefit association Monday night. Mr. and Mrs. Lawrence J. Bos. hart. announce the birth of son at Hershey hospital this morning. Mrs. Boshart way Miss Wilina Baker before her marriage. The child has been named, Rob. Roy. Arthur J. Nicholson, county treasurer has received check for for motor carrier tax. The Muscatine Welfare association has been allotted $3,200 in R. funds for its expenses during the month of December. Mrs. M. Opal Fore. announced today. The figure for December is the same received for November The influx of new cases last month, however. made it. necessary for relief officials to apply for additional funds. Just what procedure will be followed this month was not known today. A total of 278 automobile licenses and issued at the office of Arthur Nicholson, counLV treasurer. for the new year. Francis Holliday. who gave his address as Clinton. Ja., was sentenced 10 davs in the county jail by Police Judge C. Coster this morning when he appeared charge of intoxication. Holliday was arrested Tuesday afternoon in the 100 block on Sycamore street. Approximately 43 members of school boy patrols under the (lirection Charles Kern. schools attendance officer will be guests the basketball game between Muscatine junior college and Roosevelt Military academy of Friday night. Reports of work done by the Muscatine Welfare association during the last month were presented to board members Tuesday night. Mrs. M. Opal Fore, social worker. reported that 89 new fam. lies had asked the association for help during the 30 day period that 72 transients had been given meals and service and that 573 Muscatine families had received relief or service. The condition of Mrs. Gus Halherg. GOG Cedar street, who undervent an operation at Mercy hospital, Iowa City, Tuesday was improved today. according to word received here. Allen Butts and Carl Kolmerer. delegates to the recent lows Older Boys' conference at Cedar Rapide, gave reports on the conference at the Hi-Y luncheon Lo. Officers will be elected for the new year at the annual meeting or the Muscation Power Boat club tonight. Robert Breedlove, 710 Enst Eighth street. reported to police Tuesday afternoon that his bicycle was wrecked by car owned by Jesse Stephens while it was parked at 422 Mulberry avenue A check for $763.86 has been mailed to the state treasurer by Arthur Nicholson. county treasurer. for interest on the state sinking fund. meeting of the Muscatine city school board has been scheduled Monday night at the city hall. it announced. The Monday meeting will take the place of the Friday which was postponed. A meeting of the Island Cemetery association has been called for o'clock Saturday morning at the cometery, E. P. Corwin, secretary of the association. announced today. Mr. Corwin asked that all those Interested in the cemetery attend the meeting. The breaknge of show case window at the Zoller jewelry store. 110 East Second street continued under the eye of police today. although no new developments were reported. Police at m. today said no arrests had been made. D. W. Bates. Feceiver, filed three actions in which W. Norton was major defendant and in which notes involved distriet court. Judgment for $3,562 asked against Norton Ruby Norton and Maude Norton: for $446.55 against W. and Ruby Norton and $182.10 against Norton alone. Varied county business came before the board of supervisors when the meetings which opened Mondav continued through today. The final report of Charles Kleindoinh temporary guardian in the suit of Harriet Smeenk against Annette showing $1,000 paid to Miss Gir senhaus. and other claims paid. Dec. set for hearing at 10 m. on 9. suit for $1,817.50 was filed D. W. receiver of the American Savings bank against


Article from The Muscatine Journal, July 19, 1934

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Deeds Recorded Charles W. and Effie Gipple to E. E. Bloom, SE 1-4 section 3376-4W. American Savings bank, by receiver to S. J. Lewin, west 28 feet lot 10, block 13 city of Muscatine, $19,000.


Article from The Muscatine Journal, November 20, 1934

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NOTICE HEARING OF In the court of Iowa, in and for county W. Bates. superintendent of bankof the state of Iowa, Savings bank Muscatine. Iowa, plaintiff, American Savings Muscatne, Iowa, deTo creditors. and to all interested in the ship of the American bank of Iowa: and each you are hereby notified: on the office the clerk the of Muscatine state of Iowa. an application D. Bates superintendent banking the state Iowa. American Savings Muscatine. Iowa, asking for authority comsettlement the promise this receivership is the owner That note one hundred fifty dollars ($1,750.00) and covering the following described real estate county of Muscatine, state of Iowa. to-wit: part of the southeast quarter (SE%) section eighteen range one west the 5th bounded Commencing thirty (30) feet north the section and running links, the thence north 51 5.23 east along of the road thence south 41% degrees east 4.95 chains. along the side the road 7.16 chains the place beginning containng 11/2 land That receivership is also the real estate securnote two hunfifty ($1,250.00) covering the described real estate situated county of Muscatine. state of Iowa, to-wit: Lot one (1) Parmalee's addition to the That this city mortgage junior dollar mortgage held by others in receivership. That this receivership also the an unsecured M. in the amount of three eighteen dollars and also the owner of an unsecured nine ninetyand ($993. signed by Pace, but which alleged note That said M. Pace has offered in satisfaction foredescribed mortgage deed described the above and foregoing tracts of real estate this receivership are further notified hereby: That said asking for thority said settlement for the 28th trict court catine. county of Muscatine. state Iowa. 10 unless are before date the asked for application as of banking the of Examiner in charge.