3654. Nichols Savings Bank (Nichols, IA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
October 3, 1931
Location
Nichols, Iowa (41.481, -91.308)

Metadata

Model
gpt-5-mini
Short Digest
a54971c4

Response Measures

Full suspension

Other: Receiver actions and sale of assets follow suspension; reorganization attempted but receivership appointed.

Description

Newspaper accounts report a run that developed and the bank closed Oct 3, 1931 for the protection of depositors. By Jan 1932 the bank is in receivership, and later notices (1932–1933) show receiver actions and sales. Cause of the initial run is not specified in the articles.

Events (4)

1. October 3, 1931 Run
Cause Details
Article states a run developed but gives no explanation or trigger for the withdrawals.
Measures
Bank closed for the protection of depositors; officials planned to reorganize the institution.
Newspaper Excerpt
The Nichols Savings bank closed this afternoon for the protection of depositors. The action was taken after a run had developed.
Source
newspapers
2. October 3, 1931 Suspension
Cause Details
Suspension/closure was a direct action following the run; no government action or voluntary liquidation cited in the announcement.
Newspaper Excerpt
The Nichols Savings bank closed this afternoon for the protection of depositors. The action was taken after a run had developed.
Source
newspapers
3. January 26, 1932 Receivership
Newspaper Excerpt
The Nichols Savings bank, receivership, was ordered to preferred claims including ... in an order signed by Judge D. V. Jack-
Source
newspapers
4. September 21, 1932 Other
Newspaper Excerpt
NOTICE OF HEARING ... Application of the Receiver the Nichols Savings Bank of Nichols ... sell the described real estate ... Quimby Receiver ... for hearing the 28th day ...
Source
newspapers

Newspaper Articles (6)

Article from Quad-City Times, October 4, 1931

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Article Text

NICHOLS BANK SUSPENDS AFTER SATURDAY'S RUN Nichols, Ia., Oct. 3.-The Nichols Savings bank closed this afternoon for the protection of depositors. The action was taken after a run had developed. Bank officials plan to reorganize the institution. Police Guarded Stamps. Memphis. (UP) When the American Philatelic convention was held here recently, police guards were posted about the building to protect valuable stamp exhibits. At one time, shortly before the exhibits, it was said more than $1,000,000 worth of stamps were stored in bank vaults here ready for showing.


Article from The Muscatine Journal, December 24, 1931

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Article Text

CITY NEWS About a dozen packages containing Christmas presents were street. stolen from the Cliff Schreurs residence, Seventh street and Mulberry avenue, between 7 and 10 o'clock Wednesday night, it was discovered by Mr. and Mrs. Schreurs. The theft was not re- son's parents. ported to police. The packages had been arranged under a Christmas tree and about a dozen of the 30 or 35 packages were taken. The thief or thieves apparently entered the house with a proximate cost of $650. pass key through the front door. Hog receipts totaled 427 head at the stockyards here today, including one carload from George Westfall, River Junction. A LaSalle sedan, owned by J. C. Bishop. WRS damaged somewhat when it caught fire from a short in the wiring as it was being washed in the Bishop garage at 11:26 this morning at 414 West Second street. Firemen from Central station extinguished the blaze with three gallons of chemical. In the absence of Mr. and Mrs. G. E. Mortimer, pastors of the Bloomington Friends church, Miss Lucile Kautz, of Muscatine will give a talk on the Holy Land at the 11 o'clock service Sunday morning. Dr. W. S. Norton and daughter, Miss Ruth M. Norton, 408 Broadway left this-afternoon for Peoria to spend Christmas with relatives and friends. R. A. Daedlow, formerly with the Nichols Savings bank. recently closed. has accepted position with the Farmers and Merchants Savings bank at Creston. He will take over his new duties Jan. 2. Mr. Daedlow is at present treasurer the Muscatine County Bankers association Mrs. J. Carlton, 612 Chestnut Mr. and Mrs. Walter Hendrickson and children, Mary Louise and Walter, Jr., left today for Chicago to spend Christmas with Mr. and Mrs. Henry Gross, Mrs. HendrickA building permit has been issued to Ina Mae Thayer for the construction of a frame residence on West Front street, between Linn and Spruce streets, at an apMiss Pearl Brown, stenographer at the Public Health bureau office at the city hall is ill at her home, 417 West Fourth street. Mrs. A. W. Flinn, 608 Mulberry avenue, left this afternoon for Columbus Junction to spend Christmes with her sister Mrs. J. T. Hanft. She expects to return in about a week or ten days. Miriam Rebekah lodge, No. 27, will meet Friday at 7:30 p. m. at 1. O. O. F. hall. Mrs. Mary Hoffman, 512 Schiller street, has gone to Kansas City, Mo., to spend the holidays with her daughter, Mrs. Roscoe Wayland. J. G. Johnston and family, 219 West Seventh street, will spend Christmas in Marshalltown, Ia.. with Mr. Johnston's mother, Mrs. Ira S. Johnston. Mr. and Mrs. Ed G. L. Hoffman, 1220 Smalley avenue, announce the birth of Gaughter at Bellevue hospital Tuesday. She has been named Rosemary Agnes. Miss Bernice Hagermann, teacher in the San Jose, Ill., high school, came to Muscatine Wednesday night to spend Christmas with her parents, Mr. and Mrs. Ed Hagermann, 508 East Sixth street. Receipts from the Christmas real sale of the Public Health Bureau totaled $1,007.63 to date, officials report. An appeal was made to persons receiving Intiers with seals to make their returns for seals purchased or return them to the Bureau as early as possible. The Foursquare Gospel tabernacle announces special program of dialogs, recitations and vocal and instrumental music for 7:30 Thirty-one children and several mothers were entertained and supplied with gifts and treats at the annual Christmas party held at the Day Nursery today. Dinner, which was courtesy of the board, was served by Mrs. E. W. Pool, matron. at two long tables decorared in Christmas style. with favors or candy and an orange at each place. Gifts were distributed around a lighted Christmas tree this afternoon. Mrs. Elizabeth Biles, of 124 East Second street, will leave tonight for Sioux City to spend the holidays with her brother and sisterin-law. Mr. and Mrs. Charles Applications for marriage licenses were filed today by Joseph J. Howard, 22, and Madeline G Summitt. 20. both of Muscatine county. and Frank J. Williams. 38, Musentine, and Alice Laura Smith, 24, of Buchanan county. Miss Flossie Christensen, 322 Green street, and Wayne Fryberger, Walnut street. are spending Christmas with Miss Christensen's sister, Mrs. Harry G. Shaw at St. Louis. Donald Carlton, former athletic Assistant at Alexandria, S. D., has come to Muscatine to make his home with his parents, Mr. and A marriage license has been Issued at Aledo, 111., to Glenn S. Nyenhuis, 30, and Beulah Phillips, 35, both of Muscatine. The annual Christmas observance of DeMolay commandery No. 1 Knights Templar. will be held at the temple at 10:45 a. m. Friday. All Knights Templar are urged to attend. Mrs. Emily Chaffee, St. Paul, Minn., arrived today to spend Christmas with her son, Homer L. Chaffee, 112 West Tenth street and her daughter, Mrs. W. E. Van Zyle, 1518 East Fifth street.


Article from The Muscatine Journal, December 24, 1931

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Article Text

CITY NEWS About a dozen packages containing Christmas presents were stolen from the Cliff Schreurs residence, Seventh street and Mulberry avenue, between 7 and 10 o'clock Wednesday night, it was discovered by Mr. and Mrs. Schreurs. The theft was not reported to police. The packages had been arranged under a Christmas tree and about a dozen of the 30 or 35 packages were taken. The thief or thieves apparently entered the house with pass key through the front door. Hog receipts totaled 427 head at the stockyards here today, including one carload from George Westfall, River Junction. A LaSalle sedan, owned by J. C. Bishop, was damaged somewhat when it caught fire from a short in the wiring as it was being washed in the Bishop garage at 11:26 this morning at 414 West Second street. Firemen from Central station extinguished the blaze with three gallons of chemical. In the absence of Mr. and Mrs. G. E Mortimer, pastors of the Bloomington Friends church, Miss Lucile Kautz, of Muscatine will give a talk on the Holy Land at the 11 o'clock service Sunday morning. Dr. W. S. Norton and daughter, Miss Ruth M. Norton, 408 Broadway, left afternoon for Peoria to spend Christmas with relatives and friends. R. A. Daedlow, formerly with the Nichols Savings bank, recently closed, has accepted position with the Farmers and Merchants Savings bank Creston. He will take over his new duties Jan. 2. Mr. Daedlow is at present treasurer of the Muscatine County Bankers association. Receipts from the Christmas seal sale campaign of the Public Health Bureau totaled $1,007 63 to date, officials report. An appeal was made to persons receiving letters with seals to make their returns for seals purchased or return them to the Bureau as early as possible. The Foursquare Gospel tabernacle announces special program of dialogs, recitations and vocal and instrumental music for 7:30 Friday night Rt the tabernacle. Thirty one children and several mothers were entertained and supplied with gifts and treats at the annual Christmas party held at the Day Nursery today. Dinner, which was a courtesy of the board, was served by Mrs. E. W. Pool, matron, at two long tables decorated in Christmas style. with favors of candy and an orange at each place. Gifts were distributed around a lighted Christmas tree this afternoon. Mrs. Elizabeth Biles, of 124 East Second street, will leave tonight for Sioux City to spend the holidays with her brother and sisterin-law, Mr. and Mrs. Charles Applications for marriage licenses were filed today by Joseph J. Howard, 22, and Madeline G Summitt, 20, both of Muscatine county, and Frank J. Williams, 38, Muscatine, and Alice Laura Smith, 24, of Buchanan county. Miss Flossie Christensen, 322 Green street, and Wayne Fryberger, Walnut street, are spending Christmas with Miss Christensen's sister, Mrs. Harry G. Shaw at St. Louis. Donald Carlton, former athletic assistant at Alexandria, S. D., has come to Muscatine to make his home with his parents, Mr. and Mrs. J. Carlton, 612 Chestnut street. Mr. and Mrs. Walter Hendrickson and children, Mary Louise and Walter, Jr., left today for Chicago to spend Christmas with Mr. and Mrs. Henry Gross, Mrs. Hendrickson's parents. A building permit has been issued to Ina Mae Thayer for the construction of a frame residence on West Front street, between Linn and Spruce streets, at an approximate cost of $650. Miss Pearl Brown, stenographer at the Public Health bureau office at the city hall is ill at her home, 417 West Fourth street. Mrs. A. W. Flinn, 608 Mulberry avenue, left this afternoon for Columbus Junction to spend Christmas with her sister, Mrs. J. T. Hanft. She expects to return in about a week or ten days. Miriam Rebekah lodge, No. 27, will meet Friday at 7:30 p. m. at I. O. O. hall. Mrs. Mary Hoffman, 512 Schiller street, has gone to Kansas City, Mo., to spend the holidays with her daughter, Mrs. Roscoe Wayland. J. G. Johnston and family, 219 West Seventh street, will spend Christmas in Marshalltown, Ia., with Mr. Johnston's mother, Mrs. Ira S. Johnston. Mr. and Mrs. Ed G. L. Hoffman, 1220 Smalley avenue, announce the birth of daughter at Bellevue hospital Tuesday. She has been named Rosemary Agnes. Miss Bernice Hagermann, teacher in the San Jose, Ill., high school, came to Muscatine Wednesday night to spend Christmas with her parents, Mr. and Mrs. Ed Hagermann, 508 East Sixth street. A marriage license has been issued at Aledo, III., to Glenn S. Nyenhuis, 30, and Beulah Phillips, 35, both of Muscatine. The annual Christmas observance of DeMolay commandery No. 1 Knights Templar, will be held at the Masonic temple at 10:45 a. m. Friday. All Knights Templar are urged to attend. Mrs. Emily Chaffee, St. Paul, Minn., arrived today to spend Christmas with her son, Homer L. Chaffee, 112 West Tenth street. and her daughter, Mrs. W. E. Van Zyle, 1518 East Fifth street.


Article from The Muscatine Journal, January 26, 1932

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Article Text

District Court The Nichols Savings bank, receivership, was ordered to preferred claims including 808.29 outstanding drafts and in salary checks in an order signed by Judge D. V. Jack- A. C. Noble and Cora Noble, defendants in a suit brought by L A. Andrew receiver of the American Savings bank to collect on the capitol stock assessments of the stockholders, filed separate answers today through their attorneys, Fishburn and Fishburn Noble alleges that about five years ago he signed note for $1,450 as his share of a trust fund then assembled to strengthen and assist the credit of the bank and that the note was as an Cora Noble alleges that the receiver, under an illegal writ of attachment and despite an order signed by Judge W. W. Scott, holding abstracts and other papers in lock boxes at-the bank and as result claims damages suffered in the amount of $1,000. The two, as result, ask that they be given credit for the full face value of notes and other properties seized and for $2,450 against their stock assessments. Two pending court actions have been dismissed, the suit of M. B. Rosenberger against Goldie L Lewis and others for $833 and the suit of Pauline Glatstein against Elijah Blankenship and others, foreclosure action for $2,850. torneys dismissing the suits were C. J. Rosenberger in the first action and H. M. Bartlett in the suit. R. G. Tipton, as administrator of the estate of D. C. McKee, filed bond of $100 with the clerk of court. In the estate of Mary J. Cook, Judge W. R. Maines the report of D. V. Jackson, executor. Claus Lemkau, administrator in the estate of Johann Lemkau, filed report through Attorney F. W. Eversmeyer, which court approved. The application in the Emma Archer estate, filed by Ada Talk-


Article from The Muscatine Journal, September 21, 1932

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Grace Morgan Gets Divorce, Custody of Three Children Custody of three minor sons, Earl, Ernest and Ralph, was awarded to Grace G. Morgan when Judge C. Ely granted her a divorce from Raymood Morgan in district court Tuesday afternoon. The petition cited cruelty as grounds. The decree gave Mrs. Morgan permission to marry again at anytime but stated that the defendant could not remarry for one year from the filing of the decree. NOTICE OF HEARING OF District of Iowa In and of the Reing Savings Bank, of Nichols, Plaintiff, Nichols Savings Bank of Nichols, Iowa, Defendant To the Creditors, Depositors and all the the Nichols Back Nichols You and you are hereby notified that the District Court and Muscatine County. State of Application of as Receiver the the Nichols of sell the described real estate County of Muscatine, The east two-thirds 2-3) of two (2)' block Nichols, Muscatine County. Quimby Receiver the sum 3 said $5,500.00 deposit 25% has 125.00 on which dividend of paid. You notified hereby said authority sell said real come on for hearing the 28th day A. the Unless are before said authority asked in Application will granted prayed. State Superintendent Banking and Nichols of Savings Bank of M.


Article from The Muscatine Journal, June 7, 1933

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District Letters issued to Elmer Faires the estate of Crane upon Edith Stratton and Emma Foster. Faires filed bond of $300. motion was filed by the fendants the action of Paul derson, West Liberty marshal, against Mike Marinello, Eugene and the Munhatten and Insurance company, asking that plaintiff's stricken. reasons the motion that the petition joins an insurance company the action, which alleged to be illegal and improper effort to before jury the notion that defendant has insurance. Anderasked $5,000 damages in petition based on injuries received January when he tried to arrest Marinello and Moore. Judgment for $189.50 asked an answer and counterclaim filed the defendants in the tion H. Lange and Bartlett against Finley and Margaret Finley over terms lease and agreements between the contestants. An answer entered by Lloyd and Esther Miller, defendants in an action by Mary Turner against the plaintiff for judgment possession of chattels; and goods noted in the original petition, plus costs of the case. made in the petition the Titus trustees M. Umlandt and others denied separate answer for Dora Mohnssen and Carl Hagemeister the of Lillian M. Umlandt. estate from the court Justice Mackey West in the case the State Liberty Iowa vs. George Jones were entered on the criminal docket. Included were an information Jones by Thomas Founagainst charging that Jones made tain, threat to commit public offense against the person Thomas Fountain and did openly and pubthreaten to commit violence licly his person, and warrant upon April along with $1,000 bond for Jones. Andrew, receiver of the Pleasant Prairie Savings bank, authorized to deliver certain notes to Strohbehn and the Walcott Savings bank eration for $700 in cash and the of specified deposit claims. Hearing was for 10 June the application of Andrew, receiver of the AmerSavings bank, authority offer and accept Nell Wigim certain farm held by the bank. An order was entered reducing bond of the receiver and in charge of the Citizens' aminer. Savings bank West Liberty. bond set and that of the exami$5,000 In similar order to the Nichols Savapplied bank, the bond was ings $5,000 and the examiner's $15,000. The of the United expenses president and the upkeep the White House involve about George's civil list $450,000; King normally In resigning as postmaster of Bill wrote letter to Arthur; the letter brought him fame