First National Bank (Denison, IA)

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FIVE BANKS CLOSE

Iowa Institutions Unable To Withstand DES MOINES. Dec. 31.-Five of of priv ate and Moines institutions closed almost bank did The Commercial Savings not open for business at all this ing the Merchants ving closed shortly o'clock after depositors started The First National at Denison closed account of its inability to collect funds withdraw taking with branch banks at Vail and Dow City.

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Five Iowa Banks Close on Last Day of Year

Des Moines, Iowa, Dec. 31.—A combination of causes, including 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, the Commercial Savings and Mechanics Savings banks here, were turned over to the state banking department. The others included the First National bank of Denison, Iowa, and private banks controlled by that institution in Dow City and Vail.

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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.

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FIVE BANKS IN IOWA CLOSED

Deposit Guaranties Uncertainties Contributing Cause; Runs Halted

DES uncer tainty subrogation rights surety deposits the probable public money of failure of banks obtain depository bonds public moneys shaken public confidence were signed by officials tonight for the series of bank súspensions today banks closed doors Ing the day and them turned the banking every effort protect the the and Savings First tional bank Denison Dow largest doors obtain for deposit that this prospect the tration in the treasury on bank allied the after experiencing during the first banks the but reported difficulties Robert declined the examined said banks, made banks the which

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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 depositors. These two were the Commercial Savings and Mechanics Savings banks here.

The others included the First National bank of Denison, Iowa, 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.

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FIVE IOWA BANKS CLOSE

Two of Institutions Turned Over to State Department

DES MOINES, Iowa, Dec. 31.—A combination of causes, including 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 a 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 depositors. These two were the Commercial Savings and the Mechanics Saving Bank here.

The others included the First National Bank of Denison, Iowa, and private banks controlled by that institution in Dow City and Vail.

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Failure Of Iowa Banks Explained combination causes, including uncertainty rights public deposits. the probable with. drawal large sums money because of failure of banks to obtain bonds for pubmoneys and public fidence, assigned various ficials night for the bank suspensions in Iowa during their doors during the day and of them turned to the state banking department was announced effort protect the interests of depositors. These two Savings Mechanics Savings Banks The others the First Na. tional Bank of Dennison, Iowa and banks controlled that private stitution in Dow City and Vall.

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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

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IOWA BANKS STATE TAKES

Suspensions Attributed to Heavy Withdrawals of Public and Private Funds

DES Des Moines the Mechanics' and the Commercial have and over by nounced to prospective or actual heavy withdrawals of public and private funds The Banking Department unofcially informed that the National of Denision la. the Bank of Dow the Traders' Bank of la had been closed because of heavy The Savings public the first to efficers stating had been advised of of the funds because surety deThe Bank closely with the Commercial and held of funds which were not

The for withdrawal of to be to the Treasurer by

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CLOSE IOWA

Des Moines Des. and the Mechanics banks, closed their Savings, the taken by today and were doors The the state was given in each cause actual heavy pective and private funds. public this department The unofficially ternoon bank of DenFirst National that the Bank of Dow City, nison, Ia., the bank of Vaile, the Traders' and because of been closed These three heavy said to be closely stitutions Robert Leach, superintendent lated, been advised had not their difficulties. the details

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Bank Run Headed Off Denison, run on the Craw. ford county State bank, following blosing of the First National bank, stopped when high-powered automobile drew up the bank, and great stacks money said total thousand dollars were carried into the vaults.