American Savings Bank (Muscatine, IA)

Episode Information

Episode UID
72007771579
Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
savings
Bank ID
7200777 routing
Routing Number
72-0077
Start Date
July 1, 1931*
Location
Muscatine, Iowa (41.424, -91.043)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
65d1e546866d1dc0

Response Measures

None

Description

The bank experienced a run in mid-1931 but remained open initially; it subsequently suspended and entered receivership by late 1931.

Events (3)

1. July 1, 1931* Run
Cause
Rumor Or Misinformation
Cause Details
Local 'bosses' and the Muscatine Journal allegedly started stories to close the bank, leading to withdrawals.
Measures
The bank remained open during this initial period of withdrawals.
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. October 1, 1931* Suspension
Cause Details
The bank closed following a period of instability and local opposition; exact trigger for the final suspension is not explicitly detailed beyond the prior run.
Newspaper Excerpt
I wrote them that the American Savings Bank at Muscatine had closed and tied up my funds
Source
newspapers
3. November 17, 1931 Receivership
Newspaper Excerpt
Orders were obtained in several county bank ships today by A. Andrew, state banking, and ceiver closed banks, in Judge Scott's for the American Savings bank
Source
newspapers

Newspaper Articles (13)

Article from Mid-West Progressive, July 7, 1931

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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 ratesβ€” 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 Mid-West Progressive, November 17, 1931

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IN BANK SUIT Transfer of Lighting Company Franchise Is Ordered Orders were obtained in several county bank ships today by A. Andrew, state banking, and ceiver closed banks, in Judge Scott's for the American Savings bank, he by to assign and deliver to State bank, and papers in the hands trustee under the executed Oct. 1928, between Muscatine Lighting company and the city of Muscatine, including the conveyance of the electrical distribution system. Another order was signed in which the for the Savings bank to pay any and on the trust earried by the bank as trustee for the care fund of the Melpine Union to Cole, George W. Grimm and D. Kelly, trustees. In the receivership of the AtaUssa Savings bank, the receiver was authorized to credit note given Carl and Jessie Van Horn in the of $1,438.60 with the amount of the sale value and accrued inter$600 par value Liberty Loan certificates held by the bank for Jessie Van Horn.


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 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 Muscatine Journal, September 21, 1932

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NOTICE OF HEARING OF APPLIauthority to transfer and for recourse Charles sign without certain mortgage. the Iowa, in and of Bankof the State of ing the American Savings Bank of American vs. Savings Bank of Muscatine Defendant and all To the interested in the Savings of You are Hereby and Each there is the That now Clerk District fice and the Muscatine Andrew State Banking of of Receiver of State of American Bank to Iowa, assign without certain note and Charles Dickman mortgage McNall amount hundred dollars which interest has of six hundred crued in the amount note is secured on the by mortgage estate in described real Island The southwest (SEM) the southeast (18) and the northcighteen the northquarter east quarter north, range west of the 4th That M. the property securing the been mortgage duly at a valuation of of this Receivership


Article from The Muscatine Journal, September 28, 1932

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Two orders fixing the time for hearings and another approving settlement proposed were signed by Judge C. L. Ely Tuesday in the receivership of the American Savings bank. On notes signed by L. C. Barry in favor of the American Savings bank, which totaled $4,649.05, compromise settlement was of fered providing for cancelling the Barry-Althaus company deposit claim of $1,050. and payment of $2,000 in addition. This hearing is set for 10 a. m. on Oct. 8. Another application asks authority of L. Madden as guardian of the property of Johanna E. Rensink, minor, to accept note and mortgage signed by Thomas F. and Margaret B. Maher for $1,000 in exchange for deposit claim of $3,691.54. The note is secured by mortgage against lot 7 in the Bilkey addition to the city of Muscatine, with the exception of the west 60 feet of that lot. This application is also set for hearing on Oct. 8. An order authorizes the bank receivership to sell notes secured by a chattel mortgage and signed by James and Catherine McNall for $1,499.61 in cancellation of the deposit claims of A. P. and Ann Roberts for $3,875.01. The property given as security for the mortgage was valued of $889 by appraisers.


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, March 1, 1933

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Deeds Recorded American Savings bank, by receiver, to Joe Miller, quitclaim deed, part of lot 18, Avenue addition, Muscatine. William West to Ethel Heuer, part of lot 10, block 96, Musca tine Albert DeCamp to L. A. Andrew, receiver of American Savings bank, lot 3, block 41, Muscatine.


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, 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.