First National Bank (McGregor, IA)

View Charter #323 on SPMC View balance sheet

Episode Information

Episode UID
32301599
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
3230 national
Charter Number
323
Start Date
March 4, 1933
Location
McGregor, Iowa

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6be454213a1c4d67

Response Measures

None

Events (3)
1. March 16, 1864 Chartered
Source
historical_nic
2. March 4, 1933 Suspension
Cause
Government Action
Cause Details
State proclamation (Iowa banking holiday) ordering all banks closed until further notice.
Newspaper Excerpt
Lieut. Gov. N. G. Kraschel today ordered a banking moratorium effective at once.
Source
newspapers
3. May 29, 1933 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (5)
1. June 19, 1932 The Burlington Hawk-Eye Burlington, IA

Article Text

Heavy Rains Iowa Farm Lands phone lines in Cedar Rapids, where downpour of two and half inches broke wires. Anamosa, Garrison, and well other towns, were without lights. Buildings were blown down undetermined number of head livestock killed Clayton county. One farmer lost all his buildings, except the house. Field Stars Lightning Causes Fire Lightning is believed to have been the cause of $12,000 fire which desSmash World Marks troyed three buildings in Baldwin, in county. head wind and hail accompanied Mass., June inchs of rain Ottumwa. Railtrack and field athletes road communication lines were torn down of the cast and south, striving for an carry Uncle Sam's At Marshalltown, only .97 inch shield the Olympic action, ripped fell, but In the drainage at international record book at the Iowa river the north, heavier stadium today. occurred. second of semi-final Frank Bonebright, weather observer Webster meets and when the turf was cleared expected the Boone two world's records had been broken there to reach the 13-foot flood unprecedented since 1918, after pair of American marks also stream had risen ten feet overnight White and Brewer creeks, upon and four other events were with performances slopped over their banks, following the that eclipsed the best Olympic marks. rain, descended in little more than Court Action Looms In McGregor torrents came down steep hills, carrying automobiles In Bank Discrepancy before them. Kensett Vicinity Damaged Many thousand dollars in damage resulted the Kensett vicinity from City, June hail which wide swath and plated court action in connection with pounded crops to the ground. discrepancy of $20,000 Near Grafton crops also were badly county funds the closed damaged by hall planted First National bank was begun in the in onions and potatoes near Crystal court here today. Lake with water. Many petition filed by County Attorney families near there were compelled Olson and others asked an leave their homes or move into upper counting of the affairs County stories the waters rose. Treasurer Berry, the bank Rallroad tracks near Thornton and and Receiver Craig, stating that Swaledale and Crystal Lake were the bank's records showed total of washed out, but service was re-opened deposit while Berry's Saturday. placed the deposits at $51,000. Winds tore down some farm buildings near Orchard. Services Held Two feet of water stood in the gymnasium the Corwith high school building. Rains were particularly heavy Mitchell and Hancock ties. Hall damage extensive In in Worth county. funeral Across from near Moline, Robert Hanke, 15, drawned in the Mississippi late Friday. Heavy Reported Roger Interment was Heaviest rainfall reported the following stations: and Kentucky Fort Dodge inches, Charles City 2.02, Decorah 1.92, Dubuque 1.92, Iowa Falls 2.24, Waterioo her 1.93, Cedar parents, ids Davenport 1.78, Iowa City vacation church school Sac City Ames 1.61, RockCity 1.78; Jefferson Storm bonus Lake 1.25, Winterset 1.10, and OskaCan loosa 1.08. from period Charles D. Reed, senior meteorolowhile attending gist in the bureau Des Moines, predicted that the Des Moines "Praise Of river would reach flood Little stage of feet Boone Sunday this said the Boone river Webster City Be others will carry the Des Moines river to and Gototal rise of nearly 12 feet to about flood stage Sunday. In the county road by Mar- commission was called in to settle Parker." disputes occasioned when some farmthe started cutting outlets from their fields to those of neighbors. An effort one of Bryant's is being made to devise plan wherethe poet the water be can carried Allan

2. March 5, 1933 Chicago Tribune Chicago, IL

Article Text

EVERY STATE JOINS IN MOVE TO SAVE BANKS Take Holiday or Impose Restrictions. Wilmington, Del., March 4.—(AP)—Delaware, the last of the nation's 48 states not under some form of banking restriction, declared a bank holiday tonight, effective Monday and continuing "until further notice." Harold W. Horsey, state banking commissioner, said Gov. C. Douglas Buck had directed him to notify all banks in the state as follows: "Not because of anything that has occurred in Delaware, nor any condition existing here, but wholly because of the action of practically all the other states in declaring a bank holiday and the observance thereof by the Federal Reserve bank, this bringing about a temporary suspension of banking business over the country, I am left with no alternative but to take action to protect Delaware banks and their depositors." Wisconsin Plans Reopening. Milwaukee, Wis., March 4.—[Special.]—Banks of this city and Wisconsin are making plans to reopen next week, but on what day had not been determined tonight. In Madison, Banking Commissioner Arthur C. Kingston said that a plan has been devised for reopening Wisconsin banks Monday morning, although he withheld details of the plan pending an expected announcement from President Roosevelt at Washington on the banking situation. On the other hand, Walter Kasten, president of the First Wisconsin National bank, and also a member of a committee appointed by the Milwaukee Clearing House association to work out a plan, said the Milwaukee banks will not reopen until Wednesday at the earliest, and then probably will operate under a scrip plan similar to that used in 1907. In the meantime the fourteen day bank holiday proclaimed by Gov. R. G. Schmedeman remains in effect. No Holiday in Indiana. Indianapolis, Ind., March 4.—[Special.]—Indiana banks, under the new bank code law recently rushed through the state legislature, have the power to limit withdrawals to one-tenth of 1 per cent. Therefore, no state-wide bank moratorium will be declared in Indiana Gov. Paul V. McNutt today informed state officials from Washington, where he attended the inauguration. Indianapolis banks today continued to pay 5 per cent on both savings and checking accounts, and 100 per cent on deposits made since they declared a 5 per cent withdrawal limitation last Monday. A few upstate banks have limited withdrawals to 2 per cent. Plan Michigan Reopening. Detroit, Mich., March 4.—[Special.]—There was an easing up of banking anxieties in Detroit because of the action of the state legislature on relief bills which are scheduled to be passed on Monday. They should become laws not later than next Saturday and thereby permit banks to re-open and permit another withdrawal of funds in amounts yet to be decided upon. Operations in Detroit will be immediately resumed by the First National bank and the Guardian National Bank of Commerce. Iowa Proclaims Holiday. Des Moines, Ia., March 4.—[Special.]—Lieut. Gov. N. G. Kraschel today ordered a banking moratorium effective at once. In his proclamation the lieutenant governor set no definite time, declaring only "a temporary banking holiday mandatory for all Iowa banks, savings banks and

3. March 6, 1933 The Courier Waterloo, IA

Article Text

IOWA'S BANKS MAY BE PERMITTED TO RAISE BAN FRIDAY Will Not Be Allowed to Open Before Under Permission from Treasury. NEED RESERVES TIED UP IN CHICAGO BANKS Use of Clearing House Scrip Will Afford Means for Circulation. Des Moines—(AP)—Iowa's bank holiday will be effective until the ban on withdrawals from New York and Chicago banks is lifted, Lieut. Gov. N. G. Kraschel said Monday. "Many reserves of Iowa banks are held by national banks in Chicago and New York," Kraschel said. "Until those reserves are available, Iowa banks that were opened would be exposed the dangers of withdrawals, particularly by business organizations which might wish to obtain money from Iowa deposits for use in other states." It was indicated that Iowa situation will continue unchanged at least until Friday, the earliest date when congressional action could lift the ban. Iowa's banking holiday remained mandatory despite the terms of President Roosevelt's proclamation that liquid banks could remain open during the national holiday if given permission by the secretary of treasury. Agree To Keep Banks Closed. Lieut. Gov. Kraschel said early Monday that Iowa banks will not be permitted to take advantage of that provision in the president's proclamation and that, the state holiday started Saturday will remain in effect on all Iowa banks. Agreement to keep the Iowa proclamation in force was reached in a telephone conversation between Lieut. Gov. Kraschel and Gov. Clyde L. Herring, who is in Washington. Officials of the Iowa Bankers association met here Sunday for a discussion of additional legislation to be considered by the state legislature which reconvened Monday following a week's recess. Fred J. Figge of Ossian, president of the association, said the legislation would deal with methods of bank withdrawals after the holidays are suspended. Details of the proposals could not be discussed, Figge said, as they were to be discussed further with the banking committees Monday. Two Banks Told To Stay Shut. Bank officials also discussed the issuance of clearing house certificates as provided for in President Roosevelt's proclamation. Information concerning the certificates, which would be issued under regulations of the Chicago Federal Reserve bank, was expected from Chicago. Lieut. Gov. Kraschel said he had ordered officials of two Iowa banks to observe the state holiday and not to open their banks today as they had declared they would do. Henry M. Carpenter, president of the Monticello State bank, and A. R. Robinson, assistant cashier of the Anita bank at Anita, were ordered by Mr. Kraschel not to open Monday. Must Restrict Openings. Des Moines—(AP)—Reopening of banks of the nation must be on a restricted payment basis, L. A. Andrew, state superintendent of banking, said Monday. "There is no question," he said in a formal statement, "that when the banks of the country reopen, it must be on a restricted payment basis and with the use, in many cities, of banking scrip consisting of clearing house certificates." Such scrip, he asserted, will provide a circulating medium for cities in which it is issued. This scrip, he said, "is a promise to pay by all of the banks in a clearing house and has behind it good assets to cover the entire issue." Calling upon the public to face

4. March 6, 1933 Ames Tribune Ames, IA

Article Text

IA. BANK HOLIDAY WILL CONTINUE (Continued from Page One) ed from Washington, it was believed. The banking holiday, also added incentive to the stamp money plan which originated at Hawarden, Ia., and which, due to legislative action 10 days ago, may now be set in motion by every county in the state for poor relief. Some amendment to this law to make it applicable to present conditions was suggested to legislators. Kraschel, however, said that no emergency legislation by Iowa was necessary. The state, he said, had already set its financial house in order and would be ready to proceed with normal bank business at the expiration of the national holiday. Kraschel telephone Gov. Clyde L. Herring, who is attending the governors' conference in Washington, before announcing early Monday that the Iowa proclamation closing banks until further notice would be rigidly enforced. Several score banks thruout the state, it was said, were prepared to open their doors at the first possible opportunity in spite of the proclamation of the lieutenant governor, and had closed temporarily only under protest. One bank, the Iowa-Des Moines National here, had announced flatly that it would re-open Wednesday. In view of President Roosevelt's proclamation however, this plan probably will be changed to coincide with present developments. Pending a readjustment of emergency money matters, merchants scrip, several kinds of barter and agreements honoring checks of reliable firms in lieu of cash, were being worked out in individual cities thruout the state. Kraschel urged that all business houses cooperate in honoring these temporary adjustments made locally until Iowa's banks re-open.

5. March 8, 1933 The Gazette Cedar Rapids, IA

Article Text

Iowa Maintains Solid Front In Banking Crisis DES MOINES (AP)—Acting Governor Kraschel announced shortly after noon Wednesday that all Iowa state and national banks were closed to conform with the state proclamation. Several of the banks which opened Wednesday morning to accept new deposits discontinued the practice after conversations with state officials, Kraschel indicated. The banks may continue to make change and allow patrons to use their safety deposit boxes. "Iowa's position is extremely strong," Kraschel said in a statement. He commended bankers for their co-operation and said that Governor Herring in Washington has kept in hourly contact with the Iowa officials. "Within a few days a new and sounder banking structure will arise for the service of the nation," he declared. His statement was as follows: "All Iowa banks are closed in strict conformity with the state proclamation. The splendid co-operation that they have shown in upholding our hands gives us hope of obtaining release of Iowa bank money in Chicago and New York. It is perfectly obvious that if some of our banks were to disregard our proclamation and permit withdrawals of cash, our position would be lost forever. "It is unfortunate that America's business should be so paralyzed, but Iowa's position is extremely strong in such a crisis. "We have food products that the remainder of the country must have, and we would be weak indeed if we did not demand the creation of a sound currency for release of our own funds now in city banks before normal business is resumed. "We do not seek an unfair advantage of our sister states but the present bank crisis is due to exploitation and unsound banking practices in higher circles over which we had no control. We are not to blame for this situation, therefore we would be weak if we failed to exercise our position at this time for the protection of our own people. "President Roosevelt is moving forward boldly and in a constructive manner. Gov. Herring is in hourly contact with us, advising us as to the progress. Within a few days a new and sounder banking structure will arise for the service of the nation. We need to be patient but a few days more, and I commend the loyalty of our bankers and the patience of our people in the maintenance of our state program." DUBUQUE BANK OPEN. DUBUQUE (AP)—The First National bank here remained open for business Wednesday despite advice from Lieut.-Gov. Kraschel that all Iowa banks, both state and national, should remain closed in conformity with the state banking holiday.