Home Savings Bank (Des Moines, IA)

Article Text

FLURRY AT DECORAH Bank Depositors Resent Action of President, Who Resigns Under Fire and Depositors Return Their Money. DES MOINES, Ia., Jan. 3.—Sandwiches and coffee were furnished by a local bank at noon yesterday to a group of depositors who were waiting to get their money in a "run" on the institution following the closing of two Des Moines banks Wednesday. The depositors had been waiting for several hours when lunch time came, but did not wish to relinquish their places in line. The bank's officers came to the rescue, however, ordering the management of a nearby restaurant to furnish sandwiches and coffee to the depositors. The noon hour brought pangs of hunger, but worried depositors did not wish to relinquish their place in the line. The officers of the Home Savings bank solved the problem. They instructed the management of a nearby restaurant to rush a supply of sandwiches and coffee to the bank, and within a short time all of the depositors were relieved of their hunger. Requests for their money by depositors were met by the Home Savings bank. A statement issued yesterday morning by the bank contained the information that the institution had $813,000 cash on hand. Depositors of the Home Savings bank were addressed in the morning by Homer Miller, president of the Iowa National bank; John Hogan of the Des Moines National and B. F. Kauffman of the Bankers Trust company. They informed the persons in the line that the bank is in a strong financial condition. At noon the clearing house association members met, and shortly afterward a statement was issued that the association stands squarely behind the Home Savings bank which, they stated, is in good financial condition. Bankers of the city met again yesterday to discuss the Commercial Savings and the Mechanics Savings bank closing. Several plans were submitted, it is understood, for the taking over of the two institutions. It is thought that something tangible will be worked out within a short time and affairs of the two banks placed in such condition as to bring about prompt liquidation. All banks of Des Moines have a large surplus of cash on hand and it is thought that the serious phase of the local situation has passed and the depositors will be reassured that all banks of the city are now in excellent financial condition.