Cedar Rapids National Bank (Cedar Rapids, IA)

View Charter #3643 on SPMC View balance sheet

Episode Information

Episode UID
364301599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
36430 national
Charter Number
3643
Start Date
March 4, 1933
Location
Cedar Rapids, Iowa

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f9b1db943df56e18

Response Measures

None

Receivership Details

Depositor recovery rate
22.9%
Date receivership started
1934-01-23
Share of assets assessed as good
13.0%
Share of assets assessed as doubtful
62.0%
Share of assets assessed as worthless
25.0%

Description

State-wide Iowa banking holiday (Mar 1933) closed the bank; by 1934 a receiver (Robert S. Cook) is in place.

Events (5)
1. March 9, 1887 Chartered
Source
historical_nic
2. August 3, 1932 Voluntary Liquidation
Source
historical_nic
3. March 4, 1933 Suspension
Cause
Government Action
Cause Details
Iowa state banking moratorium/proclamation closing all state and national banks during the March 1933 banking crisis.
Newspaper Excerpt
Acting Governor Kraschel announced shortly after noon Wednesday that all Iowa state and national banks were closed to conform with the state proclamation.
Source
newspapers
4. January 23, 1934 Receivership
Source
historical_nic
5. January 23, 1934 Receivership
Newspaper Excerpt
receiver of the Cedar Rapids National bank (Robert S. Cook) filed resistance ...; attorney for the receiver referenced in news items late 1934 indicates receiver in place earlier that year.
Source
newspapers

Newspaper Articles (8)
1. 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

2. 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

3. 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.

4. 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.

5. October 3, 1934 The Gazette Cedar Rapids, IA

Article Text

George T. Hedges' Will Probated; Resistance Is Filed On Executors The will of George T. Hedges, pioneer Cedar Rapids realtor who died Aug. 12, was admitted to probate in district court Wednesday by Judge H. C. Ring. The bulk of the estate is left to Mr. Hedges' children, Harry T. Hedges, Mrs. Nellie C. Peddie, and Horace G. Hedges, in equal shares, and $500 bequests are made to his grandchildren. Robert S. Cook, receiver of the Cedar Rapids National bank, Wednesday filed resistance to appointment as executors of Horace G. Hedges and Harry T. Hedges, nominated for that office by their father's will, made Jan. 17, 1925. The bank receiver cites a $5,300 claim under a stock assessment in the former local national bank. Judge Ring continued the matter for hearing on the application for appoint-

6. October 19, 1934 The Gazette Cedar Rapids, IA

Article Text

COURT HOUSE NEWS Seek To Strike Resistance To Hedges Estate Executors Judge H. C. Ring in district court Friday heard a motion to strike a resistance of Robert S. Cook as receiver of the Cedar Rapids National bank to the appointment of Harry T. Hedges and Horace G. Hedges, sons of the late George T. Hedges, pioneer Cedar Rapids real estate man, as executors of their father's will. The bank receiver in his motion and in an amendment cited a claim of $5,300 under an assessment of stockholders in the Cedar Rapids National; and alleged that the late Mr. Hedges was liable to the Cedar Rapids National on other obligations. The receiver asks that the Merchants National bank, appointed administrator Sept. 25, be designated as administrator with the will annexed. The will was filed for probate Sept. 28, and was admitted by Judge Ring Oct. 3. Fined $50 For Reckless Driving. Maxine Clark, 25, charged with reckless driving, pled guilty in district court before Judge H. C. Ring Friday morning and was fined $50 and costs. The woman, who was arrested by police at El-

7. October 19, 1934 The Gazette Cedar Rapids, IA

Article Text

Judge H. C. Ring in district court Friday heard a motion to strike a resistance of Robert S. Cook as receiver of the Cedar Rapids National bank to the appointment of Harry T. Hedges and Horace G. Hedges, sons of the late George T. Hedges, pioneer Cedar Rapids real estate man, as executors of their father's will. The bank receiver in his motion and in an amendment cited a claim of $5,300 under an assessment of stockholders in the Cedar Rapids National; and alleged that the late Mr. Hedges was liable to the Cedar Rapids National on other obligations. The receiver asks that the Merchants National bank, appointed administrator Sept. 25, be designated as administrator with the will annexed.

8. December 18, 1934 The Gazette Cedar Rapids, IA

Article Text

CROP VALUES NEARLY 5 BILLION Hutchinson Resigns Securities Post REPORT LOCAL MAN WILL GET U. S. POSITION Slated To Be Assistant Dist. Attorney And Aid To Mekota As Lawyer For Bank Receiver. (CEDAR RAPIDS NEWS.) The resignation of Walter R. Hutchinson of Cedar Rapids, Linn county democratic chairman, as state securities commissioner, was announced Tuesday by Mrs. Alex Miller, secretary of state, according to news service dispatches. At the same time Mrs. Miller announced that Mr. Hutchinson would be succeeded by S. S. Smith of Des Moines, who has been an assistant in the office. Mr. Hutchinson, it was reported, will be appointed an assistant United States district attorney for the northern Iowa district and will be assigned to assist John Mekota of Cedar Rapids, attorney for the receiver of the closed Cedar Rapids National bank. EVERYDAY LIVING Redeeming Faults. By DR. JOSEPH FORT NEWTON "THIS immaculate woman," says Oliver Holmes, in his Breakfast Table talk, "why couldn't she have a fault or two? Isn't there any old whisper which could tarnish that wearisome aureole of saintly perfection?" "Doesn't she carry a lump of opium in her pocket?" he goes on to ask. "Isn't her cologne bottle replenished oftener than its legitimate use would require? It would be such a comfort!" She was known as "The Model Woman," and it was in the days when models were expected to be perfect. She was a paragon of all the virtues, a museum of all the proprieties, a statue of all the graces. SENATORS HEAR HOW GANGSTERS ASSEMBLE GUNS Munitions Man Tells Of Sale Of Parts; Drive On Lawyers Aiding Hoodlums Begun. WASHINGTON (UP) — The senate munitions committee, seeking to discover the source of gangsters' weapons, heard testimony by one manufacturer Tuesday that it was "possible" for individuals to assemble sub-machine guns by acquiring necessary parts from different companies. Chairman Gerald P. Nye, (R), N. D., ordered the Winchester Repeating Arms company to produce its records of sales of sub-machine gun parts. Increase Local Milk Price One Cent Tomorrow (CEDAR RAPIDS NEWS.) The retail price of milk in Cedar Rapids will be increased 1 cent a quart, effective Wednesday, it was announced Monday afternoon following a luncheon meeting at the Y. M. C. A. of leading distributors. Some small producer-distributors have already made the new price effective, but the larger firms planned to notify customers Tuesday and charge the higher price starting Wednesday. The price rise was made necessary, distributors explained, by an increase in the wholesale price ordered Saturday evening by producers. The wholesale price was raised from $1.40 a hundredweight to $2, or about 1 1-3 cents per quart. Because the wholesale increase was greater than 1 cent, many distributors favored a 2-cent retail increase, but producers threatened a further wholesale boost if this was done. TOUHY HUNTED AS NEW HEAD OF DILLINGER GANG 'Terrible Tommy' Said To Be Chief Of Combined Mobs And Implicated In $427,000 Holdup. CHICAGO (AP)—A report that investigators had uncovered new secrets of the underworld Tuesday sent manhunters on a new public enemy drive which made "Terrible Tommy" Touhy the mostly widely hunted man in America. Backtracking the trail of the late John Dillinger and his henchmen, federal and state agents were reported to have found evidence that Touhy had taken over the leadership of the remnants of the Dillinger gang and had merged them with his own mob. UTILITY FIGHT BY ROOSEVELT GROWS HOTTER President Takes Up N. Y. Question As Sign He Intends To Force General Issue. WASHINGTON (UP) — The power fight waxed hotter Tuesday when President Roosevelt revealed he had interested himself in the New York City fight for lower utility rates. The President revealed that Mayor Fiorello LaGuardia and Maurice P. Davidson, New York city commissioner of water supply, gas and electricity, would confer with him within a few days. The conference with the New York City officials came after a bristling exchange between the Edison Electric Light Institute and the federal power commission. Ask Release Of Huge Funds In Liberal Credits WASHINGTON (INS) — Designed to release billions in inactive funds for industrial expansion, special treasury experts Tuesday proposed a drastically liberalized plan for extension of private and public credit. Release of the large sums now piled in the banks under greatly liberalized policies was held essential to economic recovery by Dr. Jacob Viner of Chicago, and Charles O. Hardy of Washington, special assistants to Secretary Morgenthau. Viner and Hardy conducted a survey of the availability of bank credit in the Chicago federal reserve district, embracing Iowa and parts of Illinois, Indiana, Wisconsin and Michigan. They reported to Secretary Morgenthau Tuesday in a voluminous document which may form the basis for banking legislation. "There is a widespread belief that at present the banks are over-cautious in lending and are particularly reluctant to make the type of loans that is most important in the earlier stages of the expansion of manufacturing production," the report said. Data gathered in the Chicago district, the report said, showed that while there was a large amount of credit available, it was not being used because of the "restrictive" policies of the banks and the "stringent" requirements of the federal reserve system.