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 7, 1931
Location
Muscatine, Iowa (41.424, -91.043)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7ccf960dedc45b70

Response Measures

None

Events (3)

1. July 7, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Stories circulated that the bank would be closed prompted many depositors to withdraw funds.
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. September 23, 1931 Receivership
Newspaper Excerpt
An order appointing Andrew, state superintendent bank receiver for the American Savings bank of Muscatine ... The decree naming the receiver asked the winding up the the bank, liquidating liabilities and distributing the as provided law.
Source
newspapers
3. September 23, 1931 Suspension
Cause
Government Action
Cause Details
Court decree appointed the state banking superintendent as receiver after the bank failed to open for business.
Newspaper Excerpt
An order appointing Andrew, state superintendent bank receiver for the American Savings bank of Muscatine, which failed open for business Monday morning, was signed by Judge Ely district court today.
Source
newspapers

Newspaper Articles (13)

Article Text

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 Text

ANDREW NAMED BANK RECEIVER Court Appoints State Banking Head for American Bank An order appointing Andrew, state superintendent bankreceiver for the American Savings bank of Muscatine, which failed open for business Monday morning, was signed by Judge Ely district court today. Application that he be appointed receiver for the bank was Andrew, General John Fletcher of the state of Iowa. The bond of the receiver was fixed $75,000. The decree naming the receiver asked the winding up the the bank, liquidating liabilities and distributing the as provided law. The order the court authorizes the receiver to employ, necessary assist the receiver and to bring suits other actions necessary the receivership.


Article Text

Property Transfers Special The Democrat Muscatine, Ia., June 17.-Deeds for the following real estate transfers have been filed here: American Savings bank, by receiver, taC. F. Oakley, lots to 14, block 25, lots 3 to 19, block 52, all of block 53, and streets and alleys, Park Place addition, Muscatine. Daniel A. Bottomly to Fred Bush, lot 5, block 6, Nichols. Henry Heitz and Margaret Neitz to Muscatine county, tenth of an acre in sec. 7-78-1E for road pur poses.


Article Text

Deeds Recorded American Savings bank, by ceiver, to Oakley, lots block 25, lots to 19, block all block 53, and streets and alleys, Park Place addition, Muscatine. Daniel Bottomly to Fred Bush, lot block Nichols. Henry Heitz and Margaret Heitz to Muscatine county, tenth of an acre in sec. 7-78-1E for road purposes.


Article Text

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 Text

Deeds Recorded American Savings bank, by receiver. to B. Gingery, congressional lot section 19; and tracts in sec. 30-77-3W. Albert Meisinger to William and Ruby S. Plett, tracts in sec. George H. Hagermann to Hagermann, part of lot 10, block City of Muscatine to C. Haquitclaim deed that part easterly 10 feet across outlot subdivision of SW 1-4 sec. 262W. westerly line being feet easterly from easterly line of sidewalk. George F. Cook to C. Hagermann, lot and part of lot block 104, Muscatine. Roy Miller to C. Hagermann, lot W. H. Hoopes addition to South Muscatine. George Brown to Roy Miller, lot W. Hoopes addition to South Muscatine. The number of gypsies Great Britain is estimated to be more than 100,000.


Article Text

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 Text

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 Text

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 Text

Deeds Recorded Charles W. and Effie Gipple to E. E. Bloom, SE 1-4 section 3376-4W. American Savings bank, by receiver to S. J. Lewin, west 28 feet lot 10, block 13 city of Muscatine, $19,000.


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American Savings bank by receiver to Josephine Dora part of lots 1 and 2 in Crossman and Huff's addition.


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Deeds Recorded American Savings bank by receiver to B. L. Gallaher, north 45 feet of lot one and all of lots 2, 3 and 4 and westerly 20 feet of lot 5 in block 1, Hershey addition to Muscatine. An electrically-controlled gauge on the instrument board of a late model of a popular car registers the amount of crankcase oil.


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Deeds Recorded Harold W. Ogilvie and Jessamina E. Ogilvie to Gertrude Timm and Vera Shoemaker lot 18 in auditor's sub-division of section 26-77-2W, and also part of section 27-77-2W. American Savings bank, by receiver, to Susan A. Hunter, part of lot 5 in block 10 of North Muscatine.