Des Moines National Bank, Des Moines, IA (Charter 2583)
Des Moines National Bank, Des Moines, IA (Chartered 1881 - Closed 1929)
Town History
Des Moines is the capital and the most populous city in Iowa. It is also the county seat of Polk County. A small part of the city extends into Warren County. It was incorporated on September 22, 1851, as Fort Des Moines, which was shortened to "Des Moines" in 1857. It is located on, and named after, the Des Moines River, which likely was adapted from the early French name, Rivière des Moines, meaning "River of the Monks". The city's population was 214,133 as of the 2020 census. In 1870, the population was 12,035, growing to 142,559 by 1930.
Des Moines traces its origins to May 1843, when Captain James Allen supervised the construction of a fort on the site where the Des Moines and Raccoon Rivers merge. Allen wanted to use the name Fort Raccoon; however, the U.S. War Department preferred Fort Des Moines.
Des Moines had nine National Banks chartered during the Bank Note Era, and all nine of those banks issued National Bank Notes.
Bank History
- Organized November 1, 1881
- Chartered November 4, 1881
- Assumed Polk County Savings Bank 1897
- Closed September 20, 1929
- Consolidated with 2307 September 20, 1929 (Iowa NB/Iowa-Des Moines NB, Des Moines, IA)
- Circulation assumed by 2307 (Iowa NB/Iowa-Des Moines NB, Des Moines, IA)
On November 7, 1881, the Des Moines National Bank opened its doors for business with paid up capital of $400,000. The directors were Hon. J.A. Elliott, ex state treasurer; Jno. Brown, J.S. Polk, J.S. Clarkson, Jno. Wyman, and Jno. S. Windsor, all old, well-know citizens and prosperous businessmen; G.W. Souns, a resident of Indianola, and others.
In January 1883, the directors were John Wyman, J.S. Polk, A. Dickey, J.A. Elliott, J.S. Clarkson, J.H. Windsor, F.M. Gilbert, G.W. Seevers, B.L. Harding, and W.E. Hazen. John Wyman was president; J.S. Clarkson, vice president; and W.E. Hazen, cashier.
In January 1897, The officers were G.M. Reynolds, president; C.B. Atkins and E.A. Lynd, vice presidents; Arthur Reynolds, cashier. The directors were Arthur Reynolds, G.M. Reynolds, J.L. Bacon, C.S. Atkins, M.P. Turner, W.S. Regur, Henry Riegelman, E.A. Lynd, and Adam Dickey. The bank had capital stock of $300,000. George M. Reynolds was talked of for comptroller of the currency in case James H. Eckels retired. Mr. Reynolds was born in Panora in 1863 and went into the bank at 17 where his father was heavily interested. In 1884 it was converted into the Guthrie County National Bank of Panora. In 1886 Mr. Reynolds went to Hastings, Nebraska and organized a loan and trust company. He remained there only two years when he was obliged to return to Panora and take charge. He was cashier and manager of that bank until 1893 when he came to Des Moines and was made cashier of the Des Moines National Bank. In January 1895, he was elected president of the bank and his brother Arthur became the cashier. At the time they took charge, the Des Moines National was in very bad shape. Mr. Reynolds brought the bank out of its difficulties and made up $175,000 in losses which the bank had to stand on account of the mistakes of the previous management. It now led Des Moines with deposits averaging over $1,000,000. At St. Louis last September, Mr. Reynolds was elected a member of the executive council of the National Bankers' Association, composed of 30 of the leading bankers of the United States. If Mr. Eckels retired as comptroller of the currency, Mr. Reynolds had assurances of the strongest support among the bankers of Chicago and New York who know him.
On July 20, 1897, the Polk County Savings Bank and the Des Moines National Bank consolidated with the business thereafter conducted at the present offices of the Des Moines National at West Sixth and Walnut Streets. Negotiations had been pending for about ten days, but were concluded when 830 of the 1,000 shares of stock of the savings bank approved the merger without a dissenting vote. A.J. Zwart, cashier of the Savings bank would become assistant cashier of the national bank. C.W. Pitcairn and Carroll Wright, directors of the savings bank were elected to the board of directors of the national bank. All the business of the savings bank would be merged into that of the national bank, though the accounts would be kept separate during the cancellation of the savings bank's stock. The Polk County Savings Bank statement of June 30th showed capital stock, $100,000, deposits, $180,000, loans, $202,000; and cash on hand $69,000. John A. Garver was the president, C.W. Pitcairn, vice president; and A.J. Zwart, cashier. The directors were John A. Garver, C.W. Pitcairn, Martin Flynn, Fayette Meek, W.H. Quick, L. Scheuerman, S.B. Tuttle, R.T. Wellslager and Carroll Wright. The Polk County Savings Bank was organized July 20, 1882, exactly 15 years earlier. The first meeting was held in Judge G.G. Wrights office and the following men were present: G.G. Wright, John A. Elliott, George H. Malsh, J.H. Windsor, Wesley Redhead, S.B. Tuttle, R.T. Wellslager, and J.C. Cummins.
In August 1912, Arthur Reynolds wired his brother George, president of the Continental and Commercial National Bank of Chicago, his declination of the vice presidency of the Chicago bank, preferring to remain president of the Des Moines National and continue as a resident of Iowa's capital city. The vice presidency would have placed him next in line to the second greatest financial banking institution in America, yielding precedence only to the City National of New York. Continental and Commercial had capital of $20 million and a surplus of $10 million and combined deposits in three associated banks of $250 million. It was stated the salary attached to the vice presidency was $30,000 a year.
In January 1913 it was reported that the Des Moines National Bank would add another story to its building located at Sixth and Walnut Streets. In 1850 the corner was sold for $50. In 1904 it was valued at $210,000. J.H. Blair, vice president of the Des Moines National Bank was in favor of legislative action for good roads. "We should have permanent roads at any cost," said Mr. Blair. "Good roads mean prosperity. The greatest prosperity that results from good roads results to the farmer."
On Tuesday, January 13, 1920, stockholders elected the following directors: John A. Cavanaugh, H.B. Hawley, John H. Hogan, H.R. Howell, L.C. Kurtz, Charles A. Rawson, Arthur Reynolds, Ralph E. Rollins, H.E. Rumsey, W.W. Seard, Fred W. Weitz, and N.M. Winchinski. All except Mr. Rollins were re-elected, his name being added to the board. A new, 20-story bank and office building was contemplated by the bank to be erected at Sixth Avenue and Walnut Street including the property occupied by the present building. A strip of land was purchased from Ben Weinberg. No price was announced. The bank would await further land purchases and favorable industrial conditions.
On March 16, 1921, the Des Moines National Bank announced the purchase of the First Trust and Savings Bank of Des Moines with deposits exceeding $1 million. The Des Moines National Bank, primarily a commercial banking institution, acquired through merger the full facilities of a well-known trust organization, through which to exercise its recently conferred trust powers. It would now be able to offer personal and corporate trust facilities to all persons and concerns under the name of Des Moines National Bank. The merger would be effective on Monday March 21st.
On December 1, 1923, between 9AM and 9PM, the public was invited to visit and inspect the new and enlarged home of the Des Moines National Bank. The officers were Louis C. Kurtz, chairman of the board; H.R. Howell, President; John H. Hogan, W.J. Murray, and H.E. Rumsey, vice presidents; George C. Williams, Herbert L. Horton, Clarence A. Diehl, Walter J. Roberts, assistant vice presidents; Andrew J. Huglin, cashier; R.H. Collins, Edwin F. Buckley, Carl Hummell, and George D. Thompson, assistant cashiers. The directors were H.B. Hawley, John H. Hogan, H.R. Howell, Andrew J. Huglin, Louis C. Kurtz, Charles A. Rawson, Ralph E. Rollins, H.E. Rumsey, W.W. Sears, Fred W. Weitz, and N.M. Wilchinski.
On Tuesday, January 9, 1924, John A. Hogan was elected president of the Des Moines National Bank at the annual elections. Only twenty years ago, he begain as a bank messenger. Mr. Hogan succeeded H.R. Howell who continued as a director and a vice president. The directors were H.C. Adams, H.J. Boekenhoff, H.B. Hawley, John A. Hogan, H.R. Howell, A.J. Huglin, L.C. Kurtz, W.J. Murray, Charles A. Rawson, Ralph, E. Rollins, H.E. Rumsey, W.W. Sears, Fred W. Weitz, N.M. Wilchinski. The officers were L.C. Kurtz, chairman of the board; John A. Hogan, president; H.R. Howell, H.E. Rumsey, and W.J. Murray, vice presidents; George C. Williams, Herbert L. Horton, Clarence A. Diehl, Walter J. Roberts, assistant vice presidents; Andrew J. Huglin, cashier; R.H. Collins, Edwin F. Buckley, and George D. Thompson, assistant cashiers.
In April 1929, the officers were Louis C. Kurtz, president; Andrew J. Huglin, Herbert L. Horton, and Clarence A. Diehl, vice presidents; George D. Thompson, cashier; Richard H. Collins, Edwin F. Buckley, Owen P. McDermott, assistant cashiers; L.J. Andereck, manager of the bond department; Clyde H. Doolittle, trust officer; Victor H. Pulis, assistant trust officer; and Arthur Keyes, assistant manager of the bond department. The directors were H.J. Boekenhoff, Fred Bohen, John Cowles, W.J. Goodwin, John H. Hogan, Herbert L. Horton, Andrew J. Huglin, Louis C. Kurtz, Jos. Muelhaupt, Chas. A. Rawson, Ralph E. Rollins, W.W. Sears, and Fred W. Weitz. The bank, known as "The White Bank", had capital of $1,000,000, resources over $16,000,000.
On July 6, 1929, Louis H. Kurtz and Clyde E. Brenton, president of the Iowa National Bank, announced the proposed consolidation of the Des Moines National Bank with the Iowa National Bank and the Des Moines Savings and Trust Company. The plan was unanimously approved by the boards of directors and would be submitted to stockholders for ratification in 30 days. The new bank would be known as the Iowa-Des Moines National Bank. Kurtz was slated as president of the directors' board and Brenton as president. Officers of the banks would be retained in capacities of officers and directors. Capital stock in the consolidated institution would be increased, permitting a combined capital and surplus of more than $3,000,000. Quarters to be occupied would be in the Des Moines National Bank building which would be enlarged and improved with the Iowa National Bank building sold according to the present plan. On August 24th, formal ratification of the consolidation was voted by stockholders of the three institutions. Capital of the new Iowa-Des Moines National Bank and Trust Company would be $2,000,000, surplus $1,000,000, undivided profits $500,000. Louis C. Kurtz would become chairman of the board of directors; and Clyde Brenton, president. No action was taken on the proposal of the Northwestern Bankcorporation chain of Minneapolis that was seeking an affiliation with the merged institution. Northwestern Bankcorporation had about thirty members and resources of $250,000,000. The only Iowa member then was the First National Bank of Mason City, headed by Hanford MacNider, former assistant secretary of war.
The Iowa National was chartered in 1875 and the Des Moines National in 1881. The two banks developed men who were leading banks in metropolitan centers of the country including Messrs. Arthur and George Reynolds, chairman of the board and of the executive committee respectively, of the Continental-Illinois Bank of Chicago. In addition, Mr. C.A. Barr and Mr. John H. Hogan, vice presidents of the Continental-Illinois Trust & Savings Bank were formerly officers of the Des Moines banks as well as Mr. John H. Blair, deputy governor of the Federal Reserve Bank of Chicago. Des Moines as the logical financial center of Iowa, home to 53 insurance companies and hub of the great highways that traverse America's most fertile agricultural district, naturally felt its civic duty in providing the facilities that were called for. The Des Moines National and the Iowa National handled a great majority of the business accounts in Des Moines for firms rated at over half a million. Given such mutual interests, the two decided to meet the situation by forming a $40 million bank through their combination.
Official Bank Title(s)
1: The Des Moines National Bank, Des Moines, IA
Bank Note Types Issued
A total of $5,705,880 in National Bank Notes was issued by this bank between 1881 and 1929. This consisted of a total of 745,524 notes (745,524 large size and No small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Series 1875 4x5 1 - 17381 Series 1875 50-100 1 - 596 1882 Brown Back 4x5 1 - 6000 1882 Brown Back 4x10 1 - 3000 1882 Brown Back 50-100 1 - 2000 1882 Date Back 4x5 1 - 21750 1882 Date Back 4x10 1 - 52745 1882 Value Back 4x5 21751 - 71248 1902 Plain Back 4x5 1 - 18045 1902 Plain Back 3x10-20 1 - 16664
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1881 - 1929):
Presidents:
- John Wyman, 1882-1887
- Richard T. Wellslager, 1888-1893
- William Wallace Lyons, 1894-1894
- George McClelland Reynolds, 1895-1897
- Arthur Reynolds, Sr., 1898-1919
- John Alexis Cavanagh, 1920-1922
- Harold Rivers Howell , 1923-1923
- John Henry Hogan, 1924-1925
- Louis Clarence Kurtz, 1926-1928
Cashiers:
- William Eugene Hazen, 1882-1886
- Richard T. Wellslager, 1887-1887
- Virgil F. Newell, 1888-1892
- George McClelland Reynolds, 1893-1894
- Arthur Reynolds, Sr., 1895-1897
- Albert J. Zwart, 1901-1908
- Cyrus A. Barr, 1909-1916
- John Henry Hogan, 1917-1920
- Herbert Lorenzo Horton, 1921-1921
- Andrew James Huglin, 1922-1924
- Herbert Lorenzo Horton, 1925-1925
- George Dewey Thompson, 1926-1928
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Des Moines, IA, on Wikipedia
- Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
- Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- The Bankers' Magazine, Vol 86, Jan. 1913-June 1913, pp 76-78.
- Sioux City Journal, Sioux City, IA, Tue., Nov. 8, 1881.
- The Daily Nonpareil, Council Bluffs, IA, Tue., Nov. 8, 1881.
- The Des Moines Register, Des Moines, IA, Tue., Jan. 9, 1883.
- Muscatine News-Tribune, Muscatine, IA, Fri., Jan. 15, 1897.
- The Des Moines Register, Des Moines, IA, Thu., Feb. 11, 1897.
- The Des Moines Register, Des Moines, IA, Wed., July 21, 1897.
- The Des Moines Register, Des Moines, IA, Fri., Aug. 16, 1912.
- The Des Moines Register, Des Moines, IA, Wed., Jan. 1, 1913.
- The Des Moines Register, Des Moines, IA, Fri., Jan. 13, 1913.
- The Des Moines Register, Des Moines, IA, Sun., Jan. 19, 1913.
- The Des Moines Register, Des Moines, IA, Wed., Jan. 14, 1920.
- The Des Moines Register, Des Moines, IA, Fri., Jan. 16, 1920.
- Quad-City Times, Davenport, IA, Wed., Mar. 16, 1921.
- Des Moines Tribune, Des Moines, IA, Wed., Mar. 23, 1921.
- The Des Moines Register, Des Moines, IA, Sat., Dec. 1, 1923.
- The Des Moines Register, Des Moines, Wed., Jan. 9, 1924.
- The Des Moines Register, Des Moines, Sun., Apr. 7, 1929.
- The Daily Nonpareil, Council Bluffs, IA, Sun., July 7, 1929.
- The Gazette, Cedar Rapids, IA, Sun., Aug. 25, 1929.
- The Des Moines Register, Des Moines, Tue., Sep. 10, 1929.