Arthur Rothstein photographed this failed bank in Haverhill, Iowa, in September 1939. The large window to the left of the entrance door appears to be broken. Posters for the Cole Bros. circus cover the door and the large window to its right. The Social Security Administration website’s history section features Rothstein’s photo, with the following text: “Many smaller banks, such as this one in Haverhill, Iowa, lacked sufficient reserves to stay in business and became no more than convenient billboards. Many of the small banks had lent large portions of their assets for stock market speculation and were virtually put out of business overnight when the market crashed. In all, 9,000 banks failed--taking with them $7 billion in depositors' assets. And in the 1930s there was no such thing as deposit insurance--this was a New Deal reform. When a bank failed the depositors were simply left without a penny. The life savings of millions of Americans were wiped out by the bank failures.”
Arthur Rothstein
“Closed bank. Haverhill, Iowa.” September 1939.
Source: Farm Security Administration/Office of War Information Collection, Library of Congress
www.loc.gov/item/2017778...
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