First National Bank (El Dorado Springs, MO)

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Run Closes a Bank At Eldorado Springs

Mo., Sept. First National Bank of dorado Springs, failed open for business this morning its affairs placed in the hands of United States comptroller. Clark is president and Bennett cashier closed institution. Heavy withdrawal deposits believed responsible closing. bank capital stock of $50,000, deposits approximatethe institutions southwest Missouri.

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ING Every SPF

VEALS STEADY; RECEIPTS LIGHT

New York Stocks Open and Close

WHEAT VALUES HAVE SETBACK

.Heavy Rains Over District Slow Trading; Most Values Firm

Trading coupled with porkers top values nothing done

ANNOUNCE SPINDLE HOURS August

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New York Curb

Better Weather Prevailing in Crop Areas, Declines Set in

JOHN BOUGHAN Press Faced by late dealings are taken that the bottom

Close

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Motors Ford Cities Service by Christopher stock Landers Phone EDSC RAILS SUB Canadian Alton Island Northern 101% Valley Missouri the York 200 Pacific Southwestern under mostly provisions Texas on under Pacific Australia and moisture Western the time more and outlook as Refining Receipts Asphalt markets close being draggy of wheat from America was few be on 950 Grain it Phillips and 950 and Union Close common and and May good Texas Corp choice and 15. cull and all and good and 1.05% market steady lambs Pierce lambs Commercial 58% MOTORS common $7 choice Motors Auburn Motor kinds Truck mixed M and cutter Bearing Am. Car good Steel classes Jambs Works LEAD Joseph Am Sugar Andes YORK 126 89% YORK Open DEATHS stock Porto TOBACCO who points 23 was RUBBERS October U. Rubber Metals for ROSE Air of he sur her he by hav did Cities Service home Arl rec Perferred BANK IS SUSPENDED Baking AT CAPLINGER MILLS 45% at ates JEFFERSON CITY Sept. National Bank Mills of Caplinger an Cedar of Bakery closed its board of L finance was The Texas Carb to the due the fact Pipe bank $11,300 of funds in the First National bank of Eldorado Pictures Springs. which was closed yesterday the was inand The Caplinger Mills bank had J. Am $15,000 deposits and $37 280 loans according to last HAYWARD BARNETT Barnett statement It the 12th state bank to close this year. Two years after China invented bank the currency of the counBarnett that $100 of would not pound of

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Ira B. Walb in Charge of LiquidatIng Bank Here, Transferred to Cedar County Institution

Ira B Walb since June has been the in charge liquidation of the defunct First Na tional Bank Fulton received instructions Tuesday from the comptroller of the currency Washing ton, to go to Eldorado Springs Mo. in Cedar county. to take charge of the First National Bank there Mr Walb has learned that the federal court at Washington has approved the sale of the assets of the Fulton institution of which he has been in charge to Jameson Fulton. for $430. but he received the accept from the comptroller Mr Walb stated that he expects back to Fulton in the future to box up the books and records of the First National Bank forwarding to Washington In finally up the affairs here

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Bank of Caplinger Mills Closed Last Friday.

As a result of the First National Bank here being closed by its board of directors last Thursday, the Bank of Caplinger Mills, eighteen miles southeast of El Dorado Springs, closed its doors Friday, and S. L. Cantley, state finance commissioner at Jefferson City was notified. The closing of the Caplinger bank was due to the fact that it had $11,300 in the First National Bank, and its board of directors immediately closed the institution. The Caplinger bank had $15,000 capital, $39,512 deposits and $37.- statement.

Following the closing, it is understood that the board of directors open it. The bank is in good condition, it is said. and the depositors will be paid in full.

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Work Started on South Main Pavement.

The work of resurfacing the South Main street paving started last Monday morning when a force of men was put to work under supervision of the state highway department. The highway department is resurfacing a strip sixteen feet wide, and at the rate the work is proceeding it will take only a few days to complete the job. Originally it was intended to resurface the entire pavement, the city sharing the cost with the highway department, but the closing of the First National Bank tied up the city money that had been set aside for that purpose, consequently the state is proceeding with its part alone. It is understood the city's part will be completed as soon as the money becomes avail-

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First Nationnal Bank Closed Last Thursday.

The First National Bank of El Dorado Springs failed to open its doors for business last Thursday morning, a short notice on the door stating that the affairs of the institution had been turned over to the U. S. comptroller of the currency by order of the board of drectors. Thursday afternoon Hal Woodside, of Springfield, national bank examiner arrived and took charge of the bank and immediately started an audit of its books. Mr. Woodside remained in charge until yesterday, when Ira L. Walb, the newly appointed receiver, arrived and assumed control.

It is said that a decision was reached by the board of directors at the close of business Wednesday of last week, when a slow run during the week, and especially on that day, absorbed a larger part of the cash on hand. It was recognized that if the run were to continue another day, which appeared highly probably, the bank would be in still worse shape, therefore the action of the board of directors was the only logical course to pursue. The closing of the bank was the eulmination of a series of circumstances that tended to shake the confidence of depositors in the institution, resulting in substantial withdrawals of money. A number of rumors, many of which. no doubt, were without foundation. had been afloat for some time and the inevitable happened, the bank was forced to close. Since the bank has been taken over by the treasury department officials, it has been impossible to secure any information relative to its condition. but its officials insist that it is solvent and that every depositor will be paid in full. J. L. president, insists that the bank and asserts that run on liott, states that the bank to the best of his belief was solbut was forced to close on account of the large withdrawal of funds.

Stovoil makes the best finish for The bank. according to its last polished top ranges. H. B. Davis, financial statement. showing its Hardware. condition at the close of business

June 29, 1929, had deposits of $334,437.15 with total footings of $486,707.44. The loans and discounts amounted to $328,974.27. the surplus was $2,500 and there were undivided profits of $3,005,99. The First National Bank had a capital stock of $50,000 and has always been regarded as a strong institution. It is the oldest bank in the city, having formerly been the Cruce Banking Co., which was organized in 1884. Just what disposition will be made of the affairs of the institution by the stockholders is not known until its true condition is revealed. but there is every reason to believe that a reorganization may be effected so that it can resume business.

Former El Dorado Resident Weds. Mrs. Mildred Emison, a former resident of this city, who has been living in Kansas City for several years, was married in that city city about two weeks ago to Mr. W. C. Vander.

The bride is the widow of the late W. E. Emison of this place, who died seven years ago, and has many friends here who will be interested to learn of her marriage. The groom for many years has been travelling salesman for the Edwards-Ludwig-Fuller Wholesale Jewelry Co., and has visited El Dorado Springs many times in the past, where he was well and favorably known. They will continue to make their home in Kansas

The bank had a large number of City. depositors, and as is the case when any bank closes its doors, many persons are greatly embarrassed in their financial affairs. a large number of whom have all their availits closing business has been somewhat hampered, but it is to be hoped that a reorganization may be effeeted, to the end that the deposits may soon be available again.

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OLD BANK AN RUN CLOSES

El Dorado Springs, Mo., Sept. First National Bank of this city closed its doors today. There had been a quiet run on this institution for some condi- time, of bad caused by rumors This bank of its affairs. tion is the oldest banking institution having El Dorado Springs, in late N. by the been founded El Dorado founder of Cruce, '80s The in the early Springs, is that the opinion prevailing in full. will be paid depositors

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CLOSED EL DORADO BANK MAY BE REORGANIZED

Officers of the Bank Say it Was Solvent and Can Pay Depositors in Full.

In a report of the closing of the El Dorado Springs First National Bank the sun this week says: Since the bank has been taken over by the treasury department officials, it has been impossible to secure any information relative to its condition, but its officials insist that it is solvent and that every depositor will be paid in full. J. L. Clark, president, insists there was no real reason for the run on the bank and serts that nad it not been for & great deal of idle gossip the institution would still be doing business. F. W. Elliott, cashier, states that the bank to the best of his belief was solvent, but was forced to close on account of the large withdrawal of funds. The bank, according to its last financial statement, showing its condition at the close of business June 29, 1929, had deposists of $334,437.15 with total footings of $486,707.44. The loans and discounts amounted to $328,974.27. the surplus was $2,500 and there were undivided profits of $3,005.99 The bank had a large number of depositors, and as is the case when any bank closes its doors, many persons are greatly embarrassed in their financial affairs, a large nu m ber of whom have all their available funds tied up. As a result of its closing, business has,been somewhat hampered, but it is to be hoped that a reorganization may be effected, to the end that deposits may soon be available again.

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LICENSES SEPTEMBER

Officers of the Bank It Was So Far This Say Year County Recorder Solvent and Can Pay Depositers Ellis Has Issued Licenses to In Full. 117 Couples.

In report of the closing of the El Dorado Springs First National Bank the Sun this week says: Since the bank has been taken by the treasury department officials, it has been impossible to secure any information relative its condition, but its officials insist that it solvent and that every depositor will be paid in full. Clark, president, insists that there was no real reason for the run on the bank and asserts that had not been for great deal of idle gossip the institution would still be doing business. F. W. Elliott, cashier, states that the bank to the best of his belief was solvent. but was forced to close on account of the large withdrawal of funds. The bank, according its last financial statement, showing its condition at the close of business June 29, 1929, had deposits of with total footings of The loans and counts to the surplus $2,500 and there were undivided profits of The First National Bank had capital stock of $50,000 and always been regarded as strong institution. It is the oldest bank the city, having formerly been the Cruce Banking Co., which was organized in 1884. Just what disposition will be made of the affairs of the institution by the stockholders not known until its true condition revealed, Dat there is every reason to believe that reorganization may effected SO that it can resume The bank had large number of depositors, and as is the case when any bank closes its doors, many persons are greatly embarrassed in their financial affairs, large number of whom have all their available funds tied up. As result of its closing business has been somewhat hampered, but it is to be hoped that reorganization may be effected, to the end that the deposits may soon be available again.

County Recorder Ellis issued marriage licenses durthe month of September. He issued twenty-two in August and has issued hundred and seventeen far this year. Those receiving licenses in Sep. tember were Vernon Lambert Jewell Kiethley of Nevada; Thomas Dehaven of Leavenworth, Kas., and Lolisa Scott of Kansas City: Clyde Severy and Alice Morrow of Fort Scott; Frank Layten and Sarah Echols of Wilhite of Manhattan, Kas., and Edna Edwards of Pittsburg: Charles J. Hartman and Ida Ramsay of Bronaugh; Jesse Wagner and Blanche B. Scott of Fort Scott; Bernie Saathoff and Edna Hart of Nevada: Samuel McKinney of Sand Springs, Okla., and Gladys Holler of Nevada: Samuel Mitcem Nevada and Howard of Nevada; Marvin R. Weriemer and Erma Janes of Moundville; Clifford Banks and Gladys Pyle of Nevada; Marshall Campbell of Bronaugh and Pauline Todd of Moundville; Pete Schumanski and Ore Blevans of Nevada; John Rees of Mapleton, Kas., and Della McHenry of Uniontown, Kas.; Robert Holt of Fort Scott and Dora Moore of Richards; Frank Shead of Arcadia and Mary A. Swartz of Liberal; Earl Hart and Edith Maupin of Russell, Paul Hall and Effie Tolle of Nevada; H. H. Quint and Edith H. Banks of Parsons; Eldridge Bendure of Rockville and Frances Bendure of Amsterdam; Charlie Stotts of Mulberry, Kas., and Gertrude Green of Garland; Joseph F. Martin and Charlette M. Thralls of Garfield, Ark.

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First National Bank Will Probably Be Liquidated.

That the affairs of the First National Bank will be liquidated now seems probable. For the past two weeks a committee representing the stockholders of the defunet institution have been busily engaged in an effort to raise sufficient funds to bring about a reorganization, but the task is SO great that it appears they will not be able to bring about this much desired conclusion. Since taking charge of the affairs of the bank the receiver, Ira the B. Walb, has given out no statement that would indicate the true condition of the bank, but the general impression is that the notes in the bank that would be classified as "bad" aggregate approximately $150,000. an amount equal to almost half the total loans of the bank at This amount is lo large that it presents an almost insurmountable obstacle in unravelling the bank's affairs, as a of which consequence alternative.

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J. L. Clark Bound Over.

J. L. Clark, former president of the First National Bank of this of misapplication of funds in connection with the failure of the at was increased to $10.000, which he succeeded in making.

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Depositors Are Filing Claims.

The First National Bank has been quite a busy place for the past week, as many depositors are visiting the institution each day to file their proof of claim against the bank.

Last week the receiver, Ira B. Walb, published notices, annouseing that all persons holding claims against the bank, which includes the depositors, must file claims within ninety days, or said claims might be disallowed.

As a further step in the liquidation of the bank the receiver is preparing to make demands upon the stockholders of the bank for the extra liability of one hundred dollars for each share of stock held by them.

As heretofore stated in these columns, the idea of reorganization the bank has been abandgned by the stockholders, but an effort is being made by them to get a new bank started in the near future. It is understood that several outside parties with ample capital have investigated the local situation relative to starting a new bank, and it is believed that some one of them may be interested to a degree that they may purchase the First Na. tional Bank building and equipment and start a new bank at that ocation.

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Bank Receiver Issues Statement. this payment. A first dividend of 25 per cent was paid last June, amountStatement of Condition of The First ing to about $72,750.00. National Bank of El Dorado Springs, Mr. Walb announced that from the Missouri, as of Date of September date of this statement, issued by him 30, 1930: on September 30, other statements ASSETS will be issued by him each quarter, Bills receivable $321,147.51 showing the progress being made in Cash on hand 6,560.69 the liquidation of the bank's assets. Assets other than bill receivable and cash on hand 74,608.89 Gas Company Says They Additional assets acquir- Are Ready To Start. ed 5,420.68 Stock assessment 50,000.00 The Sun is in receipt of the following communication from the Western

Total assets uncollected $298,278.17 LIABILITIES

Total claims proven on unsecured liabilities $292,081.60 Total unproven unsecured claims 6,372.50 Total additional liabilities 400.60 proven Total of all liabilities $298,854.70

Dividends paid during last 25 per cent quarter Dividends paid prior thereto None Total dividends paid to date 25 per cent Cash on hand $484.91

Ira B. Walb. receiver of the failed First National Bank has issued a statement, showing the condition of that institution as of date of September 30, 1930. The first group of items appearing under the heading of "Assets", shows the condition of the bank when the receiver took over its affairs. The next group of items under the heading, "Remaining assets uncollected", shows the amount still uncollected, a total of $298,278.17 The next group of items under the heading of "Liabilities", totals $298,854.70, which is the amount the bank owed to depositors and other persons holding claims against it when it failed. The bank failed September 19. 1929, and this statement therefore was made a few days after the first anniversary of the closing of its doors. It can be seen from the statement that if all uncollected assets could be collected there would be enough cash to pay on tll existing liabilities, but this will be impossible, and the prediction made by this paper some months ago that the bank would pay in the neighborhood of 50 cents on the dollar would not appear at this time to be very far wrong. It is understood that the receiver now has quite a sum of money available for another dividend, and it is believed that an additional dividend of 10 per cent will be paid some time after the first of the year. It will require approximately $29,000 to make

Service Corporation of Oklahoma City: On December 2. voters of your neighbir city, Butler, went to the polls and voted overwhelmingly to invite Western Service Corporation to bring gas service to that city. Already a company engineer is on the griund and plans are going forward upon constructiin of a gas distribution system there. We are ready to do the same thing in El Dorado Springs. Western Ser. vice Corporation awaits only the invitation of El Dorado Springs citizens to proceed with the extensive investment and construction activity necessary to the building of a gas distribution system in this city. We sincerely believe that your decision at the polls will unanimously support the warm welcome your business and civic leaders have already extended us. We believe that your citizenship will vote unanimously to invite us to join the industrial life of your community. The election will be held next Tuesday-December 16. May we urge that every citizen take the few minutes necessary on that date to go to the polls and cast his ballot? We feel that every citizen should avail himself of his right to express himself in this matter. If there are any who are not entirely familiar with the proposition or who desire more information about Western Service Corporation, we desire to courteously refer you to the newspapers, the civie and business leaders of El Dorado Springs or to our own direct representative in your city.

Total of all assets coming into hands or the receiv$457,737.77 er REMAINING ASSETS UNCOLLECTED Bill receivable $230,070.22 Assets other than bills receivable 45,325.81 Additional assets acquired None Stock assessments 22,882.14