10068. Old Trails Bank (Boonville, MO)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
November 1, 1928
Location
Boonville, Missouri (38.974, -92.743)

Metadata

Model
gpt-5-mini
Short Digest
6d9acf84

Response Measures

Capital injected, Full suspension, Books examined

Other: Bank taken over by new chartered Kemper State Bank; state examiner directed to take charge.

Description

Old Trails Bank at Boonville was hit by a heavy run and closed by its directors on Nov 1, 1928; a state examiner was directed to take charge. The institution's assets were taken over and re-opened under a new charter (Kemper Bank/Kemper State Bank) on Nov 26, 1928 after Col. T. A. Johnston provided funds. The run is described as of mysterious origin and rumors starting it, so cause is classified as rumor_or_misinformation. No specific false-communication incident is described, so random_run is False.

Events (3)
1. November 1, 1928 Run
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals described as of unknown origin; articles state rumors starting it and loss of confidence in management.
Measures
Board of directors closed the bank after cash was cleaned out; state finance commissioner directed a state bank examiner (L. J. Mulligan) to take charge.
Newspaper Excerpt
closed today by its board of directors following a heavy run yesterday.
Source
newspapers
2. November 1, 1928 Suspension
Cause
Rumor Or Misinformation
Cause Details
Directors closed the institution because ready cash was exhausted after the run attributed to rumors and loss of confidence; state examiner placed in charge.
Newspaper Excerpt
The Old Trails Bank ... was closed today by its board of directors following a heavy run yesterday. L. J. Mulligan, a state bank examiner, has been directed to take charge.
Source
newspapers
3. November 26, 1928 Reopening
Newspaper Excerpt
chartered the Kemper Bank at Boonville with $50,000 capital stock, and it takes over the Old Trails Bank, which closed Nov. 1, last, following a heavy run. Using almost his entire personal fortune, Col. T. A. Johnston ... is given full credit ... for the reorganization and re-opening today of the Old Trails Bank at Boonville . . . put up $200,000 to make the re-organization possible.
Source
newspapers

Newspaper Articles (12)
1. November 1, 1928 Fulton Daily Sun-Gazette Fulton, MO
Article from Fulton Daily Sun-Gazette, November 1, 1928

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Article Text

RUN CLOSES BOONVILLE BANK Institution Organized in May to Takes Over Defunct Organization Closed Doors Thursday. By ASSOCIATED PRESS Jefferson City, Mo., Nov. 1-The Old Trails Bank, at Boonville, organized May 21, 1928, to take over the bank building of the Farm Trust Company, of Boonville, was closed today by its board of directors following a heavy run yesterday. Notice of the closing was received at the state finance offices today. No reason for the run was known by the bank's officials or finance department officials. The Institution, according to S. L. Cantley, finance commissioner, was in good shape, but the run cleaned out all ready cash. Total resources amounted to $571,800. L. J Mulligan, a state bank examiner, has been directed to take charge. H. A. Creagan was president, H. J. Miller, cashier and Col. T. A Johnston, head of Kemper Military School at Boonville, was chairman of the board of directors. Efforts probably will be made to reopen the institution, it is understood here.

2. November 1, 1928 The Daily News and Intelligencer Mexico, MO
Article from The Daily News and Intelligencer, November 1, 1928

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Article Text

OLD TRAILS BANK AT BOON. VILLE CLOSED AFTER RUN By The Associated Press JEFFERSON CITY, Mo., Nov. 1.The Old Trails Bank at Boonville. or ganized May 21, 1928. to take over the commercial banking business of the Farmers Trust Company at Boonville, was closed today by its board of directors following a heavy run yes terday. No reason for the run was known by officials of the bank. The institution according to F. L. Cantley finance commissioner was in good shape but the run cleaned out all its ready cash. It had total resources of

3. November 1, 1928 Daily American Republic Poplar Bluff, MO
Article from Daily American Republic, November 1, 1928

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Article Text

BOONVILLE, MO. BANK CLOSES AFTER Institution Organized Five Months Ago to Take Over Another Bank Closed. By The Associated Press. Jefferson City, Mo., Nov. The Old Trails Bank at Boonville, organized May 21, 1928, to take over the commercial banking business of the Farmers Trust Company of Boonville, was closed today by its board of directors, following a heavy run yes. terday. Notice of the closing was received at the state finance department today. No reason for the run was known by officials of the bank or the finance department. The institution, accord ing to S. L. Cantley, finance commissioner was in good shape, but the run cleaned out all its ready cash. It had total recources of $572,800. L. J. Mulligan, a state bank examiner, has been directed to take charge. H. A. Creagan was president, H. J. Miller, cashier, and Col. T. A. Johnston, head of Kemper Military Academy at Boonville was chairman of the board of directors. Efforts probably will be made to reopen the institution, it is understood. The bank's last statement showed $445,000 loans, $72,000 bills payable, $439.500 deposits. It had $50,000 capital and $10,000 surplus. retary, Mrs. Anna Marden De Yo, said: "This would be important if it were not for the fact that there is no such person as Mrs. Amanda Gilchrist; no such member of the W. C. T. U.; and as far as we can learn no such resident of Stanberry, Mo." "The Missouri W. C. T. U. is responsible for the statement there is no such member, and the postmaster at Stanberry has made an affidavit that he can find no such person," Mrs. De Yo wrote. "The members of the W. C. T. U. are solidly opposed to Governor Smith, despite the attempts of the wet lendership of the Democratic party to force the Democratic women of the organization into line. Political leaders working for Smith during this campaign have on several occasions distorted the truth concerning half a dozen W. C.T. U. individuals." St. Louis.-Dr. John O'Connell, Democratic candidate for coroner, of St. Louis county, has asked the circuit court to order the board of eleetion commissioners to place after his name on the ballot the letters "M. D." Purey.-Nearly five thousand people attended the first annual quartet convention held in community hall here Sunday. Nearly a dozen male quartets were represented. The affair was sponsored by the Barry County Song Association. Sedalia.-Entries for the Central Missouri Corn Show, to be held here, November 15, 16, and 17, were coming in rapidly. All exhibits must be registered not later than November 10. have been cautioned not to take part in partisan polities while on duty. "You are not to allow your political affiliations to in any way enter in or concern the due performance of your duties," said chief C. C. Pike.

4. November 8, 1928 Rich Hill Mining Review Rich Hill, MO
Article from Rich Hill Mining Review, November 8, 1928

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Article Text

BOONVILLE, MO., BANK CLOSED AFTER RUN Old Trails Institution Declared to Be in Good Shape. Jefferson City, Mo., November 1.-The Old Trails Bank at Boonville, organized May 21, 1928, to take over the commercial banking business of the Farmers' Trust Company of Boonville, was closed today by the Board of Directors following a heavy run yesterday Notice of the closing was received at the State Finance Department today. No reason for the run was known by officials of the bank or the Finance Department. The institution, according to S. L. Cantley, Finance Commissioner, was in good shape, but the run cleaned out all its ready eash. 1: had total resources of $572.81 Efforts probably will be made to reopen the institution, it 18 understood. The bank's last state. ment showed $445,000 loans, $72, 000 bills payable, $439,500 deposits. It had $50,000 capital and $10,000 surplus.

5. November 26, 1928 Fulton Daily Sun-Gazette Fulton, MO
Article from Fulton Daily Sun-Gazette, November 26, 1928

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USES HIS FORTUNE IN REOPENING BANK COL. T. A. JOHNSTON CREDITED WITH REORGANIZING BOONVILLE INSTITUTION KEMPER BANK IS CHARTERED Head of School Comes Forward When Community's Financial Stability Is Threatened. Jefferson City, Mo., Nov. 26-Using almost his entire personal fortune, Col. T. A. Johnston, 80 years old, head of Kemper Military Academy, of Boonville, is given full credit by S. L. Cantley, state finance commissioner, for reorganizing and reopening the Old Trails Bank, of The commissioner today chartered the Kemper Bank at Boonville with $50,000 capital stock and it takes over the Old Trails Bank, which closed November 1, last, following heavy run. Col. Johnston, a director in the Old Trails Bank, came forward to save the community's financial prestige and put up to make the reorganization possible, Cantley said. Directors of the old bank closed the institution, which had $571.000 total resources, after a heavy run. No reason for the run was known. Loss of confidence in the management may have been responsible, according to Finance Commisisoner Cantley. Its ready cash was cleaned out and it was impossible to keep the bank open. Col. Johnston, though only a director, would not stand for the closing with its ultimate blow to the community's financial stability, the finance commissioner said, and so he came forward with his personal fortune to make the reorganization possible. William T. Kemper, Jr., son of William T. Kemper, prominent Kansas City banker and Democratic leader, is president of the new Kemper Bank. The only official from the organization of the defunct Old Trails Bank is Col. Johnston.

6. November 26, 1928 The Boonville Daily News Boonville, MO
Article from The Boonville Daily News, November 26, 1928

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FINANCE HEAD LAUDS JOHNSTON State Commissioner Declares Director Saved Community With Personal Fortune CHARTERS NEW BANK Starts Kemper State With Capital Of $50,000 Which Takes Old Trails Liabilities JEFFERSON CITY, Nov. 26 ing almost his entire personal fortune [Col. A. Johnston, 80, head of Kemper Military School at Boonville, is given full credit by S. Cantley, state finance commissioner for the reorganization and reopening of the Old Trails Bank at Boonville. The commissioner today chartered the Kemper State Bank at Boonville with $50,000 capital stock and it takes over the Old Trails Bank which closed November 1st, last, following a heavy run. Col. Johnston, a director in the Old Trails Bank came forward to save the community's financial standing and put up $200,000 to make the reorganization possible, Cantley said. Directors of the Old Trails Bank closed the institution which had total resources after the heavy run. No reasen for the run was known. Loss of confidence in the management may have been responsible, according to the finance commission. Its ready cash was cleaned out and it was impossible to keep open. Col. Johnston, a director. did not stand for the ultimate result which would have been a blow to the community's financial stability the "com29 missioner said, and so came forward with his personal fortune to make the reorganization possible. Wm. T. Kemper, Jr., of Kansas City, of Wm. T. Kemper, prominent Kansas City banker and Democratic leader in Missouri is president of the new bank. The only officers from the organization of the defunct Old Trails Bank are Col. Johnston. who comes into the new institution as director, the same position he held in the o'd. and H. J. Miller.

7. November 26, 1928 St. Joseph News-Press St. Joseph, MO
Article from St. Joseph News-Press, November 26, 1928

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DIRECTOR OF BANK OWN FORTUNE REORGANIZATION Ool. Johnston of Boonville Advances $200,000 to Reopen Concern. CHARTER IS GRANTED FOR NEW DEPOSITORY Kemper Son of Kansas City Banker, President of New Organization. CITY, Nov. almost his entire personal Johnson, eighty head of Kemper Military given full credit by state nance for the and today the Old Trails Bank Boonville today chartered the Kemper Bank stock, and Old Trails which closed heavy director the financial prestige and put $200,000 Cantley said. Run Started by Rumors. Directors the Old Trails Bank closed the institution. which had $571,000,000 total resources, after the heavy run. No reason for the known, rumors Loss confidence in the management Cantley said. bank's ready cash cleaned was impossible to keep open. Colonel Johnston, though only director, would not stand for the ultimate result, which would been the fl. nancial stability, the finance said, and came ward his personal fortune the possible. In these days bank Colonel Johnston's action rare, Cantley Kemper Jr. Heads Bank. William Kemper Kansas son William Kansas City banker Democratic leader Missouri, president Kemper Bank. only official organization in the defunct Old Bank Colonel Johnston, the institution director, the same position he the old. Officers the Old Trails Bank and cashier. had $50,000 capital and surplus.

8. November 26, 1928 The Sedalia Democrat Sedalia, MO
Article from The Sedalia Democrat, November 26, 1928

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KEMPER BANK AT BOONVILLE OPENED ITS DOORS TODAY Took Over Affairs of Old Trails Bank That Recently Closed By The Associated Press. JEFFERSON CITY, Mo., Nov. 26. -Using almost his entire personal fortune, Col. T. A. Johnston, 80, head of Kemper Military Academy at Boonville, is given full credit by S. L. Cantley, state finance commissioner, for the re-organization and re-opening today of the Old Trails Bank at Boonville. The commissioner today chartered the Kemper Bank at Boonville, with $50,000 capital stock, and it takes over the Old Trails Bank, which closed Nov. 1, last, following a heavy run. Col. Johnston, a director in the Old Trails Bank, came forward to save the community's financial prestige and put-up $200,000 to make the re-organization possible, Cantley said. Directors of the Old Trails Bank closed the institution, which had $571,000 total resources, after the heavy run. No reason for the run was known, rumors starting it. Loss of confidence in the management was responsible, Cantley says. Its ready cash was cleaned out and it was impossible to keep it open. Col. Johnston, though only a director, would not stand for the ultimate result, which would have been a blow to the community's financial stability, the finance commissioner said, and SO came for ward with his personal fortune to make the re-organization possible. In these days of bank failures, Col. Johnston's action is rare, Cantley declared. William T. Kemper, Jr., of Kansas City, son of William T. Kemper, prominent Kansas City banker and Democratic leader in Missouri, is president of the new Kemper Bank. The only official from the organization in the defunct Old Trails bank is Col. Johnston, who comes into the new institution as a director, the same position he held in the Old Trails. Officers of the Old Trails bank were H. A. Creagan, president, and H. J. Miller, cashier. It had $50,000 capital and $10,000 surplus.

9. November 26, 1928 Columbia Daily Tribune Columbia, MO
Article from Columbia Daily Tribune, November 26, 1928

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JOHNSTON OWN PERSONAL FORTUNE BOONVILLE BANK TO REOPEN Puts Up $200,000 to Make Possible Reorganization Which Closed Recently After Heavy Run of Mysterious Origin. almost his entire personal Mo., Nov. Military Acadfortune, Col. Johnston, head Kemper Cantley, state finance Boonville, given credit by today of the the re-organization today chartered Old Trails Bank Boonville. the Kemper Bank Boonville, with capital stock, takes over Old Trails Bank, which closed Nov. last, followheavy director in the Old Trails Bank, came forward and put up $200,000 to save the community's financial prestige make re-organization Cantley the institution, which had Old Trails Bank closed total after heavy reason for E. B. run rumors starting Loss confidence in the DIED management, responsible, Cantley ready cash was Known Citizen of Cocleaned and it impossible Well keep open. lumbia Succumbs to ComCol. Johnston, though only director, would stand for the plication of Maladies. ultimate result, which would have the Everett Chandler 68 years financial stability, the finance known citizen of Coand came lumbia for many years, died yesforward with his personal fortune his the terday make re-organization pos1607 Windsor street. complica sible. tion of maladies confined Mr. In these days of bank failures, Colonel Johnston's action rare, William Kemper, Jr., son Kemper, prominent Kansas banker Demoleader in Missouri, president of Kemper Bank. official from the ganization defunct Old Trails Bank Col. Johnston, who into the new institution the same position held in the old. Officers of the Old Trails Bank president, Miller, cashier. capital and $10,000 surplus.

10. November 29, 1928 The Milan Standard Milan, MO
Article from The Milan Standard, November 29, 1928

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SAVE BOONVILLE, BANK Kemper Academy Head Sacrificed Fortune to Repay Depositors. Jefferson City, Nov. 26.-Using almost his entire personal fortune, Col. T. A. Johnston, 80, head of Kemper Military academy at Boonville, is given full credit by S. L. Cantley, state finance commissioner, for the reorganization and reopening today of the Old Trails Bank at Boonville. The commissioner today chartered the Kemper Bank at Boonville, with $50,000 capital stock, and it takes over the Old Trails Bank, which closed November 1, last, following a heavy run. Colonel Johnston, a director in the Old Trails Bank, came forward to save the community's financial prestige and put up $200,000 to make the reorganization possible, Cantley said. Rumors Started the Run. Directors of the Old Trails Bank closed the institution, which had $571,000 total resources, after the heavy run. No reason for the run was known, rumors starting it. Loss of confidence in the management was responsible, Cantley says. Its ready cash was cleaned out and it was impossible to keep it open. Colonel Johnston, although only a director, would not stand for the ultimate result, which would have been blow to the community's financial stability, the finance commissioner said, and so came forward with his personal fortune to make the reorganization possible. Calls the Action Rare. "In these days of bank failures, Colonel Johnston's action is rare," Cantley asserted. William T. Kemper. Jr.. of Kansas City, son of William T. Kemper, prominent Kansas City banker and Democratic leader in Missouri, is president of the new Kemper Bank. The only official from the organization in the defunct Old Trails Bank is Colonel Johnston, who comes into the new institution as a director, the same position he held in the old. Officers of the Old Trails Bank were H. A. Creagan, president, and H. J. Miller, cashier. It had $50,000 capital and $10,000 surplus.

11. November 29, 1928 Weekly Democrat-News Marshall, MO
Article from Weekly Democrat-News, November 29, 1928

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FORTUNE TO COL. JOHNSTON IS GIVEN CREDIT FOR REORGANIZATION OF INSTITUTION. CITY, Mo., Nov. almost his entire sonal fortune, Colonel Johnston, head of Kemper Military Academy Boonville, is given full credit by Cantley, state bank for the reorganization and reopening of the Trails Bank at Boonville. The Commissioner stated today onel Johnston's action started the Kemper Bank at Boonville with 000 paid up stock and takes the Old Trails Bank. Colonel Johnston, director in the Old Trails Bank came forward and up make the reorganization possible, Cantley said. The Trails Bank, which had in resources, closed heavy run. not known what the cause of the Cantley said. Loss of confidence in the management may have been responsible, according to the Finance Commissioner. Its ready cash cleaned out and impossible to keep open. Colonel Johnston, although only director, would not stand the ultimate result which would have proved heavy blow the community, and came forward with his personal tune to make the reorganization sible. William Kemper, of Kansas City, son of William Kemper, prominent Kansas City banker and Democratic politician, president of the Kemper Bank. The only official from the Trails institution onel Johnston, who comes into institution director, the position he held in the old bank. Creagan president and Miller the tion.

12. November 29, 1928 California Democrat California, MO
Article from California Democrat, November 29, 1928

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FORTUNE FOR NEW BANK Col. Johnson Wants To Keep Boonville's Prestige Good (From Jeffesorn City Capital News) Using almost his entire personal fortune, Col. T. A. Johnston,, 80 head of Kemper Military Academy at Boonville, is given full credit by S. L. Cantley, state finance commission. er, for the re-organization and re opening Monday of the Old Trails Bank at Boonville. The commissioner Monday chartered the Kemper Bank at Boonville with $50,000 capital stock, and it takes over the Old Trails Bank, which closed Nov. 1, last, following heavy run. Col. Johnston, a director in the 01 Trails Bank, came forward to save the community's financial prest ge and put up $200,000 to make organization p ssible, Cantley aid. Directors of the Old Trail Bank closed the institution, which had $571000 total resources, after the heavy run. No reason for the run was known rumors starting it. Loss of confidence in the management was responsible, Cantley said. Its ready cash was cleaned out and it was impossible to keep it open. Col. Johnston, though only a director, would not stand for the ultimate result, which would have been a blow to the community's financial stability, the financial commissioner said, and SO came forward with his personal fortune to make the re-organization possible. In these days of bank failures, Col. Johnston's action is rare, Cantley declared. William T. Kemper, Jr., of Kansas City, son of Wililam T. Kemper, prominent Kansas City banker and democratic leader in Missouri, is president of the new Kemper Bank. The only official from the organization in the defunct Old Trails Bank is Col. Johnston, who comes into the new in stitution as a director, the same posi tion he held in the old. Officers of the Old Trails Bank were H. A. Creagan, president and H. J. Miller, cashier. It had $50,000 capital and $10,000 surplus.