Bank of Lewis County

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 9, 1933
Location: Canton, Missouri (40.130, -91.520)

Metadata

Model: gpt-5-mini
Short Digest: 9b75ace1

Response Measures

None

Description

Article (published 1933-02-16) reports the Bank of Ewing closed and is in the hands of state finance department; closure dated from Feb 9 (inventory ten days from Feb 9). Closing resulted from continued withdrawals and inability to realize on real estate loans amid depressed farm values — a local agricultural shock/slow drain rather than a discrete panic run.

Events (1)

1. February 9, 1933 Suspension

Cause: Local Shock
Cause Details: Slow, steady withdrawals and inability to realize on real estate loans amid depressed farm values (agricultural deflation) led to depletion of cash reserves and suspension/closing.
Newspaper Excerpt: On the door of the local bank is pinned a card asking that the persons in charge be allowed at least ten days from February 9 in which they may be allowed to complete an inventory ... The two took time out Tuesday to go to the Bank of Ewing which closed Monday.
Source: newspapers

Newspaper Articles (1)

1. February 16, 1933 The Canton Press-News Canton, MO

Article from The Canton Press-News, February 16, 1933

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Article Text

NOW WITHOUT A BANK BANK OF LEWIS COUNTY SUCCUMBS TO CONSTANT DRAIN ON DEPOSITS. The Bank of Lewis County, last survivor of the financial cataclysm which has caused the suspension or reorganization of every bank in Lewis county, went the way of its predecessors last week. The total resources of the bank at the time of the last call for a published statement, December 10, were $301,302.44. Demand deposits were: Individual deposits subject to check, $167,935.76; certificates of deposit (other than money borrowed), $68,219.85. Total loans amounted to $237,785.77, of which $137,255.90 were real estate security. The capital stock was $30,000 and the surplus fund, $20,000. The last statement of the bank is reproduced on page seven of this newspaper. For ten days, while preparing the inventory, the bank's affairs are in the hands of the state finance department and the officials of the bank have no statement to make prior to its completion. The closing of the bank came directly as the result of withdrawals. There was no special run on the bank, but the slow steady withdrawals which the directors met time after time finally reached a stage where they could no longer advance the money to keep up the cash reserve required by state law, and particularly it was unable to realize on land and real estate loans under present conditions. With every effort within their power exercised the official family of the bank saw the inevitable creep steadily upon them. We honor and respect their fortitude in staying with the old ship as long as they did. Conditions revolutionized the business of banking the past few years and the barometer of former years became useless as a measure of sound judgment. In the background was an empire builder who believed in lands as the basis of wealth. He still does and the institution he builded was primarily a farmer's bank. Associated with him were noble heroes of an older generation who also had similar beliefs and were victims of the deflation in farm values. They still believe the farm land values will and must recover before there will be any noticeable financial recovery. However, their desire to assist and serve could not be done without deposits and cash and a large part of the people have no money. More and more as the days go by will the people here realize what a calamity has befallen them. To be without a bank means to be only a flag station in business, a stop-sign to business activity, stagnation to commerce and a general depression of public spirit. The general public and depositors, we believe, hope an arrangement can be made whereby the bank can be reopened. A concession on the part of depositors and also by the directors is hoped for. A straight clearing house system with service charges would meet with approval. Canton cannot afford to be without a bank. The State Bank officials in charge are W. A. Chapmon, whose home is in Hannibal, and under him is D. H. Clark, of Savannah, Mo. The two took time out Tuesday to go to the Bank of Ewing which closed Monday. On the door of the local bank is pinned a card asking that the persons in charge be allowed at least ten days from February 9 in which they may be allowed to complete an inventory before being disturbed by persons having business with the bank. Elsewhere in this newspaper is published a copy of the last statement of the institution.