10145. Peoples National Bank (Clinton, MO)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 8509
Charter Number: 8509
Start Date: January 1, 1932*
Location: Clinton, Missouri (38.371, -93.768)

Metadata

Model: gpt-5-mini
Short Digest: 1d1b7df8

Response Measures

Borrowed from banks or large institutions, Capital injected, Full suspension

Other: Moratorium (city-declared business holiday) was used as immediate local response; Comptroller appointed a receiver leading to permanent closure and RFC loan later to receivership.

Receivership Details

Depositor recovery rate: 90.5%
Date receivership started: 1932-02-02
Date receivership terminated: 1938-08-31
Share of assets assessed as good: 36.6%
Share of assets assessed as doubtful: 46.4%
Share of assets assessed as worthless: 17.0%

Description

Newspapers describe unfounded rumors that caused heavy withdrawals and the bank's closing as a precaution in January/February 1932. The bank went into receivership (Comptroller notice dated March 17, 1932) and remained closed; receiver statements in 1933 show ongoing receivership and RFC assistance ($20,000). No reopening of Peoples National is reported in the articles.

Events (6)

1. January 9, 1907 Chartered

Source: historical_nic

2. January 1, 1932* Run

Cause: Rumor Or Misinformation
Cause Details: Unfounded rumors and gossip about the bank's stability led depositors to withdraw funds, precipitating the run and closure.
Measures: Local businesses and city officials declared a six-day business moratorium to calm public; banks accepted and posted notices; closing taken as a precautionary measure.
Newspaper Excerpt: This paper recently deplored in strongest terms the circulation of base and unfounded rumors which brought about the closing of the People's National Bank.
Source: newspapers

3. February 2, 1932 Receivership

Source: historical_nic

4. February 15, 1932 Suspension

Cause: Rumor Or Misinformation
Cause Details: Following heavy withdrawals driven by rumors, banks (including Peoples National) closed as a precaution and community instituted a business moratorium to restore calm.
Newspaper Excerpt: business moratorium for six days...notice was conveyed to the Trust and Savings Company, and in accordance with its spirit of co-operation was accepted and notice was posted just before the time for the usual opening Monday morning.
Source: newspapers

5. March 17, 1932 Receivership

Newspaper Excerpt: Notice is hereby given all persons may have claims against The Peoples National Bank of Clinton Missouri,' that the same must be presented to John W. Hanna, Receiver, ... Comptroller of the Currency 25-13 (dated March 17th, 1932).
Source: newspapers

6. January 26, 1933 Other

Newspaper Excerpt: Clinton, the Peoples National Bank of Clinton (receiver), $20,000. (RFC loan listing Jan. 26, 1933).
Source: newspapers

Newspaper Articles (8)

1. February 18, 1932 The Windsor Review Windsor, MO

Article from The Windsor Review, February 18, 1932

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A MORATORIUM Six Day Suspension of Business at Clinton Following the example of many other cities in the United States, and realizing that in the public state of mind the people might become unduly excited, the mayor and the city council met in the fice of Mayor A. Poague, Monday morning and passed resolution requesting business moratorium for six days. This action came after meeting of the Chamber of Commerce, which had analyzed the business situation in Clinton and felt that this emergency measure was expedient and needful and petitioned to declare six day holiday for all business. The resolution passed was as follows: WHEREAS. the Clinton Chamber of Commerce has requested week's holiday of business houses in the City of Clinton, souri. beginning Monday, Feb. in 15, 1932. and WHEREAS. in pursuance of such action of the Chamber of Commerce, the City Council has met and passed resolution for week's holiday, asking the Mayor to issue his declaring week's holiday of all business houses the City of NOW, Dr. Poague, Mayor of the City of Clindo hereby declare week's holiday of the houses of the City of Clinton, Missouri, for week. beginning on Monday morning. February 1932. and reqeust business houses to observe same and co-operate in SO far as possible to do so. Poague, Mayor of Clinton, Mo. This notice was conveyed to the Trust and Savings Company, and in accordance with its spirit of co-operation was accepted and notice was posted just before the time for the usual opening Monday morning. Recently in the city of Liberal, Mo., merchants and citizens alike welcomed day's moratorium as means of quelling an excited state of mind. It was carried on in the best of feeling by all and at the close of the week business went on as usual and nobody was injured; on the contrary every body was happy, and in the light of cooler judgment, the financial institution of cooler judgment, the financial institution of the town is in a going and prosperous condition. Only last Saturday, in Jefferson City of a National and merger State Bank was in progress, under which a large amount of new capital was being put into the business that it would be immeasurably stronger and better able to serve the people than were the two separate banks. But rumor of the intended became public. merger Rumors affecting the stability of the two institutions brought about heavy withdrawals from all the banks. No bank can withstand such conditions brought about by gossip-mongers and a hysterical public. Business men acted as unit in asking for a suepnsion banking business for one week, and the banks SO acted, under proclamation by the mayor of that city. This measure was taken with the knowledge of S. L. Cantley, State Commissioner of Finance. In telephone conversation on Monday, Mr. Cantley's office was informed of the action of the BrinkerhoffFaris Bank in acting in accordance with council's resolutions and the mayor's proclamation. This paper recently deplored in strongest terms the circulation of base and unfounded rumors which about the closing of the brought People's National Bank. Everyone realized that our censure was just and merited. It has caused the closing of that bank as precautionaray measure when such then known to be entirely ing was without necessity and it was ized that some measure must be adopted to bring sanity to nervous and excited public, many of whom had nothing to lose and apparently no mission in life save to trouble for the community cause Meanwhile over the whole counskies are clearing. The try the of legislation releasearly passing ing public funds for aid of finanall over the land, cial institutions early end of the panic indicates an in the whole country There were week fewer bank suspensions last during the past than week any previously closed while seven year, The stock banks were reopened certain bamarket, a pretty to conditions, is on rometer as trend strong upward all right except Everything is hoarding, quit within us Quit quit rocking the boat, and siping, be certain that everything will come out all right. the circulation of the Following resolution of the city council, which was printed on a handbill, quite number of business houses followthe spirit of the resolution, posted the notcie upon their doors and ceased business for the Monday's Clinton Democrat. SUTHERLAND FARM CLUB NEWS The and girls, "The Country Lassies, pure and sweet," held bake sale at the MSystem in Windsor. Feb. 13, with great success, and we want to thank the people of Windsor who were kind to patronize us, also Mr. Heimsoth, who gave us the window for the display, and who was so kind to offer the window to the club at any time and perhaps we will come again Saturday before Easter and have dressed chickens for your Easter dinner. Thanks to all again, who helped any way. Next Sunday, the 21st, the club will celebrate the first quarter of the "Birthday Program" with big basket dinner. Mrs. Cooper and Mrs. Willie Faler are leaders of the program. All members old and new, and those who wish to join, come be with us help celebrate other's birthdays and your own also Don't forget Thursdays are the all day quiltings and basket dinners Visitors always welcome. Last Tuesday a special meeting was called and we quilted for Mrs. Brooks. M. F. A. regular meeting the first Tuesday evening of each month.

2. February 19, 1932 The Star-Journal Warrensburg, MO

Article from The Star-Journal, February 19, 1932

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many and and 21. Clark and with of agree with that the I April - that in the event Revell fails to gather strength the who would the 1 ing measure, proposed and the Mill has already passed the House. It designed to help the business man secure the credit be needs and operate in connection with the Federal Reserve Act. The democrate in Congress are proving their patriotism and their windom Many early nineteenth century books. pictures, pieces of furniture and family heirlooms of all kinds are coming to light in the Washington Centennial which will be form. ally opened by President Hoover in an address to Congress on The observance of the two hundredth Washington's anniversary will continue until and the American people learn lot of history CONCERNING PROSPERITY. Prosperity is a relative condition. Compared to our immediate ancestors the people of the United States are enjoying themselves. Compared to our recent national splurge of extravagance we are suffering. The man who used to make a salary of large proportion and spent it all, without anything might have imagined he was prosperous but he has another thought today. The man. today. who is not making so much. but is living within his income and saving may not think he is prosperous but. at any rate, he is on the way THE WAY TO WORLD PEACE. Those of us are interested in world peace might as well realize that the fighting frontier of this ideal is in the children are today receiving their impressions of the world and its history There be little chance for the success of the idea if school children are to be pumped full of national prejudices and historic hates. There be no possibility of a warless world as long as the young folks are brought up without an understanding of the conditions that face other peoples and some recognition of their rights in world big enough for all its people. We believe in a national patriotism and the sincere love of country. but it should not be an occasion for jingoism or absurdities. Occasionally, one may criticise his or her country and be extremely patriotic. The truth should be recognized. THE SITUATION AT CLINTON. The business and banking moratorium in Clinton was recommended by the Chamber of Commerce and proclaimed by the Mayor. as measure calculated to impress the public with the importance of being calm and conservative in their attitude. One bank in Clinton was forced to cloes recently because unfounded rumors caused the depositors to withdraw their money. There was no real reason why the institution and the community should meet that misfortune which was brought about by a nervous misapprehension as to conditions. Says Monday's Clinton Daily Democrat in its news story of the business moratorium: This paper recently deplored in strongest terms the circulation of base and unfounded rumors which brought about the closing of the People's National Bank. Everyone realized that our censure was just and merited. It had caused the closing of that bank as a precautionary measure when such closing was then known and is now known to be entirely without necessity and it was realized that some measure must be adopted to bring sanity to a nervous and excited public, many of whom had nothing to lose and apparently no mission in life save to cause trouble for the community Meanwhile, over the whole country the skies are clearing. The early passing of legislation releasing public funds for aid of financial institutions all over the land, indicates an early end of the panie. There were in the whole country last week, fewer bank suspensions than in any week during the past year, while seven previously closed banks were re-opened. The stock market, a pretty certain barometer as to conditions, is on a strong upward trend. A Everything is all right, except within us. Quit hoarding. quit gossiping, quit rocking the boat, and be certain that everything will come out all right. THE CHAMBER OF COMMERCE. High praise and deep appreciation of Foster's services as president of the Chamber of Commerce were voiced and applauded when Mr. Foster retired from the presidency Wednesday evening after introducing his successor, Murray Q. Williams. The new president made a splendid impression in his remarks. upon assuming charge, and he will receive the co-operation requested from the Board and from the members. Mr. Williams has built up a fine business in Warrensburg. He is known as by

3. March 14, 1932 Springfield Leader and Press Springfield, MO

Article from Springfield Leader and Press, March 14, 1932

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CAPITAL IS SUBSCRIBED FOR BANK AT CLINTON CLINTON Mo. March State Bank toward has capital Officers for the bank are Emory and board of directors also has been planned open the bank the Peoples National Bank closed in January

4. April 28, 1932 The Clinton Eye Clinton, MO

Article from The Clinton Eye, April 28, 1932

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TREASURY Office of the Comptroller of the Currency, Washington, D. C., March 17th, 1932 Notice is hereby given all persons may have claims against "The Peoples National Bank of Clinton Missouri,' that the same must be presented to John W. Hanna, Receiver, with the legal proof thereof, within three months from this date, or they may be disallowed. Comptroller of the Currency 25-13

5. January 26, 1933 Columbia Daily Tribune Columbia, MO

Article from Columbia Daily Tribune, January 26, 1933

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Rocheport Bank Among Those Aided by R. F. C. Loans By The Associated Press WASHINGTON Jan 26-Reconstruction Finance Corporation loans to Missouri institutions authorized in December include: Advance, Bank of Advance, $8,000. Appleton City, Citizens Bank of Appleton City, $25,000 Bonne Terre. People Bank. $25,000 Boonville, the Boonville National Bank (receiver), $78,000. Branson, Bank of Branson, $8,Butler, Duvall Trust Company Cattawissa, Bank of Catawissa, $8,000. Clayton the First National Bank of Clayton. $150,000 Clinton, the Peoples National Bank of Clinton (receiver), $20,000 Creve Coeur, Creve Coeur Farmer Bank. $70,000. Desloge, Bank of Desloge, $32. 000 Eureka, the Bank of Eureka, $18,000. Flat River the Commercial Bank of Flat River. $40,000. Jennings, North Side Bank, Maplewood, Bank of Maplewood and Trust Company $80,000. Mountain Grove, First National Noel. Bank of Noel. $1,800. Normandy. Normandy State Bank. Inc., $7,000 Overland. Overland State Bank Ozark, Bank of Ozark, $2,000 Polk, Bank of Polk, $4.045. Richmond Heights Park Sav. ings Trust Company. $25,000. Robertson the State Bank of Anglum, 33,000. Rocheport Bank St. Louis: Chouteau Trust Company, $140. 000. East Taylor Trust Company $188,000. Lowell Bank $393,000 Natural Bridge Trust Company $70,000. St. Louis National Bank $37,000 The Savings Trust Company, 01 St. Louis. $104.000. Shaw Bank and Trust Company Southwest Bank of St Louis, $142,000. Twelfth Street National Bank

6. January 26, 1933 Daily American Republic Poplar Bluff, MO

Article from Daily American Republic, January 26, 1933

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Reveal Loans to Missouri Banks By the R. F. C. By The Associated Press. Washington, Jan. 26.-Reconstruction Finance Corporation Loans to Missouri institutions authorized in December include: Advance, Bank of Advance, 8,000. Appleton City, Citizens Bank of Appleton City, 25,00c. Bonne Terre, People's Bank, 25,000. Boonville, the Boonville National Bank (receiver), 78,000. Branson, Bank of Branson, 8,000. Butler, Duvall Trust Company, 17,000. Catawissa, Bank of Catawissa, 8,000. Clayton, the First National Bank of Clayton, 150,000. Clinton, the People's National Bank of Clinton (receiver), 20,000. Creve Coeur, Creve Coeur Farmers Bank, 70,000. Desloge, Bank of Desloge, 32,000. Eureka, the Bank of Eureka, 18,000. Flat River, the Commercial Bank of Flat River, 40,000. Jennings, North Side Bank, 21,500. Maplewood, Bank of Maplewood & Trust Company, 80,000. Mountain Grove, First National Bank, 5,500. Noel, Bank of Noel, 1,800. Normandy, Normandy State Bank, Inc., 7,000. Overland, Overland State Bank, 15,000. Ozark, Bank of Ozark, 2,000. Polk, Bank of Polk, 4,045. Richmond Heights, Park Savings Trust Company, 25,000. Robertson, the State Bank of Anglum, 33,000. Rocheport, Rocheport Bank, 22,000. St. Louis. Choteau Trust Company, 140,000. East Taylor Trust Company, 188,- 000. Lowell Bank, 393,000. Natural Bridge Trust Company, 70,000. St. Louis National Bank 37,000. The Savings Trust Company of St. Louis, 104,000 Shaw Bank & Trust Company, 85,000. Southwest Bank of St. Louis, 142,- Twelfth Street National Bank, 220,000.

7. July 13, 1933 The Clinton Eye Clinton, MO

Article from The Clinton Eye, July 13, 1933

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Costs Less Week RECEIVER STATEMENT Condition of Clinton National and Peoples National Banks Shown Report by Hanna, Receiver receiver of the Clinton and Peoples National Bank, has stateof for the quarter endJune 1933. Clinton Bank clos1931. Peoples January 1932. percent of tual the Clinton tional Bank been have 40% dividend. The paid Peoples National expenses been They have paid in dividends. CLINTON NATIONAL BANK ASSETS 2,178.40 Stock charged Additional Assess Total accounted LIABILITIES Liabilities Liabilities Liabilities for (Both proved) (None) Liabilities Accounted FROM ALL collected from Receiver, CorCollections Accounted HOME AND GARDEN Taylor painting ivory North Second street. Mr. Mrs. Clarence Shobe, Clinton, have refinished their floors. Mrs. Nettie Fourth street, having shingle roof laid on her house. Ernest Hibbs, who lives on North Third street, has painted his home Hibbs ployed at the Larabee Mill. The Knisely property, 700 East street, occupied by Daugherty family, has been white, which adds much appearance. Sidney has had which has turned into an room without the menace flies or mosquitoes, Mr. and Jake house of the Baumann on East Jefferson street, having Taylor install modern bath tub and move the bathroom. John Britts prosecuting of 22 garage built. Smith Stewart poured the for the Porter Eversole doing the carpenter Kavanaugh is building new garage, feet, at his home South Third Smith and poured the foundation and have new front side walk, retaining and laid concrete entrance through the parkway. Miss Margaret King's home, 129 Jefferson street, sparkles with cleanliness that paint which superior to The has been completed Harvey Smith. dition, the kitchen has been given coat cream and Miss King having the other rooms papered this week. Miss Ernestine Goldsmith has her by redecoratthe floor and installing modern She has redecorated the first floor and put modern plumbing fixtures, cluding heater. The exterbeen painted, which adds much its appearance. This of Clinton's historic homes. The home Mr. and Mrs. YanEast truly for those this fruit of the vine. Here are 250 sturdy plants, four rieties. Mr. Mrs. tomato John for good larger than Ponda Rosa, bright color, and very smooth. general yellow Ponda Rosa, then unamed, large which bears in profusion. Pigg trying Windfall for first time year, which find to be immense, but grow many and Mrs. Pigg have their tomato plants the greenhouse, bring them home and transplant them, rather deep. They staked, carefully ground about them kept very mulch. Usually, tomatoes begin the middle June, but this due to dry postponed until the first of July The are SO large last but yet they are nice, and and Pigg some which pound. They find worm, similar that burrows to the this season, causes them North Main street has been leased and recently moved from Mapleton, The architectural lines the house follow those early New England cottage type popof modern medium to decoradetail this an aristothat makes the design accept tation that beyond fundabeauty of inherits restraint Built about 1869 Foote, uncle of and the lingering happy living, where the sampler, place like reality setting graceful the green dooryard sweet summer favorites holly hocks, larkspur, saucy fluted striped grass fairy valley grace north lawn today Memories They They visualize scenes forgotten make them yesterday. But back mellow been painted the effect whitewash) Martin, who added

8. July 13, 1933 Henry County Democrat Clinton, MO

Article from Henry County Democrat, July 13, 1933

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BANK STATEMENTS Receiver Hanna Posts Resume of Conditions J. W. Hanna receiver of the Clinton National bank, which failed two years and a half ago, and of the Peoples National bank, which failed year and a half ago, has completed and posted on the window statements of the progress of his work and the present condition of both receiverships. The Clinton National Since the Clinton National went to receivership, Mr. Hanna has collected a total of $321,853.96, and has still out and uncollected $342,208.72. Two dividends amourting to forty per cent have been disbursed, requiring $139,849.89, and the expenses of the receivership have been only five and eight-tenths per cent. The Reconstruction Finance Corporation's advancement to the bank being originally $23,600, has been cut and paid off down to $6,100. Besides this, during the term of the receivership, there has been paid out $139,741.26, being the bills payable, preferred claims and postal savings accounts. There is now in the receiver's and comptroller's hands $4,022.04. The Peoples National Mr. Hanna's report as to the Peoples National shows that he has col lected a total of $216,804.82, and uncollected assets still out totalling $188,771.12. Two dividends paid were 67 per cent requiring $147,436.01 and the expenses of administration have been only three and eight-tenths per cent. A loan of $13,000 advanced by the Reconstruction Finance Corporation has just been paid off, and postal savings and preferred claims of $46,184.56 have been satisfied. This institution has in cash in Mr. Hanna's and the comptroller's hands $1,833.87. Mr. Hanna states that in his opinion the general betterment of conditions over the country is having its effect on his collections for both of these institutions, as he is finding a perceptibly better tone in responses to his efforts to realize on outstanding assets. He hopes that this improved condition will be permanent.