10162. Peoples Bank (De Soto, MO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 10, 1921
Location
De Soto, Missouri (38.139, -90.555)

Metadata

Model
gpt-5-mini
Short Digest
415ff11e

Response Measures

None

Description

State bank examiners took charge and the bank was closed for examination in January 1921 due to overdrafts/irregularities tied to the cashier. Later coverage (1922) refers to the late Peoples Bank of De Soto and director culpability, indicating the bank did not resume normal operations and led to permanent failure and legal action. No article describes a depositor run — closure appears to be government-examiner initiated and followed by failure/indictments.

Events (3)

1. January 10, 1921 Suspension
Cause
Government Action
Cause Details
State bank examiners took charge and closed the bank for examination after discovery of overdrafts and irregularities involving the cashier.
Newspaper Excerpt
Bank Examiners Seibert and Wall are in charge of the Peoples Bank of this city and are busy checking up the affairs of the bank. ... Monday morning posted a notice on the door of the bank reading: 'This Bank in hands of State Bank Examiners.'
Source
newspapers
2. January 14, 1921 Other
Newspaper Excerpt
The People's Bank of De Soto, Mo. has been closed pending completion of an examination of the institution's books. A number of overdrafts were put through the bank, it was said. Roscoe B. Jones, cashier, committed suicide by shooting in St. Louis.
Source
newspapers
3. January 25, 1922 Other
Newspaper Excerpt
the late Peoples Bank of De Soto ... the bank was undermined by an executive officer in whom the members of the board ... had absolute confidence ... the late Peoples Bank of De Soto and a number of others that have occurred in the state within a recent period, the bank was undermined by an executive officer ... directing allowances of deposits after insolvency mentioned in context of indictments.
Source
newspapers

Newspaper Articles (3)

Article from Iron County Register, January 13, 1921

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Article Text

Peeples Bank in Hands of Bank Examiner. (De Soto Republican.) Bank Examiners Seibert and Wall are in charge of the Peoples Bank of this city and are busy checking up the affairs of the bank. They came here on Wednesday of last week and Monday morning posted a notice on the door of the bank reading: 'This Bank in hands of State Bank Examiners.' There are many wild rumors afloat but absolutely nothing definite can be obtained. It is the general opinion, however, that the bank will pay every doller and that it will again resume business. The checking process will not be completed for several days yet and until that is finished no body will be able to speak authoratively. The bank has deposits of nearly $700,000, has a capitol of $50,000 and surplus of like amount with loans and discounts of $800,000 and when examined last September was in good condition and it is not thought to be in very bad condition now. It seems that some large overdrafts is about the only irregularity thus far brought out. This, we understand, has practically all been made good. It is thought that if Mr. Jones, the cashier, could have been induced to come back and assist in checking up matters, that the bank would not have closed at all, as it is clearly evident that there is no defalcation other than possibly bad paper and the excessive overdrafts. The people should remember that when the bank opens for business 1 that it will be absolutely solvent and that their money is perfectly safe. No depositor should withdraw his funds as the institution will need the moral support of the people. This bank has been a big factor in e the community and is more badly h needed now than ever. Messrs Lepp, e Coxwell, Auerswald, Rouggly and Walther, the officers and directors, 8 are going the limit to save the bank, so let's all stand by them with our support, whether great or small. The American Bank and the Farmers and Citizens Bank are lending e their support as far as possible and e if the people will get behind the proposition the Peoples Bank will open its e doors and continue to be a great asset to the entire county. e


Article from The Holbrook News, January 14, 1921

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Article Text

AN EPITOME OF LATE LIVE NEWS CONDENSED RECORD OF THE PROGRESS OF EVENTS AT HOME AND ABROAD. FROM ALL SOURCES SAYINGS, DOINGS, ACHIEVE. MENTS, SUFFERINGS, HOPES AND FEARS OF MANKIND. Western Newspaper Union News Service WESTERN The fifty-fifth annual encampment of the G. A. R. will be held in Port reland, Me., according to advices ceived from Sioux Falls, S. D. While skating on the Milwaukee river in Wisconsin, the three sons of Mr. and Mrs. John Hecker of West Bend, Clarence, 12: Leo, 10. and Lawrence, 6, were drowned. The minimum charge for an automobile license in Texas is $7.50, which includes any motor from one horsepower up to twenty-one horsepower. From twenty-two horsepower on up, there is a charge of 35 cents per horsepower. Traveling at a rate faster than seventy-two miles an hour, seaplanes Nos. 5 and 6 of the N-C division in the San Diego to Panama flight, reached Banderas bay on the Mexican mainland, ending a successful dash from Magdalena bay. Two women were burned to death in a fire which destroyed the Lone Star hotel at Desdemonda, an oil town in Eastland county, Texas. The victims were Mrs. Bantell and her nineteenyear-old daughter, members of a vaudeville company. Brick masons employed by the Utah Fire Clay Company of Salt Lake City, which employs several hundred men, have asked the company to reduce their wages from $10 to $8 a day, according to announcement made by Lawrence Greene, manager. Yeggmen who blew the safe in the plant of the American Laundry Company at Sioux Falls, S. D., used so much nitro-glycerin that the building was badly damaged. They obtained $335 in cash and checks, and damage to the building was estimated at $1,000. Fire losses in Nebraska since Dec. 1,1919, up to Nov. 1. 1920, totaled $2. 320,151.71, according to statistics given out by C. E. Hartford, state fire marshal. During this eleven-month period seven persons lost their lives as results of fires. Almost half the loss was sustained in Omaha, where there were 442 fires causing damage estimated at $650,521.26. WASHINGTON All proposals advanced by the "big five" meat packers for divesting themselves of their stockyard interests were rejected by Justice Stafford in the District Supreme Court. The companies were given thirty days to submit new plans. Wholesale charges of wilful discrimination against negroes at the polls in the southern states were made by representatives of the National Association for the Advancement of Colored People before the House census committee, and brought forth vigorous objections from committee members from the South. A decrease of $192,932,075 in the public debt during the last month of 1920 has been announced by the treasury. On Dec. 31 the total gross debt was $23,982,224,168, as compared with $24,175,156,244 on Nov. 30. The decrease during the last quarter of the year amounted to $105,131,196 from the Sept. 30 total of $24,087,356,128. A total of 2.325.000 workers are out of employment in the country, accord ing to a survey of the industrial situation made by Clint C. Houston for the current issue of Labor, official organ of the Plumb Plan League. Mr. Hous ton asserts that his inquiry disclosed the greatest industrial slump since the money panic of 1907. Parents of minor children of the sage Indian tribe won their suit in the District of Columbia Court of Appeals for a-mandamus to compel the secretary of the interior to pay them moneys due their children as accumulated bonuses on the sale of Osage oil lands. The decision affects withheld bonuses of more than $33,000,000. A $50,000,000 item for army post permanent construction, submitted by the War Department and refused by the House appropriations committee in reporting out the sundry civil supply bill, was the initial step in a new army housing project contemplating expenditures of more than $300,000,000 over a period of ten or twelve years. The federal government is planning an increase of 50 cents a horsepower on motor vehicles, 2 cents a gallon on gasoline and extra sales taxes to raise $290,000,000 more from motor car owners, which would make the total taxation from the industry practically $500,000,000. The People's Bank of De Soto, Mo. has been closed pending completion of an examination of the institution's books. A number of overdrafts were put through the bank, it was said. Ros coe B. Jones, cashier, committed suicide by shooting in St. Louis. are More than 20,000 ex-service men receiving medical care, 12,000 in govI ernment hospitals and 8,400 in private it hospitals at government expense, was stated at the war, risk bureau These figures show the disposition of the men up to Dec. 16. The Seventh Day Adventists' denom-


Article from Potosi Journal, January 25, 1922

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Article Text

The indictment of the diret. tors of the suspended Night and Day Bank of Rt. Louis on the charge that they allowed the bank to receive deposits after it was known to have begonde in. solvent- penal offense under the law-has doubtless created sensation in banking circles generaly. There is little probabili. ity, however, that the prosecut ing officers really purpose to make the directors suffer the prescribed penalty for their in fraction of the banking law, or that a jury could be found to convict them under it. All these directors are men of the highest moral character as well as social standing and it cannot under any circumstance be assumed that any of them had a guilty knowledge of the insolvency of the bank they directed before its actual suspension. The pur pose of the indictment, to our mind, is to call all bank director ates in the state to the sense of their duty as prescribed by the law, that has the object of preventing the misuse of a bank's funds by any of its executive of ticers. In the case of the Night and Day Bank as in that of the late Peoples Bank of De Soto and a number of others that have occurred in the state within a recent period, the bank was under mined by an executive officer in whom the members of the board of directors of the institution had absolute confidence and whose periodic report of its solvency they passed upon without question or examination as to its reliability. They felt they could not do otherwise or offer the implication that they did not trust the reliability of the state ment. And that is the rock up on which banks are wreckeda feeling of delicacy in applying the duty the statutes impose on bank directors. Just how this difficulty may be overcome is not easily determined. Perhaps an amendment to the state banking law making it compulsory for bank directorates to give the adairs of their respective institu sione personal examination at reasonably frequent intervais might prove to be of benefit, seeir g that the force of inspec tors employed by the depart ment of the State Bank Com missioner is inadequate to give such frequent reviews. Mean while. while bank failures are always to be deplored and their occurrance must urge further steps towards still greater bank ing safety than we already enjoy. we have cause for congratulation in the fact that it is the rule rather than the exception that our banks are conducted by careful and conscientious men, and that where one bank has failed a thousand give us secure depositories for our money. ihh -