10170. Bank of Desloge (Desloge, MO)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
January 9, 1933
Location
Desloge, Missouri (37.871, -90.527)

Metadata

Model
gpt-5-mini
Short Digest
f92e407d

Response Measures

Full suspension, Books examined

Other: Bank was turned over to the State Finance Department for reorganization; a 30-day moratorium was announced for related banks.

Description

Multiple contemporaneous articles (Jan 9–20, 1933) report a run on the Bank of Desloge after announcement of the National Lead Co. mine closing (local economic shock). The run exhausted cash and the bank closed the same day and was turned over to the State Finance Department (no reopening reported). I classify the suspension as consequent to the run and ultimately permanent (turned over to state).

Events (3)
1. January 9, 1933 Other
Newspaper Excerpt
turned over to the State Finance Department for reorganization; thirty day moratorium announced for other Flat River bank.
Source
newspapers
2. January 9, 1933 Run
Cause
Local Shock
Cause Details
Announcement that the National Lead Company would cease activities/mine closures caused panic and heavy withdrawals.
Measures
Officers debated moratorium; bank closed its doors and then affairs were turned over to the State Finance Department.
Newspaper Excerpt
the contemplated closing of the National Co.'s activities in this section caused run on his bank virtually exhausted its cash.
Source
newspapers
3. January 9, 1933 Suspension
Cause
Local Shock
Cause Details
Run provoked by local mine closures led bank to close and turn affairs over to the State Finance Department for reorganization/handling.
Newspaper Excerpt
the Bank of Desloge doors. ... Both institutions were turned to the State Finance Department.
Source
newspapers

Newspaper Articles (5)
1. January 9, 1933 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, January 9, 1933

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Article Text

Temporarily, Special the FLAT Three banks in the lead their doors today after that started Saturday. and Merchants' Bank River failed to open for this morning. An hour later the Bank of Desloge doors. the Bank of Flat River A notice posted on the the Commercia' Bank read. for 30 days." Officers of of Desloge could not be for any statement. W. Massey, president Miners' and Merchants the directors of the bank meet to decide whether to moratorium or to turn the of the bank over to the nance Department. Massey also said the plated closing of the Nationa Co.'s activities in this section caused run on his bank virtually exhausted its cash. Last Friday officers of Louis Smelting Refinin Works of the National said the St. Francois mill mines would be permanently Feb. 28, throwing 600 work. The Miners' and Bank has resources of statement showed deposits 728. It obtained loan of from the Reconstruction Corporation. The Desloge bank had sources of $374,480 and $264,375. The Commercial Bank posits of $209,660 and $292,811.

2. January 13, 1933 The Lead Belt News Flat River, MO
Article from The Lead Belt News, January 13, 1933

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Article Text

Merchants Bank To For Business ed Open Run On Monday Morning. Bank And Bank Commercial Close Their Desloge REORGANIZATION PLANNED Of The The Last Statement Banks That Closed, Three December 16th Showed Made Total Of Nearly Deposits Million Dollars. The Lead Belt the hardest when The history Monday Bank of Miners failed to open for business River with the result Monday morning the Bank of Desthat on close about eleven caused Both institutions were the Finance turned to The Commercial Department. Bank of Flat River then announcthirty day moratorium been closed since Monday. being made on the ComBank the time closed. mercial at Business conditions have not good in the Lead Belt for and the naturthe past years outcome reduced salaries has been that gradual wages withdrawal of bank deposits has Collections going slow The Miners Merthe Bank Desloge both borrowed from the ReFinance Corpora ion had made effort to institutions together until ditions improved. load was heavy when came Thursday of the the mines February people became icky and began making demands their payment deposits. The demands made were than meet them. contributing the failures the fact that bonds held by the banks and many of them default on ments. The Miners Merchants Bank demand deposits amounting and time deposits The capital, surplus undivided profits amounted about $100,000, bills payable, borrowed money $117,645.64. Their resources Personal loans and collateral curity real estate loans $203,795.28, bonds $219,- Dr. Edw. Griffin was president, Horton, vice president Massey, acting cashier, Miners Merchants Bank. Massey, acting the Miners Merchants stated to The News that he heard rumors to the effect that and others with the of the bank had withmanagement drawn their deposits from the bank before closed. He stated that these rumors were not true and that his own balance the bank time closed about $4000. Other officers and reorganization. To date no has decided upon but several being H Buckpresident, stated News

3. January 14, 1933 Ste. Genevieve Herald Sainte Genevieve, MO
Article from Ste. Genevieve Herald, January 14, 1933

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Article Text

FLAT RIVER BANK CLOSED WHILE DIRECTORS DEBATE The Miners' and Merchants' Bank of Flat River failed open for business Monday of this week. W. B. Massey, president, said meeting of the directors would be held to decide whether declare moratorium or to turn the affairs of the bank over to the State Finance Massey said the contemplated closing the National Lead Co.'s activities in this section. announced last week, had caused run on the bank that had virtually exhausted its supply of cash. The Bank Desloge, this same district, also closed today.

4. January 19, 1933 Iron County Register Ironton, MO
Article from Iron County Register, January 19, 1933

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Article Text

CLOSE THREE LEAD BELT BANKS (Lead Belt The Lead Belt the hardest history Monday when the Miners Merchants Bank of Flat River failed open for business Monday morning the result that on the Bank of Desloge caused it to close about eleven o'clock. Both institutions turned over to the State Finance The Commercial Bank of partment. River then announced thirty day moratorium and has been closed since Monday. was being made run the Commercial Bank at the time closed. Business conditions have not been good in the Lead Belt for the past and the natural outcome of duced salaries and wages has that gradual withdrawal of deposits has beengoing Collections have been slow The Miners Merchants and the Bank of Desloge had both borrowed from the construction Finance Corporation had made effort to keep every together until improved. However, the load improved. However, the load heavy and when the closing of the National mines February 28, people became panicky and began making demands for mediate payment of their deposits. The demands made were, greater available cash to meet them. other contributing factor to failure was the fact that bonds held the banks had depresiated and many of them were in default terest payments. The Miners Merchants Bank had demand deposits amounting and time deposits $262,693.03. The capital, surplus and undivided profits amounted to about $100,000, bills payable, borrowed $117,645.64. Their total money resources were sonal loans and collateral security real estate loans bonds Dr. Edw. Griffin was president, Horton, and cashier, Merchants Bank. B. Massey, acting cashier the Miners Merchants Bank, stated the News that he had heard rumors the effect that he and others connected with the management of the bank had withdrawn their own deposits from the bank before closed. He stated that these rumors were not true and that his balance in the bank at the time closed was about $4000. Other officers and employes of the bank also the bank close with their money at the time, he said. The Bank Desloge had total resources of $374,480.77. Personal and collateral loans real estate loans $98,749.73; bonds 230.00. Capital and surplus $37,500; demand deposits time deposits borrowed money The Commercial Bank had total of personal loans, real loans, bonds, Capital and surplus was time deposits, $103,945.08; borrowed money, The Commercial Bank, since for the thirty day moratorium, has been turned over to the State Finance Department for reorganizaTo date no plan has been upon but several are sidered. H. Buckley, president, stated to the News Thursday that the re-opening under organization looked favorable he could make no definite stateat the time, as plans had sufficiently developed. H. Lemmel, superintendent Flat River schools told the News that the Board Education funds amply protected government bonds. Approximately both banks fully covered. The tax collections have not turned over by the county

5. January 20, 1933 The Bloomfield Vindicator Bloomfield, MO
Article from The Bloomfield Vindicator, January 20, 1933

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Article Text

LEAD BELT HARD HIT BY BANKS CLOSED The Lead Belt got a severe jolt last week when the Miners and Merchants Bank of Flat River failed to open for business Monday. This caused run on the Bank of Desloge which closed it doors at 11 o'clock that day and both banks were turned over to the State Finance Department. The Commercial Bank of Flat River on which a run was being made then announced a thirty day moratorium and has been closed since. The announcement of the closing of the National mines on Feb. 28th made people panicky to which the runs which closed the banks are attributed.