10175. Downing State Bank (Downing, MO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 17, 1930
Location
Downing, Missouri (40.488, -92.369)

Metadata

Model
gpt-5-mini
Short Digest
9510bc93

Response Measures

None

Description

Multiple contemporaneous newspaper reports (Nov 17–18, 1930) state the Downing State Bank (Downing, Schuyler County, MO) was closed and placed in the hands of the state banking/finance department following the failure of the State Savings Loan & Trust Company of Quincy, IL, with which it had correspondent deposits. No run on the Downing bank is reported; closure was a precaution/protective measure after correspondent failure. Resources reported ~$193,929 in one article.

Events (2)
1. November 17, 1930 Receivership
Newspaper Excerpt
were closed today placed the hands the state finance department. The Downing bank had total resources of $193,929.
Source
newspapers
2. November 17, 1930 Suspension
Cause
Correspondent
Cause Details
Closed as a direct result of the failure of the State Savings Loan & Trust Company of Quincy, IL, where the Downing bank had deposited surplus/correspondent funds; closed to protect depositors.
Newspaper Excerpt
the Downing State bank, at Downing, in Schuyler county, were closed today placed the hands the state finance department. The Downing bank had total resources of $193,929.
Source
newspapers

Newspaper Articles (6)
1. November 17, 1930 Abilene Daily Reporter Abilene, TX
Article from Abilene Daily Reporter, November 17, 1930

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Article Text

THIRTY BANKS CLOSE IN ARK Continued from Page financial difficulties of Caldwell Company, bankers Tenn." also said affairs Caldwell & remote Arkansas nothing but an from excited public could have forced closing of this strong Nov. the closing the National Bank of Kentucky. today started run depositors every the city practically Similar existed in other parts the Most institutions issued of statements they no connection with the bank of Kentucky. The bank was closed following meeting of the board with repreof Louisville finanhouse. The meeting was in cial session from p.m. Saturday until 10 p.m. Sunday, when agreed that no immediate solution could be attained. SPRINGFIELD, Ill., Nov. Illinois banks were closed today, the number of failures in the state since Friday The Bartlett and Wallace State bank, Clayton. and Timewell State bank, Timewell, were closed today, auditor Oscar Nelson announced. All the closings in connection with the failure of the State Savings Loan and Trust company of Qunicy, which Timewell and Clayton institutions were correspondents. Timewell bank had deposits of $150,000 and the Clayton bank $50,000. NASHVILLE, Tenn., Nov. 17. Federal Judge John Gore today sustained for creditors' bill against Caldwell Company, investment banking house and dered to their claims before next July JEFFERSON CITY, Mo., Nov. Exchange bank, Rutledge, in with total of $43,790, and the Downing State bank, at Downing, in Schuyler county, were clostoday placed the hands the state finance department. The Downing bank had total resources of $193,929. Both banks were closed as sult the failure recently of the State Savings Loan Trust company Quincy, III., where they transacted business. LOUISVILLE, Ky., Nov. 17. Security bank, affiliated the bank Louisville Trust company through inclusion in the company, temporary suspension here today. LOUISVILLE Ky., Nov. 17.Kentucky, the oldest bank Kentucky, was closed by resolution of its board of placed the hands National bank examiner. The Trust company, an was closed by action of its board James B. Brown, president of the National of Kentucky, issued the to withdrawals in the past week and ruon the streets was advisable majority of the board of directors to close the bank, least temporarily, for the best interests of depositors and all concerned." Presidents of other Louisville banks issued statements that their institutions were solvent.

2. November 18, 1930 The Buffalo News Buffalo, NY
Article from The Buffalo News, November 18, 1930

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LIVESTOCK 37 Banks Closed in Arkansas, 34 as Precautionary Measure LITTLE ROCK 18 (UN banks affiliated with the Banks company of Little Rock took of law for five with suspension of pay. on Three in ordered by the Banking Senator Joseph T. Robinson blamed the situation the of Caldwell & Co. at sure the banks are solvent.' sound financially and as as the the closing the banwks has the state will return normal and the will Officials anthe by fear of The Trust com. pany of Little was the first of the to shut doors. It is the largest bank in the Within an came from Pine that Merchants & Planters there and banking tions in had failed Bank officials and depositors alike possible outunprecedented number of the banks to the end that time they for in the hands of the State Banking department. Six Banks Close in Kentucky, All Are Declared Solvent LOUISVILLE Nov 18 (U.N. Six Kentucky two of them Neand operated closed yes. terday said that all the was protect the interest of The Bank of the the AmeriMutual bank SecuriBank the all of Louisville, and the McElwain Me. quiar & company Franklin. the institutions affected the American Mutual and Two Illinois Failures Bring Total to Five Since Friday The suspensions in since increased to five yesterday ing State that the Bartlett & Wallace State bank and the Timewell State bank Timewell had connection with the failure of the State Savings & Quincy 000 and the bank Illinois Failure Causes 4 Missouri Banks to Close Mo., 18 (U.N banks Northeast closed their doors yesterday All the were direct of results the failure last week of the Loan & company of Quincy. III The institutions deposited surplus in the Illinois bank and to protect depositors. The The Downing State Schuyler of The Labell of Lewis deposits of $203,000. The Farmers & Merchants bank of La Grange of Lewis county deposits $306,464 The Rutledge Exchange bank of Scotland county deposits $31,838 IOWA BANKS CLOSES 18 Frozen assets caused the Bank of Scranton yesterday had deposits of approximately $400,000 KINNER AEROPI HAS DEFICIT York the NEWS NEW YORK Nov Kinner corporation reports for the nine 30 net deficit of after depreciation compared with deficit $2244 for the corresponding period of

3. November 18, 1930 The Buffalo News Buffalo, NY
Article from The Buffalo News, November 18, 1930

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Article Text

DIVIDENDS HELD SAFE BY ASSOCIATED GAS PLANS TO REOPEN BANKS BEING LAID Utility Holding Company Is Confidence Expressed by ArCreating New Class of kansas Financial Leaders Preference Stock. in Statements. By HILTON HORN ADAY. The Associated Gas & Electric Co., holding company operating and controlling extensive utility properties in Western New York. announced today that creating class cumulative stock. which is to be offered to of A stock on the basis one new preference share for two Class shares. The new stock is entitled dividends at rate of 84 annually, with extra dividends not exceeding Class stock of the company widely held of the company utilities the the market value of the stock, many stockholders are said to have feared the possibility of of regular priority The in letter to stockholders today, assures holders that the management believes dividends are safe. and that will be earned margin for the year 1930 The give Class who entertain to the future. on opportunity an investment less subject market fluctuations new stock being created. The regular dividend on the stock will be preferred over dividends on the Class B and will be the dividend the Class A stock is There are close to 4,000,000 shares of the Class stock outstanding. On the New York curb market. the stock currently quoted around 20. compared with a high for the year of 461/2 Government Buys Wheat re-entry of government agencies into the wheat pit development which being watched closely in grain circles in Buffalo The buying been carried by the Grain Stabilization corporation with the of wheat prices in futures market this country The buying sufficiently powerful Monday to keep the Chicago price wheat ten cents bushel higher than in Winnipeg In other words, prices in this country were put on purely domestic basis. This in wheat prices and who have followed the market are in seeing effective will be the government's preventing the price from going as in other countries Expert traders do not believe that this disparity in prices in the United with prices in and will continue for any of time Prices will seek their own levels, pointed because large interests will take the opportunity of buying heavily in the foreign markets and selling the higher prevailing on the Chicago Board of Trade LITTLE ROCK Ark., Nov. 18 Optimism expressed statements of Arkansas financial leaders as they Add cents laid plans reopen some 43 banks which suspended tempoThe of the Trust of the oldest suspended Nearby banks in the for five was engaged with plans Nearby to resume at Closing the American Exchange was by of activi- new ties by the banks, the aggreLonghorn gate of were more than FOWL A. B. Banks, president of the AmeriFair can and stockholder in 34 the 42 other banks scattered over the said the boards of directors were to obtain pledges of commu- 43-47 nities and supporting to assure 24 of run. Expressions of in the general stability of the state's financial each and structure Gov Parnell and Senator to those of bankers. The Little Rock Clearing and House by sured the public local banks were in sound Hysteria proceedings against Nashville. until recently terested in the American Exchange was attributed by directors of the latter as the which Six Banks Close in Kentucky, All Are Declared Solvent LOUISVILLE Ky. Nov. 18 (U.N Six Kentucky two of them gro-owned and closed yesterday that all that the of business was protect the interest of creditors and The National Bank of Kentucky the Louisville Trust the American Mutual bank. Securiand the of and the McElwain Me. quiar Bank company Frank. lin. the institutions affected Negroes the American Mutual and Standard banks Two Illinois Failures Bring Total to Five Since Friday The in Illinois Friday increased to five yesterday when more state institutions State that the Bartlett WalState Clayton and the Timewell at Timewell had suspended with the failure the State Savings Loan Trust company of The Timewell bank had deposits $150. and bank $500,000 Illinois Failure Causes 4 Missouri Banks to Close JEFFERSON 18 banks Northeast Misclosed their All the closings were direct the Twenty last week of the Savings Loan The institutions surplus funds the Illinois and closed to The The Downing State Schuyler of The Labell of Lewis deposits $203,000 The bank of La Grange Lewis county deposits of ARTICHOKES Rutledge Exchange bank of BEANS Scotland county deposits of BANKS CLOSES Nov the Bank of Scranton had deposits of approximately $400,000

4. November 18, 1930 Muskogee Daily Phoenix and Times-Democrat Muskogee, OK
Article from Muskogee Daily Phoenix and Times-Democrat, November 18, 1930

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37 BANKS IN ARKANSAS CLOSED ONE DAY Wave of Hysteria Mounts as Financial Institutions Over State Shut Doors MANY MAY BE REOPENED LITTLE Ark., Nov. of mounting banking circles of By nightfall 34 banks affiliated Banks company of Little Rock had taken advantage of which permits temporary closing five days suspension of pay. on deposits. Three small banks in addition had ordered closed the state bank department, bringing the total Sen. Joseph Robinson blamed the hysteria due the nancial difficulties Caldwell and Company Nashville, Tenn. Feels Banks Solvent feel sure the banks solvent," Senator Robinson said. "Arkansas sound financially and soon the excitement the closing the banks has subsided the state return normal conditions and the reopen. Officials the Banks group nounced the closing had been caused fear of hasty withdrawals. The American Exchange Little the first the institutions shut its doors is the largest bank the state Depositors gathered the streets the bank and gazed silently at the announcing had suspended temporarily Within hour from Pine Bluff. the Merchants and Planters Bank and Trust company there. smaller banking institutions southeastern kansas, had failed to open their doors today. Then messages received from Helena that the Merchants Plant ers bank there had closed. Officials said they was solvent but closing protect depositors. coincident this advice the announcement from the department that the Bank McRea, Bank of Branch, and Bank Foulke, small affillated with the Banks group, had taken by the So the list The for few 19. then 27, 32, finally 37. of the closing other parts of the state reached Bank officials and depositors alike tonight the possible outcome of number of closings. Thousands who had their savings in banks of the Rock group any sort conditions in the institutions. No Runs Reported Rumors heard in the The state law permits the banks to five the end of that time they either reopen for place themselves in the hands of the state bank. ing Banks, one of the wealthiest men officials the 34 affiliated banks come Little Rock for that he had definite plan mind which could be put into effect before the end of the five-day suspenOther banks in Little Rock did business as usual today, and reported runs by depositors. Caldwell and Company of Nashville, difficulties of which Senator blamed today's closings, was placed in the hands of receiver week. The firm was one of the largest investin the south. Four in Missouri Close JEFFERSON CITY. Mo., Nov. banks northeast Mis. souri today closed their doors. All the closings were direct results the failure last week of the State Savings Loan and Trust company of Quincy, III. The institutions had deposited plus funds in the Illinois bank, and closed protect depositors. The closed institutions: The Downing State bank, Schuyler deposits of The Labell Savings bank, of Lewis deposits of The Farmers and Merchants bank of Grange, Lewis county, deposits The Rutledge Exchange bank of Scotland county. deposits of

5. December 4, 1930 The Colfax Press Colfax, IL
Article from The Colfax Press, December 4, 1930

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recently reopened was held Bartonville State bank took $10,000 by robber, and escaped. Albert Miller, for 20 Goebel hotel the years Granite City. committed suicide himself. The Eaton elevator at Allerfederal referee by the ton Johnston of bankruptcy Danville for Prof. Alfred Willgeroth nppointed director music Rockford college, Mrs. Laura Grant Short, died Cecil twenty eight. of burned death the his hard road near Joseph Pence, for many years highPana township commissioner Jess Pence Taylorand brother, died his home Pana. Thomas Watson, employed Orient mine died from burns shot he tamping received when the face the exploded. was Hanson, found dead shot wound brush his home north Morris. Police the death was accidental. Close $25,000,000 Christmas ings will distributed among 450,000 of county. The figures after 277 banks submitreports. Three hundred members of the Legion day down trees and chopping be given during the winter families Identified oil station attendrobbed of who Fred Glidden Kewanee has been bound Champaign county grand John Zeman. of Pedrowned from which and hunting was overturned by rough ter the Displaying Minkler apple that inches in weighed Ralph Bryce, orchardist Irving. claimed the record raising the largest apple in Illinois this Two the oldest banking Institumerged tions Henry county the announcement the solidation the First National Bank Cambridge the Farmers' National Bank Cambridge. Chicago, was Mrs. Mary elected regent the Illinois DaughIsabella the semiannual ters Kanchosen for the next state kakee May. Earl Hanson, principal the Rock Island high elected presiKiwanis Other offinamed Vice KenPopplewell: Burtreasurer, Robert Gilloley. Island and killed Zoaney Merreighn. thirtyfather children. when they sought arrest him arson charge. detectives said Merreighn moved though draw revolver. Kidnaped, his and money stolen, bound securely that he lay helpless field eight hours, Alof Anderson Jamestown, aviator, found Topeka Walter Kleier, farmer, upon whose land left. house plan has been abandoned vigorous protest by the chamber has plan seek jobs No plans for feeding hungry awaiting Jobs for 10,000 are to be prothe the year through of school buildings total cost of more than according the nouncement William Bogan, superintendent of Chicago schools. Stuart Walser, cashier of the First National bank receiver for the West Salem State bank, which has been closed about years, shot and killed himself his bank at Salem. Members of family said Walser suffered from asthma for years. Keeping company pupil grounds teacher, Mercer county court ruled in jury Ella $400 awarding back salary her against the Boston board education. board "fired" teacher last because she high school senior. Her first the she awarded the amount of her back ary. Mayford. member of the Alton department for than years, appointed chief police Peter Fitzgerald, elected sheriff November sergeant in recent years. small banks In Illinois and Missouri communities near Quincy have closed. These the Farmers and Merchants Grange, Rutledge Exchange of Rutledge, the Downing State Downing, the Bartlett Wallace State of Clayton, and the Timewell State TimeDonald Harper, Mrs. Glenn Brown Louisville, has probably the largest number any child Illinois. He has ten all their ages total six hundred sixty-six years. indicted the Hengrand jury for the for Earl Yocum, Galva banker. Those that Harry and Orville Wiskers, Vernon and Lloyd Cambridge except Orhere whom the authoriare searching.

6. December 4, 1930 Forreston Journal Forreston, IL
Article from Forreston Journal, December 4, 1930

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recently reopened Bartonville bank Bartonville was held up by robber, who took $10,000 in cash and escaped. Albert Miller, sixty-three, for 20 an employee the Goebel Granite City, committed suicide by hanging himself. The Eaton elevator at Allerton by the federal referee in bankruptcy H. Johnston of Danville for Prof. Alfred Willgeroth appointed director of music college, Mrs. Laura Grant Short, who died Cecil Sweasey, twenty-eight. of Blandinsville burned death his automobile overturned the hard road near Roseville. Joseph Pence, for many years highPana township and brother Jess Pence Taylordied at his home in Pana. Thomas Watson, employed at Orient mine died from burns received when shot he tamping the face the exploded. Abel Hanson, seventy-five was found dead of shot gun wound on brush pile near his home north of Morris. Police believed the death was accidental. Close to $25,000,000 Christmas savIngs will distributed among 450,000 residents Cook county. The figures were checked after 277 banks submitted reports. Three hundred members of the American Legion spent day sawing down trees chopping wood to during the winter to families of Jobless Identified by an oil station attendthe robbed him of $128, Fred Glidden of Kewanee been bound over to the Champaign county grand jury. John Zeman, of Peoria, drowned when boat from which and companions were hunting was overturned by rough water Illinois river. Displaying Minkler apple that six inches In diameter and weighed eighteen ounces, Ralph Bryce, orchardist near Irving. claimed the record for raising the largest apple In Illinois this Two the oldest banking institutions Henry county merged the of the consolidation the First National Bank Cambridge the Farmers' National Bank of Cambridge. Mrs. Mary Lawson, Chicago, elected regent the Daughters Isabella the semiannual Bloomington. Kankakee was for the next state held May Earl Hanson, the Rock Island high school, elected presithe Kiwanis club. Other offinamed president, Kenneth Popplewell trustee, Burtreasurer, Robert Gilloley. Rock Island detectives shot and killed Zoaney Merreighn, age thirtysix, father four when they sought arrest him an arson charge. The said Merreighn moved as though to draw revolver. Kidnaped, his car and money stolen, and bound securely that lay helpless field for eight hours, Alof Anderson of Jamestown, N. aviator, found near Topeka Walter Kleier, farmer, upon whose land was left. soup house plan has been abandoned in Danville after vigorous protest by the of has plan will seek jobs for the No plans for the hungry awaiting jobs have announced. 10,000 to he provided of the year through the construction 13 new school buildings total cost of more than $20,000,000, according the announcement William Bogan, superintendent of Chicago Stuart Walser, cashier of the First National bank receiver for the West Salem State bank, which has been shot and killed himself in his bank West Salem. Members of family said Walser suffered from asthma for years. Keeping company with pupil Is no grounds for dismissal of teacher, jury Mercer county court ruled In awarding Miss Ella Deweller $400 salary her suit against the New Boston board of education. board "fired" the teacher last December because she around Bayner, high school senior. Her first suit was on the retrial she was awarded the amount of her back solary. George Mayford, a member of the Alton department for more than years, appointed chief police succeed Peter Fitzgerald, elected sheriff November Mayford has been sergeant in recent years. Six small banks In Illinois and Miscommunities Quincy closed. These the Farmers and Merchants of Grange, the Rutledge Exchange of Rutledge, Mo.; the Downing State Downing. Mo.; the Bartlett Wallace State Clayton, the Timewell State of Timewell, III. Donald Harper, Mr. Mrs. Glenn Brown Louisville, has probably the largest number grandparents of child in Illinois. He grandparents all their combined ages total six years. Four indicted the Hengrand jury for the kidnapfor Earl Yocum, Galva banker. Those indicted under that charge and Wiskers, Vernon Ahigren and Lloyd Winslow. All are fall Cambridge except Orville for whom the authorities are searching.