10199. Bank of Flat River (Flat River, MO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 12, 1919
Location
Flat River, Missouri (37.850, -90.517)

Metadata

Model
gpt-5-mini
Short Digest
b5848790

Response Measures

None

Description

The articles report the Bank of Flat River was closed by the State Bank Commissioner following an examiner's investigation that found accumulated bad paper that wiped out capital; a receiver will be appointed and reorganization is considered unlikely.

Events (1)
1. June 12, 1919 Suspension
Cause
Government Action
Cause Details
Closed by State Bank Commissioner after state bank examiner's investigation found an accumulation of bad or uncollectable notes that wiped out the bank's capital.
Newspaper Excerpt
This Bank closed by State Bank Commissioner.
Source
newspapers

Newspaper Articles (2)
1. June 12, 1919 Iron County Register Ironton, MO
Article from Iron County Register, June 12, 1919

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Article Text

For Sale-Two fresh Jersey milch cows. CAROLINE HERMANN. Formerly Henley farm. Bank of Flat River Closed. (Lead Belt News. Following an investigation of the business of the Bank of Flat River by State Bank Examiner Claud A. Eaton, the bank was closed Thursday morning. The following notice was posted on the door: "This Bank closed by State Bank Commissioner." According to a statement by H. W. Buckley, who was elected president when the Bank was organized about a year ago, the trouble resulted from an accumulation of bad paper extending over a period of years, and much of which is now considered worthless. There is now on hand, according to Mr. Buckley, a sufficient amount of bad or uncollectable notes to wipe out all of the capital of the bank. The stockholders will lose to the extent of their holdings. It is thought that in the liquidation of the bank's affairs, a sufficient sum of money can be realized to take care of the depositors, and that if they lose at all it will be a very small per cent of their deposits. It will take a period of several months to straighten out the affairs of the bank and in the meantime the depositors will have to wait for their money. A receiver will be appointed to take charge. As money is realized from the bank's assets it will be paid to its depositors in installments or "dividen is" on a percentage basis. The affairs of the bank are in such a condition that it is not likely the bank will be reorganized. The state banking laws have been amended so that in order to start a new bank the institution must start off with a capital stock of at least $25,000. This is a larger capital than would be profitable at the start in a community the size of Flat River. Owing to this it e will probably be a long time before another bank is organized here.

2. June 12, 1919 Iron County Register Ironton, MO
Article from Iron County Register, June 12, 1919

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Article Text

Douglas Fairbanks next Tuesday. "Nuf sed."-Adv. Commencement at Arcadia next Tuesday afternoon. Of all the abominations the motor-cycle is the most abominable. Circuit court will convene in adjourned session next Tuesday. High Patent Flour, $1.55 for 25 lbs. SIGNER & SIGNER. M. Nichols & Son expect to get into their new store building about July 1st. Summer visitors are slow about putting in their appearance in the valley this summer. While the strawberry yield is light this year the season has been a prolonged one. Children's Day progromme at the Presbyterian Church next Sunday, 11:00 to 12:00. Some of our farmers are saying that the wheat was damaged by the dry weather in April. If we are going to have that big picnic July 4th it is time some one was setting busy. Sergeant W. W. Reese will remove to the Rieke home, in north Ironton some time in July. The Bonne Terre team failed to come to Pilot Knob Sunday to play ball as they had agreed to. The first cherries were on the market last week. Price, 70 cents a gallon. Entirely too much. For Sale Ice Box and Steel Sanitary Couch, good as new. Cheap. Enquire F. Parker, Ironton. The REGISTER entered on its fifty-third volume last week. A good, long while to stay on one job, isn't it? Daring airman leaps from airplane to test new type of parachute, Pathe News, Academy Theatre, Thursday. Wanted To rent a Piano; Player preferred. ALMA SCARBERRY, Phone 186 D. Ironton, Mo. Manager Schaefer reports a very satisfactory patronage the opening night of the picture show at Graniteville last Friday. After fair weather for a week there was quite a shower Tuesday afternoon. The indications Wednesday morning are for more rain. Bell Bros, report the sale of Chevrolet cars to Mrs. Celia Horton, Belgrade, and Sam McMurtrey and J. A. Crocker, Belleview. County Superintendent Hanson will issue programs soon for a Teachers' and Directors' Meeting to be held in Ironton July 17th and 18th. The Centerville Outlook reports that the heavy rains of the past two weeks have done much damage to crops and fences in Reynolds county. The work of oiling the street began last Friday. It is a tedious job. If the weather continues favorable it is expected to finish Thursday. Mrs. M. B. Bradley is home from Crystal City. We are glad to state that her grandson, Warren, has about recovered from his recent serious illness. There was no rain here Sunday but in the afternoon the clouds to the north and east were heavy. A very heavy rain fell in the vicinity between Iron Mountain and Farmington. Wm. Blue, Jr., Sheriff of Iron county, was here a day or two during circuit court. Mr. Blue is a "hail fellow, well met," and made many friends while here. -Centerville Outlook. Wm. J. Martin, colored, was a visitor to his old home in Ironton the past week. Will is now an employe in the Chicago post-office, and says that he likes the Windy City and his work very much. Elsewhere is printed an article taken from the Lead Belt News, telling of the failure of the Bank of Flat River. Mr. H. W. Buckey, president of the bank, was a few years ago engaged in the mercantile business at Arcadia for a short time. Recorder Hawkins issued the following marriage licenses the past week: Robert Jaycox of Monterey and Eunice Parks of Lesterville. Albert L. Haynes of Doe Run and Orra Myrtle Hoehn of Womack. The Missouri Baptist Assembly will ha held on Amoudia Heights this year