a7499d59Borrowed from banks or large institutions, Partial suspension
Other: Affairs turned over to State Finance Department; 30-day moratorium invoked by Commercial Bank
Click image to open full size in new tab
PLAT Miners and Merchants Bank Flat River failed to open for business today. W. Massey, president of the meeting of the board directors will be held today to decide whether to put effect banking moratorium to turn the affairs the institution over to the state finance department President Massey the templated closing the National Lead Company's in announced last had created on the bank that practically exhausted Its supply
Click image to open full size in new tab
RIVER CLOSED BY FLAT Jan. Miners and Bank Flat River failed to open for business today. W. Massey, president of the strong bank. said of the board of will be held today lots of sleep and plenty decide put into effect or turn the affairs of the institution over to the state finance department. President Massey said the templated closing the Lead Company's activities in this section, announced last week had created run on the bank that had practically exhausted its supcash.
Click image to open full size in new tab
LEAD BELT BANKS CLOSE Flat River, Mo., January banks in the lead belt closed their doors today after steady runs that started Saturday. The Miners' and Mérchants' Bank of Flat River failed open for business this morning. An hour and half later the Bank Desloge shut its doors. At the Commercial Bank of Flat River closed. notice posted on the door of the Commercial Bank read, "Closed for Officers of the Bank Desloge could not be reached for any statement. Massey, cashier of the and Merchants' Bank, said directors of the bank would turn the of the bank over to the State Finance Department. Massey also said the contemplated closing of the National Lead activities in this section had caused on his bank that had virtually exhausted its supply of cash. Last Friday officers of the St. Smelting & Refining Co. Works of the National Lead Co., said the cois mill and three mines would permanently closed February throwing 600 men out of work. The Miners' and Merchants' Bank has resources of Its ment showed deposits of obtained loan of from Reconstruction Finance Corporation The Desloge bank had total of and deposits The Commercial Bank had deposits and resources
Click image to open full size in new tab
Lead Belt Banks Close After Runs Two Depositories Flat River One in Desloge Turned Over State Finance Department. Three Lead Belt banks closed their doors Monday following steady runs started Saturday. The affairs which the depositories were turned over the State Finance Department, and not known whether the closwill be permanent. The notices ings read thirty days." The combined resources of the banks totaled and their deposits amounted to $1,072,914. and Merchants' Bank The Miners' River, largest of the group, of Flat failed for business Monday to open The Desloge Bank closed morning. for business after remaining open morning, and short time Monday day the Commercial the same Bank of Flat River closed. cashier of the MinMassey, Bank, said that ers' and Merchants' of the Nathe contemplated closing activities the tional Lead run on his lead belt had caused had virtually exhausted bank that This bank had supply of cash. its from the loan of obtained Finance Corporation. Reconstruction
Click image to open full size in new tab
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
Click image to open full size in new tab
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.
Click image to open full size in new tab
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
Click image to open full size in new tab
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.