Article Text
THE HANNIBAL TRUST CO. CLOSES ITS DOORS The Hannibal Trust Company failed to open its doors last Thursday morning, the board of directors having come to the conclusion the night before that in the interest of the depositors it was best to discontinue business. The directors state that they believe all depositors will be paid in full. Two years ago the Trust Company suffered heavy losses through bad loans and lately continued heavy withdrawals by depositors have impaired its earning powers. After the heavy losses of two years ago J. T. S. Hickman, Secretary of the Company was succeeded by Earnest Mangles and later on the death of President Trobridge, Judge Louis E. Frazer was made President. The company's last statement showed its total resources were $1,523,720.85. as of August 22, last with total deposits of $1,124,814.78. Of these $462,484.97 were time deposits and $662,329.81 were demand deposits. Paid in capital stock was $200,000. the surplus fund, $40,000 and undivided net profits were listed in the statement at $19,815.57. Thursday afternoon the Farmer's Bank of Oakwood also, closed its doors. The Bank was capitalized for $10,000 and has a reserve fund of the same amount and $10,000 in undivided profits. It is asserted by the directors that the Bank will pay out in full and that the closing was a precautionary measure, taken because of the steady withdrawal of deposits. The closing of these two banks started small runs on the National Bank and Farmer's & Merchants Bank of Hannibal, but they only continued through the day. Business was practically normal the following day.