Peoples Exchange Bank - Jamesport, MO

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 1, 1925*
Location: Jamesport, Missouri (39.975, -93.801)

Metadata

Model: gpt-5-mini
Short Digest: 75c81a3f

Response Measures

None

Description

Article (Feb 12, 1925) reports the Peoples Exchange Bank had been closed and the state examining force had taken charge of the property; depositors were asked to verify accounts. No mention of a depositor run. Officials are investigating a bond shortage (~$30,000) and reorganization is discussed, but the bank is under state control at the time of reporting, consistent with a suspension leading to closure/receivership.

Events (1)

1. February 1, 1925* Suspension

Cause: Government Action
Cause Details: State examining force and Deputy Finance Commissioner took charge of the property after discovery of a substantial shortage (reported ~ $30,000 in bonds).
Newspaper Excerpt: Since the closing of the Peoples Exchange Bank there has been... the examining force took charge of the property.
Source: newspapers

Newspaper Articles (1)

1. February 12, 1925 The Jamesport Gazette Jamesport, MO

Article from The Jamesport Gazette, February 12, 1925

Click image to open full size in new tab

Article Text

Jamesport is in the Center of a High-Class Trading Community-Watch Our Advertisers LIKE WAR TIMES Efforts to Get Information About Closed Bank Don't Get Very Far Nowadays The service boys tell of how hard it used to be to get information in the ranks- how there were rumors of this and that, but nothing substatetial upon which to base information. Since the closing of the Peopleas Exchange Bank there has been just that sort of condition here in Jamesport. We hear reports that seem authentic, but on investigation the "kick" disappears and definite statements are not to be had from parties in a position to give them. While grape-vine stories are not satisfactory in a newspaper that pre (ers to stay close to the facts, the Home Paper is glad to hear of a substantial portion of stock having been agreed upen in case of a reorganization of the Peoples Exchange Bank. In that case it is supposed the depositors would get their money in full and that the institution would go well from the start, because there would be # most kindly feeling among the patrons of the bank and the people of the entire community. Deputy Finance Commissioner, F. A. Guiles is greatly pleased with the manner and promptness with which the patrons are coming in to verify their accounts since the doors were opened Monday morning. He likes the spirit in which they take seriously the announcement that he desired them to come in right away. He gets information from them from time to time that will avail much in summing up the shortage, but he will not at this time intimate just how much that shortage ampunts to. Indirect reports place the phortage, mostly or all in bonds, at something like $30,000. That amount may be cut down, wever, it is understood. Mr. Guiles assistant, Mr. Myers, left yesterday morning for Jeffer son City, but we are not authorized to state that he carried with him a report on the condit the eles. by Mrs. Roberta Goodwin Clark, who was assistant cashier before the doors were closed. She has been with the examining foce quite a lot since they took charge of the property. It is hoped that by next week there will be something tangible upon which to base the contention for a reorganized bank. By that time there will have elapsed enough time in which parties who claim to have bonds in the bank to make known their claims and furnish receipts or proof to the effect that they are holding the bank responsible for such liabilities. With the amount of shortage known, the matter of re- organizing will take on new life and rapid progress would then be interested and the deputy bank commissioner will aid materially in getting developments to that point. As everybody realizes the importance of quick responses it seems an assured fact that more definite information will be available next week. Let's hurry the proposition up all we can. Lets do everything in our power to resurrect the fallen institution. Let's aid in vevery possible way to bring forth a strong bank to assist in taking care of business mat ters of this section. There is ample room here for two banks that ought to be as strong as are found in the state. Co-operation of the proper sort among our people will bring us out of the "dumps" and start us on to solid financial growth. Trying to Locate the Blame The investigations of the state officials having gone this far, the directors are now making efforts to ascertain who are what is the cause of the shortage at the bank, what has become of some bonds in question and diligent in efforts to put the bank on its feet and pay the depositors dollar for dollar on their claims. Having all confidence in the world in the reliability of the men behind the banking house people are inclined to feel much better than they have up to this, time. As soon as blame for the bank's condition is placed it is likely the prosecuting attorney will be called upon to help out in the muddle. but as far as there is known at the time the Home Paper goes to press the developments have not got to that point. Personal encounters do not enter into the newspaper's handling of the news, for they are not of general interest to the people who want their money.