10396. Commercial State Bank (Kirksville, MO)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
June 21, 1928
Location
Kirksville, Missouri (40.195, -92.583)

Metadata

Model
gpt-5-mini
Short Digest
bffdfb21

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Description

A run began Thursday afternoon (about 3:30–4:00) and directors voluntarily closed the bank and placed it in charge of the Missouri State Finance Department (June 22, 1928). Depositors were ultimately paid in full, but the bank did not resume operations and was wound up under state supervision — consistent with a run leading to suspension and permanent closure.

Events (3)

1. June 21, 1928 Run
Cause
Local Banks
Cause Details
Withdrawals began after the recent closing of the bank at Baring, Mo., in which officers of the Commercial State Bank were interested; news of meetings leaked out and caused depositor panic.
Measures
Directors paid out depositors during the afternoon and then voluntarily closed the bank; placed the institution in the hands of the State Finance Department to protect depositors.
Newspaper Excerpt
this took the form of a run. Depositors were paid off from that time until 4 o'clock, the regular closing time, when the bank was closed.
Source
newspapers
2. June 22, 1928 Suspension
Cause
Voluntary Liquidation
Cause Details
Board of directors voluntarily closed the bank and turned it over to the State Finance Department to protect depositors after the run; examiner Fred A. Guiles placed the bank in charge of the department.
Newspaper Excerpt
The Commercial State Bank ... was closed today and placed in the hands of the State Finance Department. The bank was closed voluntarily by the directors.
Source
newspapers
3. January 22, 1930 Other
Newspaper Excerpt
Depositors Receiving Checks For Entire Amount Due Them ... The depositors ... will receive their final dividend ... paying them full for the amount ... owed them when the institution closed ... final liquidation had been completed by court decree and private sale arrangements were made for remaining assets. (January 22, 1930).
Source
newspapers

Newspaper Articles (11)

Article from Carthage Evening Press, June 22, 1928

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KIRKSVILLE, MO., BANK IS CLOSED (By The Associated Press) Jefferson City, June 22.-The Commercial State bank, at Kirksville, Mo., with total resources of $270,787, was closed today and placed in the hands of the state finance department, it was announced at the department here. The bank was closed after an examination by F. A. Giles, a state bank examiner, who is now in charge of the institution. No other details of the closing were known here. J. H. Myers is president and Carl E. MaHeavy "Run" Yesterday Kirksville, Mo., June 22.-Due to a heavy withdrawal of deposits, the Commercial State bank here was closed today and placed in the hands of the state finance department. Withdrawal of deposits started after the recent closing of the bank at Bering, Mo., in which officers of the Commercial bank were interested and terminated in a heavy run late yesterday.


Article from The Chillicothe Constitution-Tribune, June 22, 1928

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Bank at Commercial Closed Kirksville, Institution Late Thursday Run on Institution to Closed Board of Directors. by Its (By Associated KIRKSVILLE, Mo. June depositors the withdrawal of heavy here was closCommercial State Bank the hands of the and placed in ed today finance department. state started after Withdrawal of deposits of the bank at the recent closing officers of the Mo., in which interested Bank were mercial run late yesterin heavy terminated day. closed voluntarily The bank was Meyers, president. the directors. said deposiCarl Magee, cashier, and paid in full. would be


Article from Kirksville Daily Express and Kirksville Daily News, June 22, 1928

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CLOSED TODAY Directors Take VolunAction to Protary tect Depositors. Commercial State the The bank in this failed youngest its doors this morning. open voluntary of the been closed Board of Directors. following the bank which started yesterday about o'clock. The bank been placed charge of Fred Guiles. the State Finance Departiner for who placed the door of the institice the front tution this morning: act of the Board voluntary this bank in the Directors the Department of Finance hands the State Missouri." cashier of the Carl stated this morning that depositors of the receive 100 cents the dollar for dollar they have in the stitution He stated that the bank had been closed voluntarily in order protect all the depositors and prevent another run on the bank this Mr. Magee stated that he and Myers family willing to all the assets they have in order that the depositors will receive all money due There has been movement foot among the banks in this during the few the assets of Commercial Bank and they would pay the but account the bank directors of bank being of the plan could not time closing bank The plan worked out. but will several the notes and lateral will have fore other banks could obligation of paying the positors The Commercial State Bank prospering very well for and would probably has the past the fact that bank Baring which Myers and Magee closed short Since then there has been gradual withdrawal from bank here and after about o'clock this the form Depositors paid off from that time until clock the regular closing time, bank closed Conferences had been held Bank Examiner Guiles for the past few days and after holding last night. decided best close the meeting had been held from other banks Wednesday night and that had and this caused Another day would probably consummation deal whereby would have been necessary closed the bank The Commercial organized in 1920. and opened doors for business October that Myers president the Carl and the directors Magee and Myers Myers. The last financial statement issuApril showed that the had capital stock and that the The total amount loans and the The amount the deposits The sentiment in the business morning that the voltrict this closing of the bank would not untary business conditions Kirksaffect the Myers family regardville. well able the bank's Then. there condition that there reassuring suspicion of the never been any ancial integrity of those in charge the bank. OF COMPANY AUTHORIZED Jefferson City. June Finance Commissioner State this afternoon authorized Cantley stockholders of the officers and Trust Company of Union institution which reopen that its board of directors May closed by its capital found when through slow and impaired All from collectible loans. have been made good source stockholders and company's business with capital unimpaired. Total the company are One the new officers company its bank Bollinger, until recently examiner. Cars Using Novinger Bridge Word from Novinger today that for to use the possible the Chariton today and bridge over that traffic is not now being impedthe high water.


Article from The Sedalia Democrat, June 22, 1928

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STATE BANK AT KIRKSVILLE CLOSED Associated Press. Mo., June heavy withdrawal of deposits. the Commercial State Bank here closed today and placed in the hands of the State Finance Department. Withdrawal of deposits started after recent closing of the bank Baring, Mo., which officers of the Commercial Bank were interested, and terminated heavy run yesterday. The bank was closed voluntarily the directors. Meyers, ident. and Carl Magee, cashier, depositors would be paid in full. JEFFERSON CITY, Mo., June The Commercial State Bank Mo., with total resouces closed today and placed in the hands of the state finance department, nounced the department here. The bank closed after amination Giles, state bank now charge the No other details the closing known here. The last statement to the finance department showed the bank had total deposits loans $174,819; bills payable and capital stock $50,000. H. Myers president, and Carl McGee cashier.


Article from Daily American Republic, June 22, 1928

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RESULT By The Associated Press. Kirksville, Mo., June 22.-Duelto heavy withdrawal of deposits, the Commercial State Bank here was closed today and placed in the hands of the state finance department. Withdrawal of deposits started aft. er recent closing of the bank at Baring, Mo., in which officers of the Commercial Bank were interested, and terminated in heavy run late yesterday. The bank was closed voluntarily by the directors, J. H. Meyers, president, and Carl Magee, cashier, said depositors would be paid in full.


Article from Independent-Courier, June 26, 1928

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Here and Around The Town of Many Bargains Last week, we insisted that always something there was in Clarence. We mentioning on free show at the Culver ed the and the big Chevrolet opening next Saturday but we forgot to mention the big "Dollar Day' be held last Saturthat was to day afternoon. And that was real time for bargain hunters. When, in the of country town history any for could one buy $89 that's what happened in Clarence Saturday. large crowd gathered at the oblate bank and sequies of our bidding was brisk, as is usual in most games of chance. So the remnants of the once valued assets were sold few days the last chapand in financial debacle ters of the will have been closed. Time of notes would when the sale feverish interest have caused that shown Saturfar lots of water has run day. But under the bridge since that fate1925 and ful day in October, Clarence and community has far along the road to gone to do much grieving recovery spilled milk. Even as the auctioneer raisfor bids ed his voice in cry on the last notes of the bank, hammer could the sound of the three fine new build be heard ings in progress of construction within few steps of the afFew ternoon's proceedings. able to weathhave been towns crisis in such a way er such a has rallied from as Clarence their blow. proud of Naturally we are We feel that condiClarence. tions here are improving faster in most towns than is the case and for this reason we are cor.fident that our town will ultitake long lead on mately towns that have so far been con and better than siderable bigger ours sometimes hard Medicine is take but when it is necessary, to it over the the quicker one gets better. Kirksville Closes Bank at The Commercial State Bank at Kirksville, Mo., with total resources of was closFriday and placed in the hands of the State Finance DeThe bank was clospartment. after an examination by A. Giles, state Bank Examinis in charge of the who now depository. Heavy withdrawal of deposits led to the closing of the bank Withdrawal of deposits started after recent closing of the in which Bank at officers of the Commercial Bank were interested. and terminatin heavy run late day. The bank was closed voluntarily by the directors. Meyers. president. and Carl Magee, cashier. said depositors would be paid in full.


Article from The Milan Standard, June 28, 1928

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COMMERCIAL STATE BANK IN KIRKSVILLE CLOSED FRIDAY The Directors Take Voluntary Action to Protect the Depositors. The Commercial State Bank, the youngest bank in this city, failed to open its doors this morning, having been closed by a voluntary act of the board of directors, following a run on the bank which started yesterday afternoon about 3:30 o'clock, says Thursday's Kirksville Express. The bank has been placed in charge of Fred A. Guiles, an examiner for the State Finance Department, who placed the following notice in the front door of the institution this morning: "By a voluntary act of the board of directors this bank is in the hands of the Department of Finance of the state of Missouri." Carl E. Magee, cashier of the bank. stated this morning that he is sure the depositors of the institution will receive 100 cents on the dollar for every dollar they have in the institution. He stated that the bank had been closed voluntarily in order to protect all of the depositors and prevent another run on the bank this morning. Mr. Magee stated that he and the Myers family are willing to turn over all the assets they have in order that the depositors will receive all the money due them. There has been a movement on foot among the banks in this city during the last few days to take over the assets of the Commercial State Bank and they would pay off the depositors, but on account of some of the bank directors of one bank being out of the city, the plan could not be consummated in time to prevent closing of the bank. The plan may yet be worked out, but it will take several days, as the notes and collateral will have to be examined before the other banks could assume the obligation of paying off the depositors. The Commercial State Bank has been prospering very well for a new institution and would probably have gone ahead as it has in the past but for the fact that a bank at Baring, in which Messrs. Myers and Magee were interested, closed a short time ago. Since then there has been a gradual withdrawal of money from the bank here and yesterday afternoon about 3: 0 o'clock this took the form of a run. Depositors were paid off from that time until 4 o'clock, the regular closing time, when the bank was closed. Conferences had been held with Bank Examiner Guiles for the past few days and after holding another one last night, it was decided best to close the institution. A meeting had been held with representatives from other banks on Wednesday night and it seems that news of this had leaked out and this caused yesterday's run. Another day or two would have probably seen a consummation of a deal whereby it would not have been necessary to have closed the bank. The Commercial State Bank was organized in July, 1920, and opened its doors for business in October of that year. J. H. Myers is president of the institution, Carl E. Magee, cashier, and the directors are J. H Myers, B. L. Magee and M. I. Myers. The last financial statement issued on April 12. 1928, showed that the bank had a capital stock of $50,000 and that the resources were $270,787.25. The total amount of loans was $174,819.94 and the overdrafts were $3,582.20. The amount of the deposits was $178,180.23. The sentiment in the business district this morning was that the voluntary closing of the bank would not affect business conditions in Kirksville, as the Myers family is regarded as well able to care for the bank's obligations. Then, too, there is the reassuring condition that there has never been any suspiction of the financial integrity of those in charge of the bank.


Article from Adair County Herald, June 28, 1928

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COMMERCIAL STATE BANK OF KIRKSVILLE IS CLOSED which started Thursday afternoon about 3:30 o'clock. The bank has been placed in charge of Fred A. Guiles, an examiner for the State Finance Department. who placed the following notice in the front door of the institution this morning: "By a voluntary act of the Board of Directors this bank is in the hands of the Department of Finance of the State of Missouri." Carl E. Magee, cashier of the bank, stated that he is sure the depositors of the institution will receive 100 cents on the dollar for every dollar they have in the institution. He stated that the bank had been closed voluntarily in order to protect all of the depositors and prevent another run on the bank this morning. Mr. Magee states that he and the Myers family are willing to turn over all the assests they have in order that the depositors will receive all the money due them. There has been a movement on foot among the banks in this city during the last few days to take over the assets of the Commercial State Bank and they would pay off the depositors, but on account of some of the bank directors of one bank being out of the city. the plan could not be consummated in time to prevent the closing of the bank. The plan may yet be worked out. but it will take several days, as the notes and collateral will have to be examined before the other banks could assume the obligation of paying off the depositors. The Commercial State Bank has been prospering very well for a new institution and would probably have gone ahead as it has in the past but for the fact that a bank at Baring, in which Messrs. Myers and Magee were interested. closed short time ago. Since then there has been a gradual withdrawal of money from the bank here and Thursday afternoon about 3:30 o'clock this took the form of a run. Depositors were paid off from that time until 4 o'clock, the regular closing time. when the bank was closed.


Article from Schuyler County Republican, June 28, 1928

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COMMERCIAL STATE BANK OF KIRKSVILLE IS CLOSED Kirksville, June 22,-The Commercial State Bank, the youngest bank in this city, failed to open its doors Friday morning, having been closed by a voluntary act of the Board of Directors, following a run on the bank which started Thursday afternoon about 3:30 o'clock. The bank has been placed in charge of Fred A. Guiles, an examiner for the State Finance Department, who placed the following notice in the front door of the institution this morning: "By a voluntary act of the Board of Directors this bank is in the hands of the Department of Finance of the State of Missouri." Carl F.. Magee, cashier of the bank, stated that he is sure the depositors of the institution will receive 100 cents on the dollar for every dollar they have in the institution. He stated that the bank had been closed voluntarily in order to protect all of the depositors and prevent another run on the bank this morning. Mr. Magee states that he and the Myers family are willing to turn over all the assests they have in order that the depositors will receive all the money due them. There has been a movement on foot among the banks in this city during the last few days to take over the assets of the Commercial State Bank and they would pay off the depositors. but on account of some of the bank directors of one bank being out of the city, the plan could not be consummated in time to prevent the closing of the bank. The plan may yet be worked out, but it will take several days, as the notes and collateral will have to be examined before the other banks could assume the ohligation of paying off the depositors. The Commercial State Bank has been prospering very well for a new institution and would probably have gone ahead as it has in the past but for the fact that a bank at Baring. in which Messrs. Myers and Magee were interested. closed a short time ago. Since then there has been a gradual withdrawal of money from the bank here and Thursday afternoon about 3:30 o'clock this took the form of run. Depositors were paid off from that time until 4 o'clock. the regular closing time. when the bank was closed.


Article from The Kirksville Graphic, June 29, 1928

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WEATHER BULLETIN Washington, June 27, 1928. July cropweather will be the most important of this season and will average a generally favorable cropweather month. After the expected cool and wet period June 28 to July 6, Jupiter will change his influence from that of cool and wet to that which will cause periods of moderately hot and dry weather. Averagerainfall of northern1hemisphere was expected to decrease after June 25, but this decrease will hardly be noticeable until moderate storm wave expected to center on July 5 has passed. Temperature changes during July are not expected to be severe nor of unusually great departures from normal but will go to greater'extremesabove than below normal, causing month to avcrage a little above normal temperatures for the continent. Principal rainfall of July will occur in eastern half of continentandmostly during first half of month. Principal decrease in rainfall will be expected on northern slopes and just east of Rockies. July often brings severe hail and frost damage to northern fields; I expect July 1928 to be unusually free from killing frosts in Canada, but that somehail and high winds will be probable near 4 and 11 in western and near 12 and 25 in eastern part of section 1, which includes the Prairie Provinces. Coolest weeks of month will be expected to center on 4 and 24, warmest weeks centering on 10 and 19. Moderate storms will center on 5, 11 and 29, mild storms centering on 18 and 24.Storms centering on 5 and 11 will cause most severe weather and most precipitation of month in cottonbelt, moving fairly well to the south; these two storm waves are expected to cause dangerous storms in central south Europe and severe cold wave in Argentina, Warm waves during mid-July are expected to be very favorable to insect breeding and growth, especially in central and eastern part of continent, Great Lakes to Gulf of Mexico. My monthly charted temperature forecasts are only intended to be applied to cropweather averages or periods of temperatures that would materially effect crop conditions. There are periods when those_temperature forecasts are very accurate when applied to daily averages, but their chief value iswhen applied to three day averages, by which they should be verified. One day of unusual extremes haslittle effect upon crop conditions and yields; three consecutive days of unusual extremes will have a serious effect, possibly destroy a crop. This bureau is always ready to make explanations, to send map of weather sections or to be of any possible service to readers of these bulletins who address Foster, Box 1930, Washington, D. C., enclosing return postage. It is not meant that free weather forecasts will be sent. S. J. Curtis and Bennie Woods and son, Luverne, of LaCrosse, were in the city Saturday. While in town, Mr. Curtis made the Graphic a business call. . Mr. and Mrs. Lou Bergman, of Queen City, spent Wednesday afternoon in Kirksville. Mr. Bergman who is a prominent farmer in Schuyler county, says the cornfields will not be dry enough for cultivation before next Monday. The high waters of last week did much damage to roads and bridges in Adair and adjoining counties. Eight large bridges and more than a dozen small bridges were damaged or washed out in Adair county. The bridges on the mail routes are being repaired first. COMMENTS By S. S. Still, D.O., LL.M. Will Sanford says of E. Meredith, I think more of Meredith dead than of W. W. Marsh living." Marsh, democratic leader of Iowa, led the faction which opposed Meredith as presidential candidate. Marsh now says of Meredith, :'I am shocked and saddened by the news of his death. He was generous to a fault. Iowa has never had a more public spirited citizen. "The D. M. Tribune says: "He made 8,000 unsecured loans to children." I might add that he would have made the best candidate the democrats could name. Colonel Robbins, the Iowan who is assistant secretary of war, told the graduating West Pointers that the era of world peace has not arrived and is not even approaching. wish I could quote all AGE says of Robbins' thesis, but this much is enough to show the trend. "He, Robbins, says what he really thinks about war and about peace without devoting most of his time to proving that he is a better friend ofworld peace than anybody else." I hope the blind preacher will quote this sentence for the president's information. None SO blind as those who will not see, has been true through all the ages. Found pocket book containing a sum of money. Owner can haye same by calling at Graphic office. Mr. and Mrs. O. B. Martin, of Fairview, Mont., who were called here three weeks ago on account of the serious illness of his mother, Mrs. B. L. Martin of Yarrow, left for home Wednesday. Mr. and Mrs. Martin are making the trip in their car. Jacob Wittmer died at the home of his daughtee at Polson, Mont., June 26. The body will arrive here Seturday afternoon and the funeral will be hed at the Davis & Wilson Funeral Home Sundav morning at 10 o'clock. Burial will be in Lllewellyn cemetery. F. M. Noel and Mr. and Mrs. Carl Noel, of Yarrow, were in the city Saturday afternoon. While in town Mr. Noel called at the Graphic office and renewed the Graphic for his daughter, Mrs. E' B. Rowe, of Blackfoot, Idaho, A revival is in progress at the Helping Hand Mission. The message will be delivered tonight by Rev. Thomas C. Harges, a pastor of the Christian church in his home community. Mr. Harges is student at the Teachers College during the summer term. Come out and hear him. His subject will be, "The Value of a Human Soul" Atty. J. M. Wattenbarger, M. Frederiek, T. H. Vanlaningham and D. C. Freeland returned Sunday afternoon from a visit of ten days at DeQuincy. La. They made the trip in the Frederick car. At DeQuincy they fared sumptuously on roasting ears, tomatoes, beans, watermelons and other garden truck which will not mature in Adair county gardens for some time. The weather at DeQuincy last winter reached the lowest point in 30 years. No damage, however, was done to the orange trees, but the orange crop will be light this year on account of the cold weather, This section of Lou isiana is said to be thebastsection fororanges the United States. DQuincy is surrounded by oil fields and last week a well flowing 7,500 gallons a day was brought in ten milessouth of DeQuincy. This section of Louisiana is very promising for those who locate while land is cheap. An unfortunate accident kept Atty, Wattenbarger in bed three or four days. As they W e driving on one ot the gravel roads leading out from De Quincy D. M. Frederick who was at the wheel turned a corner at a high speed and ditched tae heavy car, which went over a four-foot em5ankment. Atty. Wattenbarger was rendered unconscious and had a couple of ribs fractured. The other occupants of the car were not injured. Mr. and Mrs. Roy Ratliff and son of Jefferson City are visiting friends and relatives in Kirksville. Mr. and Mrs. S. W. Arnold and daughter, Miss Alyce, and sor, Sam, returned Friday morning from New York City, where they attended the graduation of Miss Dorothy from the DamroschSchóol of Music. She is now in France where she is continuing her musical studies. Mrs. Thelma Campbell, of this city, a delegato at large to the Democratic convention at Houston had her pocket book stolen last Wednesday at the Rice Hotel The pocket book contained $60 in cash, a delegate's badge and other articles. The pocket book was found iater, but thedelegate's badge and all the money but 2 cents had been taken. Mrs. Campbell left her pocket book lying on the table and went into another room for a moment, and when she roturned the pocket book was gone. The Commorcial State Bank failed to open its doors for business Friday morning. It had been closed by a voluntary act of the board of directorsr and has been placed in the hands of Fred A. Guiles, an examiner for the State Finance Department. Since the failure of the bank at Baring in which Mr. Myers, president of the Commercial Bank, and Carl E. McGee, cashier, owned a majority of the stock, there h a d been a quiet withdrawal of deposits from heCommercial Bank. Late Thursday afternoon there was a run on the bank and the directors voluntarily closed the doors to prevent a further run Friday morning. Nothing has been given out by the bank examiner in charge, but in winding up the bank's affairs, if no money is wasted, there will be more topay off the depositors and several thousand dollars to spare, It will take about $190,000 to square the bank's liabilities. The capital stock of $50,000 and unencumbered real estate at a low valuation and the notes due the bank aremore than sufficient 10 cover all deposits, after allowing a large amount for the bad notes. Vote for J. C. Maupin, a Progressive Democrat for state senator for the Ninth District. A fish fry and a dance will be held by the local post of the T. P. A. at Ownbey Lake Friday, July 13. Mamie Bell Browning, yearold daughter of Mr. Browning, of Browning. Mo., left the A. S. O. Hospital, where she had been treated for poisoningby a rat bite Robert Bergman, of Queen City was in Kirksville Monday. Mr. Bergman is a retired farmer but has spent much of his time out on his farm tbis spring and summer. He stated that farmers would not be able to get into their fields to cultivate corn uutil next Monday. The quartet of Kirksville Presbyterian church which led the singing at themeeting of the Presbyterian Snynod at Hollister last week, returned home Saturday. The quartet is composed of the Misses Wilma Cooley and Ann Robinson d Messrs. Barret Stout and Charles Link. Mr. and Mrs. C. C. Howard, of Monrovia, Calif. Ware here for a visit with Mrs. Howard's sister, Mrs. A. P. Sharp and other relatives and their many friends. Mr. Howard was formerly editor and publisher of the Kirksville Daily News, which he sold to the Daily Express three years ago. He is now owner of the Monrovia Daily News. Delbert Reese, of this city who was severely injured in a fall at DesMoines, Iowa, two weeks ago is now at the home of his mother, Mrs. Eda Reese, 419 West Dodson street. Mr. Reese was standing on an extension ladder, when the ladder slipped and he fell to the marble floor 48 feet below. Some of the bones in his back were crushed but he was not injured otherwise. He was taken to the Broadlawn Hospital and placed in a cast and was then sent to his home here. Mr. Reese is only 24 years old,and on account of his youth it is expected that he will be ableto walkiwithin four months but will have to wear a cast at least for year. Mrs. Margaret Jane Floyd of 408 East Pierce street fell Tuesday afternoon and broke her left arm near the wrist. Dr. Cramb attended her and set the broken bones. Mrs. J. W. Kennedy and Dr. Jane Evans returned to Kirksville Monday Springs, Mo., where they have spent the past two weeks.


Article from Kirksville Daily Express and Kirksville Daily News, January 22, 1930

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FINAL Depositors Receiving Checks For Entire Amount Due Them The depositors the Commercial which closed voluntarily June will receive their final dividend either today within the next few days. paying them full for the amount money the institution owed them the time closed the first bank this section. which been closed on count financial difficulties, depositors cents on the dollar This dividend for and checks for that amount were made and were have been the but the checks were held when suits for taxes due the county were filed circuit cleared in circuit court paying of the final dividend when Judge Higbee aftersustained demurrer filed by Philip Fowler court that erroneous assessment against the The had been made against the bank while the law provides that the sessment for taxes should have been made against the the amount of stock they held This method assessing banks followed assessors until when the been followed and the stockholders assessed change the made insure the payment of taxes event bank became insolvent individual stockholder would then held liable With the settlement of the tax only minor matters settled regard the and these ruled upon Judge Higbee that final liquidation had The petition for sale the remainassets the bank heard and instead them being sold public agreement was made whereby private sale The then purchased Pearl the directors bank decree granted for the for attorney fees Atty Philip were brought for CounCollector Tuttle by county tax Scott and the defended them Tuttle this that his duty attempt the collection due the county but there nothing else for the court favorably the demurrer filed the for the state department Mr Tuttle stated pleased that ruling made matter for there possibility that the manner assessing had made the other counties state The paying the final dividend sustains the faith of the people this community the ability of the Myers family repay every dollar that been them. and the preCarl cashier the the day following closing that depositors would receive 100 the dollar for every dollar the institution Magee stated that time bank had been closed voluntarily to protect all the depositors and prevent another on the started on the bank about the previous afternoon and feared that another one would made day. The State Bank organized July and opened for business October of that Myers president of the Carl and the directors were Myers, Magee and and Myers. members the family turned over their to the bank that property positors might paid The citizens this community with the Myers family the that theirs that they were depositors their institution that was due them