10406. Farmers & Merchants Bank (La Grange, MO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 17, 1930
Location
La Grange, Missouri (40.043, -91.498)

Metadata

Model
gpt-5-mini
Short Digest
eb8cf199

Response Measures

None

Description

Multiple newspapers (Nov 17-18, 1930) report the Farmers & Merchants Bank of La Grange, MO, closed its doors after the failure of the State Savings & Loan & Trust Company of Quincy, IL. The closing is described as a protective suspension of payments (to protect depositors) and no reopening is reported in the articles provided, so I classify this as a suspension that resulted in closure. Cause is failure/distress of another bank where the institution had deposited surplus funds (classified as 'correspondent').

Events (1)

1. November 17, 1930 Suspension
Cause
Correspondent
Cause Details
Closed as a protective measure after the failure of the State Savings & Loan & Trust Company of Quincy, IL, because the La Grange bank had deposited surplus funds in that Illinois institution and shut to protect depositors' funds.
Newspaper Excerpt
Four banks in northeast Missouri closed their doors today. All the closings were direct results of the failure last week of the State Savings Loan and Trust Company Quincy, Ill. ... The Farmers and Merchants Bank of La Grange, also of Lewis county, with deposits of $306,464;
Source
newspapers

Newspaper Articles (7)

Article from The Belleville News-Democrat, November 17, 1930

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Saturday. They were the South Side State Savings Bank and the Payson State Bank. State Auditor Oscar Nelson has taken charge of the affairs of all banks. Receiver Appointed. Washington, pointment of Paul Keyes receivto liquidate the affairs of the National Bank of Kentucky at Louisville was today by Comptroller the Currency, John W. Pole. The Louisville bank suspended operations today when its directors voted to turn its affairs over to the comptroller of the currency. Keyes veteran member of the comptroller's staff. Missouri Failures. Jefferson City, Mo., Nov. Northern Missouri banking institutions closed their doors today direct result of the failure last week the State Savings Loan and Company Quincy, Ill All the institutions had deposited their surplus funds in the Illinois bank. and were forced to close their doors to protect depositors. Banks The Downing Bank, in Schuyler County, with deposits $131,013; the Labell ings Bank, Lewis deposits the Farmers Merchants Bank of La Grange, also Lewis County, with deposits $306,464; the Rutledge Exchange Bank of Scotland County, with de-


Article from The Courier-Journal, November 18, 1930

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the estate of Elizabeth Bedford, was used to buy stock. When in the Bank of Kenmerged with Bank and the American Southern National Bank, stibsequent duced number shares held the Department of Education to 485. 60 per stock dividend in 1927 number of number owned by the Co-Receiver Appointed. Tenn. Nov. 17 Upon State Attorney General Smith, District Judge Gore late today Rutledge agent for the Tennessee Central Railway, as COreceiver for the properties Caldwell Nashville Smith will conjunetion Lee receiver named by Judge Gore last week when creditors' bill filed Caldwell by Fred Dean. Birmingham. Ala., creditor. Mr cause the size of the Caldwell The Attorney General's petition today set out that the nessee be largely the properties of Caldwell & Co." The added: would appear that the Bank of Co. was interested. numerous with petitioner on many not had on deposit large sume of money "Three million dollars was on deposit the the was taken charge by the State Superintendent of Banks. further appears that the petitioner may rectly the istration of the assets of Caldwell Co., only for reasons mentioned but for possibly other reasons petition that Caldwell Co. interested properties in twenty or more States. Mr. Douglas said he "welcomed" the appointment said he informally asked for aid at the time first appointed. Creditors' Bill Sustained. Mr. Smith and Mr. Douglas enjoy rights and authority as reruled The bill filed last against was today by Judge who fixed July the last date for the filing claims In today, Judge Gore enjoined the filing against the ceeding. the court's consuits pending. order pointed out that condition the market and due to the fact that large portion its realized upon, unable to its mature and faced multiplicity Danger assets being by accumulation of court costs and the like was cited reason for sustaining the bill. The opinion today Banks. that troubles are their scare and thinking along sound Deposits Pick Up. Nov The fect bank with the six tributary day. In Quincy where three banks an increasing manifest in deposits that withdrawals. Four small banks in Missouri and two this shut their doors weakened by the close banks placed the hands of bank examiners in the ten days. Bartlett and Wallace State Bank TimeState Bank were today and Missouri State officials the Farmers and Bank La Grange, Rutledge Exchange of Rutledge Downing Bank Labelle Bank Labelle. confidence published in local newspapers and pleas Sunday still some assurance in depositors. Two Small Banks Close. Des institution, and the George Savings Bank George were closed today their directors because deposits frozen bank $5,000 and the George bank $30,000.


Article from The Courier-Express, November 18, 1930

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50 MIDWEST BANKS CLOSE, ALL SOLVENT Frozen Assets Close Corn Belt Banks; Others Follow Failure of Nashville Concern. Little Rock. Nov. banks affiliated with the Banks Company of Little Rock look advantage today of state law which permits temporary closing for five days with suspension of payment on deposits. Three small banks addition ordered closed by the State Banking Senator Joseph Robinson blamthe situation on hysteria due to the financial difficulties of Caldwell and Company at Nashville, Tenn. Officials of the banks group nounced the closing had been CRUS. ed by fear of hasty withdrawals. Bank officials and depositors alike tonight were discussing the possible outcome of unprecented number of closings. Thousands who had their savings in banks of the Little Rock group sought news of any sort concerning conditions in the institutions. Rumors of every sort were heard the The state law permits the banks to remain closed five days. At the end of that time they either must reopen for business place themselves in the hands of the state banking Other banks in Little Rock did business as usual today, and none reported heavy runs by depositors. Jefferson City, Mo., Nov. Four banks in northeast Missouri closed their doors today. All the closings were direct results of the failure last week of the State ings Loan and Trust Company Quincy, III. The Institutions had posited surplus funds in the Illinois bank, and closed to protect depositThe closed institutions: The Downing State Bank. Schuyler county, deposits of $131,013. The Labell Savings Bank. of Lewis county. deposits of $203,000 The Farmers and Merchants Bank of La Grange, also of Lewis county. deposits of The Rulledge Exchange Bank Scotland deposits of $31.838. Prozen assets caused the bank of Scranton to close today. It. had posits of approximately Nov. 17 Kentucky banks, LWO of them negro Continued on Page


Article from The Buffalo News, November 18, 1930

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The Long and Short of It Absence of Big Industrial Strikes in United States Cited as Hopeful Sign. Special to BUFFALO EVENING NEWS (Copyright) NEW YORK. Nov. 18.-One of the signs seen in the present by is of any great industrial strike. that many of the depressions of the past survey made by the Standard American of Chicago shows there have been only 444 disputes so far compared with 740 in the 1929 period. But the speak when with the immediate post-war In there 3630 strikes, 1920 there were 3411 and in 1921 there It was the complication of all this employer battling that contributed to the extension of the 1921 dip American workman has pulled along with everyone else. So the Standard its survey of industrial disputes this time has undoubtedly strengthened our and structure and be an factor in the possibility of a more rapid recovery. The writer. puzzled by the reduced market letters being recelved, questioned the mail-boy. who assured for Inquiring at the that usually out revealed of the letters properly the firms had stopped such helpful guides Inquiry on stoppage of important market information brought forth the plain and direct "We do know what to say about the because we do not know to And there are pools and pools. Take LIVESTOCK the boys who sponsored little bulge leading and risked $100,000 When their were over and expenses the had total profit of $398. The pool manager informed his sociates had just received "feedbox" tip on the races that might doubling the pool's 20 the $398 the The pool broke for the horse came in second Boys playing with the red-metal stocks call attention the fact that at the present advanced prices the current production copper. approximately 2,100,000 tons year. has the output Every time the of copper advances one cent pound the output the mines is annual worth about $20,000,000 more Perhaps it is compet that is changing business along Broadbut: Some the newspaper stands that do the business after dark have electric lights which. plus the vantage in attracting trade and filling demand. One the most shirt and shops in which ways prided itself on the fact that its the price an article has all specially made shirts ties plainly priced marked in the main Broadway shopwindow Even religion and conservative religion that, has gone into the getting Staid old Trinity church, where the -bloods of the Episcopal worship. now moving sign advertising mission next week. JEFFERSON CITY Nov 18 banks Northeast Misclosed their yesterday All the closings were direct of the failure last week the State Savings Trust The deposited surplus the Illinois and Downing State Schuyler deposits of The Labell of Lewis deposits $203,000. Farmers & Merchants bank of La Grange Lewis county, deposits Rutledge Exchange bank of county. deposits $31,838 IOWA BANKS CLOSES Frozen caused the Bank of of approximately $400,000 KINNER AEROPL ANE HAS DEFICIT From the the NEW YORK Nov 18.-The Kinner reports for the nine months ended Sept 30 net operating deficit of $101.313 after depreciation and deficit of $2244 for the corresponding period of 1929 INCORPORATIONS From Albany BUFFALO EVENING NEWS ALBANY. Nov. 17 Augello Brucklier. James Buffalo Burcklier and Samuel C. Brucklier, TREASURY STATEMENT for Nov. were exbalance, CLEARING HOUSE NEW YORK Reserve credit balance, $127,000,000. Medium and were held and few the weights, for which were topped market. selling up $9.25. Today's Quotations. Heavies Mixed and medium Light yorkers and Sheep and Lambs. The higher Monday lamb The above and sold from went skips firm. sold Sheep best Today's Quotations. Spring fair Choice handy to fair Wethers Best supply was 1400 The market steady active was culls from $10 down Today's Quotations Fed CHICAGO LIVESTOCK DepartHOGS strong Friday's top. 75 light medium heavyand 100good and 2000: fed steers yearlings steady cents slow steady resisting higher asking and good common and good and and cutter good med(milk 8.00: medium. stockcommon. good SHEEP generally steady: 90: feeding and feeding good and choice, 7.50. EAST BUFFALO, 17. Calves Sheep 1400 Cattle. Buffalo had cattle close The big medium and long yearlings brought few cattle. the was very and few loads the enough The price good. on the order ruled with also 25 cents below also suffered decline Today's Quotations. Prime. shipping 1100 to Choice Long Light yearlings Best handy Medium good butcher helfers Common fair Fancy butcher Fair butchering cows Stockers and feeders and springers


Article from The Buffalo News, November 18, 1930

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LIVESTOCK 37 Banks Closed in Arkansas, 34 as Precautionary Measure LITTLE ROCK 18 (UN banks affiliated with the Banks company of Little Rock took of law for five with suspension of pay. on Three in ordered by the Banking Senator Joseph T. Robinson blamed the situation the of Caldwell & Co. at sure the banks are solvent.' sound financially and as as the the closing the banwks has the state will return normal and the will Officials anthe by fear of The Trust com. pany of Little was the first of the to shut doors. It is the largest bank in the Within an came from Pine that Merchants & Planters there and banking tions in had failed Bank officials and depositors alike possible outunprecedented number of the banks to the end that time they for in the hands of the State Banking department. Six Banks Close in Kentucky, All Are Declared Solvent LOUISVILLE Nov 18 (U.N. Six Kentucky two of them Neand operated closed yes. terday said that all the was protect the interest of The Bank of the the AmeriMutual bank SecuriBank the all of Louisville, and the McElwain Me. quiar & company Franklin. the institutions affected the American Mutual and Two Illinois Failures Bring Total to Five Since Friday The suspensions in since increased to five yesterday ing State that the Bartlett & Wallace State bank and the Timewell State bank Timewell had connection with the failure of the State Savings & Quincy 000 and the bank Illinois Failure Causes 4 Missouri Banks to Close Mo., 18 (U.N banks Northeast closed their doors yesterday All the were direct of results the failure last week of the Loan & company of Quincy. III The institutions deposited surplus in the Illinois bank and to protect depositors. The The Downing State Schuyler of The Labell of Lewis deposits of $203,000. The Farmers & Merchants bank of La Grange of Lewis county deposits $306,464 The Rutledge Exchange bank of Scotland county deposits $31,838 IOWA BANKS CLOSES 18 Frozen assets caused the Bank of Scranton yesterday had deposits of approximately $400,000 KINNER AEROPI HAS DEFICIT York the NEWS NEW YORK Nov Kinner corporation reports for the nine 30 net deficit of after depreciation compared with deficit $2244 for the corresponding period of


Article from The Dallas City Review, December 2, 1930

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ILLINOIS News Notes The recently reopened Bartonville State bank at Bartonville was held up by a robber, who took $10,000 in cash and escaped. Albert Miller, sixty-three, for 20 years an employee of the Goebel hotel at Granite City. committed suicide by hanging himself, The A. P. Eaton elevator at Allerton was sold by the federal referee in bankruptcy to H. S. Johnston of Danville for $7,750. Prof. Alfred O. Willgeroth was appointed director of music at Rockford college, succeeding Mrs. Laura Grant Short, who died recently. Cecil Sweasey, twenty-eight, of Blandinsville was burned to death when his automobile overturned on the hard read near Roseville. Joseph Pence, for many years highway commissioner of Pana township and brother of Jess Pence of Taylorville, died at his home in Pana. Thomas Watson, fifty-five, employed at Orient mine No. 2, died from burns received when a shot he was tamping in the face of the coal exploded. Abel Hanson, seventy-five was found dead of a shot gun wound on a brush pile near his home north of Morris. Police believed the death was accidental. Close to $25,000,000 Christmas savings will be distributed among 450,000 residents of Cook county. The figures were checked after 277 banks submitted reports. Three hundred members of the American Legion spent a day sawing down trees and chopping wood to be given during the winter to families of jobless men. Identified by an oil station attendant as the man who robbed him of $128, Fred D. Glidden of Kewanee has been bound over to the Champaign county grand jury. John F. Zeman, twenty-nine, of Peoria, was drowned when a boat from which he and two companions were hunting was overturned by rough water on the Illinois river. Displaying a Minkler apple that measured six inches in diameter and weighed eighteen ounces, Ralph Bryce, orchardist near Irving, claimed the record for raising the largest apple in Illinois this season. Two of the oldest banking institutions in Henry county were merged with the announcement of the consolidation of the First National Bank of Cambridge and the Farmers' National Bank of Cambridge. Mrs. Mary Lawson, Chicago, was elected regent of the Illinois Daughters of Isabella at the semiannual state convention in Bloomington. Kankakee was chosen for the next state meeting, to be held in May. Earl Hanson, principal of the Rock Island high school, was elected president of the Kiwanis club. Other officers named are: Vice president, Kenneth Popplewell: trustee, B. L. Burker: treasurer, Robert Gilloley. Rock Island detectives shot and killed Zoaney Merreighn, age thirtysix, father of four children. when they sought to arrest him on an arson charge. The detectives said Merreighn moved as though to draw a revolver. Kidnaped, his car and money stolen, and bound so securely that he lay helpless in a field for eight hours, Alof Anderson of Jamestown, N. D., an aviator, was found near Topeka by Walter Kleier, farmer, upon whose land he was left. The soup house plan has been abandoned in Danville after a vigorous protest by the chamber of commerce. It has another plan and will seek jobs for the unemployed. No plans for feeding the hungry while awaiting Jobs have been announced. Jobs for 10,000 men are to be provided by the first of the year through the construction of 13 new school buildings at a total cost of more than $20,000,000, according to the announcement of William J. Bogan, superintendent of Chicago schools. Stuart Walser, forty-five, cashier of the First National bank and receiver for the West Salem State bank, which has been closed about two years, shot and killed himself in his bank at West Salem. Members of his family said Walser suffered from asthma for years. Keeping company with a pupil is no grounds for dismissal of a teacher, a jury in Mercer county court ruled in awarding Miss Ella Deweiler $400 back salary in her suit against the New Boston board of education. The board "fired" the twenty-two-year-old teacher last December because she went around with Charles Bayner, a high school senior. Her first suit was dismissed, but on the retrial she was awarded the amount of her back salary. George Mayford, a member of the Alton city police department for more than twenty-five years, was appointed chief of police to succeed Peter Fitzgerald, elected sheriff November 4. Mayford has been a sergeant in recent years. Six small banks in Illinois and Missouri communities near Quincy have closed. These were the Farmers and Merchants of La Grange, Mo.; the Rutledge Exchange of Rutledge, Mo.; the Downing State of Downing, Mo.; the Bartlett and Wallace State of Clayton, III. and the Timewell State of Timewell, III.


Article from The Louisiana Press-Journal, December 5, 1930

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business what is to become of the Farmers and Merchants bank, which closed its doors ten days ago, is the all We Have absorbing "In the meantime La Orange is without a bank and the people have had The time to reflect upon the folly of the hysteria which brings about such a situntion The seriousness of the situais not to be minimized causing not Latest Thing inconvenience to business men whose working capital is tied up in bank and placing in financial In straits all citizens who are in need of money on deposits in the bank DeVilbiss also causing loss of prestige to the which will become the more serias time goes on unless the situation remedied Atomizers HOW TO BE "PURTY" Girls, you want the beauty just try this recipe Before use searching Also cleansing cream that gently loosens on the skin and removes every trace of makeup and See Our dust, Apply this cream with a rotary motion and remove with a silky rice tissue. Then gently coax out the worNew by massaging nourishing cream into the skin till every particle absorbed In the morning dash cold Sharie Cara Nome water over the eyes sponge the face a tonic lotion and apply cream will serve as foundation Just trace of the Cognate dation cream is needed and every superfluous bit should be removed before Toilet Sets rouge is applied. The best type of now comes in an form Rouge may be used someTodd & Hedges what generously because coating of powder is dusted over and then blended in with the softest of brushes To insure uniform effect in accentuating the outline of the mouth the same paste rouge may be applied with the finger to slightly parted lips and eyebrows and lashes should be outlined with pencil If this doesn't work you had better keep the face that nature gave