Article Text
MT. VERNON BANK WITH DEPOSITS OF $300,000 CLOSED Directors Act Following Moderate Run
10490. Mount Vernon Bank (Mount Vernon, MO)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- state
- Start Date
- July 24, 1929
- Location
- Mount Vernon, Missouri (37.104, -93.819)
Metadata
- Model
- gpt-5-mini
- Short Digest
122a59ce
Response Measures
Full suspension, Books examined
Other: State finance department took custody; special deputy later appointed to liquidate assets.
Description
Board of directors closed the Mount Vernon Bank after a moderate run (about $8,000 withdrawn); bank was placed in hands of the state finance department and a special deputy was later appointed to liquidate assets. No evidence of reopening.
Events (3)
1.
July 24, 1929
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Frozen loans upon which the closed bank could not realize had caused the bank to be short of operating cash, precipitating withdrawals.
- Measures
- Directors met and decided to close the bank; awaited state examiner; Farmers' Bank opened and reassured public.
- Newspaper Excerpt
- The closing followed period of recent uneasiness and a moderate run on the bank yesterday when about $8,000 in deposits were withdrawn.
- Source
- newspapers
2.
July 25, 1929
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Board closed the bank because it was short of operating cash due to frozen loans and following recent withdrawals/run; placed in hands of state finance department/commissioner notified.
- Newspaper Excerpt
- The Mt. Vernon bank ... closed its doors last night by action of the board of directors and was placed in the hands of the state finance department.
- Source
- newspapers
3.
August 9, 1929
Receivership
- Newspaper Excerpt
- State Commissioner S. L. Cantley today appointed Harry Whaley of Mt. Vernon ... as special deputy to liquidate the assets of the Mt. Vernon Bank which [was closed] by its Board of Directors, July 25.
- Source
- newspapers
Newspaper Articles (7)
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AWAIT STATE EXAMINER Second Institution Withstands Heavy Withdrawals Today and Public Reassured The Mt. Vernon bank, with deposits approximating $300,000, closed its doors last night by action of the board of directors and was placed in the hands of the state finance department. The closing followed period of recent uneasiness and a moderate run on the bank yesterday when about $8,000 in deposits were withdrawn. Arrival of a state bank examiner was being awaited today. Apprised last night of the action of the directors of the Mt. Vernon bank, the Farmers' Bank, the only other banking institution located in Mt. Vernon, made preparations for a run this morning and opened for business as usual with an invitation to its patrons that their money was there and if they wanted it they could come and get it. There was a run for a time this morning but this soon ended and part of the money was placed back on deposit. The bank which closed had larger deposits, according to directory records, than the Farmers' bank, the latter institution carrying about $200,000 in deposits. The closed bank had a capital of $35,000 and a moderate surplus. "Frozen loans" upon which the closed bank could not realize, it is said, had caused the bank to be short of operating cash. The closing caused considerable excitement in Mt. Vernon. There was considerable of a crowd in town this afternoon, a telephone report stated. farmers having been attracted by news of the closing, many of them having funds in the closed institution. E. C. Brown is president of the Mt. Vernon bank and J. N. Shelton is cashier. Miss Ruth Shirkey, who is stu dent nurse at St. Luke's hospital, Kansas City, is spending her vacation with her parents, Mr. and Mrs Emry Shirkey, 108 Elm street. She will be here three weeks. (By The Associated Press) Vatican City, July Pope Pius the 11th, the first pontiff to emerge from the vatican since the fall of temporal power in 1870, came out of St. Peters basilica this evening, bringing to an end the long voluntary imprisonment of the head of the Roman Catholic church. The pontiff, bearing the sacred hosts, followed a religious procession along the Bernini colonnade and St. Peter's square and blessed a huge throng which packed the historic place with unnumbered thousands. The pope came out through the central bronzed door of the basilica, at the end of a long procession which had been formed inside. Many Americans were present, due to the convention in Rome of representatives of Catholic seminaries and universities the world over. In their multi-colored robes, the members of faculties and student bodies, together with members of the various monastic orders, filled the famous square with one of the most picturesque assemblages it has contained since the age of the renaissance. St. Peters portico was overhung with a series of magnificent tapestries as were the two wings of the colonnade for their entire length. These were the famous pieces given to Pius VII by the Emperor Napoleon, after his coronation in Notre Dame of Paris and are the work of the Master Dohlen. In between them were hangings of red damask. From early dawn the huge concourse of people, thousands of whom had come from far beyond Rome, were massed in the great square, hemmed in by 15,000 troops waiting for the Pope's exit. In the crowd were representatives of the Italian army. The pope blessed the great throng, estimated at more than 200,000 persons, at 8:22 p. m., and returned within St. Peters at 8:25.
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MISSOURI BANK CLOSED JEFFERSON CITY, Mo., Mount Vernon Mount Vernon, with total of closed today by the board directors. State sioner was notified. for the closing was given the telegram. Of daughters and Charles Bird, each parent
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Missouri Depository Trouble Reported JEFFERSON Mo., July 26. Mount Vernon bank Mount Vernon, with total resources of $33,856. was closed Thursday by its board of directors. State Commissioner Cantley was notified. No reason for the ing was given in the telegram.
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Missouri Depository Trouble Reported CITY. Mo., July 26. The Mount Vernon bank at Mount Vernon, with total resources of $33,856. was closed Thursday by its board of directors. State Finance Commissioner Cantley was notified. No reason for the closing was given in the telegram.
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THE From the Interesting Items Clipped Exchanges Which Reach This Office Every Week. The new Advance, Higginsville: arrived fire truck for Higginsville Complete in all its new red paint and ornamental trimmings it looks man efficient. company very and will remain brought it down the local firemen showing how to operate it. Weston: The nineteenth Argus, of the North Missouri nual meeting Hunters Association, Inc., will be August 13 to held Mo., at 16. Four big days and nights of have tertainment. Seven for the first prize entered the contest the there of $150. Besides programs athletic shows. will be contests, ides, plenty of band children's play grounds, music, shade and free ice water. Independent, Grandview: A comof public spirited mittee composed citizens from Southern Jackson Counare working out details of large flower and home economics exhibit be given in the Gucket Building at Grandview, Mo., on Labor Day. store rooms have been set aside and will be house the show, prizes given for the best flower, vegetables, fancy work, canned goods, bread, cake, etc. shown. pies, Republican, Lawrence, Kans.: Practically all of the potatoes in the Kaw Valley will be harvested by August from to $2.25 Prices today range While the yield has for extra fancy. not been large it is generally conceded this due that the potato crop year, price, made good money for the grower. Only 320 cars of potatoes were marketed in the tire United States, Wednesday, indicating that there is real shortage the crop. Missourian, Richmond: Samuel Hoff of Henrietta was appointed the other day by Governor Caulfield to fill the unexpired term of Presiding Judge, caused by the death of Hannibal Harris July The appointon effective and ment Judge Hoff will preside the regular term the County August which convenes Monday. Review, Rich Hill: A force of men and teams recently started the work grading the fills at the Highway viaduct south of this city, and the big machine the ground mixing ready for the intensive work of laying the cement. As soon this section other fills on the paving is completed highway north and south will be laid and and machines with cement, men will be shifted to these points to be paved. Mail, Nevada: The annual National Guard encampment will be held Camp Clark beginning Sunday and continuing until August 18, and it expected 3,000 guardsmen will be in camp. Adjutant General Adams and Major Verne Wilson of Jefferson City have been here several days making final arrangements for the encampthe The advance detail of the ment. ous National Guard units arrived tothe tents in which the day to pitch guardsmen will live during the next two weeks. General Raupp, commander of the troops, will arrive Sunday. Lamar, Democrat: The Mt. Vernon Bank failed to open its doors Thursmorning. It had capital day $35,000 and deposits of B. Brown is president of the bank and M. Shetlon is cashier. The directors of the bank met Wednesday ning and decided to close. There had been run on the bank. Wednesday, which in cash was withduring drawn. The directors agreed that this run would probably be resumed in the morning with increased momentum. the decision was quickly reached not to open for business the following day. Advertiser, Boonville: For the third time in three months the Allen store building on the corner of Second and Water Streets was badly damaged by fire. Monday afternoon, July about 5:30 alarm was sounded. Damage done was estimated at $3,000. The greatest loss sustained the Boonville Bag Company. C. Palmer, manager of the company, said that the loss of bags and machinery which occupied part of the building, would amount to between and $2,000. Warren Davis and Harvey Stock, members of the fire department, were injured in fighting the blaze when the ladder on which they stood broke. Davis was cut when he was thrown against window. Telegraph, Fulton: The huge meteor which recently fell Lake Michinear Milwaukee, Wis., was seen by several Fultonians who were turning home about 10 o'clock. shot across the skies in the northeast and disappeared from sight. Those who saw the ball of fire said the front part was blue, the back part of the white with heat and seemed to be followed by small balls of fire. The meteor seen from Yerkes Observatory at Williams Bay, Wis., and the observer there said was huge of iron set on fire by its terriffic speed it encountered the earth's atmosphere. lighted up the territory for miles around Milwaukee. Richmond: Conservator, Frank Campbell, one of Orrick's leading men, opened his store the other day, he that of several thieves the shelves stripped hundred had dollars worth of merchandise. They had visited the store during the night and helped themselves who and made were Some parties their assisting escape. in the potato harvest heard them work and gave the alarm but they eluded the officers. Shots were fired at them but to no apparent of speed, a rapid rate fect. Driving at the driver sharp turn, in making it and the unable to make the was wrecked and its occubig Buick was to flee without any pans opportunity were compelled of taking any of the stolen goods. FLYING. MAY R. E. Evoritt and Post, Princeton: of this city, have Guy and Kelly, sons, filed with the United States Patent device which Office for patent on if proved to be practical will not only revolutionize flying and the entire plane industry but will mean forinventors. The device tune for the known as a variable pitch prowhat pellor. The Evoritts recently made trip to Washington, D. with small of their device and were given model much The need the adjustable pitch propellor has long been but far experimentation has been unsatisfactory cause the designers have been unable build one strong enough to bear the propellor which the strain of travels at near bullet speed. The slightdifferent principal from any yet designed and only awaits tru-out well as all actual plane. They, as an have seen the propellor, are opwho tomistic and have little doubt but what will be success. The device allows the aviator to main seated in the plane and, by merepulling or pushing lever, change of the propellor. Changing the pitch the pitch of the propellor bears the same relation to airplane that does to an automochanging gears bile. The single pitch propellor, as now in use. puts the airplane in the position of one-speed automobile, which would have to be made to run speed that would mean easy starting, slowing and stopping, thus running speed. The propellor now performs two incompatible tasks, that of getting the and driving it in the air. plane up designed for said that seaplane the greatest possible speed in the air would never get off the water. Additional Cleveland News. Mrs. Hury Alderson and son, Floyd, motored to Belton one evening cently. Mr. and Mrs. Fred Nelson called at the home of Mr. and Mrs. Pearl FraSunday afternoon. Quite number from Cleveland and attended the closing out community of John M. Cook at Louisburg on sale Saturday. Mr. and Mrs. John Morgan, and Miss Ella May Morgan were dinner guests of Mr. and Mrs. Thurman Prettyman and family recently. Mr. and Mrs. A. Main and daughters, Mattie and Isadore, are spending their vacation at Hume, the guests of relatives and friends. Mr. and Mrs. James Sears, their daughter, Miss Pearle, and son, Arleigh, and Dr. Rehkop spent Sunday last, in the home of Mr. and Mrs. Thomas J. Dalton at Seeaway Farm. Mr. and Mrs. George D. Noyes, Mr. and Mrs. Thurman sons, Charles and Henry, and daughter, Mrs. John Kircher, and husband, also Frank E. Noyes near Belton, were dinner guests Sunday of John H. Noyes and family. Mr. and Mrs. W. K. Mounce, and "Grandpa' Mounce were dinner guests Sunday of John H. Noyes and family. Other guests in the Noyes home in the afternoon were Mr. and Mrs. John Mounce of Kansas City, Mr. and Mrs. Corey and children, Teddy and Laverne. Mr. and Mrs. W. K. Mounce spent Tuesday and Wednesday in Warrensburg, the guests of the latter's brothRev. John Moul, and family. Rev. Moul holds the pastorate of the Baptist Church at Kingsville, also Pleasant Valley, country church, making his home at Warrensburg. Mrs. Harve B. Hartzler and daughof Superior, Nebr., spent from Thursday until Saturday guests of the former's sister, Mrs. Thomas Dalton, and husband Seeaway Farm. On Friday Daltons and their guests drove Longview Farm, then into Kansas City for lunch and the theater. Mr. and Mrs. Rome Laffoon had Sunday dinner guests the latter's brother. Charles Dalton, wife and son, Glen Oliver. The entire party motored to Belton to attend church at the Belton Christian Church, where the trio, composed of Messrs. Kerr, Earnest Martin and Charles Dalton, helped with the music. On last Tuesday evening Mr. and Mrs. Dalton entertained dinner Mr. and Mrs. E. Alexander and Miss Mamie Richards of Krest Krest Farm, and Mr. Alexander's sister, Mrs. Harriett Moyer, of Kansas City. Mrs. Moyer has been guest in the, Krest Krest home, but on Thursday, with the Alexanders, returned to her home Kansas City. She plans to spend the winter with sister in California. Mr. and Mrs. H. K. Slenker, the latter's father, M. Burchett, and Mr. and Mrs. Charles Sharp spent Sunday afternoon in Pleasant Hill.
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DEPUTY NAMED TO HANDLE CLOSED BANK'S ASSETS JEFFERSON CITY, MO., August 9.-State Commissione S. L. Cantley today appointed Harry Whaley of Mt. Vernon, Lawrence County. as special deputy to liquidate the assets of the Mt. Vernon Bank which by its Board of Directors. July 25. Under the terms of Whaley Author will act as both special deputy and attorney at a monthly compensation of $150.