10491. Commercial State Bank (Mount Washington, MO)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
July 21, 1927
Location
Mount Washington, Missouri (39.099, -94.466)

Metadata

Model
gpt-5-mini
Short Digest
b22e2dd4

Response Measures

Books examined

Other: Bank placed into liquidation by state department; special deputy commissioner appointed.

Description

Article 1 (Sedalia Democrat, 1927-07-22) reports an alarming run the day before and that the bank closed July 22, 1927; slow loans cited as reason. Article 2 (Jackson Examiner, 1928-02-03) describes liquidation and payment of a first dividend, confirming the bank did not reopen and entered liquidation/receivership. No evidence of reopening.

Events (4)

1. July 21, 1927 Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors alarmed by the bank's slow loans/weak loan quality and resulting distress; an alarming run occurred the day before closing.
Measures
None reported beyond subsequent closing of doors the next day
Newspaper Excerpt
after run the bank yesterday The was alarming
Source
newspapers
2. July 22, 1927 Receivership
Newspaper Excerpt
Mulligan, state exam[in] took charge immediately after closing ... special deputy commissioner Albaugh appointed to liquidate affairs ... receive their first salvage from the liquidation (Feb 1928). (Jackson Examiner, 1928-02-03). 23 Feb 1928 article describes checks sent to creditors as part of liquidation.
Source
newspapers
3. July 22, 1927 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors and state finance commissioner agreed to close the bank after an alarming run and because of slow loans/weak loan portfolio cited as reason for closing by the state finance commissioner (Cantley).
Newspaper Excerpt
DOORS OF STATE BANK CLSED TODAY ... Commercial State Bank of Mt. Washington, which closed today
Source
newspapers
4. February 3, 1928 Other
Newspaper Excerpt
all of the creditors of the Commercial Bank of Mount Washington ... receive their first salvage from the liquidation, per cent dividend ... Albaugh, special deputy commissioner ... in charge of liquidating affairs of the bank ... the checks were put in the mails Tuesday afternoon (Jackson Examiner, Feb. 3, 1928).
Source
newspapers

Newspaper Articles (2)

Article from The Sedalia Democrat, July 22, 1927

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Article Text

DOORS OF STATE BANK CLSED TODAY Associated Press KANSAS CITY, July Commercial State Bank Mount suburb failed open doors today. The to close reached ing between directors and Cantley, state finance commissioner, after run the bank yesterday The was alarming, said. Cantley slow loans gave the reason for the closing. Resources 72,600 Mo., July Commercial State Bank of Mt. Washington, which closed today, had total resources approximately was nounced the state finance partment. The last statement institution the department showed capital, $488 plus, $57,340 deposits, loans. and $3,250 bills payable. Hayes president and Doessy, sistant cashier.


Article from The Jackson Examiner, February 3, 1928

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Article Text

Albaugh Writes 600 Checks Amounting in Issuing 20 Per Cent Dividend. By today all of the creditors of the Commercial Bank of Mount Washington, which on the order of board of closed its doors July 22, 1927, receive their first salvage from the liquidation, per cent dividend. several Herbert H. baugh, special deputy commissioner from state department of finance and in charge of liquidating affairs of the bank, been traveling at high speed makthe checks payment dividend and the last of them were put in the mails Tuesday afternoon. means the writing of between and 700 checks, Special DepCommissioner Albaugh said this morning. The amount distributed ranges $9000 There six different kinds of claims, those from individual checking deposits, time certificates, savings accounts, Christmas accounts, expense and preferred claims. The only preferred claims present are the salaries officials one of the United States Post Office Department, due draft which the Fairmount postmaster had purchased the day before the bank closed and which had not been cleared. The special deputy commissioner has used specially designed check for the of these dividends. They drawn on the Standard Bank, which occupies the quarters of the bank. Each check is numbered. with the running consecutively as manner claim represents, contains the name the claimant, number of the claim and nature, what dend dividend per cent paid and, of course, the amount the check. Each check's stub contains the same data and addition the post office address the claimant. This to simplify later This the first dividend the closed bank has paid, at that its liquidation seems have along much more rapidly than such affairs do. Albaugh says there undoubtedly be another dividend possibly but there no to way make even an estimate as to what that the per dividend represents the cream the liquidation and that the mainder of will be much harder take longer time. Future dividends, in the main, depend what can realized from the sale of real estate owned by the bank and how much can collected outstanding notes. At the time the bank closed posits of all kinds $54,000. quiet on the bank by the the reason for closing the doors. Mulligan, state examitook charge immediately after closing. Ray Brown, Independence attorney, little later was charge special deputy commissioner liquidate affairs those of the Banking Company at Grain Valley. resigned and Albaugh appointed work the affairs of these two banks. Jackson County's Taxable Wealth in One Year. Richardson's Report. Fred Richardson. county filed wtih the county court his report 1927. The grand total valuation the Jackson county. and against which the taxes barring changes by the counboard of extended. This increase more than over the 1926 assessments. Of this total estate the report making the separation the land and for the improvements on the course including farm land and lots. The clusive and telephone and and amounts This subdivided into several classes: horses mules cattle 6,522 sheep hogs bee colonies notes and automobiles household and other personal proptotal banks amount and and the railroad telegraph and telephone companies The county report shows that required lists 841 estate sonal lists lists of chants and manufacturers. The total the assessment expense borne equally by the county and This itemized: lists cents, lists cents, merchants and ufacturers lists entries the sonal tax books 30: and real estate Dr. Brennan Sums the Numerous Activities the Year 1927 in Annual Statement. The examination of 7738 school was made by force officials at the county health from February 1927, February the annual report the department. these children, 5626 were found defective. This, howonly numerous duties office authorities. under general classification of child hygiene, which includes examinations advice given prenatal cases, infant and pre-school and nutritional classes. Joseph Brennan, is the health sisted in his work by Miss Helena supervising nurse: Margaret Dougherty, nurse; Miss Virginia tuberculonurse: Harry Gallagher Gilbert Strode, sanitary inspectors. Unit's Activities Varied Other activities force take variety. Radio personal letters parents, lectures and health exhibits cluded in the educational program. of food handlers the county, of dairies, private and public premises, diseases and tuberculosis. immunization, examinations and interviews all make up the range of work of the One of the most extensive and perhaps the interesting the activities the examination the rural schools When school started Brenmapped districts on county map. school escaped examination. The physical condition of each child was recorded and filed Parents were informed of their dition by letter from the office. Those had were awarded certificates. Those issued amounted There Statistics that there were births and 553 deaths. There of than The number while the number measle number Births. Deaths, 553 "According report of Kansas Brennan. children defective amounted per cent, exclusive of orthoOnly 73 cent rural Jackson county children including orthopedic defects. The rural children closely checked by physiand not by nurses,