10534. Farmers National Bank (Platte City, MO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2356
Charter Number
2356
Start Date
April 8, 1879
Location
Platte City, Missouri (39.370, -94.782)

Metadata

Model
gpt-5-mini
Short Digest
f839f741

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1878-10-01
Date receivership terminated
1879-10-10
OCC cause of failure
Fraud
Share of assets assessed as good
13.6%
Share of assets assessed as doubtful
26.5%
Share of assets assessed as worthless
60.0%

Description

Newspaper dispatches report the Farmers' National Bank at Platte City was suspended/insolvent and in the hands of a receiver; the Comptroller/Controller declared dividends to creditors (April 8, 1879) and later a first dividend to shareholders was reported (Aug 25, 1879). There is no description of a depositor run in these articles. Therefore this is a suspension that led to permanent closure/receivership.

Events (5)

1. May 5, 1877 Chartered
Source
historical_nic
2. October 1, 1878 Receivership
Source
historical_nic
3. April 8, 1879 Receivership
Newspaper Excerpt
The dividends in favor of the ... banks will be paid as soon as the necessary schedules can be made by the receiver and checks signed by the Controller.
Source
newspapers
4. April 8, 1879 Suspension
Cause
Government Action
Cause Details
Bank was insolvent and placed in receivership by the Comptroller/Controller of the Currency; dividends to creditors were declared by the federal bank regulator.
Newspaper Excerpt
The Controller of the Currency has declared a dividend of 75 per cent in favor of the creditors of the Farmers' National Bank of Platte City, Mo., making in all dividends of 100 per cent.
Source
newspapers
5. August 25, 1879 Other
Newspaper Excerpt
Farmers' National bank of Platte City, Mo., first dividend, 13 per cent. (reported Aug. 25, 1879).
Source
newspapers

Newspaper Articles (6)

Article from The New Orleans Daily Democrat, April 9, 1879

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THE TREASURY. The 4 Per Cent CertificatesThe Condition of the National Banks-Dividends of suspended Banks - The Georgia Bonds. WASHINGTON, April 8.-The explanation given in treasury circles as to why Secretary Sherman refused the offer of heavy subscriptions for the $10 refunding certificates, to be immediately converted into 4 per cent certificates is that he wants the new form of loan to get among the people as far as possible, and all obstacles that can be thrown in the way of such attempted transactions as that referred to will be utilized. As the immediate conversion of the certificates into 4 per cent bonds would be a costly transaction for the treasury, they cannot, like greenbacks, be reissued when converted. The cost of printing would, therefore, be enormous. It is admitted, however, that had the party who made the offer alluded to above purchased the amount of certificates desired and presented them and demanded 4 per cent bonds in exchange he would not have met with a refusal, as the terms of the law leave the Secretary no discretion in the matter. The Controller of Currency has called for a report showing the condition of national banks at the close of business on Friday, the fourth day of April. The Controller of the Currency has declared a dividend of 75 per cent in favor of the creditors of the Farmers' National Bank of Platte City, Mo., making in all dividends of 100 per cent; also, a dividend of 10 per cent in favor of the creditors of the First National Bank of Delphi, Ind., making in all dividends of 60 per cent; also, a dividend in favor of the creditors of the National Bank of the State of Missouri, making in all dividends of 50 per cent. The dividends in favor of the two last banks will be paid as soon as the necessary schedules can be made by the receiver and checks signed by the Controller. There seems to be no doubt but that the new State bond of Georgia, mentioned in these dispatches yesterday, in its terms of issue evades both the constitution and law relative to States issuing bills of credit, and there is no danger that the Federal government will seek in any manner to interfere with the issue of these bonds.


Article from Memphis Daily Appeal, April 9, 1879

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WASHINGTON, April 8. - Chief Justice Waite announced in the supreme court to day that the court would hear the attorney-general of Virginia on Monday next in support of the petitions for habeas corpus and certiorari in the Reeves-Coles case, and especially upon the question of the power this court has to issue the writs prayed for. CALL FOR A DEMOCRATIC CAUCUS. Representative Kenna to-day prepared and put in circulation a petition requesting John F. House, chairman of the Democratic caucus, to call a caucus for Friday evening next. In the language of the petition: With a view of providing by legislation at the present session for the free coinage of silver; the issuance of bullion certificates based on either silver or gold; the substitution of greenbacks for the National bank circulation, and the prohibition of any further increase of the bonded debt of the goverament. Under Democratic rule ten members are a sufficient number to procure a call for the caucus. The petition has already more than sixty signers, and the indications are that it will meet with the approval of such a number as to secure the movement at once on the announcement of the committee directing the financial legislation indicated. HOUSE RULES. The house committee on rules met this afternoon for the purpose of considering the question which arose in the house this morning regarding the recognition of members desirous of participating in general debate. It was decided that the custom of preparing lists, which for some time prevailed, is the most practicable, and the committee will recommend its continuance, and that the speaker or chairman of the committee of the whole house on the state of the union shall use his discretion in recognizing one of two or more members who shall attempt to address the house simultaneously It was also agreed to increase the membership of the judiciary committee from eleven, as heretofore, to fifteen. The committee will also favor a modification of rule one hundred and forty-five of the house SO as to require a vote of at least three-fourths of the members present to suspend the rules instead of twothirds of the votes, as is now necessary. The report of the chairman, covering the above and propositions previously agreed upon, will be submitted to the house to morrow, and as soon as the several recommendations are finally disposed of the speaker will be able to announce the committees. NATIONAL BANK DIVIDENDS. The comptroller of the currency has declared a dividend of seventy five per cent. in favor of the creditors of the Farmers National bank, of Platte City, Missouri, making in all dividends of one hundred per cent Also a dividend in favor of the creditors of the First National bank, Delhi, Indiana, of ten per cent., making in all dividends of sixty per cent. Also a dividend in favor of the creditors of the National bank of the State of Missouri of fifteen per cent., making in all dividends of fifty per cent. The dividends in favor of the last two named banks will be paid as soon AS the necessary sched ule can be made by the receiver and checks be signed by the comptroller. WHAT HAYES WILL DO. Special to the St. Louis Republican: "The impression 18 growing daily that the Prestdent will sign the army bill, as he is 80 clearly committed to the repeal of the troops at the polls law. All of the Republicans said they would vote for the repeal as an independent measure, and as the President clearly has no right to object to the manner of preparing bilis, he cannot veto this, because the repeal is fastened upon an appropriation bill. " TENNESSEE DEBT. Messrs. Enloe and Baxter, appointed by the governor of Tennessee to consult with the creditors of that State on the proposition of the legislature to settle the ate debt at fifty cents on the dollar with four per cent. interest, left here for New York to night. While in Washington they secured letters from Postmaster-General Key, both the Tennessee senators and all of the delegation in the house from that State, advising the creditors to accept the proposition, saying, that while the proposition is not as liberal as it might be, yet it 18 the best that can be offered, and that the bonds issued on such a basis of settlement would be promptly met by the State. Tennesseans here are confi dent that the proposition will be accepted. TILDEN'S HEALTH AND PURPOSES. Special to the Boston Transcript "A prominent Indiana Democrat, who was a strong supporter of Tilden in the last campaign, believes, with the majority of the party, that Tilden was honestly elected, but that he was deprived of the office by fraud, and that he should be given opportunity of vindication by a renomination, learning that Mc Tilden Was in feeble health from the effects of a partial stroke of paralysis, determined to visit New York and call upon Mr Tilden, to personally acquaint himself with the actual state of his health. Having accomplished his purpose, this gentleman has arrived in Washington on his way to Indiana, and in speaking of his visit gives an account of his interview He says that having sent his card to Mr. Tilden, through the ser vant at the door, he was immediately ushered into a private room, where he was cordially received by Mr. Tilden himself. After the usual exchange of compliments, the Indianan alluded to the reports in circulation respecting Mr. Tilden's health, when the Gramercy park statesman warmed up, and drawing his chair close up 80 as to confront him face to face, re marked emphatically 'Do look like a man struck by paralysis Do you see any traces of it in my appearance? Are there the remotest indications that I am not possessed of my full faculties? The gentleman gladly responded that he saw nothing to indicate anything but perfect health. These stories, continued Mr. Tilden, 'were evidently started by my snemies for the purpose of injuring me and prejudicing my political prospects. The conversation continued for some time up on the political situation and the machinations of politicians who are exerting themselves to secure the no mination of Mr Thurman, Mr. Bayard, Mr. Hendricks, General Hancock, or some one of a score of small-fry politicians. Mr. Tilden conveyed very clearly to his mind his absolute determination to be the next standard bearer of the Democratic party and if he failed to secure the nomination through the manipulations of intriguing politicians, all he had to say was, Woe to the men and the party who participated in accompli the result. The hoogier politician left fully impressed with the fact that Mr. Tilden is a live candidate, and does not intend to be crowded out, but will press his claims by all the means in his power. He maintained, AS he did at the time of his first nomination, that he is the only man that can carry the State of New York and the auxitiary States of New Jersey and Connecticut, and with Indiana, a settled Democratic State, would, with the one hundred and thirty nine southern votes, give him two hundred and two votes. In fact, he stated that he did not need Indiana, as New York, New Jersey and Connecticut would give him one hundred and eighty-seven votes, or two more than a majority The Indianan says that 'the old man has the situation worked down fine, and that it will take more than the discontented factions to beat him APPROPRIATION COMMITTEE CHAIRMANSHIP Special to the Flobe-Democrat "Rep resentatives Atkins and Blackburn had a


Article from The Wheeling Daily Intelligencer, April 9, 1879

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DIVIDENDS FOR CREDITORS. The Comptroller of the Currency declared a dividend of 75 per cent in favor of the creditors of the Farmer's National Bank, at Platte City, Mo., making in all a dividend of one hundred per cent. Also a dividend in favor of the creditors of the First National Bank, of Delphia, Ind, of 10 per cent, making in all a dividend of 60 percent. Also a dividend in favor of the creditors of National Bank of the State of Missouri, of 15 per cent, making in all a dividend of 50 per cent. The dividends in favorof the last two named banks will be paid as soon as a necessary schedule can be made by the receiver and signed by the comptroller.


Article from The Wheeling Daily Intelligencer, April 9, 1879

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DOMESTIC NEWS. Secretary Sherman's Refunding Schemes. Senator Bell's Admission to the Senate Still Under Fire. Fears Entertained of a Revival of Yellow Fever Next Summer. The Pope Refuses to Accept Bishop Purcell's Resignation WASHINGTON. HABKAS CORPUS IN THE VIRGINIA JUDGES CASES W ASHINGTON. April 8. Chief Justice Waite announced in the Supreme Court to-day that the Court would hear the At torney General of irginia on Monda next. support of the petitions habeas corpus and certiorari in the Rives Cole case, and especially upon the question of power this Court to issue the writs prayed for DIVIDENDS FOR CREDITORS. The Comptroller of the Currency declared 75 dividend cent in of favor per the creditors of the Farmer's National Bank. at Platte City, Mo. making in all Also dividend of one hundred per cent. a dividend in favor of the creditor of the First National Bank of Delphia, Ind of per cent, making in all dividend of 60 percent Also dividend in favor of the creditors of National Bank of the State of Missouri of 15 per cent, making all ividend of 50 per cent The dividends in favorol the last two named banks will paid soon as necessary schedule can be made by the recei ver and signed by the comptroller. PETITION FOR DEMOCR/ TIC CAUCUS. Representative Kenna to-day, prepared and put in circulation petition request ing John F. House. Chairman of the Dem ocratic caucus to call caucus for Friday eyening next. in the language of the pe tition with view to providing legisla tion at the present session for free coinage of silver, the issue of bullion certificates based on greenbacks for national bank circulation and the prohibition of further increase of the bonded bebt of the Government. Under Democratic ten members are sufficient number to procure call for a caucus. The petition has already more than sixty signers an the indications are that will meet number such approval of secure immediate of the announcement of committee in the direction the financial legislation indicated REVISING HOUSE RULES The House Committee on Rules me this afternoon for the purpose of consid ering a question which arose in the House this morning regarding the recognition members desirous of part ipating in general debate. was decided that the custom of prepar ing lists which for some time preva ailed. the most practicable and the Commi ttee will commend its continuance, and that the Speaker Chairman of the Committee of the Whole House on the state of the Union shall use his discretion recognizing one of two or more members who sha attempt to address the House simul taneously It was also agreed to recoin mend increase of membershipon the Judiciary Committee from eleven here The fifteen Committee tofore, to also favor modification of Rule 145 the House so 88 to require vote of least three-fourths of the members pres ent to suspend the rules, instead of two thirds vote, as now necessary The report of the Committee covering the above and propositions previously agreed upon will be submitted to the House to-morrow. and as soon as the sev eral recommendations are finally disposed of the Speaker will be able to announce the committees YELLOW FEVER Southern Members here feel good deal of concern over the possibility of return of yellow fever this summer The appear ance of the fever in the ship Plymouth after having been frozen up in Boston al winter, considered bad omen. The the will Eastern avage that fear coast this year including Norfolk and old fever points, and in that event there apprehensions that Washington may not escape. TREASURY MATTERS. Orders for four per-cents, which reach ed the Treasury before clock Friday and which were in excess of the outstand ing five-twenties and which Secretary Sherman at first declined to receive, but afterwards accepted, he will fil by calling ten-forties immediately His purpose is to refund the ten-torties, of which there are one hundred and ninety six millions outstanding, as soon as practicable Secretary Sherman left for New ork on an early train this morning and will remain till Friday His business in connection with his recent heavy sales of four-per practicable. understood and is cents, he arrange to refund all the tenties subject to cal Refunding these fours will save two millions annually in the interest account Treasury officials decline to give partic ulars as to the Secretary New York trip as it is understood he does not wish his announced at programme present. known, however that he intends to push refunding operations as rapidly as possi ble, and place all the debt that can be reached at 4 per cent W.J Vance, Appointment Clerk of the Treasury will retire from that position and re-enter journalism he duties of his office are laborious and exacting and his health has partially failed. His will probably be Rodney Foos. of Ohio formerly Governor Hayes private secre tary, and ex-Clerk of the Ohio Supreme Court. and at present holding clerkship in the Treasury NEW HAMPSHIRE SENATORSHIP The Senate was engaged all day in the discussion of the question whether Bell. who has been appointed by the Gov ernor of New Hampshire to succeed Sena tor Wadleigh those term of office expired on March last. was entitle to his seat The majority of the Committee on Privi leges and Elections, to whom this was referred reported that Bell seat to the the entitled the the opinion that majorit no vacancy exists within the meaning the Constit which can be filled by the Governor Under the new Constitution of New Hampshire, a slature chosen in November 1878, for term begin iu June next. That Legislature not elect Senator until then. because by the State Constitution. its legislative pow ers will not begin until then. The last Legislature could not elect Sen ator, and could not now. if called because special session together was not the Legislature last chosen before the expiration Mr Wadleigh term. A majority of the committee held authority of the Governor


Article from Daily Globe, April 9, 1879

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GENERAL CAPITAL NEWS. FINANCIAL LEGISLATION. WASHINGTON, April 8.-Representative Kenna day prepared and put in circulation a petition requesting John F. House, chairman of the Democratic eaucus, to call a caucus for Friday evening next, in the language of the petition, with a View to providing by legisla-> tion at the present session for the free coinage of silver, the issue of bullion certificates based on either silver or gold, the substitution of greenbacks for national bank circulation, and the prohibition of any further increase of the bonded debt of the government under Democratic rule. Ten members are a sufficent number to procure a call for a caucus. The petition has already more than 60 signers, and indications are that it will meet the approval of such a number as to secure a movement immediately on the announcement of the committees in the direction of the financial legislation. in dicated. DIVIDENDS DECLARED. The comptroller of the currency has declared a dividend of 75 per cent in favor of the creditors of the Farmers' National bank of Platte City, Mo., making in all dividends of 100 per cent. Also a dividend in favor of the creditors of the First National bank of Delphi, Ind., of 10 per cent, making in all dividends of 60 per cent. Also a dividend in favor of the creditors of the National bank of the State of Missouri of 15 per cent, making in all dividends of 50 per cent. The dividends in favor of the last two named banks will be paid as soon as the necessary schedules can be made by the receiver and checks signed by the comptroller. A QUESTION OF PRIVILEGE. The House committee on rules met this afternoon for the purpose of considering the question which arose in the House this morning regarding the recognition of members desirous of participating in the general debate. It was decided that the custom of preparing lists, which for some time prevailed, is the most practicable, and the committee will recommend its continuance. and that the Speaker OF chairman of the committee of the whole of the House on the state of the Union shall use his discrection in recognizing one of two or more memb rs who shall attempt to address the House simultaneously. It was also agreed to recommend an increase of the membership on the judiciary committee from eleven, as here'ofore, to fifteen. The committee will also favor a modification of rule 145 of the House 80 as to require a vote of at least three-fourths of the members present to suspend the rules instead of two-thirds votes, as now necessary. The report of the committee covering the aboveand propositions previously agreed upon will be submitted to the House tomorrow, and as soon as the several recommenis dations are finally disposed of the Speaker will be able to announce the committees. British Columbia. SAN FRANCISCO, April 8.-Victoria dispatch: In parliament yesterday the leader of the government asked the house to adjourn till the to 16th inst., as he hoped by that time to get definite information regarding the railway. n The adjournment was carried unanimously. or Public opinion endorses the action of the house. A general wish is expressed that a peaceful solution of the difficulty may be aris rived at if possible. Since adjournment telegrams have been received from Ottawa stating that construction will be commenced this year 11 and the railway policy announced after Easter The Colonist intimates that sectional and route 8. differences must be barred, and the people of d. the island and mainland satisfied with railway construction anywhere within the province. c-


Article from Daily Globe, August 26, 1879

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WASHINGTON. Dividends to Stockholders of Suspended National Banks-Silver Shipments, Etc. DIVIDENDS DECLARED. WASHINGTON, Aug. 25.-The comptroller of the currency has declared the following dividends to creditors to be paid as soon as the necessary schedule can be prepared: German National bank, Chicago, first dividend. 25 per cent.; National bank of the State of Missouri, St. Louis, fifth dividend, 20 per cent., making in all 70 per cent. Also the following dividends to the share holders of the insolvent national banks, 100 per cent. and interest having previously been paid to creditors: Farmers' National bank of Platte City, Mo., first dividend, 13 per cent. Commercial National bank of Kansas City, Mo., third dividend, 11 per cent., masing in all 31 per cent. SILVER SHIPMENTS. Shipments of standard silver dollars by the treasury for August aggregate $511,500. Today's shipments amount to$ 55,500, as follows: Illinois, $12,000; Pennsylvania, $11,000; Wisconsin, $10,000; Ohio. $6,000; Virginia, $4.000; Colorado, $4,000; Iowa. $3,000; Indiana, $2,000; Ken:ucky, Michigan and Missouri, $1,000 each; Kansas, $500. DELINQUENT LANKS. WASHINGTON, Aug. 25.-The unsettled accounts of banks on subscriptions to the 4 per cent. loan amount to $32,000,000. This amount is due from the First National bank, New York, and Bank of Commerce, New York. Reported Outrages by Yanktonias Sioux" YANKTON, Aug. 25.-A gentleman who arrived to-day from Sprink county, on Jim river, a hundred and fifty miles above Yankton, brings intellegence that Fighting Goose's band of Yanktonias Sioux are making trouble with settlers. Sunday three of them attempted to outrage a woman, but she stood them off with a revolver. John Bell, mail carrier between Foster City and Jamestown, is missing, supposed to be murdered by Indians, His horses strayed into the station last Sunday, and one of them had an Indian lariat tied to the halter. The wagon has not been found. These are the Indians whom the President has just given three townships of the choicest land on Jim river. Since the order conveying this land was issued, they have become imbued with the notion that they are backed by the government and will be protected in any excess they may commit. The Crow Creek agency is one hundred miles west of Sprink county.