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BANKER FINDS TREASURE
Not in Vaults, But in Hearts of Friends of Rock Port Man When His Bank Fails.
A remarkable, human story came out of bank failure. When the banking house of "Joe" Durfee at Rock Port, Mo., was forced to close, the citizens of the town and countryside rushed to his aid, raising $75,000, which they gave him with "no strings attached." An account of the unusual procedure, as written by A. B. Macdonald for The Kansas City Star under Rock Port dateline, follows: "I never heard another story of a bank failure so remarkable as the one in my home town of Rock Port," John C. Staple said recently. Mr. Staple owns the newspaper there and is president of the Missouri Democratic Press Association. "Usually, when a bank fails in a country town, the people gather in groups on the main street and cuss and threaten the banker," Staple continued. "They growl and grumble and denounce all banks and bankers. The banker, although the failure may not be his fault at all, knows how the people are talking. He hates to face them.
"But when Joe Durfee's bank failed here in Rock Port it was altogether different," Staple went on. "Now don't call him 'Joseph.' He is known over all Northwest Missouri and even up into Iowa as 'Joe,' and his bank here has always been known, not as "The Citizens Bank of Atchison County,' but as 'Joe Durfee's Bank, and for nearly fifty years Joe Durfee has been the friend, confidant and adviser of nearly all the people in Atchison County. "So, when his bank failed the people did gather ngroups, but it wasn't to denounce Joe Durfee. It was to see what they could do to help him. They formed a citizens' committee and waited on the bank examiner to see how much money was needed to open the bank again, and when the examiner said it would take $75,000 they went out through the county and raised it. "Nearly everybody contributed to help their friend, Joe Durfee. Barbers, other bankers, waiters, farmers, rich and poor, even school children, contributed to that fund and they gave it to Joe Durfee. They didn't buy stock with it; they didn't lend it with the expectation of getting some of it back again; they gave it to Joe Durfee outright and with that fund of $75,000 he opened the bank again and is running it. "Usually when the principal bank in a county fails, as Joe Durfee's did, it is followed by a run on all the other banks in the county, and generally two or three other banks go down in the wreck. But the people in our county were confident Joe Durfee would get on his feet again and reopen his bank and that all would be well, and the other banks in the county were hardly affected at all." Rock Port is one of the oldest towns in Northwest Missouri. It has population of 1200. Joe Durfee was born there sixty-one years ago. He has lived there all his life. His father, Col. Aaron B. Durfee, was pioneer lawyer and in 1883 founded the first bank in Atchison County, which is still in existence in Rock Port as the Bank of Atchison County. Later the elder Durfee founded the Citizens Bank. When Joe was 17 years old and just out of high school, he went to work as a clerk in the latter bank. He has been there ever since with the exception of thirty-five days this fall, when the bank was closed. When Colonel Durfee died, forty years ago, he left Joe all his stock in the bank and Joe then became a director of it. Then he became assistant cashier and twenty-five years ago he became cashier and later its president. So, for nearly fifty years there have been two banks in Rock Port, on opposite sides of the street.
Unashamed in Failure. The last Monday morning in September, when the bookkeeper and others came to work in the Citizens Bank, Joe Durfee waited until all were inside and then locked the doors. He called them all together and announced that the bank would have to close its doors and never open them again. As he talked the tears rolled down his cheeks. The men and women before him were weeping, too, and they gathered around him murmuring their sympathy and friendship. He went on to say that he was proud of one thing: He had never done an act in his career of fortyfour years in that bank that he was ashamed of. He had done the best he knew how to do. And he advised them, as they turned to other jobs, to be always honest with themselves and the world.
Belief in Joe Durfee Unshaken. At that time 1200 persons in Rock Port and Atchison Sounty had $460000 in money on deposit in Durfee's bank. Its closing was big shock to the community, of course. In the town were a good many retired farm- ers who had their cash in the bank. Bartholomew's drug store had always been sort of headquarters and loafing place for these men, and they gathered there that Monday morning to talk over. Pete Hedgpeth, mayor of the town, is also president and general manager of the 6-mile-long railroad that connects Rock Port with the Burlington railroad at Langdon. This railroad, said to be the shortest steam road in the world, was built by popular subscription in Rock Port forty years ago and is owned there. Hedgpeth took the lead in the discussion in Bartholomew's drug store and said: "Boys, we've got to stand behind Joe Durfee in this trouble he's in. No matter what has happened to bring this about, we all know that Joe Durfee is on the square. He's been a friend to everyone in this county for over forty years and now he needs our friendship and we've got to give it to him." As far as the people can recall today there wasn't a soul in the town that said word against Joe Durfee or even hinted that he might have been dishonest in any way. "If any man ever hints to me that Joe Durfee hasn't been honest and square all through this thing I'll knock him down," said George Opp, the hotel man.
A man who does odd jobs about town and had all the little money he had in Durfee's bank, all the money he had saved in lifetime, said: "If anyone tells me Joe Durfee isn't on the square he'll have me to fight, that's all. I've known Joe for thirty years, and I'll swear by him." The general feeling was not so much one of regret that the bank had failed as of sympathy for Joe Durfee -that he had failed and lost out in his life's work.
Citizens Moved to Reopen. A citizens' committee was organized, right there in the drug store, and word went out through the town and county that there must not be a run on any other bank in the county, and there was not. On the contrary, there was noticeable increase in deposits in the other bank in Rock Port. R. E. Shelby, of the state banking department, arrived in Rock Port Tuesday morning and took charge of the bank, to go over its books and assets.
Early the following week the bank examiner notified the citizens, committee that he had found in the assets of the bank $100,000 in worthless notes and other paper which would have to be thrown out and that it would take $75,000 in cash to put the bank in going shape so it could open again. The citizens' committee then formulated a plan for reopening the bank and giving it a fair start. It was realized that if the bank should open and depositors should draw out their money, it could not keep going. So, to guard against too many withdrawals, it was decided to send out solicitors to ask each depositor who had $100 or more in the bank to sign an agreement to leave two-thirds of his deposits in the bank for one year after it opened, and one-third for two years. This agreement was signed by 88 per cent of all the depositors.
An Outright Gift. At the same time solicitors, who gave time and work freely for three weeks, canvassed the whole county for contributions to the $75,000 fund. Everyone was told: "It is to be an outright gift to Joe Durfee. You may kiss it good-b when you give it. You won't get stock or anything else for it."
Joe Durfee started the list off with $5000 of his own money. Each of the directors of the bank gave $2500. W. C. Scamman, rich farmer and cattle feeder, gave $7500. Tom Taylor, barber, did not have to be asked to give. When he heard of the plan he went to the committee and said: "When my wife was sick and doctors said she had to go to a hospital, was without money. Joe Durfee came in one day and said: "Tom, know the trouble you're in, and know you're broke. Here's $30. Joe helped me when needed it and now I want to help him." And as he rubbed the tears out of his eyes he counted out $10, all he could spare. Rolla Cook, waiter in restaurant, gave $10 to help his friend, the bankr. Oliver Robinett, a worker at odd jobs around town, gave $5. "It's all I've made this week, but I'm willing to give week's work if it will help ut my friend, Joe Durfee, back in his ank," he said. Several members of the Salvation Army gave few dollars apiece, and hen it was recalled that for years ast, when the Salvation Army was hard up it always went to Joe Durfee and he would ask: "Well, how much have you got to have?" Learning how much was needed he would begin to collect it. To each well-to-do person who entered the bank he would say: "Come on, give me dollar." Everyone knew it was his habit to collect for charity in that way and no one ever refused to chip in the dollar asked for, and after it was given they would ask: "What's it for, Joe?" The solicitors passed by a farmer's widow who was known to be having a hard time to get along. The next day she drove to Rock Port, went to see Alfred H. Volkmann, editor of the Atchison County Mail, and complained because she had not been given a chance to give to the fund. "Joe Durfee is the kindest hearted man ever knew," she said. "Many time, when things went wrong, and I was lonesome and blue, I'd drive lear into town just to talk with Joe Durfee while. He always cheered me up and made the world seem brighter."
There were few croakers who said the $75,000 could not be raised. But the whole amount was given within two weeks and after the list closed other persons, who had been passed by the solicitors, came in and added $25' to the fund, making a total of $75,255.
"This," said Editor Volkmann, "is rather remarkable when you consider that our county is one of the smallest in the state and has no manufacturing plants at all. They say the farmers are hit harder in these times than any other class. We are wholly an agricultural community, and yet we raised $75,255 by public subscription in less than two weeks to put a banker back on his feet. I heard a man in town say to a farmer who was giving $100 to the fund: "You've been pretty hard hit by the fall in prices of farm products. How can you give SO much to help a banker?'
"If thought these times were to continue couldn't give it,' the farmer answered. 'But I know they are only temporary. In a little while things will be back to normal again, and a man like Joe Durfee is worth more to this county than any farm or store in it. Joe has been my friend through thick and thin, and I'd give him half of my last dollar.' Bread Came Back to Him. "You see," said the editor, "when men of my age were kids, Joe Durfee was already the leading man of the town. He was always at the front in every movement for the good and the progress of the community. When our boys came back from the World War, and we started out to put up a memorial building, Joe Durfee led the campaign that raised $80,000 for it. He was at the head of all movements for paving streets and roads. He has been executor of more wills and administrator of more estates than any other man in the county. If he had charged fee for all the legal advice he has given people in the last forty years he would be rich, but he is far from wealthy. When trouble hit him and he thought it was all over, people remarked how good and kind and helpful he had been. I believe they would have given twice $75,000 if it had been needed." There were 212 contributors to the fund and more than 50 per cent were farmers. Every one of the 212 who gave, did so on condition that if the bank reopened Joe Durfee was to be its president again. The bank had closed Sept. 26. It reopened again Saturday, Oct. 31, just thirty-five days later. That Saturday, the first day the bank reopened, $33,000 in cash was deposited and nothing was withdrawn, making $460,000 in deposits in the bank. When the bank was closed Sept. 26 it owed $44,200 in borrowed money. At the end of the first day it reopened $29,000 of that was paid off. A few days after Durfee's bank closed. the rival bank across the street had large advertisement in the Mail, which said:
"As the friendly competitor of the Citizens' Bank we wish to express our heartfelt grief for the great sorrow and disappointment that has befallen Mr. Joseph Durfee and his associates, and we assure every interested person that it is our earnest hope and desire that everyone will rally to the move that has been launched to reopen the Citizens Bank." The day Durfee's bank opened, the rival had an advertisement in the
Mail which stated: "We are glad to have the Citizens Bank opened again for business and surely wish it well for future success." The same day fifty of the business men of cock Port had page advertisement in the Mail, with a picture of the Citizens' Bank and beneath it the legend: "A Good Bank in Good Town." Above that were two hands clasped, with the names of the "work ing personnel" of the bank, as fol lows: Joe Durfee, John T. Wells James F. Gore, Herbert Spurlock Gordon Clifton and Miss Gladys Coop-
In that same issue of the Mail the editor paid tribute to Joe Durfee in which it was stated: "As Joe Durfee hears the words of assurance that come from the lips of all who have known him throughout his lifetime in Rock Port, surely he must feel proud that he has built such a monument of integrity that will long outlive him." I found Joe Durfee in his bank. smiling, affable, courteous. "I just can't talk about it without tears coming into my eyes," he said. "Such tribute as this community has given
