10577. Bank of Rothville (Rothville, MO)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
March 1, 1904*
Location
Rothville, Missouri (39.653, -93.064)

Metadata

Model
gpt-5-mini
Short Digest
47568472

Response Measures

Capital injected, Full suspension, Books examined

Other: Special agent (F. Hamilton) appointed by state bank examiner; funds transferred from National Bank of Commerce and Novelty bank to cover shortages.

Description

Article describes a crowd/withdrawal panic and the state bank examiner closing the bank after discovering bogus collateral and insufficient security on loans. The bank later received funds from Novelty and the National Bank of Commerce (Kansas City) and resumed business. Dates approximated from publication dates.

Events (3)

1. March 1, 1904* Run
Cause
Bank Specific Adverse Info
Cause Details
Discovery of bogus collateral and insufficient security on certain loans (bogus notes floated by E. W. Settle), arousing depositor suspicions and heavy withdrawals.
Measures
Bank examiner intervened; bank practically closed pending resolution; communications with Kansas City bank and Novelty bank to secure funds.
Newspaper Excerpt
Wednesday the excitement ran very high among the depositors and fully 200 people were ... gathered around the bank
Source
newspapers
2. March 1, 1904* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed by state bank examiner due to insufficient security and suspected bogus collateral discovered in loans; special agent appointed pending receivership decision.
Newspaper Excerpt
Bank was closed Friday morning by bank examiner, and F. Hamilton was appointed as special agent until the appointment of receiver by circuit court.
Source
newspapers
3. April 25, 1904 Reopening
Newspaper Excerpt
The Bank of Rothville ... resumed business again Monday of this week. (published 1904-04-29).Bank of Rothville still lacked something like $9,000... $14,250 had been placed to the credit ... and was turned over ... a surplus of a little over $5,000 ... on which it resumed operations.
Source
newspapers

Newspaper Articles (2)

Article from Chariton Courier, March 18, 1904

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Article Text

Rothville Bank Trouble Speaking of the suspension of business by the Bank of Rothville, the Rothville Record gives the following account of the affair: "Rothville has been in a state of worry and anxiety for the past week, caused by the fact that the of Rothville was practicalclosed since Bank Examiner had his ly Friday arrived, Bank having Tuesday. suspicions Biggs Last aroused at the Bank of Novelty, the finding Mo., by which of some had bogus notes there been floated by E. W. Settle, president of the Rothville bank, find and he was not surprised to $14,000 of the same kind of paper here. Settle had wired to Ciyde Riddell, the cashier, send this paper to Kansas City, but he had not had time to do so. Clyde was astounded to find that the collateral was bogus. Biggs at once commenced work to get Settle to make the shortage good and gave him until Monday to the do so. Biggs practically closed bank, but he and the cashier both considered it unwise to post formal statement until every means a had been used to make Settle raise the money. 'Wednesday the excitement ran very high among the depositors and fully 200 people were in gathered around the bank groups, while a low muttering murmuring monotone of despairing anger was plainly to .be heard in every direction. About 11 o'clock the Bank of Commerce of Kansas City wired the that they held $14,000 to credit of the Bank of Rothville, and this satisfied the crowd for awhile, but their suspicions already aroused, were soon as active as ever, and all kinds of suppositions were rife. They then soon began to disperse and J. Clyde Riddell and W. H. Long for took the afternoon train Kansas City. Telegrams Thurs- deday morning confirmed the posit of the money and it is supposed that everybody will now be paid in full. "The $14,000 deposited in Bank of Commerce has been held u.p. on settlement by bank, but it has given notice to Bank by was held and of money Rothville, telegram, would that not be paid. This means litigation Bank was closed Friday morn- F. ing by bank examiner, and F. Hamilton was appointed as special agent until the appointment of receiver by circuit indicourt. Appearances now cate that depositors will be paid in full. The business men are not seriously affected and bank's of failure will not injure business town." LATER:-Just before the COUto press we learn in the RIER $5,000 goes deposited Mr. Bank Set- that of Novelty, Mo., in which tle is also interested, to the cred- has it of the Bank of Rothville, or will be turned over to the latter institution. Nothing further, however, has yet been done in regard to the $14,000 at in the Bank of Commerce Kansas City. With the excep- of tion of the $5,000 in the Bank Novelty, matters stand as they did last week. Herefords for Sale. I have six registered Here


Article from Chariton Courier, April 29, 1904

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Article Text

Bank of Rothville Resumes Business. The Bank of Rothville, which was closed by the state bank examiner several weeks ago because of insufficient security on certain loans, resumed business again Monday of this week. After paying out what money it had on hand, together with $5,000 received from a bank at Novelty, Mo., the Bank of Rothville still lacked something like $9,000 of having enough cash to pay its depositors in full, and as $14,250 had been placed to the credit of the Bank of Rothville in the National Bank of Commerce at Kansas City, and which was turned over last week to the Bank of Rothville, a surplus of a little over $5,000 was left the latter institution on which it resumed operations. Not a cent was lost to anyone by the temporary suspension of the bank's business, but considerable uneasiness was felt for a time by parties interested.