10579. Rutledge Exchange Bank (Rutledge, MO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 1, 1930*
Location
Rutledge, Missouri (40.314, -92.088)

Metadata

Model
gpt-5-mini
Short Digest
8f004926

Response Measures

None

Description

Multiple contemporaneous newspapers list the Rutledge Exchange Bank among several small Northeast Missouri banks that 'closed' in mid-November 1930 after the failure of the State Savings, Loan and Trust Company in Quincy tied up clearing/drafts. Articles describe the bank as closed (placed in hands of examiners or simply closed) with no mention of a depositor run or later reopening. Cause classified as correspondent distress (Quincy failure returned drafts and tied up funds).

Events (1)
1. November 1, 1930* Suspension
Cause
Correspondent
Cause Details
Closed after the failure of the State Savings, Loan and Trust Company in Quincy caused returned drafts and tied-up funds, contributing to the decision to close.
Newspaper Excerpt
The Rutledge Exchange Bank ... were among Northeast Missouri banks which closed last week. They were affected by the Quincy bank closing.
Source
newspapers

Newspaper Articles (6)
1. November 18, 1930 The Courier-Journal Louisville, KY
Article from The Courier-Journal, November 18, 1930

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the estate of Elizabeth Bedford, was used to buy stock. When in the Bank of Kenmerged with Bank and the American Southern National Bank, stibsequent duced number shares held the Department of Education to 485. 60 per stock dividend in 1927 number of number owned by the Co-Receiver Appointed. Tenn. Nov. 17 Upon State Attorney General Smith, District Judge Gore late today Rutledge agent for the Tennessee Central Railway, as COreceiver for the properties Caldwell Nashville Smith will conjunetion Lee receiver named by Judge Gore last week when creditors' bill filed Caldwell by Fred Dean. Birmingham. Ala., creditor. Mr cause the size of the Caldwell The Attorney General's petition today set out that the nessee be largely the properties of Caldwell & Co." The added: would appear that the Bank of Co. was interested. numerous with petitioner on many not had on deposit large sume of money "Three million dollars was on deposit the the was taken charge by the State Superintendent of Banks. further appears that the petitioner may rectly the istration of the assets of Caldwell Co., only for reasons mentioned but for possibly other reasons petition that Caldwell Co. interested properties in twenty or more States. Mr. Douglas said he "welcomed" the appointment said he informally asked for aid at the time first appointed. Creditors' Bill Sustained. Mr. Smith and Mr. Douglas enjoy rights and authority as reruled The bill filed last against was today by Judge who fixed July the last date for the filing claims In today, Judge Gore enjoined the filing against the ceeding. the court's consuits pending. order pointed out that condition the market and due to the fact that large portion its realized upon, unable to its mature and faced multiplicity Danger assets being by accumulation of court costs and the like was cited reason for sustaining the bill. The opinion today Banks. that troubles are their scare and thinking along sound Deposits Pick Up. Nov The fect bank with the six tributary day. In Quincy where three banks an increasing manifest in deposits that withdrawals. Four small banks in Missouri and two this shut their doors weakened by the close banks placed the hands of bank examiners in the ten days. Bartlett and Wallace State Bank TimeState Bank were today and Missouri State officials the Farmers and Bank La Grange, Rutledge Exchange of Rutledge Downing Bank Labelle Bank Labelle. confidence published in local newspapers and pleas Sunday still some assurance in depositors. Two Small Banks Close. Des institution, and the George Savings Bank George were closed today their directors because deposits frozen bank $5,000 and the George bank $30,000.

2. November 18, 1930 Intelligencer Journal Lancaster, PA
Article from Intelligencer Journal, November 18, 1930

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SAVE FUNDS (Continued from Page Ten) though merger once had been Springfield, numMonday when two The Bartlett State Bank the Timewell State Timethe failure of the Savings Trust Company Quincy The Timewell and the Clayton Jefferson banks in northeast Monday the and Trust Quincy, The surfunds the Illinois bank, depositors. The closed institutions: The Downing State Bank. Schuyler deposits The LaBell Bank. of Lewis deposits Farmers and Bank La of Lewis county. The Rutledge Exchange Bank county deposits of Scranton, ascaused the Bank deposits of proximately Cor change based ePayable

3. November 27, 1930 The Edina Sentinel Edina, MO
Article from The Edina Sentinel, November 27, 1930

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BANK OF EDINA CLOSED Did Not Open Friday by Voluntary Action of Board of DirectorsExpect But Little Loss. The Bank of Edina was not opened for business Friday morning by voluntary action taken the night previous by the board of directors. Events leading to the move culminated during the final hour of business last Thursday afternoon. A run on the bank was not the cause of the bank being closed. The failure of the State Savings, Loan and Trust Company in Quincy the Saturday previous to the action here only partially entered into causes of the local bank to remain closed, according to P. B. Linville, cashier of The Bank of Edina. Certain drafts, which it was thought had cleared there before the Quincy failure, were returned here Wednesday and Thursday of last week, thereby increasing the amount tied up, he said. And heavy withdrawals were feared, word being received about 3:30 o'clock last Thursday afternoon there was to be a certain substantial amount withdrawn. Feeling they faced condition, the officers and directors met following the close of the day's business and decided not to re-open. F. A. Guiles of Kirksville, state bank examiner, arrived here Friday and is now in charge. Mr. Guiles says it will take week or two to make an inventory, which work will be done as expeditely as possible, at which time the bank will be open to the public for such business as is necessary. Persons may at that time call for whatever they may have at the bank for safe keeping, and to receive cancelled checks. When the inventory has been taken special deputy commissioner will be appointed. When interviewed regarding the condition in which the state will find the bank's condition and what depositors may expect, Mr. Linville made the following statement: "In an orderly liquidation we believe there will be little loss, if any." He said it was deemed advisable at the meeting last Thursday night to close the bank before the assets showed further depreciation because of the conditions faced. The Brashear State Bank of which Charles S. Davis, many years ago superintendent of schools at Edina, is cashier, closed Monday. The Rutledge Exchange Bank and the LaBelle Savings Bank were among Northeast Missouri banks which closed last week. They were affected by the Quincy bank closing.

4. December 2, 1930 The Dallas City Review Dallas City, IL
Article from The Dallas City Review, December 2, 1930

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ILLINOIS News Notes The recently reopened Bartonville State bank at Bartonville was held up by a robber, who took $10,000 in cash and escaped. Albert Miller, sixty-three, for 20 years an employee of the Goebel hotel at Granite City. committed suicide by hanging himself, The A. P. Eaton elevator at Allerton was sold by the federal referee in bankruptcy to H. S. Johnston of Danville for $7,750. Prof. Alfred O. Willgeroth was appointed director of music at Rockford college, succeeding Mrs. Laura Grant Short, who died recently. Cecil Sweasey, twenty-eight, of Blandinsville was burned to death when his automobile overturned on the hard read near Roseville. Joseph Pence, for many years highway commissioner of Pana township and brother of Jess Pence of Taylorville, died at his home in Pana. Thomas Watson, fifty-five, employed at Orient mine No. 2, died from burns received when a shot he was tamping in the face of the coal exploded. Abel Hanson, seventy-five was found dead of a shot gun wound on a brush pile near his home north of Morris. Police believed the death was accidental. Close to $25,000,000 Christmas savings will be distributed among 450,000 residents of Cook county. The figures were checked after 277 banks submitted reports. Three hundred members of the American Legion spent a day sawing down trees and chopping wood to be given during the winter to families of jobless men. Identified by an oil station attendant as the man who robbed him of $128, Fred D. Glidden of Kewanee has been bound over to the Champaign county grand jury. John F. Zeman, twenty-nine, of Peoria, was drowned when a boat from which he and two companions were hunting was overturned by rough water on the Illinois river. Displaying a Minkler apple that measured six inches in diameter and weighed eighteen ounces, Ralph Bryce, orchardist near Irving, claimed the record for raising the largest apple in Illinois this season. Two of the oldest banking institutions in Henry county were merged with the announcement of the consolidation of the First National Bank of Cambridge and the Farmers' National Bank of Cambridge. Mrs. Mary Lawson, Chicago, was elected regent of the Illinois Daughters of Isabella at the semiannual state convention in Bloomington. Kankakee was chosen for the next state meeting, to be held in May. Earl Hanson, principal of the Rock Island high school, was elected president of the Kiwanis club. Other officers named are: Vice president, Kenneth Popplewell: trustee, B. L. Burker: treasurer, Robert Gilloley. Rock Island detectives shot and killed Zoaney Merreighn, age thirtysix, father of four children. when they sought to arrest him on an arson charge. The detectives said Merreighn moved as though to draw a revolver. Kidnaped, his car and money stolen, and bound so securely that he lay helpless in a field for eight hours, Alof Anderson of Jamestown, N. D., an aviator, was found near Topeka by Walter Kleier, farmer, upon whose land he was left. The soup house plan has been abandoned in Danville after a vigorous protest by the chamber of commerce. It has another plan and will seek jobs for the unemployed. No plans for feeding the hungry while awaiting Jobs have been announced. Jobs for 10,000 men are to be provided by the first of the year through the construction of 13 new school buildings at a total cost of more than $20,000,000, according to the announcement of William J. Bogan, superintendent of Chicago schools. Stuart Walser, forty-five, cashier of the First National bank and receiver for the West Salem State bank, which has been closed about two years, shot and killed himself in his bank at West Salem. Members of his family said Walser suffered from asthma for years. Keeping company with a pupil is no grounds for dismissal of a teacher, a jury in Mercer county court ruled in awarding Miss Ella Deweiler $400 back salary in her suit against the New Boston board of education. The board "fired" the twenty-two-year-old teacher last December because she went around with Charles Bayner, a high school senior. Her first suit was dismissed, but on the retrial she was awarded the amount of her back salary. George Mayford, a member of the Alton city police department for more than twenty-five years, was appointed chief of police to succeed Peter Fitzgerald, elected sheriff November 4. Mayford has been a sergeant in recent years. Six small banks in Illinois and Missouri communities near Quincy have closed. These were the Farmers and Merchants of La Grange, Mo.; the Rutledge Exchange of Rutledge, Mo.; the Downing State of Downing, Mo.; the Bartlett and Wallace State of Clayton, III. and the Timewell State of Timewell, III.

5. December 4, 1930 The Colfax Press Colfax, IL
Article from The Colfax Press, December 4, 1930

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recently reopened was held Bartonville State bank took $10,000 by robber, and escaped. Albert Miller, for 20 Goebel hotel the years Granite City. committed suicide himself. The Eaton elevator at Allerfederal referee by the ton Johnston of bankruptcy Danville for Prof. Alfred Willgeroth nppointed director music Rockford college, Mrs. Laura Grant Short, died Cecil twenty eight. of burned death the his hard road near Joseph Pence, for many years highPana township commissioner Jess Pence Taylorand brother, died his home Pana. Thomas Watson, employed Orient mine died from burns shot he tamping received when the face the exploded. was Hanson, found dead shot wound brush his home north Morris. Police the death was accidental. Close $25,000,000 Christmas ings will distributed among 450,000 of county. The figures after 277 banks submitreports. Three hundred members of the Legion day down trees and chopping be given during the winter families Identified oil station attendrobbed of who Fred Glidden Kewanee has been bound Champaign county grand John Zeman. of Pedrowned from which and hunting was overturned by rough ter the Displaying Minkler apple that inches in weighed Ralph Bryce, orchardist Irving. claimed the record raising the largest apple in Illinois this Two the oldest banking Institumerged tions Henry county the announcement the solidation the First National Bank Cambridge the Farmers' National Bank Cambridge. Chicago, was Mrs. Mary elected regent the Illinois DaughIsabella the semiannual ters Kanchosen for the next state kakee May. Earl Hanson, principal the Rock Island high elected presiKiwanis Other offinamed Vice KenPopplewell: Burtreasurer, Robert Gilloley. Island and killed Zoaney Merreighn. thirtyfather children. when they sought arrest him arson charge. detectives said Merreighn moved though draw revolver. Kidnaped, his and money stolen, bound securely that he lay helpless field eight hours, Alof Anderson Jamestown, aviator, found Topeka Walter Kleier, farmer, upon whose land left. house plan has been abandoned vigorous protest by the chamber has plan seek jobs No plans for feeding hungry awaiting Jobs for 10,000 are to be prothe the year through of school buildings total cost of more than according the nouncement William Bogan, superintendent of Chicago schools. Stuart Walser, cashier of the First National bank receiver for the West Salem State bank, which has been closed about years, shot and killed himself his bank at Salem. Members of family said Walser suffered from asthma for years. Keeping company pupil grounds teacher, Mercer county court ruled in jury Ella $400 awarding back salary her against the Boston board education. board "fired" teacher last because she high school senior. Her first the she awarded the amount of her back ary. Mayford. member of the Alton department for than years, appointed chief police Peter Fitzgerald, elected sheriff November sergeant in recent years. small banks In Illinois and Missouri communities near Quincy have closed. These the Farmers and Merchants Grange, Rutledge Exchange of Rutledge, the Downing State Downing, the Bartlett Wallace State of Clayton, and the Timewell State TimeDonald Harper, Mrs. Glenn Brown Louisville, has probably the largest number any child Illinois. He has ten all their ages total six hundred sixty-six years. indicted the Hengrand jury for the for Earl Yocum, Galva banker. Those that Harry and Orville Wiskers, Vernon and Lloyd Cambridge except Orhere whom the authoriare searching.

6. December 4, 1930 Forreston Journal Forreston, IL
Article from Forreston Journal, December 4, 1930

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recently reopened Bartonville bank Bartonville was held up by robber, who took $10,000 in cash and escaped. Albert Miller, sixty-three, for 20 an employee the Goebel Granite City, committed suicide by hanging himself. The Eaton elevator at Allerton by the federal referee in bankruptcy H. Johnston of Danville for Prof. Alfred Willgeroth appointed director of music college, Mrs. Laura Grant Short, who died Cecil Sweasey, twenty-eight. of Blandinsville burned death his automobile overturned the hard road near Roseville. Joseph Pence, for many years highPana township and brother Jess Pence Taylordied at his home in Pana. Thomas Watson, employed at Orient mine died from burns received when shot he tamping the face the exploded. Abel Hanson, seventy-five was found dead of shot gun wound on brush pile near his home north of Morris. Police believed the death was accidental. Close to $25,000,000 Christmas savIngs will distributed among 450,000 residents Cook county. The figures were checked after 277 banks submitted reports. Three hundred members of the American Legion spent day sawing down trees chopping wood to during the winter to families of Jobless Identified by an oil station attendthe robbed him of $128, Fred Glidden of Kewanee been bound over to the Champaign county grand jury. John Zeman, of Peoria, drowned when boat from which and companions were hunting was overturned by rough water Illinois river. Displaying Minkler apple that six inches In diameter and weighed eighteen ounces, Ralph Bryce, orchardist near Irving. claimed the record for raising the largest apple In Illinois this Two the oldest banking institutions Henry county merged the of the consolidation the First National Bank Cambridge the Farmers' National Bank of Cambridge. Mrs. Mary Lawson, Chicago, elected regent the Daughters Isabella the semiannual Bloomington. Kankakee was for the next state held May Earl Hanson, the Rock Island high school, elected presithe Kiwanis club. Other offinamed president, Kenneth Popplewell trustee, Burtreasurer, Robert Gilloley. Rock Island detectives shot and killed Zoaney Merreighn, age thirtysix, father four when they sought arrest him an arson charge. The said Merreighn moved as though to draw revolver. Kidnaped, his car and money stolen, and bound securely that lay helpless field for eight hours, Alof Anderson of Jamestown, N. aviator, found near Topeka Walter Kleier, farmer, upon whose land was left. soup house plan has been abandoned in Danville after vigorous protest by the of has plan will seek jobs for the No plans for the hungry awaiting jobs have announced. 10,000 to he provided of the year through the construction 13 new school buildings total cost of more than $20,000,000, according the announcement William Bogan, superintendent of Chicago Stuart Walser, cashier of the First National bank receiver for the West Salem State bank, which has been shot and killed himself in his bank West Salem. Members of family said Walser suffered from asthma for years. Keeping company with pupil Is no grounds for dismissal of teacher, jury Mercer county court ruled In awarding Miss Ella Deweller $400 salary her suit against the New Boston board of education. board "fired" the teacher last December because she around Bayner, high school senior. Her first suit was on the retrial she was awarded the amount of her back solary. George Mayford, a member of the Alton department for more than years, appointed chief police succeed Peter Fitzgerald, elected sheriff November Mayford has been sergeant in recent years. Six small banks In Illinois and Miscommunities Quincy closed. These the Farmers and Merchants of Grange, the Rutledge Exchange of Rutledge, Mo.; the Downing State Downing. Mo.; the Bartlett Wallace State Clayton, the Timewell State of Timewell, III. Donald Harper, Mr. Mrs. Glenn Brown Louisville, has probably the largest number grandparents of child in Illinois. He grandparents all their combined ages total six years. Four indicted the Hengrand jury for the kidnapfor Earl Yocum, Galva banker. Those indicted under that charge and Wiskers, Vernon Ahigren and Lloyd Winslow. All are fall Cambridge except Orville for whom the authorities are searching.