10600. Peoples Bank (Salisbury, MO)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
March 17, 1907
Location
Salisbury, Missouri (39.424, -92.802)

Metadata

Model
gpt-5-mini
Short Digest
433cdea9

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Books examined

Other: Replaced cashier; returned loans from correspondents when not needed.

Description

Cashier Thomas M. Bentley was found short (embezzlement); depositors withdrew funds but the bank paid depositors in full with assistance from neighboring banks and did not close. New cashier elected. Dates from newspaper coverage in mid-March 1907.

Events (1)

1. March 17, 1907 Run
Cause
Bank Specific Adverse Info
Cause Details
Cashier Thomas M. Bentley found short in his accounts (peculations/embezzlement reported ~$16,000–$25,000), prompting withdrawals.
Measures
Paid depositors in full using funds supplied by neighboring banks (wires of $10,000, $10,000 special train, $4,000, and $20,000 sent); elected a new cashier; returned unneeded aid.
Newspaper Excerpt
The state bank examiner has been here since Monday morning checking up the accounts of the People's Bank ... a small run on the bank
Source
newspapers

Newspaper Articles (2)

Article from New-York Tribune, March 18, 1907

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Article Text

CASHIER OF MISSOURI BANK SHORT. State Bank Examiner Finds Discrepancy Said to Amount to Some $16,000. [By Telegraph to The Tribune.] Salisbury, Mo., March 17.-The state bank examiner has been here since Monday morning checking up the accounts of the People's Bank. and it was given out by the directors yesterday that Thomas M. Bently, cashier, had been found short in his accounts. The chief examiner arrived on Friday, and is auditing the accounts of the institution. A small Tun on the bank


Article from Chariton Courier, March 22, 1907

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Article Text

Delivering mau was ample, "confidence" was largely restored, yet all the depositors who wished their money were paid in full, but some of these redeposited it in the same bank after they learned they' could get it if they wanted it. Between $10,000 and $12,000 was drawn out Saturday by doubting Thomases, while several others who were patrons of the bank were not perturbed in the least and made no effort to withdraw their deposits. H. L. Hayes, cashier of the Salisbury Savings bank, in a truly neighborly and manly manner wired Geo. B. Harrison Jr., cashier of the New England National bank of Kansas City, and also president of the Salisbury Savings bank, for $10,000 which arrived Saturday and Mr. Hayes let the People's bank have the whole amonnt with which to pay deposits. Mr. Hayes also wired the Mechanics Savings bank of Moberly, and J. B. Jennings, vice-president, came to Salisbury Monday with $10,000 on a special train and turned it over to the People's bank with which to meet demands for deposits, while Geo. B. Harrison, Sr., of the Glasgow Savings bank sent up $4,000 the same day, and both banks at Keytesville also proffered some assistance, but it was not needed. Geo. B. Harrison, Jr., came down to Salisbury Sunday and after fully investigating the sit. uation returned to Kansas City and sent back $20,000 Monday. Not a dollar of all this money received Monday was needed, however, and was returned to points whence it came, as the financial clouds had, in the mean time, been supplanted by clear skies, and the bank continued business without having to close down. The board of directors met Wednesday morning and elected Geo. W. Welker of Salisbury as cashier, and in whom they and the public have the greatest confidence, as he is a man of irreproachable character and excell nt business qualifications. We have not been able to learn the exact amount of Mr. Bentley's peculations, but they are said to be not far from $25,000 or $26,000, and that they extend over a period of 10 years or more and were principally accomplished by raising receipts of credit