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Old Bank Suspended. June 1877 significant Missouri banking circles the day which National Bank the State of Missouri Louis placed in the hands receiver the comptroller United States Treasury. Although when finally failed this bank was fundamentally changed from its organization at its beginning its failure marked the end of of Amerigreat banks. its early days known the Bank the finance and has played great role in the of all Missouri the Mississippi Valley. The State remained in the banksyndicate of Louis headed by James Eads, and the bank was This firm continued to do busiuntil the bank placed the hands received 1877. bank, having authorized known to banking circles "plunger", and dealer in spec- Examined found that the bank much dead paper and about per cent the bank's capital gone. The bank not dered closed, but another and fullinvestigation was planned. Cable. his book, Bank of the State of Missouri", attributes the bad condition of the bank part to the apathy the stockholders. For three years before the Treasury investigation, meetings had been called but quorum never appeared, there was of officers. Dividends had been paid and the stockholders did not take trouble inquire into the status of the bank. ten-day examination of the bank committee showed the bank hopelessly insolvent. The board of directors met June 1877, and after an all day admitted insolvency and for There was little immediate fect in Louis following the closing the bank. The failure surprise to the people, but unexpected to bankers. Howwithin months, fourteen banks in Louis had closed and total of twenty-five banks in the whole state were closed during same period. By 1879, Walter Johnston, ceiver, reported that 70 cent dividends approved claims had been paid. The affairs the bank finally closed on June 1887. creditors being paid 100 per with interest, through Edgar who succeeded Johnston receiver 1885. and Mrs. Croy plan establish undertakparlor
