Boonville National Bank (Boonville, MO)

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ESTABLISHED ON OCTOBER 16, 1916

Succeeded Old Central National Founded In 1865 by J. L. Stephens.

The Boonville National Bank was established October 30, 1916, as a successor to the Central National Bank, which had been founded in 1865. This old bank was under the supervision of the late Joseph L. Stephens, pioneer banker, until his death in 1881. It was during his lifetime that the institution became famous in Missouri as a strong and progressive bank.

Col. Stephens was a friend of the late Jay Gould, who so admired the Missouri banker and the reviewer for an early railroad that he presented him with the famous iron dogs that still stand in front of the present bank.

Following Col. Stephens' death his sons took over the operation of the bank. On October 28, 1916, it was forced to close its doors by the comptroller of currency and went into liquidation. There was no run on the bank, and every depositor eventually received his money.

The Boonville National was opened two days after the closing of the Central National and continued its operation until June 16—today. Its first officers were E. E. Amick, president; W. A. Sombart, vice-president; W. W. G. Helm, chairman of the board; B. M. Lester, cashier; R. L. Moore, Jr., assistant cashier. The first board of directors was composed of W. G. Helm, J. E. Thro, N. Nelson Leonard, Roy D. Williams, H. T. Zuzak, A. W. Nelson, E. E. Amick, G. W. Jewett, and W. A. Sombart.

The bank has had three presidents: E.E. Amick, B.M. Lester, and Dr. A. W. Nelson.

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Bank Put In aminer Thursday Morning.

STEADY CAUSED THE CLOSING

Move Is On Foot For Organization Of New Institution.

The Boonville now National Bank Thursday morning failaminer." ed to open its doors for business following meeting of the board of directors Wednesday night at which time three days, Robert Neill, chief national bank examiner of the eighth district, declared the bank closed because it had exhaustits available funds. Reorganization of the bank, which was started immediate- and the assets after death of Dr. Nelson, March 13, was about reorganized completed Wednesday and H. have be Zuzak was to have gone to St. Louis Wednesday aftereffort noon to complete arrangements for re-organization funds, when Mr. Neill came to the bank and asked for the expected. daily statement of the Wednesday's business. This was presented at about o'clock. A meeting of the board of diprobably the rectors was called Wednesday drawals. night, and which read as follows, was posted as of 16. bank under the direccommittee tion of the comptroller of the Irvine, currency, is in charge of Marvin L. Underwood, assistant national bank examiner. "Closed by resolution of the board of directors.' (Signed) Underwood The bank had resources of 000 and Wednesday had deposits totaling in round numbers On January the deposits in round numbers were $835,000. Steady and persistent withdrawals by check had reduced deposits steadily, though no "personal" made any time. The National Bank, like most others in the country, had weather financial storm brought on by the general depression. rectors have worked maintain the instiution all times the death the been relieved. With the just den death the president tion was hand that called still more optimism and hard offset the natural prestige. There flurry The tution bravely in its find president, for and generto serve had in past. The directors ed hard every officer and ployee the bank their part. The that in the tragedy death Kingsbury and Meistrell another blow, rectly at the bank, but in the which or less was feeling the several recent and in chological mood that permitted little The receivership of the Farm Home Association Nevada, caused some The town heard the news Thursday morning with gravity, in frame of mind that philisophically accepted situation. Merchants were confiddent plans new bank would be set on foot immediately, and were spirit foster such movement. They are by no means licked. The Daily News learned that bank examiners made assurance that there were no irregularities far as the bank personnel cerned and that withdrawal funds was the only cause for the stitution's closing. The bank directors were: Judge John Fischer, Walterscheid, Leonard, Judge D. liams, Judge Gil Jewett, Lee, Oswald, Charles Whitlow, and Herman Zuzak. Gil Jewett was first vice-president, Zuzak, second Redd, cashier, Charles Whitlow and PorTumy cashiers. Capital stock paid and surplus in the last ancial statement of the bank published the Advertiser in January this Plans for new bank were being discussed freely today thought that per cent of the necessary capital had been subscribed, and the reasonably optimistic about the success of the enterprise. was by Herman sented to the newspapers: meeting the board of the Boonville National Bank, which lasted until almost decided, due shortage of funds for continued operation, to suspend business, and the bank was for business morning. Robert Neill, chief national bank examiner of the Eighth Federal ReDistrict, present and conferred with The bank charge Underwood, assistant National Bank ex"Plans for reorganization of the bank had been practically perfectwould probably have been consummated within the next two had not the steady withdrawal funds depleted cash reserves bank such extent that was impossible reopen business this morning. assistance Reconstruction Finance Corporation more easily available going bank than for closed bank the going bank more liberally, serious consideration deemfor the bank probably liquidated through the appointment of receiver. management made keep the bank going had no doubt until the very last that their plans would mature new bank These plans were defeatthrough slow resulting withdrawals during the last two or three Word leaked out that the re-organization pian process and cause of these withBoonville National Bank has important financial stitution in this community. Plans for organization of the new bank being considered and consisting of Maj. Geo. Kelley, and Wade Laher are in charge of this plan.'

Hurt, Lahar Oswald, Pigott, Ernest, Laura

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EXAMINER CLOSES NATIONAL BANK OF BOONVILLE, MO.

Depository Largely Owned by the Late Dr. A. W. Nelson Had Total Resources of $1,500,000.

By the Associated Press. BOONVILLE, Mo., June 16.—The Boonville National Bank, of which the late Dr. A. W. Nelson was president, failed to open today and posted a notice saying it was in the hands of the Comptroller of Currency.

The bank was ordered closed last night by Robert Neill, chief national bank examiner of the Eighth Federal Reserve District, who met with the board of directors. Neill said the bank had exhausted its available funds. No irregularities were found, Neill said.

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THE BOONVILLE NATIONAL BANK CLOSES DOORS

Institution Once Headed By Dr. A. W. Nelson, who Lost His Life In Lake of Ozarks, Fails To Open Today.

BOONVILLE Mo., June 16-(A -The Boonville National Bank, of which the late Dr. A. W. Nelson was president, falled to open today and posted & notice saying it was in the hands of the comptroller of currency. The bank was ordered closed last night by Robert Neill, chief national bank examiner of the 8th Federal Reserve District, who met with the Board of Directors. Neill said the bank had exhausted its available funds No irregularities were found, Neill said. The bank had total resources of $1,500,000 and deposits of approximately $629,000. Dr. Nelson, who was the Deniocratic nominee for governor in 1924, was drowned in the Lake of the Ozarks last March 13. His body has not been recovered. Dr. Nelson's son-in-law, Walter S. Semple, prosecuting attorney of Cooper county, also lost his life when boat in which they were fishing capsized during windstorm. Dr. Nelson was believed to have been bank. the largest stockholder in the Officials of the bank said today that, immediately after Dr. Nelson death, a movement looking toway reorganization of the bank was started, but that a steady withdrawal of deposits started before they could complete the work. The deposits were withdrawn mostly by check, and at no time was there any indications of "run. The bank has a week in which to reorganize and steps were started in their direction today today A notice posted on the bank door read: "This bank, under the direction of the compltroller of the currency, is in charge of Marvin L. Underwood, assistant national bank examiner. "Closed by resolution of Board of Directors." The notice was signed by Underwood.

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BOONVILLE BANK CLOSED BY ORDER OF ITS DIRECTORS

Dr. A. W. Nelson, President, Drowned In Lake of Ozarks March 13

By The Associated Press.

BOONVILLE, Mo., June 16.—The Boonville National Bank, of which the late Dr. A. W. Nelson was president, failed to open today and posted a notice saying it was in the hands of the comptroller of the currency.

The bank was ordered closed last night by Robert Neill, chief national bank examiner of the 8th federal reserve district, who met with the board of directors.

Neill said the bank had exhausted its available funds. No irregularities were found, Neill said.

The bank had total resources of $1,500,000 and deposits of approximately $629,000.

Dr. Nelson, who was the Democratic nominee for governor in 1928, was drowned in the Lake of the Ozarks last March 13. His body has not been recovered. Dr. Nelson's son-in-law, Walter S. Semple, prosecuting attorney of Cooper county, also lost his life when a boat in which they were fishing capsized during a windstorm.

Dr. Nelson was believed to have been the largest stockholder of the bank.

Officials of the bank said today that, immediately after Dr. Nelson's death, a movement looking toward reorganization of the bank was started, but that a steady withdrawal of deposits started before they could complete the work. The deposits were withdrawn mostly by check, and at no time was there any indications of a "run."

The bank has a week in which to reorganize and steps were started in that direction today.

A notice posted on the bank door today read:

"This bank, under the direction of the comptroller of the currency, is in charge of Marvin L. Underwood, assistant national bank examiner.

"Closed by resolution of board of directors."

The notice was signed by Underwood.

Herman Zuzak, second vice-president of the bank made the following statement this afternoon: "Plans for a reorganization of the bank had been practically perfected and would have been completed within the next two or three days, had not steady withdrawals of funds depleted the cash reserve of the bank to such an extent it was impossible to reopen this morning.

"The assistance of the Reconstruction Finance Corporation is more easily available for a going bank than it is for a closed one and the assets of the going bank are appraised more liberally, so after serious consideration it is deemed impossible for the bank to be reorganized and it will probably have to be liquidated through the appointment of a receiver.

"The management has made every effort to keep the bank a going institution and had no doubt until the last, that their plans would mature into a new bank as expected. These plans were defeated through a slow run resulting in excessive withdrawals during the last two or three days. Word, had leaked out that reorganization plans were in progress and this probably was the cause of the withdrawals."

Plans for the organization of a new bank are being considered and are in charge of Major George T. Irvine, O. F. Kelly and Wade Lahar.

The directors of the closed bank are, Judge John A. Fischer, J. E. Walterscheid, N. N. Leonard, Roy D. Williams, Gil Jewett, L. L. Lee, Julius Oswald, Charles Whitlow, Herman T. Zuzak and H. T. Redd.

Boonville has one other bank the Kemper State Bank, with W. T. Kemper, Jr., in charge.

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BANK CLOSES AT

Comptroller of Currency Take Over Boonville National Today

The Press BOONVILLE, Mo., June The Boonville National Bank, of which the late Nelson was president, failed to open today and posted notice saying the hands of the comptroller the currency The bank closed last night by Robert Neill, chief national bank of the 8th federal reserve district, met with the board of directors. Neill said bank had hausted its available funds. No irregularities were found, Neill said. The bank had total resources of $1,500,000 and deposits of proximately $629,000. Dr. Nelson, who was the democratic nominee for governor 1924, was drowned in the lake the Ozarks last March body has been recovered. Dr Nelson's Walter Semple, prosecuting attorney Cooper county. his life when boat which they fishing capsized during windstorm. Dr. Nelson was believed to have been largest stockholder bank. Officials of the bank said today that, immediately after Nelson's death, movement looking toward reorganization of the bank started, that steady withdrawal of deposits started they could complete the work. The deposits withdrawn mostby check, and at no time was there indications The bank has week in which reorganize and steps startin their direction today notice posted on the bank door today read bank, under the director comptroller of the curin charge of Marvin assistant national bank examiner "Closed by resolution of board The notice was signed by Underwood.

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BANK OF DROWNING VICTIM IS CLOSED

By The Associated Press. Boonville, Mo., June 16.-The Boonville National Bank, of which the late Dr. A. W Nelson was president, failed to open today and posted a notice say ing it was in the hands of the comptroller of currency. The bank was ordered closed last night by Robert Neill, chief national bank examiner of the 8th federal reserve district, who met with the board of directors. Neill said the bank had exhausted its available funds. No irregularities were found, Neill said. The bank had total resources of $1,500,000 and deposits of approximately $629,000. Dr. Nelson, who was the Democratic nominee for governor in 1928, was drowned in the Lake of the Ozarks last March 13. His body has not been recovered. Dr. Nelson's son-in-law, Walter S. Semple, prosecuting attorney of Cooper county, also lost his life when a boat in which they were fishing capsized during a windstorm. Large Stockholder. Dr. Nelson was believed to have been the largest stockholder of the bank. Officials of the bank said today that, immediately after Dr. Nelson's death, a movement looking toward reorganization of the bank was started, but that a steady withdrawal of deposits started before they could complete the work. The deposits were withdrawn mostly by check, and at no time was there any indications of a "run". The bank has a week in which to reorganize and steps were started in that direction today. A notice posted on the bank door today read: "This bank, under the direction of the comptroller of the currency, is in charge of Marvin L. Underwood, assistant National Bank examiner. "Closed by resolution of board of directors." The notice was signed by Underwood. a change. "While it was manifestly written as a political expedient to placate a noisy minority, find nothing in it

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A BUNCETON, MO., BANK CLOSES.

Bunceton, Mo., June 21.-The Cooper County State Bank at Bunceton was closed today by its board of directors.

No reason was given.

The bank had total resources of

$343,556; loans, $293,700; deposits, $279,-

500, and capital stock of $20,000. A run started on the bank Friday led officers to place a $5 limit a day on depositors' withdrawals. F. C. Betteridge is presi- dent and A. Blomquist, cashier.

The Boonville National Bank at

Boonville, seat of Cooper county, was closed Thursday by order of a national who Nelson, drowned March 13 in the Lake of the Ozarks, was president. Reorganization plans almost were completed when the bank was ordered closed.

George U. Freund, state bank examiner, was assigned late today to take charge of the Cooper County State Bank.

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Endorses

Chamber of Commerce Gives Its Support To Movement.

IDEA OF TWO HERE IS RECOMMENDED

Plan For Another Institution Is Considered Sound.

At the weekly meeting of board of directors of the Boonville Chamber Commerce held Boonville yesterday noon, the following resolution was adopted the board:

RESOLUTION WHEREAS, the Boonville NationBank failed open its door business on Thursday morning June 16th WHEREAS, since the closing of Boonville National Bank, Boonwith only banking institution which institution sidered on strong financial and, the belief that the interests Boonville the community be better served two banks the plan for the ganization bank has been studied and THEREFORE BE IT RESOLVED. by the Board of Directors the hamber of Commerce that the wholehearted endorsement and support of the Chamber given the organization and establishment of new bank in by the Board of Directors the Chamber of Comits regular meeting June 1932. MILLION, Pres. Sec. new bank for Boonville seems to from the reception the soliciting committee which Boller chairman. This committee reports that eleven men approached, nine made substantial subscriptions, and stated their belief that was utmost importance that the new bank organized functioning just soon possible. The openbank will restore confidence the community, pedite financial rehabilitation, and permit business to normally resume. The committee making contacts rapidly possible and will subfirst report soon jority of the stock been scribed. The co-operation every citizen needed to perfect the organization, and any amount may handed Mr. Boller or other any member of the committee.

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60-Day Mortgage MoratoriumSought

Head of Home Loan Bank Board Gets Treasury Aid.

BANK RECEIVERS ARE ASKED TO CO-OPERATE

Requests Similar Action From State Finance Commissioners.

Washington.-Chairman Franklin Fort of the Home Loan Bank Board told the United Press Friday the administration was seeking 60-day moratorium on foreclosure of all mortgages in the United States. Fort said the program included mortgages on commercial plants as well as private homes, and that co-operation of active financial institutions as well as those in hands of receivers would be sought.

Washington, D. C.-Chairman Fort of the Home Loan Bank Board announced to order national bank receivers to suspend mortgage foreclosure proceedings for 60 days. He said the board today was telegraphing every state supervising authority requesting similar action by state bank receivers. He is seeking a general agreement to suspend foreclosures.

J. T. Carlon, receiver of the Boonville National Bank, told the Daily News today that he had received no communication from the treasury department advising him of the action taken at the behest of Chairman Fort.

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John T. Carlon, receiver in charge of the defunct Boonville National bank, has been appointed receiver for the Citizens National and the Sedalia National banks of Sedalia, it was announced Thursday.

Carlon will succeed Edwin S. Coombs, who has been called to St. Louis to take charge of a national bank there.

The new duties of Carlon will in no way effect liquidation of the Bank of Boonville. He will still be in charge of the affairs of the Boonville National bank. Being receiver of the three banks will effect a small savings to the depositors of each, as the salary paid to Carlon will be divided between the three banks.

Mend Hose. LaFlesh Hem. Co., 416 Ohio

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SUIT BRINGS ECHOES OF

Boonville Bank Receiver Sues Milton Thompson Estate.

Interest in the collapse of the Nixon Farm Mortgage company Boonville, Mo., years ago and the of operator of the firm. which involved almost half million dollars in vestments and loans throughout central Missouri, will be revived here in suit which will come trial in the circuit court May The brought Carreceiver for the defunct Boonville National bank of Boonville against the estate the late Milton Thompson, wealthy land owner Lees Summit, in attempt to cover $14,000 and interest paid for development and mine near the site of old Linn Creek. The mine operated for time by Nixon Nixon's Turner. Nixon left Boonville under mysterious circumstances on June 1926, and has never returned. understood he living in Mexnow City, under the name of Wesley. Following his disappearthe operation of the mine discontinued and Thompson was said have discontinued paying the bills, leaving the bank responsible mine was in the the Lake of the Ozarks and later sold the Union Electric Light and Power company, builders of the lake. Attorneys for the plaintiff are Schaumburg and Draffen Boonville, Shackelford Jefferson City, and Walter Raymond of Kansas City Information the attorneys indicates that deposition probably will from Nixon in Mexico City Turner, who was Nixon's business remained Boonville after partner, father-in-law's and shot and killed by Cecil Cockrell, who lost heavily the failure of the Nixon organization. He was tried given short sentence, which he served only months before was paroled. now lives in California.

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The Editor Says

LET'S OPERATE THE SWIMMING POOL It becomes more and more apparent that the city or some civic organization will have to take action if we are to have the Boonville swimming pool in operation this summer. The swimming pool is now controlled by the Boonville National Bank receiver, Mr. John T. Carlton who declines to lease it for a short term but who would sell it at a bargain. We suggest that this matter is important enough that the city authorities take it up with the idea of muncipal ownership if civic clubs or individuals decline to buy and operate the pool The city anticipates receiving a check for $20,000 from the state for the bridge refund. It may be possible to use portion of this for the purchase of the pool. A Chamber of Commerce committee has the matter under consideration but no report has been announced. The warm afternoon today makes one realize the extreme need of the pool. Boonville folks, young and old, enjoy and make use of the pool. If there is no pool in operation this summer then many of them will leave town to. enjoy a swim elsewhere. Some of the youngsters, too, may be tempted to venture into the treacherous Missouri river-and perhaps meet with tragedy there.

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Case of National Bank Receiver In Jackson County Held

Kansas City. mond, one of the attorneys of involving disappearance of Nixon and collapse of the Nixon Farm Mortgage Company of Boonville. said today he did not expect the case to come to trial for anothdays. may be Raymond said. are watching from day day, but only one division of circuit court having jury trials and the docket The suit seeks and interassertedly due the defunct BoonNational Bank from the estate of Milton Thompson of Lees Summit. loaned to he and Nixon operation lead mine near Linn Creek.

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ON MOTION RETAIN

Decision On Involuntary NonSuit In Bank Case To Saturday.

Kansas City, Mo. ruling the motion to set aside Judge Darius Brown's verdict of involuntary non-suit in the case of John Carlon, Boonville National bank receiver, suing collect from the Milton Thompson estate, will made Saturday. The made day by Walter Raymond, chief for Carlon. If Judge Brown sustains the motion Saturday the will be retried his court. Otherwise will be carried to the state supreme court. The suit was begun in the circuit court of Judge Brown June the second day of the trial Judge Brown involuntary suit holding that plaintiff brought incorrect action in the petition failed establish partnership tween Milton Thompson and Nixon. the case carried to the preme court will be another three years before will be endRaymond said.

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Bank Case Goes to Supreme Court KANSAS CITY, July 17 (U.P.)An appeal on the nonsuit decision by Judge Darius Brown last month in the case of John T. Carlton, Boonville National Bank receiver, suing the Milton estate, has been taken to the Supreme Court.

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REPORT ON COLLECTION RECEIVER

Carlon Reports 252 Cash On Hand Now.

CHECKS WRITTEN NEXT

No Announcement To Be Made Regarding Change In Receiver.

The quarterly for the report Boonville National Bank, in receivership, has been issued today by John Carlon, receiver, for the three months ending Sept. The bank suspended June 1932 The report lists the assets at the liabilities $934,The cash in the hands of the Receiver Comptroller totals $88,252. From this latter the figure dividend will be paid within the next few weeks. expected the dividend will be about per cent. The bank lists $200,000 stock assessment. Of this amount, been collected. The total collections counted for This figure, be noted, approximately of the total assets of Thus one-half million, one-third. of the half assets have been collected. Checks the second dividend have nearly all been written to the federal department for audit and signature. They are pected back within the next days, certainly by Nov. 15, after which they will be distributed to the depositors. John Windsor has succeeded Schaumburg attorney for receiver. This appointment line with the political policy replacing with Democrats state and federal offices. The rumor that Mr. Carlon will replaced, too, but there no ficial concerning this Several local Demoseeking the job. CongressRalph Lozier's tions this selection, one to be made. Following the complete quarterreport issued Mr. Carlon: ASSETS Collected Uncollected

LIABILITIES Trustee EVERY Liabili-

JOHN

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L. Koenig Is New Bank Receiver

(Continued from page need the help of all. Job Just Started Mr. Koenig takes over the receivership of the Boonville National Bank on the eve of its second dividend. A 10-percent dividend will be paid soon. A of the assets of the bank have been liquidated, according to the quarterly statement just issued.

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RELEASED

Liquidation Board Formed for Immediate Release Of One Billion Dollars.

Washington government today came to the aid of positors in closed national banks with announcement of President Roosevelt of creation of federal deposit liquidation board to free quickly. The board, composed of ranking fiscal officials, will concentrate stimulating the distribution the frozen assets of banks closed since January and salvaging much possible for depositors bolster purchasing power. general intention," White House announcement said make loans on the assets of closed banks for the benefit of depositors up to maximum of 50 per cent their deposits, inclusive distributions made heretofore." has not been determined as whether or not the Boonville National Bank will receive any of this aid, as closed in June, 1932.

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PLANS TO OPEN ANOTHER BANK IN BOONVILLE

F. K. Harris of Wichita Here Negotiating for Organizing New Institution

Fred K. Harris of Wichita, Kans., a native of Cooper county, has been in Boonville since Monday negotiating for the organization of a new bank here.

Mr. Harris was born and reared in Cooper county at Pilot Grove, and has had 33 years of experience in banking. He was formerly president of the Merchants State Bank of Wichita, of the Farmer-Merchant Bank in Eldorado Springs, and of the Clay county State Bank in Excelsior Springs.

A number of business and community leaders have talked with Mr. Harris and considerable of the capital for the institution has been arranged, he says. Mr. Harris is staying at the Frederick Hotel and will be glad to discuss the subject with anyone interested.

Mr. Harris is a cousin of Henry R. Harris, president of the Third National Bank at Sedalia and a cousin of C. J. Harris, of Ferguson, president of the C. J. Harris Lumber Company.

Since the closing of the Boonville National Bank in June, 1932, Boonville has had only one bank, the Kemper State Bank, a strong institution with the backing of the Kemper organization in Kansas City.

Sentiment in Boonville is favorable for a new bank, Mr. Harris says. If negotiations are carried out and the institution is established; it will be run as a state bank.

Mr. Harris has lived in Wichita for the last seven years.