18163. Bank of Picher (Picher, OK)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
October 1, 1931*
Location
Picher, Oklahoma (36.987, -94.831)

Metadata

Model
gpt-5-mini
Short Digest
b32e4874

Response Measures

Full suspension

Other: Criminal prosecution and appointment of liquidating agent; trusteeship mentioned.

Description

Newspaper pieces (Oct–Nov 1931) describe the Bank of Picher as a 'failed institution' with a liquidating agent and trusteeship; articles also state a run started prior to failure and describe alleged embezzlement by officers (Gaines, Wolff). I corrected obvious OCR artifacts in snippets. No explicit reopening is mentioned; liquidation/receivership followed failure.

Events (2)

1. October 1, 1931* Receivership
Newspaper Excerpt
failed institution ... liquidation of the funct Bank of Picher ... liquidating agent for the funct Bank of Picher. ... trusteeship properties, ... appointed trustee, bank depositors committee and the bank Trustees H. Barnett Russell of Picher approved Gaines Bank Fourth Creditor List Gaines Bank Picher credit ... the liquidating agent for the funct Bank of Picher. (OCR-corrected fragment).
Source
newspapers
2. October 1, 1931* Run
Cause
Bank Specific Adverse Info
Cause Details
Withdrawals and a run began prior to the bank's failure amid allegations of embezzlement and mismanagement by officers Gaines and Wolff.
Measures
Trusteeship and appointment of a liquidating agent mentioned; trusteeship was arranged and a depositors' committee noted.
Newspaper Excerpt
Run Started Bank the falldeposits the Bank before failure, Gaines testified
Source
newspapers

Newspaper Articles (3)

Article from Miami News-Record, October 29, 1931

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Article Text

BANK OF PICHER JURORS TONIGHT Defense Rests This Morning at Conclusion of Gaines' Testimony BANK WARNED State Official Tells of Advices Sent Year Before It Failed tonight although the hour will undoubtedly be late, the composing jury for the Picher bank embezzlement should begin their deliberations the guilt innocence of Gaines and E. H. Wolff, president director of the failed institution. The rested o'clock this morning after Gaines had tified and the state mediately began rebuttal testimony expected last until of Judge the jury will follow buttal, which attorneys the state and the defense will argue the merits the case the jury Unless un. for agreed noon, the jury allowed to work its verdict late tonight. The case Court Deputy on Stand Following recess this morning, the defense Swartz, deputy court clerk, the stand and introduced evidence informations the other crimcases pending against the fendants in effort show the jury that only the specific charge alleged should be considered in this On the witness stand today, C. cashier, never notified overdrafts of Wolff companies. also himself nor Wolff. the other interhad dollar liquidation of the funct Bank of Picher. that trusteeship Chicago Mines pany the business, Gaines appoint trustee, bank depositors committee and the bank Trustees H. Barnett Russell of Picher approved Gaines Bank Fourth Creditor List Gaines Bank Picher creditthe trusteeship properties, of Gaines mining company share to watchmen incidental expenses. Pennington, state inspector, testified rebuttal that the bank had letters department criticising before failure. Tade Acceptances Again the Gaines placing trade being that that the Mine bank and Gaines Van owed Mine Mill Supply legal and proper that bank take the carried and that perfectly legal Run Started Bank the falldeposits the Bank before failure, Gaines testified factor starting bank publicity given Joplin for Gaines and Wolff stock. normal adjournment time afternoon, Judge Hill night session held attempt to speed up the and Gaines tinued the stand until occupy court for the night about p.m.


Article from Joplin News-Herald, November 2, 1931

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Article Text

OPENED brought Charles Malsbury, K. Blair and the Cotton estate, stockholdseek to oust Gaines and Wolff as officers and rectors Pycope, Inc., of Joplin, and tary, was begun this morning fore Judge Grant Emerson in sion two circuit court. The plaintiffs contend that Wolff and Gaines no longer stockholders and that they have no right control corporation. petitioned that temporary ceiver be appointed for the company pending and of officers. The petitioners in the suit furthcharge that Gaines and Wolff have denied certain stockholders access to the books and records corporation, and accounting petitioned Says Others Are Satisfied. In outlining the defense this Davidson, of the attorneys for Wolff and Gaines, stated that only the plaintHarry Blair, secretary the are dissatisfied company, with present management of the now being headed Gaines, denied all allegations set forth in the complaint. Davidson the corporation has made great progress in the last few years, generally business conditions and leged by the plaintiffs. He contended that the main bringing the suit barrass and Wolff and interfere with operations of the company. contended that Gaines and Wolff financed Pycope, Inc., from the start and that only has been paid back them, for $50,000 put into the company. He said further that neither has been paid any salary and that neither has withdrawn any money from the corporation except that which were equitably entitled. was brought out the ing statement that 438 shares stock Pycope, Inc., which Gaines owned, now is in the hands of the liquidating agent for the funct Bank of Picher. the stock having been put into the bank Gaines, president of the institution. Gaines and Wolff court with their counsel, Davidson and Thurman. The plaintiffs were being represented by Charles Grayston, Paul Bradley and GrovJames.


Article from Joplin News-Herald, November 2, 1931

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Article Text

BANK OFFICERS WILL VENUE CHANGE Miami, Nov. Gaines and Wolff, whose trial on charges with the failure of the Bank Picher ended Saturday with the failing notice today County Attorney Perry Porter that they will again seek change of venue out of Ottawa county for their pending second trial. Porter said the venue change will opposed, two other tempts by the defendant to have the against Gaines and Wolff and their from the county the grounds of bias prejudice. Porter not say when Gaines and Wolff will be ordered again, but he said it probably will when the next jury called December. What charge the state will elect to try them the second time been determined. Sister of Carthage Woman Carthage, Mo., Nov. held today City for Mrs. Emma Hellen years sister Mrs. Westcott, street, died Friday night Kansas City. Mrs. Westcott had spent the ter with Mrs. Hellen for the last several years. She will remain Kansas City until after the holidays. Mrs. W. Herrick Eagle Grove, sister, the only other survivor.