PRESIDENT KILLS SELF, BANK CLOSES
(By Associated Press) Powell, president the Citizens' National bank of Sedalia, shot and critically himself with revolver at his home late yesterday, after which the board of directors met and decided not to open the bank today. The bank, with deposits $2,250,000. was one of the largest in central Missouri.
By SEDALIA, Mo., Nov. H. Powell. the Citizens' National bank of Sedalia, shot and critically himself the head with his home Sunday, after the board directors met and not Point open the bank to-day. The bank, with deposits of one for the largest central the Powell family pressed cidental.
President of Citizens' National Wounded by Gun Shot.
Official of Institution Says No Irregularities lieve Shooting Accident.
Citizens National Bank closed today after William H. Powell sixfour years old. its president. shot and critically wounded himself The bank will remain closed until federal make thorough check of the of the institufor the board of
Powell Slightly Better Powell who himself at his home reported slightly today although his physicians his condition still was dangerous It that nothing had been found by the other officials indicate the slight est irregularity Powell's accounts. want thorough examina"This not we think that irregularity will be found, but we want the depositors to be absolutely that the bank sound before the doors are opened.
Shooting Accidental? This official gave it as his opinion that the entirely accidental. He said he believed Powell from of furnes from the exhaust of his motor similar of the shooting given by the banker's family. which also said the was accidental According these reTom Moffitt Negro chauffeur. reported for 4:30 m. yesterday and found Powell sitting in the in the garage motor was running. III From Car Fumes. It was explained that Powell was seeking to learn drive and probably started the engine while waitIng for the chauffeur The Negro. said. aroused Powell and went with him into the house where he gave him drink of water Then the banker went upstairs. Moffitt, he said. rang to call Mrs. and had started to tell her that was III when they heard from Rushing up. they found the president lying on the floor. revolver in his hand The bank had deposits of about found1872, with Powell's father, Col, W E. the organizers. son of William H. Powell, David H. Powell is vice-president of the institution.
EXTRA STANDARD DIVIDEND. NEW YOFK. Nov. ard Oil Company of New Jersey today declared the usual extra diviof 25 cents addition to the regular quarterly disbursement of 25 cents share. dividends payable 15 stock of ord Nov. 16.
Nov. Shares sold today Year ago
Sales Jan. date Same period Net Clos. Apprx. Div. (Hundreds) Net Apprx. (Hundreds) Net complete Apprx. (Hundreds) Following is Security High NEW Security High Low New York W transactions on list stock change: Net (Hundreds) Apprx. Security 13.73 nine months to Sept. Field 000 against net income $457 096 equal Dept Sparks to 88 cents common share. Arcturus Radio Tube Reduces tube prices ranging from 20 to 60 United American Utilities-Defers 11.11 action on Class A dividend: paid 321 cents Sept. SEDALIA BANK FAILS. JEFFERSON CITY Mo. Nov and four banks failed to open in Missouri toThe Citizens National bank of dalia with deposits approximately one of the largest banks in central Missouri was closed by the directors after William H. Powell president shot and seriously 11.11 Motors wounded himself yesterday He 6.67 reported slightly improved today Other banks in Sedalia opened for business usual today with withdrawals but no indications of runs developing Heavy withdra assigned as the reason for the four state bank closings They the Owensville bank. resources $372,849 Bank of and Bank of Malta Bend, RUN CLOSES BANK. TOPEKA. Kas., Nov Kansas banking department nounced the closing of the and Merchants State bank of Concordia today by order its board of 6.00 directors because of heavy with5.88 The bank's Oct 10 statement listed $100,000 capital stock $10,000 surplus and $314.144 deposits. BANK RECEIVER RESIGNS 12.64 BROOK Ind. Nov Luther Lyons. who took over the affairs the State bank of Brook when failed last December has handed in his resignation as receiver Judge Williams has not indicated who would be appointed in his place. Last week dividend of 5 per cent was paid the depositors. 7.14 CLOSING AT ALEXANDRIA. Closing of the Alexandria bank, at Alexandria, was announced yesterPublix day the offices of the state bankdepartment The institution had resources of $596 and deposits $546,138.48 according to its June 30 report. S. Phillips is president and Kelly cashier Rap Pet 8.17 Oil New York Stock Exchange Mach New York Cotton Exchange Cement 7.68 6.25 401 CIRCLE TOWER 8.33 11 Wall Street 924 Baltimore Ave. Tea Kansas City Two years Film when earned. aUnit stock. shares.
NAME A. L. SHORTRIDGE
Sedalian Is Lawyer for Bank Receiver.
SEDALIA, MO., Nov. 19.-(Special) Sen. Roscoe Patterson today notified A. L. Shortridge, local attorney, that the controller of the currency had appointed him attorney to the receiver of the closed Citizens National bank. The Citizens National was closed after William Powell, president, committed suicide. The receiver is Edwin S. Combs of Kansas City. The doors of the bank were opened today to those who rented safety deposit boxes. Those not indebted to the bank were per mitted to open their boxes.
SEDALIA, Mo., Nov. Alfred L. Sedalia attorney, today was appointed attorney for the receiver charge of the Ctilzens National Bank, which has been closed November S. Coombs is receiver.
Appointment Made By Pole, Comptreller of Currency
Senator Roscoe Patterson sent telegram from Washington this morning, to Shortridge, apprising him of his appointment the of attorney for the receiver in charge of the Citizens National Bank, Sedalia. Mr. Shortridge's appointment made Pole, Comptroller of the Currency, according to the telegram. had been known for nearly that Shortridge had been mentioned for place that Senator Patterson favored his pointment. Mr. however, had not given thought to the matter Senator Patterson suggested applicant, which spired Mr. Shortridge's prompted
A. L. Shortridge Be Attorney To Bank Receiver
(Continued from page one) pirtaion to one of activity to secue the place. He asked the support of his friends and party members and received a number of indorsements to further his candidacy. Mr. Shortridge is one of Sedalia's well known lawyers and has practiced law here for nearly a quarter of a century. He has served as prosecuting attorney for Pettis County and has held other public offices, elective and appointive. Only recently he was named by Governor Caulfield to represent Pettis County on Missourl's unemployment committee and since this appointment he has joined with the Sedalia Chamber of Commerce in a movement to properly and adequately take care of this community's unemployment needs. Wednesday the Democrat, in its efforts to satisfy the hundreds of inquiries reaching the newspaper office daily regarding conditions at the closed bank, sent a telegram to the Comptroller of the Currency asking for statement looking to an alleviation of the anxiety and restlesness that prevailed here. Mr. J. W. Pole, Comptroller of the Curency, Washington, D. C. We are being beseiged by business men, merchants and manufacturers for some information concerning the Citizens' National Bank which was closed by the directors, Monday, Nov. 2, following the fatal shooting of the bank president, W. H. Powell (stop) Bank's been closed now nearly three weeks (stop) Persistent reports following completion of inventroy by examiner indicate solvency (stop) Directors will make no statement. Receiver in charge refuses to give out anything (stop) Depositors, marchants and business men are becoming restless because of the situation at other banks here placing embargo on withdrawals which is stifling business and has practically tied up industry (stop) The merchants join us in making an appeal to you for something tangible as to when the Citizens Bank will be permitted to reopen or any other statement that will serve to relieve anxiety that is dominating this community (stop) Conditions growing more serious daily and we confidently believe a statement from you will greatly relieve the situation (stop) Return wire reply will be greatly appreciated. There has been no reply from Mr. Pole to the newspaper's request. However, the appointment of an at torney for the receiver no doubt was hastened when it was pointed out to Mr. Pole the conditions that exists in Sedalia and this commun ity in a business way. The de partment of finance has its rules governing the operations of nation al banks when such banks are turned over to them by the board of directors of the bank, and one of these rules is that no information of any kind shall be divulged regarding the investigation that is be ing made. This is the reason that the newspapers have been stead fastly refused any information for publication. Mr. Coombs, who is in charge of the Citizens Bank, starting today is permitting those having safety deposit boxes in the bank to have access to the bank and to their boxes where it is known they are not in debt to the bank. The time for such visits is between 9:30 and 11:30 a. m. After these hours the bank is closed again until the following day. None of the directors of the bank appear to know any more what is going on within than anyone else outside of the bank. They have been told that when the department is given charge of a national bank that the business of that institution must be carried through to a con clusion that is guided by the rules of the department. Mr. Shortridge called at the bank this afternoon to introduce himself as the new attorney for the institu tion and for conference with Mr Coombs. Mr. Shortridge said after the conference that his duties would be to look after all legal matters pertaining to the bank's business. and gave it as his opinion that he would be called upon to look after collections and do everything else that required legal services to secure the results the banking department desired. It was stated from another source that Mr. Shortridge's appointment did not mean that the bank was in the course of liquidation or that the assets would be liquidated.
Appointment Made By Pole, Comptreller of Currency
Senator Roscoe Patterson sent telegram from Washington Thursday, Shortridge, him his appointment the of attorney for the receiver of the Citizens National Bank, Sedalia. Mr. Short ridge's appointment made Pole, Comptroller of the according the been known for nearly that Mr. Shortridge had been mentioned for the place that Senator favored pointment. Mr. Shortridge, had given thought the until Senator Patterson suggested that he be applicant, which spired Mr. prompted and appointive. Only cently named by Governor Caulfield Pettis on Missouri's mittee this appointment joined with the Chamber Commerce properly adequately this community's employment Wednesday, the Capital in to satisfy the hundreds inquiries reaching fice daily regarding conditions the closed bank, sent telegram the Comptroller the Currency statement looking alleviation the anxiety and restlesness prevailed here. Mr. Pole, Comptroller the Currency, Washington, are being besieged by business merchants and ufacturers some information concerning the Citizens' National Bank which was closed by the Monday, Nov. following fatal shooting bank president, (stop) Bank's been closed nearly three weeks (stop) Persistent reports followcompletion inventory by examiner (stop) make statement. charge refuses give out anything (stop) Depositors, merchants and business men becoming restless because of the situation other banks here placing embargo which stifling business has practically up industry (stop) The join us in making an appeal you for something tangible when the Citizens Bank mitted reopen any other statement that will lieve that dominatcommunity (stop) ditions are growing more ious daily and confidently believe statement from you will greatly relieve the (stop) Return wire be greatly appreciated. There no reply from Pole the request. the appointment torney for the receiver no doubt hastened was pointed Pole the conditions that Sedalia this business way. The partment finance has its rules governing operations of banks when such banks them the board directors the and these that information kind shall divulged garding the that made. This the reason that the have been stead fastly refused any information for publication. Mr. charge Bank starting yesterday permitting those having safety posit the bank the bank and their they bank. The
A suit on note for $10,000, was filed in circuit court Tuesday by Edwin S. Coombs, receiver of the Citizens National Bank, Sedalia, against R. N. Lower, and Mrs. R. N. (Anna) Lower. The plaintiff alleges that the defendants gave their note for that amount on October 22, 1931.
A. L. Shortridge is attorney for the plaintiff.
GIVEN JAIL TERM FOR NON-SUPPORT OF FAMILY
H. S. Adams, of near Green Ridge, charged with non-support of his family, pleaded guilty in the circuit court Tuesday and was given thirty days in jail.
Five suits on stockholder's liability were filed in the circuit court today by A. L. Shortridge, attorney for Edwin S. Coombs, receiver of The Citizens National Bank. The liability is one hundred dollars per share for each share of stock owned in The Citizens National Bank, now in the hands of a receiver.
The defendants are: R. F. Harris, from whom is asked judgment of $1,000, for ten shares of capital stock; Grant Crawford, for $4,000 for forty shares of stock; Miss Nannie Hutchinson for $5,500 for 55 shares, she having paid $1,000 for an additional ten shares; J. D. Prowell for $700 for 7 shares of stock, and Leo Bloess for $1,000 for ten shares.
All suits ask for six per cent interest from March 23, 1932.
CONDITION OF MISS LA VERNA McGINNIS CRITICAL
The condition of Miss La Verna McGinnis, chief operator for the Southwestern Bell Telephone Company, who is ill in St. John's hospital, St. Louis, is extremely critical today, and her brother and sisters are at her bedside.
She seemed to be much better Wednesday and her brother-in-law, Frank Adams, returned to Sedalia. He received a message this morning that she was not so well, and he returned to St. Louis immediately.
NUMEROUS CASES FOR MAY TERM WERE DISMISSED
Action of Bank Receiver On Mr. and Mrs. R. N. Lower Among Them
The injunction suit filed by L. J. Bahner, and a number of other citizens of northwest Sedalia, to prevent the erection of a packing plant at the Sedalia Stockyards grounds, was dismissed in the circuit court this morning, at the opening session of the May term of court. Attorneys for the plaintiffs stated that nothing had been done towards the erection of such a plant, therefore there was no cause of action and the suit would be withdrawn.
Other cases taken up at the morning session of court were; A suit filed by Edwin S. Coombs, receiver for the Citizens National Bank, against R. N. Lower and Mrs. Lower, was dismissed as per stipulation. The amount asked from Mr. and Mrs. Lower by Mr. Coombs, alleged due the bank, was originally $45,000. Mr. Lower made a payment reducing it to $36,700, and later signed over 793 acres of land, which was accepted by Mr. Coombs as payment in full for the remainder.
NUMEROUS CASES FOR MAY TERM WERE DISMISSED
Action of Bank Receiver On Mr. and Mrs. R. N. Lower Among Them
The injunction suit filed by L. J. Bahner, and a number of other citizens of northwest Sedalia, to prevent the erection of a packing plant at the Sedalia Stockyards grounds, was dismissed in the circuit court Monday at the opening session of the May term of court. Attorneys for the plaintiffs stated that nothing had been done towards the erection of such a plant, therefore there was no cause of action and the suit would be withdrawn.
Other cases taken up at the morning session of court were; A suit filed by Edwin S. Coombs, receiver for the Citizens National Bank, against R. N. Lower and Mrs. Lower, was dismissed as per stipulation. The amount asked from Mr. and Mrs. Lower by Mr. Coombs, alleged due the bank, was originally $45,000. Mr. Lower made a payment reducing it to $36,700, and later signed over 793 acres of land, which was accepted by Mr. Coombs as payment in full for the remainder.
Suit on note filed by Third National Bank against R. W. Dow, et al, settled and dismissed at cost of defendant.
Damage suit, Corbin H. Wheeler, versus Missouri Pacific dropped from docket.
Damage suit filed by Everett B. Martin against Chicago-Rock Island & Pacific Railroad Company, dismissed by plaintiff.
Damage suit, Grady L. Wood versus Chicago-Rock Island and Pacific Railroad Company, dismissed by plaintiff.
Suit on contract, James E. May versus Mid-State Motor Company, dismissed by plaintiff.
Treasury Department Washington, May 26, 1932. Mr. Walter J. Brill, Sedalia, Missouri. Dear Sir:
Reference is had to a telegram signed by you and others regarding the payment of a dividend to creditors of the Citizens National Bank of Sedalia, Missouri.
We are pleased to advise you that after thoroughly analyzing this situation we have authorized the payment of a dividend to creditors of this trust. As soon as the checks can be properly prepared, signed and returned to the receiver, they will be distributed.
Yours very truly, J. W. POLE, Comptroller.
The message sent by Mr. Botz and Mr. Brill, which brought this reply, read:
"Hon. J. W. Pole Comptroller of the Currency Washington, D. C.
May 10, 1932—May we urge a prompt distribution of a dividend to depositors claimants of the Citizens National Bank. This bank was closed November second nineteen thirty one, tieing up more than two millions of dollars (stop) Thousands in this community have since been without any appreciable amount of money (stop) Expenses accumulated are pressing (stop) Cooperation extended to very limits by those capable (stop) Closing of two other banks here added to the financial distress (stop) Urgent inquiries from depositors inspires this appeal for cooperation from you which we feel you will not ignore under the straightened circumstances affecting so many of our people (stop) May we count on you that we may give our citizens assurance of your sympathy and help at this time (stop) Advise wire please date of and percentage of distribution Thanks.
WALTER J. BRILL, Chairman Depositors Committee. CHARLES O. BOTZ, President Chamber of Commerce. Sedalia Democrat and Capital."
Saturday afternoon Mr. Botz received a telegram from Mr. Pole, a reply to the message approved by the Chamber of Commerce directors, and sent by Mr. Botz Friday afternoon. The message sent from Sedalia, and the reply follows:
"J. W. Pole, Comptroller of Currency,
Two suits pending in the circuit court, both asking to recover from the Citizens National Bank, now defunct, money which plaintiffs allege belong to other funds, one to the Sarah E. Cotton estate, the other to the Twelve Mile Road District, have been transferred from the Pettis county court to the federal court.
A suit on note, filed by Edwin S. Coombs, receiver for the Sedalia National Bank, was dismissed when the case was settled out of court, as was a suit filed by Mr. Coombs as receiver for the Citizens National Bank against W. E. Ragar, et al. One against Lawrence Wagner, et al., by Mr. Coombs as receiver for the Citizens National Bank was continued until November.
Judgments on suits brought by Mr. Coombs, as receiver for one or the other bank, were: Receiver for the Sedalia National, versus Margaret E. Rhodes, judgment for $135 and $5.40 interest, and $100 and $2.00 interest; receiver for the Citizens National Bank against Bell Hutchinson, $1,500 and $55 interest; also against F. J. Adams, et al., $2,000 and $108 interest and $200 and $20 interest; against F. T. Anderson, et al., $2,300 and $120.99 interest; against William Hanlon, $348.32.
A damage suit brought by George Knox against C. M. Crouch was dismissed by the plaintiff.
An ejectment suit brought by Oscar J. Keck against Louis Sweringen was dismissed.
Two suits pending in the circuit court, both asking to recover from the Citizens National Bank, now defunct, money which plaintiffs allege belong to other funds, one to the Sarah E. Cotton estate, the other to the Twelve Mile Road District, have been transferred from the Pettis county court to the federal court.
A suit on note, filed by Edwin S. Coombs, receiver for the Sedalia National Bank, was dismissed when the case was settled out of court, as was a suit filed by Mr. Coombs as receiver for the Citizens National Bank against W. E. Ragar, et al. One against Lawrence Wagner, et al., by Mr. Coombs as receiver for the Citizens National Bank was continued until November.
Judgments on suits brought by Mr. Coombs, as receiver for one or the other bank, were: Receiver for the Sedalia National, versus Margaret E. Rhodes, judgment for $135 and $5.40 interest, and $100 and $2.00 interest; receiver for the Citizens National Bank against Bell Hutchinson, $1,500 and $55 interest; also against F. J. Adams, et al., $2,000 and $108 interest and $200 and $20 interest; against F. T. Anderson, et al., $2,300 and $120.99 interest; against William Hanlon, $348.32.
A damage suit brought by George Knox against C. M. Crouch was dismissed by the plaintiff.
An ejectment suit brought by Oscar J. Keck against Louis Sweringen was dismissed.
JOHN T. CARLON IS NEW RECEIVER
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.