Wellston Trust Company - Wellston, MO

Episode Information

Episode UID: 80011271621
Episode Type: Suspension → Closure
Bank Type: trust
Bank ID: 8001127 routing
Routing Number: 80-0112
Start Date: January 2, 1935
Location: Wellston, Missouri (38.673, -90.299)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 295c89d32cedcbfc

Response Measures

None

Description

State Finance Department is administering liquidation; bank in process of being liquidated.

Events (2)

1. January 2, 1935 Receivership

Newspaper Excerpt: John W. Snyder, receiver for Grand National Bank, is seeking to collect $240,000 from Wellston Trust Co.; both banks ... are being liquidated.
Source: newspapers

2. January 2, 1935 Suspension

Cause: Government Action
Cause Details: State Finance Department placed Wellston Trust Co. into liquidation/administration.
Newspaper Excerpt: Both banks, which were controlled by Ed Mays, are being liquidated. The State Finance Department, in charge of liquidation of Wellston Trust Co., is resisting Snyder's claim, contending the stock was never actually owned by Wellston Trust Co.
Source: newspapers

Newspaper Articles (1)

1. January 2, 1935 St. Louis Post-Dispatch St. Louis, MO

Article Text

STATE'S COUNSEL CALLS MAYS' BANK STOCK SALE SHAM Glendy B. Arnold Says Grand National Deal With Wellston Trust Was to Cover Loan. The suit in which John W. Snyder, receiver for Grand National Bank, is seeking to collect $240,000 from Wellston Trust Co., representing its liabilities as the owner of 2400 shares of Grand National stock, was taken under advisement by Federal Judge Davis after a one-day hearing Monday. Both banks, which were controlled by Ed Mays, are being liquidated. The State Finance Department, in charge of liquidation of Wellston Trust Co., is resisting Snyder's claim, contending the stock was never actually owned by Wellston Trust Co., but came into its possession through an arrangement devised to evade a State statute limiting the amount the bank could lend to any one borrower. The deposition of Fred Krone, who was president of Wellston Trust Co. at the time it acquired the Grand National stock, was filed today. He said the deal was initiated by Ed Mays, and when suggested by him was approved unanimously by the Wellston Trust Co. directors. Principal witnesses were Oscar H. Hentschel, formerly treasurer of Wellston Trust Co., and A. B. Garvin, formerly president of that bank and one of its directors in November, 1931, when the bank paid Mays $276,000 for the Grand National stock, at the rate of $115 a share.