Downing State Bank (Downing, MO)

Article Text

THIRTY BANKS

CLOSE IN ARK Continued from Page financial difficulties of Caldwell Company, bankers Tenn." also said affairs Caldwell & remote Arkansas nothing but an from excited public could have forced closing of this strong

Nov. the closing the National Bank of Kentucky. today started run depositors every the city practically Similar existed in other parts the Most institutions issued of statements they no connection with the bank of Kentucky. The bank was closed following meeting of the board with repreof Louisville finanhouse. The meeting was in cial session from p.m. Saturday until 10 p.m. Sunday, when agreed that no immediate solution could be attained.

SPRINGFIELD, Ill., Nov. Illinois banks were closed today, the number of failures in the state since Friday The Bartlett and Wallace State bank, Clayton. and Timewell State bank, Timewell, were closed today, auditor Oscar Nelson announced. All the closings in connection with the failure of the State Savings Loan and Trust company of Qunicy, which Timewell and Clayton institutions were correspondents. Timewell bank had deposits of $150,000 and the Clayton bank $50,000.

NASHVILLE, Tenn., Nov. 17. Federal Judge John Gore today sustained for creditors' bill against Caldwell Company, investment banking house and dered to their claims before next July

JEFFERSON CITY, Mo., Nov. Exchange bank, Rutledge, in with total of $43,790, and the Downing State bank, at Downing, in Schuyler county, were clostoday placed the hands the state finance department. The Downing bank had total resources of $193,929. Both banks were closed as sult the failure recently of the State Savings Loan Trust company Quincy, III., where they transacted business.

LOUISVILLE, Ky., Nov. 17. Security bank, affiliated the bank Louisville Trust company through inclusion in the company, temporary suspension here today.

LOUISVILLE Ky., Nov. 17.Kentucky, the oldest bank Kentucky, was closed by resolution of its board of placed the hands National bank examiner. The Trust company, an was closed by action of its board James B. Brown, president of the National of Kentucky, issued the to withdrawals in the past week and ruon the streets was advisable majority of the board of directors to close the bank, least temporarily, for the best interests of depositors and all concerned." Presidents of other Louisville banks issued statements that their institutions were solvent.

Article Text

LIVESTOCK

37 Banks Closed in Arkansas, 34 as Precautionary Measure

LITTLE ROCK 18 (UN banks affiliated with the Banks company of Little Rock took of law for five with suspension of pay. on Three in ordered by the Banking Senator Joseph T. Robinson blamed the situation the of Caldwell & Co. at sure the banks are solvent.' sound financially and as as the the closing the banwks has the state will return normal and the will Officials anthe by fear of The Trust com. pany of Little was the first of the to shut doors. It is the largest bank in the

Within an came from Pine that Merchants & Planters there and banking tions in had failed Bank officials and depositors alike possible outunprecedented number of the banks to the end that time they for in the hands of the State Banking department.

Six Banks Close in Kentucky, All Are Declared Solvent

LOUISVILLE Nov 18 (U.N. Six Kentucky two of them Neand operated closed yes. terday said that all the was protect the interest of The Bank of the the AmeriMutual bank SecuriBank the all of Louisville, and the McElwain Me. quiar & company Franklin. the institutions affected the American Mutual and

Two Illinois Failures Bring Total to Five Since Friday

The suspensions in since increased to five yesterday ing State that the Bartlett & Wallace State bank and the Timewell State bank Timewell had connection with the failure of the State Savings & Quincy 000 and the bank

Illinois Failure Causes 4 Missouri Banks to Close Mo., 18 (U.N banks Northeast closed their doors yesterday All the were direct of results the failure last week of the Loan & company of Quincy. III The institutions deposited surplus in the Illinois bank and to protect depositors. The The Downing State Schuyler of The Labell of Lewis deposits of $203,000. The Farmers & Merchants bank of La Grange of Lewis county deposits $306,464 The Rutledge Exchange bank of Scotland county deposits $31,838

IOWA BANKS CLOSES 18 Frozen assets caused the Bank of Scranton yesterday had deposits of approximately $400,000

KINNER AEROPI HAS DEFICIT York the NEWS NEW YORK Nov Kinner corporation reports for the nine 30 net deficit of after depreciation compared with deficit $2244 for the corresponding period of

Article Text

DIVIDENDS HELD SAFE BY ASSOCIATED GAS

PLANS TO REOPEN BANKS BEING LAID

Utility Holding Company Is Confidence Expressed by ArCreating New Class of kansas Financial Leaders Preference Stock. in Statements.

By HILTON HORN ADAY. The Associated Gas & Electric Co., holding company operating and controlling extensive utility properties in Western New York. announced today that creating class cumulative stock. which is to be offered to of A stock on the basis one new preference share for two Class shares. The new stock is entitled dividends at rate of 84 annually, with extra dividends not exceeding Class stock of the company widely held of the company utilities the the market value of the stock, many stockholders are said to have feared the possibility of of regular priority The in letter to stockholders today, assures holders that the management believes dividends are safe. and that will be earned margin for the year 1930 The give Class who entertain to the future. on opportunity an investment less subject market fluctuations new stock being created. The regular dividend on the stock will be preferred over dividends on the Class B and will be the dividend the Class A stock is There are close to 4,000,000 shares of the Class stock outstanding. On the New York curb market. the stock currently quoted around 20. compared with a high for the year of 461/2

Government Buys Wheat re-entry of government agencies into the wheat pit development which being watched closely in grain circles in Buffalo The buying been carried by the Grain Stabilization corporation with the of wheat prices in futures market this country The buying sufficiently powerful Monday to keep the Chicago price wheat ten cents bushel higher than in Winnipeg In other words, prices in this country were put on purely domestic basis. This in wheat prices and who have followed the market are in seeing effective will be the government's preventing the price from going as in other countries Expert traders do not believe that this disparity in prices in the United with prices in and will continue for any of time Prices will seek their own levels, pointed because large interests will take the opportunity of buying heavily in the foreign markets and selling the higher prevailing on the Chicago Board of Trade

LITTLE ROCK Ark., Nov. 18 Optimism expressed statements of Arkansas financial leaders as they Add cents laid plans reopen some 43 banks which suspended tempoThe of the Trust of the oldest suspended Nearby banks in the for five was engaged with plans Nearby to resume at Closing the American Exchange was by of activi- new ties by the banks, the aggreLonghorn gate of were more than FOWL A. B. Banks, president of the AmeriFair can and stockholder in 34 the 42 other banks scattered over the said the boards of directors were to obtain pledges of commu- 43-47 nities and supporting to assure 24 of run. Expressions of in the general stability of the state's financial each and structure Gov Parnell and Senator to those of bankers. The Little Rock Clearing and House by sured the public local banks were in sound Hysteria proceedings against Nashville. until recently terested in the American Exchange was attributed by directors of the latter as the which

Six Banks Close in Kentucky, All Are Declared Solvent

LOUISVILLE Ky. Nov. 18 (U.N Six Kentucky two of them gro-owned and closed yesterday that all that the of business was protect the interest of creditors and The National Bank of Kentucky the Louisville Trust the American Mutual bank. Securiand the of and the McElwain Me. quiar Bank company Frank. lin. the institutions affected Negroes the American Mutual and Standard banks

Two Illinois Failures Bring Total to Five Since Friday

The in Illinois Friday increased to five yesterday when more state institutions State that the Bartlett WalState Clayton and the Timewell at Timewell had suspended with the failure the State Savings Loan Trust company of The Timewell bank had deposits $150. and bank $500,000

Illinois Failure Causes 4 Missouri Banks to Close JEFFERSON 18 banks Northeast Misclosed their All the closings were direct the Twenty last week of the Savings Loan The institutions surplus funds the Illinois and closed to The The Downing State Schuyler of The Labell of Lewis deposits $203,000 The bank of La Grange Lewis county deposits of ARTICHOKES Rutledge Exchange bank of BEANS Scotland county deposits of

BANKS CLOSES Nov the Bank of Scranton had deposits of approximately $400,000

Article Text

37 BANKS IN ARKANSAS CLOSED ONE DAY

Wave of Hysteria Mounts as Financial Institutions Over State Shut Doors

MANY MAY BE REOPENED

LITTLE Ark., Nov. of mounting banking circles of By nightfall 34 banks affiliated Banks company of Little Rock had taken advantage of which permits temporary closing five days suspension of pay. on deposits. Three small banks in addition had ordered closed the state bank department, bringing the total

Sen. Joseph Robinson blamed the hysteria due the nancial difficulties Caldwell and Company Nashville, Tenn. Feels Banks Solvent feel sure the banks solvent," Senator Robinson said. "Arkansas sound financially and soon the excitement the closing the banks has subsided the state return normal conditions and the reopen. Officials the Banks group nounced the closing had been caused fear of hasty withdrawals. The American Exchange Little the first the institutions shut its doors is the largest bank the state Depositors gathered the streets the bank and gazed silently at the announcing had suspended temporarily Within hour from Pine Bluff. the Merchants and Planters Bank and Trust company there. smaller banking institutions southeastern kansas, had failed to open their doors today. Then messages received from Helena that the Merchants Plant ers bank there had closed. Officials said they was solvent but closing protect depositors. coincident this advice the announcement from the department that the Bank McRea, Bank of Branch, and Bank Foulke, small affillated with the Banks group, had taken by the So the list The for few 19. then 27, 32, finally 37. of the closing other parts of the state reached Bank officials and depositors alike tonight the possible outcome of number of closings. Thousands who had their savings in banks of the Rock group any sort conditions in the institutions.

No Runs Reported Rumors heard in the The state law permits the banks to five the end of that time they either reopen for place themselves in the hands of the state bank. ing Banks, one of the wealthiest men officials the 34 affiliated banks come Little Rock for that he had definite plan mind which could be put into effect before the end of the five-day suspenOther banks in Little Rock did business as usual today, and reported runs by depositors. Caldwell and Company of Nashville, difficulties of which Senator blamed today's closings, was placed in the hands of receiver week. The firm was one of the largest investin the south.

Four in Missouri Close JEFFERSON CITY. Mo., Nov. banks northeast Mis. souri today closed their doors. All the closings were direct results the failure last week of the State Savings Loan and Trust company of Quincy, III. The institutions had deposited plus funds in the Illinois bank, and closed protect depositors. The closed institutions: The Downing State bank, Schuyler deposits of The Labell Savings bank, of Lewis deposits of The Farmers and Merchants bank of Grange, Lewis county, deposits The Rutledge Exchange bank of Scotland county. deposits of

Article Text

ILLINOIS News Notes

The recently reopened Bartonville State bank at Bartonville was held up by a robber, who took $10,000 in cash and escaped. Albert Miller, sixty-three, for 20 years an employee of the Goebel hotel at Granite City. committed suicide by hanging himself, The A. P. Eaton elevator at Allerton was sold by the federal referee in bankruptcy to H. S. Johnston of Danville for $7,750. Prof. Alfred O. Willgeroth was appointed director of music at Rockford college, succeeding Mrs. Laura Grant Short, who died recently. Cecil Sweasey, twenty-eight, of Blandinsville was burned to death when his automobile overturned on the hard read near Roseville. Joseph Pence, for many years highway commissioner of Pana township and brother of Jess Pence of Taylorville, died at his home in Pana. Thomas Watson, fifty-five, employed at Orient mine No. 2, died from burns received when a shot he was tamping in the face of the coal exploded. Abel Hanson, seventy-five was found dead of a shot gun wound on a brush pile near his home north of Morris. Police believed the death was accidental. Close to $25,000,000 Christmas savings will be distributed among 450,000 residents of Cook county. The figures were checked after 277 banks submitted reports. Three hundred members of the American Legion spent a day sawing down trees and chopping wood to be given during the winter to families of jobless men. Identified by an oil station attendant as the man who robbed him of $128, Fred D. Glidden of Kewanee has been bound over to the Champaign county grand jury. John F. Zeman, twenty-nine, of Peoria, was drowned when a boat from which he and two companions were hunting was overturned by rough water on the Illinois river. Displaying a Minkler apple that measured six inches in diameter and weighed eighteen ounces, Ralph Bryce, orchardist near Irving, claimed the record for raising the largest apple in Illinois this season. Two of the oldest banking institutions in Henry county were merged with the announcement of the consolidation of the First National Bank of Cambridge and the Farmers' National Bank of Cambridge. Mrs. Mary Lawson, Chicago, was elected regent of the Illinois Daughters of Isabella at the semiannual state convention in Bloomington. Kankakee was chosen for the next state meeting, to be held in May. Earl Hanson, principal of the Rock Island high school, was elected president of the Kiwanis club. Other officers named are: Vice president, Kenneth Popplewell: trustee, B. L. Burker: treasurer, Robert Gilloley. Rock Island detectives shot and killed Zoaney Merreighn, age thirtysix, father of four children. when they sought to arrest him on an arson charge. The detectives said Merreighn moved as though to draw a revolver. Kidnaped, his car and money stolen, and bound so securely that he lay helpless in a field for eight hours, Alof Anderson of Jamestown, N. D., an aviator, was found near Topeka by Walter Kleier, farmer, upon whose land he was left. The soup house plan has been abandoned in Danville after a vigorous protest by the chamber of commerce. It has another plan and will seek jobs for the unemployed. No plans for feeding the hungry while awaiting Jobs have been announced. Jobs for 10,000 men are to be provided by the first of the year through the construction of 13 new school buildings at a total cost of more than $20,000,000, according to the announcement of William J. Bogan, superintendent of Chicago schools. Stuart Walser, forty-five, cashier of the First National bank and receiver for the West Salem State bank, which has been closed about two years, shot and killed himself in his bank at West Salem. Members of his family said Walser suffered from asthma for years. Keeping company with a pupil is no grounds for dismissal of a teacher, a jury in Mercer county court ruled in awarding Miss Ella Deweiler $400 back salary in her suit against the New Boston board of education. The board "fired" the twenty-two-year-old teacher last December because she went around with Charles Bayner, a high school senior. Her first suit was dismissed, but on the retrial she was awarded the amount of her back salary. George Mayford, a member of the Alton city police department for more than twenty-five years, was appointed chief of police to succeed Peter Fitzgerald, elected sheriff November 4. Mayford has been a sergeant in recent years. Six small banks in Illinois and Missouri communities near Quincy have closed. These were the Farmers and Merchants of La Grange, Mo.; the Rutledge Exchange of Rutledge, Mo.; the Downing State of Downing, Mo.; the Bartlett and Wallace State of Clayton, III. and the Timewell State of Timewell, III.

Article Text

recently reopened Bartonville bank Bartonville was held up by robber, who took $10,000 in cash and escaped. Albert Miller, sixty-three, for 20 an employee the Goebel Granite City, committed suicide by hanging himself. The Eaton elevator at Allerton by the federal referee in bankruptcy H. Johnston of Danville for Prof. Alfred Willgeroth appointed director of music college, Mrs. Laura Grant Short, who died Cecil Sweasey, twenty-eight. of Blandinsville burned death his automobile overturned the hard road near Roseville. Joseph Pence, for many years highPana township and brother Jess Pence Taylordied at his home in Pana. Thomas Watson, employed at Orient mine died from burns received when shot he tamping the face the exploded. Abel Hanson, seventy-five was found dead of shot gun wound on brush pile near his home north of Morris. Police believed the death was accidental. Close to $25,000,000 Christmas savIngs will distributed among 450,000 residents Cook county. The figures were checked after 277 banks submitted reports. Three hundred members of the American Legion spent day sawing down trees chopping wood to during the winter to families of Jobless Identified by an oil station attendthe robbed him of $128, Fred Glidden of Kewanee been bound over to the Champaign county grand jury. John Zeman, of Peoria, drowned when boat from which and companions were hunting was overturned by rough water Illinois river. Displaying Minkler apple that six inches In diameter and weighed eighteen ounces, Ralph Bryce, orchardist near Irving. claimed the record for raising the largest apple In Illinois this Two the oldest banking institutions Henry county merged the of the consolidation the First National Bank Cambridge the Farmers' National Bank of Cambridge. Mrs. Mary Lawson, Chicago, elected regent the Daughters Isabella the semiannual Bloomington. Kankakee was for the next state held May Earl Hanson, the Rock Island high school, elected presithe Kiwanis club. Other offinamed president, Kenneth Popplewell trustee, Burtreasurer, Robert Gilloley. Rock Island detectives shot and killed Zoaney Merreighn, age thirtysix, father four when they sought arrest him an arson charge. The said Merreighn moved as though to draw revolver. Kidnaped, his car and money stolen, and bound securely that lay helpless field for eight hours, Alof Anderson of Jamestown, N. aviator, found near Topeka Walter Kleier, farmer, upon whose land was left. soup house plan has been abandoned in Danville after vigorous protest by the of has plan will seek jobs for the No plans for the hungry awaiting jobs have announced. 10,000 to he provided of the year through the construction 13 new school buildings total cost of more than $20,000,000, according the announcement William Bogan, superintendent of Chicago Stuart Walser, cashier of the First National bank receiver for the West Salem State bank, which has been shot and killed himself in his bank West Salem. Members of family said Walser suffered from asthma for years. Keeping company with pupil Is no grounds for dismissal of teacher, jury Mercer county court ruled In awarding Miss Ella Deweller $400 salary her suit against the New Boston board of education. board "fired" the teacher last December because she around Bayner, high school senior. Her first suit was on the retrial she was awarded the amount of her back solary. George Mayford, a member of the Alton department for more than years, appointed chief police succeed Peter Fitzgerald, elected sheriff November Mayford has been sergeant in recent years. Six small banks In Illinois and Miscommunities Quincy closed. These the Farmers and Merchants of Grange, the Rutledge Exchange of Rutledge, Mo.; the Downing State Downing. Mo.; the Bartlett Wallace State Clayton, the Timewell State of Timewell, III. Donald Harper, Mr. Mrs. Glenn Brown Louisville, has probably the largest number grandparents of child in Illinois. He grandparents all their combined ages total six years. Four indicted the Hengrand jury for the kidnapfor Earl Yocum, Galva banker. Those indicted under that charge and Wiskers, Vernon Ahigren and Lloyd Winslow. All are fall Cambridge except Orville for whom the authorities are searching.