8909. Farmers & Merchants Bank (Centralia, MO)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
state
Start Date
August 22, 1930
Location
Centralia, Missouri (39.210, -92.138)

Metadata

Model
gpt-5-mini
Short Digest
545c62a47b9c2132

Response Measures

None

Description

Newspapers (Aug 23 and Aug 28, 1930) describe heavy withdrawals/runs on Farmers & Merchants Bank in Centralia during Aug 21-23, 1930; the bank failed to open Saturday (Aug 23) and was placed in charge of the State Finance Department for settlement. Articles attribute the disturbance to rumors about the bank's stability rather than a specific miscommunication. OCR errors in articles (garbled lines, missing punctuation) were corrected where obvious.

Events (3)

1. August 22, 1930 Run
Cause
Rumor Or Misinformation
Cause Details
Local discussion and circulating rumors about the bank's stability led depositors to withdraw large sums over Thursday and Friday before closure; article headlines note 'RUN START RUMORS'.
Measures
Extra funds were sent (mentions supply from the Reserve Bank/First National) and the bank reportedly tried to make collections; despite infusions, withdrawals overwhelmed the bank.
Newspaper Excerpt
Heavy runs Thursday and Friday of last week ... estimated that from $65,000 to $70,000 had been withdrawn
Source
newspapers
2. August 23, 1930 Suspension
Cause
Rumor Or Misinformation
Cause Details
Immediate cause listed as heavy withdrawals following rumors and widespread discussion about the bank's stability; bank closed and was turned over to the State Finance Department for settlement.
Newspaper Excerpt
The Farmers' and Merchants' Bank Centralia closed its doors last Saturday and did not open for business that morning ... notice placed on the bank door that the concern would not open for business the following morning.
Source
newspapers
3. * Other
Newspaper Excerpt
The bank ... in the hands of the State Finance Department for settlement of the business. Mesenbaugh will be charge of the [estate]. Last statement of the bank on April 25 gives the bank ... deposits of $208,000 (statement figures). (Local paper lists balance sheet items.)
Source
newspapers

Newspaper Articles (3)

Article from Columbia Daily Tribune, August 23, 1930

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Article Text

ClosAnnounce Directors Bank After of ing Last Night Meeting RUN START RUMORS National Has Money Meet Loans Personal meeting the Merthe Centralia last Bank announced the determined to that the bank representative went today take over Centralia official reason was given by directors board the bank reporter Daily Tribune talked with cashier the bank, home this dur- was Heavy following unpast rumors the hour the reason was given closing bank by Settles that since failure the North of Company MexTrust miles of amount approximating withdrawn the FarMerchants Bank Cenand Settles also that last Saturwhich numerous from the during withdrawals He said that week. employes the Chance who are weeks checks. checks last Saturday the get the the and telethem the Pipe Line station that there the bank There had steacy withdrawwas asked the Settles large farm replied that the loans land small. some these the part the greater on personal propreply the question majority the personwere protected chattel said that in his they were not: that ma loans personal and unprotected. be movement the bank Settles did not know that the time. make all its collections more pay dollar expected that loans will collected entirely Settles asked the deposits the the bank its last stated could not amount Asked what amount yesterday replied deposits below the not where going replied Company these that many keeping hidden places homes women who paid an she got somethe gathered about the morning about the failure excitement the bank failure for the Bank closed its March National Bank Left now has bank the National. which Reserve Bank Edcashier First Nationthat depositors accounts Columbia money the First National morning and supply from the Reserve Bank Louis Edwards that the bank money and the belief that his bank danger and would ahead with business. streets Centhis mornine that some accounts withdrawn from the Farmers Merchan's Bank Postal savings. In money will be han First National government Years Old and therefore for regarded safe


Article from Columbia Herald-Statesman, August 28, 1930

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Article Text

Farmers' and Merchants' Bank Fails to Open Saturday after Heavy Withdrawals. The Farmers' and Merchants' Bank Centralia closed Its doors last Saturday and did not open for business that morning. the second bank to close in Centralia the last five months. Heavy was givthe reason for the failure. estimated that from $65,000 to $70,000 had been withdrawn within the last before the bank closed with heavy runs Thursday and Friday of last week. At midnight on last Friday notice placed on the bank door that the concern would not open for business the following morning. The bank in the hands of the State Finance Department for settlement of the business. Mesenbaugh will be charge of the The last statement of the bank on April 25 gives the bank as capital and deposits of $208.Total liabilities were listed and loans were The Centralia bank was started in 1891 and has been in business for 39 years. Fountain is president of the bank. Other officers are: Vicepresident. H. Stone: cashier. Settle, assistant cashier. Settle. Jr. The board of directors sists of Cox. Bryson. Settle. Sr., Fountain and Stone. In Centralia lately there has been great deal of discussion concerning the stability of the Farmers' and Merchants' Bank and many are of the opinion that this caused the failure of the bank. On last Saturday, number of persons got excited when employes the Chance Manufacturing Company lined up front of the cashier's window in the bank. These employes receive their pay checks every Saturday and the Farmers' and Merchants' Bank to have them cashed.


Article from Centralia Fireside Guard, August 29, 1930

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Article Text

Word came this Tuesday morning of the death of the child of Ernest Terrel of Stephens. was great grand child Mrs. Smith Mr. McDonnell Mrs. Smith was called down Monday afternoon Elgin Zaring came near serious accident last while driving over bridge highway 15 near Edina, Mo young man in company with two young ladies of the neighborhood was crossthe bridge when the radius of the car broke and stuck the bridge floor, throwing the car up on one of the banisThey were only slightly Claud Silver and two young of the Rice Business lege in Columbia had car wreck Saturday driving northeast of Murry just the Mexico road. The of the car came loose and ran into the road bank threw the young folks out the top of the car. No one was injured but the car considerably wrecked. Ernest Black and family had car wreck Sunday while going visit to Mr. Black's parents The car unruly and ran into ditch, tearing off two tires and overturned the folks, we understand Luckily no one was hurt. nice family mare belonging to Ben Zaring was gored by bull that belonged to him on Sunday Veterinary Grinof Centralia was called to dress the wounds Roy Chrisman and family visited with Claud Wilhite and wife Sunday Alex Shock and family and Frank Hawkins and family visited with Tom Weaver and famiat Murry Douglass Smith and family Hallsville visited with McDonnell and Mrs. Smith day. Mrs. Lucy Shock of Murry spent from Thursday night until Friday night with Alex Shock Hazel Boyce of Murry with Blanche Hawkins Sunday. evening until prayer meeting Helen Lynes visited with Mr Mrs. Tom Nutt after school, Sid Lynes and wife and Junior called on Emmett Davidson and family and Mrs. Lee Marshall and also visited with Jim Rcdand family and Mrs. man nessee Stephens Helen Lynes visited from Friday until Sunday with Laura Green and Greenberry Johnson Sid Lynes and family and Greenberry Johnson went Columbia Tuesday. The revival at Hickory Grove closed Friday night with four by baptism and by letter. Fairly larg crowds attended each night two that looked like rain. Every seemed to enjoy the meetone fine sermons by Elder and and it left its lovely Herndon of and good will influence peace as usual. and Sid Lynes visBen Zaring Idle Saturday who ited Genn ill and died seriously afternoon. We all sympathe family in their thize with hour. Mr. and Mrs. Guy Hulen with Ben Zaring and family Sunday afternoon. John Hall of Mr and Mrs. visited with Orlando Hallsville wife and Glen Hall Leach and Friday and Mrs. Clarence Mr. visited with Lawrence Kenzie and family Sunday. Winn Mrs. Orlando Leach and little Hall visited her parson Glen John Hall and Mr. and Mrs. Nadine Hall of Orion. sister Miss Hallsville Saturday Iowa, at Mr. Leach and Sunday. night and brot visited there Sunday them back home. and family Orme McCammon Turner of Coland Miss Navy Cox and umbia visited Sunday. Bert Stoddard who works for and boards with the pipe line Ben Zaring visited his family Center. Mo., Saturday night and Sunday Johnson visited Greenberry Noah Wilkerson low at this Wilkerson is very we are sorry to say. slight run, but not enough cause the bank to use either of the extra funds sent here. the several days following the run, this bank has been receiving increases in deposits, enough to make up for the amounts The last statement of the mers & Merchants Bank close of business on made the 1930 and follows: April statement was signed by The Stone, Cox and Bryson and was published in the Guard of April 25th. The board of directors the time the bank was closed was composed of the following Bryson and W. Settle Loans and Discounts. Loans and discounts on personal and collateral security 142,484.83 Loans on Real Estate security, 13,027.39 Total Loans 155,512.22 Govt. securities owned, including Total 5,550.00 Banking House, 25,000.00 25,000.00 Real Estate other than banking house owned 15,200.00 Total cash and due from banks and Bankers, 39,983.98 Other Resources. Customer's Bonds. 114,800.00 Total, Capital Stock paid in Surplus fund, Demand Deposits:Individual Deposits subject to check, Total demand deposits, 137,614.10 Time Deposits:Certificates of deposit (other than for borrowed money 9,162.00 Savings deposits requiring withdrawal notice of days 61,966.86 Total time deposits, Bills Payable, including certifi cates of Deposit and all obligations representing money borrowed. other than re-discounts, Notes and Bills Re-Discounted Sold with Endorsement of this Bank Other Liabilities, (Customer's $356,054.40 $25,000.00 7,511.44 137,614.10 71,128.86 None 114,800.00