8983. Bank of Flat River (Flat River, MO)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
January 7, 1933
Location
Flat River, Missouri (37.850, -90.517)

Metadata

Model
gpt-5-mini
Short Digest
2a5ea5ba4dccd06b

Response Measures

None

Description

Articles (St. Louis Post-Dispatch 1933-01-09 and Perry County Sun 1933-01-12) report steady runs beginning Saturday (about Jan 7, 1933) that exhausted cash and the bank failed to open Monday (Jan 9, 1933). The depository was turned over to the State Finance Department (receiver) and notices read 'thirty days.' The run is attributed to local economic shock (closing of mining/smelting operations in the Lead Belt).

Events (3)
1. January 7, 1933 Run
Cause
Local Shock
Cause Details
Closing/planned cessation of National Co. smelting/refining and St. Francois mill mines (Lead Belt) leading to large local unemployment and loss of confidence.
Measures
None reported in articles; officers sought meeting of directors to decide moratorium or turn bank over to State Finance Department.
Newspaper Excerpt
Three Lead Belt banks closed their doors Monday following steady runs started Saturday.
Source
newspapers
2. January 9, 1933 Receivership
Newspaper Excerpt
Two Depositories Flat River One in Desloge Turned Over State Finance Department. ... the depositories were turned over the State Finance Department, and not known whether the closings will be permanent.
Source
newspapers
3. January 9, 1933 Suspension
Cause
Local Shock
Cause Details
Run provoked by local Lead Belt industrial shutdowns exhausted cash; bank closed and was turned over to the State Finance Department.
Newspaper Excerpt
The Bank of Flat River failed to open for business Monday. A notice posted ... read 'thirty days.'
Source
newspapers

Newspaper Articles (2)
1. January 9, 1933 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, January 9, 1933

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Article Text

Temporarily, Special the FLAT Three banks in the lead their doors today after that started Saturday. and Merchants' Bank River failed to open for this morning. An hour later the Bank of Desloge doors. the Bank of Flat River A notice posted on the the Commercia' Bank read. for 30 days." Officers of of Desloge could not be for any statement. W. Massey, president Miners' and Merchants the directors of the bank meet to decide whether to moratorium or to turn the of the bank over to the nance Department. Massey also said the plated closing of the Nationa Co.'s activities in this section caused run on his bank virtually exhausted its cash. Last Friday officers of Louis Smelting Refinin Works of the National said the St. Francois mill mines would be permanently Feb. 28, throwing 600 work. The Miners' and Bank has resources of statement showed deposits 728. It obtained loan of from the Reconstruction Corporation. The Desloge bank had sources of $374,480 and $264,375. The Commercial Bank posits of $209,660 and $292,811.

2. January 12, 1933 The Perry County Sun Perryville, MO
Article from The Perry County Sun, January 12, 1933

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Article Text

Lead Belt Banks Close After Runs Two Depositories Flat River One in Desloge Turned Over State Finance Department. Three Lead Belt banks closed their doors Monday following steady runs started Saturday. The affairs which the depositories were turned over the State Finance Department, and not known whether the closwill be permanent. The notices ings read thirty days." The combined resources of the banks totaled and their deposits amounted to $1,072,914. and Merchants' Bank The Miners' River, largest of the group, of Flat failed for business Monday to open The Desloge Bank closed morning. for business after remaining open morning, and short time Monday day the Commercial the same Bank of Flat River closed. cashier of the MinMassey, Bank, said that ers' and Merchants' of the Nathe contemplated closing activities the tional Lead run on his lead belt had caused had virtually exhausted bank that This bank had supply of cash. its from the loan of obtained Finance Corporation. Reconstruction