Wellston Trust Company (Wellston, MO)

Episode Information

Episode UID
80011271599
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
8001127 routing
Routing Number
80-0112
Start Date
March 1, 1933*
Location
Wellston, Missouri (38.673, -90.299)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e495c4445c2f13ba

Response Measures

None

Description

Bank closed after the March 1933 banking holiday and was later placed in liquidation by the State Finance Department.

Events (3)
1. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Closed following the March 1933 banking holiday; did not resume operations afterward.
Newspaper Excerpt
Both the Grand National and Wellston Trust remained closed after the banking holiin March, 1933.
Source
newspapers
2. June 13, 1934 Receivership
Newspaper Excerpt
Grand National Seeks Sum Held by Wellston Trust Company. ... listed by the State Finance Department among assets of the trust company.
Source
newspapers
3. January 2, 1935 Other
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 (2)
1. June 13, 1934 St. Louis Globe-Democrat St. Louis, MO

Article Text

Bank Receiver Sues to Collect $240,000 Grand National Seeks Sum Held by Wellston Trust Company. John W. Snyder, receiver of the closed Grand National Bank, filed suit in Federal Court yesterday to collect $240,000 Grand National held by the defunct Wellston Trust Company. The represents per cent levy on 2400 shares of stock listed by the State Finance Department among assets of the trust company. The names as defendants the Wellston Trust: Moberly, State Commissioner, and Ralph W. Griffin, Deputy Finance Commissioner, in charge of the Wellston The Grand National was headed Ed Mays, who also controlled Wellston Trust and president of the Continental Life Insurance Company, recently declared insolvent decree of the Circuit Court and turned over to the Missouri Insurance Department. Snyder's petition explains that in November, 1931, the Wellston Trust became owner 2400 shares of Grand National stock, listed on the books the name of Mays. After the stock from Mays the trust did not have the title changed. Sale of the stock to the Wellston Trust, rather involved deal, was one of the major charges of interlocking relations upon which the state based its allegation of mismanagement when suing to wrest control of the insurance company from Mays. Shares Brought $115. Mays sold the stock by the Continental Securities and Holding Company, which the Continental Life and the Grand National. The same day he sold the stock for $276,000 the Wellston Trust, the price being $115 share. Mays gave notes payment holding concern. Coincident with the transaction, the holding company executed an agreement to purchase the stock from the holding company at the rate of 800 shares The repurchase never carried out. Both the Grand National and Wellston Trust remained closed after the banking holiin March, 1933. Under national banking laws receiver has right assess against the stock national bank for benefit of creditors.

2. 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.