Farmers & Merchants Bank (Centralia, MO)

Episode Information

Episode UID
80031571568
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
8003157 routing
Routing Number
80-0315
Start Date
August 23, 1930
Location
Centralia, Missouri (39.210, -92.138)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b32918afe5dc922f

Response Measures

None

Description

Later (1932) criminal trials mention alleged embezzlement by the cashier; bank remained in hands of State Finance Department.

Events (3)
1. August 23, 1930 Run
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals sparked by circulating rumors and public discussion about the bank's stability, leading to runs over several days.
Measures
Directors/manager attempted to reassure public; incoming funds from Reserve/First National mentioned as backing, and extra funds were sent but later bank closed.
Newspaper Excerpt
Heavy withdrawals ... following unpast rumors ... during withdrawals ... heavy runs Thursday and Friday of last week.
Source
newspapers
2. August 28, 1930 Suspension
Cause
Government Action
Cause Details
After heavy withdrawals and runs the bank closed and was placed in the custody of the State Finance Department for settlement.
Newspaper Excerpt
Farmers' and Merchants' Bank Centralia closed Its doors last Saturday ... 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.
Source
newspapers
3. April 27, 1932 Other
Newspaper Excerpt
Settle took the witness stand ... retried on charge of embezzling from funds ... directors advised notes to protect deposits in failing bank ... plan was followed to protect funds in event of run on the bank.
Source
newspapers

Newspaper Articles (7)
1. August 23, 1930 Columbia Daily Tribune Columbia, MO
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

2. August 28, 1930 Columbia Herald-Statesman Columbia, MO
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.

3. August 29, 1930 Centralia Fireside Guard Centralia, MO
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

4. April 21, 1932 The Centralia Courier Centralia, MO

Article Text

ELBERT Mrs. Quarles Must File Claim With Banking Commissioner Pleading guilty murder in the second degree, Elbert Gray, Negro. imprisonment April 15th session Boone County Circuit Court. Gray charged the murder wife, Viola Gray, quarrel over money January. Mrs. Gray's body found Jan. Negro boys in the Berkebile farm after she missing two Dr. Neal testified the had stranglation, body had decomposed that positive effect could not obtained deputy sheriff, testified that Gray had mitted under questioning he strangled hiding trunk driving Berkebile farm throwing the body in the Judge Collier heard the argument demurrer entered defendant the Mrs Quarles against defunct Farmers' Bank Centralia force plaintiff claim the banking comJefferson bringing Circuit Court. sustained The the state against Marvin Colvin, set trial Circuit Court Monday, clared mistrial Judge Collier after he discovered that himself interested party the case. Colvin charged with the larceny Nowell Wholesale Grocery Co. in During the selection the jury the judge realized that he held some stock in company was forced disqualify himself The reset May another judge called. Grover Farrar, originally charged impersonating fined court after pleading guilty the amended information hunting without

5. April 21, 1932 Columbia Herald-Statesman Columbia, MO

Article Text

TERM ELBERT GRAY Mrs. O. L. Quarles Must File Claim With Bank- Pleading guilty to murder the second degree, Gray, Negro. sentenced imprisonment April session of Boone County Court. Gray charged the murder of wife, Viola Gray, quarrel over money January. Gray's body was found Negro on the Berkebile farm she had two Dr. testified at the quest Mrs. had died that the that evidence effect not obtained deputy sheriff, that Gray had mitted strangled his wife, hiding the trunk for one day and the throwing the Judge Collier also heard the entered the defendant of Quarles against defunct Farmers' Bank Centralia force plaintiff file the the banking comCity before bringing suit Circuit Court. The the state against Marvin Colvin, trial in the Circuit Court last Monday, clared mistrial Judge Collier after discovered that he himself was an interested party in the case. Colvin charged with the burglarceny the Nowell Wholesale Grocery Co. in Columbia. During the selection of the jury the judge realized that held stock this and was forced disqualify himself case reset May another judge called. Grover originally charged impersonating fined $50 the court after pleading guilty the amended information hunting without license.

6. April 27, 1932 Columbia Missourian Columbia, MO

Article Text

RECEIVED MONEY IN DEAL Cashier Takes Stand in Own Behalf as Trial Goes On SAYS ACTION AUTHORIZED Directors Advised Notes to Protect Deposits in Failing Bank Settle today took the witstand his own defense his trial into third day the circuit court. Settle being retried charge of embezzling from funds city Centralia March Settle, said that he has been working restaurant since last November, testified committee three the Farmers and Bank Centralia, which Settle cashier, offer personal notes deposits city of done public funds in the event of on the The plan was followed the the fund, Settle was the school district fund. which Adams the notes accepted order protect the Farmers Merchants Bank. Setsaid. The brought out that impending failure the Bank made necessary place the Farmers Merchants Bank in stronger Settle testified in regard to every mentioned that not receive any money from any the transactions. Under Settle said that the notes which were transferred the accounts of the Hallsville district. the Centraschool city were divided two groups, notes road district the for the separate When proseattorney notes grouped that four the amount the check that intent that those four credit the account. Reagan Settle cerning his reports treasurer the board of alderman the These subsepurchase the notes bank. showed $14,585.92 cash, while the deposit record bank showed only $1431. Settle explained being amount owed item treasurer the and the actual amount currency hand. He said that he had never the aldermen of the purchase notes. Adams. assistant cashier closed testified yesterday saying that the purpose was put the the stronger to withof Greendeputy of prothe who held the stand hours yesterday. brought that the transfer notes from the the appeared in the bank's records. Joe Green, Hamilton, and all members the board Centralia, testified yesterday that know the purchase notes the account the failure of the Farmers and Merchants The objection the attorneys defense the transactions connected with funds of Centralia school later March which prove funds sustained Judge yesterday stated the objection had been overruled.

7. April 28, 1932 Sturgeon Missouri Leader Sturgeon, MO

Article Text

ON TRIAL SETTLE, CIRCUIT COURT, DEFENDS HIMSELF Cashier His Former Says Actions Authorized by Directors RECEIVING W. Adams Backs Story of Using Notes Only to Strengthen Bank The Settle's case went to the o'clock afternoon, closing pleas had Prosecuting Attorney Franklin counsel the defense. Settle, charged the the bezzlement funds the of Centralia, stand his own defense the witness the third the Boone Court the County Settle testified that directors Farmers three Merchants Centralia, Settle had which authorized offer his personal deposits of notes protect Centralia action the city funds was taken protect event run on the bank, plan was followed The same the road fund. which Settle was treasurer and school fund. which Adams notes accepted order to protect the and Settle The out the impending had made the Merchants Bank in stronger posi- Received No Money Settle testified regard every in the that he receive money from any not the transactions Settle Under the notes which transthe of the Hallsferred and the city were divided into two notes which were held groups, road district being the for the school district the held together, separate them. Franklin atlist of interest totaled exthe the the he denied there any intent that to place notes to the credit of the four Settle concernof the his reports. the board of alderman the city. These the purchase notes question showed while the record Settle only the being the amount by him city the hand. He said that he had the Sought Sustain cashier of closed testified Tuesday saying that the the the bank condition to withstand stronger Greenlee. deputy charge liquidation proceedthe held the ings stand for Tuesday brought the that the transfer the notes from the the appeared the bank's records. Dawson, Joe Green, Hamilton, the board Fountain, aldermen of testified Tuesday that did not purchase of the for the account after the the Farmers and Merchants Attempts at Validating Evidence An the notes Settle Settle, and Settle, totaled exactly Settle the embezzling the charged funds the the the prosecution the Circuit Court in Columbia Tuesmorning Franklin Reagan, prosecuting and attorneys Settle, engaged battle during which excluded from the jury evidence transactions connected school funds of the Centralia school district. Through the evidence of finance in charge liquidation of the Farmers Bank Centralia, the state was attempting that Settle, cashier, prove used assets which from the bank, along with funds, settling $8394.37 the school fund. Reagan introduce what he said were promisSettle sory records deposits the credit school fund. these amounts exactly equaled this indebtedness. The Defense Objects Attorneys defense objected this pointing out that first note for $3000 which the the intended introducing was dated 29. 1930. while the date of the April (Continued on Page Two)