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HEAVY RUN CAUSES CLOSING OF BANK AT MT. VERNON, ILL.
Deposits at Time of Last Call Were $741,151 — Withdrawals of $40,000 in One Day.
Special to the Post-Dispatch.
MOUNT VERNON, Ill., Dec. 19.—The Jefferson State Bank failed to open its doors this morning, but it is thought it will be able to liquidate.
In its report Sept. 30, the bank showed time and call deposits of $741,151. Heavy withdrawals in the last few weeks caused the bank to close. Withdrawals yesterday amounted to $40,000.
Fourth Missouri Failure in Last Two Days.
By the Associated Press.
JEFFERSON CITY, Dec. 19.—The Bank of Canton, at Canton, in Lewis County, with total resources of $330,936, was closed today by its board of directors and placed in the hands of the State Finance Department, following heavy and constant withdrawals, it was announced here.
The bank's last statement to the department showed deposits of $268,898 of which $12,696 were public funds; loans, $196,632; capital stock, $20,000; surplus, $13,000; undivided profits, $3529; bills payable, $25,000. G. L. Martin is president and S. F. Hoerer cashier.
The Union Savings Bank at Monroe City, in Monroe County, with $445,095 resources was the first to close. Its notice to the Finance Department was followed by a notice from the Bank of Osage County, at Linn, and the State Bank of Collins, in St. Clair County.
The Bank of Osage had $244,155 resources; $216,280 loans; $15,000 capital stock; surplus $10,000 and $25,000 bills payable. J. Pull Jones was president and T. A. Dubrouillet, cashier. No reason for the closing was given.
The State Bank of Collins had $81,046 resources; $60,910 loans; $10,000 capital stock; $1200 surplus; $2099 undivided profits and $12,820 bills payable. W. J. Bard is president and O. E. Simms cashier. No reason for the closing was given.
The Finance Department has not assigned an examiner for either the Linn bank or Collins bank.
Heavy withdrawals were given as the reason for the closing of the Monroe City bank.
The bank's last statement listed $261,880 loans, $60,000 capital stock, $6000 surplus, $3504 undivided profits, $311,570 deposits, $8000 bills payable and $14,397 other liabilities. J. D. Robey was president and G. E. Chipman cashier.
Bank at Keithsburg, Ill., Fails With $430,000.
Special to the Post-Dispatch.
KEITHSBURG, Ill., Dec. 19.—The Citizens State Bank of Keithsburg with deposits of $430,000 closed yesterday. It was the only bank in town.
Three Banks Fail in Northwest Arkansas; 13 in Two Days.
Special to the Post-Dispatch.
LITTLE ROCK, Ark., Dec. 19.—Three more banks in Northwest Arkansas, two state and one national, closed yesterday, bringing the number of depositories which have suspended in that section the past two days to 13.
State Banking Commissioner Walter E. Taylor announced that the People's Bank at Berryville and the Farmers' and Merchants' Bank at Green Forest, with which A. T. Hudspeth is connected, failed to open for business and had been taken in charge by the Banking Department for liquidation.
The First National Bank at Green Forest also closed and has been placed in charge of Federal examiners. Closing of the two institutions leaves Green Forest without a bank.
The People's Bank at Berryville had deposits of approximately $177,000, according to its report to the Banking Department Sept. 24, and the Green Forest State Bank's deposits on that date totaled $158,660.
Gradual withdrawals since Nov. 17 when the American Exchange Trust Co. of Little Rock closed, was assigned as the cause for closing the two banks. Hudspeth was a director in the Little Rock bank.
State Senator F. O. Butt is president of the People's Bank at Berryville and Hudspeth is vice president.
Bank With Deposits of $1,117,000 Closed at Canastota, N. Y.
By the Associated Press.
CANASTOTA, N. Y., Dec. 19.—Joseph A. Broderick, State Superintendent of Banks, today announced he has taken possession of the State Bank of Canastota, here, as a result of what he said appears to be unsound financial conditions.
"Material losses on loans and investments," said Broderick, "have impaired the condition of the bank and rendered it advisable that this action be taken in order to conserve the assets in the interests of depositors." On Sept. 24, the bank reported gross deposits of $1,117,814.
Elizabeth, N. C., Bank, With $1,094,225 Liabilities, Closes.
By the Associated Press.
ELIZABETH, N. C., Dec. 19.—The Savings Bank and Trust Co. of Elizabeth City, N. C., failed to open its doors for business today. Future action would be governed by the State Board of Bank Examiners, it was said. Officials said the
