Spencer Salisbury was born on October 17, 1887, in Kansas City, Missouri. In 1916 he joined Company F, Third regiment of Missouri National Guard, and was commissioned as First Lieutenant upon his return from the Mexican border. In 1918, he became Captain of Battery E, 129th Field Artillery, 35th Division, and became acquainted with Harry Truman during the World War I. He remained in the reserves and rose to rank of Lt. Colonel by 1941. From November 10, 1919 to February 28, 1926, Salisbury was the Division deputy of the Kansas City (Missouri) United States Bureau of Internal Revenue. He was promoted to Deputy Collector on February 1, 1926. He gained control of Citizens Security Bank of Englewood with three partners, Truman, Arthur Metzger, and General Stayton, but quickly left the venture in late April 1926, before it failed under new ownership. In April 1926 he became one of four partners with Harry S. Truman and Company, a stock-selling operation. He was appointed community treasurer of the Community Savings and Loan Association when Truman took over management from the same group who had set up Citizens Security Bank to fail. The same four partners (Salisbury, Metzger, H.H. Halvorson, and Truman) now controlled Harry S. Truman and Company and the Community Savings and Loan, which operated in tandem with one another. In November 1927, Harry S. Truman and Company changed to a limited partnership called Community Investment Company. In September 1930, the partnership was dissolved and legally replaced by a corporation. An audit shows Salisbury lost $2200. In late 1930-early 1931, Salisbury, Metzger, and Halvorson renewed their partnership without Truman and reestablished the Community Investment Company as the Rural Investment Company, a corporation to manage Community Savings and Loan. In 1934 he became East Jackson County manager for Tuck Milligan, an opponent of Truman''s in the Democratic primary. On November 10, 1934, the Community Savings and Loan Association converted to a Federal Savings and Loan Association, with assets valued at $451,096. Salisbury made the conversion against advice from his attorney. In August 1939 Truman encouraged officials at the Federal Home Loan Bank System to investigate Salisbury and the Community Savings and Loan Association. On December 2, 1939, Salisbury resigned as president of the Federal Savings and Loan Association, and in mid-1940, filed suit for $75,000 against the Building and Loan Association, citing humiliation and reduced income stemming from the association''s refusal to give him a letter stating the true cause of his resignation. On February 8, 1941, he pled guilty to federal charges of falsifying an affidavit and was sentenced to fifteen months in prison. He was not convicted on a charge that he deceived examiners with a false appraisal of the Premium Petroleum Corporation, which he had operated to make loans in connection with the Savings and Loan. Salisbury died on April 21, 1967, in Independence, Missouri.
From the description of Salisbury, Spencer, 1887-1967 (U.S. National Archives and Records Administration). naId: 10679552
