First National Bank (Zeigler, IL)

View Charter #12097 on SPMC View balance sheet

Episode Information

Episode UID
1209701527
Episode Type
Run Only
Bank Type
national
Bank ID
120970 national
Charter Number
12097
Start Date
March 16, 1927
Location
Zeigler, Illinois (37.899, -89.052)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ecce5187087d64b7

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Public signal of financial health

Description

Newspaper OCR shows alternate spellings (Ziegler/Ziegier) of Zeigler.

Events (2)
1. January 17, 1922 Chartered
Source
historical_nic
2. March 16, 1927 Run
Cause
Rumor Or Misinformation
Cause Details
False rumors circulated that a former employee had defaulted, provoking depositors to demand cash.
Measures
$200,000 in cash flown from St. Louis (Federal Reserve/First National Bank) and displayed to depositors to restore confidence.
Newspaper Excerpt
carried a shipment of $200,000 in cash from the First National Bank here to Zeigler, Ill., to avert a threatened run on the First National Bank there because of rumors circulated by irresponsible persons.
Source
newspapers

Newspaper Articles (10)
1. March 17, 1927 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, March 17, 1927

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Article Text

FLYER WITH $200,000 STOPS RUN ON BANK St. Louis Aviator and Banker Rush Cash to Zeigler, 111., Ending False Rumors. The First National Bank of Zeig. III. reported business as usual today, after an airplane from St. Louis, flying 80 miles an hour took approximately $200 in cash to the bank to avert the danWord reached the First National Bank of St. Louis that rumors circulated by Irresponsible persons had caused depositors to money from the ler The Zeigler bank had large amount of on deposit with the First National Arrangements were made at once for the flight R. Palmer McElroy assistant vice president of the First National took charge the shipment of money. and ar rived Lambert-St. Louis Field 10:15 in an armored car Philip R. Love pilot of the RobAircraft was for 10:20 and at m. near Zeigler met them and soon heaps the The continued to the depositors' demands question, but the sight of ample store of cash seemed to quiet the alarm which had been felt. and by the redeposit. ing of funds by those had them. began. Guy Hitt. president of bank. said the bank prepared pay depositor He the false reports seemed to result from former was longer Hitt said no defalcation occurred McElroy enjoyed the flight to much accompaPilot Love which made to south 90 Louis

2. March 17, 1927 Evening Star Washington, DC
Article from Evening Star, March 17, 1927

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Article Text

PLANE PREVENTS RUN. ST. LOUIS, March 17 (P).-Flying at a 100-mile-an-hour clip, Philip R. Love, air mail pilot, yesterday carried a shipment of $200,000 in cash from the first National Bank here to Zeigler, Ill., to avert a threatened run on the First National Bank there because of rumors circulated by irresponsible persons. Officials of both banks declared the Zeigler institution was in sound condition with resources of more than $1,000,000.

3. March 17, 1927 Chicago Tribune Chicago, IL
Article from Chicago Tribune, March 17, 1927

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Article Text

PRINCE WILLIAM RUSH $200,000 IN NEAR BREAKDOWN IN DES MOINES, IA. AIRPLANE; BANK Des Moines, Ia., March Prince William of Sweden, who arrived here today, on the verge of RUN IS AVERTED physical break and has Palm Beach Postoffice Is Stormed by Negroes. West Frankfort, III., March 16.airplane bearing $200,000 in cash was rushed to Zeigler from St. Louis today and stopped a run on the First National bank. The money was sent from the Federal Reserve bank at St. Louis and its arrival satisfied depositors of the bank's solvency. The run, which started in the morning, was checked at p. m. F. Guy Hitt, president of the bank, said this afternoon his bank was prepared to have satisfied every depositor had the run continued. The bank has resources near a million dollars and is considered one of the strongest institutions in Franklin county. Run on Postoffice. West Palm Beach, Fla., March 16. -(P)-Believing that the government was going broke,' more than 100 Negroes lined up in front of the postoffice when it opened today, and started an all day run on the postal say. ings department. The crowd, including an occasional white, increased so rapily that police were summoned to maintain order. The situation is well in hand, and there is absolutely no danger of our inability to meet every demand, Postmaster G. W. Smith declared. The run is ridiculous and is confined en. tirely to the smallest depositors. The Federal Reserve bank in Jacksonville has sent us sufficient sums to pay 'every depositor on demand.' The run followed closely the financial crisis here, in which three West Palm Beach and one Palm Beach bank suspended operations.

4. March 17, 1927 The San Francisco Examiner San Francisco, CA
Article from The San Francisco Examiner, March 17, 1927

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Article Text

Plane Speeds Coin to Avert Run on Bank LOUIS, March at 100-milean-hour clip, Philip R. Love, air mail pilot, today carried shipment of $200,000 in cash from the First National Bank here to Zeigler, III., to avert a threatened run on the First National Bank there because of rumors circulated by irresponsible persons. Officials of both banks declared the Zeigler institution was in sound condition with resources of more than $1,000,000.

5. March 17, 1927 The Rutland Daily Herald Rutland, VT
Article from The Rutland Daily Herald, March 17, 1927

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Article Text

Plane Rushes Cash to Help End Run on Bank St. Louis, March 16 ing at 100-mile rate, Philip R. Love, air mail pilot, today carried shipment of $200,000 in cash from the First National bank here to Zeigler, III., to avert threatened run on the first National bank there on rumors circulated by irresponsible persons. Officials of both banks declared the Zeigler institution was in sound condition with resources of more than $1,000,000.

6. March 17, 1927 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, March 17, 1927

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Article Text

Plane Takes $200,000 to Ziegler, III., to Avert Run on Bank Demands for Cash Soon Cease in Face of Huge Pile of Currency. A run on a Ziegler (III.) bank was stopped yesterday afternoon after its cash reserves had been bolstered by $200,000 hurriedly dispatched from St. Louis in an airplane With two sacks and grip full of greenbacks stowed away in the cockpit, R. Palmer McElroy. assistant vice president of the First National Bank in St. Louis, flew to the aid of the First National Bank in Philip R. Love, mail pilot employed by the Robertson Aircraft Corporation. made the 120-mile spurt to Ziegler in an hour and ten minutes and the return flight in fifty minutes. Rumor Causes Run. False rumors that former employe, who has not been with the bank since last July had defaulted. caused the run, F. Guy Hitt, president of the First National Bank of Ziegler, declared. Indications that run was im pending were seen Tuesday and the Ziegler Bank correspondent of the First National Bank in St. Louis and member of the Federal Reserve System, arranged to have some money shipped to it from St. Louis. Overnight, the rumors spread swiftly 80 that serious run threatened when the bank opened its doors yesterday morning. Hitt called McElroy over telephone. Within an hour after the call. $200,000 cash was en route to the Lambert-S Louis Flying Field. Cash Dissipates Run. McElroy and Love left the Bridgeton field at 10:20 m. At 11:30 they landed in a field on the outskirts of Ziegler An armored car and officials of the bank greeted Elroy to escort him and the cash to the bank. Before the eyes of depositors who had lined up to withdraw their money. the imported cash was heaped ready to meet their demand. Together with money sent in by other banks and the Ziegler institution's own supplies, $360,000 in huge pile of currency was exposed to the doubting depositors and helped restore confidence so that at 4 o'clock yesterday afternoon Hitt reported the crisis was over. McElroy and his pilot left Ziegler on the return flight at 1.30 p. m. Aided by southerly wind. they were back at their starting point

7. March 17, 1927 The Knoxville Journal Knoxville, TN
Article from The Knoxville Journal, March 17, 1927

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Article Text

Resort To Air Mail In Staving Off Run On Illinois Bank ST LOUIS. March 16 mile hour Philip R. Love, mail pilot, carried shipment $200,000 cash from First National here to to run the First tional there because of rumors circulated by irresponsible persons Officials of both banks declared the Zeigler sound resources of more than $1,000,000.

8. March 17, 1927 Evening World-Herald Omaha, NE
Article from Evening World-Herald, March 17, 1927

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Article Text

PLANE CARRIES CASH: AVERTS RUN ON BANK St. Louis, Mo., March 16 (P). Flying at a one hundred-milean-hour clip, Philip R. Love, air mail pilot, today ship. ment of 200 thousand dollars in cash from the First National bank here to Zeigler, 111., to avert threatened run on the First National bank there because of rumors circulated by irresponsible persons, Officials of both banks declared the Zeigler institution was in sound condition with resources of more than one million dollars.

9. March 17, 1927 The Call-Leader Elwood, IN
Article from The Call-Leader, March 17, 1927

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Article Text

$200,000 IN AIRPLANE AVERTS RUN ON BANK West Frankfort, m., March 16. The First National bank of Zeigier today successfully withstood a run by depositors. $200,000 from the Federal Reserve bank at St. Louis by airplane satisfied the public of the bank's solvency, and the checked at 2 o'clock Quy Hitt, president of the bank, said this afternoon his bank was prepared to ha every depositor had the continued The bank has resources a million dollars and considered one of the strongest institutions in Franklin Many depositors who had them when that the bank was prepared to meet every demand.

10. March 29, 1927 The Twice-A-Week Times Louisiana, MO
Article from The Twice-A-Week Times, March 29, 1927

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Article Text

Here's How They Stand Today 4,068,300 MRS ERMA HOLLIDAY Rt 3. Louisiana 3,853,500 MRS GRACE SEIBERT. Louisiana 3,799,200 MRS FRED BERRY Louisiana 3,524,700 MR. RICHMOND SPENCER Louisiana 2,209,500 MR ROY PITZER Rt. 1. Louisiana 1,799,700 MRS MAURINE BURBRIDGE Louisiana 434,100 MISS MARY SMITH, Rt. 2. Louisiana 171,200 MISS EUGENIA CHRISMAN Louisiana Last Published Standing Totals above include credits polied up to o'clock Saturday Metal sudited count that the advisory board judges will was in the final count tomorrow The judges will morning whatever they Bad to the ballot box to the statement at credits of each candidate and in this find the Grand Total way which the will count the higher first be and the Circulation Campaign which the Twice Times been during the six and half will We will with eight members and each of them have been the Times all campaign who through had made have drop and all did ped the end to claim their not remain prize commission Do single credit that you could get between and row away from The grand well the other will in all as probability be by small the part of wisdom to every available credit before late Might have are of small when else driving the car away And above members not qualify this week because having subscriptions in of not two the The rule regarding report every week holds cash to the All have to good is to your with do the cash to them the box with your name : the As has been before. the box now the Mercantile Bank receive the envelopes at ready any time during regular banking hours which will be until 11 Wednesday No one can know what any other club member doing but you can assured that the really determined are moment from now until using every the the campaign collecting they can of credit The of credits Saturday night unusually heavy The their hardest work of didates did the campaign during the past week. Standing today on the threshold of victory with the thought of now members the Times campaign have entered the final lap of oppor tunity and offering the prospect of realization what may have been a dream up to this time Eleven o'clock morning now on the horizon and every tick of the clock brings nearer Kleven tomorrow morning will see Father Time on his in rapid flight that there way will be time catch breath before everything is over before the winners are acclaimed and the proud victors begin taking enjoyment in the prizes won These few remaining hours will pass all too and each club member should ask themselves the question of whether or not hard work will not be worth all the regrets in the world after the race is In these last remaining hours the club members are urged to not let their efforts wane. The winners will be those who stay on the job until the morning of March tomorrow before the club members to be won, and every hour is of utmost importance. Do not let or that destroy success-seize you It winter. is better to win the prize you desire million credits more than by than by few hundred thousand The the rand only short time away and yet there is sufficient time for any one the club mem to several more club credits and this would no doubt make lot of difference the prize would win If you can trust they your own judgment as to your com based facts and lay your plans PIKE COUNTY DAR'S. MET The Pike Chap of the Daughters of the 107 can were on March 25th at the home of West Georgia St. Stark and RATES Forsy were assigned as with Angle were unable be present on count of sickness Mrs. Lee presided and the Mrs. Angle was secretary pro the for Mrs. Byram Rule absent secretary representative American Legion Marsh in regard to Memorial Trees at the the legion and chapter tentative plan will formed plant trees honor our Several of these trees missing When the last count was made five of the memorial dead in memory Pike dier boys will be planted the place have The of keeping green the memory of our brave soldier boys is too beautiful not to touch responin every Pike county heart Goodman read did paper on Lafayette No three revolution not brighter or are of greater interest of that period in history than these three This nation has erected the capitol monuments to Daugh of the American Revolution have organized chapters bearing the names in of their noble Goodman's tribute to them one and well written A magnificent in American his tory Dorothy Agee member of come visitor vited to come to Pike county chapmeetings The hand was given to Peterson new member. whose papers have was made over the Quite looks and good behavior of Master fine lad and charming Bring the two The Mrs Angle served chocolate and plain cream. angel cake It was most pleasant meeting D. GETS THERE WITH MONEY Palmer son of Mr. and Mrs. of Calumet who is assistant president of the First National Bank of St. was called from Zeigler, II., last week for from the First National Bank of city to come run on the He took $200,000 in cash in an and an hour Palmer is making good in HOME FROM CALIFORNIA W. Stark returned this week