National City Bank (Ottawa, IL)

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$6,000,000 BANK CLOSES DOORS AT ROCK ISLAND, ILL.

H. H. Cleaveland, State Official and Head of Depository Blames "Unfounded Rumors."

DAVENPORT CONCERN ACTS TO HALT RUN

Requires 60-Day Notice for Withdrawals — State Takes Over Scranton, Pa. Financial House.

Special to the Post-Dispatch. ROCK ISLAND, Ill., Sept. 30. — The Central Trust & Savings Bank, the largest bank in Rock Island organized under the State banking laws, closed 10 minutes after opening for business today.

H. H. Cleaveland, director of the Department of Public Works and Buildings, at Springfield, is president. The bank had a capital stock of $500,000 and deposits of between $5,500,000 and $6,000,000.

The directors acted to protect depositors as a result of the action in Davenport, Ia., of the American Savings Bank & Trust Co. in issuing a notice to depositors requiring 60-day notices for withdrawals. This followed a run in which the bank was forced to limit withdrawals to $100 a depositor. Today a large crowd was in the bank filing the notices of withdrawals. The American is the largest bank in Davenport.

E. P. Adler, newspaper publisher of Davenport was appointed head of a reorganization committee which will attempt to stabilize the situation, seeking new collateral and a reduction of expenditures. It was reported $9,000,000 of State funds were on deposit.

President Cleaveland of the Rock Island Bank, issued a statement in which he said:

"Unfounded rumors have caused heavy withdrawals and the demand of the depositors have been promptly and cheerfully met. The bank opened as usual this morning with $456,198.04 actual cash in our vaults, substantial balances with our correspondent banks and in addition bonds, real estate mortgages, bills receivable and other substantial assets and we have hoped that only reasonable withdrawals would be made today. However, a development in connection with the affairs of the American Savings and Trust Co. of Davenport have unsettled the public mind so that a few minutes after opening for business this morning our lobbies were filled with anxious depositors desiring to withdraw their deposits. In order to protect the interests of all depositors the bank deemed it advisable to close the doors."

Cleaveland said he had every reason to believe that the depositors will be paid in full.

Runs on each of the other three banks were started later in the morning and they posted 60-day notices on savings deposits. The announcements of the notices were in all instances applauded by depositors in the bank.

By the Associated Press. SCRANTON, Pa., Sept. 30.—The Miners' Savings Bank & Trust Co., at Olyphant, near here, closed its doors today. Deposits approximated $3,000,000. Directors decided to close in order to protect the bank's assets.

Michael Bosak, president of the bank, also was head of the Bosak State Bank here, which closed some weeks ago.

By the Associated Press. KEWANEE, Ill., Sept. 30.—The Farmers' National Bank of New Bedford, Ill., closed today. President W. R. Spratt said directors took the action for the best interests of depositors and that the bank was expected to satisfy all demands. Deposits were $90,000.

OTTAWA, Ill., Sept. 30. — Because of reported failure to get financial assistance from Chicago banks, the National City Bank closed its doors today. A run began after the closing of the Ottawa Banking and Trust Co. yesterday. The National City Bank was capitalized for $200,000. It is solvent and depositors will get 100 cents on the dollar, officers said.

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STATE SURVEY BEGINS FRIDAY

Conservation Project Office to Be Opened.

Work on the survey of the state with view of establishing a long time conservation program will begin Friday when representative of Jacob of Chicago, will set up an office here. Ralph Kittinger. secretary of the state of conservation. made the announcement, said the first payment made by the state on Crane's which signed this week by members of the board and the fish and game commission. Crane's bid for the survey which he expects will take approximately two years to plete, was

OLYPHANT. PA., BANK CLOSED SCRANTON, PA The Miners Savings Bank and Trust co. at Olyphant, near here, closed Wednesday. The deposits approximated three million dollars. Directors decided to close in order to protect the bank's assets.

2ND OTTAWA BANK CLOSED. ILL. National City bank of Ottawa failed to open Wednesday. It was the second Ottawa bank to close in two days, the Ottawa Banking and Trust co. having closed Tuesday Both actions were initiated by their boards of directors. The Na tional City bank had deposits of 1,17 on June 30.

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CHICAGO STOCKS CLOSING PRICES

CHICAGO, Sept. 30—(AP)

A Stocks Close Abbott Lab 31 1/4 Acme Steel 18 Am Equities 2 3/8 Am Pub Ser Pf 60 1/4 Appalach Gas 1 5/8 Art Metal 3 1/2 Assoc T & T A 59 Assoc T & T $6 Pf 75 Assoc T & T 7 pc Pf 90 Assoc Tel Util 18 Assoc Tel Util A Pf 60 Assoc Tel Util 6 pc Pf 75 Assoc Tel Util 7 pc Pf 79 Assoc Inv 54 3/4

B Bendix Avia 14 5/8 Borg-Warner 12 Borg-War Pf 90 Brach & Sons 8 1/2 Brown F & W A 9 3/4 Brown F & W B 2 Burnham Trad 1 1/4 Burnham Trad Pf 3/8 Butler Bros 3

C Cent Cold Storage 14 1/2 Cent Ill Pub Ser Pf 90 Cent Ill Sec 19 1/2 Cent Ind Pow Co Pf 63 Cent Pub Serv A 4 Cent & So West 9 Cent & So West Pf 70 Cent & S W Pr Pf 85 Chic Invest Pf 22 Chi No Shore and Milw Pf 13 Chic Yell Cab 14 Cities Service 6 1/2 Com-with Edis 153 1/2 Cont Chicago 2 1/8 Cont Chic Pf 25 1/4 Cord Corp 5 5/8 Corp Sec 6 3/8 Corp Sec Ctfs 23 Crane Co 20 Crane Pf 90 1/2

E Elec Household 8 Fitzsimmons & Con 19

G Gen Thea Eq Vtc 1 1/8 Gt Lakes Air 3 Gt Lakes Dredge 13 Grigsby-Grunow 1 7/8 Grief Bros Corp A 16

H Hall Print 12 Hart-Carter Pf 4 1/2 Houd-Her A 14 1/4 Houd-Her B 3 3/4

I Ill Brick 7 1/2 Insull Util 12 1/2 Insull U Pf 2nd Ser 42 1/2 Iron Fireman 6 1/2

K Kellogg Switch 3 Ky Ut Jr Cum Pf 48 Keystone Steel 7

L Lane Drugs Pf 1 Lawbeck Corp 55 Leath Pf 12 Libby-McNeill 7 3/4 Lincoln Print 16 1/2 Lynch Corp 12 3/4

M Manhat Dearborn 7 Mapes Cons 37 1/2 Marshall Field 14 1/2 Material Serv 15 1/2 McCord Rad A 7 McQuay Norris 36 Merch & Mfrs A 10 Met Ind Co Allot Ctf 29 Mickleberry's Food 7 Mid West Util 10 Mid W Ut 6 pc Pf A 71 Mid W Ut A War 5/8 Mid W Ut B War 3/4 Midland United 14 Mid Ut 6pc A Pf 60 Mid Ut 6pc Pl 60 Mid Ut 7pc Pl 78 Miss Val Util Pf 72 Miss Val Util P L 73 Mo-Kans Pipe 2 Modine 16 Monroe Chem Pf 24

N Nachman Spring 4 1/2 Nat Elec Pow A 12 3/4 Nat Family Str 3/4 Nat Rep Inv 8 Nat Secur Inv 1 1/2 Nat Secur Inv Pf 37 Nat-Standard 21 1/2 Nat Un Radio 1 1/4 Noblitt-Sparks 17 3/4 North Am Car 9 1/2 North Am L & Pow 27 1/2 No & So Am 3 1/8 Nor'west Bancorp 23 3/4 No West Ut 7 Pc Pf 57 No West Ut Pl 83 1/2 Perfect Circle 30 Pines Winter 11 Public Serv N P 170 Pub Serv 6 Pc Pf 110 Pub Serv 7 Pc Pf 120

Q Qrs Devry 1 7/8 Quaker Oats 109 3/4 Quaker Oats Pf 115

R Railroad Sh 2 1/8 Rath Pack 14 3/4 Raytheon Vtc 2 1/2 Reliance Int'l 1 1/4 Ross Gear 19 Ryerson & Son 16

S Stl Natl Stkyds 55 Seaboard Pub Ser $3.25 Pf 41 Seaboard Util 1 3/4 Signode Steel Pf 9 1/4 So Colo Pow A 19 So Un Gas 3 3/4 So West G & E Pf 77 So West L & P Pf 60 Stand Dredging 1 7/8 Swift 23 Swift Int'l 30 1/4

T Tel Bond & Sh A 50 1/2 Tel Bond & Sh 1st Pf 98 Thompson 16 1/2

U Unit Corp of Am 1 3/4 Unit Gas 3 1/4 US Gypsum 25 5/8 US Radio & Tel 13 3/4 Utah Radio 1 1/8 Util & Ind 3 7/8 Util & Ind Pf 13 1/2

V Vortex Cup 16 Vortex Cup A 24 1/2

W Walgreen Co 13 Waukesha Mot 35 Wayne Pump Pf 5 West P L & Tel A 20 3/4 Wls Bankshrs 4 1/2 Total stock sales 160,000 Total bond sales $67,000

ROCK ISLAND BANK CLOSED ROCK ISLAND, Ill., Sept. 30—(UP)—The Central Trust and Savings bank, the city's largest financial institution with resources of $7,700,000, closed today after a run. A posted notice said the bank closed for audit and examination by directors.

PEORIA LIVESTOCK PEORIA, Ill., Sept. 30—(INS)—Livestock: Hogs—1,200; steady to 5c higher; 180@240 lbs. 4.75@5.25; 250-300 lbs. 5.10@5.25; pigs and light lights 4.65 down; packing sows 3.50@4.50; stags 3.00@4.25. Cattle—200; steady; veals 9.50 down.

LIVESTOCK ESTIMATES CHICAGO, Sept. 30—(AP)—Official estimated receipts tomorrow: Cattle 6,000; hogs 24,000; sheep 27,000.

FLOUR MINNEAPOLIS, Sept. 30, (AP)—Flour unchanged. Shipments 32,093.

SILVER NEW YORK, Sept. 30—(AP)—Bar Silver 27 1/2.

PEORIA GRAIN PEORIA, Sept. 30—(AP)—Cash corn 1 1-2@1 3-4 cents lower; No. 1 yellow 36; No. 2 yellow 36; No. 3 yellow 35 1-2. Oats unchanged; No. 3 white 19@19 1/4.

CLOSE OTTAWA BANK OTTAWA, Ill., Sept. 30—(INS)—Because of reported failure to get financial assistance from Chicago banks during a run, the National City Bank closed its doors today. The run began, after the closing of the Ottawa Banking and Trust Company yesterday. The National City Bank was capitalized for $200,000. It is in solvent condition and depositors will get 100 cents on the dollar, officers said.

TRANSFERS Furnished by ILLINOIS TITLE COMPANY ABSTRACTS OF TITLE TITLE GUARANTEE POLICIES

WAUKEGAN, ILLINOIS

Sept. 25, 1931 S Darrow to J Lelckem and wf jt tens W D, lots 54 and 55, Beach View Sub, sec 33, Benton. C T and tr Co to W T Abel and wf jt tens deed lot 2, blk 53 Round Lake Beach, sec 20, Avon. Foreman-State Tr & Svgs Bank to C Janssens and W Berg jt tens deed lot 39, blk 40, Round Lake Beach Sub, sec 20, Avon. J C Gonyo Q C D, Pt of SW qr of sec 31, Libertyville. C J Mason and wf to R O Hinton and wf jt tens Q C D A tract of land in sec 9, Vernon. F H Bartlett to N J Arbuthnot deed, pt of fractl sec 5, Benton. J F Wilas and wf to T E Reardon Q C D W hf of SE qr of NE sec 3, Cuba. J Schwartz and wf to J Schwartz W D, lot 11, blk 2, lot 3, blk 3, lot 2, blk 4, lot 46, blk 8, Ravinia Highlands. T Paul and hus et al to E E Evans and wf jt tens W D, lot 165, Pleasant Hill Sub, sec 18, Avon. O I Rockenbach and wf to A Heybeck and wf jt tens W D A tract of land in sec 20, Ela. B. M. Uhler to B. Whipp Q C D lot 9, Golf Links Addn, sec 27, Deerfield. A B Millard to J G Latimer W D, S hf of lot 12, J S Hovlands H Pk Acres Sub, sec 21, Deerfield. J G Latimer to A B Miller and E G Millard jt tens W D S hf of lot 12, J S Hovlands H Pk Acres Sub, sec 21, Deerfield. Foreman-State Tr and Savings Bank to O T. Oliver and wf jt tens deed lot 33, blk 43, Round Lake Beach Sub, secs 17 and 20, Avon. V C Hultzen to A E Hultzen and wf W D Pts of lots 25 and 26, blk 2, First Addn to Everbreeze Sub, Sec 13, Grant. Central Mfg District Bank to Robert E. Kenyon and wf jt tens deed lot 2, Deerpath Hill Estates, Lake Forest. K A Larsen and wf to E D Guetzen W D lot 113, J L Shaws Sub on Fox Lake. The First Natl Bank of Lake Forest to J Gist and wf jt tens deed, pt of lot 50, Co Clerks Sub, sec 28, Shields. P L Speidel and wf to J Gist and wf jt tens Q C D, pt of lot 50, Co Clerks Sub, sec 28, Shields. W B McCluer to J H Quinlan W D NE qr of SE qr and hf of SE qr sec 1, Fremont.

MANY BIDDERS ON P. O. REPAIR

Expect At Least 12 Bidders On Repair Job At Postoffice Ordered By Gov't.

At least twelve contracting firms are expected to have bids entered by tomorrow afternoon on a proposal calling for extensive repairs to the Waukegan post office building.

It was announced from Postmaster Mancel Talcott's office this morning that twelve contractors have been given specifications of the proposed improvements to date, the majority of whom will probably return their proposals before the deadline at 2 o'clock tomorrow afternoon.

While no estimate has been released by federal government inspectors as to the probable cost of the entire improvement, it appears certain that the project will amount to several thousand dollars, as the inspector has recommended extensive repairs throughout both the interior and exterior of the building.

Contemplated repairs to the roof will probably entail the largest expense of any repair item on the entire improvement program.

All iron grill work on the exterior of the building will be repainted, the woodwork redecorated, new portions

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BRIGHT SPOTS IN BUSINESS

BRIGHT SPOTS IN BUSINESS United Press NEW YORK, Sept. tal life insurance force increased during the first half 1931, according the Life Insurance Presidents

Glidden company has been showing steady increase sales the past three months, Adrian Joce, president of the said. shortage of merchandise in the industry predicted by president of the Clothing Association: shipments for August than 10 per cent greater than for August, 1930

NEW Avenue Railsystem reported the two months ended August surplus $42,897. against loss the corresponding period of 1930.

Mountain sugar factories opened this week have provided 100 days' work for 38,500 men to the 100,000 regularly employed, United Press survey revealed. for construction work than $1,000,000 have been placed with the Austin company during the weeks, company officials

Air Conditioning, Heating frigerating company had 33 per cent orders hand the close the third quarter than on June 30, according to company officials.

NEW States Pipe & Foundry company contract tons of 36 inch pipe for Lincoln, Neb.

CLOSE SERENA BANK SERENA, Ill., Sept. (INS)The failure the Serena State bank here today marked the third La Salle county bank that has closed its doors within the last two days. Both of the others were at Ottawa, the Ottawa Banking and Trust company closing yesterday and the National City Bank leaving its doors closed today. latter in solvent condition, to officers, but closed inability to get ready cash to meet Serena Bank capital stock of

TREASURY BALANCE WASHINGTON, Sept. The treasury net balance Sept. Expenditures for that day $11,314,822.71. Cusfor month through Sept. 28 were 33,349,385.73.

COTTON Sept. futures

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Name As Receiver Mendota Banks has been Urban October serving since National City Bank, of the been named receiver Bank and the the Mendota National Bank Mendota, First three weeks were this Tracey went national bank ing check been charge they closed. the banks time between banks National City Bank Ottawa, affairs all three tling the His appointstitutions one by the ment currency,