gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5dba7b54d7e10ea4
Response Measures
Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Partial suspension, Full suspension
Receivership Details
Depositor recovery rate
65.0%
Date receivership started
1934-03-13
Date receivership terminated
1939-06-30
Share of assets assessed as good
44.2%
Share of assets assessed as doubtful
40.8%
Share of assets assessed as worthless
15.0%
Description
Initial 1932 run quelled locally; bank later closed under the 1933 presidential moratorium and placed in receivership in 1934.
Events (5)
1.April 6, 1883Chartered
Source
historical_nic
2.January 18, 1932Run
Cause
Local Banks
Cause Details
Runs followed suspension/closure of banks in nearby Champaign which sparked rumors and panic leading depositors to withdraw from Urbana banks.
Measures
Mayor proclaimed a five-day city 'holiday' closing businesses to quiet hysteria; armored car rushed $400,000 cash from Chicago; pledges solicited from depositors.
Newspaper Excerpt
That day-Monday, Jan. 18-the First National bank of Urbana and the Busey State bank were overrun with long lines of depositors, drawing out their money.
Source
newspapers
3.March 6, 1933Suspension
Cause
Government Action
Cause Details
State/federal bank holiday and related moratorium orders in March 1933 closed banks (presidential/state actions) and limited operations.
Newspaper Excerpt
ILLINOIS BANKS ORDERED TO CLOSE FOR THREE DAYS ... Gov. Henry Horner ... will effect Saturday, Monday and Tuesday ...
Source
newspapers
4.March 9, 1934Receivership
Newspaper Excerpt
The First National bank of Urbana is to have a receiver to conduct affairs in that institution. He takes the place of Charles Loeb, conservator of the bank, which was closed by President Roosevelt's order about a year ago.
Source
newspapers
5.March 13, 1934Receivership
Source
historical_nic
Newspaper Articles (22)
1.January 20, 1932Evening StarWashington, DC
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HOLIDAY DECLARED TO AID TOWN BANKS as Checked Withdrawals Mayor of Urbana, III., Hits Upon Unusual Plan. By the Associated Press. URBANA, Ill., January 20.-They're having a holiday in Urbana because it looked like the banks might get into financial trouble. Paradoxical as this may seem, Urbana's 31-year-old mayor, Reginald C. Harmon, just five years ago a graduate of the University of Illinois Law School, today was confident the holiday was a successful means of insuring financial stability to the city's two banks, the First National and the Busey State. He is working on the theory that "when you lose your head, stop and count 10." When hysteria caused heavy withdrawals, following suspension of two banks in the adjacent city of Champaign, he issued a proclamation yesterday closing all business establishments, including banks, but excepting food stores, drug stores, transportation and public utility agencies, and newspapers. Meanwhile, the newspapers printed editorials encouraging confidence in the banks, paving the wav for 100 citizens to make a house-to-house canvass to secure pledges from a majority of depositors in Urbana's two banks that they would not withdraw their money. The holiday will be over Monday, and business men lauded the young mayor's move. Airplanes and armored automobiles brought approximately $1,000,000 to the four banks in Urbana and Champaign Monday. The two banks remaining open in Champaign reported yesterday that the runs had subsided, and that deposits had exceeded withdrawals.
2.January 20, 1932The Indianapolis TimesIndianapolis, IN
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BY REGINALD C. HARMON Mayor of Urbana (Copyright, 1932, by United Press) URBANA, Ill., Jan. 20.-Our community was caught unexpectedly in the worst calamity ever felt here. Sinister influences and malicious rumors had undermined the firm foundations of some Champaign and Urbana banks. When the First National bank, Champaign, and the Commercial State bank, Champaign, failed to open for business, not because of insolvency, but because of lack of cash caused by quiet runs extending over weeks, part of the local citizenry momentarily became alarmed. Runs were started on the remaining twin city banks, which, I believe, if allowed to continue would have brought greater grief and 2 greater catastrophe to our community. Faith in our fellowmen and in the future must not be shaken. Closed Business Although realizing that to close all business firms here would cost the community more than $75,000 daily, I believed that in the final reckoning two banks will continue to serve Urbana, and faith and confidence would be preserved by closing all business houses. Not until after considering the good of all citizens did I decide to invoke the police powers of the mayor to close business firms, including the banks. Only those firms which dispense food supplies, drugs, transportation businesses, public utility agencies and newspapers now are functioning. For the rest of this week business in Urbana will be at a standstill, while our leading citizens are restoring confidence. I have firm belief and faith in Urbana citizens, as they had in me for two terms, and evidences already show that the hysteria which gripped some, has subsided and turned into confidence. People More Confident Already more than 1,500 persons have pledged their entire deposits to the Busey State bank and the First National bank, Urbana, until some later date when normal deposits and normal withdrawals will be resumed. The Association of Commerce, the Rotary Club, the lawyer, the doctor, the merchant, the laborer, have all expressed themselves as confident for the future. While I have the power to use force to close any business as an emergency measure to preserve peace and order, I have not had to do so, nor do I expect such procedure will be necessary as the proclaiming order seems to be sufficient. Merchants and professional men have united to help Urbana through this crisis. I feel they practically have done so, and at such time as I deem necessary the proclamation closing business firms will be revoked.
3.January 20, 1932Sapulpa HeraldSapulpa, OK
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BANK CLOSINGS THROW ILLINOIS TOWNS IN PANIC
BUSINESSES ORDERED CLOSED TEMPORARILY AS REMEDY MEASURES PEND
(Copyright, 1932 by United Press) URBANA Ill., Jan 20. (LP)-Our seems to be sufficient Merchants and community was caught unexpectedly in the worst calamity ever felt here Einister influences and malicious rumcrs had undermined the firm foundstions of some Champaign and Urbana banks. be revoked When the First National Bank Champaign and the Commercial State Bank Champaign failed to open for business, not because of in- banks closed there solvency but of lack of cash caused by quiet runs extended over weeks, part of the local citizenty mom- pended. entarily became alarmed. Runs were started on the remaining twin city continue would have brought greater grief and a greater catastrophe to our community Faith in our fellow men and in the future must not be shaken Although realizing that to close all business firms here would cost the 10,000 resident students community more than $75,000 daily believed that in the final reckoning two banks would continue to serve Urbana, and faith and confidence would be preserved by closing all business houses Not until after considering the good of all citizens did I decide to invoke WALL PAPER the police powers of the mayor to close business firms including the SPECIAL banks Only these firms which disMany beautiful patterns to pense food supplies, drugs, transportaselect from tion buinesses, public utility agencies Some as low as and newspapers are now functioning per For the rest of this week business in 5c roll Urbana will be at a standstill while our leading citizens are restoring confidence Cowman's I have firm belief and faith in Urbana citizens. 25 they had in me Phone for two terms. and evidences already Across from Court House show that the hysteria which gripped some has subsided and turned into confidence Already more than 1,500 persons have pledged their entire deposits to the Busey State Bank and the First National Bank Urbana, until some later date when normal deposits and normal withdrawals will be resumed The Association of Commerce, the Rotary club, the lawyer. the doctor the merchant the laborer have all expressed themselves as confident for the future While have the power to use force to close any business as an emergency mea are to preserve peace and order, I have not had to do so nor do expect such procedure will be necessary as the proclaiming order professional men have united to help Urbana through this crisis. I feel they have practically done SO, and at such time as I deem necessary the proclamation closing business firms will
Iowa City joined the growing list of bankless midwest cities today as two three banks in the Chicago area and one in Decatur county, Indiana, susBusiness was virtually at a standstill at Urbana where a five-day "emergency holiday" was ordered by the mayor to halt public hysteria brought on by bank suspensions in Champaign- Urbana, mid-state educational center of 30,000 population and site of the University of Illinois, with Hammond, Ind., where there had been seven banks, was without a depository. Only one bank did business
4.January 23, 1932JG-TC: Journal Gazette and Times-CourierMattoon, IL
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members the Association of Commerce cial today noon the Hotel Grant made definite plans promote feeling of confidence throughout community. mittee seven was appointed call the Central Illinois Trust and Savings Bank and express fidence its solvency and to visit the National Bank Mattoon and any way
The committee appointed composed of Mayor Bills, Frank Milligan, Anthony Gorman, Sam Miller. Ben man and Louis Meyer. Preceding the appointing of the committee the tened made by Webber, president of the Urbana Commerce, and Gus Radebaugh, one of the Urbana association committee heads, explaining procedure of Urbana this week the Busey State Bank and preventing the closing the First National of Urbana. Ben Overman, in the absence of Fred president of the local AsGrant, sociation of Commerce, presided the meeting.
5.February 4, 1932The Paxton RecordPaxton, IL
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URBANA'S BOY MAYOR WAS KIWANIS SPEAKER
Reginald Harmon, Urbana's boy mayor, closed the stores banks in that city panic threatened follow after the First Bank in spoke before the Kiwanis Club on Monday the noonday luncheon. Mayor Harmon made very with his audiand the fact that he claimed but few the honors that was when the panic at Urbana, indeed noticable his hearers. matter fact, by his own initiative, soon the Urbana situation under control and saved the day for city. He proved very interesting speaker. The Kiwanis Quartet and the was of the the Weberm, of the who the mayor to short joyed and appreciated by the wanians.
6.February 4, 1932Texas County NewsGuymon, OK
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Mayor Reginal Carl Harmon of Urbana, III., took a drastic step one day last week to bring the citizens of that city to their senses. A few days previous, the depositors of the First National bank of that city had made a sufficient run on the bank to close its doors. After an all-night conference with the bank officials and economic experts of the nearby Universtiy of Illinois, the mayor issued an edict that "business would be suspended in the city for five days, save the purchasing of food, drugs, utilities and newspaper." As a result the people had time to ponder the situation and realize the folly of losing their heads over depression. A storeto-store, house-to-house canvass was successful in signing up the majority of Urbana citizens that they would not withdraw their money until they needed it. After a two-day rest from money spending business was resumed with everyone contented and happy.
7.March 10, 1932The Cleveland PressCleveland, OH
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WHERE'S THE FIRE, CHIEF?
Ever get a ticket for parking six inches too close to fire-, plug? Or have trouble finding a place to park? The photographer didn't have to measure the distance from the car in this picture to the fireplug. It's Fire Chief James E.
Granger's car as it was photographed yesterday near City Hall. The chief was upstairs conferring with Safety Director Frank Merrick. And he didn't have to hunt space for his red auto. That's where the chief frequently parks when he calls at the Hall for a departmental conference. a population of 13,500. is the home of the University of Illinois realized, says Mayor Harmon, Urbana's 32 -year-old chief executive, "the risk was undertaking when issued the order that closed up the city, It was move unprecedented in the history of the country If it succeeded, might save the town's banks and save lot of our merchants from being dragged down ruin with them: if failed. would be the goat and it would mean the end of my political career.
Banks Were Sound
"But it worked. It has also worked in a dozen other cities that have since tried 'Urbana' banks," Mayor Harmon continued, "were as sound as dollar. There was nothing wrong except lot of hysterical rumors. A big bank in the neighboring town of Champaign had just closed. dragging smaller bank down with it. That started lot of wild "rumors about Urbana banks. People believed these hysterical stories, without pausing to investi- gate their truthfulness And the runs' followed. And no bank, no matter how sound, can withstand a major 'run' if it has been doing its duty by making loans to the business houses of the town." That Monday, Jan. 18-the First National Bank of Urbana and the Busey State Bank were overrun with long lines of depositors, drawing out their money The Busey State Bank weathered the storm until 10:30 a. m., and then closed temporarily, as state banks are permitted to do. The First National, however, could not close for moment without losing its federal charter, so it had $400,000 cash rushed from Chicago in an armored car. This money arrived about 3 p. m., the bank's closing hour."
Pledge Depositors
At 1:30 p. m. that day, the directors of the Urbana Association of Commerce and the merchants of the town, held hurried meeting. A special committee was appointed to take charge of the emergency and it drew up pledge to be circulated among the 6000 depositors who had total of $2,000,000 in the two banks. By 5 p. m., the pledges had been printed and solicitors were leaving to get the signatures of depositors Meanwhile the banks had supplied the Association of Commerce with list of their depositors having balances of $500 or more. At midnight, the solicitors and officials of the Association of Commerce held a meeting at a downAt m., Mayor Harmon was called into conference of bankers and their legal advisors. He signed the 'martial law" proclamation closing Urbana for five days, effective At m., President T. B. Webber of the Association of Commerce called Urbana's merchants together After the situation had been explained by Mayor Harmon they voted unanimously to back his 'martial law proclamation to the limit
Reopen in Two Days
And so, Tuesday morning Urbana closed up tight. The mayor's proclamation for five-day "holiday gave both banks legal reason for remaining closed Thus, the Tun was By m Wednesday the tireless solicitors had-obtained the signatures of practically every depositor This accomplished, Mayor Harmon terminated his five-day closing order immediately and that afternoon the stores reopened An amount of trade estimated at $75,000 had been lost In the 36 hours. but the merchants were happy. The banks whose failure would have dragged many of them down. had been saved When the banks reopened Thursday morning depositors began flocking back with their money That day. deposits received at the First National Bank amounted to 31 times the amount of withdrawais. and in the Busey Bank the deposits were 25 times greater than withdrawals But the plan had worked too well: people were putting all their money in the banks, instead of spending it at the stores. Business dropped So the Association of Commerce put out more placards and newspaper advertisement. urging the public to Get Back to Normal- Business as This movement was successful President Webber of the Association of Commerce looks back over the battle and says The newspapers saved our city They were with us thruout Their support was wonderful.
8.March 11, 1932Marshfield News-HeraldMarshfield, WI
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Banks, Business
Confidence Restored by Complete Closing of Town During Hysteria
ROBERT TALLEY Service Writer Urbana, March the story town that has whipped the depression, brought about business improvement, restored economic stability communand now the midst of $100,000 home improvement camresult of an hysterical "run" the town's two banks, which threatened to break both of them. Mayor Reginald Harmon's drastic five-day closing all business houses in the except drug stores and grotown enforced period which and started the chain of events toward improvement. Public confidence, which the Urbana Association of Commerce worked feverishly to restore midnight during this hectic period, did the rest. Today, 60 days after that fateful Jan. 18 which long lines frantic frightened depositors withdrawing their money Urbana's two banks, visitor finds Urbana confident, busy and headed for bigger things. Took Risk The same committees that stopped bank "run" are now canvass the city effort bring about $100,000 home improvements remodeland this campaign meeting with success. The with population of the home of the University of Mayor HarUrbana's chief mon, executive, risk was undertaking when issued order that closed city. was move the history country. ceeded, might save the town's banks and save lot of merchants being down ruin with them; failed. would goat would mean the end my political worked. It has also worked dozen other cities that have since tried Banks Sound "Urbana's Mayor Harmon continued, sound dollar. There wrong except of rumors. bank in neighboring town Champaign had just closed dragging smaller bank down lot of ruabout Urbana's "People believed these stories, pausing to vestigate their the And no bank, matter how withstand has doing duty by the of the Bank and the Busey Bank with long of depositors, Busey State Bank weathered the until and then closed banks are permitted to The First however, could not close for losing its federal charter, had $400,000 cash Chicago an This money about the bank's closing Pledged At that day, the the the merchants the town, held meeting. take charge the pointed drew up pledge the who total of 000,000 banks. This read: in the soundness of Urbana and its banks, we the people Urbana will not from State Bank the First National Bank any part of account period has fully and the the likewise the and property values will By the pledges had been get the the banks supplied the Urbana Commerce with list of their of $500 the business By m., John Wilcox turned about 150 signed the district single turn had been During night, worked
9.March 12, 1932Belleville Daily AdvocateBelleville, IL
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Mayor Raps Mob Hysteria
R. HARMON Mayor Urbana, Ill. venture the that fully half bank "runs" this today are due hysteria on the part people who heard lot of false and baseless That was certainly the case in Urbana. Few banks close as the dishonesty behind the counter. Sometimes, unwise vestments cause fail. But in most cases "run' caused by sheer hysteria. do UrAny city bana done, the loyal and community spirited. citizens are not loyal and willing operate, there much mayor can do. mayor can't enforce "martial he tried to he might have to put hundreds of persons into and would cause riot. That's where loyalty and public spirit comes in. Urbana had the loyalty and co-operation of its citizens in this crisis. the 6000 depositors banks, those refused join could be counted on the fingers of one hand. duty by making loans to the busithe National Bank of Urbana and the Busey Bank with long lines of depositors drawtheir money Busey State the until then banks to do. The First National, close for without losing its federal (Continued to Page Two)
10.March 13, 1932Messenger-InquirerOwensboro, KY
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URBANA, WAS CLOSED UP BY MAYOR TO FIGHT OFF PANIC
CITY IS AFTER LEARNING
Gossips Gagged As Town Gets Banks Saved And Shops Are Now Busy.
BY ROBERT TALLEY (NEA Service Writer) Urbana, the that has the depression, brought about restored onomic community the midst of of hysterical town's banks, threatened to break both of C. Harmon's the and enforced and started the chain of events toward this confidence, which the Urbana of Commerce worked feverishly during this hecthe Today, approximately sixty days after that fateful January long Lines of frant.e and drightened depositors withdrawing their money from Urbana's two banks visitor finds Urbana norconfident, busy and headed for bigger things. The same committees that stopped the bank are now being the city about $100,000 of home ing and this campaign meeting with The the home of the of says Mayor Harmon, Urbana's chief executive, risk undertaking when issued the order that closed up the city, It move in the history country. If succeeded, might save the town's banks and our merchants from being dragged to ruin with them: if failed, would be the goat and would mean the end of political career. "But it worked has worked dozen other cities that have since tried Banks Sound "Urbana's Mayor Harmon cont "were as sound as There was nothing wrong except hysterical rumors A bank in the neighboring town of Champaign had just closed, dragging bank down with it. That started of wild rumors about Urbana's People believed these hysterical stories, pausing to investigate their And the followed And no bank. no matter sound, can withstand major has been doing duty by making loans to the houses of the town. January 18 First National bank of Urbana and the Busey State bank with long lines of deout their money The Busey bank weathered the storm until and a.m., they closed temporarily as state banks are permitted The to do. First however, could not close for moment without losing its federal charter, had 000 cash rushed from Chicago in an car. This money arrived the closing hour.
Depositors Pledged At that the tors of the Urbana Association of Commerce and the merchants of the town, hurried meeting A committee was appointed to of the emergency and it drew pledge to be
11.March 14, 1932The Capital TimesMadison, WI
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Shut Up Town to Quiet Bank Panic goat and it would mean the end of my political career "But it worked. It has also worked in dozen other cities that have since tried "Urbana's banks." Mayor Harmon continued, "were as sound as a dollar. There was nothing wrong except lot of hysterical rumors. big bank in the neighboring town of Champaign had just closed, dragging a smaller bank down with it. That started a lot of wild rumors about
Urbana's banks.
"People believed these hysterical stories, without to investigate their truthfulness. And the runs followed And no bank no matter how sound, withstand major 'run' if it has been doing its duty by making loans to the business houses of the town. That day-Monday, Jan. 18-the First National bank of Urbana and the Busey State bank were overrun with long lines of depositors. draw- ing out their money. The Busey State bank weathered the storm until m., and then closed temporarily, state banks are permitted to do. The First National. however. could not close for moment without losing its federal charter, so had $400,000 cash rushed from Chicago in an armored car. This money arrived about 3 p. m., the bank's closing hour. At 1:30 p. m that day, the direc(Continued on page 13)
12.March 25, 1932Seminole ProducerSeminole, OK
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MAYOR RAPS MOB HYSTERIA
BY R. C. HARMON
Maydr of Urbana, III
I venture the assertion that fully half of our bank "runs" in this country today are due to hysteria on the part of people who have heard a lot of wild, false and baseless rumors. That was certainly the case in Urbana. Few banks close as the result of dishonesty behind the counter. Sometimes, unwise investments cause them to fail. But in most cases a "run" is caused by sheer hysteria. Any city can do what Urbana has done, if the said city is loyal and community spirited. But if the citizens are not loyal and willing to co-operate, there is not much a mayor can do. A mayor can't enforce "martial law." If he tried to do so, he might have to put hundreds of persons into jail and that would cause a riot. That's where loyalty and public spirit comes in.
Urbana had the loyalty and co-operation of its citizens in this crisis. Of the 6000 depositors of our two banks, those who refused to join us could be counted on the fingers of one hand.
By 3 m. Wednesday, the tireless solicitors had obtained the signatures of practically every depositor. This accomplished, Mayor Harmon to minated his five-day closing order immediately and that afternoon the stores reopened.
An amount of trade estimated at $75,000 had been lost in the 36 hours, but the merchants were happy. The banks, whose failure would have dragged many of them down, had been saved.
When the banks reopened Thursday morning, depositors began flock ing back with their money. That day, deposits received at the First National Bank amounted to 31 times the amount of withdrawals, and in the Busey Bank the deposits were 25 times greater than withdrawals.
Placards advertising the confidence Urbana had in these banks appeared in store windows all over the town. similar placards declaring "The Gossip Mongers Must Go!" and calling upon good citizens to report destructive and doubtful gossip to the Association of Commerce. Both also appeared in newspaper advertisements, while local newspaper editorial supcomplete. Money in Banks
But the plan had worked too well; people were putting all their money in the banks, instead of spending it at the stores. Business dropped. So the Association of Commerce put out placards and newspaper advertisements, urging the public to "Get Back to Normal-Business as Usual!" This movement was successful, too, as evidenced by the fact that a citywide "Dollar Day" sale a few days later brought one of the best business days in Urbana's history. Ever since then, business has progressed nicely.
Following up the work, the Association of Commerce converted its committees to investigate and run down destructive gossip about the city's banks, to prevent any repetition of hysteria.
Gossips SO reported were visited by a committee, which usually included a lawyer, and warned about the criminality of circulating false rumors re very quickly. This machinery having been SO beneficial in two instances, the Association then turned it into an agency for promoting a $100,000 home improvement campaign in Urbana. Home owners were canvassed, listed pair work obtained. "Now," says George Chapin, man-
13.August 26, 1932The Urbana Daily CourierUrbana, IL
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STRONG LIST DIRECTORS CHOSEN
Will Probably Open For Business on or Before
National closed doors repaced which expected doors public Thursday September upon the progress made last minute details Harris President
Newt Harris will be president bank and Dean David formerly president the Univer will act chairman board of directors Hazen and Harry Willis chosen vice presidents, and John Prettyman will be the new cashier The board of directors in addition Dean Kinley will include John Armstrong, Hazen Capron, R. M Sveinbjorn Johnson Morris Petry and Harry Willis The above list of names terred to the comptroller of the treasat Washington last night and his approval was received this morning The charter has been granted and by end new bank in full May Withdraw 60 Per Cent Depositors who signed waivers for their accounts at the defunct bank will be permitted to withdraw 60 per cent of the balance due them, with provision making the bal ance available at later date. The opening of the bank is expected improve financial situation in this community immensely, as many fectly solvent persons have been unable to pay their obligations because tied in the bank their money was up failure. With this obstacle removed general marked revival of business expected. understood that the new bank starts out with $150,000 capital and surplus of like amount The deposits run up to several million, the bank takes over all deposits old one except those where de positors would not waiver. They will have to make special arrange ments to be taken care of.
14.March 6, 1933The Buffalo NewsBuffalo, NY
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ILLINOIS BANKS ORDERED TO CLOSE FOR THREE DAYS
CHICAGO, March general three-day Illinois was urday extended Chicago financiers Gov. Henry Horner Melvin president First National made will effect Saturday Monday and Tuesday Traylor closing upon banks signed the reopen may limited per cent. during the follow ing eight statement by Gov. Horner said "For the past several the effort best emergency spite holidays surrounding Illinois and the the this state the has This was this that holiday Illinois time. greatest effort has such necessity The banks paid more in the past tide also been the might that regard has by The picture has changed Friday Finally after day of unprecefrom the the House banks the the Federal now the welfare the protection depositors have funds, declare the bank day referred my proclamation issued The of Chiholiday and was Saturday not reopen conditions
15.March 7, 1933Waukegan News-SunWaukegan, IL
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DEMOCRAT OFFICIAL NOTE
To Remain Closed Until Gov. Horner Instructs Officials To Obey Woodin.
CHICAGO. March Uncertain what action to take. officials Illinois banks kept in constant touch with Washington interpretation of Secretary the Treasury Woodin's new regulations The Continental Illinois National Bank and Trust Chicago, largest bank of and accepted deposits for time but ceased doing after conferences between bank officials and communications Washington. In addition declining to accept deposits, of the banks did not drafts food shipments, other purposes described necessary by Secretary Woodin. There clearing house assomeeting however, and the outcome was expected banks with definite program Most the bank officials said variations between Secretary Woodin's lightened declared for Illinois last week Henry Horner made them hesitate modified basis. ned to proclamation lattoday authorizing Illinois banks follow made by the The national banks were informed by national bank that they should obey Secretary Woodin's and disregard the provisions of the state Under Horner's proclamation of last week, banks would reopen tomorwith per cent restriction on withdrawals for the next days. Several Illinois cities solved the problem medium of exchange by issuing scrip backed currency. Springfield. Urbana, and Peru were among the towns taking such action. The Federal Chicaready certifireceived from Washington
Town Board Votes To Throw Out Democratic Ticket On Legal Technicality.
The Zion township Democratic ticket today was ordered off ballot by the town election hearing held in the sheriff's office, the same time similar started against Independent candidates Cuba township them the The Zion board voted two ticket. Supervisor Thompson Town Clerk Hueneryager voted for rejection and Justice the Thomas McEwen for acceptance the slate. This only the Voliva ticket in the field. No Sworn Statements Attorney Joseph Bishop, the firm of Bishop. Carey LaRose. argued petitions were there was statements attached the petition. Earl Cook counsel for the argued that the petitions substantial conformity with the requirements prescribed The objection the Independent candidates Cuba township filed by Bishop Besides the alleged deficiency sworn statements candidacy there defects in these petideclared. May If action will leave candidates Citizen's tion. This ticket headed pervisor Harold D. Kelsey, Kelsey and Town Clerk Grom. are members the Cuba and candidates the Citizen's Bishop asked County Judge Persons point two other members their be Woller and Cornelius Snyder, Republican and Democratic precinct committeemen Cuba township. This hearing day morning and be held the county building room designated by the sheriff.
16.February 2, 1934The Champaign and Urbana CitizenChampaign, IL
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WHAT ABOUT URBANA BANKING SITUATION?
Although four Urbana citizens rereturned from Washington this week, after conferring with Treasury officials concerning plans for re-opening the old First National Bank of Urbana, or its organization of a New Firsr National Bank, in Urbana. Although no statement will be made by this group until too late for this edition of The Citizen, it is rumored that the plans as suggested by the the Urbana committee did not pass comptroller of the currency. It is believed that within the next few days a definite plan for opening another bank in Urbana will be sent to the Urbana committee, from the comptroller's office. This plan would set forth the requirements under which either the old bank or a new one can be opened. All that will then remain to be accomplished will be to meet the requirements of the plan as suggested by the comptroller of the currency. Urbana citizens may be certain that any plan suggested by the Washington authorities will be workable and if given the proper cooperation, will result in the opening of the old or organization of a new bank for Urbana.
17.March 9, 1934The Champaign and Urbana CitizenChampaign, IL
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Urbana Bank Receiver
The First National bank of Urbana is to have a receiver to conduct affairs in that institution. He takes the place of Charles Loeb. Urbana man, who was appointed conservator of the bank, which was closed by President Roosevelt's order about a year ago. Since the bank closed many efforts have been made to open the bank so the depositors might get their money, but nothing much came of the efforts. It is said that some of the depositors are becoming very angry and much alarmed at the slow motion picture on the curtain all these months. They say that other banks closed and opened and seem to be running satisfactorily to the gov. ernment and they wonder what serious trouble is back of the First National bank of Urbana.
18.March 14, 1934The Urbana CourierUrbana, IL
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L. G. Coonred, of Savoy, today received notification by T. O'Con-, nor, comptroller of the U currency, of his appointment as receiver of the First National Bank of Urbana. The same mail relieved Charles Loeb of his duties as federal conservator, which office he has held efficiently since the bank was closed by presidential moratorium little more
19.March 22, 1934The Paxton RecordPaxton, IL
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Coonrod Named Urbana Bank Receiver former school Lewis Coonrod, has been receiver of the Urbana appointed First National Bank by Connor, comptroller of the United States treasury. He has resided Savoy, III., for the past and has been chairman the Champaign county Democratic central committee. Mr. Coonrod born the vicinity of
20.April 12, 1934The Paxton RecordPaxton, IL
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Attorney for Bank Receiver April Coonrod. receiver of the First tional Bank Urbana, today office comptroller the currency appointment of Don Richmond, Champaign, as his attorney. Preliminary steps toward uidation. which have been under receivership but, explained before In The Courare made
21.June 22, 1934The Champaign and Urbana CitizenChampaign, IL
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PROOF OF CLAIM ASKED
If you have been a depositor in the First National bank of Urbana and still have money in the place you will be expected to take your bank book or other means of identification or proof to L. G. Coonrod, bank receiver. There is no especial hurry as Mr. Coonrod expects to take care of the angle of depositors' claims to Septemtember 15.
22.August 24, 1934The Evening CourierUrbana, IL
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List Expenses Conservator of Urbana Bank
Receiver Announces izetd List of Expenses of Conservatorship to Correct Rumors.
Expenses of the conservatorship National bank of Ur. of the First bana were itemized Friday by Lewis Detailed G. counting of the expenses of the conservatorship was Coonrod said, to correct erroneou rumors about Urbana and Champaign.
"In the receiver's first quarterly "there is says Mr ex: item listed an to $13,871.21 amounting penses Some people have erronecusly CO.1celved the idea that this was the This how conservator's salary the as this was is not case entire expense of the conservator
Expenses Listed
The itemized expenses of the CON the following servatorship show and surety Insurance $978.64
Examinations and appraisal of office assets by comptroller's
Back salaries due officers and men employes of the bank from March 1933 to the date of the appointment of the conservator
For appraisal previous to closi of bank by the Reconstruction F1 nance Corporation Wages and salaries (this includes all wages and salaries inclusive of salary In this the conservator's respect Mr Coonred declares be sides the expense incident to the collection of assets and attempts at reorganization it was necessary to have enough help on hand for the handling of the deposits under the conservatorship as the amount of trust funds deposited with the con servator was at times over $150.000 Charges by the comptroller of the the term of the currency during for 350 days at day making total of $640.50 heat and bank supplies repairs of for the entire electric light bills building amounted to
In addition to this the conserva tor Charles Loeb paid out for This was interest the Reconstruction on loans from Finance Corporation the First Na tional bank of Chicago and the of the state treasurer cured deposit considerable of this interest paid having accrued before the bank moratorium These loans well as the state deposits have been paid collected during off Mr Loeb also in the conservatorship amount is greatly which the expense in of
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
