First National Bank (Taylorville, IL)

Article Text

BRINGS BANK

Several Illinois Institutions Close, Leaving One to Stand Brunt.

(By Associated Press.)

Oct. Out of the sky yesterday dropped money bags to bring renewed faith to town and stave bank which would almost run certainly have resulted empty vaults the only bank which mained open. The drone of an airplane motor day was saved that the line of 250 depositors front of the Farmers' National bank need have no fears not getting their Almost like magic the line faded away and another redepositing money they earlier Relief rushed by airplane to the Farmers' bank by Chicago fedreserve officials soon they learned Taylorville's other three banks had been closed. Today bank examiners were scanning the books the three closed banks and banks three others nearby towns. Thus far, cially blamed for the The banks that been closed Colgrove company, State bank, Taylorville National bank and First National bank of Citizens' State bank Turner State banks, both of Edinburg: State bank of Bulpitt.

Article Text

Federal Reserve at Chicago Rushes Cash to Taylorville, Illinois

Taylorville, III., Oct. Out the sky Friday dropped of money bags bring faith town and off bank run which almost certainly have in vaults only bank empty which open The drone motor the signal that the day line of 250 desaved positors front of fears of tional their money Almost getting like magle the faded another redethey earlier positing the money Relief was rushed by airplane to the by Chicago FedReserve officials had closed. Today bank were books of the three closed banks and banks three towns. Thus "frozen been unoffiblamed for hutdowns. The banks that have been closJohn B. Colegrove and Co., State National and First National all Citizens State bank Turner Edinburg, State bank of Bul-

Article Text

RUN ON BANK IS CHECKED BY PLANE

Chicago Bank Sends Funds to Illinois Bank

ILL., Oct. 19 of the sky yesterday dropped bags to bring renewed faith town and stave off bank run which would most certainly have resulted empty vaults the only bank which remained open The drone an airplane motor the signal that the day was saved and that the line of 250 positors front of the Farmer's National Bank need have no fears of not getting their money. most like magic the line faded away another redepositing money they earlier had withdrawn. Relief rushed by airplane Farmers Bank by Chicago Federal Reserve officials as soon they learned that Taylorville's other three banks had been closed. The banks that have been closed John Colegrove and company, state bank: the National Bank, and the First National Bank, all of Taylorville; Citizens State Bank and the Turner State Bank both Edinburg, and the State Bank of Bulpitt.

Article Text

TAYLORVILLE MERGERS MAY BAR LOSSES IN CLOSING

Depositors Heartened by RuHalted by Airplane Remittance.

By Staff question minds this today what their prospective losses be of the closing three of the town's four banks. Miners, chants and others stood in front of the banks gazing the typed notices pasted and talking about of regaining their deposits. general opinion seems to be would be some loss depositors, but report that the Taylorville National Bank and the First National Bank merge and reopen heartened most of depositors. was pointed that similar year ago Shelby County, which adjoins Christian County, seven banks and that the banks reopened that reduced the loss of depositors to virtually Chief State Bank Examiner Nicholson, on the scene staff told reporter for The Star his investigation had not far the status of the closed Tried "Ride Out Deflation." Inability the banks collect examiner the loans were made the said that lands 1926 when land farm high that the bankers preferred out the deflation period" that followed rather than foreclose on their mortgages. just business judghe asserted. all. six Christian County banks closed They First all pany Turner Bank Edinburg. Farmers' State State The the first to This was last Friday. run started the after was rumored the wealthiest citizens of Illinois loan John Colgrove, head of the stitution. This and many other rumors were heard today wherever the reporter went. In barber hotels, the chief question much did have Deposits Total $2,900,000. The three Taylorville banks closed deposits Under Illinois, are liable for an amount twice stock. banks section of Christian County The of when Farmers' National here had died down today. $600,000, the bank open here When opened yesterday morning crowd 400 depositors rushed the doors. cried their bank books they pushed shoved line that passed the tellers' cages. Bank employes and shoutfor quiet they dealt out sheafs bank notes to the frantic deposThe was stopped in spectacular Adams, telephoned Springbank in an automobile The money rushed through and heaped in tellers' view of crowd. This, quiet them, Adams telephoned Federal officials Chicago rushed here airplane guarded by federal agents. The plane arrived hour and minutes after money was transferred guarded by deputy sheriffs policemen. the swept front the bank, guards, crowd. and their walked the building and the cages. The quiet two hours dispersed. withdrawn funds them. The Bank and this saved the The bank amount of bonds hand and borrow them. Colegrove attributed the condition bank to frozen assets. He that farm declined that the four of the Peabody Coal only one day during the because of in demand, throwing many men out work.

Article Text

BANK

Depositors At Taylorville, III., Grow Wary As Three Other Institutions Close

FROZEN ASSETS BLAMED

Associated Press TAYLORVILLE Ill., Oct. 19. Out of the sky yesterday dropped money bags to bring renewed panic and stave off bank run which would almost certainly have resulted empty vaults at the only bank which remained open. drone of an airplane motor was the signal the day was the 250 itors the National bank no fears of getting their Deposit Money Again Almost like magic line the money they earlier had withdrawn. Relief was rushed by airplane the Farmers bank Chicago federofficials they learned Taylorville's other three banks had Other Books Today ning the the three and nearby Thus sets" been unofficially blamed for the shutdowns. The banks that have been closed John Colegrove state bank, Taylorville National bank and the First National bank, the Citizens State bank and Edinburg, the State Bank of Bulpitt

Article Text

Money Bags Drop From Skies And Halt Run On Bank

Out Friday money bags bring faith to town and stave off bank run which would almost certainly have resulted empty vaults at the only bank which remained open. The drone an airplane motor was the signal that the day saved and that the line of 250 depositors in front of the Farmers Na. tional Bank need have no fears of not getting Almost like magle faded and other formed redepositing the money they had Relief rushed by airplane to the Farmers Bank by Chicago Federal officials they learned that Taylorville other three banks had been closed Saturday bank examiners were scanning the three closed and banks three other nearby Thus "frozen assets have been unofficially blamed for the The banks that have closed John B. Colegrove Company. National Bank First National Bank, all of Taylorville the Citizens State Bank and Turner State Bank, both of Edinburg: the State Bank

Article Text

MONEY FALLS OUT THE CLOUDS

Panic Is Replaced By Confidence as Plane Drops Cash

Taylorville, III., Oct. of the sky dropped money bags bring renewed faith to panic stricken town and stave off bank run which would almost certainly have resuted empty vaults at the open. The drone airplane motor was the signal that the day was saved and line 250 depositors front of the Farmers' National bank need have fears not getting money. Almost like magic the line faded forme? redepositing the money they earlier had Relief rushed airplane to the Farmers' bank Chicago Federal Reserve officials they learned that other three banks had closed. Today bank examiners were scanning the books of the three closed banks and banks in three others nearby Thus "frozen have been unofficially blamed for the shutdowns. The banks that have been closed John Colegrove state bank; the Taylorville National bank, the First Natinal Taylorville; Citizens' State bank and the Turner State Banks, Edinburg, the State Bank of Bulpitt.

Article Text

Plane Brings Cash to Stave Off Run on Illinois Bank

By Associated Press. Out of the sky Friday dropped money bags to bring renewed faith panic stricken town and stave off bank run which would almost certainly have resulted in empty vaults at the only which open. The drone of an airplane motor was the signal that was and that the of 250 in front the Farmers National Bank need have fears not getting their no money. Almost like magic the line faded away and another tomers redepositing the money they had withdrawn. Relief rushed by airplane to the Farmers Bank by reofficials they learned that other three banks been Saturday bank examiners were scanning the books the three closed bank banks in three others in nearby Thus far, have been blamed unofficially for the shutdowns. The banks that have been closed are: John Colegrove State Bank, Taylorville National Bank, and the First National Bank, all of Taylorville: the Citizens State Bank the Turner State Banks, both Edinburg, the State Bank of Bulpitt.

Article Text

NEBRASKA MAN BANK RECEIVER

M. E. Jensen Checked in, Assumes Duties in Taylorville

Nov. Jensen, Plainview, Neb., Monday was appointed receiver for the First tional Bank of Taylorville and the Taylorville National bank. He checked in Monday afternoon and preparing to assume duties in connection with the two banks closed two weeks ago. Mrs. Jensen declined to make any statement regarding the financial condition of the two banks. Mr. Jenhas had five years' experience National bank receiver.

Article Text

300 DEPOSITORS IN LINE WHEN CLOSED BANK OPENS DOORS

URBANA, ILL., Nov. 4—(AP)—More than 300 depositors of the Urbana Banking company were in line outside its doors this morning when the bank was opened for the first time since Octo. 21 to check over their accounts and the contents of their safe deposit boxes.

Only two or three persons were allowed to enter at a time by Roger F. Little, state representative and newly appointed receiver for the bank. Little said that no irregularities had been discovered in the accounts and boxes investigated so far today. State auditors are still checking the bank's books. The depositors have three months in which to file their statements for adjustment of their accounts.

BANK RECEIVER NAMED

TAYLORVILLE, Ill., Nov. 4. (AP)—M. F. Jensen, Plainview, Neb., has been appointed receiver of First National Bank of this city and will take charge tomorrow. The bank was closed Oct. 18 with the explanation that the action was taken to protect depositors following closing of the Coll-Grove bank because of frozen assets.

VISIBLE GRAIN SUPPLY

NEW YORK, Nov. 4—(AP)—The visible supply of American grain shows the following changes in bushels: wheat increased 1,237,000 bushels; corn decreased 407,000; oats decreased 645,000; rye increased 447,000; barley decreased 221,000.

NEW YORK COTTON

NEW YORK, Nov. 4. (AP)—Cotton futures closed barely steady, 15 to 19 points lower: December 17.70-71; January 17.80; March 18.10; May 18.36; July 18.47; spot quiet; middling 17.90.

Article Text

RECEIVERS OF THREE BANKS

Two Nationals and One State in Taylorville Are Taken Over

Nov. Jensen, Plainview, Neb., Monday was appointed receiver for the First tional Bank of Taylorville and the Taylorville National bank. He was checked in Monday afternoon and preparing to assume duties connection the two banks closed two weeks ago. Mr. Jensen declined to make any statement regarding the financial condition the two banks. Mr. Jenhas had five years' experience as National bank receiver. Colgrove Bank Receiver Late Monday was announced that Robert G. Early, prominent torney of Geneva, has been appointed receiver the John B. Colgrove state bank here. The Colgrove bank was closed about three weeks ago because of frozen assets. was the first of six banks in Christian county to be closed. Mr. Early is expected here Tuesday to take over management and reorganization of the bank. He has been the state banking department under State Auditor Oscar Nelson for some time.

Article Text

BANK RECEIVER SUES VANDEVEER

Federal Judge Louis FitzHenry on Saturday ordered William T. Vandeyeer of this city to answer charges brought by F William Lensing. receiver of First National bank of this owlls sixty shares of stock in the bank and has not paid. an assessment of $100 a share levied by the United States comptroller of

Attorney for Vandeveer argued hat the stock in question is in the name of Roy A. Johnston. former president of the bank. and that Johnston is liable for the assessment. Judge FitzHenry ruled that the charge that Vandeveer is owner of the stock is sufficient to require an answer and that proof of the charge must be produced by the bank it court. The case has been set for hearing in January.

Article Text

TAYLORVILLE BANK RECEIVER TO RECOVER $8,325 suit filed federal court Friday by M. Lensing. receiver defunct First National bank. of this city, to recover $8,325 from the Fernandes Grain of Springfield. This sum alleged to have been paid them by Rolley Garland. assistant cashier of the bank, who is now serving sentence for embezzle ment in alleged that Garland paid the above amount the Springfield concern with five drafts, paid within period of less than six months between 27. 1926. Dec. 18, 1926. for and grain on future contracts. That these dealings indicated by which show that some 15 or he only four five times. In the suit filed Friday. Mr. LenWEST GRAND BAPTIST sing alleges the officials of the grain that they were dealing Garland, and that he only buying grain by paying marginal grain market on future prices, and did not expect to receive the grain purchased. also contended in the suit that the statute recognizes this sort of transaction gambling contract grain speculation. this clause that Mr. Lensing seeking recover the money for Garland up his shortage at the bank for time by keeping sets of books, for the bank and one for his own use