3642. State Bank (Chandlerville, IL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
March 1, 1930*
Location
Chandlerville, Illinois (40.048, -90.155)

Metadata

Model
gpt-5-mini
Short Digest
37dd385b8acc34d4

Response Measures

None

Description

Multiple December 1930 newspaper items report a run that forced the Chandlerville State Bank to close (early last spring), the disappearance and indictment of the president Dr. J. C. Franken, appointment of a receiver (Fred D. Savage), and later receiver actions (sale of mortgaged farm, Oct 1930 and Feb 1931 references). The evidence indicates a run led to suspension and permanent closure with a receiver; cashier C. W. Ainsworth was later acquitted. Dates are approximate when newspapers refer to early last spring.

Events (3)
1. March 1, 1930* Run
Cause
Bank Specific Adverse Info
Cause Details
Depositor run tied to apparent insolvency and disappearance of the bank's president (Dr. J. C. Franken) leading to loss of confidence.
Newspaper Excerpt
a 'run' had forced the bank's closing
Source
newspapers
2. March 1, 1930* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended/closed following the run and apparent insolvency; president disappeared and indictments followed.
Newspaper Excerpt
the closing of the Chandlerville State bank, the sole banking institution in Chandlerville early last spring.
Source
newspapers
3. October 26, 1930 Receivership
Newspaper Excerpt
The receiver of the Chandlerville bank has taken judgment against Hinrichs for money owing the closed bank ... report of Master Lucas has not been presented to the court. (Oct 26, 1930 item references the bank receiver).; The farm property... was sold to the holders of the mortgage... The sale was made by Fred D. Savage, receiver of the Chandlerville State bank. (Feb 15, 1931 item). (combined evidence).
Source
newspapers

Newspaper Articles (6)
1. October 26, 1930 Jacksonville Journal Courier Jacksonville, IL
Article from Jacksonville Journal Courier, October 26, 1930

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Article Text

MADE MORTGAGE FOR $4000 NOTE ON WRONG LAND Virginia, Oct. 25.-One of the many Mrs. John Pratt. of Peknn spent cases of litigation arising out of the few days in Virginia. closing of the Chandlerville State Mrs. John Way is visiting in Spring bank was heard before Master--in- field. Chancery A. T. Lucas in the circuit Mr and Mrs. Elmer Braner spent court this week. It was the suit of few days in Petersburg Mrs Manila Marcey of Chandlerville Mrs. Earl Petefish spent Thursday against Carl L. Hirichs to reform in Mrs. Sarah Coleman, Mrs. Frank Mrs. Marcey hold a note for $4,500 Long Mrs. George Rexroat and Mrs secured by mortage on Mr Hinrich's Will Martin spent the week in Spring 80-acre farm When the mortgage field was written dozen or more years ago Mrs. R Leonard is seriously ill at by an officer of the Chandlerville her bank mistake was made, it is conMrs. Frances Branen entertained tended and the land described in the Thursday evening with two tables of mortgage is not the land owned by bridge the Later renewal of the Mr and Mrs. J. D. Ward and mortgage gave the same erroneous daughter are visiting in Chicago. Mrs. Al Schwarte and daughter, The receiver of the Chandlerville Quincy spent the week end with Mrs bank has taken judgment against Hinrichs for money owing the closed Mr and Mrs. Ed Chamberlain have bank which if the mortgage is not returned after several months in would be lien on the land, California is claimed Hinrichs intended to mertMrs. Harmon Lippert is a surgical gage to Mrs Charles A patient at Springfield hospital Gridley represents Mrs. Marcey in Mrs. R E Widmayer is visiting in court and contends that the bank Colchester is not entitled to a prior lien as the mortgage was given on the only land FORSALE- Cadillac sedan, owned by Hinrichs, with the knowl. Ford model T., Two Dor. C. edge of the bank officers Epler Mills attorney for Fred D. Savage A. Young, Cadillac dealer. bank receiver The report of MasterLucas has not been presented to the court. Virginia Oct 25.-Richard Wilson principal the city schools, was ten. dered surprise party in honor of his birthday Bridge furnished amusement with four tables in play. High score favors were awarded to Miss Mabel Nafziger and Miss May Virgin. Elaborate refreshments were served by Mrs. Watson and her assistants Dr. W R Blackburn of this city is seriously Mrs. Charles Davis entertained Wednesday evening with three tables of bridge

2. December 23, 1930 Waukegan News-Sun Waukegan, IL
Article from Waukegan News-Sun, December 23, 1930

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Article Text

IS ARRESTED FOR DRIVING DRUNK Charged with drunken driving, Mortimer Ames of Woodstock will tried in Police court here this afternoon. He was arrested Saturday night by State Policeman Harry Quandt. Ames, said to be a son of Woodstock constable, is now at liberty under $1,000 bond. Evening: Annual Christmas program at the Grace Missionary church. December 29 Evening: Friendship Circle class George Inglis. Anna Kersch Miller, 16, who was married to Roy E. Miller on Sept. to legitimatize child born to her on Aug. 24, started action in circuit court yesterday to annul the marriage and to obtain alimony for the support of the child. The court action was brought by Robert A. Robinson in behalf Mrs. Miller through Attorney E. V. Orvis. The complaint alleges that Miller, who is employed by Waukegan company, met the girl when she was 15 years old. Attorney Orvis has petitioned Judge Ralph J. Dady for writ of ne exeat republica to prevent Miller from leaving the country. According to the petition Miller is planning to leave for Europe on January 1. FREE BANK CASHIER VIRGINIA, Ill., Dec. 23 (INS)-C. W. Ainsworth, former cashier of the Chandlerville State bank today was freed by a jury of a charge of receiving funds knowing the bank to be insolvent. Dr. J. C. Franken, president of the bank, the only financial institution in Chandlerville, disappeared after a "run" had forced the bank's closing and has not been seen since. Indictments also pending against him. BALTIMORE, Md., Dec. 23 (AP)T. Edward Hambleton. president of the banking firm of Hambleton and Company, was found shot to death in today.

3. December 23, 1930 JG-TC: Journal Gazette and Times-Courier Mattoon, IL
Article from JG-TC: Journal Gazette and Times-Courier, December 23, 1930

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Article Text

FORMER BANK CASHIER BY Virginia, Ainsworth, former cashier the Chandlerville State Bank freed jury today charge of receiving funds, knowing the bank to be Franken, president of the bank, the financial Chandlerville, disappeared after "run" had forced the bank's closing has not been seen since. Indictments also are pending against FUNERAL WEDNESDAY. The funeral Robert Holmes will held Wednesday afternoon 2:30 o'clock at the with Rev Horace Batchelor officiating. Burial will be in Dodge Grove cemetery.

4. December 24, 1930 Jacksonville Journal Courier Jacksonville, IL
Article from Jacksonville Journal Courier, December 24, 1930

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Article Text

FORMER CHANDLERVILLE BANKER NOT GUILTY Virginia, III. Dec. 23.-After a deliberation of three hours, a jury in the Cass county circuit court last night returned a verdict of not guilty in the case of C. W. Ainsworth, former cashier of the Chandlerville bank Ainsworth was indicted on a charge of receiving deposits after the bank was known to be insolvent. The acquittal of Ainsworth concluded trial which lasted two weeks, and which aroused much interest in cen tral Illinois Eighty witnesses were called for the state while the defense summoned 60 persons. The cause was prosecuted by State's Attorney Byron Mills. while Attorney William S. John Wines, Springfield, was counsel for Ainsworth. The closing arguments occupied the greater part of the day and after instructions were, read by Judge Guy Williams, Havana, the jury went to supper and at eight o'clock voted acquittal after a short State's Attorney Mills urged conviction on the ground that the evidence offered by the estate warranted verdict of guilty Contending throughout his argument that the charge was not supported by the testimony Attorney Wines asked the jury to find the defendant not guilty The case arose out of the closing of the Chandlerville State bank, the sole banking institution in Chandlerville early last spring. following a disastrous run. Prior to the run, officials of the bank entertained hope of preventing failure. Almost simultaneous with the closing of the bank. its president, Dr. J. Franken, disappeared and since has not been,seen in Chandlerville. Doctor Franken was indicted by the same grand jury which returned a true bill against Ainsworth. Indictments still are pending against him. Strong personal interest in the trial manifested itself in Chandlerville and Cass county Scores of residents of Chandierville were called to testify, many of them as character witnesses for the defense.

5. December 24, 1930 Clinton Daily Journal and Public Clinton, IL
Article from Clinton Daily Journal and Public, December 24, 1930

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Article Text

Cashier of Bank Is Freed From Charge W Ainsworth. former cashier of the Chandlerville State bank. today was freed by a jury of a charge of receiving funds knowing the bank to be inDr. J. C. Franken. president of the bank. the only financial institution in Chandlerville. disappeared after a "run" had forced the bank's closing and has not been seen since. Indictments also are pending against him. Adolph Welge of Maroa was business visitor in the city yester-

6. February 15, 1931 Jacksonville Journal Courier Jacksonville, IL
Article from Jacksonville Journal Courier, February 15, 1931

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Article Text

titled, "How Much Owest Thou Thy Lord. A daughter was born Feb. 6th to Mr. and Mrs. Newton Winner. Mrs. Henry Loeffler left Friday for a few weeks' visit in Missouri Mr. and Mrs. Joe Callinoor are visiting in Arkansas. Mr. and Mrs. J. P. Hammer have moved to this city from Chicago to reside. Mrs. C. A. Menees is visiting in Chicago Mrs. G. Aldridge entertained the members of the Sunshine Embroidery club with a Valentine luncheon at her home. Mrs. Jesse King of LaSalle spent a few days in Virginia. Mr. and Mrs. Roscoe Lippert of Peoria are visiting relatives here. Mrs. Farrar Entertains Mrs. Harold Farrar entertained number of her friends at her home Thursday. The prize for the high score was awarded to Mrs. Ed WhitThe farm property known as the Clemmon's farm. containing about 233 acres was sold to the holders of the mortgage for $31.55 per acre. The sale was made by Fred D. Savage, receiver of the Chandlerville State bank. Mrs. D. Salzenstein, Mrs. S. Buck were visitors in Springfield hurs+ A.A. McClure was a visitor in Jacksonville Thursday. Mrs. W. Beard, Springfield spent Friday in Virginia. Mr. and Mrs. R. C. Wilson entertained all the teachers Thursday evening at a 6 o'clock dinner.