4638. Farmers National Bank (Taylorville, IL)

View Charter #5410 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
5410
Charter Number
5410
Start Date
October 18, 1929
Location
Taylorville, Illinois (39.549, -89.295)

Metadata

Model
gpt-5-mini
Short Digest
6f89c726e8239233

Response Measures

Accommodated withdrawals, Fed/other loan, Public signal of financial health, Books examined

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-01-19
Date receivership terminated
1938-11-12
Share of assets assessed as good
16.4%
Share of assets assessed as doubtful
80.6%
Share of assets assessed as worthless
2.9%

Description

Multiple contemporaneous articles (Oct 18–19, 1929) report an all-day run on Farmers National Bank in Taylorville precipitated by the recent closures of other local banks. The bank remained open after Federal Reserve officers flew $500,000 by airplane to the bank and depositors were paid; thus no suspension or closure of this bank is reported.

Events (3)
1. June 7, 1900 Chartered
Source
historical_nic
2. October 18, 1929 Run
Cause
Local Banks
Cause Details
Run was precipitated by the recent closing of several local banks (including the J.B. Colegrove State bank and other Taylorville and nearby state banks), which sparked depositor panic and heavy withdrawals at Farmers National.
Measures
Federal Reserve dispatched $500,000 by airplane from Chicago; armed guards escorted cash to the bank; depositors were paid in full and many redeposited funds.
Newspaper Excerpt
The melodramatic arrival ... by airplane from the Chicago Federal Reserve Bank abruptly halted an all-day run on the only one of four Taylorville banks, The Farmers' National bank remaining open for business.
Source
newspapers
3. January 19, 1933 Receivership
Source
historical_nic

Newspaper Articles (12)
1. October 18, 1929 Decatur Herald Decatur, IL
Article from Decatur Herald, October 18, 1929

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Article Text

Plane Breaks on Taylorville Bank Farmers' National Remains Open After Two Other Banks in City Close to Protect DepositorsPlans for Reorganization Staff Representative) Oct. financial passed safely early afternoon. THEATERS SOLD An airplane dropped down near Taylorville with supply money for the Farmer's FOX Bank of Taylorville, ample meet demands of depositors. other banks in the town closed. Friday morning The Oct. National Bank of Taylorville and theaters the Frascini chain the Taylorville National Bank closed erating throughout Central Illinois, their doors in an attempt to check the Fox Film Co. was completed run which had developed following Friday morning. The purchase closing of Colegrove State said to have been $700,000. bank in Taylorville week ago. Either directly or indirectly The Turner State Bank of Edin- inick Frascini, burgh also failed to open Friday the following theaters which are morning making total of six banks cluded the sale: Mattoon, Christian county which have clos- leston, within the past Pana, Decision close the two Taylorville banks was reached special meeting the boards directors WATER HITS the two institutions Thursday The condition of the banks believed to be sound. One Bank Operating Friday only one bank in the Farmers' National, operating. Flagship for President HoovAdams, president of the Farmers' National, said that his bank Proposed Visit Is ample reserves of cash on hand would meet all withdrawals Stranded Crisis Brought Closing of the banks Friday brought the financial situation county to crisis. Since of the John B. Colegrove Taylorville week have to open. bank closed Thursday, Oct. The following Bulpitt State bank, the Colegrove bank closed. following day the Citizen's State in Edinburg closed. Friday morning three others closed. Coal Co. Helps turn in the panic which has swept the county evident Friday. Several prominent business in made deposits the offsetting by example the effects of steady withdrawals. The Peabody Coal Co. Friday morning deposited $90,000 the State bank to protect against run from depositors. Plan Reorganization Meanwhile plans for reorganizaand possible merger of the Taylorville banks were being discussed. Little progress can be made until national bank examiners arrive. Two of national banking department expected before night. The decision of the two Taylorville national banks to close taken in Interests of the positors officials said. Many small depositors became terrified at ruand rushed to the bank withdraw their funds. check the the directors decided close the bank. Roy Johnson president of the National bank and Troy Long. president the TaylorNational bank. Dorris Shumpresident of the Turner State bank Edinburg which of Friday. Business Slow The situation attributed present slow conditions the Christian county community. Coal mining has unsteady for period of farming conditions have not the best. factors have (Continued on Page

2. October 19, 1929 The Free Press Carbondale, IL
Article from The Free Press, October 19, 1929

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Article Text

AIRPLANE HALTS RUN ON BANK; BRINGS $500,000 Line of 250 Hysterical Persons, Fighting to Get in, Melts SCENE OF PANIC AT TAYLORVILLE Federal Reserve Bank of Chicago Comes to Rescue October 18 The melodramatic arrival here of three Federal Reserve bank. officers government airplane at today with from the Chicago Federal Reserve bank abruptly halted an all-day on the only one of four Taylorville banks, The Farmers' National bank, remaining open for business. Three Christian county banks, two Taylorville, failed to open their doors this morning and this precipitated the most serious bank run in the history of Central Illinois. At o'clock this morning, when the Farmers' National bank opened its doors, a line gathered and withdraw. als began. The run continued unabated and at noon $80,000 had been withdrawn. A large supply of currency had been secured by J. A. Adams, president of the bank, in anticipation of the run. At noon more than 250 persons were in the line leading to the cashier's window and hysterical men and WOmen rought for positions towards the front of the line. Realizing that at the rapid rate of withdrawals, the available currency soon would be withdrawn, Adams appealed to Federal Reserve officers. The airplane, bearing the officials and the money arrived at the local airport in one hour and fififty minutes after the call for help was received in Chicago. A squad of deputy sherIffs and policemen in three automobiles escorted the money to the local bank. Depositors who. were in the line, were shoved aside with shotguns, as the guards entered the bank, the two gunny sacks containing the currency, thrown over their shoulders. With the entry of the guards and money, the waiting line, that extended, into the street, melted away. Four armed guards were on duty at the bank until the closing hour.

3. October 19, 1929 The Morning Call Allentown, PA
Article from The Morning Call, October 19, 1929

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Article Text

PLANE MONEY ON Three Taylorville, III., Banks Closed, Fourth Gets Cash Just in Time Taylorville, III., Oct. 18. (AP)-One four banks was still doing business tonight the result hour move that packed the western afternoon, three Taylorville banks had closed had county banks outside them the result of runs by depositors. The was the Farmers' National Bank. officers pay every depositor every seemed that the withstand positors stood outside waiting draw their and the officers beginning to look worried. Suddenly there came the drone of an airplane. Soon circled overhead. sought landing field and dropped sight. come," shouted bank official asked dozen depositors "Money from Chicago." down the line. (Continued Page Fourteen)

4. October 19, 1929 The Miami News Miami, FL
Article from The Miami News, October 19, 1929

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Article Text

Run on Illinois Bank Halted When Money Arrives by Plane Line of Depositors Drawing Cash Turns Suddenly to One Putting It Back of Taylorville's four banks still was doing business today as the result of an 11thhour move that packed all the drama of an oldtime "thriller Yesterday afternoon, three Taylor ville banks had closed. as had Christian county banks outside Tay lorville, most them as the result of runs by frightened depositors. The only left the Farmers' Na tional bank Its officers had pay every depositor every cent but seemed that the could with stand the More than 250 positors stood outside waiting to withdraw their savings and the offibeginning to look worried Suddenly. there came the drone of an airplane. Soon circled over head. sought the landing field and dropped out of sight. shouted bank cial "What?" asked dozen depositors at once. "Money from Chicago.' The word went down the line. few dropped out. Others skeptical. While debating with their neighbors, the sheriff and deputies. each armed with shotgun. approached. With them were Chicago Federal Reserve bank officials bags cheer. The line melted into nothing as by magic And before the money got into the another line forming. was depositors putting their money back in the bank. HE'S TOO MODERN The Girl Friend: How did your wife get to hear of me? He: My dreams have turned to "talkies. Passing Show. All the physicians treated King George are with titles in the list of the king's birthdays.

5. October 19, 1929 Pottsville Republican Pottsville, PA
Article from Pottsville Republican, October 19, 1929

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Article Text

MONEY BAGS DROPPED FROM SKY END RUN ON BANK Chicago Money By Airplane To Aid Bank Theartened by Excited Depositors TAYLORVILLE, III., Oct. 19, (AP)Out the sky money bags bring faith to panic-stricken town, and stave off bank run which would almost certainly have resulted empty vaults at the only bank which remained open. The drone of an airplane motor was the signal that the day was saved, and that the line of 250 depositors in front of the Farmers' National Bank need have no fears of not getting their money. Almost like magic the line faded away, another redepositing the money they earlier had withdrawn. Relief wa srushed by airplane the Farmers' Bank by Chicago Federal Reserve officials as they learned that Taylorville's other three banks had been closed. Today bank ning the books of the three closed banks, and three others in nearby towns. Thus far, "frozen assets" have been unofficially blamed for the shutdowns.

6. October 19, 1929 The Record Hackensack, NJ
Article from The Record, October 19, 1929

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Article Text

AIRPLANE RUSHES MONEY, RUN ON BANK IS STOPPED Taylorville, Oct. 19-Out of the sky yesterday, dropped money bags bring renewed faith to stricken and bank which would almost certainly have empty vaults the only bank which re. mained open. The drone of an airplane motor was the signal that the day was saved and that the line of 250 depositors in front of the Farmers National need have no fears not money. Almost like magic the faded and other ing the money they earlier had withdrawn. Relief was rushed by airplane the Farmers bank by eral Reserve they learned that three banks had been closed. Today bank examiners were scallning the books of the three closed banks.

7. October 19, 1929 The Bennington Evening Banner Bennington, VT
Article from The Bennington Evening Banner, October 19, 1929

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Article Text

$500,000 Sent by Plane Checks Run on Bank Taylorville, III., Oct. melodramatic arrival of Federal Reserve oficers by airplane Chicago yesterday cash halted an all-day run the one of four banks was believed to have brokthe back money scare that has the closing six Christian Counthe last week. The money was from Chicago telephone help from president Farmers' National run had threatened exhaust all bank's

8. October 19, 1929 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, October 19, 1929

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Article Text

Run on Bank Halted by Arrival of Half Million in Airplane 250 Men and Women in Line to Get Deposits at Taylorville, TO THE ILL., October 18. here three Federal Reserve Bank officers government airplane towith $500,000 from the Chicago Federal Reserve Bank abruptly halted an all-day run on the only one of four Taylorville banks, The Farmers' National remaining open for business. Three Christian County banks, two failed open their doors this this tated the most bank run in Central Illinois. this when Farmers' National Bank doors, line gathered and withdrawals began. The continued unabated and noon $80,000 had been supply Adams, president the bank, anticipation of the 250 Line. At than in cashhysterical men and women for positions the front the Mne. that the rapid soon would Adams appealed Reserve officers. The airplane, bearing the offiand the the local airport one hour and fifty minutes the call help received Chicago. squad deputy sheriffs policemen three automobiles escorted the money the Depositshoved aside with guards entered the the two gunny sacks containing the curthrown over should- of With the entry the guards be and waiting that extended into the street. melted away. Four armed guards duty the bank until the closing hour. Merger Directors the First National and banks considering believed consolidation will effected

9. October 19, 1929 Norfolk Daily News Norfolk, NE
Article from Norfolk Daily News, October 19, 1929

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Article Text

Airplane Stop on Bank Taylorville, III., Oct. Out the sky yesterday dropped money bags to bring renewed faith panic stricken town and stave bank which would almost certainly have resulted in empty vaults the only bank which mained open. The drone of an airplane motor the signal that the day and that the line 250 de positors front the Farmers National bank need have no fears getting their money. Almost like magic the line faded away and another redepositing the money they earlier had withdrawn. Relief was rushed by airplane the Farmers bank Chicago federal reserve officials soon they learned that other three banks had been closed. Today bank examiniers were scanning books the three closed banks. Thus far, "frozen assets" have been unofficially blamed for the shutdowns.

10. October 19, 1929 The Call-Leader Elwood, IN
Article from The Call-Leader, October 19, 1929

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THREE INSTITUTIONS CLOSE The melodramatic arrival of federal reserve bank officers by airplane from Chicago at 1:45 p. m. today with $500,000 in cash halted an all day run on the only one of four Taylorville banks remaining and was believed to have broken the back of a money scare that has caused the closing of six Christian county banks in the last week. The money was dispatched from Chicago in response to a phone call for help from J. J. Adams, president of the Farmers' National bank here, after an alladay run had threatened to eat up all the bank's available cash. The run on the Farmers' National was precipitated when the First National, the Taylorville National, and the Turner State bank at Edinburg, near here, posted notices this morning that they had voluntarily decided to. close their doors to "protect depositors." Three Other Banks Closed. The closing of these three banks was a. direct result of the closing of the J. B. Colegrove State bank in Taylorville Thursday of "last week, followed by that of the Farmers' State bank at Bulpitt on the following day, and the closing of the Farm- ers' State bank at Edinburg yester+ day. The resulting scare caused the most serious bank run in the history of central Illinois. From 9 o'clock this morning, when the Farmers' National opened its doors, a line gathered and withdrawals began. The run continued unabated and at noon today $80,000 had been withdrawn. A large supply of currency had been secured by Mr. Adams, president of the bank, in anticipation of heavy withdrawals, but at noon, with over 50~persons lined up before the paying teller's window, fighting for positions, Adams realized that the avail. able currency would not be sufficient and appealed to Chicago federal reserve officials. Help Arrives Quickly. The airplane bearing the money are rived at the local airport in 1 hour and 50 minutes after the call for help was received in Chicago. A squad of. deputy sheriffs and police escorted the money to the local bank. Depositors who were in the line were shoved aside with shotguns as the guards entered the bank with the two sacks containing the currency. With the entry of the guards and money the waiting line, that extended into the street, melted away and the crisis was over.

11. October 20, 1929 Winston-Salem Journal Winston-Salem, NC
Article from Winston-Salem Journal, October 20, 1929

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Airplane Brings Money; Run on Bank Is Ended Taylorsville, III., Oct. 19 (AP) One of Taylorsville's four banks was still doing tonight the result of an eleventh hour move that packed all the drama of an old-time Western This three Taylors. closed as three Christian County banks outside Taylorsville, most them as the result of runs by frightened The one left the Farmers tional Bank officers had annound "We'll pay every depositor every that the bank could withstand the run. More than 250 depositors stood outside waiting to with. draw their savings. and the officers were beginning ot look worSuddenly there came the drene of an airplane Soon it circled sought the landing field and dropped out of sight. shouted bank official asked a dozen deat "Money from Chicago." The word down the line A few Others skeptical While many were debating with their neighbors, the sheriff and deputies, each armed Chicago Federal Reserve Bank officials carrying There was cheer. The line melted into nothing as = by almost before the new money got into the other was was putling their money back in the bank.

12. October 24, 1929 Nashville Journal Nashville, IL
Article from Nashville Journal, October 24, 1929

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The American Federation of Lagoing "unionize the South Southern have, on tariff issue and other questions, tears over the fate of poor man, but all attempts unionize the workers in the southern states, obvious reasons, with failure. run bank at Taylorville was frustrated by an airplane arriving from Chicago with $50,000 cash. When depositors were promptly paid in full, "run" petered banks Christian failed their Friday and this caused the of the Farmers' National bank. The of this this and had cured amount however $80,000 had withdrawn and Adams, dent, sent an SOS to the Federal Rebank officers, saved day by this air shipment of funds.