4742. First National Bank (Christopher, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
8260
Charter Number
8260
Start Date
December 7, 1931
Location
Christopher, Illinois (37.973, -89.053)

Metadata

Model
gpt-5-mini
Short Digest
5f019ba6

Response Measures

None

Receivership Details

Depositor recovery rate
82.2%
Date receivership started
1931-12-07
Date receivership terminated
1937-12-28
Share of assets assessed as good
10.3%
Share of assets assessed as doubtful
87.6%
Share of assets assessed as worthless
2.2%

Description

The First National Bank of Christopher failed to open Dec 7, 1931 and a receiver was placed in charge; no run is mentioned. Cause cited as depreciation of the bank's bond accounts (asset losses). A later article (1932) references the receiver for this and other banks.

Events (4)

1. June 11, 1906 Chartered
Source
historical_nic
2. December 7, 1931 Receivership
Source
historical_nic
3. December 7, 1931 Receivership
Newspaper Excerpt
Ben Sneeden is in charge of the bank as receiver. (Also later mention: John Horton ... receiver for the First National banks at Benton, Christopher and Sesser.) The receiver for Christopher is referenced in subsequent article (1932-10-28) as well but the initial receiver is named in Dec 1931 piece.)
Source
newspapers
4. December 7, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closing was due to depreciation of the bank's bond accounts (asset losses) following an examination by the comptroller of currency or bank statement showing losses.
Newspaper Excerpt
The First National Bank of West Frankfort and the First National Bank of Christopher, failed to open today.
Source
newspapers

Newspaper Articles (2)

Article from The Belleville News-Democrat, December 7, 1931

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Article Text

2 Illinois Banks Shut Their Doors West Frankfort, Ill., Dec. 7.-(UP) -The First National Bank of West Frankfort and the First National Bank of Christopher, failed to open today. The West Frankfort institution, with $500,000 in deposits, exclusive of postal savings, was ordered closed by the comptroller of currency following an examination of the bank's books Saturday. Capital, surplus, bond and undivided profits amounted to $140,000 the last statement revealed. Today's closures brought to 12 the number of Franklin county banks to close in three years. J. L. Smith, president of the bank here said the closing was due to depreciation of the bank's bond accounts. Ben Sneeden is in charge of the bank as receiver. ST. LOUIS CASH GRAIN St. Louis, Dec. 7.-(UP)- Cash grain: Wheat in good demand, steady to 1/20 higher on red and 1c lower on hard wheat; No. 1 red 60c; No. 2 red 59 to 591/2: No. 3 red 58c; No. 1 hard 571/4c; No. 2 hard 57c. Corn in good demand, steady to 1/20 lower: No. 2 white 38 1-4c; No. 3 white 37c. Oats in good demand, 1/20 lower; No. white 261/20 to 27c; No. 3 white 26 to 26 1-4c. SUGAR New York, Dec. sugar opened steady. Spot, 96 test delivered duty paid, $3.20. Refined, quiet. Granulated, $4.40. The number of molecules in one cubic inch of air is 43 million million.


Article from The Des Moines Register, October 28, 1932

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Article Text

DRAKE GREETS ALUMNI TODAY Grinnell Game Climax of Homecoming. Drake university sorority and fraternity houses took on gala years. appearance Thursday night in He termed President Hoover preparation for the school's an"master of saying the president had "met and con- nual homecoming celebration, quered great emergencies in the which begins this morning. war, in the reconstruction period, The fraternities and sororities, in flood and in famine, and now by agreement, did not begin the in the depression." decoration of their houses until "Saved Financial Crisis." Thursday. All decorations President Hoover, he declared, were to be in place by dawn. saved financial crisis in this country and in Germany, and set in motion counter attack on the economic problem that would have forward much sooner the Democratic house had not delayed Colonel Solbert quoted figures to show, he said, that American people bought or consumed 991 per cent of the beef and veal, 961 per cent of the pork, per cent the oats, per cent of the corn, and 85 per cent of the wheat produced in 1930. "Further Unemployment." "Any reduction in the tariff, proposed by Governor Roosevelt, will reduce the price of farm produets. Big leaders of industry say that reduction of the tariff will mean further unemployment," he declared. vote for Hoover means continuance of "a tried leadership, successful reconstruction, tariff of protection for the farmer and wage earner, and maintenance of the American standard of living," Colonel Solbert concluded. Field Speaks. Henry Field, Republican candidate for senator, attended the rally and spoke briefly. proud of the kind of Republicanism that you people represent," Field said. Field declared that when he went to Washington that he would the of the Resupport principles "which Colonel publican party, Solbert so ably outlined to you.' Pearson for Turner. Dr. Alfred Pearson of Drake university, speaking in behalf of Turner, declared "he Governor (Turner) is plain, simple, straightforward man of the com-, mon people. He gives his time and energy to the office, putting he has into his work. everything It's not wise to change leadership in these times "Proof that Governor Turner regarded in his home counhighly ty of Adams is shown by the fact that he received 96 per cent of the vote in his county in the governor's race in 1930," he said 400 Attend. Fred E. Hade of Fort Dodge, president the New Hoover Farmers club, said his organization "trying to find out how strong Mr. and that 000 pledge cards had been received farmers in the last from Iowa week. The principal speaker of the rally, Daniel Anderson, assistant United States district attorney of Chicago, III., was unable to attend. Eskil Carlson, president the John Ericsson of Iowa Approximately 400 presided. sons attended. Blue and White. Drake colors of blue and white, the Grinnell college colors of red and black, and the national red, white and blue colors cover the university campus. These decorain charge of "Buck" Freeman, were in place Thursday, on all buildings. The Des Moines Railway Co. provided flags for the decorating University ave. between Twenty-fifth and streets. Game Is Climax. Alumni returning to the campus this morning face busy day entertainment arranged in their honor. Beginning with chapel exercises at 10 the day's festivities climax with the DrakeGrinnell night football game. Dr. W. Morehouse, university president, will open the homecoming Stunt Circus. At m. the fraternities will conduct stunt circus in the university auditorium, charge of Harlan Lawson. loving cup offered for the best stunt. Fraternities and sororities will greet returning with special luncheons at noon. House decorations then will be judged. Soccer Game, Tea. Law and Bible students will meet in soccer game on the east campus at m., following which Dr. and Mrs. Morehouse will hold open house for alumni from until m. tea dance for alumni and students will be held at Younker's tearoom from 3 until for the best circus stunt, cup and cups for each of the best decorated fraternity sorority houses will be awarded there. Pep Meeting. On the west campus barbecue, bonfire and meeting will pep held from until m. George Henning will be chef and Jennet Jones the hostess of the barbecue. Carlton Gladder will have charge of the bonfire. Coach E. O. Williams and the honor club will hold open house in the clubrooms of the fieldhouse following the game. Byron Guessford, junior law student, is homecoming committee chairman. Bank Receiver Injured. BENTON, ILL. (A)-John Horton of Minneapolis, receiver for the First National banks at Benton, Christopher and Sesser, was injured in an automobile accident near Lenzburg Thursday. Hazel Brown will give you detailed description of new and dishes in The cuts Des Moines Sunday Register.