4744. Bartlett & Wallace State Bank (Clayton, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 17, 1930
Location
Clayton, Illinois (40.031, -90.961)

Metadata

Model
gpt-5-mini
Short Digest
57dad6cd

Response Measures

None

Description

Multiple contemporaneous newspapers (Nov 17–18, 1930) report the Bartlett & Wallace State Bank at Clayton was closed/suspended in connection with the failure of the State Savings, Loan & Trust Company of Quincy (a correspondent). No article describes a depositor run on this specific bank or any later reopening; the action is reported as a closure tied to correspondent failure, so classified as a suspension leading to closure. OCR variations in deposit amounts appear in sources; I do not invent a precise figure.

Events (1)
1. November 17, 1930 Suspension
Cause
Correspondent
Cause Details
Closed/suspended in connection with the failure of its correspondent, the State Savings, Loan & Trust Company of Quincy, Ill.; reported as a protective/closure action following that correspondent's failure.
Newspaper Excerpt
The Bartlett and Wallace State bank, Clayton, ... closed today, State Auditor Oscar Nelson announced. All the closings were in connection with the failure of the State Savings Loan and Trust company, Quincy.
Source
newspapers

Newspaper Articles (6)
1. November 17, 1930 The Sheboygan Press Sheboygan, WI
Article from The Sheboygan Press, November 17, 1930

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Action Taken For Protection Of Depositors (By United Press Several banks were closed today in four states. Some were closed as a protective measure to depositors and several announced probable solvency. Four banks failed to open in Louisville, Ky. Two were smaller banks and their closing was attributed to closing of the other two. The two bigger banks, officials said, were closed as "protective measures to depositors" although the institutions were solvent. Due To Heavy Withdrawals In Arkansas 35 banks did not open today. Thirty-two of these took advantage of the state law permitting suspension of operation for five days. The other three closed and were officially placed in the hands of banking department officials. Two small banks closed in Illinois. They were correspondent banks to two which failed recently in Quincy, Ill. Four banks in Missouri also closed today as result of the Quincy bank's closing. Kentucky Banks Close Doors Louisville, Closing of the National Bank of Kentucky here today was followed by five smaller banks closing up as precautionary measure, four here and in Franklin, Ky. Meanwhile presidents of the other banks in the city issued statements asserting their institutions were solvent in every respect and would not be affected The National Bank of Kentucky of which James B. Brown is president was placed in the hands of Paul Keyes of the federal comptroller general's office as receiver. It's announced resources $54,000,000. The other Louisville banks closed were the Security bank which it was stated was closed purely as a precaution: the Louisville Trust company which is affiliated with the National Bank of Kentucky, and two comparatively small negro banks, the American Union Savings bank and the First Standard bank. Depositors To Be Paid The McElwain Meguiar Bank and Trust company of Franklin, Ky., was fifth to Its announcement said it had to shut down because the National Bank of Kentucky one of its correspondents and that its depositors would be paid in full In Louisville slightly more than normal numbers of patrons gathered at the other banks but nothing approaching a "run" noted and bank officials issued optimistic statements that the public would not become excited. Crowds around the National Bank of Kentucky and the Louisville Trust company delayed traffic slightly and special police were on duty. Appointed Receiver Washington (UP) Appointment of Paul Keyes as receiver to liquidate affairs of the National Bank of Kentucky at Louisville was announced today by Comptroller the John W. Pole. The Louisville bank suspended operations today when its directors voted to turn its affairs over to the comptroller of the currency. Keyes is a veteran member of the comptroller's staff. Little Rock. (UP) Arkansas banks affiliated with the A. B. Banks company of Little Rock, closed today, taking advantage of state law permitting temporary suspension for five Three banks, all small, were ordered closed by the State Banking department. The five-day closing law was invoked by the institutions in the Banks group, was announced by directors, due to fear of hasty withdrawals. Most of the banks issued reassuring statements announcing probable solvency. The list of B. Banks company institutions which closed to remain so for five days included two of the largest banks in the state, the American Exchange and Trust company of Little Rock, and the Merchants and Planters' Bank of Pine Bluff. The State Banking took over three small banks not affiliated with the group, the Bank of McRea, Bank of Branch and Bank of Foulke. Springfield, III. (UP) Two Illinois banks were closed today, increasing the number of failure in the state since Friday five. The Bartlett and Wallace State bank, Clayton, and the Timewell State Bank of Timewell, closed today, State Auditor Oscar Nelson announced. All the closings were in connection with the failure of the State (Continued on page 7)

2. November 17, 1930 News-Record Neenah, WI
Article from News-Record, November 17, 1930

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PROTECT DEPOSITORS Kentucky, Arkansas Affected United Paul Keyes receiver to date the affairs of the national Bank of Kentucky at Louisville today by Comptrolof the Currency John W. Pole. The Louisville bank suspended operations today when its directors voted turn its affairs comptroller of the Keyes veteran member of the comptroller's staff. Louisivlle, Louisville Security bank and the American Mutual Savings bank, the latter negro-owned operated, closed today after the National Bank of Kentucky and the Louisville Trust company failed to open for business. The Security bank was affiliated with the National bank which was taken over by the federal comptroller of currency. The negro bank was affiliated with the Trust company which was placed in the hands of the state banking commissioner. The four banks combined aggregatin All of the institutions were declarsolvent, but that sary to close them conserve the and protect cerditors, positors and all others concerned. Jefferson City, northMissouri banking closed their doors today rect result failure last the State Savings Loan Trust company of Quincy, Ill. All the institutions had deposittheir surplus funds the nois bank, and were forced to close their doors to protect depositors. Little Rock, AmeriExchange Trust company Little Rock, of which Banks president, and 15 banks affiliated with the Banks company, closed today, the state banking partment announced today. The action was taken, plained, under an Arkansas permitting bank to close rarily for period of five days, after which it must be reopened placed the hands of the state banking department. Springfield, Illinois banks the number of failures in the state since Friday to five. The Bartlett and Wallace State bank, Clayton, and the Timewell State bank, Timewell, were closed today, State Auditor Oscar Nelson announced. All the closings were in tion with the failure of the State Savings Loan and Trust company, Quincy, of which the Timewell and Clayton institutions respondents. The Timewell bank deposits of $150,000 and the Clayton bank $500,000. Pine Bluff, Merchants Bank and Trust comPine Bluffs, and Smaller banking institutions in southeastern Arkansas, failed open their doors today. The smaller instituions Bank of Star City, Bank of Altheimer, Eudora Bank Trust company, the Bank of Wabbaseka, First State bank of Stuttgart, ChiTrust company of Lake Village, and the Merchants and Planters bank of Humphreys. Helena, Merchants Planters bank of Helena, closed today. Officials announced they regarded the institution solvent but closing to protect itors. Louisville, national bank Kentucky, capitalized and affiliated bank, the Louisville Trust Company, failed today and the taken by national bank examiner. notice posted by the board directors and signed Russell Mooney, national bank examiner, said national bank solvent that had been closed

3. November 17, 1930 Abilene Daily Reporter Abilene, TX
Article from Abilene Daily Reporter, November 17, 1930

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THIRTY BANKS CLOSE IN ARK Continued from Page financial difficulties of Caldwell Company, bankers Tenn." also said affairs Caldwell & remote Arkansas nothing but an from excited public could have forced closing of this strong Nov. the closing the National Bank of Kentucky. today started run depositors every the city practically Similar existed in other parts the Most institutions issued of statements they no connection with the bank of Kentucky. The bank was closed following meeting of the board with repreof Louisville finanhouse. The meeting was in cial session from p.m. Saturday until 10 p.m. Sunday, when agreed that no immediate solution could be attained. SPRINGFIELD, Ill., Nov. Illinois banks were closed today, the number of failures in the state since Friday The Bartlett and Wallace State bank, Clayton. and Timewell State bank, Timewell, were closed today, auditor Oscar Nelson announced. All the closings in connection with the failure of the State Savings Loan and Trust company of Qunicy, which Timewell and Clayton institutions were correspondents. Timewell bank had deposits of $150,000 and the Clayton bank $50,000. NASHVILLE, Tenn., Nov. 17. Federal Judge John Gore today sustained for creditors' bill against Caldwell Company, investment banking house and dered to their claims before next July JEFFERSON CITY, Mo., Nov. Exchange bank, Rutledge, in with total of $43,790, and the Downing State bank, at Downing, in Schuyler county, were clostoday placed the hands the state finance department. The Downing bank had total resources of $193,929. Both banks were closed as sult the failure recently of the State Savings Loan Trust company Quincy, III., where they transacted business. LOUISVILLE, Ky., Nov. 17. Security bank, affiliated the bank Louisville Trust company through inclusion in the company, temporary suspension here today. LOUISVILLE Ky., Nov. 17.Kentucky, the oldest bank Kentucky, was closed by resolution of its board of placed the hands National bank examiner. The Trust company, an was closed by action of its board James B. Brown, president of the National of Kentucky, issued the to withdrawals in the past week and ruon the streets was advisable majority of the board of directors to close the bank, least temporarily, for the best interests of depositors and all concerned." Presidents of other Louisville banks issued statements that their institutions were solvent.

4. November 18, 1930 The Courier-Express Dubois, PA
Article from The Courier-Express, November 18, 1930

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MIDWEST BANKS Continued owned and operated, closed today. said that all solvent, that the suspension of busiprotect the interests creditors and depositors." National Bank of the Trust the Company, American Mutual Savings the Bank, Securities Bank and the Standard all of Louisville, and the McElwain and Mequiar Bank and Trust Company of Franklin, were the Institutions affected. Negroes the operate American Mutual Standard banks. Finincial circles here held that the banks were forced to close because of rumors growing out of the Japse Caldwell and Tenn. Nov. The number bank in suspensions Illinois since Friday increased to five today when two more state banking institutions were closed. State Auditor Oscar Nelson nounced that the Bartlett and Wallace State Bank at Clayton and the State Bank Timewell suspended business connection with the failure of the State Savings Loan and Trust Company of Quincy. Both of the had deposits and Clayton bank

5. November 18, 1930 Evening star Washington, DC
Article from Evening star, November 18, 1930

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KENTUCKY BANKS DECLARED SOLVENT Directors Blame "Wild Rumors" for Closing of $75,000,000 Institutions. By the Associated Press. Eight Kentucky financial institutions with resources totaling more than $75,000,000 were closed today. The largest of these was the National Bank of Kentucky at Louisville, which was under the of Paul C. Keyes of the staff of the controller of the currency at Washington. Its resources approximate $60,000,000. "Wild Rumors" Blamed. Directors of the National Bank of Kentucky said the suspension yesterday was deemed necessary because of "wild rumors' concerning its condition. Simultaneously with its closing. two affiliated institutions. the Louisville Trust Co. and the Security Bank, operations. Their directors said they were solvent and that they were closed as precautionary measure. The three institutions are affiliated through the a holding company. Two small banks in Louisville, the American Mutual Savings Bank and the First Standard Bank. which cleared through the Louisville Trust Go., later closed. The Bank of St. Helens, Louisville suburb. also suspended as precautionary measure. Two Outside Louisville Closed. Two banks outside Louisville also closed when it was learned the National Bank of Kentucky had suspended. They were the McElwain Meguiar Bank & Trust at Franklin. Ky. and the First National Bank at Horse Cave, Ky. The National Bank of Kentucky served as correspondent for both. Officers of other leading Louisville banks issued statements last night declaring yesterday's deposits were greater than withdrawals reported new accounts were opened during the day and reiterated earlier statements that the institutions were solvent. 39 ARKANSAS BANKS CLOSED. Tennessee, Missouri and Illinois Institutions Suspend Payments. By the Associated Press. Approximately 39 banks in Arkansas Monday suspended payments to depositors for five days and two other small banks were closed for liquidation, while during the last two weeks four Tennessee banks have closed. Five Illinois banks have closed since Saturday. Four small banks in Missouri closed Monday An optimistic view of the Tennessee situation was taken by D. D. Robertson, Tennessee superintendent of banks, who said "our banking troubles are over Directors of the American Exchange Trust Co. of Little Rock, largest of the suspended Arkansas banks, said in their opinion the bank was solvent and with the of our depositors a plan can be found to resume opera- Most of the suspended Arkansas banks affiliated with A. B. Banks & Co., which was associated with the American Exchange Trust Co. With the exception of three, all were comparatively small The three were the American- Exchange, the Merchants & Planters Trust Co., Pine Bluff, and the Merchants & Planters Bank of Helena. Directors of the American Exchange Trust Co. attributed the closing to public hysteria resulting from the placing of Caldwell & Co., Nashville, Tenn., investment bankers, in receivership November A directors' statement said "the Affairs of Caldwell & Co. are from Arkansas and nothing but an excited public mind could have forced the closof this strong bank.' The American Exchange Trust Co. announced of the date of the last bank call. The bank was at $1,000,000 and had surplus of $500,000. The banks acted under an Arkansas State law which permits them at the end of five days to reopen or turn their affairs to the State Banking Department. of A. B. Banks & Co. expressed the belief that more than half the banks would reopen. The four banking houses which have closed in Tennessee during the last two weeks were the Bank of Tennessee, subsidiary of Caldwell Co.; the Holston Union National Bank at Knoxville, the Liberty Bank & Trust Co. at Nashville, and the Campbell County Bank & Trust Co. at Jacksboro. Attorney General D. Smith of Tennessee has reported $5,700,000 State funds were deposit in the Bank of Tennessee, the Liberty Bank Trust Co., and the Holston Union National Bank A merger of the Fourth and First National Banks into the American National Bank has been announced in Nashville, as was the acquisition of the National Bank by the Commerce Union Bank. The East Tennessee National Bank. the East Tennessee Savings Bank, and the City National Bank, all of Knoxville, have been into the East Tennessee National Bank. Federal Judge John J. Gore in Nashville Monday ordered creditors Cald& Co. to present their claims before next July and enjoined any creditors or claimants from separate suits against Caldwell & Co and enjoined all parties to any suits now pending from proceeding further except by consent of the court. The Illinois banks which closed Monday were the Bartlett & Wallace State Bank of Clayton and the Timewell State Bank of Timewell. They were correspondent institutions of the State Savings. Loan & Trust Co. of Quincy, which closed Saturday. Two other banks which State Auditor Oscar Nelson said closed in connection with the failure of the State Savings, Loan & Trust Co Quincy. were the Southside Bank of Quincy and the Payson State Bank of Payson.

6. December 2, 1930 The Dallas City Review Dallas City, IL
Article from The Dallas City Review, December 2, 1930

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ILLINOIS News Notes The recently reopened Bartonville State bank at Bartonville was held up by a robber, who took $10,000 in cash and escaped. Albert Miller, sixty-three, for 20 years an employee of the Goebel hotel at Granite City. committed suicide by hanging himself, The A. P. Eaton elevator at Allerton was sold by the federal referee in bankruptcy to H. S. Johnston of Danville for $7,750. Prof. Alfred O. Willgeroth was appointed director of music at Rockford college, succeeding Mrs. Laura Grant Short, who died recently. Cecil Sweasey, twenty-eight, of Blandinsville was burned to death when his automobile overturned on the hard read near Roseville. Joseph Pence, for many years highway commissioner of Pana township and brother of Jess Pence of Taylorville, died at his home in Pana. Thomas Watson, fifty-five, employed at Orient mine No. 2, died from burns received when a shot he was tamping in the face of the coal exploded. Abel Hanson, seventy-five was found dead of a shot gun wound on a brush pile near his home north of Morris. Police believed the death was accidental. Close to $25,000,000 Christmas savings will be distributed among 450,000 residents of Cook county. The figures were checked after 277 banks submitted reports. Three hundred members of the American Legion spent a day sawing down trees and chopping wood to be given during the winter to families of jobless men. Identified by an oil station attendant as the man who robbed him of $128, Fred D. Glidden of Kewanee has been bound over to the Champaign county grand jury. John F. Zeman, twenty-nine, of Peoria, was drowned when a boat from which he and two companions were hunting was overturned by rough water on the Illinois river. Displaying a Minkler apple that measured six inches in diameter and weighed eighteen ounces, Ralph Bryce, orchardist near Irving, claimed the record for raising the largest apple in Illinois this season. Two of the oldest banking institutions in Henry county were merged with the announcement of the consolidation of the First National Bank of Cambridge and the Farmers' National Bank of Cambridge. Mrs. Mary Lawson, Chicago, was elected regent of the Illinois Daughters of Isabella at the semiannual state convention in Bloomington. Kankakee was chosen for the next state meeting, to be held in May. Earl Hanson, principal of the Rock Island high school, was elected president of the Kiwanis club. Other officers named are: Vice president, Kenneth Popplewell: trustee, B. L. Burker: treasurer, Robert Gilloley. Rock Island detectives shot and killed Zoaney Merreighn, age thirtysix, father of four children. when they sought to arrest him on an arson charge. The detectives said Merreighn moved as though to draw a revolver. Kidnaped, his car and money stolen, and bound so securely that he lay helpless in a field for eight hours, Alof Anderson of Jamestown, N. D., an aviator, was found near Topeka by Walter Kleier, farmer, upon whose land he was left. The soup house plan has been abandoned in Danville after a vigorous protest by the chamber of commerce. It has another plan and will seek jobs for the unemployed. No plans for feeding the hungry while awaiting Jobs have been announced. Jobs for 10,000 men are to be provided by the first of the year through the construction of 13 new school buildings at a total cost of more than $20,000,000, according to the announcement of William J. Bogan, superintendent of Chicago schools. Stuart Walser, forty-five, cashier of the First National bank and receiver for the West Salem State bank, which has been closed about two years, shot and killed himself in his bank at West Salem. Members of his family said Walser suffered from asthma for years. Keeping company with a pupil is no grounds for dismissal of a teacher, a jury in Mercer county court ruled in awarding Miss Ella Deweiler $400 back salary in her suit against the New Boston board of education. The board "fired" the twenty-two-year-old teacher last December because she went around with Charles Bayner, a high school senior. Her first suit was dismissed, but on the retrial she was awarded the amount of her back salary. George Mayford, a member of the Alton city police department for more than twenty-five years, was appointed chief of police to succeed Peter Fitzgerald, elected sheriff November 4. Mayford has been a sergeant in recent years. Six small banks in Illinois and Missouri communities near Quincy have closed. These were the Farmers and Merchants of La Grange, Mo.; the Rutledge Exchange of Rutledge, Mo.; the Downing State of Downing, Mo.; the Bartlett and Wallace State of Clayton, III. and the Timewell State of Timewell, III.