4802. Turner State Bank (Edinburg, IL)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 19, 1929
Location
Edinburg, Illinois (39.657, -89.390)

Metadata

Model
gpt-5-mini
Short Digest
ed842a05

Response Measures

None

Description

Turner State Bank (Edinburg, IL) is reported as having failed to open/closed on Oct 19, 1929 along with several other local banks. Articles attribute closures to frozen assets and runs triggered by other local bank failures; state auditor/examiner involvement is mentioned and reports indicate the Turner State Bank was expected to reopen after examination. OCR variants of 'Edinburg' (e.g., 'Edinburgh') were present and corrected.

Events (1)
1. October 19, 1929 Suspension
Cause
Local Banks
Cause Details
Closed as part of a wave of local bank shutdowns after other Christian County banks failed or froze assets; closures attributed to 'frozen assets' and runs on nearby banks (Taylorville banks).
Newspaper Excerpt
the Citizens' State bank and the Turner State Bank, both of Edinburg
Source
newspapers

Newspaper Articles (10)
1. October 19, 1929 The Saginaw News Saginaw, MI
Article from The Saginaw News, October 19, 1929

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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.

2. October 19, 1929 The Paducah Sun Paducah, KY
Article from The Paducah Sun, October 19, 1929

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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.

3. October 19, 1929 Evening Star Washington, DC
Article from Evening Star, October 19, 1929

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Article Text

FUNDS DROP FROM SKY TO STOP BANK RUN AS 3 OTHERS CLOSE Plane Motor's Drone Saves Day and Customers Redeposit Withdrawn Money. By the Associated Press. tomers redepositing the money they earlier had withdrawn. TAYLORVILLE, Ill., October 19.Relief was rushed by airplane to the Out of the sky yesterday dropped money Farmers' Bank by Chicago Federal Rebags to bring renewed faith to a panicserve officials as soon as they learned stricken town and stave off a bank run that Taylorville's other three banks had been closed. which would almost certainly have reToday bank examiners were scanning sulted in empty, vaults at the only bank the books of the closed banks. Thus which remained open. far, "frozen assets" have been unofficially blamed for the shutdown. The drone of an airplane motor was The banks that have been closed are: the signal that the day was saved and John B. Colegrove & Co., State Bank, that the line of 250 depositors in front the Taylorville National Bank and the of the Farmers' National Bank need First National Bank, all of Taylorville; the Citizens' State Bank and the Turhave no fears of not getting their money. Almost like magic the line ner State Bank, both of Edinburg; the faded away and another formed-cusState Bank of Bulpitt.

4. October 19, 1929 The Dispatch Moline, IL
Article from The Dispatch, October 19, 1929

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Moline Will Have Large Radio Station. Dispatch Special Service Washington, D. C., Oct. 19.-It has been definitely decided to include Moline among the 110 cities in which commercial radio stations for communication will be constructed by the Universal Wireless Communication company before 1932, officials of the Chicago concern stated here today. The Moline station is expected to serve Rock Island and other municipalities. The federal radio commission has just granted adequate channels to the company, and has been informed that work on ten stations will be under way at once. The station at Moline is not included among the first ten, but will be in one of the early quotas, officials believe. It was also announced that the first public showing of the apparatus to be used in the 110 stations will be made at the Chicago radio show. Cities in the first program are New York, Chicago, Buffalo, Cincinnati, Cleveland, Akron, Dayton, Columbus, Detroit, Trenton, New Brunswick, Milwaukee, Peoria, Springfield, Ill., Baltimore, Boston, Memphis, Norfolk, Providence and Washington. eral reserve officials as soon as they learned that Taylorville's other C. three banks had been closed and that a dangerous run had started. Today bank examiners were scanning books of the three closed banks and three others in nearby towns. Thus far, "frozen assets" have been unofficially blamed for the shutdowns. The banks that have closed are: John B. Colgrove and company, State bank, the Taylorville National bank and the First National bank, all of Taylorville: the Citizens State bank and the Turner State bank, both of Edinburg, and the State bank of Bulpitt. Taylorville merchants. confident that the banks' conditions were sound, basically advertised today dy. that they would accept checks payable on any of the banks for merchandise. Crops were both blamed for the difficulty and looked to for relief. Failure of approximately 50 percent of the corn crop was believed to have caused the frozen assets, while the soy bean crop, now being harvested, is expected to ease the situation.

5. October 19, 1929 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, October 19, 1929

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Article Text

AIRPLANE USED TO PREVENT BANK RUN Money Is Rushed by Air to Institution in Taylorville, Taylorville, III., Oct. the Associated of the sky yesterday dropped bags to bring faith to panicstricken town stave off bank run which would almost certainly have resulted in empty vaults at the only bank which remained open. The drone an airplane motor the signal that the day was saved, and that the line of 250 depositors front of the Farmers National bank need have no fears not getting their money. Almost like magic the line faded away and another redepositing the money they earlier Relief rushed by airplane to the farmers bank by Chicago federal reserve officials soon as they learned that Taylorville's other three banks had been closed and that dangerous run had started. Today bank examiners were scanning the books the three closed banks and three others nearby towns. Thus far, "frozen assets" have been unofficially blamed for shut downs. The banks that have been closed John Colegrove Co., State bank, the Taylorville National bank the First National bank, all of Taylorville; the Citizens State bank and the Turner State banks, both Edinburg, and the State bank of Bulpitt. Taylorville merchants, confident that the banks' conditions were sound. basically advertised today that they would checks payable on any of the banks for merchandise. Crops were both blamed for the difficulty and looked to for relief. Failure per cent of corn crop was believed have caused the frozen assets, while the bean now being harvested, is expected ease the situation.

6. October 19, 1929 The Birmingham News Birmingham, AL
Article from The Birmingham News, October 19, 1929

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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

7. October 19, 1929 Fort Worth Star-Telegram Fort Worth, TX
Article from Fort Worth Star-Telegram, October 19, 1929

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Plane Brings Cash to Stave Off Run on Illinois Bank Associated Press Oct. 19.Out of Friday dropped bags bring faith to panie off bank run have empty at the only bank which an airplane motor was the that the saved and that line 250 depositors in front the Farmers Bank need have no fears not getting their like magic line Almost faded away and another formed-cus tomers the money they earlier had Relief rushed by airplane Farmers Bank by Chicago federal they learn other three banks had ning the the three closed bank and banks in three others in Thus assets been unofficially for the shut The banks that have been closed State John Bank the National Bank and the First National Bank. the Citizens State Bank the Turner State Banks, Edinburg. State Bank Bulpitt

8. October 19, 1929 The Journal Meriden, CT
Article from The Journal, October 19, 1929

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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.

9. October 19, 1929 Effingham Daily Record Effingham, IL
Article from Effingham Daily Record, October 19, 1929

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CHRISTIAN Chicago Sends Cash Taylorville, Oct., run the Farmers' National bank here sided at two o'clock this atfernoon and many depositors, who were re-depositing. Floyd Baughman, cashier of the Farmers' National baik, telephone the Federal Reserve Bank in Chicago ten o'clock this morning for funds with which to relieve the local situation. Within four minutes after the call received the Federal bank had the funds aboard an airplane, which flew from Chicago to Taylorville in hour and minutes. The Taylorville Telephone Exchange, on account of the bank here, answered total of ten thousand within five hours this morning. Taylorville, Oct., First National and the Taylorville National banks and the Turner State bank Edinburg failed to open their doors today making total of six Christian county banks that have closed during the past week. Taylorville now has but one bank The Farmers' National bank. The Citizens' State bank at Edinburg closed its doors yesterday leaving that town without any banks open for business. The bank struck Taylorville last B. Colegrove failed to open its door. "Runs" and frozen Assets Since that time there has been more less of "run" on all banks in the country. "Frozen assets" was given the reason for the closings. Directors of the closed banks have stated that all depositors will be paid in full. was stated today by director of the First National bank that that stitution and the Taylorville National National bank which failed to open this morning, probably will merge into one strong bank after examiners have andbooks of the two institutions. Runs Cause Close Taylorville, Oct., ville, III., Oct. close of the three banks, the Taylorville National, the First National of Taylorville and the Turner State bank of Edinburgh, enacted by united agreement between the Boards of Directors of those institutions at meetings held on Thursday evening. There had been continuous runs all three banks ever since the closing of the John B. Colegrove State bank here and the State Bank of Bulpitt one week ago. These "runs" were all tak care of, but it was fared that the three banks could hold against continued heavy run after the ran ure on of the Citizens State Thursday bank at Edinburg and Directors then decided to hold joint meeting and decide upon some ed action. That was the decision close all three banks. The Taylorville two National banks have wired the Comtroner of the Curreney at Washington to send Bank Examiner to adult the books of the banks, while the books, cash and cords of the Turner State bank Edinburgh Friday turned State Auditor Oscar Nelson of Spring field. It appears certain that this bank will reopen afer examination and ad justment by the State Auditor. There of the also certainty merger of the two Taylorville Nationbanks into one larger and stranger Pays All Depositors Closing of the two National banks this morning caused heavy the Farmers' National bank, the only bank is still in existence and doing business here, Every depositors promtly paid in full. Depoitors were lined up at this bank early o'clock this morning eight ready that they could open so withdraw their funds. The line positors all the out Into the was way

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.