4857. Bank of Galatia (Galatia, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
April 4, 1929
Location
Galatia, Illinois (37.841, -88.609)

Metadata

Model
gpt-5-mini
Short Digest
af4c74bf

Response Measures

None

Description

Articles describe the Bank of Galatia as 'defunct' with a receiver appointed (First Trust & Savings Bank of Harrisburg). Trials of ex-officers for embezzlement/accepting deposits while insolvent are reported, indicating bank-specific adverse information and insolvency. No article describes a depositor run prior to suspension; therefore classified as suspension leading to permanent closure/receivership.

Events (3)

1. April 4, 1929 Receivership
Newspaper Excerpt
First Trust and Savings Bank of Harrisbury, appointed receiver for the defunct Bank of Galatia and the first dividend was paid last fall (article mentions receivers appointed).
Source
newspapers
2. April 4, 1929 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank described as defunct; later articles report alleged embezzlement/accepting deposits while insolvent and total failure of about $150,000, indicating insolvency and malfeasance.
Newspaper Excerpt
First Trust and Savings Bank of Harrisbury, appointed receiver for the defunct Bank of Galatia
Source
newspapers
3. April 16, 1930 Other
Newspaper Excerpt
THREE EX-OFFICERS OF DEFUNCT BANK TRIED ON CHARGES - Testimony in the trial of three former officials of the defunct bank of Galatia ... The two banks failed for an amount placed at $150,000 and six of the officials were indicted
Source
newspapers

Newspaper Articles (3)

Article from St. Louis Globe-Democrat, April 4, 1929

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Article Text

I.C. Approves City Scale of Charges for Use of Free Bridge Two Lines Now Need Municipal Permits to Utilize Structure. By Leased Wire/ from the Washingtom Bureau of terstate Commerce Commission today approved an agreement made between the City of St. Louis and the Manufacturers' Railway Company regarding to be paid by the road for use of the railroad deck of the Municipal Bridge. As a result of this approval the Manufacturers' Railway and the Alton and Southern may begin use of Municipal Bridge for transporting freight and passengers across the Mississippi River as soon as they are granted permits by the Board of Public Service of the ty. The permits will be subject to th approval of Municipal Bridge commission to consist of six city officials: the Mayor, president of the Board of Aldermen Comptroller, Director of Public Utilities, president of the Board of Public Service and Director of Streets and Sewers. November 10 certificate was granted the Manufacturers' Railway certifying that the present and fu. ture public convenience and neces- Details of Agreement. The only restriction was that the certificate should not take effect and be in force until an agreement had been reached between the railway and the city regarding the compensation to be paid for the use of such tracks and facilities and the terms of such agreement had been approved by further order. This order was made public today, though dated March 25. The details of the agreement have already been published. The railway company complies with the terms of certain ordinances granting use of the bridge and approaches and tracks and 10 of the St. Louis Transfer Railway Company, city owned. Under one ordinance, which be- sity required the operation by the Manufacturers' Railway Company over the tracks and facilities, including the Municipal Bridge, owned and made available by the city. came effective March 14, It is pro- the charges thereafter shall be vided that until the total revenue based upon the proportion that the received from the city from all rail- number of cars and locomotives roads using the Municipal Bridge passed by each railroad company shall exceed the total carrying cost over the bridge and approaches to the city of the railroad deck and shall bear to the total number of railroad approches of the bridge cars and locomotives passing thereeach railroad using the bridge shall over. pay $1 for each loaded freight train The Manufacturers stated that it car, 50 cents for each empty freight had accepted in full the terms and train car, $1.50 for each passenger conditions of the ordinances and train car and $2 for each locomotive. formally communicated its accept- St. Youis Daily Globe-Semocrat, Thursday Morning, April 4, 1929. 7 Bank Receivers Appointed. State Bank of Harco, gained permission in the Circuit Court here to pay the second 15 per cent diviFirst Trust and Savings Bank of dend to persons who had deposits Harrisbury, appointed receiver for in the two banks when closed. The the defunct Bank of Galatia and the first dividend was paid last fall. WEDDING RINGS ance to the city, The City CounseRailway Accepts Terms. lor subscribed to the supplemental This ordinance further provides application filed to comply with the that when the nue from such DISTINCTION is recognized the world first order of the commission and charges shall equal the total carry- concurs in and accepts the terms of over. Masterly creations in Wedding Rings, the compensation. ing cost to the city, the basis of "We are of the opinion that the choice of America's foremost factories, also charges for such use thereafter of compensation specified in the ordithe railroad deck and railroad ap- nances mentioned is just and rea- special designs made to order in our own factory. sonable, says the commission in is proaches of the bridge shall be suing the appropriate order. DIAMOND SET WEDDING RINGS- changed so that t) venue derived therefrom by the city will as nearly as practicable equal "the total carrying cost thereafter to the city, and


Article from The Free Press, October 19, 1929

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Article Text

Twp. Tries to Recover From Defunct Bank (By Associated Press) HARRISBURG, III., Oct. bill for lien and injunction has been filed in circuit court here by John Gill, highway commissioner of Galatia township, and W. J. Edwards, supervisor, from the same township, for the protection and collection in full of $3,500 road and bridge money deposited in 1926 in the now defunct bank of Galatia. The basis of the sull is on an interpretation of the statutes that road and bridge money has priority over any other claim. The First Trust & Savings bank of Harrisburg are the receivers for the bank of Galatia.


Article from Belleville Daily Advocate, April 16, 1930

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Article Text

THREE EX-OFFICERS OF DEFUNCT BANK TRIED ON CHARGES -Testimony in the trial of three former officials of the defunct bank of Galatia and its subsidiary, the Bank of Harco. was to be presented today as the jury was selected yesterday and opened statements. The two banks failed for an amount placed at $150,000 and six of the officials were indicted The three on trial now. J. H. Weber Walter Durham and Mrs. Ella Butler are charged with accepting deposit of $90 from John Fletcher with knowledge the bank was insolvent The other three. Raymond Owens and Mr and Mrs. Harry Burns are awaiting trial on charges of embezzlement