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Gibson City Bank Closes Pantagraph Central Illinois GIBSON CITY Gibson State failed to open its doors Thursday morning. and notice was posted that the was closed for examination and adjust ment. President John McClure: cashier. Taylor and assistant cashier. W. Davidone other bank here First National.
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WILL forum. Story Book. W. Nolan's Rural Life Review. Dakota State basketball game. CLOSE FOR PAXTON, Dec. Gibson City State bank, one of the oldest in Ford county, was closed for examination and adjustment order of the state auditor. McClure president of the instituSam Taylor, cashier, and Dr. George Walsh, Osborn, presidents.
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CITY ON BANK HOLIDAY GIBSON CITY Ill., Jan (A P.) -Gibson City went on bank ing holiday today. Mayor Herman C. Krudup an nounced that withdrawals from the First National Bank, the only one operating in Gibson City, caused the holiday. The Gibson City State Bank closed last week. is deemed expedient for the public welfare, Mayor Krudup said a proclamation, "to suspend all banking business within Gibson City for period of 30 days. M. Mattinson. president of the First National left for Washing ton, D. C., to submit to the U. plan of refinancing the bank.
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DIRECTORS CLOSE 3D NATION'L BANK OF MOUNTVERNON Erroneous Report Blamed -Emmerson President. Mount Vernon, III., Jan. 3.-[Special.]-The Third National bank of Mount Vernon, the only one in the city, was closed today by order of the board of directors, who stated that the action was taken "to protect the interests of the depositors.' Gov. Louis L. Emmerson is president of the institution. It was said that a heavy run on the bank Saturday was caused by "erroneous re. ports circulated following the closing of the Ridgley State Farmers bank of Springfield on Friday. Gov. Emmerson was one of the fifteen directors of the Springfield bank. Conserve Bank's Assets. Cashier E. A. Vonarb of the Third National bank of Mount Vernon as. serted there was quarter of mildollars in cash in its vaults this morning. but that had been decided to conserve all assets for the benefit of all depositors. At the close of business on Saturday the Third National had deposits of $2,279,407 and resources of $2,781.000 Capital was $145,000 and surplus Declares Thirty Day Bank Holiday. Gibson City, III., Jan. 3.-[Special.] Mayor Herman C. Krudup today proclaimed a thirty day bank holiday in Gibson City. It was announced the action was taken to prevent runs on the First National bank Gibson City Last Thursday the Gibson City State bank was closed, and heavy withdrawals on the national bank followed. The bank's retirement left only three banks in Ford county. which formerly had twelve. The mayor acted after conference with bankers. M. C. Mattison, president of the First National, left for Vashington on Monday to present to the controller of the currency plan for financing the institution. Bank at Mechanicsburg Shuts. clal -The Mechanicsburg State bank failed to open for business today. The institution had deposits of $65 000 and caiptal of A. Mendenhall is president and John E. Fullenwider cashier.
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Banking Holiday Declared. GIBSON CITY, Ill., January 6 (AP).Gibson City went on a banking holiday yesterday. Mayor Herman C. Krudup announced that withdrawals from the First National Bank, the only one operating in Gibson City, caused the holiday. The Gibson City State Bank closed last week. "It is deemed expedient for the public welfare," Mayor Krudup said in a proclamation, "to suspend all banking business within Gibson City for a period of 30 days." M. C. Mattinson, president of the First National, left for Washington, D. C., to submit to the United States controller a plan of refinancing the bank.
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Stocks Move Up Slightly Reorganize Closed Gibson City Bank List Weathers ProfitTaking Test, Makes Small Gain. New stock market encountered fairly severe test of profit taking in the early trading Thursday, but survived nicely and quietly resumed the advance. Several shares showed gains of points, but the majority contented themselves fractional improvement. The rails firm in response to additional November earning statements which. while showing figures mainly in the red, recorded distinct improvement over the somber show ing of the first half of last year. Tobacco gained slightly, the annual report the R. Reynclds company being favorably ceived. This report showed 1932 earnings equivalent to $3.36 share against $3.63 the year before. Drug, Inc., rallied on announcement of its sale of control of the Boots Pure Drug Co. of England. Gains of point more were recorded by Allied Chemical, Case, Drug. Goodyear, Union Pacific, American Tobacco B and Continental Substantial fractions were added to the prices of Dupont, Eastman. American TeleNew York American Can, Firestone, Public Service of New Jersey, Consolidated Gas. Lesser gains were made by Steel General Motors, National Biscuit, Standard New Jersey. Southern Pacific, Pennsylvania and Santa Fe. Three Trustees Named To Direct Negotiations. Gibson for the reorganization of the Gibson City National bank were approved at meeting of the depositors Wednesday night. Committees were named to work out the arrangements. The reorganization plan was presented by M. C. president of the bank, who went to Washington, last week to confer the United States comptroller of currency. Three trustees were appointed to handle the affairs of the bank during the reorganization period. They Krudup, Swanson are H. and W. Lamb. depositors committee. composed of Dr. W. Hoover and D. K. Roth. named. The negotiations are to be completed within 30 days, was announced. Many of the depositors signed agre ment for the reorganization at Wednesday night's meeting The bank was closed 10 days ago proclamation of the tablishing 30-day banking holiday in Gibson City following failure of the Gibson City State bank few days previously.
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Public Attention to Bank Now Plans THE COURIER for ReopenGIBSON CITY, ILLINOIS First National Motor in Hands of ESTABLISHED IN 1873 Receiver Corn is Growing Cameron, Bank Progressing COURIER PRINTING CO. GIBSON Publishers. Lowry, Editors. TERMS OF Canadian Entered second matter THURSDAY, JAN. 19, 1933. smith the Lord, Call unto me, and will answer thee, and shew thee great and mighty things which thou knowest not. Behold, will bring health and cure, and will cure them. and will unto them the abundance of peace and truth." Liquidation of the affairs of the Gibson City State bank is proceeding in an orderly manner, with Mr. E. Cameron of Sibley as receiver. Lowry, who was named in tition by the depositors last week with request for his appointment to the office of receiver, notified the depositors' committee few days ago of the withdrawal of his candidacy. Following copy of Mr. Lowry's letter to the depositors' committee: J. Lowry Resigns. Mr. Malone, Chairman, and Members of Depositors' Committee, Gibson City State Bank Gentlemen:Since becoming better acquainted with the affairs of the Gibson City State Bank, and the nature and sponsibilities devolving upon the office of Bank Receiver, have become convinced that the interests of the depositors would be better served by the appointment of some other per- therefore desire to resign from candidacy for the appointment. take this occasion to express my profound gratitude to your commitfor placing my name in nomination, and to the hundreds of depositors who signed the petition for my appointment and who so loyally supported me. This expression of the confidence of the depositors is most sincerely appreciated. Respectfully yours, J. LOWRY, Gibson City, III. January 13, 1933. Receiver Cameron Now in Charge. Following Mr. Lowry's withdrawal Mr. Cameron withdrew the resignation which he had made in Mr. Lowfavor. The affairs of the bank are 1:0W in Mr. Cameron's hands, and the institution open for business during regular hours. The receiver assisted by his son, William Cameron of Sibley, and Miss Minnie Wilof Gibson City. Depositors may now have their pass books balanced and their checks returned to them. Access is afforded to the safety deposit boxes in the vault. These boxes are the property of the renters, and cannot be opened without the renter's pass key. Following the mass meeting of the of the First National bank depositors in the high school auditorium Wednesday night of last week, special committees have been busy interviewing depositors in person and securing their consent to the re-organization plan announced in the public meeting. The workers have met with very favorable and over per cent of the depositors have already signed the agreement submitted to them. It has been no small task locate and present the plan to several hundred bank patrons, as the list included many out of town depositors, some of them living in other states. number men have sidetracked every other engagement and devoted their time exclusively to the work which will mean the resumption of banking connections in Gibson City. At the present moment it appears that the visitation work will be completed within few days, after which the signed contracts will be submitted to the proper authorities for checking and final approval. some weeks ago to aid the marketing of corn through some plan for manufacturing fuel alcohol continues to atpublic attention. Hon. L. tract Sieberns of Gridley, state senator elect, addressed the Lions club in Gibson City on Tuesday, Dec. 20, on this subject, his remarks being reviewed in The Courier in its folissue. recent issue of the lowing Chicago Tribune contained cle along this line, as follows: "In their recent searchings to obtain new outlets for the surplus stocks of grain number of engineers, chemists, and business men of the midwest are taking an active part in pressing the claims for using grain alcohol mixed with gasoline motor fuel. "Two Illinois chemists, H. Besof Downers Grove and Paul Ber shears of El Paso, have each reported recently on their studies of the market and production possibilities. Just yesterday report was issued by Iowa State college on the possibilities of ethyl alcohol made from grains for fuel. Others Join in Move. bulletin of the Illinois Farmers and Grain Dealers association Lawrence Farlow of Bloomington, its secretary, advances claims for the product and the benefits it might bring to grain farmers. D. Castle, president of the Gridley (III.) State bank, recent champion of the new fuel, while Groetken, fuel pump manufacturer of Aurora, head of an organization seeking to exploit such an outlet for farm products means of restoring farm buying. power. nation's present ethyl alcohol supply produced largely from black-strap molasses, cheap byproduct of the sugar refining industry and an imported product which farmers for years have maintained cutting them out of markets for corn and stock feeds grown in this country. "The idea of using corn, potatoes and other farm products as source of motor fuel not new. According to Dr. Charles E. Friley, dean of industrial science at Iowa State college, some 17 foreign countries now use blend of gasoline and alcohol. Such blend, he says, has been shown repeatedly to possess anti-knock properties in combustion engines and to have more "pep" than most fuels now on the market How Much It Would Mean. "If one gallon of ethyl alcohol were used in each 10 gallons of motor vehicle fuels, approximately 500 million bushels of corn would be needed, Dr. Friley says. The consumption of gasoline in this country now about 15 billion gallons yearly. One gallon of alcohol requires bushels of corn. "Under the direction of engineers and chemists at the Iowa school the mileage to be obtained from different mixtures with modern types of motors is being checked. No adjustment of carburetors is required to use alcohol in place of gasoline or to the mixture, it is reported. Prof. W. H. Meeker, Iowa engineer, reported that fuel tests made with mixtures to 20 per cent alcohol showed that anti-knock properties increased as the amount of alcohol was increased. study is being made of the plant capacities for producing alcohol from farm products. Some students of the plan are claiming that small units for distilling the fuel could be set up in each locality, no elaborate equipment being required for production. Need of Laws Handicap. "At present the handicaps to the plan's adoption all necessitate legislative action, the various proponents say. The state grain dealers have taken the position that if congress proposes to legislate farm prices, the allotment plan, might better seek this market for fuels. The farmer lost an important market for his grains when motor vehicles replaced horses and mineral power was substituted for vegetable power, they maintain. "Under the grain dealers' plan law would be passed taxing motor fuel in addition to those taxes now imposed, with exemptions for fuels contining 10 per cent or more grain alcohol. Increased buying power of farmers and townspeople would compensate for any temporary losses to petroleum companies, this association claims. "Other Illinois groups would pass law requiring that all petroleum products having specific gravity of 36 or more, used to develop power, be required to diluted with alcohol made by fermentation process from domestically grown farm products. "Henry Besser has figured that in paying farmers 40 cents a bushel for corn the diluted fuel would cost consumers cents per gallon premium over gasoline. He estimated the by-product from the formentation be worth cent pound, yet too low in feed value to compete with other farm products."
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AUDITOR'S NOTICE STATE OF ILLINOIS OFFICE OF AUDITOR OF PUBLIC ACCOUNTS The undersigned Auditor of PubAccounts hereby gives notice that he has appointed E. D. CAMERON Receiver of GIBSON CITY STATE BANK, Gibson City, Ford County, Illinois, and that the said CAMERON has given bond and qualified and acting Receiver of said bank. All persons having claims against said bank are hereby notified and quested to present the same to said Receiver forthwith and to make proof thereof. All persons indebted to said bank are requested to make immediate payment to the Receiver. Dated this fifth day of January, 1933. OSCAR NELSON, Auditor of Public Accounts of the State of Illinois. (COPY) 12t12