Bank was a private partnership; partnership dissolved by Simmons' death leading to wind-up and receiver.
Events (3)
1.February 6, 1906Run
Cause
Bank Specific Adverse Info
Cause Details
Runs began after sensational charges about Rev. George H. Simmons and his subsequent suicide undermined confidence.
Newspaper Excerpt
The Peoples Savings bank of which Simmons was president, did not open this morning. There was a run on the bank yesterday and a large crowd surrounded it today clamoring for their money.
Source
newspapers
same day
2.February 6, 1906Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed after the suicide and revelations of misconduct and investigation; partnership dissolution by death left bank unable to operate.
Newspaper Excerpt
The Peoples Savings bank ... did not open its doors this morning.
Source
newspapers
+5 days
3.February 11, 1906Receivership
Newspaper Excerpt
Eight depositors ... filed proceedings ... asking that the bank be declared bankrupt ... It is expected a receiver will be named for the bank some time during the afternoon.
Source
newspapers
Newspaper Articles (20)
1.February 6, 1906The Vinita Daily ChieftainVinita, OK
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DEATH ANNULS INVESTIGATION OF CHARGES Sensational Confession of Boys Causes Illinois Minister to Commit Suicide. Associated Press Peoria, III., Feb 6-Rev. George H. Simmons, pastor of the First Baptist church, president Interstate Savings bank and the Peoples Saving bank, recently appointed manager of Gates' senatorial campaign in Peoria county, was found dead in bed this morning. Simmons has been the object of inyestigation at the hands of state's attorney by two banks, and his congregation on grave charges. The minister left a note saying no blame must be attached to ex-Gov. Gates or his associates. He had evidently taken cyannide of potassium. Rev. Simmons was 40 years of age. Recently serious stories affecting his morals were circulated. The state's attorney undertook an investigation and secured sensational confessions from boys of his congregation. The Peoples Savings bank of which Simmons was president, failed to open its doors this morning, and a run was made on the Interstate bank. Crowds surrounded both banks today, clamoring for their money.
2.February 6, 1906Santa Fe New MexicanSanta Fe., Santa Fe, NM
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e PROBABLE SUICIDE. Prominent Preacher Connected With Banks Had Grave Charges Against Him and Found Dead. Peoria, III., Feb. 6.-Reverend George H. Simmons, pastor of the First Baptist Church, president of the Interstate Savings Bank and the People's Savings Bank, and recently appointed manager of the Yates Senatorial cam. paign in Peoria County, was found dead in his bed this morning. He had been the object of investigation at the hands of the state's attorney, by the two banks and his congregation on grave charges, and it is presumed to be a case of suicide. Physicians expressed the opinion that death was caused by cyanide of potassium. The People's Savings Bank, in the workmen's quarters, did not open its doors this morning. There was a run on the bank yesterday and a large crowd gathered this morning. The Interstate Savings Bank was also subjected to a run yesterday and today. Dr. Simmons came to the First Bap tist Church five years ago and has been remarkably successful. He secured national publicity two years ago by advocating a dramatization of the Life of Christ. He became the local manager of the Senatorial campaign of former Governor Yates a week ago, and shortly after that serious stories affecting his morals were circulated. State's Attorney Scholes undertook an investigation yesterday and secured some senational confessions from boys of his congregation. Dr. Simmons was 40 years old. He had held charges in Texas, Tennessee and Kentucky, before cmoing here.
SINNED AND DIED Prominent Minister, Banker and Politcian, Suicides in Face of Serious Charges, Causing One Bank to Close and Run on Another Peoria, Ill., Feb. 6.-Rev. Dr. George suicide during the night. Serious charges against the preacher's moralH. Simmons, pastor of the First Bapity were recently made and the state's tist church, président of the Interattorney had received damaging evistate Savings bank and Peoples Savdence from boys of his congregation. ings bank, and recently appointed The Peoples Savings bank did not open its doors this morning and a manager of the Yates senatorial campaign in Peoria county, committed run is in force on the Interstate bank.
4.February 7, 1906Arizona RepublicanPhoenix, AZ
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A PREACHER KILLS HIMSELF He Was Too Intimately Connected With Finance and Politics. Peoria, III., Feb. 6.-Rev. George P. Simmons, pastor of the First Baptist church, president of the Inter-State Savings Bank and the Peoples Savings Bank and recently appointed manager of Yates' senatorial campaign in Peoria county, was found dead in bed this morning. He had been the object of the investigation by the states at: torney by two banks and his congregation on grave charges. Physicians say it was a case of poisoning by cyanide potassium taken with suicidal intent. The Peoples Savings bank of which Simmons was president, did not open this morning. There was a run on the bank yesterday and a large crowd surrounded it today clamoring for their money. The Inter-State Savings bank was also the object of a run but it was believed it will be able to stand the drain. Sensational stories concerning Simmons' morals brought out the investigation yesterday.
SENSATIONAL SUICIDE PASTOR OF PEORIA CHURCH WAS UNDER INVESTIGATION Peoria, Ill., Feb. 6.-Rev. George H. Simons, pastor of the First Baptist church, president of the Interstate Savings bank and Peoples' Savings bank, and recently appointed manager of the Yates senatorial campaign in Peorla county, was found dead in bed this morning. He had been the object of an investigation at the hands of the states' attorney, by the two banks and his congregation on grave charges, and it is presumed to be a case of suicide. Physicians expressed the opinion, that death was caused by cyanide of potassium. The Peoples 'Savings bank, in the workingmen's quarter, did not open its doors this morning. There was a run on both banks yesterday, and a large crowd gathered this morning. The Interstate Savings bank was also subjected to a run yesterday and today. Dr. Simons came to the First Baptist church five years ago and has been remarkably successful. He secured national publicity two years ago by advocating the dramatizing of the life of Christ. He became local manager of the senatorial campaign of former Governor Yates a week ago, and shortly after serious stories affecting his morals were circulated. States' Attorney Scholes undertook an investigation yesterday, and secured some sensational confessions from boys of his congregation, Dr. Simions was 40 years old. He had held charge in Texas, Tennessee and Kentucky before coming here.
6.February 7, 1906Rock Island ArgusRock Island, IL
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ONE BANK SAVED Interstate Savings at Peoria Weathers Run Caused by Simmons Suicide. OTHER ONE STILL IN DOUBT Excitement in Financial Circles Largely Allayed-Few Depositors Demand Money. Peoria, Feb. 7.-The bank situation was greatly relieved today. Much of the excitement caused by the suicide of Dr. George H. Simmons, interested in two banks, had subsided. The banks of the city all came to the relief of the Interstate Savings and Trust banks, and there were but few people demanding their money today. Ruins One Bank. Peoria, Ill., Feb. 7.-The People's Savings bank, a private institution owned by the late Dr. George Simmons, who committed suicide Monday night. and L. N. Kelly, has been ruined by the Simmons suicide. It has liabilities of $115,000 and assets variously estimated at $75,000 to $100,000, principally in real estate. Officers of the People's bank refused last night to give out a statement of the result of the investigation of the bank's condition which has been conducted, other than to firmly insist that the bank would be solvent. Under the law, the partnership is dissolved by Simmons' death, and the affairs of the bank must be wound up in probate court. No proof has been produced to show the suicide was a defaulter, although the secrecy maintained by the officials of his private bank has led to much uneasiness. a Simmons Had But Little Property. C Simmons had little property himself, and his estate is not expected to run above $30,000. His interests in the a Interstate bank was but $1,000, and it S is said by the officials that in the bank le he was but a figurehead, retained for d the prestige of his name. S The Interstate bank suffered withis drawals of $20,000 yesterday, but paid F all demands. +
7.February 7, 1906New-York TribuneNew York, NY
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SUICIDE OF A MINISTER. Charges Had Been Brought Against Pastor and Bank President. Peoria, III., Feb. 6.-The Rev. George H. Simmons, pastor of the First Baptist Church, president of the Interstate Savings Bank and the People's Savings Bank, was found dead in bed this morning. Grave charges against him were under investigation by the State's Attorney, the banks and his congregation. Physicians say death was caused by cyanide of potassium. A letter found beside him showed that death was premeditated. It said that was his last night on earth, and he wanted to leave a message of undying love to all. The People's Savings Bank, of which Simmons was president, did not open this morning. There was a run on the bank yesterday, and today a large crowd surrounded the building The Interstate Savings Bank, of which Simmons was president up to yesterday, when his resignation was accepted, was also the object of runs yesterday and to-day.
8.February 7, 1906The Daily Morning Journal and CourierNew Haven, CT
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PASTOR-BANKER FOUND DEAD. Suicide of the Rev. G. H. Simmons of Peoria-Savings Bank Closed. Peoria, Ill., Feb. 6.-The Rev. George H. Simmons, pastor of the First Baptist church, president of the Interstate Savings bank and the People's Savings bank, and recently appointed manager of the Yates senatotrial campaign in Peoria county, was found dead in bed this morning. He had been the object of investigation at the hands of the state attorney, the two banks and his congregation on the 'gravest charges. A letter found beside him showed that death was premeditated. In parit it said: "Also no blame must attach to ex-Governor Yates nor his associates. He simply gave me an opportunity which his opponents and my enemies have prevented me from using." The People's Savings bank of which Simmons was president, did not open this morning. Cashier Look said the ibank would remain closed until some plan of action could be determined. There was a run on the bank yesterday, and to-day a large crowd surrounded the building. The Interstate Savings bank, of which Simmons was president up to yesterday, when his resignation was accepted, was also the object of runs yesterday and to-day. Cashier Anicker said the bank would be able to stand the drain. Mr. Simmons came to the First Baptist church five years ago from Terre Haute, Ind., and had been remarkably successful. He secured national publicity two years ago by advocating a dramatization of the life of Christ. He became local manager of the senatorial campaign of former Governor Yates a week ago. Dr. Simmons was forty years old.
9.February 8, 1906Omaha Daily BeeOmaha, NE
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NEBRASKA WEATHER FORECAST Fair Thursday and Friday. Temperature at Omaha Yesterday: Hour. Deg. Deg. Hour. 35 5 a. m 15 1 P. ⑉ 36 6 a. m 16 2 D. m 36 7 a. m 16 3 D. m 35 8 a. m 17 8 p. m 34 9 a. m 18 is p. ⑉ 32 10 a. m 23 6 P. m 29 11 a. ⑉ 27 T p. III 12 ⑉ 26 32 S P. in 24 9 P. m SITUATION AT PEORIA BETTER Bank Depositors Gain Confidence. but Doors of One Institution Remain Closed. PEORIA, III., Feb. 7.-The bank situation is greatly relieved today. Much of the excitement caused by the suicide of Dr. George H. Simmons, pastor of the First Baptist church and Interested in two banks. had subsided. The banks of the city all came to the relief of the Interstate Savings and Trust bank and accepted their paper at par. They met every demand for deposits yesterday, the run continuing through the day. Today confidence has been restored and but few people have made demands for their money. All comers are accommodated the other banks being willing to render such assistance as necessary. Funeral services for the late Dr. George Simmons will be held from the First Baptist church. of which the dead man was pastor, at 10 o'clock Friday morning The sermon will be preached by a minister from out of the city who has not been selected. A storm of protests which was raised in the church this morning when there was talk of holding services in the church has quieted down and there will be no strenuous objections. Coroner Baker concluded his inquest this afternoon and the jury returned a simple verdict of death from cyanide of potassium taken with suicidal intent. A mass meeting of the depositors of the People's Savings bank. of which Dr. Simmons was chief owner, was held tonight and a report made there indicates that the bank will pay from 80 to 100 cents on the dollar. The plan of the coroner to go into the investigation of the charges which brought disgrace on the dead minister was abandoned under pressure of public opinion.
Relieved. Bank Situation Peoria, Ill., Feb. 7.-The bank situation here was greatly relieved today. Much of the excitement caused by the suicide of Dr. Simmons yesterday has subsided. Other banks of the city came to the assistance of the Interstate and Trust Bank, and the run has subsided. The People's Savings-Bank is still closed.
11.February 12, 1906The Salt Lake TribuneSalt Lake City, UT
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SCANDAL IN A BANK OWNED BY MINISTER Creditors Declare the Simmons Institution at Peoria Is Insolvent. PEORIA, Ill., Feb 11. -This morning eight depositors of the People's Savings bank of which Dr. George H. Simmons, who committed suicide on Tuesday, was president, filed proceedings in the United States court here against the Rev. E. L. Kelly, the surviving partner in the bank, asking that the bank be declared bankrupt This petition is headed by John G. Allen, who was at a meeting of the depositors held Wednesday evening. naming a committee of five to investigate the affairs of the bank. Declare Bank Insolvent. In their petition to the court they assert that the bank was Insolvent at the time of its closing, and that on Monday. February 5. the day before Dr. Simmons committed suicide, paid out to depositors a sum in excess of $600, making them preferred creditors. It is expected a receiver will be named for the bank some time during the afternoon.
12.February 13, 1906The Morris County ChronicleMorristown, NJ
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# PASTOR COMMITS SUICIDE
Rev. G. H. Simmons, of Peoria, Ill.,
Takes Poison After Threat.
Three Local Editors Had Told Him
That He Must Either Leave the Town
or Die, and He Chose the Latter.
Peoria, Ill.-Back of the suicide here
of the Rev. George H. Simmons, mil-
lionaire pastor of the First Baptist
Church, bank president, manager of
former Governor Yates' campaign for
United States Senator, and known as
"the most strenuous minister in Amer-
ica," lies a story so strange, so terrible,
that its match must be found in the
pages of tragic fiction.
He was told to become an exile or
kill himself, and he chose to die.
His misdeeds had become such that
Peoria rose in rebellion.
A committee of three local editors
sent for the minister and a startling
scene occurred in the office of the
Peoria Journal. The three men who
faced him were H. M. Pindell, editor
of the Journal; Charles S. May, of the
Herald-Transcript, and Eugene F.
Baldwin, publisher of the Star.
They laid before the clergyman a
damning array of facts about his con-
duct with the congregation, and cata-
logued with relentless precision the
charges, some of which were under in-
vestigation by the State's Attorney,
the banks and his congregation.
In so many words the trio notified
Simmons that he must leave Peoria or
kill himself. The minister heard the
edict with white face and trembling
lips. He seemed too stunned to re-
monstrate and left, making no definite
promise. His death was his answer.
"The publicity given to Mr. Simmons'
actions made some action on our part
necessary," said Mr. Pindell. "We
called him into our office and there,
in the presence of myself and Charles
S. May, editor of the Herald-Tran-
script and the publisher of the Star, he
was informed of the grave charge
made against him. 'Your shameless
misconduct leaves but two courses
open to you,' he was told. 'You must
leave Peoria or die.' Mr. Simmons
chose the latter course.
"Nothing became him in life like
quitting it," appears to be the senti-
ment of the press and citizens of
Peoria.
Mr. Simmons spent the night down-
town on some business matters. Ap-
parently when he reached home he de-
cided that death was preferable to
exile or possible arrest and a prison
cell. He took a dose of cyanide of
potassium and was found the next
morning lying on his bed, lifeless.
As soon as the pastor's death be-
came known, a crowd surrounded the
People's Savings Bank, of which Sim-
mons was President. The banks doors
were closed, due probably to a run that
had started on the institution the day
before.
Mr. Simmons was known all through
the Central West as the "most stren-
uous minister in America." Those who
know him declare he was all that the
phrase implied.
Mr. Simmons, who was forty years
old, came to the First Baptist Church
five years ago from Terre Haute, Ind.,
and had been remarkably successful.
He secured national publicity two
years ago by advocating a dramatiza-
tion of the life of Christ. He became
local manager of the Senatorial cam-
paign of former Governor Yates a
week ago, and shortly after that seri-
ous stories affecting his personal char-
acter were circulated. States Attorney
Scholes undertook an investigation
recently, and secured some sensa-
tional statements.
Dr. Simmons' Effort to Swindle Partner Shown by Deed to Bank Peoria, III., February 15.-The re- fort to swindle his partner, Rev. E. ceiver of the People's Savings bank L. Kellv, who owned a half inter today discovered the deed IN est with him. The discovery of the feed caused consternation amming the bank building, which has been missnine hundred depositors. It had been ing since Rev. George Simmons kill- regarded. as the chief asset, Hs. value is As It ed himself recently. While the build. being placed at $40,000. was bought by bank funds, the in the name of Dr. Simmons, the ing deed was made out to George H. Sim. widow will receive her dowry rights mons only, thus revealing the ef- in it.
14.February 16, 1906The Salt Lake HeraldSalt Lake City, UT
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SIMMONS ATTEMPTED TO SWINDLE PARTNER Peoria, Ill., Feb. 15.-The receiver of the People's Savings bank today discovered the deed to the bank building, which had been missing since Rev. George H. Simmons killed himself recently. While the building was bought with the funds of the bank. the deed was made out to George H. Simmons only. thus revealing an effort to swindle his partner, Rev. E. L. Kelly, who owned a half interest with him. The building had been regarded as the chief asset, its value being placed at $40,000.
15.February 17, 1906Omaha Daily BeeOmaha, NE
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SIMMONS' FINANCIAL METHODS Peoria Preacher Purchased Bank Building with Funds Belong. ing to Depositors. PEORIA. III., Feb. 16.John Wilton, receiver of the Peoples Savings bank. the private bank run by the late Dr. Simmons and Rev. Kelly, tonight made the first official statement of the bank's condition, placing the liabilities at $145,049 and the assets at $108,827.32 The report further shows that the partnership never had a dollar of money invested in the bank. but that all its assets, including the building which it occupied, were purchased with the deposits and that the bank has been insolvent for at least six months. The receiver expects the assets to shrink to $95,000.
16.February 17, 1906The Birmingham Age-HeraldBirmingham, AL
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Expects Assets to Shrink. Peoria, III., February 16.-John Wilton, receiver of the People's Savings bank, the private bank run by the late Dr. Simmons and Rev. Kelly, tonight made the first official statement of the bank's condition, placing the liabilities at $145,049, and assets at $108,827. The report further shows that the partnership never had a dollar of money invested in the bank, but that all its assets including the building which it occupies, were purchased with the deposits and that the bank has been insolvent for at least six months. The receiver expects the assets to shrink to $95,000, or 65 cents on the dollar.
17.February 17, 1906The Montgomery AdvertiserMontgomery, AL
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Swindle From the Start. Peorla. III.. Feb. 16.-John Wilton, receiver of the Peoples Savings Bank, the private bank run by the late Rev. Simmons and Rev. Kelley, tonight made the first official statements of the bank's condition. placing the liabilities at $145,049 and assets at $108.827. The report further shows that the partnership never had a dollar of money invested in the bank but that all its assets including the building. which it occupies, were purchased with the deposits, and that the bank has been insolvent for at least six months. The receiver expects the assets to shrink to $95,000 or sixty-five cents on the dollar. e
18.February 17, 1906The Salt Lake TribuneSalt Lake City, UT
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PASTOR'S FRAUD DISCOVERED Rev. George H. Simmons Tried to Swindle Partner as Well as Wife. PEORIA, III., Feb. 16.-The receiver of the People's Savings bank today discovered the deed to the bank building which had been missing since Rev. George H. Simmons killed himself recently While the building was bought with the funds of the bank the deed was made out to George H. Simmons only. thus revealing an effort to swindle his partner, Rev. E. L. Kelly, who owned a half interest with him. The building had been regarded as the chief asset. its value being placed at $40,000.
19.February 18, 1906The Salt Lake TribuneSalt Lake City, UT
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Article Text
PREACHERS' BANK RUN ON DEPOSITORS' COIN More Rascality Shown Up in Life of Rev. Simmons of Peoria. PEORIA, III., Feb. 17.-John Wilton, receiver of the People's Savings bank, the private bank run by the late Rev. Dr. Simmons and Rev. Kelly, tonight made the first official statement of the bank's condition. placing the liabilities at $145,049 and the assets at $108,827 The report further shows that the partnership never had a dollar of money invested in the bank, but that all its assets, including the building which it occupied, were purchased with the deposits and that the bank had been insolvent for at least six months. The receiver expects the assets to shrink to $96,000. or 65 cents on the dollar.
20.February 21, 1906The Yakima HeraldYakima, WA
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Article Text
PEORIA, Feb. 16.-Receiver Wilton of the People's Savings Bank, a private institution operated by the late Rev. Dr. Simmons and Rev. Kelley, announces that the liabilities of the concern are $145,049 and the assets $108,827. The report further shows that the partnership never had a dollar invested in the bank, and that it became insolvent at least six months ago. The receiver expects the assets to shrink to $96,000, or 65 cents on the dollar.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
