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Directors Order Nokomis Bank to Close Doors the Special To The Herald NOKOMIS, Feb. Nokomis State Bank closed Friday morning half an hour after opening by order from the board of directors after deunder positors had started run on the bank. Within half hour after the bank the had opened depositors had withmore than $8,000 from the bank. The run combined with frozen closing sets and slow paper forced the dibanks rectors order the bank closed. In the bank's condi- mis statement the tion published as of Dec. 31. 1929 Schuyler the balance sheet showed Loans on before, real estate of $213,000 and real state holdings of $114,000. officials The Nokomis bank was capitalized $50,000 and had deposits of Assets of the few proximately bank listed in the statement inCash $37,000. Securities seeking cluded: Loans col- nothing Bonds on lateral $16,000, loans on real estate bank There 48 stockholders in the are Nokomis State bank. Charles H. Kerr, hardware merchant pressince ident of the bank. Victor Singler, Oltman vice president. Members of the board directors of the bank are: the of and Gue pear three preceeding officers Phillip Kennedy. William Vande- persons Redeker K. veer. Closing of the Nokomis state bank So bank the town. dent leaves only one Last July the force the Nokomis the the Nokomis National consolidated Nokomis. He Farmers State bank in however, There were no evidences the Nokomis National prospect hopped morning.
BULLETIN
PANA, Feb. At 1:55 Friday afternoon the plane carrying from Chicago money Federal Reserve Bank to the National bank, landed in field short distance outside limits. Sheriff D. city Dunbar with squad of deputies transferred the big money sacks the plane to the truck, and heavy guard the truck was driven to the bank where money was deposited.
BY KIRCHER
PANA, Feb. the Friday of two small in Rosamond and Noke. following the failure of the state bank here the day the Pana National bank was calm Friday morning and its were confident that could weather every storm. persons appeared at paying teller windows during the morning their but there was suggesting the typical run. business men went to the shortly after had and made their deposits. After makthem, they stood in the bank talking when one suggested that they had no more business they should the on street prevent depositors from being alarmed about what might to be run. When they had left there scarcely half dozen in the Plane Due Early in Afternoon certain was Parish. presiof the bank, that no run could close that he did not call federal reserve bank Chicago. received call from and was told that plane bearing thousand dollars had off for at Traveling speed of 125 miles hour. laden plane was money scheduled to arrive about 1:45. When there appeared be no possibility National bank would close its doors, Interest shifted back to the reason for the H. Schuyler State bank's closing. though Mr. Schuyler, who is 86 years old, that every depositor would receive his full deposit, there were others close to the bank's fairs who were not optimistic. One of them said that efforts had been made during the last two weeks straighten out the rangle, but the money they were able to raise did not meet Schuyler Owner Of the 2,000 shares of stock in the bank, Mr. Schuyler owner other stockholders owning from five to 30 shares. The bank's failure is paraletted by the declining years of the man who its founder and its stabilizer during its years of acto the opinion of one who has ben in the attempted organization. When Mr. Schuyler started ation of the bank he 32 years and the bank importance with him. Some money loaned in those first few never has been returned. On some of the has been more years. This bank's closing, said, not like the closing of many other Central Illinois banks during the last few years. The loaned money farm lands, and businesses with the post-war slump and recent stock market crash has do with the closing. Of the dreds of thousands of dollars owed the most of it was loan. ed 10 years before the war. Old Loan Condit Known The old loan condition was to some of Mr. Schuyler's friends and business associates, was said. but these believed trat Mr. Schuyler had money enough to tide the bank any emergency When the show. down came between bank examiners and the bank officials weeks ago, however, the true condition was made known, and was then that the futile attempt was made to keep the doors open. Just what the bank would be able to pay should be thrown Into ceivership, few guesses are
(Special to The Herald)
Feb. 7-C. H. nell, president of the Rosmand State bank, which failed to open its doors morning, said later in the day that the closing here was due State the closing of the N. Schuyler bank in Pana which is its respondent. Asked whether or not his bank could reopen the Pana bank mained closed, Mr. Bonnell said that that would depend on the action of the
