Central National Bank

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 3214
Charter Number: 3214
Start Date: October 9, 1905
Location: Peoria, Illinois (40.694, -89.589)

Metadata

Model: gpt-5-mini
Short Digest: 5dfdf431

Response Measures

None

Description

Multiple contemporary articles (Oct 1905) report heavy withdrawals and runs on the Central National Bank following the closing/indictment of the Peoria National Bank and revelations about N. C. Dougherty. There is no mention that Central National suspended or closed; thus classified as a run only, caused by distress at another local bank (and associated scandal).

Events (2)

1. June 28, 1884 Chartered

Source: historical_nic

2. October 9, 1905 Run

Cause: Local Banks
Cause Details: Run on Central National was triggered by the closing of the Peoria National Bank and publicity about N. C. Dougherty's alleged embezzlement, which spurred panic and heavy withdrawals across Peoria banks.
Measures: No specific remedial measures for Central National are reported in these articles (directors held meetings and attempted to allay fears).
Newspaper Excerpt: The closing of the Peoria National bank ... resulted in runs on the Dime Savings bank and the Central National bank.
Source: newspapers

Newspaper Articles (6)

1. October 11, 1905 Manchester Democrat Manchester, IA

Article from Manchester Democrat, October 11, 1905

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Article Text

BIG SENSATION AT PEORIA School Superintendent and Bank President Arrested on Charges of Forgery and Embezzlement. Peoria, III., Oct. 6.-Professor Newton C. Dougherty, superintendent of city schools of Peoria for more than twenty years, president of the Peoria National bank, and a capitalist, has been arrested on two true bills returned by the grand jury, charged with forgery and embezzlement. The arrest followed an investigation resulting in the discovery that there is a shortage of at least $60,000 in the school rund deposited in the bank. The Investigation covered only the period from January, 1903. The grand jury will now, It is stated, investigate the entire record of Professor Dougherty as superintendent of schools, and it is believed that a much greater shortage will be found. Professor Dougherty was first arrested on a charge of forgery, the specific charge being that he had forged a voucher for $164.50 for coal. He promptly furnished $3,000 bail. The Indictment and arrest on the charge of embezzlement followed, and on this charge Professor Dougherty furnished $9,700 bail. Following his arrest on the charge of forgery Professor Dougherty sent in his resignations as president and director of the Peoria National bank and as superintendent of schools. As a direct result of the indictment of Dougherty the directors of the Peoria National bank, of which he was president, announced shortly after midnight this morning that they had decided to discontinue business, and would call in the comptroller of the currency to wind up the affairs of the institution. The meeting of directors lasted all evening behind closed doors. It was admitted that a disastrous run would be inevitable today and the only recourse was to liquidate at once. Peoria. III., Oct. 9.-The closing of the Peoria National bank. brought on by the indictments against Newton C. Dougherty. resulted in runs on the Dime Savings bank and the Central National bank. Dougherty is a large stockholder in the Dime Savings bank. Hundreds of depositors, a majority of them women and girls, crowded into its offices and demanded their money,

2. October 13, 1905 The Montgomery Tribune Montgomery City, MO

Article from The Montgomery Tribune, October 13, 1905

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Article Text

PANIC SEIZES UPON PEORIA The Banks Suffering for N. c. Dougherty's Alleged Misdeeds. DEPOSITORS WILDLY EXCITED The Peoria National, of Which Dougherty Was President, Said to Owe to Depositors in the Neighborhood of $760,000. Peoria. III, Oct. 9.-Panic seized on Peoria as a result of the closing of Peoria national bank, and disclosures concerning N. C. Dougherty's alleged peculations. The Dime Savings & Trust Co. withstood a run for two hours and a half, and then posted a placard putting into force the privilege of requiring 60 days' notice of withdrawals of deposits. Heavy Withdrawals. Heavy withdrawals are reported from every bank in town. The Central national suffered most, next to the Dime savings, and N. C. Dougherty is heavily interested in it. Bailey is the principal stockholder and formerly was president of the Central national Small depositors gathered in wildly excited groups over the city. "How to get their money" is the only topic. Bank presidents, officers and directors are spending their time in their banks and on the streets attempting to allay the fears of the populace. In all the banks of the city there were hastilycalled meetings of directors and plans laid for possible runs. Among the accounts in the Peoria national, of which Bank Examiner Bosworth is now in charge. is one for the state of Illinois for $13,000. Against this pay roll checks for the asylum at Bartonville, amounting to $6,000. have just been issued. Gov. Deneen has no tified W. T. Sloan. treasurer of the found, advising him that he and his bondsmen must make good the amount. Peoris National's Debt to Depositors From a high banking official, who went over the accounts of the Peoria national a few days ago, comes the information that the bank owes to depostors in the neighborhood of $760,000. There are few large individual accounts. The three largest are not over $70,000. Outside of these is the school fund. amounting to $175,000, and the money collected by the Peoria water department. Bailey dashed the hopes that Mr. Dougherty could make good his shortage at once by stating that of the $185,000 face value securities deposited with him by Mr. Dougherty, a large part was pledged to the First trust and savings bank of Chicago. It was collateral in security of notes amounting to $200,000. cigned by the Colean Manufacturing Co., of East Peoria, and indorsed by Mr. Dougherty. There Is other collateral to secure the notes. however. It is Just His Way. Dougherty still has his explanations. "The books may look wrong." be says, "but they are not. It Is just my way of doing business." At the state attorney's office It was said that no Idea could be given when or where the investigation would end. "We are grinding out indictments as fast as the printers can print them." said Attorney Scholes, who also said that 107 indictments have so far been returned against Dougherts

3. October 13, 1905 The Jasper Weekly Courier Jasper, IN

Article from The Jasper Weekly Courier, October 13, 1905

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Article Text

PANIC SEIZES UPON PEORIA The Banks Suffering for N. c. Dougherty's Alleged Misdeeds. DEPOSITORS WILDLY EXCITED The Peoria National, of Which Dougherty Was President, Said to Owe to Depositors in the Neighborhood of $760,000. Peoria, III., Oct. 9.-Panic seized on Peoria as a result of the closing of Peoria national bank, and disclosures concerning N. C. Dougherty's alleged peculations. The Dime Savings & Trust Co. withstood a run for two hours and a half, and then posted a placard putting into force the privilege of requiring 60 days' notice of withdrawals of deposits. Heavy Withdrawals. Heavy withdrawals are reported from every bank in town. The Central national suffered most, next to the Dime savings, and N. C. Dougherty is heavily interested in it. Bailey is the principal stockholder and formerly was president of the Central national. Small depositors gathered in wildly excited groups over the city. "How to get their money" is the only topic. Bank presidents, officers and directors are spending their time in their banks and on the streets attempting to allay the fears of the populace. In all the banks of the city there were hastilycalled meetings of directors and plans laid for possible runs. Among the accounts in the Peoria national, of which Bank Examiner Bosworth is now in charge, is one for the state of Illinois for $13,000. Against this pay roll checks for the asylum at Bartonville, amounting to $6,000, have just been issued. Gov. Deneen has notified W. T. Sloan, treasurer of the found, advising him that he and his bondsmen must make good the amount. Peoria National's Debt to Depositors, From a high banking official. who went over the accounts of the Peoria national a few days ago, comes the information that the bank owes to depostors in the neighborhood of $760,000. There are few large individual ao counts. The three largest are not over $70,000. Outside of these is the school fund. amounting to $175,000, and the money collected by the Peoria water department Bailey dashed the hopes that Mr. Dougherty could make good his shortage at once by stating that of the $185,000 face value securities deposited with him by Mr. Dougherty, a large part was pledged to the First trust and savings bank of Chicago. It was collateral in security of notes amounting to $200,000, cigned by the Colean Manufacturing Co., of East Peoria, and indorsed by Mr. Dougherty. There is other collateral to secure the notes, however. It is Just His Way. Dougherty still has his explanations. "The books may look wrong," he says, "but they are not. It is just my way of doing business." At the state attorney's office it was said that no idea could be given when or where the investigation would end. "We are grinding out indictments as fast as the printers can print them," said Attorney Scholes, who also said that 107 indictments have so far been returned against Dougherty.

4. October 13, 1905 The Wisconsin Tobacco Reporter Edgerton, WI

Article from The Wisconsin Tobacco Reporter, October 13, 1905

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Article Text

BIG SEN School Superintendent and Bank President Arrested on Charges of Forgery and Embezziement. Peoria, Ill., Oct. 6.-Professor Newton C. Dougherty, superintendent of city schools of Peoria for more than twenty years, president of the Peoria National bank, and a capitalist, has been arrested on two true bills returned by the grand jury, charged with forgery and embezzlement. The arrest followed an investigation resulting in the discovery that there is a shortage of at least $60,000 in .the school fund deposited in the bank. The investigation covered only the period from January, 1903. The grand jury will now, it is stated, investigate the entire record of Professor Dougherty as superintendent of schools, and it is believed that a much greater shortage will be found. Professor Dougherty was first arrested on a charge of forgery, the specific charge being that he had forged a voucher for $164.50 for coal. He promptly furnished $3,000 bail. The indictment and arrest on the charge of embezzlement followed, and on this charge Professor Dougherty furnished $9,700 bail. Following his arrest on the charge of forgery Professor Dougherty sent in his resignations as president and director of the Peoria National bank and as superintendent of schools. As a direct result of the indictment of Dougherty the directors of the Peoria National bank, of which he was president, announced shortly after midnight this morning that they had decided to discontinue business, and would call in the comptroller of the currency to wind up the affairs of the institution. The meeting of directors lasted all evening behind closed doors. It was admitted that a disastrous run would be inevitable today and the only recourse was to liquidate at once. Peoria, Ill., Oct. 9.-The closing of the Peoria National bank, brought on by the indictments against Newton C. Dougherty, resulted in runs on the Dime Savings bank and the Central National bank. Dougherty is a large stockholder in the Dime Savings bank. Hundreds of depositors, a majority of them women and girls, crowded into its offices and demanded their money, while others, unable to get in, were massed on the sidewalk waiting for their turn. Dougherty declares that no one will lose a dollar by his operations, that the putting up of securities by him is not a confession of any guilt on his part. Meantime the grand jury is finding indictments against him at an extraordinary rate, and expects to find 150, at least. Peoria, Ill., Oct. 10.-The grand jury has reported eighty-four indictments against Newton C. Dougherty in addition to the thirteen already found. Forty-five of these are for forgery, each containing six counts. The amounts involved are from $14.40 to $600. Bonds are fixed in the sum of $1,000 on each indictment for forgery and for $500 on each for embezzlement, making a total of $64,500. Joseph Weil, Dougherty's attorney, announced that he would appear in court of his own accord. Later in the day Dougherty gave himself up, and now occupies a cell in the county jail. He was unable to give the bail, and his attorneys said that he would probably have to remain in jail until time for his trial.

5. October 14, 1905 Ottumwa Tri-Weekly Courier Ottumwa, IA

Article from Ottumwa Tri-Weekly Courier, October 14, 1905

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Article Text

Peorla, III., Oct. 13. - The grand jury returned Its final report today with a true bill against Oliver J. Bailey, chairman of the finance committee of the Peoria school board and holding him on a charge of malfeasance In office. The Jury censured the entire board for "criminal negligence In administering the affairs of the city's schools." Forty-three additional Indictments were also returned against Dougherty for embezzlement and forgery. The Jury was discharged today. Peoria, III Oct. 13.-In the midst of turbulence that twice verged on fisticuffs the grand jury voted an indictment late yesterday afternoon against O. J. Bailey, chairman of the school board's finance committee, on the charge of malfeasance in office as chief auditor of Defaulter N. C. Dougherty's accounts. The accused man is Peoria's foremost financier, upon whose shoulders, to a large extent, rests the credit of the town. Henry G. Triebel, the other active member of the committee, and Mayor Tolson, ex-officia member, were exonerated of all criminal responsibility. As a consequence of this action, which transpired early last evening, the city is running with excitement. It is the program of the jury to return the indictment today in court, but a strenuous attempt will be made by Bailey's friends to have it reconsidered. The vote by which the financier was indicted stood 16 to 7. It requires fifteen votes to indict. If Bailey's friends can add two more to their present strength the action may be nullified and no indictment returned. The minority jurors are working hard to achieve this end. Forty-Three New Dougherty Bills. If the indictment is returned in court, Bailey will be taken into custody at once and required to give bonds. The offense with which he is charged is punishable by a fine of not more than $10,000 and prohibition of ever again holding public office. There is no imprisonment penalty. With the close of the session of the jury yesterday Foreman Grant Minor not only reported to the state's attorney's office Bailey's indictment but also delivered forty-three additional indictments against Dougherty for forgery, embezzlement and larceny as bailee, leaving with the judge a lengthy report, part of which will be a severe censure for the school trustees. The total number of indictments against Dougherty then will be exactly 140, representing embezzlements aggregating $280,000, according to a calculation made today by State's Attorney Scholes. Banks Again Are Shaken. With the spread of the news concerning Bailey's indictment the city again became possessed of a fear of a general bank run. He is a director and heavy stockholder in the Central National bank, in which most of the school funds now are deposited, and he is president of the Dime Savings and Trust company, on which a run was started last Saturday. The latter institution is still availing itself of its sixty day clause in payment of savings deposits. It is feared that the run, if it materializes, will be on the Central National. It is declared that the bank is ready for any emergency, and could satisfy all demands. In the light of the prodigious sum to which the latest calculations have swelled Dougherty's shortage it is feared that the schoolman's property will not be sufficient to reimburse the public treasury. In that event Bailey may be prosecuted not only criminally for malfeasance, but sued to recover the final deficit in the fund for which he has been partly responsible for the last nineteen years. VA S MAKE

6. October 14, 1905 The Leader Brookhaven, MS

Article from The Leader, October 14, 1905

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Article Text

PANIC SEIZES UPON PEORIA The Banks Suffering for N. C. Dougherty's Alleged Misdeeds. DEPOSITORS WILDLY EXCITED The Peoria National, of Which Dougherty Was President, Said Owe to Depositors in the Neighborhood of $760,000. Peoria, III., Oct. 9.-Panic seized on Peoria as a result of the closing of Peoria national bank, and disclosures concerning N. C. Dougherty's alleged peculations. The Dime Savings & Trust Co. withstood a run for two hours and a half, and then posted a placard putting into force the privilege of requiring 60 days' notice of withdrawals of deposits Heavy Withdrawals. Heavy withdrawals are reported from every bank in town. "The Central national suffered most, next to the Dime savings, and N. C. Dougherty is heavily interested in it. Bailey is the principal stockholder and formerly was president of the Central national. Small depositors gathered in wildly excited groups over the city. "How to get their money" is the only topic. Bank presidents, officers and directors are spending their time in their banks and on the streets attempting to allay the fears of the populace. In all the banks of the city there were, hastilycalled meetings of directors and plans laid for possible runs. Among the accounts in the Peoria national, of which Bank Examiner Bosworth is now in charge, is one for the state of Illinois for $13,000. Against this pay roll checks for the asylum at Bartonville, amounting to $6,000, have just been issued. Gov. Deneen has notified W. T. Sloan, treasurer of the found, advising him that he and his bondsmen must make good the amount. Peoria National's Debt to Depositors. From a high banking official, who went over the accounts of the Peoria national a few days ago, comes the information that the bank owes to depositors in the neighborhood of $760,000. There are few large individual accounts. The three largest are not over $70,000. Outside of these is the school fund, amounting to $175,000, and the money collected by the Peoria water department. Bailey dashed the hopes that Mr. : Dougherty could make good his shortage at once by stating that of the $185,000 face value securities deposited with him by Mr. Dougherty, a large part was pledged to the First trust and savings bank of Chicago. It was collateral in security of notes amounting to $200,000, t cigned by the Colean Manufacturing Co., of East Peoria, and indorsed by Mr. Dougherty. There is other collateral to secure the notes, however. It is Just His Way. Dougherty still has his explanations. , "The books inay look wrong," he says, 3 "but they are not. It is just my way of doing business." At the state attorney's office it was said that no idea could be given when 1 or where the investigation would end. "We are grinding out indictments as fast as the printers can print them," said Attorney Scholes, who also said 2 that 107 indictments have so far been returned against Dougherty.