First National Bank - Peoria, IL

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 176
Charter Number: 176
Start Date: October 9, 1905
Location: Peoria, Illinois (40.694, -89.589)

Metadata

Model: gpt-5-mini
Short Digest: 6db606d9

Response Measures

Full suspension

Other: Receiver appointed by Comptroller; liquidation under law and payment of dividends to depositors.

Description

Large numbers of depositors appeared (a run) and the bank closed its doors pending appointment of a receiver by the Comptroller after the Dougherty investigation. A receiver was appointed and was paying dividends by Nov 28, 1905, indicating permanent closure and liquidation.

Events (3)

1. October 9, 1905 Run

Cause: Bank Specific Adverse Info
Cause Details: Run and depositors' agitation followed the Dougherty investigation into the bank (adverse bank-specific information).
Measures: Bank closed its doors and announced they would not be opened again until a receiver was appointed by the Comptroller.
Newspaper Excerpt: Early in the day large numbers of depositors appeared at the bank, but the doors were closed
Source: newspapers

2. October 9, 1905 Suspension

Cause: Government Action
Cause Details: Payments suspended pending appointment of a receiver by the Comptroller related to the Dougherty investigation.
Newspaper Excerpt: the doors were closed and it was announced that they would not be opened again until a receiver had been appointed by the comptroller
Source: newspapers

3. November 28, 1905 Receivership

Newspaper Excerpt: To 525 depositors of the First National bank who filed claims before November 16, a dividend was paid this afternoon ... The receiver expects to pay thirty per cent. more before Christmas.
Source: newspapers

Newspaper Articles (2)

1. October 9, 1905 The Bemidji Daily Pioneer Bemidji, MN

Article from The Bemidji Daily Pioneer, October 9, 1905

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Article Text

DEPOSITORS WILL BE PAID. First National Bank of Peoria, III., Closes Its Doors. Peoria, Ill., Oct. 9. -"We have several offers from banks who wished to take over our business, but our directors, after carefully considering the matter, decided that the best thing to do would be to liquidate under the law. Every depositor will be paid in full and I am confident that the stockholders will receive a good return." This is the statement of S. O. Spring, cashier of the Peoria National bank, which closed its doors as the result of the Dougherty investigation. Early in the day large numbers of depositors appeared at the bank, but the doors were closed and it was announced that they would not be opened again until a receiver had been appointed by the comptroller. The Dime Savings bank, in which Dougherty is a large stockholder, experienced a small run, but paid all depositors as they asked for their money. The officers announce that they have plenty of funds to meet all demands.

2. November 29, 1905 The Cairo Bulletin Cairo, IL

Article from The Cairo Bulletin, November 29, 1905

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Article Text

PAYING OFF DEPOSITORS. Peoria, III., Nov. 28.-To 525 de positors of the First National bank who filed claims before November 16. a dividend was paid this afternoon and another will be paid Wednesday, the total being thirty per cent. Other depositors will be pa'd a like amount December 10. The receiver expects to pay thirty per cent. more before Christmas.