5208. South Side State Savings Bank (Quincy, IL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
November 15, 1930
Location
Quincy, Illinois (39.936, -91.410)

Metadata

Model
gpt-5-mini
Short Digest
584fc3b1

Response Measures

Full suspension, Books examined

Other: Bank placed in hands of state bank examiners; branch of State Savings, Loan & Trust closed.

Description

Contemporaneous articles (Nov 15–16, 1930) report heavy runs on Quincy banks after failure of the Quincy-Ricker National Bank; the South Side State Savings Bank (a branch of the State Savings, Loan & Trust Company) closed or failed to open on Nov 15 and was placed in the hands of bank examiners. The sequence is a run followed by suspension/closure; no reopening is reported in these articles. Cause is attributed mainly to runs prompted by the failure of another local bank (and general shrinkage of farm land values).

Events (2)
1. November 15, 1930 Run
Cause
Local Banks
Cause Details
Run was triggered by the failure of the Quincy-Ricker National Bank and spreading loss of confidence in local banks (exacerbated by shrinkage in farm land values).
Measures
Other local banks agreed to remain closed for the night; shipments of cash brought in from Chicago and St. Louis; banks invoked 60-day notice clause for savings withdrawals (general safety measures reported).
Newspaper Excerpt
long lines of customers waiting at windows to withdraw funds ... heavy run of withdrawals throughout the day
Source
newspapers
2. November 15, 1930 Suspension
Cause
Local Banks
Cause Details
The branch failed to open for business after heavy withdrawals following the failure of the Quincy-Ricker National Bank and related loss of confidence; management cited shrinkage in farm land values as underlying asset problem but the immediate trigger was the run following other bank failures in the locality.
Newspaper Excerpt
The South Side State Savings Bank ... branches, closed during the morning. SIX MILLION DOLLAR BANK FAILS TO OPEN
Source
newspapers

Newspaper Articles (9)
1. November 15, 1930 The Times Hammond, IN
Article from The Times, November 15, 1930

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SIX MILLION DOLLAR BANK FAILS TO OPEN NEWS SERVICE] QUINCY, III., Nov. 15-The Quincy State Savings, Loan and Trust bank and three branches, with deposits approximately $6,000,000 failed open for business here this morning. branches Broadway State Savings, the South Side State Savings the Payson, State Savings banks. Payson about 20 of here. estimated that about half of Quincy's deposits these banks the Ricker National bank which closed today. The State Savings, Loan Trust reported have $7,000,000 out farm loans.

2. November 16, 1930 The Tampa Tribune Tampa, FL
Article from The Tampa Tribune, November 16, 1930

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Three Banks Close At Quincy, III., Others Weather Run Three Quincy banks were in the hands of bank examiners tonight, two affiliated institutions in small towns of Illinois and Missouri were closed and the remaining banking institutions of this city, after weathering a heavy run of withdrawals, remained open for the usual Saturday evening business and announced they would do business next week. A group of leading citizens here gave assurance in statement appearing in the afternoon Herald Whig and Journal that the remaining banks would continue to serve the public. J. W. Gardner, president the State Savings, Loan & Trust company, blamed the situation on the shrinkage of farm land values. The overnight closing of his bank, oldest in this part the state, was followed by the closing of branch bank here and one in Payson, Ill., 15 miles away On Nov. 3 state bank in Green City, Mo., correspondent of the failed Quincy-Ricker National bank, closed. The succession of shutdowns started week ago when the Quincy-Ricker institution only national bank in the city, failed. The State Savings, Loan, & Trust company had $6,216,000 deposits when its last statement was issued, and $1,000,000 capital. The South Side State Savings bank and the Payson State Savings bank at Payson, branches, closed during the morning A run was started on the Broadway State Savings bank, another branch, but it weathered the onslaught and by noon conditions here were normal.

3. November 16, 1930 St. Joseph Gazette St. Joseph, MO
Article from St. Joseph Gazette, November 16, 1930

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THREE ILLINOIS BANKS CLOSED Quincy Institution With $6,216,000 in Deposits and Branches Fail. QUINCY, Nov. Three Quincy banks in the hands of bank examiners tonight, two affiliated in small towns of Illinois and Miswere closed and the remaining banking institution of this city, after heavy run the day, remained open usual Saturday night and said they would do busiweek. The was in highly state, by long lines of customers waiting winto withdraw funds. group leading citizens, gave the banks would to serve the public. Depositors urged deposits and sential withdrawals without hysteria. Gardner president of State Trust the situation the of farm land values. overnight of his bank, oldest this part the state, brought the crisis and by the closbranch bank and one Payson. III., miles away. On Nov. 13 state bank in Green City, Mo. correspondent of the failed National Bank, closed. succession shutdowns started week ago when the National Bank, national bank in the failed. The State Savings, Loan and Trust Company had $6,216,000 deposits when Its last statement issued, and $1,000,000 capital. The South Side State Savings Bank the Payson State Savings Bank Payson, branches, closed during the morning.

4. November 16, 1930 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, November 16, 1930

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Three Quincy Banks Closed After Run Following Failure Institutions Keep Weathering All By Associated Press. QUINCY, November Three Quincy banks were in the hands of bank examiners tonight, two affiliated institutions in small towns of Illinois and closed, and remaining banking institutions this city, after weathering heavy run of withdrawals, for the usuSaturday evening business and announced they would do business usual next The community in highly nervous state, evidenced by long lines customers waiting at windows to withdraw funds. group of leading citizens, however, gave signed pearing the afternoon HeraldWhig and Journal that the remaining banks would continue to serve public. Depositors were urged make their customary deposits essenwithdrawals without hysteria. W. Gardner, president of the State Savings Loan and Trust Company. blamed the situation on the shrinkage farm land values. Follows Failure. The closing his bank, oldest this part the state, brought the situation to crisis and was followed the closing of two branch banks here and in Payson, III., fifteen miles away. On Novembert state bank in Green City, Mo., correspondent of the QuincyRicker National closed its doors. The of started ago when the Quincy-Ricker institution, national bank in the city, The Loan and Trust Company had $6,216,000 deposits when last statement issued, and $1,000,000 capital. The South Side State Savings Bank and the Payson State Bank Payson, branches, closed during the morning. Run on Other Banks. run started the BroadSavings Bank, another branch but weathered the onslaught by there were normal. Throughout the day, however, long lines of depositors filed into the Mercantile Trust and Savings Bank and the Illinois State Bank, and the State Street Bank Trust in the southern part the city, to funds. latter largest bank the community. Assurances that there was danger their the nervous paid little attention. To avert further sapping their cash the banks agreed remain closed tonight. merchants this afterfor several hours and disnoon cussed methods relieving the tensity. banks shipments money from Chicago and Louis, and said they pected storm enforethe notice clause lating withdrawal of posits. Mr. Gardner's bank founded and pioneers who the original their His the closing the bank closing was decided upon only way the assets the bank. The steady both savings the closing the quick assets, Continued

5. November 16, 1930 The Kansas City Star Kansas City, MO
Article from The Kansas City Star, November 16, 1930

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PRIEST SLIPS FOR ART STIRRED BY BANK RUNS NOT FOR LOVE OF GIRL HE WED, MOVIE COMPOSER INSISTS. Father Francesco Magliocco, Who Vanished From New York Is Found as Successful Musical Director in Hollywood. (B# The Star's Leased Wire Service.) HOLLYWOOD, CAL., Nov. 15.-A scant fifteen months ago, Father Francesco Magliocco intoned a high mass from the altar of New York City's greatest Italian church, Our Lady of Mt. Carmel. Mass over, he quietly folded away his priestly vestments and vanished. And with him vanished the tall and slender beauty of his choir, Antoinette Motta. Behind them-the priest, 50, Antoinette, 25-the couple left a storm of whispered reports. Today, in the white glare of Hollywood studio, the mystery of the vanished priest and the choir singer was solved. Father Francesco Magliocco was revealed as the musical director who had been Hollywood sensation in the last few months. The man the movie world knew as Francesco Magli, inspired composer of the score for forthcoming movie music drama and husband of Signora Antoinette Magliocco, father of an infant child. admitted he was the for- mer Bronx priest. When father Magliocco disappeared from New York was reported he had quarreled with the diocesan authorities over their failure to appoint him musical director at St. Patrick's cathedral. He believed his artistic abilities entitled him to the position. It was to his love of music that the priest today ascribed his desertion of the altar for the movie studio. "I did not quit the church because of love of woman," he cried excitedly. left because reached the conviction it was all wrong for me to follow the priestly life. love music. wanted to devote my entire time to it. At last, could stand it no longer. Now, am free-free, and for the first time in my life am happy. "My wife is beautiful woman, wonderful mother and competent wife. We are very happy together. sit here all day long teaching. composing and arranging musical scores She manages the household. She will be back here with me before long, bringing our little son, who has been named for me. The ex-priest explained his wife had returned last summer to the Bronx home of her family, so her child might be born there. (By the Associated Press.) QUINCY, ILL., Nov. 15.-Three Quincy banks were in the hands of bank examiners tonight, two affiliated institutions in small towns of Illinois and Missouri were closed and the remaining banking institutions of this city remained open for the usual Saturday evening business after weathering heavy run of withdrawals through the day. The community was in a highly nervous state, proved by long lines of customers waiting at windows to withdraw funds. A group of leading citizens, however, gave assurance in signed statement appearing in an afternoon paper that the remaining banks would continue to serve the public. BLAME ON FARM CONDITIONS. J. W. Gardner, president of the State Savings Loan and Trust Company, blamed the situation on the shrinkage farm land values. The overnight closing of his bank, oldest in this part of the state, brought the situation to crisis and was followed by the closing of two branch banks here and in Payson, III., fifteen miles away. and state bank in Green City, Mo., correspondent of the failed Quincy National Bank. The succession of shutdowns started week ago when the Quincy-R National Bank. only national bank in the city, failed. The State Savings Loan and Trust Company had $6,216,000 deposits when its last statement was issued, and million dollars capital. The South Side State Savings Bank and the Payson State Savings Bank at Payson, branches, closed during the morning. ONE WEATHERS RUN. Three Institutions Are in Hands of Examiners, Two More Nearby Quit, and Others Take Safety Measures. A run was started on the Broadway State Savings Bank, another branch, but it weathered the onslaught and by noon conditions here were normal. All day long, however. long lines of depositors filed into the Mercantile Trust and Savings Bank and the Illinois State Bank, downtown banks. and the State Street Bank and Trust Company in South Quincy, seeking to withdraw their funds. The latter is the largest bank of the community Assurances were given that there was no danger of their closing but the nervous throngs paid little attention. To avert further sapping of their cash the banks agreed to remain closed A committee of leading merchants and manufacturers met this afternoon for several hours and discussed methods of relieving the tensity Several banks received large shipments of money from Chicago and St. Louis, and all said they expected to ride the storm by the 60-day notice clause relating to withdrawal of savings deposits. U. S. COURT IN SPRINGFIELD. Judge Reeves Will Rule on Approximately Fifty Cases. Judge Albert L. Reeves will open the fall term of the United States district court at Springfield tomorrow with docket of approximately fifty criminal cases. Most of the cases will be of liquor and narcotic nature. No federal grand jury will be called at Springfield this term, William L. Vandeventer, United States district attorney. said yesterday. QUINCY, ILL.,IN A NERVOUS STATE, AFTER CLOSINGS.

6. November 16, 1930 The Daily Illini Urbana, IL
Article from The Daily Illini, November 16, 1930

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CLOSE AFTER Houses in Hands of aminers as Nervous Throngs withdraw Deposits QUINCY, Nov. Three Quincy banks were in the hands bank examiners tonight, two affiliated institutions in small towns of Illinois and Missouri were closed, and the remaining banking institutions this city shut their doors without the usual Saturday evening business after heavy run of withdrawals throughout the day. Community Nervous The community was in highly nervous state, evidenced by long lines of customers waiting at windows to withdraw funds. group of leading citizens gave assurance in signed statement appearing the afternoon Herald Whig and Journal that the remaining banks would continue serve the public. Depositors were urged to make their customary deposits and essential withdrawals without hysteria. W. Gardner, president of the State Savings Loan and Trust company, blames the situation the shrinkage of farm land values. Oldest Bank in Section The overnight closing of his bank, oldest in this part of the state, was followed by the closing of branch banks and in Payson, away, and state bank in Green City, Mo. The succession of shutdowns started in the failure of the National bank, only national bank in the city. The State Savings Loan and Trust had $6,216,000 deposits company when last statement was issued, and $1,000,000 capital. The South Side State bank and the Payson State Savings bank at Payson, closed during the morning.

7. November 18, 1930 Star-Herald Scottsbluff, NE
Article from Star-Herald, November 18, 1930

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One Scotts Bluff county farmer has changed the of his able bodied son "Farm Relief.' says the young man just won't work. English: great collection of words studied by before they cide to get along one, "Yeah." Draw Your Own Moral To those who talk and and talk This lesson should The wind that blows the whistle Never, never turns the wheel. And the waitress may not make the soup, but possible that she has finger in Adam and Eve were the first farthey got in trouble listening to fake farm relief story. Imitation may be the sincerest form flattery or the surest sign of lazi- doesn't take any previous experience detective order find fault or hunt for trouble. Motorist in an accessory don't want musical horn, just want one that sneers." The office sheik opines "that two live cheaply as more to Middle age that period when long drawn out kiss in the movies about as thrilling as savages rubbing noses. Correct this sentence: "Since Doc said the widow, "most of his patients have called to pay what they One our bankers says: "What's You are held down 'till then you are held western plains and valleys, what they today, has watered added security, and has prepared these stretches the earth by the application these waters, for Eden habitations for all things that live. The waters of the lower stretches the Mississippi have 80 slowed up that they cannot carry off the Gulf the sand and silt its tributaries bring to gradually fills up its bed, and without levees over of acres land and form inland sea. How must man continue banks continues fill the vital question the hour. By storing these tributary run off flood waste waters in the upper plains regions utilizing them for irrigation during the dry season in and August, only seepage waters need ever reach the lower Mississippi that only in the fall time when in this undertaking, development floods never occur. realization, man only delaying Thus two birds are killed with one security enjoyment of stone. good second great Eden garden will, by the application Over Score Banks waters, produce seven fold and more, year by in Southern Section year as long as time runs. Closed to Business Storage Prevents Floods There continuous warfare bewind, water and in (Continued from Page One) placements and The The American Exchange Trust waters are at work tearing announced deposits of land. The land again lifted the date of the bank earthquakes and by volcanie call. bank capitalized of solid train load of 100 Banks president of the Well, the Mississippi stitution. delivers equal quantity The banks acted under an Arkansilts and solubles into the Gulf of Mex- state permits them every ten minutes normal day of five days reopen or turn The forces of erosion are constantly their affairs to the state banking work. and mankind's strug- department. against the forces of nature, Closing of the National Bank of contests between individuals, Kentucky which had angroups and nations, rivers, brooks, nounced resources creeks and rills, stage their warfare followed closing of four smallwith one another for territorial Louisville quest and drainage control. guiar Bank Trust company The waters are ever battling against Franklin, and the Bank of and dancing with their Helen's, suburb of Louisville. load of debris on the Presidents of other Louisville banks The internal forces of the earth issued asserting their inforever producing stitutions were solvent in every The cannot spect and would not affected. At vent these changes, but they are Paducah, Ky., the City National Bank stantly at work obliterating and level- Paducah the them. the First National Bank PaduIn Isaiah, wer read "Every valley and the Mechanics' Trust and shall be and every mountain bank Paducah after negotiaand made and the crooked tions lasting some time. shall made straight and the rough State Funds Tied Up The four banking which have In the long ago, the magnificient closed Tennessee during the last Plattes rose heads in the weeks the Bank TennesRockies and flowed in subsidiary of and comerally easterly course, forming the Holston Union tween them great bank the Liberty bank structural plain with the Trust and company what known at the city Campbell County bank and Trust North Platte. Nebraska, forming company this point the main Platte river. Attorney General Smith thence flowing generally easterly has reported through the entire length of Nebraska in the funds were deposit emptying into the muddy, treach- Bank Bank Tennessee, the Missouri and the Missis- Trust and the Holston and the Gulf of carry- Union of earth within of the Fourth and First banks form destruction. National banks into the American Na Construction tional been announced Likewise, North Loup, the Midas was the acquisition Loup and the South Loup the one stream. known the Loup bank by the Commerce Union bank. which turn flows into East National bank, the Platte. Along border East Tennessee Savings bank and the flows the of City National eastern Colorado and idling in have been merged into the East Tenwith its earth National bank. nessee load to flood troubles the John Gore in NashJudge stretches the Mississippi. Monday ordered creditors Along these streams erosions Caldwell and company present their formed wide and claims before next July first and valleys. these rivers, lie joined creditors claimants from rich, level and or instituting separate suits against Caldtables, extending from eastern and company and enjoined all Colorado through the entire length parties any now pending from Nebraska. proceeding further except by consent truly beautiful region, which the these rivers drain. Once The Illinois banks which closed level ocean and too fair land Monday were the Bartlett and escape the attention of these soil State bank Clayton and the Timecutting, eroding streams. Yes, these State bank Timewell. They garden lands between these four corresponding institutions the nestled the first garden beState Savings, Loan Trust comfour rivers. pany Quincy, which closed In early geological times these then Two other banks which State rivers began digging their way Auditor Oscar Nelson said closed through this once level ocean plain, connection the failure of the plodding their way down to the MisState Loan and Trust This process chiseling and pany Quincy, were the South Side is continuing to this day and of Quincy and the Payson State continue long time lasts, bank Payson. unless arrested by storage these waters toward their source putting Kentucky Hard Hit them to beneficial for Louisville, As lands broken out and cultivaKentucky banks with totalthese pirate rivers increase their ling about including the erosion be added to the never National Bank of which ending accumulations down toward been business here 96 years, closed the Gulf. their doors Killing Two Birds Man. the present day sculptor the world's man. the maker of the world's modern Edens, the foreruner every civilization. has made the modern geography on these

8. November 20, 1930 The Milan Republican Milan, MO
Article from The Milan Republican, November 20, 1930

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BANK CLOSED FOLLOWING FAILURE OF RICKER President Of State Savings Loan & Trust Company of Quincy Charges Failure His Bank To Shrinkage of Farm Values The Bank of Green City, for some time the only operating bank of the town, which closed early last week, still in the hands of the State Finance Department. F. A. Guiles charge and the bank will remain in the hands of the State Finance partment until satisfactory arrangements are perfected for its reopening. The capital stock of the bank was $20,000. Myers was cashier and E. Pfeiffer president. The closing of the Quincy Ricker National Bank of Quincy, III., is assigned as a reason for the closing of the Bank of Green City, the Quincy Ricker being correspondent of the Green City bank. The State Savings Loan and Trust Company of Quincy closed last Saturday and smaller banks in Missouri and Illinois suffered because of their business relations with the banks that had suspended active business. Quincy, III., Nov. Quincy banks were in the hands of bank examiners tonight; two affiliated institutions in small towns of Illinois and Missouri were closed. and the remaining banking institutions of this city, after weathering a heavy run of withdrawals, remained open for the usual Saturday evening business and announced they would do business as usual next week. J. W. Gardner, president of the State Savings Loan and Trust Company, blamed the situation on the shrinkage of farm land values. The overnight closing of his bank, oldest in this part of the state, brought the situation to crisis and was followed by the closing of two branch banks here and in Payson, III., 15 miles away. On Nov. 13, a state bank in Green City, Mo., correspondent of the National Bank, closed its doors. The succession of shutdowns started week ago when the institution, only national bank in the city, closed. The State Savings Loan and Trust Company had $6,216,000 deposits when its last statement was issued, and capital. The South Side State Savings Bank and the Payson State Savings Bank at Payson, branches, closed during the morning. Mr. Gardner's bank was founded by C. H. and Lorenzo Bull, pioneers who gave the original institution their name. His statement on the closing of the bank and its branches said: "The closing was decided upon as the only way to save the assets of the bank. The steady withdrawals by both savings and commercial depositors since the closing of the Quincy Ricker made heavy inroads on the bank's quick assets, and there was every indication that the condition would continue. The principal cause of the bank's difficulties is the situation in regard to farm loans. The business was established and developed through the business of farm loans since the days of the L. & H. Bull Bank. The very condition that made the bank is now the cause of its trouble. Farm values have shrunk from 40 to 60 per cent. The bank has these loans assets. but not liquid. It too early too talk of the bank's future. believe there are sufficient assets so that the depositors will not lose."

9. March 2, 1931 The Hastings Daily Tribune Hastings, NE
Article from The Hastings Daily Tribune, March 2, 1931

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BANKS President of One Blames in Farm Land Values for Shutdown Nov. 15 Quincy banks in the hands examiners tonight, affiliated towns closed the heavy remained for the usual Saturday business and they would business group of leading citizens, here in signed the afternoon Herald the would continue serve the public. Values Land Gardner, the State Savings Loan Trust blamed the situation on the shrinkage of farm land of his bank overnight oldest of by bank here bank in Mo., the failed tional closed. The started week ago the bank the and Trust its last capital. The South Side and the Payson Savings Payson, branches, closed during the morning