5314. Farmers National Bank (Strawn, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
7151
Charter Number
7151
Start Date
June 10, 1930
Location
Strawn, Illinois (40.653, -88.396)

Metadata

Model
gpt-5-mini
Short Digest
8dd13b4f

Response Measures

None

Receivership Details

Depositor recovery rate
86.4%
Date receivership started
1930-06-11
Date receivership terminated
1934-01-12
OCC cause of failure
Economic conditions
Share of assets assessed as good
58.1%
Share of assets assessed as doubtful
25.2%
Share of assets assessed as worthless
16.6%

Description

The bank failed to open and was closed by vote of the directors (statement on door); an examiner was placed in charge and a receiver (James A. Williams) is later referenced obtaining judgments. The closure appears voluntary by directors owing to heavy withdrawals and inability to collect loans; no clear single-day 'run' is unambiguously described. The institution did not reopen in the articles and entered receivership, so classification is suspension_closure. Statement of condition gives suspension date June 10, 1930.

Events (5)

1. February 29, 1904 Chartered
Source
historical_nic
2. June 10, 1930 Suspension
Cause
Voluntary Liquidation
Cause Details
Closed by vote of the board of directors because cash withdrawals exceeded collections on outstanding notes; directors voted to close the bank (notice on door).
Newspaper Excerpt
STATEMENT OF CONDITION of the Farmers National Bank of Strawn, Illinois, as of the date of its suspension June 10, 1930.
Source
newspapers
3. June 11, 1930 Receivership
Source
historical_nic
4. June 13, 1930 Other
Newspaper Excerpt
The Farmers National bank of Strawn failed to open for notice on the door stating that had been closed by vote of the directors. A bank examiner is now in charge.
Source
newspapers
5. July 17, 1930 Receivership
Newspaper Excerpt
James A. Williams, receiver of the Farmers National bank of Strawn, has obtained judgment by confession against John M. Quinn in the amount of $1,862.03 in the circuit court ... An immediate execution was awarded.
Source
newspapers

Newspaper Articles (5)

Article from The Fairbury Blade, June 13, 1930

Click image to open full size in new tab

Article Text

FARMERS NATIONAL BANK AT STRAWN IS CLOSED Is By Order of Board of Directors Examiner Is Now In Charge. The Farmers National bank of Strawn failed to open for notice on the door stating that had been closed by vote of the directors. A bank examiner is now in charge. In talking to Blade representative yesterday one of the directors the bank stated that the institution was closed voluntarily by the directors, owing to the fact that the cash withdrawals had become much greater than what the bank had been able to collect in on their outstanding notes. Rumors about the village of Strawn of course, many. was stated that while run on the bank had occurred, the withdrawals during the past six weeks or more had heavy. The general belief expressed around Strawn is that the bank about pay out, while there are few who are not optimistic. It also stated that the closing of Chatsworth bank recently had effected the Strawn bank. The bank experienced some trouble about the time the Chatsworth bank closed, but this seemed to "blow and the institution went along as usual until Wednesday. There was only one bank at Strawn and it meant much to the business men of Strawn and others of that community who made its banking facilities. Many of the people Strawn all their money in the bank, and though it should pay out will work hardship on them til such time as matters can be justed. The bank was started about twenty years ago by Mr. Tryon, who conducted an at Strawn, he lending money as rather side issue. out of this grew the Farmers bank Strawn, capitalized at $25,000, and it has served the community up till the present time.


Article from Gibson City Courier, June 19, 1930

Click image to open full size in new tab

Article Text

National Bank at Strawn Has Closed. (Fairbury Blade.) The Farmers National bank of Strawn failed to open for business Wednesday morning, notice the door stating that it had been closed by vote of the directors. A bank examiner is now in charge. In talking to Blade representative yesterday one of the directors of the bank stated that the institution closed voluntarily by the directors, owing to the fact that the cash withdrawals had become much greater than what the bank had been able to collect in on their outstanding notes. Rumors about the village of Strawn are, of course many. was stated that while no run on the bank had occurred, the withdrawals during the past six weeks or more had been heavy. The general belief pressed around Strawn that the bank will about pay out, while there are few who are not so optimistic. It also stated that the closing of the Chatsworth bank recently had affected the Strawn bank. The bank experienced some serious trouble about the time Chatsworth bank closed, but this seemed to "blow over" and the institution went along as usual until Wednesday. There only one bank Strawn and it meant much to the business men of Strawn and others of that community who made use of its banking facilities. Many of the of all their people money in the bank, though should out it will work hardpay on them until such time ship ters can be adjusted. The bank was started about twenby Mr. Tryon, who ty years ago conducted an elevator at Strawn, money as rather side lending However, out of this the sue. grew Farmers National Bank of Strawn, at and it has capitalized the community up till the served time. present


Article from Chatsworth Plaindealer, July 17, 1930

Click image to open full size in new tab

Article Text

Obtains Judgment receiver of James Williams, the Farmers National bank of Strawn, has obtained judgment by confession against John M. Quinn in the amount of $1,862.03 in the circuit court of Judge R. Baker. An immediate execution was awarded. Farm Hand Overcome By Sun George Garby, 45, farm hand employed by Henry Grau of Graymont, suffered sun stroke Friday working in the afternoon. He was hay field. when he was overcome by heat. Mr. Garby was the intense rushed to James hospital in Pontiac where he received medical treatbelieved to be in ment. He is not condition. His home is near serious Louisville, Kentucky. Killed in Peculiar Accident Mrs Dillon, 31, temporary resident of Pontiac, was fatally jured late Friday afternoon when she caught between the rear wheel and fender of her auto. Mrs. Dillon, her husband and six year old daughter, Ruth, had gone up the Vermilion river seeking fish. They came to place place known as Houder's Ford where they stopped. leaving the car parked top of the incline that leads down to Mr. Dillon gone the river. Mrs. Dillon remained while standing beside the car, and on gláncing back noticed the car ing forward down hill towards her. She took hold of the fender in an effort stop the car's progress, but caught and wedged between the fender. The car wheel and continued down hill and it is thought she made several revolutions with the wheel. The car came to stop at the edge where Mr. Dillon saw the tragedy and immediately called for help extricate his wife from the Mrs. Dillon was rushed to St. James hospital in Pontiac for medical treatment, and besides few bruises on her face and limbs was not thought to be seriously injured. Mr. Dillon returned to the scene of the accident for car which was not damaged, and before he returned to the hospital Mrs. Dillon had died of internal injuries. survived by her Mrs. Dillon husband, and the six-year-old daughRuth. Their home is in Norter, folk, Neb., being temporarily located in Pontiac. Mr. Dillon is engaged in the construction of large drainage project.


Article from The Fairbury Blade, July 18, 1930

Click image to open full size in new tab

Article Text

Fairbury Blade Published by The Blade Publishing Co. PATTERSON, Editor CORA EVANS HARRIS FRANK PHELPS JAIL DOOR CLICKS ON CLICK FOR TEN DAYS The Watseka Republican of this week has the following article regarding John Click, who at one time barbered John Click, 40, Onarga barber of inagain-out-again fame, was again arrested during the wee small hours on Saturday morning by police officer Tom Sweeney, Gilman. He was brought before Judge John H. Gillan in the county court later the same morning and was sentenced to pay a fine of $110 and serve 10 days in the county jail when he pleaded guilty to a charge of drivin ga car while intoxicated. He's in the jail house now. Either losing his footing or partially overcome by the excessive heat Friday morning, Chester Minard, 15year-old Crescent City youth, fell off a truck on which he had been riding while working on the hard road near Kansas, and was almost instantly killed when the heavy wheels of the cart passed over his chest and abdomen. News of the boy's death was conveyed to his father, who had also been working on the road. Coroner James Lewis, of Edgar county, held the inquest the same day and the body was removed to the home at Crescent City that evening. Chester was on the platform of Streicht six-yard dump wagon. There were two of these wagons being hauled by tractor and Chester was on the second one, his duty being to operate the lever that dumps the trucks. In some way he lost his balance and fell over, the wheel of the truck crushing his chest and he died within five minutes. JUST KIDS Cake Day. FEED OWN GROUND GRAINS One of our subscribers handed us a trade journal containing an article which he believes would be of interest to the farmers. The following are excerpts: When we get down to plain horse sense reasoning we know that there are only two primary factors which are responsible for wide-spread depression such as is upon us at the present time. These factors or causes of business are as follows: First is the law of supply and demand. When production exceeds consumption of merchandise or of farm products, the producer has more than he can sell and to stimulate consumption the price must come down. Second is price control. When the country is in a prosperous condition and the consumption of food and general merchandise is sufficiently active to keep our mills and factories running and give employment to everybody who wants to work, prices begin to go up and it is then that manufacturers show a disposition to control prices. It is no longer a theory but a literal fact that the farmer is manufacturer of food products. He is producing or converting grain and hay into meat, butter, milk and eggs. He is the only manufacturer who can produce all his raw material and convert it into finished food products for immediate consumption. Only a small proptrtion of the hay and grain produced on the farm is shipped to the primary markets of the country. Probably 75 per cent of this raw material is retained on the farm for feeding livestock and poultry and this raw material should be processed or prepared in a way that will reduce the obst of producing the finished products of the farm. However, the farmer has but small chance to reduce his production costs if he continues to depend upon someone at a distance to do the job that he can handle much better for himself and at far lower cost. His grain and hay should be processed and properly prepared in his own community. In this way the farmer can make meat, milk, butter and eggs at a much lower cost than he pays and he will earn satisfactory profit on his operations. The farmer brings in his hay and grain and for small charge he has it properly ground and mixed. He can have molasses put into his feed by a new cold process which forces the molasses into the fiber of the feed without heating. We know that heat destroys the vitamins in the raw grain. A good rural producing can save and keep at home $15,000 per year for each 1,000 tons of feed consumed by its livestock by providing its own grain to be ground and processed for stock and poultry feeding. In the estate of Edward Roeder the final account and report of Arthur W. Gray, of Forrest, administrator, has been filed. It was ordered that the administrator the balance on hand according to the report and upon filing final receipts he with his bond discharged and the estate closed. Obtains Judgments. James A. Williams, receiver of the Farmers' National bank of Strawn, has obtained a judgment by confession against John M. Quinn in the amount of $1,862.03 in the circuit court of Judge S. R. Baker. An immediate execution was awarded. R. M. Crichton, receiver for the Commercial National bank of Chatsworth, obtained judgment by confession against Clara A. M. Brayton in the sum of $2,581.99 in the circuit court of Judge S. R. Baker. An immediate execution was awarded. Pontiac Man Held in Stabbing Case. Elmer Roe, Earl McDonald and Eddie Schall, more familiarly known as Eddie Six, all of Pontiac, are being held by Sheriff J. R. Scarratt following an assault on Sunday afternoon which it is asserted was made by Roe on the person of Eddie Schall in which Schall received a deep cut with a knife in the back of the head, and Roe was slashed over the heart. The story told by police officers concerning the case that Roe, McDonald and a girl, Ollie Shockey, were driving down the lane into the property known as the Old Country Club along the Vermilion river when they were approached by Schall, who says he has been acting as overseer for the property, Schall asking the party leave the promises. From this it is reported that an altercation arose which resulted in the stabbing of Schall by Roe, the latter during the fray falling on the knife used, cutting a deep gash over Roe's heart Roe, after receiving medical attention, was reported to have gone to the baseball field in the Play park, where he was scheduled as one of the players in the Sunday ball game, but did not play. At the hearing held Monday afternoon in the justice court of E. A. Jamison at Pontiac, Sheriff Scarratt read a warrant for the arrest Roe charging assault on the person of Edward Schall with a deadly weapon. Asked by Justice Jamison what he had to say for himself, Roe said, "Guilty, I guess. was too drunk to know.' The defendant was then held over to the action of the October grand jury under $2,000, which it was expected he would arrange. Schall and McDonald were instructed to appear before the grand jury as material witnesses in the case. MARKETS. (Corrected Thursday, July 17, 1930.) Hogs (Chicago market) $9.70 Wheat, No. Corn, white, No. 2 .74 Corn, yellow, No. 2 .70 Oats, No. .29 Oats, new, No. 3 Barley .40 Eggs, fresh .16


Article from The Fairbury Blade, July 18, 1930

Click image to open full size in new tab

Article Text

BLOOMINGTON AND EL PASO MEN DIE IN AIRPLANE CRASH Jack Bell, of Bloomington, pilot of Scoop, the Daily Pantagraph's plane, and his Clifford Holt, student pilot, of El Paso, were killed instantly on last Saturday afternoon when their ship, taper wing Waco, dived into the ground during a balloon bursting contest at the dedication of the new Mattoon airport. Holt was quite well known to Fairbury people, having been leader of the Mediterranean band, with which he played here several times, and he was also member of the orchestra of which John Van Leer was a member, which last summer made a trip to Europe. The ship, owned by Archie Baldridge, Bloomington, and christened "Hula Baby," was destroyed and it's occupants were taken from the wreckage, the bodies severely mangled. Holt, who only a week lago made his first solo flight, after taking instructions under Bell, was to have concluded Saturday's program at the field by making a parachute jump, number of which he had recently made in Bloomington and other airports. Two balloons had been released by Bell as he reached a height of 1,500 feet. The rules of the day called for the release of two balloons by the competing flyers, who were then to dive for their own targets, breaking them before three minutes had passed. As Bell's balloons sailed away below him he dived after them and in his first attempt he broke the balloon nearest him. Banking, Bell dived again, this time for his other mark, but he missed. Zooming and banking once more, he dived again, and again he missed. Once more Bell tried but apparently he failed to realize how much altitude he had lost, for when he went into this dive he was but an estimated 500 feet in the air. The elusive balloon was about 75 or 100 feet below and to one side. Opening his throttle Bell went into steep power dive, and as the 3,000 spectators watched he tore at a seemingly increasing speed towards the earth. Too late, Bell tried to pull the nose of his ship up, but his efforts were in vain, and the plane crashed in field of wheat just east of the airport, the motor burying itself in the ground. STATEMENT OF CONDITION of the Farmers National Bank of Strawn, Illinois, as of the date of its suspension June 10, 1930. Assets. Bills receivable $141,019.87 Cash on hand 585.83 Assets other than bills receivable and cash on hand 10,593.97 Total $152,199.67 Liabilities. Liabilities unsecured $112,492.38 Deposits secured by pledge of assets of the bank aggregating $. as collateral Rediscounts secured by pledge of assets of the bank aggregating $ as collateral Bills payable secured by pledge of assets of the bank aggregating $28,841.13 as collateral $ 12,000.00 Total $124,492.38 Miss Hannah Duden, 61, was killed near Wenona, Tuesday, when she was attacked by a bull in the barnyard of her brother's farm, where she lived. Her screams attracted her brother and several others working in a nearby field, but she was dead when they reached her. The farm belonging her brother, John Duden, is located about three miles southwest of Wenona, en route to Minonk. Miss Duden had lived in this part of the state most of her life. She rose at 5 o'clock Tuesday morning and after working around the house for a short time, went to the barnyard. A large bull was loose in the enclosure and he charged upon Miss Duden bearing her to the ground. When her brother and the others reached the yard she had been badly trampled, although not gored by the bull's horns.