5319. Peoples Trust & Savings Bank (Streator, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
November 24, 1931
Location
Streator, Illinois (41.121, -88.835)

Metadata

Model
gpt-5-mini
Short Digest
39e3c404

Response Measures

None

Description

Articles (1931–1933) indicate the Peoples Trust & Savings Bank in Streator was closed and a receiver (Weston/J. Weston Essington) appointed by state authorities. No articles describe a depositor run preceding the closure; events are regulator-driven receivership/closure.

Events (3)

1. November 24, 1931 Suspension
Cause
Government Action
Cause Details
State-appointed receiver (J. Weston/Weston Essington) and court actions regarding trusteeship indicate suspension/closure by regulators or receiver appointment.
Newspaper Excerpt
The Streator Woman's club and the Church of the Good will of Streator. today filed a petition in the circuit court asking that a trustee be appointed to succeed the People's Trust and Savings bank of Streator and J. Weston Essing ton, the bank receiver as custodians...
Source
newspapers
2. June 28, 1932 Other
Newspaper Excerpt
JUDGE ELDREDGE TO NAME DEPOSITORY FOR RECEIVER'S FUNDS. Judge Edgar Eldredge today refused name official depository for funds by Wes Essington for Bank, the People's Trust and Savings Bank Strea- ... hearings petitions filed by Essington stockholders ... Essington in the past has been collecting the liability from the stockholders depositing the money any bank he choose. Under plan have court name official depository would be relieved from liability closed.
Source
newspapers
3. March 1, 1933 Receivership
Newspaper Excerpt
there is but one bank In charge of receiver, the People's Trust and Savings. Weston Essington receiver of the closed institution. Based On Technicality. Judge Sullivan founded his opinion of the state banking act delegated to the state auditor the authority to name receivers and fix the amount and terms of Such delegation ... The verdict affects 110 receiverships ... The liquidation of defunct banks already in an uncertain and transitional state ... will banks throughout appealed by the attorney general.
Source
newspapers

Newspaper Articles (3)

Article from The Times, November 24, 1931

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Article Text

SOLONS CONVENE AND AGITATE ABOLITION OF STATE POLICE, TAX SLASHES, EARLY ADJOURNMENT (Continued from Page 1.) executive committee of the governor's revenue commission, explain more of the bills introduced by his group. Among measures introduced at yesterday's session were eleven by Senator Woods for the funding of Cook county's 1939 taxes These measures had been prepared by the Chicago real estate board. Another by Senator Michel would cut the valuation of real estate fifty per cent, and another by Senator Arthur Miles of Rosiclaire would compel the state to pay all blind relief. Two measures by Senator Earl B Searcy Springfield. were designed to. provide remedies for the Cook 32 years. Choice light hogs sold at $4.40. Cattle receipts were 11,000. The market was seatedy for the choice and weaker for the dium steers. Top was quoted at $13. Cows and helfers sold on little lower basis Feeders showed no change. Sheep receipts 18,000. The market was teady to strong for lambs The cholee were quoted at to $6.50 er: top $4.45: bulk $404.40 heavy $4.20 @ 4.40; medium $4.25 @ 4.45 light $4.20@4. light lights $3.90 $3 holdovers 6,000 steady Calves 2,500: steady Steers choice $10 @ 13: medium $5 (if 10 yearlings $9@12: butchers, helfers $3 cows $3.25@5.25; bulls 4.50: yearlings $46 feeders EAST ST LOUIS LIVESTOCK $6.75 " 8.25: bulls $3.75: good and choice vealers HOGS-Recelpts 11,000 market steady to 10c lowed Top $4.50: pigs 3.90 steady. Lambs common PEORIA LIVESTOCK HOGS Receipts 3,200 10 15. lower: top $4.30: 180-230 lbs. $4.25 4.00 -CATTLE Receipts 300 ady CHICAGO PRODUCE tras 30 standards 28: extras 28-29 firsts 26-27 king stock 14-16 specials 301 Eggs -4,092 cares current 25.23 graded 30-31 extras dirties 19 checks 15-17 Cheese Young Americas and Longhorns 131 brick fancy 151 and twins 131 Live Poultry Turkeys No Leghorn 12 springs 17 No. 10 Leghorns 13 roosters white 17 round white No 20 ungraded 70-75: Minn and N Dakota blers 90 Minn N Dakota Red River Ohios Idaho Russets No mostly 50 commercials $1.10-$1.15 $2.00 carrots crates celery crates $2.25 cucumbers, bu crates string beans, hampers county situation The bills would provide for the selection of one person from these three persons would constitute an emergency interim board to act as the county board of review One of the three would act as the county assessor This board would have powers analogous the Illinois commerce commission except that its would apply only to mat. ters of taxation After this board's term is up the bills would permanent board formed with terms of its members running two, four and six years, and the Rep. F W Lewis of Robinson introduced a measure which would reduce the pay of clerks and judges of election will be out follow Ing Monday or Tuesday -Buy your Thanksgiving poultry at this market All high grade fowls. Klein's Meat Market Phone -Officer George Kmetz. who re. cently was given a ten da) suspen. sion from the police force, resumed his duties today Elmer Bertlaux served on the force during the ab sence of Officer Kmetz At Miss Bramer's Tea Room. Thanksg Day. dinner featuring delicious seasonable food Special table appointments in upper dining rooms 3119 Walter M Anderson of Mar seilles, filed a petition in the pro at morning asking that an administrator be named to settle up the estate his father. the late Benjamin J. Ander son of Marseilles, who died recent at the Illinois Valley Hospital Anderson left real estate valued at $6,000 and personal property worth $2,000. His only heirs are sons Walter M Anderson and Guyer Osteopathic physicians Murray Bldg Chicken a la king Cluner 350 Wednesday all day before Thanks giving Lunch (Cafe) Restaur ant Bake Farmers Union Bldg m Eagle ladies You may buy Telephone Bond and Share First Preferred on the monthly savings plan. Ask any em ployee of the Streator Telephone Company Thank services be held at St. Paul's Lutheran church Wednesday evening. November 25 with Rev. H Roloff Leonore, delivering the address The Junior choir composed of high chool girls. will contribute the music for the evening Basketball tickets now can be registered for at either Crabbe Drug Store or F.. VanLoon and Sons Sporting Good Store Regis tration ends Saturday of this week We advise signing up immediately Adult tickets $4.00 for 11 games Tickets will be out following MonTuesday and Harold and friend, Miss Eleanor day guests In the home of Mrs. Haum of N. Park street Attend Eagle ladies food Farmer's Produce Station Powell Leave orders early Bunco and euchre party at St Stephen's school hall at 30 to Ducks and kens will be registered for at either Crabbe's Drug Store or VanLoon and Sons Sporting Good Store Regis tration ends Saturday of this week We signing up immediately $4.00 for games out following Mon Fair Spalding L.y Nov. 30 and Dec and ternoon and night $10 given away each night Entertainment galore. All welcome -Grape fruit 3 for 25c Bananas 3 lbs. for 20c. All kinds of candies Nick Nicholas, 208 F., Main The Streator Woman's club and the Church of the Good will of Streator. today filed a petition in the circuit court asking that a trustee be appointed to succeed the People's Trust and Savings bank of Streator and J. Weston Essing ton, the bank receiver as custodians of fund established under 99 year lease. The lease was exe. cuted in March. 1926. allowing the Woman's club to become tenants of the church property -Knights of Columbus meeting Tuesday, Nov. 24, m. -An Inheritance tax of $574.28 was paid to J. Ward Smith, county treasurer, today on the estate of the late Peter Schlageter, former Grand Rapids township resident who died recently Before the tax was paid. Willis Willcox Jr. heritance appraiser of the estate filed a report before Judge Harry Reck in the county court showing the testator left an estate valued at $40 292.67 on which a $574.28 tax had been assessed -Just received. this year's crop of nuts of all kinds We are open all day Thanksgiving Nick Nick olas. Fresh fruits and regetables 208 F. Main Arthur's Grocery and Adamson's Meat Market will be closed all day Friday on account of the death of Mrs. N. 1.. Arthur Jumbo sodas By popular re quest we are continuing this soda at be Green Tree Inn.


Article from The Times, June 28, 1932

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Article Text

DENY ESSINGTON JUDGE ELDREDGE TO NAME DEPOSITORY FOR RECEIVER'S FUNDS. Judge Edgar Eldredge today fused name official depository for funds by Wes Essington for Bank, the People's Trust and Savings Bank Strea- The refusal name the pository for the hearings petitions filed by Essington stockholders liability which had been stituted circuit court against the owners of the Utica State bank People's Trust and Essington in the past has been collecting the liability from the stockholders depositing the money any bank he choose. Under plan have court name official depository would be relieved from liability closed.


Article from The Times, March 1, 1933

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Article Text

MAY HAVE TO RECEIVERSHIPS Here Essington Recent receiver appointed by Every the state auditor of Illinois illegally in office and held be null and void acts Denis Sullivan in by Judge perior court of Cook county. which would The drastic into confusion the process plunge scores closed liquidating the state, will banks throughout appealed by the attorney general. Streator there is but one bank In charge of receiver, the People's Trust and Savings. Weston Essington receiver of the closed institution. Based On Technicality. Judge Sullivan founded his opinof the state banking act delegated to the state auditor the authority to name receivers and fix the amount and terms of Such delelegislative power, the gation court ruled, has been adjudged unconstitutional by the state supreme court and invalidates the entire section of the act. The verdict affects 110 receiverships In Cook county and 400 in the entire state, The has been brought by the Automobile depositor in the closed Phillips State bank of Chicago. The company challenged the validity of the statute and asked removal of Charles T. Alverse receiver. The attorney general, representing the state auditor, entered demurrer but this was overruled by Judge Sullivan and the act held unconstitutional. An official of the Illinois Bankers of the decision, said that if the court upholds Judge Sullivan court order or act might be necessáry to ratify the actions of the bank receivers taken hitherto. New Policy Undertaken. The liquidation of defunct banks already in an uncertain and transitional state because of polIcy undertaken by Edward Bar. rett, who has just become state auditor. Barrett has asked the resignation of bank purposing to effect economies adby liquidation under one receiver. This principle has the support of the Illinois Bankers association which backing bill before the state legislature to bring all receiverships under the direct control of single superintendent. On other hand. certain court Judges challenged Barrett's authority require resignations of receivers serving under circuit court appointment.