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Examiners Work On Sullivan Bank Sullivan work on the affairs of the Merchants and Farmers' State bank of following its failure to open for business morning. No with the bank anything say about its affairs, following statement the president Webb published in this paper following the closing There little comment on the and the attitude of the public and the stockholders seems be take the directors at their when they stated they lieved there would be no loss to
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FOR MEETING OF DECLOSED MERPOSITORS OF FARMERS STATE CHANTS SULLIVAN, ILL. BANK OF We, the undersigned depositors of Merchants Farmers State Bank Sullivan, Illinois, which closed for December 26th, 1931. usiness on advisable that depositors' it be held. that this is ncessary to prohave in the the interest of the assets of the the bank's creditors. benefit of of the creditors. We are therefore taking the initiain this matter and hereby extend call for meeting to be held in the Circuit Court room in the court house January 30, Sullivan on Saturday, at the hour of beginning At this meeting we can discuss our interests in this closed bank, can name committees to represent and take such other action as may deemed advisable to protect our in the bank's assets and the necessary to wind up the bank's We invite you and urge that you this meeting or have some one legally authorized to repreyou. NEWBOULD, EDWARDS, DICKERSON & CO., JAMES PIFER, ALUMBAUGH, WILT, STROHM,
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STATEMENT OF CURRY. called into conference few days ago by the officers of the Hardware State Bank, who informed me that number of depositors had been continually withdrawing funds from the Bank during the four weeks time since the closing of the Merchants and Farmers State Bank at Sullivan, III., these withdrawals had been and that increased when the information came to the failures nearby, such Pierson, Cerro Gordo and the large Bank at Champaign. In these conferences there was brought for the matter of the plan discussion McLean Ford adopted by county, county, and at least twenty other counties in the State of Illinois to restrict withdrawals during the ent emergency. At first thought such plan does not appeal to anyone. We have feeling that when we have money in the bank we shoud have the absolute right to withdraw it all for any reason, or for no reason at all, if to do However, see great number the depositors would decide to do this would wreck any bank, no difference how solvent and solid the institution was before number of people in our community bank failure on account have been of having funds deposited in the Lovbank, which was later State ington the Merchants and transferred to Farmers State bank, now closed, SO that the question has come very near all us. with group that made and talked to to county trip Bloomington, intercomMcLean withdrawals. criticism by We critiwhich entire save
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TWO BANK SUITS TO BE COMBINED Lawyers Agree on Plan to Avoid Expenses of Appeal in Sullivan Case Franklin NOTICE be responsible Sullivan Controversy which re Hot Salesladies 35A sulted in the filing of two suits myself. Park Houses for ladies House house for of stock assessments WOOD. $25 Bushel $10 against stockholders the defunct Merchants & Farmers state bank HEAT Box care Work anted-Female 36 NORTH Near here has ended in an agreement to CAPABLE -Southern consolidate the actions, it was made PEACOCK reliable known Thursday. The agreement EXPERIENCED WOOD. among lawyers will avoid the neces- CLEAN to GENERAL $500 sity of an appeal to the supreme before court which would have delayed Box $1350 DAMSON or Board 73 liquidation of the bank, it is claim- 10 GENERAL HOUSEW ed. ROOM Notices mailed 150 stockholders of the bank disclose that seven lawyers are associated in the joint action. They ask for appointment of Charles who is the general for the bank. as receiver in the suit: and the appointment will be made, it expected, when the September term of the Moultrie circuit court is convened by Judge D. H. Wamsley ACRES Northeast Work Wanted-Male 37 First Suit Filed Franklin Soon after the bank closed last rooms WORK or MATTRESS cotton bath business December, the first suit against CHEVROLE COACH-1931. 1930 Ford TuMAIN. stockholders filed by Attor- the LIVING acquard FINANCIAL neys J. McLaughlin and R. W. Real Estate Exchanges Martin, asking the appointment of OLDSMOBILE Ford Business Opportunities 38 MAIN. 744 Unusually attractive GENUINE partly HIGH CLASS Francis Purvis as Opposi- 6786 LaSalle $350 Oldsmobile tion to the developed and ELECTRIC REFRIGER modern Apt. attorneys appeared to urge PONTIAC- MACON wire FIRST offer. WATER. Apt. appointment of Mr. Gregory as reR. HOME care Herald- Heat. ceived. so he could handle both Review kitchen Apt. M. PONTIAC Coupe. receiverships. Phone FOR What Judge Wamsley dismissed the MOHAIR real FIRST 1926 first suit upon the ground that it 127 Wolfe's property was filed attorn1927 BUICK Steam extra good. $35 WEST SIDEneys prepared the record for an GROCERY REFRIGERATORS LEGAL NOTICES E. appeal. The filing of the second Furnished Apartments 74A 1927 Legal Notices suit resulted complication. OLDSMOBILE COACH-1929 LUNCH Reo ROOMMay Save FRUIT CHURCH. decorated. IN THE CUPBOARD OF THE $45. responsible Although the communication sent Decatur. LUNCH fixtures. Good Davis Furniture. 7464. For the Illinois to stockholders declared that the rent. 1931 FORD COUPE- Essex Tudor: CHURCH. 1928 the Short. bankrupt. consolidation of the suits will save 1928 coach C. UNREDEEMED STORAGE rooms in connection. above costs, some doubt expressed up1932 Plymouth coach: CASH danger on that point by depositors. UNREDEEMED STORAGE GOODSproperty The seven lawyers appearing 200 Box care -furnished: HEREBY GIVEN. EDWARD. That heat. September in the suit are County Judge John E. Jennings, R. Patterson: George and Money to Loan 40 USED less Tal- rooms. WE ARE A. Sentel. L. McLaughlin, R. W. Bath AUTO LOANS Martin and Francis W. Purvis of Your old car will make PRAIRIE Sullivan and Thomas W. Samuels cred AUTO No UNION. Leafland of Decatur. WE CERTIFIED USED makes. An effort is being made to get VIEW. bath. priElmore room. the 150 defendant to & AUTO LOANS Need money Borrow on A. said file written entries of appearance Larra- furnished GEORGE No ATER. DEPENDABLE USED CARS- Millikin ROOMS- Must to save expense of court service. Dated At least two of the Jawyers appear- Reo-Nash Co. 2-0763. WOOD. 1st floor. MONEY FOR SCHOOL- Musical Merchandise 62 ing as prosecutors of the case also NOTICE FREDE CHEVROLET WOOD. of Macon. are stockholders of the bank and SAXOPHONE flat. alto. $25 cash. Phone Garage CASH loans UD $300. 24 hour appear as defendants also. 1932 Chevrolet Coach-Official car. of Radio and Accessories 62A UPTOWN SECTION 18 Complainants fidential. family Eighteen depositors of the bank PUBLIC LOAN CORPORATION Radio Service Radio 22nd at appear as complainants in the suit. William. 300 EAST ELDORADO DIAL 4408 438 STANDARD LIFE BLDG. PHONE 2-1523 and Sapp. Refrigeration. ReasonA total of $50,000 in stock assessSEVERAL used ments is claimed from the stockHouses for Rent 77 holders, contribution toward insurance Loans made 65 the payment of $270,000 owing to Wearing Apparel BOYD S. 446-6 modern. FREDE CHEVROLET CO.- See of the institution. GENUINE Medium In addition to the stockholders Chevrolet suit, a court has been insti- Wanted-To Buy 66 at LOANS tuted against John A. Webb, for- CENTRAL $10. DecaChevrolet truck. Has motor over- Men's mer president of the bank, for an 1928 Chevrolet coupe. Looks good and CHURCH. accounting to WE WILL PAY CASH- For QUICK-CONFIDENTIAL of a group of notes, which Mr. 300 E. ELDORADO. PHONE 4408 CHURCH required. Webb claims. and THE- Nationally known Household Loan As president of the bank, Mr ROOMS AND BOARD Webb made loans for the bank Rooms Board 67 McMillen and also carried on private loan J. G. STARR SON. INC.- COLLEGE security needed Household business on his own account. After bath. CHANCERY NOTICE State the closing of the bank. dispute Ford Standard Coupe 1259-5 E. DECATUR MAIN 1339- Excellent Sport arose regarding some notes, to de- need No endorsers. months to repay. Home termine whether they should be Ford Standard Sedan listed as assets of the bank or as COME IN-Phone or write room. room mate. 420-32 EAST PRAIRIE DIAL 4218 the personal property of Mr. Webb. Defendants: HOUSEHOLD FINANCE CORPORATION plied the proceeds on the payment of the debt and the costs involved. She and her husband objected to paying the debts of other people. hence the law It is the first case of its kind in local justice
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Two Sullivan Bank Suits to Be "Merged" Lawyers Agree on Plan to Avoid Expense of Appeal in Action. Sullivan- Controversy which resuited in the filing of two suits for collection of stock assessments against stockholders of the defunct Merchants & Farmers state bank here has ended in an agreement to consolidate the actions, it was made known Thursday. The agreement among lawyers will avoid the necessity of an appeal to the supreme court which would have delayed liquidation of the bank, it is claimed. Notices mailed to 150 stockholders of the bank disclose that seven lawyers are now associated in the joint action. They ask for appointment of Charles Gregory, who IS the general receiver for the bank. as receiver in the stockholders suit, and the appointment will be made, it is expected. when the September term of the Moultrie county circuit court is convened by Judge D. H. Wamsley First Suit Filed Soon after the bank closed last December the first suit against stockholders was filed by Attorneys J. L. McLaughlin and R. W. Martin, asking the appointment of Francis Purvis as receiver. Opposition to the move developed and other attorneys appeared to urge appointment of Mr. Gregory as receiver, so he could handle both receiverships. Judge Wamsley dismissed the first suit upon the ground that it was filed prematurely. and attornneys prepared the record for an appeal. The filing of the second suit resulted in complication. May Save Costs Although the communication sent to stockholders declared that the consolidation of the suits will save costs, some doubt is expressed upon that point by depositors. The seven lawyers now appearing in the suit are County Judge John E. Jennings, C. Patterson. George
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Bank Hearing In Sullivan Opens Case Continued To Mar. 8 After Day's Session. Sullivan Court hearing in the case of Charles A. Gregory, receiver for the Merchants & Farmers state bank here against John A. Webb, former president of the bank was continued Tuesday by Judge D. H. Wamsley until March The case involves a claim of the receiver for judgment against Mr. Webb for losses sustained in alleged excessive loans by the bank. The receiver also claims notes which Mr. Webb holds through loans from his personal account while he was president of the bank. A bill for injunction and accounting against Webb some time ago, and an audit of the books was made. The auditor dropped dead recently, however, and a new audit made necessary. Many pages of the accounts of Webb was introduced into the evidence Tuesday, but counsel for Mr. Webb,asked for continuance on the ground that they have had no opportunity to examine the bank's records upon which the suit is filed. The receiver is represented by George A. Sentel of Sullivan and Thomas W. Samuels of Decatur J. L. McLaughlin and R. D. Meeker represent Mr. Webb.