5327. Farmers National Bank (Taylorville, IL)

View Charter #5410 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
5410
Charter Number
5410
Start Date
October 18, 1929
Location
Taylorville, Illinois (39.549, -89.295)

Metadata

Model
gpt-5-mini
Short Digest
68d28aba

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Books examined

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-01-19
Date receivership terminated
1938-11-12
Share of assets assessed as good
16.4%
Share of assets assessed as doubtful
80.6%
Share of assets assessed as worthless
2.9%

Description

Multiple contemporaneous articles (Oct 18–19, 1929) report a heavy withdrawal at Farmers National Bank in Taylorville that was halted when Chicago Federal Reserve officials flew cash by airplane to the bank and depositors redeposited funds. Other local banks had closed, but Farmers National remained open and paid depositors in full. OCR errors in some articles (e.g., Farmers' tional bank, Taylorsville) were corrected to Farmers National Bank and Taylorville. No suspension or closure of this bank is reported.

Events (3)
1. June 7, 1900 Chartered
Source
historical_nic
2. October 18, 1929 Run
Cause
Local Banks
Cause Details
Runs and closures at other local banks (John B. Colegrove State Bank, Taylorville National, First National, plus nearby state banks) precipitated heavy withdrawals at Farmers National.
Measures
Bank telephoned Federal Reserve in Chicago; Chicago Fed officials flew cash by airplane to Taylorville and the bank paid depositors in full, prompting many to redeposit funds.
Newspaper Excerpt
The drone of an airplane motor was the signal that the day was saved and that the line of 250 depositors in front of the Farmers' National Bank need have no fears... 'Money from Chicago.' The word went down the line... The line melted into nothing as if by magic.
Source
newspapers
3. January 19, 1933 Receivership
Source
historical_nic

Newspaper Articles (12)
1. October 18, 1929 Decatur Herald Decatur, IL
Article from Decatur Herald, October 18, 1929

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Article Text

Plane Breaks on Taylorville Bank Farmers' National Remains Open After Two Other Banks in City Close to Protect DepositorsPlans for Reorganization Staff Representative) Oct. financial passed safely early afternoon. THEATERS SOLD An airplane dropped down near Taylorville with supply money for the Farmer's FOX Bank of Taylorville, ample meet demands of depositors. other banks in the town closed. Friday morning The Oct. National Bank of Taylorville and theaters the Frascini chain the Taylorville National Bank closed erating throughout Central Illinois, their doors in an attempt to check the Fox Film Co. was completed run which had developed following Friday morning. The purchase closing of Colegrove State said to have been $700,000. bank in Taylorville week ago. Either directly or indirectly The Turner State Bank of Edin- inick Frascini, burgh also failed to open Friday the following theaters which are morning making total of six banks cluded the sale: Mattoon, Christian county which have clos- leston, within the past Pana, Decision close the two Taylorville banks was reached special meeting the boards directors WATER HITS the two institutions Thursday The condition of the banks believed to be sound. One Bank Operating Friday only one bank in the Farmers' National, operating. Flagship for President HoovAdams, president of the Farmers' National, said that his bank Proposed Visit Is ample reserves of cash on hand would meet all withdrawals Stranded Crisis Brought Closing of the banks Friday brought the financial situation county to crisis. Since of the John B. Colegrove Taylorville week have to open. bank closed Thursday, Oct. The following Bulpitt State bank, the Colegrove bank closed. following day the Citizen's State in Edinburg closed. Friday morning three others closed. Coal Co. Helps turn in the panic which has swept the county evident Friday. Several prominent business in made deposits the offsetting by example the effects of steady withdrawals. The Peabody Coal Co. Friday morning deposited $90,000 the State bank to protect against run from depositors. Plan Reorganization Meanwhile plans for reorganizaand possible merger of the Taylorville banks were being discussed. Little progress can be made until national bank examiners arrive. Two of national banking department expected before night. The decision of the two Taylorville national banks to close taken in Interests of the positors officials said. Many small depositors became terrified at ruand rushed to the bank withdraw their funds. check the the directors decided close the bank. Roy Johnson president of the National bank and Troy Long. president the TaylorNational bank. Dorris Shumpresident of the Turner State bank Edinburg which of Friday. Business Slow The situation attributed present slow conditions the Christian county community. Coal mining has unsteady for period of farming conditions have not the best. factors have (Continued on Page

2. October 19, 1929 Two Rivers Reporter Two Rivers, WI
Article from Two Rivers Reporter, October 19, 1929

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BY PLANE TO Run On Bank Staved Off When Plane Brings More Funds the sky yesterday dropped money bags to bring renewed faith panic stricken town and stave off bank run which would have resulted in empty vaults at the only bank which remained open. Re-deposit Money The drone of an airplane motor was the signal that the day was saved and that the line of 250 dépositors in front the Farmer's National Bank need have no fears of not getting their money. Almost like magic the line faded away and another customers re-depositing the money they earlier had withdrawn. Relief by Plane Relief was rushed by airplane to the Farmer's Bank by Chicago federal serve officials as coon as they learned that Taylorville's other three banks had been closed.

3. October 19, 1929 The Paducah Sun Paducah, KY
Article from The Paducah Sun, October 19, 1929

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RUN ON BANK IS CHECKED BY PLANE Chicago Bank Sends Funds to Illinois Bank ILL., Oct. 19 of the sky yesterday dropped bags to bring renewed faith town and stave off bank run which would most certainly have resulted empty vaults the only bank which remained open The drone an airplane motor the signal that the day was saved and that the line of 250 positors front of the Farmer's National Bank need have no fears of not getting their money. most like magic the line faded away another redepositing money they earlier had withdrawn. Relief rushed by airplane Farmers Bank by Chicago Federal Reserve officials as soon they learned that Taylorville's other three banks had been closed. The banks that have been closed John Colegrove and company, state bank: the National Bank, and the First National Bank, all of Taylorville; Citizens State Bank and the Turner State Bank both Edinburg, and the State Bank of Bulpitt.

4. October 19, 1929 The Neosho Daily News Neosho, MO
Article from The Neosho Daily News, October 19, 1929

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Latest News Bulletins Peru, Ind., Oct. 18.-Bank bandits today robbed the First National Bank of Peru of $45,000 in cash and $15,000 in securities, slightly wounded policeman and a bystander and dashed out of town without a shot having been fired at them. Six or seven men comprised the gang. Four of them entered the bank, forced fifteen employes and customers to lie down, swept up all money in sight, made a clerk open the safe where more currency was obtained, and forestalled the police in answering a burglar alarm. Two Army Fliers Killed in Crash. Scott Field, Ill., Oct. 18.-Lieut. Charles S. Short, chief instructor of reserve officers at Scott Field, was killed and Lieut. K. Stevens, St. Louis reserve officer, was fatally injured late today when their plane went into tailspin and crashed from an altitude of 2,000 feet on a farm three miles from Scott Field. They were making training flight in biplane and Lieutenant Short was at the controls when the plane went up. He had been taking a number of reserve officers aloft on training flights this afternoon. Arrival of Plane Halts Run on Bank. Taylorville, Ill., Oct. 18.-One of rica. Taylorville's four banks was still doing business tonight after three Taylorville banks and three Christian banks outside Taylorville had county closed, most of them as the result of umn of runs by frightened depositors. The which remained open Joplin, was the Farmers National Bank. Its officers had announced, "We'll pay cent if need every depositor every seemed impossible that be,' but it the bank could withstand the run. More than 250 depositors stood outside to withdraw their savwaiting and the officers were beginning ings, to look worried. the drone of Suddenly there came and sought the landing field. 'It's come,' shouted bank offia cal joyfully. "What? asked depositors. "Money from Chicago. The word went down the line. A few dropped out. Others were skeptical. While many were debating with their neighbors the sheriff and seven deputies, each armed with approached. With them shotgun, were three Chicago Federal Reserve bank officials carrying money bags. There was cheer. Smiles lighted up the faces of the depositors, faces that had been lined with worry but few minutes before. The line melted into nothing as if by magic. And almost before the new money got into the cages another line was forming. was depositors putting their money back in the bank. Moorish Tribes Attack French. Paris, Oct. tribesmen have swooped down from the southern slopes of the Atlas mountains on new raid against French troops. Dispatches from Oran, Algeria, today said that fifty soldiers of the Foreign Legion and Senegalese company had been killed in nitched battle with raiders from the Tafilelt area, one of the most active dissident regions in northwest AfThe battle lasted for several hours, with heavy casualties on the side of the tribesmen, who were driven off by the advance of supporting cola the legion. Webb City and Lamar Win in Yesterday's Grid Battles. In yesterday's football scrambles Joplin won over Mt. Vernon 14-0. Monett lost heir game to Springfield by 25-0 score. A 59-0 defeat was handed Nevada by Webb City, and Carthage came out on the short end to 0 score in their game with Lamar.

5. October 19, 1929 Palladium-Item Richmond, IN
Article from Palladium-Item, October 19, 1929

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Article Text

Money Is Rushed to Stop Run On Bank in Illinois III., Oct. the sky money bags bring faith and stave bank which almost certainly resulted empty vaults only bank which mained open. drone of an airplane motor the signal that day saved and that the line of 250 positors front Farmers' tional bank need have no fears getting their Almost like magic the line faded away and another redepositing money they earlier had Relief rushed by airplane to the bank fedofficials they learned that other three banks closed. Today bank examiners were scanning books of the three closed banks banks other neartowns. have been unofficially blamed for the shutdowns. The banks closed John B. Colegrove and company, State bank, Taylorville National First bank, all of Taythe the state banks both of Edinburg, the State bank of Bulpitt. SMALLER Gutierrez, Madrid. quart of cow's milk in this bottle, please." that bottle too small for quart will have quart of goat's milk."

6. October 19, 1929 The Birmingham News Birmingham, AL
Article from The Birmingham News, October 19, 1929

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Money Bags Drop From Skies And Halt Run On Bank Out Friday money bags bring faith to town and stave off bank run which would almost certainly have resulted empty vaults at the only bank which remained open. The drone an airplane motor was the signal that the day saved and that the line of 250 depositors in front of the Farmers Na. tional Bank need have no fears of not getting Almost like magle faded and other formed redepositing the money they had Relief rushed by airplane to the Farmers Bank by Chicago Federal officials they learned that Taylorville other three banks had been closed Saturday bank examiners were scanning the three closed and banks three other nearby Thus "frozen assets have been unofficially blamed for the The banks that have closed John B. Colegrove Company. National Bank First National Bank, all of Taylorville the Citizens State Bank and Turner State Bank, both of Edinburg: the State Bank

7. October 19, 1929 Elizabethton Star Elizabethton, TN
Article from Elizabethton Star, October 19, 1929

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PLANE SAVES RUN ON BANK Money Bags Dropped From Sky For The Depositors the sky yesterday dropped money bags bring renewed faith to panie stricken town and stave off bank run which woud almost certainly resulted in empty vaults at the only bank which remained open. The drone of an airplane motor was the signal that the day was saved and that the line of 250 depositors in front of the Farmer's National bank need have no fears of not getting the'r Almost like magic the line faded away and another redepositing the money they had Relief was rushed by airplane to the Farmer's bank by Chicago Federal Reserve officials as soon they learned that Taylorsville's other three banks had been closed. Today bank examiners were scanning the books of the three closed banks three other nearby towns. Thus "frozen assets" have been unofficially blamed for the shutdowns. The banks that have been closed are: John B. Colegrove and State bank. The Taylorsville National bank. and the First National bank, all Taylorville; The Citizen's State bank and the Turner State banks both of Edinburg the State Bank of Bulpitt.

8. October 19, 1929 The Journal Meriden, CT
Article from The Journal, October 19, 1929

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MONEY FALLS OUT THE CLOUDS Panic Is Replaced By Confidence as Plane Drops Cash Taylorville, III., Oct. of the sky dropped money bags bring renewed faith to panic stricken town and stave off bank run which would almost certainly have resuted empty vaults at the open. The drone airplane motor was the signal that the day was saved and line 250 depositors front of the Farmers' National bank need have fears not getting money. Almost like magic the line faded forme? redepositing the money they earlier had Relief rushed airplane to the Farmers' bank Chicago Federal Reserve officials they learned that other three banks had closed. Today bank examiners were scanning the books of the three closed banks and banks in three others nearby Thus "frozen have been unofficially blamed for the shutdowns. The banks that have been closed John Colegrove state bank; the Taylorville National bank, the First Natinal Taylorville; Citizens' State bank and the Turner State Banks, Edinburg, the State Bank of Bulpitt.

9. October 19, 1929 Effingham Daily Record Effingham, IL
Article from Effingham Daily Record, October 19, 1929

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CHRISTIAN Chicago Sends Cash Taylorville, Oct., run the Farmers' National bank here sided at two o'clock this atfernoon and many depositors, who were re-depositing. Floyd Baughman, cashier of the Farmers' National baik, telephone the Federal Reserve Bank in Chicago ten o'clock this morning for funds with which to relieve the local situation. Within four minutes after the call received the Federal bank had the funds aboard an airplane, which flew from Chicago to Taylorville in hour and minutes. The Taylorville Telephone Exchange, on account of the bank here, answered total of ten thousand within five hours this morning. Taylorville, Oct., First National and the Taylorville National banks and the Turner State bank Edinburg failed to open their doors today making total of six Christian county banks that have closed during the past week. Taylorville now has but one bank The Farmers' National bank. The Citizens' State bank at Edinburg closed its doors yesterday leaving that town without any banks open for business. The bank struck Taylorville last B. Colegrove failed to open its door. "Runs" and frozen Assets Since that time there has been more less of "run" on all banks in the country. "Frozen assets" was given the reason for the closings. Directors of the closed banks have stated that all depositors will be paid in full. was stated today by director of the First National bank that that stitution and the Taylorville National National bank which failed to open this morning, probably will merge into one strong bank after examiners have andbooks of the two institutions. Runs Cause Close Taylorville, Oct., ville, III., Oct. close of the three banks, the Taylorville National, the First National of Taylorville and the Turner State bank of Edinburgh, enacted by united agreement between the Boards of Directors of those institutions at meetings held on Thursday evening. There had been continuous runs all three banks ever since the closing of the John B. Colegrove State bank here and the State Bank of Bulpitt one week ago. These "runs" were all tak care of, but it was fared that the three banks could hold against continued heavy run after the ran ure on of the Citizens State Thursday bank at Edinburg and Directors then decided to hold joint meeting and decide upon some ed action. That was the decision close all three banks. The Taylorville two National banks have wired the Comtroner of the Curreney at Washington to send Bank Examiner to adult the books of the banks, while the books, cash and cords of the Turner State bank Edinburgh Friday turned State Auditor Oscar Nelson of Spring field. It appears certain that this bank will reopen afer examination and ad justment by the State Auditor. There of the also certainty merger of the two Taylorville Nationbanks into one larger and stranger Pays All Depositors Closing of the two National banks this morning caused heavy the Farmers' National bank, the only bank is still in existence and doing business here, Every depositors promtly paid in full. Depoitors were lined up at this bank early o'clock this morning eight ready that they could open so withdraw their funds. The line positors all the out Into the was way

10. October 19, 1929 The World-News Roanoke, VA
Article from The World-News, October 19, 1929

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ARRIVAL OF PLANE MONEY STOPS THE BANK Customers Redeposit the Money They Earlier Had Withdrawn. Taylorville. III., Oct. (/P)-Out of the sky yesterday dropped money bags bring renewed faith to panic stricken town and bank run which resulted empty vaults the only bank which remained drone an airplane motor was that the saved and the line 250 depositors of the Farmers National have fears money. Almost like faded and formedcustomers the money they earlier Relief rushed by airplane to the Farmers by officials they learned that Taylorville's other three banks had been closed. Today bank were scanthe books the three closed banks and banks in three other neartowns. Thus "frozen assets" unofficially blamed for the banks that been closed Company, the Taylorville National the First National of the Citizens Bank the Turner State Banks, Edinburg, the State Bank Bulpitt.

11. October 20, 1929 Winston-Salem Journal Winston-Salem, NC
Article from Winston-Salem Journal, October 20, 1929

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Airplane Brings Money; Run on Bank Is Ended Taylorsville, III., Oct. 19 (AP) One of Taylorsville's four banks was still doing tonight the result of an eleventh hour move that packed all the drama of an old-time Western This three Taylors. closed as three Christian County banks outside Taylorsville, most them as the result of runs by frightened The one left the Farmers tional Bank officers had annound "We'll pay every depositor every that the bank could withstand the run. More than 250 depositors stood outside waiting to with. draw their savings. and the officers were beginning ot look worSuddenly there came the drene of an airplane Soon it circled sought the landing field and dropped out of sight. shouted bank official asked a dozen deat "Money from Chicago." The word down the line A few Others skeptical While many were debating with their neighbors, the sheriff and deputies, each armed Chicago Federal Reserve Bank officials carrying There was cheer. The line melted into nothing as = by almost before the new money got into the other was was putling their money back in the bank.

12. October 24, 1929 Nashville Journal Nashville, IL
Article from Nashville Journal, October 24, 1929

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The American Federation of Lagoing "unionize the South Southern have, on tariff issue and other questions, tears over the fate of poor man, but all attempts unionize the workers in the southern states, obvious reasons, with failure. run bank at Taylorville was frustrated by an airplane arriving from Chicago with $50,000 cash. When depositors were promptly paid in full, "run" petered banks Christian failed their Friday and this caused the of the Farmers' National bank. The of this this and had cured amount however $80,000 had withdrawn and Adams, dent, sent an SOS to the Federal Rebank officers, saved day by this air shipment of funds.