Farmers National Bank (Taylorville, IL)

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Episode Information

Episode UID
541001558
Episode Type
Run Only
Bank Type
national
Bank ID
54100 national
Charter Number
5410
Start Date
October 18, 1929
Location
Taylorville, Illinois (39.549, -89.295)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1931b1bf11278fab

Response Measures

Accommodated withdrawals, Fed/other loan, 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%

Events (3)
1. June 7, 1900 Chartered
Source
historical_nic
2. October 18, 1929 Run
Cause
Local Banks
Cause Details
Run was precipitated by recent closures of other local banks (First National, Taylorville National, Colegrove State, Turner State, etc.), sparking panic withdrawals.
Measures
Chicago Federal Reserve officers sent cash by airplane ($500,000 reported) and armed guards escorted money to the bank; depositors were paid and many redeposited funds.
Newspaper Excerpt
An airplane dropped down near Taylorville with money bags to stave off a bank run at the Farmers' National Bank.
Source
newspapers
3. January 19, 1933 Receivership
Source
historical_nic

Newspaper Articles (12)
1. October 17, 1929 Decatur Herald Decatur, IL
Article from Decatur Herald, October 17, 1929

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Farmers' (By S TAYLOR crisis in Ta panic was day afterno An airpla field near 7 of ready mp tional Bank meet all den All other closed. Fri National B the Taylorvi their doors run which the closing bank in Tay The Turne burgh also morning ma in Christian ed within th Decision ville banks meeting of t the two inst believed to 1 Friday only the Farmers J. A. Ad Farmers' Na and would Closing of ing brought Christian co the closing o State bank six banks ha The Color ent of the The following bank in Ed morning thr A turn in swept the c day. Seve men in Tayl the Farmers' example the drawals The Peab caid State be any run from Plan Meanwhile tion and pos Taylorville cussed. Littl however, unt the national expected befo taken in the positors offic depositors be more and ru withdraw the withdrawals close the ban Roy A. Joh First Nation ville Nationa way is pre State bank alosed Friday The present to slow cond county comm been unsteady and farming been of the be THE FOR II cloudiness, urday part possibly to southeast northwest tions. LOCAL 7 m. yes Highest ye: 7 m. to Noon today Lowest tod Sun rises Sun sets

2. October 18, 1929 Decatur Herald Decatur, IL
Article from Decatur Herald, October 18, 1929

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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

3. 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.

4. October 19, 1929 Evening Star Washington, DC
Article from Evening Star, October 19, 1929

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By the Associated Press. TAYLORVILLE, Ill., October 19.Out of the sky yesterday dropped money bags to bring renewed faith to a panicstricken town and stave off a bank run which would almost certainly have 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 Farmers' National Bank need have no fears of not getting their money. Almost like magic the line faded away and another formed-cus-

5. October 19, 1929 The St. Louis Star and Times St. Louis, MO
Article from The St. Louis Star and Times, October 19, 1929

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TAYLORVILLE MERGERS MAY BAR LOSSES IN CLOSING Depositors Heartened by RuHalted by Airplane Remittance. By Staff question minds this today what their prospective losses be of the closing three of the town's four banks. Miners, chants and others stood in front of the banks gazing the typed notices pasted and talking about of regaining their deposits. general opinion seems to be would be some loss depositors, but report that the Taylorville National Bank and the First National Bank merge and reopen heartened most of depositors. was pointed that similar year ago Shelby County, which adjoins Christian County, seven banks and that the banks reopened that reduced the loss of depositors to virtually Chief State Bank Examiner Nicholson, on the scene staff told reporter for The Star his investigation had not far the status of the closed Tried "Ride Out Deflation." Inability the banks collect examiner the loans were made the said that lands 1926 when land farm high that the bankers preferred out the deflation period" that followed rather than foreclose on their mortgages. just business judghe asserted. all. six Christian County banks closed They First all pany Turner Bank Edinburg. Farmers' State State The the first to This was last Friday. run started the after was rumored the wealthiest citizens of Illinois loan John Colgrove, head of the stitution. This and many other rumors were heard today wherever the reporter went. In barber hotels, the chief question much did have Deposits Total $2,900,000. The three Taylorville banks closed deposits Under Illinois, are liable for an amount twice stock. banks section of Christian County The of when Farmers' National here had died down today. $600,000, the bank open here When opened yesterday morning crowd 400 depositors rushed the doors. cried their bank books they pushed shoved line that passed the tellers' cages. Bank employes and shoutfor quiet they dealt out sheafs bank notes to the frantic deposThe was stopped in spectacular Adams, telephoned Springbank in an automobile The money rushed through and heaped in tellers' view of crowd. This, quiet them, Adams telephoned Federal officials Chicago rushed here airplane guarded by federal agents. The plane arrived hour and minutes after money was transferred guarded by deputy sheriffs policemen. the swept front the bank, guards, crowd. and their walked the building and the cages. The quiet two hours dispersed. withdrawn funds them. The Bank and this saved the The bank amount of bonds hand and borrow them. Colegrove attributed the condition bank to frozen assets. He that farm declined that the four of the Peabody Coal only one day during the because of in demand, throwing many men out work.

6. October 19, 1929 The Morning Call Allentown, PA
Article from The Morning Call, October 19, 1929

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PLANE MONEY ON Three Taylorville, III., Banks Closed, Fourth Gets Cash Just in Time Taylorville, III., Oct. 18. (AP)-One four banks was still doing business tonight the result hour move that packed the western afternoon, three Taylorville banks had closed had county banks outside them the result of runs by depositors. The was the Farmers' National Bank. officers pay every depositor every seemed that the withstand positors stood outside waiting draw their and the officers beginning to look worried. Suddenly there came the drone of an airplane. Soon circled overhead. sought landing field and dropped sight. come," shouted bank official asked dozen depositors "Money from Chicago." down the line. (Continued Page Fourteen)

7. October 19, 1929 Pottsville Republican Pottsville, PA
Article from Pottsville Republican, October 19, 1929

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MONEY BAGS DROPPED FROM SKY END RUN ON BANK Chicago Money By Airplane To Aid Bank Theartened by Excited Depositors TAYLORVILLE, III., Oct. 19, (AP)Out the sky money bags bring faith to panic-stricken town, and stave off bank run which would almost certainly have resulted 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 Farmers' National Bank need have no fears of not getting their money. Almost like magic the line faded away, another redepositing the money they earlier had withdrawn. Relief wa srushed by airplane the Farmers' Bank by Chicago Federal Reserve officials as they learned that Taylorville's other three banks had been closed. Today bank ning the books of the three closed banks, and three others in nearby towns. Thus far, "frozen assets" have been unofficially blamed for the shutdowns.

8. October 19, 1929 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, October 19, 1929

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Run on Bank Halted by Arrival of Half Million in Airplane 250 Men and Women in Line to Get Deposits at Taylorville, TO THE ILL., October 18. here three Federal Reserve Bank officers government airplane towith $500,000 from the Chicago Federal Reserve Bank abruptly halted an all-day run on the only one of four Taylorville banks, The Farmers' National remaining open for business. Three Christian County banks, two failed open their doors this this tated the most bank run in Central Illinois. this when Farmers' National Bank doors, line gathered and withdrawals began. The continued unabated and noon $80,000 had been supply Adams, president the bank, anticipation of the 250 Line. At than in cashhysterical men and women for positions the front the Mne. that the rapid soon would Adams appealed Reserve officers. The airplane, bearing the offiand the the local airport one hour and fifty minutes the call help received Chicago. squad deputy sheriffs policemen three automobiles escorted the money the Depositshoved aside with guards entered the the two gunny sacks containing the curthrown over should- of With the entry the guards be and waiting that extended into the street. melted away. Four armed guards duty the bank until the closing hour. Merger Directors the First National and banks considering believed consolidation will effected

9. October 19, 1929 Morning Pioneer Mandan, ND
Article from Morning Pioneer, October 19, 1929

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LIKE MANNA FROM THE SKIES, -AIRPLANE BRINGS CASH, HALTS RUN ON BANK IN ILLINOIS Taylorville, 111., Oct. 19. of the sky yesterday dropped money bags to bring renewed faith to panic stricken town and stave off bank which would almost certainly have resulted vaults at the only bank which open. The drone of airplane motor was the signal that the day saved and that the line 250 depositors in front the Farmers National Bank need have no fears of not getting their money. Almost like magic the line faded away and depositing the money they earlier had withdrawn. Relief rushed by airplane to the Farmers Bank by Chicago fed eral reserve officials as soon they learned that banks had been closed. other three bank examiners were Today scanning the books of the three closed banks books three others in nearby Thus far "frozen have been unofficially blamed the shutdowns. The banks that have been closed John B Colegrove and ComState Bank, the Taylorville pany, National Bank, and the First Na. tional Bank, all of Taylorviille; the State Bank and the Citizens State Banks both of Edinthe State Bank of Bulpitt.

10. October 19, 1929 The Call-Leader Elwood, IN
Article from The Call-Leader, October 19, 1929

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THREE INSTITUTIONS CLOSE The melodramatic arrival of federal reserve bank officers by airplane from Chicago at 1:45 p. m. today with $500,000 in cash halted an all day run on the only one of four Taylorville banks remaining and was believed to have broken the back of a money scare that has caused the closing of six Christian county banks in the last week. The money was dispatched from Chicago in response to a phone call for help from J. J. Adams, president of the Farmers' National bank here, after an alladay run had threatened to eat up all the bank's available cash. The run on the Farmers' National was precipitated when the First National, the Taylorville National, and the Turner State bank at Edinburg, near here, posted notices this morning that they had voluntarily decided to. close their doors to "protect depositors." Three Other Banks Closed. The closing of these three banks was a. direct result of the closing of the J. B. Colegrove State bank in Taylorville Thursday of "last week, followed by that of the Farmers' State bank at Bulpitt on the following day, and the closing of the Farm- ers' State bank at Edinburg yester+ day. The resulting scare caused the most serious bank run in the history of central Illinois. From 9 o'clock this morning, when the Farmers' National opened its doors, a line gathered and withdrawals began. The run continued unabated and at noon today $80,000 had been withdrawn. A large supply of currency had been secured by Mr. Adams, president of the bank, in anticipation of heavy withdrawals, but at noon, with over 50~persons lined up before the paying teller's window, fighting for positions, Adams realized that the avail. able currency would not be sufficient and appealed to Chicago federal reserve officials. Help Arrives Quickly. The airplane bearing the money are rived at the local airport in 1 hour and 50 minutes after the call for help was received in Chicago. A squad of. deputy sheriffs and police escorted the money to the local bank. Depositors who were in the line were shoved aside with shotguns as the guards entered the bank with the two sacks containing the currency. With the entry of the guards and money the waiting line, that extended into the street, melted away and the crisis was over.

11. 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.

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.