Bank of Macomb (Macomb, IL)

Episode Information

Episode UID
5952643691283
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
595264369 hash
Start Date
November 30, 1906
Location
Macomb, Illinois (40.459, -90.672)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3bfb5f441d25bd48

Response Measures

None

Description

Articles report the bank closed/suspended Nov. 30, 1906 for lack of ready cash after guaranteeing bonds; no reopening mentioned and no receiver explicitly named.

Events (1)
1. November 30, 1906 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Depositors' funds invested in McDonough County real estate and Macomb bank's guarantee of electric railway bonds exhausted ready cash.
Newspaper Excerpt
Three banking institutions in McDonough County... closed their doors today. Notices to the effect that the banks were short of ready cash were posted on the doors of all the banks.
Source
newspapers

Newspaper Articles (10)
1. December 1, 1906 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, December 1, 1906

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Article Text

HAVE SECURITIES, BUT NO MONEY Three Illinois Banks Are Forced to Suspend Until They Can Raise Funds PEORIA, III., Nov. 30.-Three banking institutions in McDonough County conducted by C. V. Chandler of Ma~ comb closed their doors today. Notices to the effect that the banks were short of ready cash were posted on the doors of all the banks. The banks are the Bank of Macomb, conducted by C. V. Chandler & Co., deposits $450,000 and capitalized at $50,000: the Chandler & Imes Bank, at Colchester, capitalized at $25,000. with deposits of $200,000, and the Chandler & Smith Bank of Bardolph, capitalized at $25,000, with $50,000 deposits. The money of the depositors in all three banks has been invested in McDonough County real estate, and this could not be realized upon on demand. The Macomb bank guaranteed the Macomb payment of the bonds of the and Western Illinois Electric Railway, and when the bondholders made a demand for their money they absorbed all the ready cash of the three institutions. There was little show of excitement when the banks closed. Their assets are considered good. Most of the depositors are miners.

2. December 1, 1906 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, December 1, 1906

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Article Text

BIG CRASH IN ILLINOIS BANKS Three Institutions in McDonough County Closed Their Doors Yesterday. THEY LACKED READY CASH. Depositors' Money Invested in Real Estate-Failure Caused But Little Excitement. Peoria, III., Nov. 30.-Three banking institutions in McDonough county, conducted by C. V. Chandler of Macomb closed their doors today. Notices to the effect that the banks were short of cash were posted on the doors of banks. This yesterday on an by Mr. Chandler the ready all reached books the examination Macomb, decision himself. con- was The of banks are the Bank of ducted by C. V. Chandler & Co., deposits of $450,000 and capitalized at $50,000: the Chandler & Imes bank at Colcapitalized at of $200,000. and chester, posits the $25,000 Chandler and de- & Smith bank of Bardolph, capitalized at $25,000, with $60,000 deposits. The money of the depositors in all three banks has been invested through Mr. Chandler, the senior member of the banking firms. private in the McDonough immediate county real estate, and cause of the suspension of the three institutions is given as a lack of ready cash. The Macomb bank guarantees the payment of the bonds of the Macome & Western Illinois Electric rallway, and when the bondholders made a demand for their money they absorbed all the ready cash of the three institutions. The following notice appeared on the all three banks, C. and the of doors Chandler of other signed members by the firm in the respective towns: "This bank is closed pending negotiato the conversion of the into ready cash. is tions property subject The will bank be solvent, and all depositors paid in full. There is ample property to meet AT obligations, and all that is necessary Na reasonable amount of time to convert the holdings into money." C. V. Chandler has been in the banking business in Macomb for a quarter in is treasurer of vale holdings century, and Normal addition school of to the his of West- Ma- priern Illinois State comb and treasurer of the city of Macomb. It is not thought either the state school or the city will lose by the fallure of the banks. The state is protected by 8 trust company bond, and the city deposits in the bank are small at this time of the year. Mr. Chandler made a statement today setting forth in effect what was stated in the notices posted on the doors of the banks. The liabilities are more than $00,000, with unincumbered real estate worth over $400,000. The mortgages are mostly on central Illinois farms and are considered good. There was little show of excitement over the closing of the banks. In Coldester the major part of the deposithe are miners.

3. December 1, 1906 The Fargo Forum and Daily Republican Fargo, ND
Article from The Fargo Forum and Daily Republican, December 1, 1906

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Article Text

Three Banks Bump. Peoria, III., Dec. 1.-Three banking institutions in McDonough county, conducted by C. V. Chandler of Ma. comb, have been closed. The banks are: The Bank of Macomb, conducted by C. V. Chandler & Co., having deposits of $450,000 and capitalized at $50,000. The Chandler & Imes bank at Colchester, capitalized at $25,000 and having deposits of $200,000. The Chandler & Smith bank of Bardo Philip, capitalized at $25,000 with $60,000 in deposits. The money had been invested in McDonough county real estate. The immediate cause of suspension is given as lack of ready cash.

4. December 1, 1906 The Morning Astorian Astoria, OR
Article from The Morning Astorian, December 1, 1906

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Article Text

Three Banking Institutions in Illinois Out of Business. MONE HAS BEEN ABSORBED It is Stated That Depositors Will Be Paid in Full, But Will Have to Wait for Collections. 1 PEORIA, III., Nov 30.-Three prominent banking institutions in McDonough county, conaucted by C. V. Chandler of Macomb, closed their doors today. Notices of the failure and suspension of the banks were posted on the doors. The banks which have failed are the Bank of Macomb, the Chandler and Ames bank at Colchester and the Chandler and Smith bank at Bardolph. The cause of the failure is due to the fact that the Macomb bank guaranteed the payment of bonds of the Macomb and Western Illinois Electric Railway, and when the depositors made a demand for their money, all of the ready cash of the three institutions had been absiorbed. It is said by the president and officials of the banks that the depositors will lose nothing, although it will require time to meet the obligations, which must come from outside loans and investments.

5. December 1, 1906 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, December 1, 1906

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Article Text

THREE ILLINOIS BANKS CLOSE DOORS By Associated Press. PEORIA, Ill., Nov. 30.-Three banking institutions in McDonough county conducted by C. V. Chandler of Macomb closed their doors today. Notices to the effect that the banks were short of ready cash were posted on the doors of all the banks. This decision was reached yesterday on an examination of the books by Mr. Chandler himself. The banks'are the Bank of Macomb, conducted by C. V. Chandler & Co., deposits of $450,000 and capitalized at $50,00; the Chandled & Imes bank at Colchester, capitalized at $25,000 and deposits of $200,000. and the Chandler & Smith bank of Bardolph, capitalized at $25,000, with $60,000 deposits. The money of the depositors in all three banks has been invested through Mr. Chandler, senior member of the private banking firms, in McDonough county real estate, and the immediate cause of the suspension of the three institutions is given as a lack of ready cash. The Macomb bank guaranteed the payment of the bonds of the Macomb & Western Illinois Electric railway, and when the bondholders made a demand for their money they absorbed all the ready cash of the three institutions. The following notice appeared on the doors of all three banks, signed by C. V. Chandler and the other members of the firm in the respective towns: "This bank is closed pending negotiations subject to the conversion of the property into ready cash. The bank is solvent, and all depositors will be paid in full. There is ample property to meet all obligations and all that is necessary is a reasonable amount of time to convert the holdings into money." C. V. Chandler has been in the banking business in Macomb for a quarter of a century.

6. December 1, 1906 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, December 1, 1906

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Article Text

THREE ILLINOIS BANKS CLOSE McDonough County Concerns that Financed Electric Railroad Short of Ready Cash. PEORIA, Ill., Nov. 30.-Three banking institutions in McDonough county conducted by C. V. Chandler of Macomb closed their doors today. Notices to the effect that the banks were short of ready cash were posted on the doors of all the banks. This decision was reached yesterday upon an examination of the books by Mr. Chandler himself. Toose banks are the Bank of Macomb, condition by C. V. Chandler & Co., deposits of & and capitalized at $50,000; the Chand Imes bank of Colchester, capitalized at $25,000 and deposits of $200,000, and the Chandler & Smith bank of Bardolph, capitalized at $25,000 with $60,000 in deposits. The money of the depositors in all three banks has been invested through Mr. Chandler, the senior member of the private banking firms, in McDonough county real estate, and the immediate cause of the suspension of the three institutions is given as lack of ready cash. The Macomb bank guaranteed the payment of the bonds of the Macomb & Western Illinois Electric railway, and when the bondholders made a demand for their money they absorbed all the ready cash of the three institutions. The following notice appeared on the doors of all three banks, signed by C. V. Chandler and the other members of the firm in the respective towns: This bank is closed pending negotiations subject to the conversion of the property into ready cash. The bank is solvent and all depositors will be paid in full. There is ample property to meet all obligations and all that is necessary is a reasonable amount of time to convert the holdings into money. C. V. Chandler has been in the banking business In Macomb for a quarter of a century, and in addition to his private holdings is treasurer of the Western Illinois State Normal school of Macomb and treasurer of the city of Macomb. It is not thought either the school nor the city will lose by the failure of the bank. The state is protected by a trust company bond and the city's deposits in the bank are small at this time of the year. The liabilities are upwards of $700,00€, with unincumbered real estate worth over $400,000. The mortgages are mostly on central Illinois farms and are considered good. There was little show of excitement over the closing of the banks. In Colchester the major part of the depositors are miners.

7. December 1, 1906 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, December 1, 1906

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Three Institutions in McDonough County Forced to Close Their Doors ARE ALL OWNED BY ONE MAN. Banks of Macomb, Colchester and Bardolph Involved-Invested Too Heavily in Real Estate-Claims All Depositors Will Be Paid in Full-Owner Long in Business. Peoria, III., Dec. 1.-Three banking institutions in McDonough county, conducted by C. V. Chandler of Macomb, closed their doors yesterday. Notices to the effect that the banks were short of ready cash were posted on the doors of all the banks yesterday. This decision was reached yesterday upon an examination of the books by Mr. Chandler himself. The banks are: The Bank of Macomb, conducted by C. V. Chandler & Co., with deposits of $450,000. and capitalized at $50,000. The Chandler & Imes bank at Colchester, capitalized at $25,000, having a deposit of $200,000. The Chandler & Smith bank of Bardoors of all three banks yesterday, 000 in deposits. The money of the depositors in all three banks has been invested thru Mr. Chandler, the senior member of the private banking firms, in McDonough county real estate and the immediate cause of the suspension of the three institutions is given as a lack of ready cash. The Macomb bank stood good for the payment of the bonds of the Macomb & Western Illinois Electric railway and when the bondholders made a demand for their money they absorbed all the ready cash at the three institutions. The following notice appeared on the dolph, capitalized at $25,000. with $60,signed by C. V. Chandler and the other members of the firms in the respective towns: /his bank is closed pending investigations subject to the conversion of the property into ready cash. The bank is solvent and all depositors will be paid in fulls There is ample property to meet all obligations and all that is necessary is a reasonable amount of time to convert the holdings into money." C. V. Chandler has been in the a banking business in Macomb for quarter of a century, and in addition to his prominent holding is treasurer of the Western Illinois State Normal school of Macomb and the treasurer of the city of Macomb. It is not thought either the state school or the city will lose by the failure of the banks. The state is protected by a trust company bond and the city deposits in them are small at this time of the year. Mr. Chandler made a statement today setting forth in effect what was stated in the notices posted on the doors of the banks. The liabilities are upwards of $700,000, with unincumbered real estate worth over $400,000. The mortgages are mostly on central Illinois farms and considered gilt edged. There was little show of excitement over the closing of the banks. The depositors had faith in the word of Mr. Chandler, and expect the fulfillment of his promise. In Colchester he major part of the depositors are miners, who made no show or demonstration when they read the notice on the door of the bank.

8. December 1, 1906 Lewiston Evening Teller Lewiston, ID
Article from Lewiston Evening Teller, December 1, 1906

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BANKS WILL PAY BACK THEIR CASH Peoria, Ill. Nov 30--Three banking institutions in McDonough county conducted by C. V. Chandler of Macomb, closed their doors today. Noticesto etfeet that the banks are short of ready cash were posted on the doors of all the banks. This decision was reached yesterday on an examination of the books by Mr. Chandler himself. The banks are the Bank of Macomb, conducted by C. V. Chandler & Co., deposits of $450,000 and capitalized at $50,000; the Chandler & Imes Bank at Colchester, capitalized at $25,000 and deposits of $200,000, and the Chandler & Smith bank of Bardolph, capitalized at $25,000 with $60,000 deposits, The money of the depositors in all three banks has been invested through Mr. Chandler, the senior member of the private banking firms, in McDonough county real estate and the immediate cause of the suspension of the three institutions is given as a lack of ready cash. The Macomb bank guaranteed the payment of the bonds of the Macomb & Western Illinois Electric rallway, and when the bondholders made a demand for their money they absorbed all the ready cash of the three institutions. The following notice appeared on the doors of all three banks signed by C. v. Chandler and the other members of the firm in the respective towns: "This bank is closed pending negotiations subject to the conversion of the property into ready cash. The bank is solvent and all depositors will be paid in full. There is ample property to meet all obligations and all that is necessary is a reasonable amount of time to convert the holdings into money." C. V. Chandler has been in the banking business in Macomb for a quarter of i century and in addition to his private holdings is treasurer of the western Illinois state normal school of Macomb and treasurer of the city of Macomb. It is not thought either the state school or the city will lose by the failure of the banks. The state is protected by a trust company bond and the city's deposits in the banks are small at this time of the year. Mr. Chandler made a statement today setting forth in effect what was stated in the notices posted on the doors of the banks. The liabilities are more than $700,000 with unincumbered real estate worth over $400,000. The mortgages Are mostly on central IIlinois farms and are considered good. There was little show of excitement over the closing of the banks. In Colchester the major nart of the depositors are miners.

9. December 5, 1906 New Ulm Review New Ulm, MN
Article from New Ulm Review, December 5, 1906

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ILLINOIS BANKS CLOSED THREE INSTITUTIONS IN M'DONOUGH COUNTY SUSPEND. All Conducted by C. V. ChandlerNotices Posted Say They Are Short of Ready Cash. Peoria, Ill., Dec. 3.-Three banking institutions in McDonough county, conducted by C. V. Chandler, of Macomb, closed their doors after posting notices to the effect that the banks were short of ready cash. The banks are: The bank of Macomb, conducted by C. V. Chandler & Co., having a deposit of $450,000, and capitalized at $50,000; the Chandler & Imes bank at Colchester, capitalized at $25,000, having a deposit of $200,000, and the Chandler & Smith bank at Bardolph, capitalized at $25,000 with $50,000 in deposits. The money of the depositors in all three banks has been invested through Mr. Chandler, the senior member of the private banking firm in McDonough county real estate, and the immediate cause of suspension of the three institutions is given as a lack of ready cash. The Macomb bank stood good for the payment of the bonds of the Macomb and Western Illinois Electric railway, and when the bondholders made a demand for their money they absorbed all the ready cash of the three institutions. C. V. Chandler has been in the banking business in Macomb for a quarter of a century, and in addition to his private holdings is treasurer of the Western Illinois State Normal School of Macomb and treasurer of the city of Macomb. It is not thought either the school or the city will lose by the failure of the banks. The state is protected by a trust company bond and the city's deposits in the bank are small at this time of the year. Mr. Chandler made a statement setting forth in effect what was stated in the notices posted on the doors of the banks. The liabilities are upwards of $700,000, with unincumbered real estate worth over $400,000. The mortgages are mostly on central Illinois farms and are considered gilt edge. There was little show of excitement over the closing of the banks. The depositors have faith in the word of Mr. Chandler and expect the fulfillment of his promise. In Colchester the major part of the depositors are miners who made no demonstration when they read the notice on the doors of the bank.

10. December 7, 1906 Iowa State Bystander Des Moines, IA
Article from Iowa State Bystander, December 7, 1906

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CLOSED BANKS ILLINOIS THREE INSTITUTIONS IN M'DONOUGH COUNTY SUSPEND. All Conducted by c. V. ChandlerNotices Posted Say They Are Short of Ready Cash. Peoria, III. - Three banking institutions in McDonough county, conducted by C. V. Chandler, of Macomb, closed their doors after posting notices to the effect that the banks were short of ready cash. The banks are: The bank of Macomb, conducted by C. V. Chandler & Co., having a deposit of $450,000, and capitalized at $50,000; the Chandler & Imes bank at Colchester, capitalized at $25,000, having a deposit of $200,000, and the Chandler & Smith bank at Bardolph, capitalized at $25,000 with $50,000 in deposits. The money of the depositors in all three banks has been invested through Mr. Chandler, the senior member of the private banking firm in McDonough county real estate, and the immediate cause of suspension of the three institutions is given as a lack of ready cash. The Macomb bank stood good for the payment of the bonds of the Macomb and Western Illinois Electric railway, and when the bondholders made a demand for their money they absorbed all the ready cash of the three institutions. C. V. Chandler has been in the banking business in Macomb for a quarter of a century, and in addition to his private holdings is treasurer of the Western Illinois State Normal School of Macomb and treasurer of the city of Macomb. It is not thought either the school or the city will lose by the failure of the banks. The state is protected by a trust company bond and the city's deposits in the bank are small at this time of the year. Mr. Chandler made a statement setting forth in effect what was stated in the notices posted on the doors of the banks. The liabilities are upwards of $700,000, with unincumbered real estate worth over $400,000. The mortgages are mostly on central Illinois farms and are considered gilt edge. There was little show of excitement over the closing of the banks. The depositors have faith in the word of Mr. Chandler and expect the fulfillment of his promise. In Colchester the major part of the depositors are miners who made no demonstration when they read the notice on the doors of the bank.