Dime Savings & Trust Company (Peoria, IL)

Episode Information

Episode UID
70000271270
Episode Type
Run → Suspension → Reopening
Bank Type
trust
Bank ID
7000027 routing
Routing Number
70-0002
Start Date
October 7, 1905
Location
Peoria, Illinois (40.694, -89.589)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b95e8270bd259c8f

Response Measures

None

Description

Bank posted the sixty-day sign (partial suspension) but remained open and paid depositors.

Events (2)
1. October 7, 1905 Run
Cause
Local Banks
Cause Details
Depositors fled to Dime Savings after the Peoria National Bank closed following the Dougherty scandal.
Measures
Paid depositors as requested; officers announced they had funds to meet inquiries; later posted sixty-day notice.
Newspaper Excerpt
When the news that the Peoria National had been closed had spread, depositors began to flock into the Dime Savings bank ... the bank was experiencing a heavy run.
Source
newspapers
2. October 7, 1905 Suspension
Cause
Local Banks
Cause Details
Management posted the 60-day notice in response to heavy withdrawals triggered by the Peoria National Bank closure.
Newspaper Excerpt
At 1 o'clock the officials posted the sixty days notice.
Source
newspapers

Newspaper Articles (12)
1. October 7, 1905 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, October 7, 1905

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Article Text

WILL PAY IN FULL. Peoria National Bank Cashier Makes the Usual Statement. Peoria, Ill., Oct. 7.-We had several offers from banks who wished to take over our business, but our directors, after carefully considering the matter, decided that the best thing to do would be to liquidate under the law. Every depositor will be paid in full and I am confident that the stockholders will receive a good return." This is the statement of S. O. Spring, cashier of the Peoria National bank, which closed its doors as the result of the Dougherty investigation last night. Early today a large number of depositors appeared at the bank. but the doors were closed and a sign announced that they would not be opened until a receiver had been appointed by the comptroller. The Dime Savings bank, in which Dougherty is a large stockholder, experienced a small run today, but paid all depositors as they asked for their money. The officers announced that they plenty of funds to meet all inquirers. Resources and Liabilities. Washington, Oct. 7.-National Bank Examiner C. H. Bosworth has been appointed receiver of the Peoria National bank which closed its doors today. The following is a statement of the resources and liabilities of the bank at the date of its report of condition August 25, 1905: Resources - Loans and discounts, $859,229; United States bonds, $516,711; bonds, securities, etc., $24,627; due from banks and bankers, $222,111; cash and cash items, $95,645. Liabilities-Capital stock, $200,000; surplus and undivided profits, $51,529; circulation, $200,000; due to banks and bankers, $29,136; deposits, $1,159,404; notes and bills rediscounted, $66,300.

2. October 7, 1905 Evening Star Washington, DC
Article from Evening Star, October 7, 1905

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THE PEORIA SHORTAGE NATIONAL BANK WILL CLOSE UP ITS BUSINESS. PEORIA, III., October 7.-"We had several offers from banks who wished to take over our business, but our directors, after carefully considering the matter, decided that the best thing to do would be to liguidate under the law. Every, depositor will be paid in full, and I am confident that the stockholders will receive a good return." This is the statement of S. O. Spring, cashier of the Peoria National Bank, which decided last night to close its doors as the result of the Dougherty investigation. Early today large numbers of depositors appeared at the bank, but the doors were closed, and it was announced that they would not be open again until a receiver had been appointed. The Dime Savings Bank, in which Dougherty is a large stockholder, experienced a small run today, but paid all depositors as they asked for their money. The officers announced that they have plenty of funds to meet all inquirers. The controller of the currency has received a telegram announcing that the Peoria National Bank of Peoria, Ill., has closed its doors upon the order of its directors.

3. October 7, 1905 The Fargo Forum and Daily Republican Fargo, ND
Article from The Fargo Forum and Daily Republican, October 7, 1905

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BANK EXAMINER WAS NAMED AS RECEIVER Washington, Oct. 7-The comptroller of the currency has appointed the national bank examiner receiver of the Peoria, III., National bank on receipt of telegram from the directors announcing they had closed the doors of the bank. When the news of the National bank closing was given out the depositors flocked to the Dime Savings bank, where Dougherty is a heavy stockholder, and a heavy run followed. Dougherty said everybody would be paid.

4. October 7, 1905 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, October 7, 1905

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RUN ON PEORIA BANK. Depositors Find Doors of the National Closed-Savings Bank Safe. Peoria, Ill., Oct. 7.-Early today a large number of depositors appeared at the Peoria National Bank, but the doors were closed, and the Dime Savings Bank, in which Dougherty is a large stockholder ,experienced a small run today, but out paid all depositors. The directors announce that they have plenty of funds to meet all demands.

5. October 8, 1905 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, October 8, 1905

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BANK FAILED TO OPEN ITS DOORS Dougherty Trouble Involved the Peoria National. DEPOSITORS HAVE A SHOW FIGURES SHOW A VERY FAIR CONDITION. Peoria, III.. Oct. 7.-The Peoria National bank did not open its doors today. C. H. Bosworth has been appointed receiver and will take charge of the affairs of the bank pending liquidation. This is the result of the action by the board of directors at a midnight meeting. "We had several offers from banks who wished to take over our business. but our directors decided that the best thing to do would be to liquidate under the law. Every depositor will be naid in full and I am confident that the stockholders will receive a good return." This is the statement of R. 0. Spring. cashier of the Peoria National bank. which closed its doors as the result of the Dougherty investigation last night. Run on Savings Bank. When the news that the Peoria National had been closed had spread. depositors began to flock into the Dime Savings bank, in which Dougherty is a heavy stockholder, and by 12 o'clock th bank was experiencing a heavy run. At 1 o'clock the officials posted the sixty days notice. It was announced that the bank would be kept open until depositors were satisfied. In financial circles it is not though that the bank is in danger, as it has $500,000 cash on hand. Shortly after 11 o'clock this morning Mr. Dougherty came from the Dime Savings bank. where he had been closeted with O. J. Bailey and others concerning the securities which he had deposited. Had Nothing to Say. Mr. Dougherty. in reply to questions, said he had nothing to say on the situation. "The putting un of securities is construed as a confession by most people, Mr. Dougherty,' was suggested. "All I have to say in this regard.' replied Mr. Dougherty. "is simply this: "In butting up the securities I have in Mr. Baileys hands, it was not for the purpose of extenuating anything, but simply that I believe things will be shown to be right, and that the amoun' thus deposited is much more than any one claims the shortage to be. It has no reference whatever to guilt or innocence and it was furtherest from my idea in

6. October 8, 1905 Evening Star Washington, DC
Article from Evening Star, October 8, 1905

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Article Text

Indictments by the Wholesale Against Dougherty. NATIONAL BANK CLOSED RUN ON BANK IN WHICH ACCUSED IS STOCKHOLDER. Statement From the Man Held Responsible for the Alleged Shortage-Grand Jury Busy. PEORIA, III., October 7.-The Peoria National Bank did not open Its doors today. C. H. Bosworth has appointed a receiver and will take charge of the bank's affairs pending liquidation. This is the result of action taken by the board of directors at a midnight meeting. "We had several offers from banks who wished to take over business, but our directors, after carefully considering the matter, decided that the best thing to do would be to liquidate under the law. Every depositor will be paid in full, and I am confident that the stockholders will receive a good return." This is the statement of S. O. Spring, cashier of the Peoria National Bank, which decided to close its doors as the result of the Dougherty investigation. When the news that the Peoria National Bank had been closed had spread, depositors began to flock into the Dime Savings Bank, in which Dougherty is a heavy stockholder, and by 12 o'clock the bank was experiencing a heavy run. At 1 o'clock the building was besteged by anxlous stockholders, and the officials posted the sixty-day sign. They announced that the bank will be kept open until all depositors are satisfied. In financial circles It is not thought that the bank is in danger, as it has $500,000 in cash on hand. Statement From Dougherty. During the day, Mr. Dougherty came from the Dime Savings Bank, where he had been closeted with Mr. O. J. Bailey and other gentlemen concerning securities which Dougherty had deposited. Mr. Dougherty went direct to the school board office in the Library building, where he talked freely about some phases of his affairs. "Mr. Dougherty, have you any statement you would like to make concerning this affair and its developments?" "I don't know what more I can say than what has already appeared," he replied. "I see by the papers that I am crazy (smilingly) and am broken down. I did not know it myself." "The putting up of securities is construed as a confession by most people, Mr. Dougherty," was suggested "All I have to say in that regard is simply this: In putting the securities I have in Mr. Bailey's hands it was not for the purpose of extenuating anything, but simply that I believe things will be shown to be right and that the amount thus deposited is much more than any one claims the shortage to be. It has no reference whatever to guilt or innocence, and it was farthest from my idea in SO doing that I was in any way putting myself or any one else in a compromising position. It does mean, however, that neither the school board nor the Peoria National Bank will lose one penny.'

7. October 8, 1905 Arizona Republican Phoenix, AZ
Article from Arizona Republican, October 8, 1905

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DEPOSITORS SAFE. Peoria, Oct. 7.-Cashier Spring of the Peoria National Bank which was closed today, made the following statement: "Every depositor will be paid in full and the stockholders will receive a good return. We had offers from other banks to take over our business but we decided to liquidate." When the news that the Peoria National Bank had closed, had spread, depositors flocked to the Dime Savings Bank, in which Dougherty was a heavy stockholder. At noon the bank was experiencing a run. At 1 o'clock the sixty days notice was posted. The bank is thought to be safe, having $400,000 cash on hand.

8. October 9, 1905 Durango Semi-Weekly Herald Durango, CO
Article from Durango Semi-Weekly Herald, October 9, 1905

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ONE HUNDRED INDICTMENTS AGAINST PEORIA BANKER PEORIA, III., Oct. 7.-The Peoria National bank, of which Newton Dougherty, the indicted school superintendent, was president, did not open for business today, pursuant to a decision of the directors reached at midnight. Dougherty has turned over his private fortune to the bank. It is expected that Dougherty will be lodged in jail this afternoon when he has been arraigned on 87 additional indictments. He has turned over securities worth $200,000 to cover the alleged shortages. He may not be able to raise bail. He has already given bail on thirteen charges. He does not deny his guilt. His friends advance the kleptomania theory. National Bank Examiner Bosworth was appointed receiver of the institution. Runs were started this afternoon on the Dime Savings bank and the City National bank.

9. October 11, 1905 Manchester Democrat Manchester, IA
Article from Manchester Democrat, October 11, 1905

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BIG SENSATION AT PEORIA School Superintendent and Bank President Arrested on Charges of Forgery and Embezzlement. Peoria, III., Oct. 6.-Professor Newton C. Dougherty, superintendent of city schools of Peoria for more than twenty years, president of the Peoria National bank, and a capitalist, has been arrested on two true bills returned by the grand jury, charged with forgery and embezzlement. The arrest followed an investigation resulting in the discovery that there is a shortage of at least $60,000 in the school rund deposited in the bank. The Investigation covered only the period from January, 1903. The grand jury will now, It is stated, investigate the entire record of Professor Dougherty as superintendent of schools, and it is believed that a much greater shortage will be found. Professor Dougherty was first arrested on a charge of forgery, the specific charge being that he had forged a voucher for $164.50 for coal. He promptly furnished $3,000 bail. The Indictment and arrest on the charge of embezzlement followed, and on this charge Professor Dougherty furnished $9,700 bail. Following his arrest on the charge of forgery Professor Dougherty sent in his resignations as president and director of the Peoria National bank and as superintendent of schools. As a direct result of the indictment of Dougherty the directors of the Peoria National bank, of which he was president, announced shortly after midnight this morning that they had decided to discontinue business, and would call in the comptroller of the currency to wind up the affairs of the institution. The meeting of directors lasted all evening behind closed doors. It was admitted that a disastrous run would be inevitable today and the only recourse was to liquidate at once. Peoria. III., Oct. 9.-The closing of the Peoria National bank. brought on by the indictments against Newton C. Dougherty. resulted in runs on the Dime Savings bank and the Central National bank. Dougherty is a large stockholder in the Dime Savings bank. Hundreds of depositors, a majority of them women and girls, crowded into its offices and demanded their money,

10. October 14, 1905 The Democratic Advocate Westminster, MD
Article from The Democratic Advocate, October 14, 1905

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PEORIA, ILL, October &-The arrest of Newton C. Dougherty, in this city, on the charge of forgery follows surprising revelaDons by the Grand July, which has been ex antining the books of the Peoria School Board. " this a comparatively brief space of time a shoulage of $75,000 was discovered, but the further discovery was made that the peculaTIMES have been extending over a long term of years. The shortage will reach hundreds of thousands of dollars. Dougherty was arrested on the street and taken to the office of the Sheriff, where be gave $3000 bail. with Kliot Callendar and H. 16. Dougherty, son of the accused, as sureties. Dougherty has been City Superintendent of Schools for twenty five years. He is wealthy, is president of the Pedria National Bank and is at heavy stockholder in the Dime Saving and Trust Company, the Title and Trust Company, the Peoria Livery Company and other con cerus. He is a trustee of the fund of $175,000 held by the National Educational Association and is a past president of the association. He is a close friend of Nicholas Murray Butler, pres ident of Columbia University of New York, and has been for years regarded as one of the foremost educational men in the country. Shortly before the arrest, and when it was known that he would be apprehended, Dough. erty said that if the investigation showed a mortgage he would make it good. He said that be would stay right here in Peoria: that it was here that he had been honored. and here he would stand trial. He was seen immediately after his arrest, but declined to make any further statement for publication. This afternoon he sent in his resignation as president and director of the Peoria National Bank. The charge upon which be was arrested was forging a voucher for $164.50 for coal, al. leged to have been delivered for school purposes, but which was not delivered. The date of the voucher was March 7, 1903. Later in the day he tendered his resigna. tion as superintendent of schools and as director in the various commercial institutions with which he was connected. PEORIA, ILL, October U-A total of 13 indictments have thus far been returned against Newton C. Dougherty. Ten of them are for embezzlement and three for forgery. Forty more are being drawn by the State's Attorney. It was announced from that office today that the total would reach more than 200. The bail required for those thus far returned is $12,700. While Newton C. Dougherty is being show. ered with messages of sympathy and esteem, the bank clerk who revealed his irregularities, involving thousands of dollars of public funds, has been summarily dismissed by the bank officers. Last Saturday the Peoria National Bank, of which Dougherty was president, closed its doors and was placed in the hands of a receiver, and the Dime Savings Bank, with which he is also connected, posted the 60 day sign.

11. October 14, 1905 The Democratic Advocate Westminster, MD
Article from The Democratic Advocate, October 14, 1905

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Last Saturday the Peoria National Bank, of which Dougherty was president, closed its doors and was placed in the hands of a receiver, and the Dime Savings Bank, with which he is also connected, posted the 60 day sign.

12. October 19, 1905 Meade County News Meade, KS
Article from Meade County News, October 19, 1905

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Chicago Futures. Close Close Low Open High Y'd'y T'd'y WHEAT86% 86% 861/814 83% 87½ 87% CORNec. 44% 44% 44% 411/8 44½ 43% 443/2 43% OATSDec. 28% 28% 29% 23% 23%% 81 31 May 30% 30% Wichita Live Stock. HOGS COWS 2 80 STOCKERS HEIFERS 250 STEERS CALVES. 4 00 3 75 @ LATEST NEWS IN BRIEF. It is officially announced that 14 new cases of cholera, six of which proved fatal, occurred in Poland October 5. A mail train bound for Vladikavkaz left the rails and was wrecked. Twenty-seven persons were killed and thirty-five injured. But three printing houses were affected by the strike of union printers which was inaugurated in Omaha. About thirty men are out. Following a meeting of Dayton typothetae open shop notices were posted by nine more employing printers in Dayton, O., and the men walked out. Doctors in the hospital at Bordeaux to the number of 100 struck owing to the refusal of the directors to satisfy claims. The authorities are calling on private practitioners to undertake the care of patients. At Annapolis the authorities of the naval academy announced the situa tion in regard to the diphtheria among the members of the fourth class mid shipmen is now well in hand and that no further danger is anticipated. C. C. Coleman, attorney general of Kansas, is in Washington to make a motion before the Supreme court for the advancement of what is known as "the Kansas-Colorado case, in which the state of Kansas seeks to prevent the state of Colorado from diverting the waters of the Arkansas river. Governor Folk says he can not accept Lawson's invitation to serve on the committee of governors in the insurance disclosures. The governor wired Mr. Lawson saying he appreclated the invitation, but his official duties would not permit him to engage actively on such a committee and that he could not accept without knowing more about what was to be done and what other governors would be on the committee. Word comes from Washington that Secretary of War Taft has approved the finding of the chief engineer which denied the request of the Southern Pacific railroad to construct a drawbridge across Carquines straits. The secretary holds that the only kind of a bridge that could be built there is a pier bridge sixty feet above the water. The construction of the bridge would considerably shorten the running distance of the Southern Pacific between San Francisco and Sacramento. Because of the hostility shown by Kansas and Missouri to the Standard Oil Company, the company threatens to abandon the Sugar Creek refinery at Kansas City, Mo., the largest in the country. The refinery operates exclusively on Kansas and Territory oil, and the Kansas trouble is familiar to everybody. Missouri is now suing to oust the company from the state. In Minnesota a man may marry his adopted daughter. This decision has been reached by members of the county attorney's force after due and careful deliberation. Acting upon it, Herman Dahm, 60 years old, and Agnes Dahm, his 22-year-old adopted daughter, have been made man and wife at Dayton. The strike movement at Moscow is causing uneasiness among the authorities, not only on account of the threatening nature of the demonstrations at Moscow, but also owing to the probability of their extending to St. Petersburg and other cities and starting a wave of labor troubles similar to that which followed in the wake of the January disorders. Captain F. J. Drake has been detached from duty as captain of the yard of the Mare island navy yard and ordered to the command of the battleship Captain Richardson Clover, who has completed his tour of sea duty. At Berlin the government has received an answer from General Von Trotha, commanding the German forces of Southwest Africa, to a cabled request for information concerning the reported Boer plot to overthrow the German rule in Southwest Africa. The strike at Moscow has spread to the bakers. There is only suffisient white bread to last two days. The large crowds of strikers in the streets are assuming a threatening attitude. The employes of the street railways who have joined the strike have rendered many of the cars useless. A run was started on the Dime Savings bank at Peoria, III. The bank has taken advantage of the thirtyday notice law on all except check accounts. Dougherty was a large stock. holder in the bank. Postmaster General Cortelyou, chair man Republican national committee, denies that he will resign either as postmaster general or as chairman of the national committee before insurance scandals are settled. The civil suit of Miss Hazel F. Lawrence, 18 years old, against her uncle, M. J. Lawrence, a millionaire publisher and member of the New York Yacht Club, for $300,000, has been settled out of court. The girl, who alleged an attack, gets $25,000 and her attorneys $10,000.