South Side State Savings Bank (Quincy, IL)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
November 15, 1930
Location
Quincy, Illinois (39.936, -91.410)
Bank Type
state
Routing Number
70-0057

Metadata

Notes

Closed as a branch when several Quincy banks failed and examiners took charge; failure of the Quincy-Ricker National precipitated runs.

Events (2)

1. November 15, 1930 Run
Cause
Local Banks
Cause Details
Run followed the failure of the Quincy-Ricker National Bank and successive shutdowns in the city; general nervous withdrawals
Measures
Other banks agreed to remain closed for the night and sought shipments of cash from Chicago and St. Louis
Newspaper Excerpt
long lines of customers waiting at windows to withdraw funds
Source
newspapers
2. November 15, 1930 Suspension
Cause
Local Banks
Cause Details
Closed during morning as an affiliated branch after runs triggered by the failure of the Quincy-Ricker National Bank and heavy withdrawals; underlying strain from shrinkage in farm land values also cited
Newspaper Excerpt
The South Side State Savings bank ... branches, closed during the morning.
Source
newspapers

Newspaper Articles (8)

Article from The Times, November 15, 1930

Click image to open full size in new tab

Article Text

SIX MILLION DOLLAR BANK FAILS TO OPEN

NEWS SERVICE] QUINCY, III., Nov. 15-The Quincy State Savings, Loan and Trust bank and three branches, with deposits approximately $6,000,000 failed open for business here this morning. branches Broadway State Savings, the South Side State Savings the Payson, State Savings banks. Payson about 20 of here. estimated that about half of Quincy's deposits these banks the Ricker National bank which closed today. The State Savings, Loan Trust reported have $7,000,000 out farm loans.


Article from The Tampa Tribune, November 16, 1930

Click image to open full size in new tab

Article Text

Three Banks Close At Quincy, III., Others Weather Run

Three Quincy banks were in the hands of bank examiners tonight, two affiliated institutions in small towns of Illinois and Missouri were closed and the remaining banking institutions of this city, after weathering a heavy run of withdrawals, remained open for the usual Saturday evening business and announced they would do business next week.

A group of leading citizens here gave assurance in statement appearing in the afternoon Herald Whig and Journal that the remaining banks would continue to serve the public. J. W. Gardner, president the State Savings, Loan & Trust company, blamed the situation on the shrinkage of farm land values. The overnight closing of his bank, oldest in this part the state, was followed by the closing of branch bank here and one in Payson, Ill., 15 miles away On Nov. 3 state bank in Green City, Mo., correspondent of the failed Quincy-Ricker National bank, closed. The succession of shutdowns started week ago when the Quincy-Ricker institution only national bank in the city, failed. The State Savings, Loan, & Trust company had $6,216,000 deposits when its last statement was issued, and $1,000,000 capital. The South Side State Savings bank and the Payson State Savings bank at Payson, branches, closed during the morning A run was started on the Broadway State Savings bank, another branch, but it weathered the onslaught and by noon conditions here were normal.


Article from St. Joseph Gazette, November 16, 1930

Click image to open full size in new tab

Article Text

THREE ILLINOIS BANKS CLOSED

Quincy Institution With $6,216,000 in Deposits and Branches Fail.

QUINCY, Nov. Three Quincy banks in the hands of bank examiners tonight, two affiliated in small towns of Illinois and Miswere closed and the remaining banking institution of this city, after heavy run the day, remained open usual Saturday night and said they would do busiweek. The was in highly state, by long lines of customers waiting winto withdraw funds. group leading citizens, gave the banks would to serve the public. Depositors urged deposits and sential withdrawals without hysteria. Gardner president of State Trust the situation the of farm land values. overnight of his bank, oldest this part the state, brought the crisis and by the closbranch bank and one Payson. III., miles away. On Nov. 13 state bank in Green City, Mo. correspondent of the failed National Bank, closed. succession shutdowns started week ago when the National Bank, national bank in the failed. The State Savings, Loan and Trust Company had $6,216,000 deposits when Its last statement issued, and $1,000,000 capital. The South Side State Savings Bank the Payson State Savings Bank Payson, branches, closed during the morning.


Article from St. Louis Globe-Democrat, November 16, 1930

Click image to open full size in new tab

Article Text

Three Quincy Banks Closed After Run Following Failure

Institutions Keep Weathering All

By Associated Press.

QUINCY, November Three Quincy banks were in the hands of bank examiners tonight, two affiliated institutions in small towns of Illinois and closed, and remaining banking institutions this city, after weathering heavy run of withdrawals, for the usuSaturday evening business and announced they would do business usual next The community in highly nervous state, evidenced by long lines customers waiting at windows to withdraw funds. group of leading citizens, however, gave signed pearing the afternoon HeraldWhig and Journal that the remaining banks would continue to serve public. Depositors were urged make their customary deposits essenwithdrawals without hysteria. W. Gardner, president of the State Savings Loan and Trust Company. blamed the situation on the shrinkage farm land values. Follows Failure. The closing his bank, oldest this part the state, brought the situation to crisis and was followed the closing of two branch banks here and in Payson, III., fifteen miles away. On Novembert state bank in Green City, Mo., correspondent of the QuincyRicker National closed its doors. The of started ago when the Quincy-Ricker institution, national bank in the city, The Loan and Trust Company had $6,216,000 deposits when last statement issued, and $1,000,000 capital. The South Side State Savings Bank and the Payson State Bank Payson, branches, closed during the morning.

Run on Other Banks. run started the BroadSavings Bank, another branch but weathered the onslaught by there were normal. Throughout the day, however, long lines of depositors filed into the Mercantile Trust and Savings Bank and the Illinois State Bank, and the State Street Bank Trust in the southern part the city, to funds. latter largest bank the community. Assurances that there was danger their the nervous paid little attention. To avert further sapping their cash the banks agreed remain closed tonight. merchants this afterfor several hours and disnoon cussed methods relieving the tensity. banks shipments money from Chicago and Louis, and said they pected storm enforethe notice clause lating withdrawal of posits. Mr. Gardner's bank founded and pioneers who the original their His the closing the bank closing was decided upon only way the assets the bank. The steady both savings the closing the quick assets,

Continued


Article from The Kansas City Star, November 16, 1930

Click image to open full size in new tab

Article Text

PRIEST SLIPS FOR ART STIRRED BY BANK RUNS

NOT FOR LOVE OF GIRL HE WED, MOVIE COMPOSER INSISTS.

Father Francesco Magliocco, Who Vanished From New York Is Found as Successful Musical Director in Hollywood.

(B# The Star's Leased Wire Service.) HOLLYWOOD, CAL., Nov. 15.-A scant fifteen months ago, Father Francesco Magliocco intoned a high mass from the altar of New York City's greatest Italian church, Our Lady of Mt. Carmel. Mass over, he quietly folded away his priestly vestments and vanished.

And with him vanished the tall and slender beauty of his choir, Antoinette Motta. Behind them-the priest, 50, Antoinette, 25-the couple left a storm of whispered reports. Today, in the white glare of Hollywood studio, the mystery of the vanished priest and the choir singer was solved. Father Francesco Magliocco was revealed as the musical director who had been Hollywood sensation in the last few months. The man the movie world knew as Francesco Magli, inspired composer of the score for forthcoming movie music drama and husband of Signora Antoinette Magliocco, father of an infant child. admitted he was the for- mer Bronx priest.

When father Magliocco disappeared from New York was reported he had quarreled with the diocesan authorities over their failure to appoint him musical director at St. Patrick's cathedral. He believed his artistic abilities entitled him to the position. It was to his love of music that the priest today ascribed his desertion of the altar for the movie studio. "I did not quit the church because of love of woman," he cried excitedly. left because reached the conviction it was all wrong for me to follow the priestly life. love music. wanted to devote my entire time to it. At last, could stand it no longer. Now, am free-free, and for the first time in my life am happy. "My wife is beautiful woman, wonderful mother and competent wife. We are very happy together. sit here all day long teaching. composing and arranging musical scores She manages the household. She will be back here with me before long, bringing our little son, who has been named for me. The ex-priest explained his wife had returned last summer to the Bronx home of her family, so her child might be born there.

(By the Associated Press.) QUINCY, ILL., Nov. 15.-Three Quincy banks were in the hands of bank examiners tonight, two affiliated institutions in small towns of Illinois and Missouri were closed and the remaining banking institutions of this city remained open for the usual Saturday evening business after weathering heavy run of withdrawals through the day. The community was in a highly nervous state, proved by long lines of customers waiting at windows to withdraw funds. A group of leading citizens, however, gave assurance in signed statement appearing in an afternoon paper that the remaining banks would continue to serve the public.

BLAME ON FARM CONDITIONS. J. W. Gardner, president of the State Savings Loan and Trust Company, blamed the situation on the shrinkage farm land values. The overnight closing of his bank, oldest in this part of the state, brought the situation to crisis and was followed by the closing of two branch banks here and in Payson, III., fifteen miles away. and state bank in Green City, Mo., correspondent of the failed Quincy National Bank. The succession of shutdowns started week ago when the Quincy-R National Bank. only national bank in the city, failed. The State Savings Loan and Trust Company had $6,216,000 deposits when its last statement was issued, and million dollars capital. The South Side State Savings Bank and the Payson State Savings Bank at Payson, branches, closed during the morning.

ONE WEATHERS RUN.

Three Institutions Are in Hands of Examiners, Two More Nearby Quit, and Others Take Safety Measures.

A run was started on the Broadway State Savings Bank, another branch, but it weathered the onslaught and by noon conditions here were normal. All day long, however. long lines of depositors filed into the Mercantile Trust and Savings Bank and the Illinois State Bank, downtown banks. and the State Street Bank and Trust Company in South Quincy, seeking to withdraw their funds. The latter is the largest bank of the community Assurances were given that there was no danger of their closing but the nervous throngs paid little attention. To avert further sapping of their cash the banks agreed to remain closed A committee of leading merchants and manufacturers met this afternoon for several hours and discussed methods of relieving the tensity Several banks received large shipments of money from Chicago and St. Louis, and all said they expected to ride the storm by the 60-day notice clause relating to withdrawal of savings deposits. U. S. COURT IN SPRINGFIELD. Judge Reeves Will Rule on Approximately Fifty Cases.

Judge Albert L. Reeves will open the fall term of the United States district court at Springfield tomorrow with docket of approximately fifty criminal cases. Most of the cases will be of liquor and narcotic nature. No federal grand jury will be called at Springfield this term, William L. Vandeventer, United States district attorney. said yesterday.

QUINCY, ILL.,IN A NERVOUS STATE, AFTER CLOSINGS.


Article from The Daily Illini, November 16, 1930

Click image to open full size in new tab

Article Text

CLOSE AFTER

Houses in Hands of aminers as Nervous Throngs withdraw Deposits

QUINCY, Nov. Three Quincy banks were in the hands bank examiners tonight, two affiliated institutions in small towns of Illinois and Missouri were closed, and the remaining banking institutions this city shut their doors without the usual Saturday evening business after heavy run of withdrawals throughout the day.

Community Nervous The community was in highly nervous state, evidenced by long lines of customers waiting at windows to withdraw funds. group of leading citizens gave assurance in signed statement appearing the afternoon Herald Whig and Journal that the remaining banks would continue serve the public. Depositors were urged to make their customary deposits and essential withdrawals without hysteria. W. Gardner, president of the State Savings Loan and Trust company, blames the situation the shrinkage of farm land values.

Oldest Bank in Section The overnight closing of his bank, oldest in this part of the state, was followed by the closing of branch banks and in Payson, away, and state bank in Green City, Mo. The succession of shutdowns started in the failure of the National bank, only national bank in the city. The State Savings Loan and Trust had $6,216,000 deposits company when last statement was issued, and $1,000,000 capital. The South Side State bank and the Payson State Savings bank at Payson, closed during the morning.


Article from Star-Herald, November 18, 1930

Click image to open full size in new tab

Article Text

Bits OF Knowledge

The thickness of a razor blade's edge is about one-half millionth of an inch.

One Scotts Bluff county farmer has changed the name of his able bodied son to "Farm Relief." He says the young man just won't work.

English: A great collection of words studied by Americans before they decide to get along with one, "Yeah."

Draw Your Own Moral To those who talk and talk and talk This lesson should appeal— The wind that blows the whistle Never, never turns the wheel.

And the waitress may not make the soup, but it is possible that she has a finger in it.

Adam and Eve were the first farmers—and they got in trouble listening to a fake farm relief story.

Imitation may be the sincerest form of flattery or the surest sign of laziness.

It doesn't take any previous experience as a detective in order to find fault or hunt for trouble.

Motorist in an accessory shop—"No, I don't want a musical horn, I just want one that sneers."

The office sheik opines "that two can live as cheaply as one—but it costs more to do it."

Middle age is that period when a long drawn out kiss in the movies seems about as thrilling as savages rubbing noses.

Correct this sentence: "Since Doc died," said the widow, "most of his patients have called to pay what they owed him."

One of our bankers says: "What's the use. You are held down 'till you get money—and then you are held up."

Storage Prevents Floods There is a continuous warfare between wind, water and soils, in displacements and replacements. The winds and waters are at work tearing down land. The land is again lifted up by earthquakes and by volcanic action.

Visualize a solid train load of 100 cars of soils. Well, the Mississippi river delivers an equal quantity of silts and solubles into the Gulf of Mexico every ten minutes of a normal day. The forces of erosion are constantly at work, and just as mankind's struggle against the forces of nature, are his contests between individuals, groups and nations, so rivers, brooks, creeks and rills, stage their warfare with one another for territorial conquest and drainage control.

The waters are ever battling against elevated areas and dancing with their load of debris on to the sea.

The internal forces of the earth are forever producing irregularities in its surface. The waters cannot prevent these changes, but they are constantly at work obliterating and leveling them.

In Isaiah, we read "Every valley shall be exalted, and every mountain and hill made low; and the crooked shall be made straight and the rough places plain."

In the long ago, the magnificent Platte rose in two heads in the eastern Rockies and flowed in a generally easterly course, forming between them a great cone-shaped structural plain with the cone-head at what is now known at the city of North Platte, Nebraska, forming at this point the main Platte river, thence flowing generally easterly through the entire length of Nebraska and emptying into the muddy, treacherous Missouri and on to the Mississippi and the Gulf of Mexico, carrying constant volumes of earth within its banks to form destruction.

Geological Construction Likewise, the North Loup, the Middle Loup and the South Loup merge into one stream, known as the Loup river, which in turn flows into the Platte. Along the southern border of Nebraska flows the Republican, rising in eastern Colorado and idling in an easterly direction with its earth load to add to flood troubles on the lower stretches of the Mississippi.

Along these streams erosions and nature's leveling formed wide and fertile valleys. Between these rivers, lie the rich, level and undulating mesas or tables, extending from in eastern Colorado through the entire length of Nebraska.

It is a truly beautiful region, which these rivers drain. Once it was a level ocean bed, and too fair a land to escape the attention of these soil cutting, eroding streams. Yes, these garden lands lie between these four rivers, as nestled the first garden between four rivers.

In early geological times these then new rivers began digging their way through this once level ocean plain, plodding their way down to the Missouri. This process of chiseling and erosion is continuing to this day and will continue so long as time lasts, unless arrested by storage of these waters toward their source putting them to beneficial use for man.

As lands are broken out and cultivated these pirate rivers increase their earth erosion to be added to the never ending accumulations down toward the Gulf.

Killing Two Birds Man, as the present day sculptor of the world's landscapes, man, the maker of the world's modern Edens, the forerunner of every civilization, has made the modern geography on these western plains and valleys, what they are today, has watered and added security, and has prepared these stretches of the earth by the application of these waters, for Eden habitations for all things that live.

The waters of the lower stretches of the Mississippi have so slowed up that they cannot carry off to the Gulf all the sand and silt its tributaries bring to it.

Therefore, it gradually fills up its own bed, and without artificial levees would spread over millions of acres of land and form an inland sea. How long must man continue building up its banks as it continues to fill its bed, is the vital question of the hour.

By storing these tributary run off and flood waste waters in the upper plains regions and utilizing them for irrigation during the dry season in July and August, only seepage waters need ever reach the lower Mississippi and that only in the fall time when floods never occur.

Thus two birds are killed with one stone, and in this undertaking, development and realization, man is only delaying his security and enjoyment of the good things this second great Eden garden will, by the application of these God given waters, produce certainly seven fold and more, year by year as long as time runs.

Over Two Score Banks in Southern Section Closed to Business

(Continued from Page One) The American Exchange Trust company announced deposits of $15,014,589.41 on the date of the last bank call. The bank was capitalized at $1,000,000 and had a surplus of $500,000. A. B. Banks is president of the institution.

The banks acted under an Arkansas state law which permits them at the end of five days to reopen or turn over their affairs to the state banking department.

Closing of the National Bank of Kentucky at Louisville, which had announced resources of $54,000,000, was followed by the closing of four smaller Louisville banks, the McElwain Meguiar Bank and Trust company of Franklin, Ky., and the Bank of St. Helen's, a suburb of Louisville.

Presidents of other Louisville banks issued statements asserting their institutions were solvent in every respect and would not be affected. At Paducah, Ky., the City National Bank of Paducah announced the purchase of the First National Bank of Paducah and the Mechanics' Trust and Savings bank of Paducah after negotiations lasting some time.

State Funds Tied Up The four banking houses which have closed in Tennessee during the last two weeks were the Bank of Tennessee, a subsidiary of Caldwell and company; the Holston Union National bank at Knoxville; the Liberty bank and Trust company at Nashville and the Campbell County bank and Trust company at Jacksboro.

Attorney General L. D. Smith of Tennessee has reported $5,700,000 in state funds were on deposit in the Bank of Tennessee, the Liberty Bank and Trust company, and the Holston Union National bank.

A merger of the Fourth and First National banks into the American National bank has been announced in Nashville, as was the acquisition of the Tennessee-Hermitage National bank by the Commerce Union bank. The East Tennessee National bank, the East Tennessee Savings bank and the City National bank, all of Knoxville, have been merged into the East Tennessee National bank.

Federal Judge John J. Gore in Nashville Monday ordered creditors of Caldwell and company to present their claims before next July first and enjoined any creditors or claimants from instituting separate suits against Caldwell and company and enjoined all parties to any suit now pending from proceeding further except by consent of the court.

The Illinois banks which closed Monday were the Bartlett and Wallace State bank of Clayton and the Timewell State bank of Timewell. They were corresponding institutions of the State Savings, Loan and Trust company of Quincy, which closed Saturday. Two other banks which State Auditor Oscar Nelson said closed in connection with the failure of the State Savings, Loan and Trust company of Quincy, were the South Side bank of Quincy and the Payson State bank of Payson.

Kentucky Hard Hit Louisville, Ky., Nov. 17. (AP)—Six Kentucky banks with resources totaling about $75,000,000, including the National Bank of Kentucky, which has been in business here 96 years, closed their doors today.


Article from The Milan Republican, November 20, 1930

Click image to open full size in new tab

Article Text

BANK CLOSED FOLLOWING FAILURE OF RICKER

President Of State Savings Loan & Trust Company of Quincy Charges Failure His Bank To Shrinkage of Farm Values

The Bank of Green City, for some time the only operating bank of the town, which closed early last week, still in the hands of the State Finance Department. F. A. Guiles charge and the bank will remain in the hands of the State Finance partment until satisfactory arrangements are perfected for its reopening.

The capital stock of the bank was $20,000. Myers was cashier and E. Pfeiffer president. The closing of the Quincy Ricker National Bank of Quincy, III., is assigned as a reason for the closing of the Bank of Green City, the Quincy Ricker being correspondent of the Green City bank.

The State Savings Loan and Trust Company of Quincy closed last Saturday and smaller banks in Missouri and Illinois suffered because of their business relations with the banks that had suspended active business. Quincy, III., Nov. Quincy banks were in the hands of bank examiners tonight; two affiliated institutions in small towns of Illinois and Missouri were closed. and the remaining banking institutions of this city, after weathering a heavy run of withdrawals, remained open for the usual Saturday evening business and announced they would do business as usual next week. J. W. Gardner, president of the State Savings Loan and Trust Company, blamed the situation on the shrinkage of farm land values. The overnight closing of his bank, oldest in this part of the state, brought the situation to crisis and was followed by the closing of two branch banks here and in Payson, III., 15 miles away. On Nov. 13, a state bank in Green City, Mo., correspondent of the National Bank, closed its doors. The succession of shutdowns started week ago when the institution, only national bank in the city, closed. The State Savings Loan and Trust Company had $6,216,000 deposits when its last statement was issued, and capital. The South Side State Savings Bank and the Payson State Savings Bank at Payson, branches, closed during the morning. Mr. Gardner's bank was founded by C. H. and Lorenzo Bull, pioneers who gave the original institution their name. His statement on the closing of the bank and its branches said: "The closing was decided upon as the only way to save the assets of the bank. The steady withdrawals by both savings and commercial depositors since the closing of the Quincy Ricker made heavy inroads on the bank's quick assets, and there was every indication that the condition would continue. The principal cause of the bank's difficulties is the situation in regard to farm loans. The business was established and developed through the business of farm loans since the days of the L. & H. Bull Bank. The very condition that made the bank is now the cause of its trouble. Farm values have shrunk from 40 to 60 per cent. The bank has these loans assets. but not liquid. It too early too talk of the bank's future. believe there are sufficient assets so that the depositors will not lose."