Turner State Bank (Edinburg, IL)

Episode Information

Episode UID
70089971558
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
7008997 routing
Routing Number
70-0899
Start Date
October 18, 1929
Location
Edinburg, Illinois (39.657, -89.390)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
724e88d737522a7e

Response Measures

None

Description

Bank voluntarily closed to protect depositors after correspondent's failure; no articles show permanent failure.

Events (1)
1. October 18, 1929 Suspension
Cause
Correspondent
Cause Details
Failure of the Colegrove State Bank and resulting runs on its correspondents prompted Turner State Bank directors to close voluntarily to protect depositors.
Newspaper Excerpt
The directors of the Turner State Bank of Edinburg took similar action and their doors were also closed this morning
Source
newspapers

Newspaper Articles (10)
1. October 18, 1929 Decatur Herald Decatur, IL
Article from Decatur Herald, October 18, 1929

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Article Text

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

2. October 18, 1929 The Taylorville Daily Breeze Courier Taylorville, IL
Article from The Taylorville Daily Breeze Courier, October 18, 1929

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Article Text

Best Interests of Depositors Given as Reason for Closing 2 Local, and Edinburg Banks Directors of First National, Taylorville National and Turner State Banks Decide to Close Doors to Protect Their Depositors From Heavy Runs Being Made Upon Them as a Result of the Failure of the Colegrove State Bank Last Week A financial situation never before equalled in Christian county has been brought about by the failure of the Colegrove State Bank one week ago today. A sudden fear on the part of the depositors of the Bulpitt State Bank and the Citizens State Bank of Edinburg, correspondents of the Colegrove Bank, caused a run on these banks that necessitated the elosing of their doors. This situation alarmed the depositors of the First National and the Taylorville National Banks caus* ting a run on them yesterday that the directors of the two banks felt would eventually threaten the safety of their depositors if they continued to remain open and they closed their doors this morning until this chaotic situation can be cleared up. The directors of the banks called for the national bank examiners to come and audit their books preparatory to the complete reorganization as soon as the conditions warrant. The Farmers National Bank was the only bank in the city to remain open and a large number of their depositors drew their money from the bank today but J. A. Adams, president of the bank. stated there was no cause for worry with them as they have a sufficient amount on hand to pay off all their depositors if necessary. Oscar Nelson, state auditor, is in the city today working in connection with the affairs of the Colegrove State Bank, and he stated that the people should not get unduly excited about these conditions as they can be adjusted much more readily if the depositors will remain orderly and not get nervous. When some of the depositors of the Farmers National Bank were cheerfulty given their money this morning became reassured and put their money back into the bank. Clifford Stokes, eashier of the First National Bank, and Troy Long president of the Taylorville National bank, had no statement to make except that the lack of confidence on the part of many depositors and their withdrawal of deposits had brought on a condition that might eventually jeopardize the security of the other depositors and they deemed it best to close their doors. The directors of the Turner State Bank of Edinburg took similar action and their doors were also closed this morning and State Auditor Nelson notified.

3. October 19, 1929 The Plain Dealer Cleveland, OH
Article from The Plain Dealer, October 19, 1929

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Article Text

PLANE BRINGS $500,000, ENDING RUN ON BANK (Chicago Tribune Press Service) arrival of three Federal Reserve Bank officers in government airplane at 1:45 this afternoon with $500,000 in abruptly halted an all-day run on the Farmers National Bank here after five other Christian County banks closed their doors within week. this morning, when the Farmers National opened its doors, line gathered and withdrawals began. At noon 250 persons were in the line and hysterical men and women fought for positions near the cashier's window. Realizing that at the rapid rate of withdrawals. the available currency soon would be withdrawn. Adams, president of the bank, appealed to Federal Reserve officers. The airplane bringing the money landed here one hour and 50 minutes after the call for help was received in Chicago. squad of deputy sheriffs, and three automobiles escorted the money to the bank. Depositors who were in the line were shoved aside with shotguns the guards entered the bank, the two gunnysacks containing the currency thrown over their shoulders. With the entry of the guards and money, the waiting line melted away. The First National Bank and Taylorville National Bank and the Turner State Bank Edinburg failed to open today. Colegrove State Bank Taylorville closed the State Bank Bulpitt the State Bank Edinburg closed

4. October 19, 1929 Alton Evening Telegraph Alton, IL
Article from Alton Evening Telegraph, October 19, 1929

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Article Text

Planes Rush Cash To Taylorville To Stop Bank Run Confidence Renews As Money Arrives From Federal Reserve Out of the sky yesterday dropped money bags to bring renewed faith to a panic stricken town and stave off a bank run which would almost certainly have resulted in empty vaults nt 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-custimers redepositing the money they earlier had withdrawn. Relief was rushed by airplane to the Farmers Bank by Chicago Federal Reserve officials as soon as they learned that Taylorville's other three banks had been closed and that a dangerous run had started. Today bank examiners were scanning books of the three closed banks and three others in nearby towns. Thus far, "frozen assets" have been unofficially blamed for the shutdowns. The banks that have closed are: John B. Colgrove and Co., State Bank; the Taylorville National Bank. and the First National Bank. all of Taylorville; the Citizens State Bank and the Turner State Banks both of Edinburg, and the State Bank of Taylorville merchants confident that the banks' conditions were sound, basically advertised today that they would accept checks payable on any of the banks for merchandise. Crops were both blamed for the difficulty and looked to for relief. Failure of approximately 50 per cent of the corn crop was believed to have caused the frozen assets, while the soy bean crop, now being harvested, Is expected to ease the situation.

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

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FUNDS DROP FROM SKY TO STOP BANK RUN AS 3 OTHERS CLOSE Plane Motor's Drone Saves Day and Customers Redeposit Withdrawn Money. By the Associated Press. tomers redepositing the money they earlier had withdrawn. TAYLORVILLE, Ill., October 19.Relief was rushed by airplane to the Out of the sky yesterday dropped money Farmers' Bank by Chicago Federal Rebags to bring renewed faith to a panicserve officials as soon as they learned stricken town and stave off a bank run that Taylorville's other three banks had been closed. which would almost certainly have reToday bank examiners were scanning sulted in empty, vaults at the only bank the books of the closed banks. Thus which remained open. far, "frozen assets" have been unofficially blamed for the shutdown. The drone of an airplane motor was The banks that have been closed are: the signal that the day was saved and John B. Colegrove & Co., State Bank, that the line of 250 depositors in front the Taylorville National Bank and the of the Farmers' National Bank need First National Bank, all of Taylorville; the Citizens' State Bank and the Turhave no fears of not getting their money. Almost like magic the line ner State Bank, both of Edinburg; the faded away and another formed-cusState Bank of Bulpitt.

6. October 19, 1929 The Dispatch Moline, IL
Article from The Dispatch, October 19, 1929

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Moline Will Have Large Radio Station. Dispatch Special Service Washington, D. C., Oct. 19.-It has been definitely decided to include Moline among the 110 cities in which commercial radio stations for communication will be constructed by the Universal Wireless Communication company before 1932, officials of the Chicago concern stated here today. The Moline station is expected to serve Rock Island and other municipalities. The federal radio commission has just granted adequate channels to the company, and has been informed that work on ten stations will be under way at once. The station at Moline is not included among the first ten, but will be in one of the early quotas, officials believe. It was also announced that the first public showing of the apparatus to be used in the 110 stations will be made at the Chicago radio show. Cities in the first program are New York, Chicago, Buffalo, Cincinnati, Cleveland, Akron, Dayton, Columbus, Detroit, Trenton, New Brunswick, Milwaukee, Peoria, Springfield, Ill., Baltimore, Boston, Memphis, Norfolk, Providence and Washington. eral reserve officials as soon as they learned that Taylorville's other C. three banks had been closed and that a dangerous run had started. Today bank examiners were scanning books of the three closed banks and three others in nearby towns. Thus far, "frozen assets" have been unofficially blamed for the shutdowns. The banks that have closed are: John B. Colgrove and company, State bank, the Taylorville National bank and the First National bank, all of Taylorville: the Citizens State bank and the Turner State bank, both of Edinburg, and the State bank of Bulpitt. Taylorville merchants. confident that the banks' conditions were sound, basically advertised today dy. that they would accept checks payable on any of the banks for merchandise. Crops were both blamed for the difficulty and looked to for relief. Failure of approximately 50 percent of the corn crop was believed to have caused the frozen assets, while the soy bean crop, now being harvested, is expected to ease the situation.

7. October 19, 1929 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, October 19, 1929

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AIRPLANE USED TO PREVENT BANK RUN Money Is Rushed by Air to Institution in Taylorville, Taylorville, III., Oct. the Associated of the sky yesterday dropped bags to bring faith to panicstricken town stave off bank run which would almost certainly have resulted in empty vaults at the only bank which remained open. The drone an airplane motor the signal that the day was saved, and that the line of 250 depositors front of the Farmers National bank need have no fears not getting their money. Almost like magic the line faded away and another redepositing the money they earlier Relief rushed by airplane to the farmers bank by Chicago federal reserve officials soon as they learned that Taylorville's other three banks had been closed and that dangerous run had started. Today bank examiners were scanning the books the three closed banks and three others nearby towns. Thus far, "frozen assets" have been unofficially blamed for shut downs. The banks that have been closed John Colegrove Co., State bank, the Taylorville National bank the First National bank, all of Taylorville; the Citizens State bank and the Turner State banks, both Edinburg, and the State bank of Bulpitt. Taylorville merchants, confident that the banks' conditions were sound. basically advertised today that they would checks payable on any of the banks for merchandise. Crops were both blamed for the difficulty and looked to for relief. Failure per cent of corn crop was believed have caused the frozen assets, while the bean now being harvested, is expected ease the situation.

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

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

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

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

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.