Commercial Bank (Champaign, IL)

Episode Information

Episode UID
9767593391585
Episode Type
Suspension → Reopening
Bank Type
private
Bank ID
976759339 hash
Start Date
January 18, 1932
Location
Champaign, Illinois (40.116, -88.243)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2f89c3c3e1c8a3ae

Response Measures

None

Description

Articles show the Commercial Bank suspended Jan 18, 1932 because First National closed; reorganization/reopening committees were formed but reopening not explicitly confirmed.

Events (1)
1. January 18, 1932 Suspension
Cause
Local Banks
Cause Details
Suspended after the First National Bank of Champaign closed following a run; sign posted citing that closing as reason.
Newspaper Excerpt
This bank is suspended by reason of the closing of the First National bank of Champaign
Source
newspapers

Newspaper Articles (12)
1. January 18, 1932 The Columbus Telegram Columbus, NE
Article from The Columbus Telegram, January 18, 1932

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STUDENTS PRESSED AS VARSITY BANKS CLOSE Greens Champaign, Jan. 18 Browns The First National bank, with deposits $6,000,000 closed of Illin- WIDOW OF MAXMILLIAN students had their money bank. HARDIN, PACIFIST, short time later the Commercial bank of Champaign, Berlin, Jan. 18 Selma pository for University of Illinois Hardin, widow of funds which many Hardin, had was clased the and pacifist, died today shortly The commercial had after being taken to sanitorium approxiby friends. It believed she sufmately $500,000 deposits. fered from sign on the door read, "this Hardin died Switzerland by reason of the the 1927. He determined foe bank of one of its de- the and predicted positories.' before the outbreak Omaha, Jan. (LP) Mrs. Edward (Dolly) Gann, sister MEN MEET Curtis, will City, Jan. 18 the principal About men rally to pected here today for the 43rd be held Hotel Fontenelle, Jan. nual convention of the Western Mrs. Cameron, tail Implement and Hardware national for Ne- which will open braska, in charge arrange- for three-day ments. of the association met today.

2. January 18, 1932 The Courier News Blytheville, AR
Article from The Courier News, January 18, 1932

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Article Text

Illinois Students Lose Money in Closed Banks CHAMPAIGN III., Jan. 18 (UP) The First National bank, with deposits of $6,000,000, closed today. Hundreds of University of IIIIthe nois bank students had their money in The sign On a (ront window said: "Suspended by Order of directors. National bank examiners have taken charge." A short time later the Commercial Bank of Champsign, also a depository for University of IIIInots students, in which many of them had accounts, was closed by the directors. A sign on the door read: "This bank is suspended by reasen of the closing of the First National bank of Champaign, one

3. January 19, 1932 Hartford Courant Hartford, CT
Article from Hartford Courant, January 19, 1932

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Article Text

Champaign, III., Bank Closed by Directors Champaign, Ill., Jan. The First National Bank of Champaign which listed deposits in the recent bank call at $5,116,951 was voluntarily closed today by its directors. smaller state bank, the Commercial, took similar action Officers of the First National Bank said they hoped to affect reorganization soon.

4. January 19, 1932 Clinton Daily Journal and Public Clinton, IL
Article from Clinton Daily Journal and Public, January 19, 1932

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Article Text

MONDAY Many College Students Are Thought Had Money There Champaign, III., Jan. With deposits of more than $6,000.000 the First National bank here failed to open today. The bank, which was depository for the University of Illinois and said to have contained deposits of many students at the university, suspended operations voluntarily "on the order of directors. A sign on the door of the bank this morning greeted its patrons as follows: "Suspended by order of directors. National bank examiners have taken charge." Commercial paign, depository for funds of the city Champaign, also failed to open this morning. Deposits were approximately half million dollars. A sign on the door read bank suspended by reason of the closing of the First National bank of Champaign, one of its depositories." Closing of the First National bank will have no effect on the university's local financial condition, President W. Chase of the university, said today. "Hazen Capron, of the university and vice-president of the First National bank. handles no state funds appropriated by the legislature for the support of university," Chase said. "Such university funds as are handled by him are fully protected by United States government securities and by bond. These securities of the highest type required by state law to protect the deposit of public funds. always have been and still on deposit in Chicago under the full and complete control of the university board of trustees and their availibility is therefore not affected by the closing of the local deposiChase continued. Officials of the two banks said they would make statements in connection with the closing within few days. It is understood the First National was closed following steady run on by depositors last week. A considerable number of students had deposits in the Natnonal bank but they, for the most part, were in small amounts and their entire total will not be large.

5. January 19, 1932 Belvidere Daily Republican Belvidere, IL
Article from Belvidere Daily Republican, January 19, 1932

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Article Text

Champaign, Jan. First National bank of Champaign, with deposits of more than failed to open its doors today. sign on the door read: "Suspended by order of directors. National bank examinhave taken charge." The bank was depositary for the University of Illinois. The Commercial bank, depositary for the city of Champaign, also failed to open. Deposits were approximately $500,000. the door read: bank suspended by reason of the closof the First National Bank Champaign, of its deposiSuch funds the university had the bank were covered insurance.

6. January 19, 1932 Nevada State Journal Reno, NV
Article from Nevada State Journal, January 19, 1932

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Article Text

Runs Close 2 Banks In Illinois Towns CHAMPAIGN, Ill Jan -Two large banks closed their doors today and tied up the accounts upon which hundred of students depended to carry on their studies at the University of Illinois. The First National Bank, with $5,116,951 in deposits, closed first It was unable to withstand a weeklong run A short time later the doors of the Commercial Bank of Champaign clanged shut and a sign was posted explaining that this bank is suspended by reason of the closing of the First National Bank of Champaign, one of its depos-

7. January 19, 1932 The Buffalo News Buffalo, NY
Article from The Buffalo News, January 19, 1932

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Article Text

TWO CHAMPAIGN. ILL., BANKS CLOSE SAME DAY CHAMPAIGN III., Jan 19 (U.N.) Two large banks closed their Monday tied up the accounts which to their studies at the UniThe First National bank with $5.116,951 in deposits. was unable to withstand long run A short later the doors of the Commercial of Champaign and sign was posted that bank by the closing the First bank of Champaign its depositors The Commercial bank had deposits of $388,000.

8. January 19, 1932 Las Vegas Age Las Vegas, NV
Article from Las Vegas Age, January 19, 1932

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Article Text

BANK CLOSES, POLICE RAID DIRECTOR LOOTERS DEN DEAD Coming as a climax in a police drive on car looters, six men were CHAMPAIGN. III., Jan. 18. (U.P.)Two large banks closed their doors today and tied up the upon which hundreds of students depended to carry on their studies at the University of Illinois. The First National bank, with $5,116.951 in deposits, closed first. It was unable to withstand a weeklong run and a sign hung inside the locked front door explained that business was "suspended by order of directors; national bank examiners have taken charge. A short time later the doors. of the Commercial bank of Champaign clanged shut and a sign was posted explaining that "This bank is suspended by reason of the closing of the First National bank of Champaign, one of its depositors. The Commercial bank had deposits of Officials of the university Goubted if any students would be forced to leave school because of the closings. Just before the three remaining banks in Champaign and Urbana closed at the regular hours this afternoon. an armored car reported carrying $1,000,000, roared into the city from Chicago. The money was arrested yesterday at 3 p. m. at 201 south Third street and all charged with petty larceny. Police declare that numerous articles, recently reported stolen from parked cars, were found in the place. Those arrested included Fred T. Enrich. 38; Bob Cork, 31: F. A. Shrew. 27: O. P. Bacon, 28; Bob Butler, 25; and Joe Cruzan. 28:

9. January 19, 1932 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, January 19, 1932

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STUDENTS ARE DEPOSITORS In Two Banks Which Close Doors Two large banks closed their doors today and tied up the accounts upon which hundreds of students depended to carry on their studies at the University of The First National Bank with in deposits, closed first. It was unable to withstand weeklong and sign hung inside the locked front door explained that business was "suspende by order of Directors: national bank examiners have taken charge. A short time later the doors of the Commercial Bank of Champaign clanged shut, and sign was posted explaining that "this bank is suspended by reason of the closing of the First National Bank of Champaign, one of its depositors. The Commercial Bank had deposits of Officials of the university doubted if any students would be forced to leave school because of the Just before the three remaining banks in Champaign and Urbana closed at the regular hours this afternoon an armored car. reported carrying $1,000,000 in currency arrived from Chicago. The money was distributed among the banks.

10. January 20, 1932 Sapulpa Herald Sapulpa, OK
Article from Sapulpa Herald, January 20, 1932

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BANK CLOSINGS THROW ILLINOIS TOWNS IN PANIC BUSINESSES ORDERED CLOSED TEMPORARILY AS REMEDY MEASURES PEND (Copyright, 1932 by United Press) URBANA Ill., Jan 20. (LP)-Our seems to be sufficient Merchants and community was caught unexpectedly in the worst calamity ever felt here Einister influences and malicious rumcrs had undermined the firm foundstions of some Champaign and Urbana banks. be revoked When the First National Bank Champaign and the Commercial State Bank Champaign failed to open for business, not because of in- banks closed there solvency but of lack of cash caused by quiet runs extended over weeks, part of the local citizenty mom- pended. entarily became alarmed. Runs were started on the remaining twin city continue would have brought greater grief and a greater catastrophe to our community Faith in our fellow men and in the future must not be shaken Although realizing that to close all business firms here would cost the 10,000 resident students community more than $75,000 daily believed that in the final reckoning two banks would continue to serve Urbana, and faith and confidence would be preserved by closing all business houses Not until after considering the good of all citizens did I decide to invoke WALL PAPER the police powers of the mayor to close business firms including the SPECIAL banks Only these firms which disMany beautiful patterns to pense food supplies, drugs, transportaselect from tion buinesses, public utility agencies Some as low as and newspapers are now functioning per For the rest of this week business in 5c roll Urbana will be at a standstill while our leading citizens are restoring confidence Cowman's I have firm belief and faith in Urbana citizens. 25 they had in me Phone for two terms. and evidences already Across from Court House show that the hysteria which gripped some has subsided and turned into confidence Already more than 1,500 persons have pledged their entire deposits to the Busey State Bank and the First National Bank Urbana, until some later date when normal deposits and normal withdrawals will be resumed The Association of Commerce, the Rotary club, the lawyer. the doctor the merchant the laborer have all expressed themselves as confident for the future While have the power to use force to close any business as an emergency mea are to preserve peace and order, I have not had to do so nor do expect such procedure will be necessary as the proclaiming order professional men have united to help Urbana through this crisis. I feel they have practically done SO, and at such time as I deem necessary the proclamation closing business firms will Iowa City joined the growing list of bankless midwest cities today as two three banks in the Chicago area and one in Decatur county, Indiana, susBusiness was virtually at a standstill at Urbana where a five-day "emergency holiday" was ordered by the mayor to halt public hysteria brought on by bank suspensions in Champaign- Urbana, mid-state educational center of 30,000 population and site of the University of Illinois, with Hammond, Ind., where there had been seven banks, was without a depository. Only one bank did business

11. January 24, 1932 The Daily Illini Urbana, IL
Article from The Daily Illini, January 24, 1932

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CITIZENS (Continued from Page One) Willis, Dan Swannell, and W. Clifford. Commercial stockholders: Thomas Hagan, and Paul Somers, Chamber commerce re-organization committee: Walter Savage, Petry George Lan Morrisey, and John Armstrong. Nothing to Chance the drive to re-open the two Champaign banks, little will left was evident at yesterday's meeting. Representatives of present of mind: that there was task to be done, and that was to be done quickly, and thoroughly. Acting in this spirit, steering committee, composed of person from each of the five representative groups, was selected serve with the chairman, Mr. Huff, in the formation of definite plans for the campaign. This committee, whose membership includes Mr. Mattis from the chamber of commerce, Mr. Swannell for the First National stockholders, Mr. Busey for the Commercial stockholders, for the First National and Koehnemann for the Commercial stockholders, will meet at o'clock tomorrow morning draft organization plans and suggest ways and means to the second general of the five groups, scheduled for o'clock tomorrow night in the Elks' club. Expresses Sentiment Committees from large depositors' groups are responsible to the committee of the whole, was pointed out, and will report back them the decisions which the central committee has made. The sole purpose of smaller groups speed the re-organization process. Ray Sparks expressed the sentiment the entire groups yesterday afternoon when he said: tongues stopped!" Tomorrow night's meeting will hear the report of "steering" committee after which expected the several on plans, education, publicity, campaign, and like matters will be named and set to work. Unite for Action Members yesterday united for concerted and speedy action, but stuck to their policy to "make haste slowly.' The complete calendar of committees, including those of the deposiand stockholders both banks and from the chamber of commerce, follows: Chamber of Commerce: Walter Savage, Prof E. Bogart. Bauer, R. M. Campbell, Ray Sparks, Parkhill, James White, Petry, George McComb. George Mattis, W. Wright, John W. Armstrong, Fred Russell, and Dan Morrissey. First National stockholders: Willis, Dan Swannell, and W. E. Clifford. Commercial stockholders: Somers, Thomas, Hagan, and Paul Busey. First National depositors George Huff. chairman: E. Cole, secretary: Kiler, Busch, Prof. Sveinbjorn legal counsel of the University, Millard, Frank Barrett, Van Wegent, James W. Dr. Bucher, Albert Jr., Stiritz, John Prof. Frederic of the department of economics, Dr. Cleaves Bennett, Dean Thompson of the College of Commerce, Carman, professor emeritus of the department of physics, George Garst, Fluck, and Pearson. Commercial depositors: Finder, Harry Casper, Anthony Koehnemann, Sackett, Hustable, Holmes, Lee Greenman, W. E. Quinand Ernest Moon.

12. February 26, 1932 Ford County Press Melvin, IL
Article from Ford County Press, February 26, 1932

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INTERESING FROM OUR EXCHANGES second annual Sibley Estate The for the Sibley Estate Corn Show, tenants was held in the Sibley only, hall Saturday, Feb. sum town of in prize money was given of ear corn and away for samples shelled Mr. and Mrs. James Bunney of Belleflower celebrated Tuesday, Feb. wedding anniversary 16th, with dinner at with immediate relatives hour only Mr. Bunney present. united in marriage Feb. Knox were Heyworth. They 16th, 1882, at lived and around Bellflower have in since that time. Noah Franklia, whose century of county's oldest life made him McLean died at his home in Lexingresident, Feb. 11, ton at 2:30 which was first after short illness suffered. He of which be ever old had would have been 101 years June 29. The he lived until next held the following funeral was afternoon at the residence made in the Lexington and cemetery. of the Ulmer, veteran George Civil War, passed away at his home 14. Mr. Sunday, Feb. in Anchor, and born in Germany Ulmer was came to America as young man. 1, 94th enlisted in Company He which he served in married the throughout of Bloomington Mueller, to him in his wife preceded in 1878 and 1931. Nine Jan. 27, death on children survive. colored, whose Whittaker, Henry found lying is unknown, was address R. tracks of the the along at Gilman, coal chutes the near Feb. 13th, Saturday, around noon skull fracture. of severe suffering doctor taken to the The man was first aid Gilman for in to Iroquois later taken and was It hospital at county the injured whether not known struck train or was fell man basketball The district March will be held in of this eleven teams 12 with 11 and winner of The competing locality in the will play this tournament Danville the at tional tournament and the district week following held in the will be finals state week followthe at Champaign The teams sectional meet. the ing tourney are: the Paxton entered in Gibson City: Saybrook, Rantoul, Loda, Roberts, Arrowsmith, and Buckley Belleflower, Cropsey, Melvin. farm aged 18 Laberre, Verne arrested Loda, was hand, of near the deputy Feb. 14, by Sunday, sheriff of Iroquois county and placed with charged jail the county in It is and burglarly door the rear unlocked that Laberre in Loda pool room the Schartieger of closed, been had previously which and that time closing before just He the night. during tobacco, stealing candy. with charged in the them concealing and etc., which was farm on of the granary employed. Paso former Hunt, George still a patient is student, school the During at Peoria. hospital in football game Hunt, who 18, 1929, Oct. Pontiac on Paso team, the El of member was which to his spine an injury suffered paralyzed. him practically rendered been perhave Several operations that is reported and it formed to get is able He is improved. using corridors the hospital about with recently and just wheel chair hand and in one of cane the in doctor of the arm hold walk to he hand, the other himself The boy short distance. able to be some expects unassisted. about of any several plans, of Approval re-organize used to be which may Bank National the First and re-open the by was given of Champaign, Washingat of Currency Comptroller the of chairman Huff, George ton, Committee, Re-Organization Banks The representMonday. announced who Office, Comptroller's of the ative Champaign at the bank been in has returned Jan. 18, it closed, since the with Monday Washington from had Comptroller the members The the plans. approved the of Committee Executive of the and outafternoon Monday bank met of Representatives lined the plans. of Champaign Bank Commercial the 18, are Jan. also closed which to re-open of plan details pleting bank also. that