State Savings Loan & Trust Company (Quincy, IL)

Episode Information

Episode UID
70005071571
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
7000507 routing
Routing Number
70-0050
Start Date
November 15, 1930
Location
Quincy, Illinois (39.936, -91.410)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
fa8cfd723c08f435

Response Measures

None

Description

Bank weathered heavy withdrawals, examiners took charge and the institution is described as having failed, prompting other closings.

Events (3)
1. November 15, 1930 Receivership
Newspaper Excerpt
failure of the State Savings Loan and Trust company of Quincy, of which the Timewell and Clayton institutions were correspondents
Source
newspapers
2. November 15, 1930 Run
Cause
Local Banks
Cause Details
Runs occurred after failure of the Quincy-Ricker National and related local bank closures, combined with shrinkage in farm land values.
Measures
Banks agreed to remain closed tonight; depositors urged to make customary and essential withdrawals without hysteria.
Newspaper Excerpt
the remaining banking institutions of this city, after weathering a heavy run of withdrawals, remained open for the usual Saturday evening business
Source
newspapers
3. November 15, 1930 Suspension
Cause
Government Action
Cause Details
Bank examiners took charge and the State Savings Loan & Trust company closed its doors following heavy withdrawals and asset concerns.
Newspaper Excerpt
Three Quincy banks were in the hands of bank examiners tonight
Source
newspapers

Newspaper Articles (16)
1. November 16, 1930 Medford Mail Tribune Medford, OR
Article from Medford Mail Tribune, November 16, 1930

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3 ILLINOIS BANKS FORCED TO CLOSE QUINCY. III., Nov. 15. (AP) 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 as usual next week. The community was in highly state, evidenced by long lines of customers waiting at windows to withdraw funds. 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 branch bank here and one in Payson, III., 15 miles away. said today that nothing of approximately 840,000 securities deposited by the Bank of Tennessee September 25 at the demind of superintendents of banks. were found among the bank's assets when it went into receivership Nov. 10. NEW YORK. Nov. 15.-(P)Trailed through rain and fog. the open sea dory Patricia was captured by a coast guard patrol in Gravesend bay early today with its crew of three and 500 bags of bottled Houor valued by federal agents at $25,000.

2. November 16, 1930 The Springfield Daily Republican Springfield, MA
Article from The Springfield Daily Republican, November 16, 1930

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QUINCY (ILL.) BANKS FIGHTING DISASTER Three City and Two Outside Institutions Closed and Remaining Houses Weathering Heavy Runs Quincy, Ill., Nov. 15-(AP)-Three Quincy banks were in the hands of bank tonight, two affiliated institutions in small towns of Illinois and Missouri were closed and the remaining banking institutions of this city, after weathering heavy run of withdrawals, remained open for the usual evening business and announced they would do business as usual next week. The community was in a highly nervous state, evidenced by long lines of customers waiting at windows to withdraw funds. A group of leading citizens. however, gave in a signed statement appearing in the Herald Whig and that the remaining banks would continue to serve the public. Farm Value Shrinkage Blamed Depositors were urged to make eustomary and essential withdrawals without Gardner, president of the State Savings Loan and Trust pany. 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 by the closing of branch bank here and one in III., 15 miles away. On Thursday state bank in Green City, Mo., correspondent the failed QuincyRicker national banks, closed its doors. The succession of shutdowns started a week ago, when the QuincyRicker National bank, only national bank in the city, failed.

3. November 16, 1930 Jacksonville Journal Courier Jacksonville, IL
Article from Jacksonville Journal Courier, November 16, 1930

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THREE BANKS IN QUINCY FORCED TO CLOSE DOORS BANK EXAMINERS TAKE CHARGE OF Two Affiliated Banks Outside of City are Affected Ill., Nov. Quincy banks in the hands examiners tonight and two filated in towns Illinois Missouri were closed. The banking after weathering heavy run remained open for the usual Saturday evening they would business usual week The was highly state, by long waiting withdraw funds. of leading signed statement in the Herald Whig and Journal that the banks would continue the Depositors were urged to make their customary deposits and hysteria. Blame Land Shrinkage president of the State Savings and Trust blamed the situation the shrinkage farm land values. closing his bank, oldest this part the brought the to crisis and followed by the closing branch bank here and one Payson, miles away and of Novemstate bank in Green City, correspondent QuincyRicker National closed doors succession started week when the institution. only national bank in the closed. The State Savings Loan and Trust company had deposits when statement The South State bank and the Payson State Savings bank branches, closed during the run started the Broadbranch, but weathered slaught noon there normal. Throughout the (Continued on Page Ten)

4. November 16, 1930 The Tampa Tribune Tampa, FL
Article from The Tampa Tribune, November 16, 1930

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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.

5. November 16, 1930 The Capital Times Madison, WI
Article from The Capital Times, November 16, 1930

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Quincy, III., Banks Are Closed Runs by QUINCY, Quincy banks the hands bank aminers today and two affiliated institutions small towns Illinois and Missouri were closed. The remaining banking institutions of this city, after weathering heavy run remained open usual Saturday evening business and announced they would do business usual next week. The community highly nervous state, evidenced long lines of customers waiting windows to funds. group of leading citizens, however, assurance signed statement appearing in the afternoon Herald Whig and Journal, that banks would continue serve the public. Depositors were urged to make their customary deposits and essential withdrawals without hysteria. Gardner, president of the State Savings Loan and Trust Co., blamed the situation on the shrinkage of farm land

6. November 16, 1930 St. Joseph Gazette St. Joseph, MO
Article from St. Joseph Gazette, November 16, 1930

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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.

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

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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

8. November 16, 1930 Blackwell Journal-Tribune Blackwell, OK
Article from Blackwell Journal-Tribune, November 16, 1930

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Three Illinois Banks Given To Examiners Three Quincy banks in hands examiners tonight, two affiliated institutions small towns Illinois and Missouri closed remaining banking institutions this after weathering heavy run withdrawals. remained open the Saturday evening announced they would do business usual next community in highly nervous state, evidenced long customers waiting winwithdraw funds group leading citizens. however, gave assurance signed statement pearing the afternoon Herald Whig and Journal that the remainbanks would continue to serve public. Depositors were urged to make their customary deposits and withdrawals without hysteria. Gardner, president the State Savings Loan and Trust company. blamed situation the shrinkage farm land values. Owlahoma Aviation OKLAHOMA Nov Stinson. famous aviator head Detroit Aircraft company which bears his name, on his arrival here today on survey of aviation prospects from Detroit the Gulf of Mexico. said Oklahoma undoubtedly the second largest aviation activity in the Unitted States." Texan Ends Life Texas, Nov. Former Judge Covey Thomas, unsuccessful candidate for chief justice the supreme court Texas last summer one of the best attorneys ranch southwest shot himself here this afternoon.

9. November 16, 1930 Evening star Washington, DC
Article from Evening star, November 16, 1930

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BANK RUNS FORCE HOUSES TO CLOSE Three Quincy Institutions and Two Branches in Hands of Examiners. By the Associated Press. Quincy banks were in the hands bank examiners tonight, two affiliated institutions in small towns of Illinois and Missouri vere closed and the remaining banking institutions of this city shut their doors without the usual Saturday evening business, after weathering run of withdrawals through the day. The community was in highly nervous state, evidenced by long lines of customers waiting at windows to withdraw funds A group of leading citizens. however. gave assurance in signed statement in the aftern on Herald, Whig and Journal that the remaining banks would continue to serve the public. Depositors were urged to make their customary deposits and essential withdrawals without hysteria. W Gardner, president of the State Savings Loan & Trust Co., blamed the situation on the shrinkage of farm land

10. November 16, 1930 The Daily Illini Urbana, IL
Article from The Daily Illini, November 16, 1930

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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.

11. November 16, 1930 Omaha World-Herald Omaha, NE
Article from Omaha World-Herald, November 16, 1930

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Banks at Quincy Weather Runs After Closings Quincy, III., Nov. 15 (P)-Three Quincy banks were in the hands of bank examiners tonight and two affiliated institutions in small towns of Illinois and Missouri were closed. 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. The community was in highly nervous state, evidenced by long lines of customers waiting at windows to withdraw funds A group of leading citizens however gave assurance in a signed statement ap. pearing in the afternoon Herald and Journal that the remaining banks would continue to serve the public. Depositors were urged to make their customary deposits and essential withdrawals without hysteria. 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 a branch bank here and one in Payson, Ill., 15 miles away.

12. November 16, 1930 The Daily Nonpareil Council Bluffs, IA
Article from The Daily Nonpareil, November 16, 1930

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THREE BANKS AT QUINCY, ILL., CLOSE INSTITUTIONS WEATHER HEAVY RUNS BY DEPOSITORS Nov. banks were in the hands of tonight and institutions small Illinois and Missouri closed. The remaining bankinstitutions this city, after heavy run withopen for the drawals, evening business announced they will do busias usual next week. The was in highly state, evidenced by long customers waiting winwithdraw funds. group leading citizens, in signed in the Herald appearing and that the remainbanks will continue to serve public. Depositors urged to make customers' withdrawals without hysW. Gardner, pdesident of the Savings Loan Trust blamed the situation company, shrinkage farm land values. The overnight closing of his oldest this part of the brought situation by the here fifteen miles On State bank City, Mo., correspondfailed National bank, doors. succession shutdowns started week ago when only tional bank the city, failed. The State Savings Loan and Trust company had $6,216,000 when last statement and capital. The South State Savings bank the Payson State Savings branches, closed during the

13. November 17, 1930 The Times Shreveport, LA
Article from The Times, November 17, 1930

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ILLINOIS CITY Three Unmasked IS FRIGHTENED Youths Hold Up Memphis Store Three Banks in Hands of Ex- aminers After Runs Made by Citizens Quincy banks were in the hands of examiners Sunday night two in small towns of Missouri were closed. and the remaining banking institutions this city. after weathering beavy run of withdrawals. announced they would do business as usual this The community was in a highly nervous by long lines of at winwithdraw funds A group of ance in signed statement appearing in the afternoon Herald Whig and Journal that the remaining banks would continue to 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. blamed the situation on the sh-inkage of farm land values. unmasked white youths held six clerks and seven customers at bay in chain grocery store late Saturday night and escaped with $000 in daring hold-up which climaxed night of banditry in Memphis, during which two laundry wagon and three pedestrians lost about to robbers

14. November 17, 1930 News-Record Neenah, WI
Article from News-Record, November 17, 1930

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BANKS CLOSE TO PROTECT DEPOSITORS Kentucky, Arkansas and Illinois Banks Affected By United Press Washington. — Appointment of Paul Keyes as receiver to liquidate the affairs of the national Bank of Kentucky at Louisville was announced today by Comptroller of the Currency John W. Pole. The Louisville bank suspended operations today when its directors voted to turn its affairs over to the comptroller of the currency. Keyes is a veteran member of the comptroller's staff. Louisivlle, Ky.—The Louisville Security bank and the American Mutual Savings bank, the latter negro-owned and operated, closed today after the National Bank of Kentucky and the Louisville Trust company failed to open for business. The Security bank was affiliated with the National bank which was taken over by the federal comptroller of currency. The negro bank was affiliated with the Louisville Trust company which was placed in the hands of the state banking commissioner. The four banks combined list resources aggregating $65,000,000. All of the institutions were declared solvent, but that it "was necessary to close them to conserve the resources and protect creditors, depositors and all others concerned. Jefferson City, Mo.—Four northeast Missouri banking institutions closed their doors today as a direct result of the failure last week of the State Savings Loan & Trust company of Quincy, Ill. All the institutions had deposited their surplus funds in the Illinois bank, and were forced to close their doors to protect depositors. Little Rock, Ark.—The American Exchange Trust company of Little Rock, of which A. B. Banks is president, and 15 banks affiliated with the A. B. Banks company, closed today, the state banking department announced today. The action was taken, it was explained, under an Arkansas law permitting a bank to close temporarily for a period of five days, after which it must be reopened or be placed in the hands of the state banking department. Springfield, Ill.—Two Illinois banks were closed today, increasing the number of failures in the state since Friday to five. The Bartlett and Wallace State bank, Clayton, and the Timewell State bank, Timewell, were closed today, State Auditor Oscar Nelson announced. All the closings were in connection with the failure of the State Savings Loan and Trust company, of Quincy, of which the Timewell and Clayton institutions were correspondents. The Timewell bank had deposits of $150,000 and the Clayton bank $500,000. Pine Bluff, Ark.—The Merchants & Planters Bank and Trust company of Pine Bluffs, and seven smaller banking institutions in southeastern Arkansas, failed to open their doors today. The smaller institutions were: Bank of Star City, Bank of Altheimer, Eudora Bank & Trust company, the Bank of Wabbaseka, First State bank of Stuttgart, Chicot Trust company of Lake Village, and the Merchants and Planters bank of Humphreys. Helena, Ark.—The Merchants & Planters bank of Helena, closed today. Officials announced they regarded the institution as solvent but were closing to protect depositors. Louisville, Ky.—The national bank of Kentucky, capitalized at $5,000,000 and an affiliated bank, the Louisville Trust Company, failed to open today and the former was taken over by a national bank examiner. A notice posted by the board of directors and signed by Russell E. Mooney, national bank examiner, said the national bank was solvent but that it had been closed "to con-

15. November 17, 1930 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, November 17, 1930

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Four Missouri Toll JEFFERSON CITY, Mo., Nov. northeast banking closed their today direct the failure last State Savings Loan and Trust Company Quincy, Ill. the institutions had deposited their surplus funds the Illinois and were forced to close their doors to protect depositors. Hunter Wounded Ind., Virgin Cramer, near critical pital here today result wounds suffered while hunting.

16. November 20, 1930 The Milan Republican Milan, MO
Article from The Milan Republican, November 20, 1930

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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."