gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
aff326fbc06284d5
Response Measures
None
Description
Bank closed during the January 1933 banking holiday and later placed in receivership.
Events (3)
1.January 16, 1933Suspension
Cause
Government Action
Cause Details
Banking holiday (state/federal banking holiday beginning January 16, 1933) led to suspension of normal banking operations.
Newspaper Excerpt
The city was unable to meet its payroll and bills January 16, the date the banking holiday went into effect.
Source
newspapers
2.March 29, 1933Receivership
Newspaper Excerpt
Frank Gustafson ... appointed receiver to collect stockholders' liability of the Peoples Savings Bank & Trust company of Moline, by Judge Paul Califf ... this afternoon.
Source
newspapers
3.November 17, 1933Other
Newspaper Excerpt
Headquarters of the People's Savings Bank and Trust company ... which are in receivership.
Source
newspapers
Newspaper Articles (12)
1.February 18, 1933The DispatchMoline, IL
Article Text
Be to City Hopes to Meet March Payroll on
Officials Discuss Plan Issuing Tax Warrants to Meet Obligations.
Plans whereby the city of Moline hopes to be able to meet its payroll and other financial obligations on March were in the office of Mayor John Huey this the mayor, of morning by the committee of the city council, the city clerk and James Johnston, former city attorney, and legal adviser the city. The mayor stated that according to present plans the city probably will issue city anticipation warrants for amount sufficient month's salaries and bills pay now due and an additional two salaries and bills which will due March Details of the plan to be pursued have not been worked out, the mayor stated. The city favors this plan rather than the suance of scrip. Warrants for an amount approximating probably will be sued the plan now being considered is adopted. The now owes $14,000 in salaries to and will owe another $7000 by March or total of in salaries. Other bills now due and which will be due March will bring the total amount of indebtedness up approximately $30,000, the mayor said. The city was unable to meet its payroll and bills January 16, the date the banking holiday went into effect. was also impossible for the city to meet its payroll during the remainder of the period the banking holiday was in effect. On January the city had deposit in the People's Savings Bank and Trust company of Moline $137, The city also the bank for tax issued during the fiscal The deposit was in the special fund and the owed was by the general fund from which practically salaries are paid. According to city officials, the bank deducted the owed by the city from the general fund, which was from the posit in the special fund which left city balance of Forty percent of the which the payment immediately all depositors, will the city with total balance of Whether the city will sign waiver to obtain dollar for doloffset the owed the bank will be determined at the next meeting of the city council.
2.March 29, 1933The Rock Island ArgusRock Island, IL
Article Text
CALIFF NAMES GUSTAFSON RECEIVER
Circuit Judge Appoints Officer to Collect Stockholders Liability of $650,000.
Frank Gustafson, Moline police magistrate for many years, appointed receiver to collect stockholders' liability of the Peoples Savings Bank & Trust company of Moline, by Judge Paul Califf of Aledo in the Rock Island county circuit court this afternoon. Motion for the appointment presented this by Ben Bell. for the but action deferred to ternoon for modification of amount of bond to be required. The original motion suggested bond of $15,000, but Judge Califf said he regarded this too small sum, and he indicated he would fix the bond at $50,000. Capital stock of the bank was and would be subject assessment up 100 per cent. Judge Califf, in the suit of the Illinois auditor for receiver for the bank, appointed William nell of Chicago and fixed his bond at two weeks ago. Herbert Pemberton, acting for the is in charge the Peoples and also the Moline State Savings Bank Trust company of Moline. An injunction restrains other creditors and depositors from instituting suit.
3.November 17, 1933The DispatchMoline, IL
Article Text
BANK RECEIVER OFFICE TO BE OPEN UNTIL 4
Headquarters of the People's Savings Bank and Trust company, Moline State Trust and Savings bank and Manufacturers' State bank of East Moline located in the Moline State Trust building will be open. daily including Saturday, from 9 to 4, it is announced by Fred W. Allen, deputy receiver. The office had been open from 9 to 3, except on Saturday, when it closed at noon. The change was made for the convenience of persons having business to transact with the three banks. which are in receivership. The same hours will be maintained at the Commercial bank, it is announced by C. J. Smith, receiver.
4.February 3, 1934The Rock Island ArgusRock Island, IL
Article Text
TO RULE TITLE
Circuit Court Decision In Controversy Over Shares Indicates Receiver Victory.
Judge Nels Larson in the Rock Island county circuit court afternoon indicated that he would grant an order requiring transfer of 10 shares stock in the Carse Ohlweiler company of Rock Island to William nell receiver for Peoples Savings Bank Trust company, Moline. Formal entry of the judge's cision was the request Devore Simonson attorney the defendants. who asked submit further authorities on the legal points raised. In the suit, the bank receiver sought to bar William Carse and Joseph Scherrer from interest in the shares of stock, owned Bert Ohlweiler. charged that the stock posted collateral on for $2,345 with the bank, and subsequently Mrs. Marie Dean obtained judgment against and against the stock attempted Sheriff Fred attempted to auction stock Aug. though the certificates control the ceiver. Subsequently, collateral sold on the note account, and in the bank, but, was charged, officers of the company disclaimed title the receiver and refused transfer the stock on the corporation books, claiming previously been transferred the the sherift's the execution on the judgment Mrs. Dean. The receiver represented the proceedings and the defendants by Curtis Simonson.
5.July 13, 1934The DispatchMoline, IL
Article Text
Puzzling Problem Confronts Califf On Funds in Bank
In hearings on preference claims against the People's Savings Bank and Trust company of Moline, Judge J. Paul Califf of Rock Island county circuit court is confronted with a perplexing problem in reference to a deposit of $2297.81 made by order of the probate court in 1917. Interest on the deposit at the rate of 4 percent now amounts to $1228.
The fund was part of the estate of Kjersti Fagerstrom and was deposited on probate court order after the administrator of the estate, Laurence W. Larson, reported he could not locate the heir to whom the sum should have gone.
Such funds, known as escheated moneys, go to the county if not claimed after seven years but because this sum has been in a bank instead of in the hands of the county treasurer there is a legal question as to its present ownership. The county contends the deposit was a trust fund and therefore should be paid 100 percent from money on hand as of the day of the bank's closing. The bank receiver contends it is a preference deposit and subject to pro-rating as such. Judge Califf yesterday continued the question until the September term of court.
6.November 24, 1934The Rock Island ArgusRock Island, IL
Article Text
PEOPLES BANK RECEIVER ASKS
Set for Dec. on Plan to Borrow to Cover Another 10 Per Cent Payment.
Judge Leonard E. Telleen in the Rock Island county circuit court yesterday afternoon signed an orconstituting the initial step in for new RFC loan assets of the former People Savings Bank & Trust company, Moline, to cover 10 per cent dividend to depositors of the bank. The judge set petition for authority to apply for the loan for hearing on Dec. at o'clock in the morning. not expected that there will be any opposition to granting the authority for the application. is proposed to borrow $675,000 from the RFC the new dividend, and those charge of the receivership of the bank hope that the loan will be put through so that the payment may be made to depositors by the first of the year. Originally, the time the bank suspende business, the RFC advanced $2,750,000 on its assets, to enable the bank to make an immediate 40 per cent payoff. Since that time, the receivership has paid the loan down to 000, and the new loan would init again to The crease willing to make the loan if RFC approved by the court order sought in the Dec. hearing. Petition for authorizing of the filed on behalf of application William O'Connell. Walker attorney.
7.December 28, 1934The Rock Island ArgusRock Island, IL
Article Text
BANK RECEIVER MOVES OFFICES
Vacates Quarters in Moline State Trust Because of Its Impending Reopening.
Offices of the receiver for closed Moline and East Moline banks will be removed from the present quarters in the Moline State Trust & Savings bank building to the Fifth avenue building, it was announced today by Fred W. Allen, deputy receiver.
William L. O'Connell of Chicago is receiver for all the banks involved, the Peoples Savings Bank & Trust company, the Fifth Avenue Savings Bank & Trust company and the Commercial Savings bank, all of Moline, and the Manufacturers State bank of East Moline. Mr. Allen, who has been the deputy in charge, is to become president of the reorganized Moline State Trust & Savings bank.
Removal of the records to the Fifth avenue building was to begin today. The change in location of
and songs will be given by children of the Sunday school. A Santa Claus will distribute gifts to the boys and girls.
8.January 28, 1935The Daily TimesDavenport, IA
Article Text
Found--$1,000 Bond In a Moline Bank; Owner Sought Here
The owner of a $1,000 Liberty bond lost in the Peoples Savings Bank & Trust Co. of Moline, March 15, 1924, is being sought by William L. O'Connell, receiver of the bank, according to legal steps taken by Attorney Clyde S. Walker in Rock Island county circuit court today.
Mr Walker succeeded in saving signed an order, which gives authority to advertise in seeking the owner of the bond. The order was signed by Judge Leonard E. Telleen, making legal the entry of the matter on the estray record of a justice of the peace. After making this record, the receiver will turn the matter over to the county clerk, who, according to law, must advertise.
Action of this nature is necessary because the bond is not a part of the assets of the bank. The receiver has checked all bank records, which fail to disclose that the bond is the property of the institution.
9.January 28, 1935The Daily TimesDavenport, IA
Article Text
$715,000 RFC LOAN ASKED FOR PAYMENT OF BANK DIVIDEND
Plan to Amend Former Petition of Peoples Receiver
A loan of $715,000 with which to pay a ten per cent dividend on deposits in the closed Peoples Savings Bank & Trust Co. of Moline is being sought from the RFC, it was made known today when Attorney Claude S. Walker, representing the receiver, indicated efforts will be made to amend a former petition which asked approval of a $675,000 loan.
According to Mr Walker, the loan has the approval of the Chicago office of the RFC and approval of the Washington office is being sought. The action is being taken by William L. O'Connell, receiver of the institution.
Approval of the former petition was denied by Judge Leonard E. Telleen in Rock Island county circuit court sometime ago following an objection by William Effland, Moline school treasurer. The objection was made because the petition sought approval of the first RFC loan, with which the first 40 per cent dividend was paid. With omission of this clause in the petition, it is believed there will be no difficulty in obtaining authority for the loan.
10.March 27, 1935The DispatchMoline, IL
Article Text
Bank Receiver Is Sued for Return Of Liberty Bond
Peter Busch filed suit in circuit court today against William L. O'Connell as receiver for the People's Savings Bank and Trust company of Moline to recover $2000 for a liberty bond which he said he gave to R. C. Shallberg, former officer of the bank.
Busch contends that he gave Shallberg the bond on March 15, 1925, with the understanding that it would be returned to him on demand. He states that in the receivership of the bank the bond is listed with other assets of the bank and that the bank would not return the bond to him.
11.July 11, 1935The Daily TimesDavenport, IA
Article Text
Arguments Heard On Petition For Fund Preference
The petition asking preference for approximately $17,500 in funds of the Moline Police Pension fund, which were on deposit in the Peoples Savings Bank & Trust Co., Moline, at the time of the bank's closing, was heard today in Rock Island county circuit court and the case was taken under advisement.
The action was brought by Ray Zahn, a Moline police department pensioner, through Attorney Andrew Kopp of Moline and it was the contention of Attorney J. Hays Britton, representing the bank's receiver, William L. O'Connell, the request of Zahn is not proper because he is not an officer of the fund.
12.December 20, 1935Belleville Daily AdvocateBelleville, IL
Article Text
SUPREME COURT HOLDS BANK ACT OF STATE VALID
Provides For Assessment Of Stock Holders; Conviction In St. Clair Circuit Court Upheld.
SPRINGFIELD, ILL., Dec. 19—(AP)—The Illinois Supreme Court was on record today as upholding the constitutionality of the state banking act provisions for assessment of stockholders.
By a four to three decision, the court held that when a master in chancery is assigning assessments to stockholders of a closed bank, it is not a pre-requisite that all claims be proved by the creditors to determine how much individual stockholders owe.
The decision was handed down in a case appealed from the Kankakee county circuit court by stockholders of the American Trust and Savings Bank. It was written by Justice Paul Farthing and concurred in by Justices Clyde E. Stone, Norman L. Jones and Francis S. Wilson.
The stockholders were defendants in a lower court suit brought by creditors who asked assessments against 173 stockholders. The lower court ordered the assessments made, overruling contentions that creditor claims should be proved first.
"This proof can be made otherwise," the court said. "The books of the bank and its papers should show what it owes each creditor and when the obligation accrued to him." The decision affirmed the lower court decree.
The court held unconstitutional, however, the state law granting a preferred claim to a creditor whose draft is returned to him unpaid from a closed bank. Arthur E. Crum, receiver of the First National Bank of Freeport, brought the suit in Stephenson county circuit court against William L. O'Connell, receiver for the Union Bank and Trust Company.
Another bank opinion by the court reversed and remanded the decision of the Rock Island county court which denied the East Moline State Hospital a preferred claim against the People's Savings Bank & Trust Company of Moline. Preference was sought on the allegation that the funds belonged to the state.
The court ruled on more than a score Cook county cases. It ordered the release of Arthur Emblen, convicted of assault with intent to murder Eli J. Daiches, of Chicago, advertising company official. The court reversed the case on the ground Emblen was not brought to trial within the statutory period.
In other cases, the court:
Reversed and remanded the Alexander county circuit court sentencing of Theodore Webster to one year to life for armed robbery.
Affirmed the Vermilion county
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
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Peoples Savings Bank & Trust Company · UID 70012471597