Peoples Trust & Savings Bank (Streator, IL)

Episode Information

Episode UID
70018571562
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
7001857 routing
Routing Number
70-0185
Start Date
February 27, 1930
Location
Streator, Illinois (41.121, -88.835)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
30ed52b913e67bc2

Response Measures

None

Description

OCR errors in source articles corrected (e.g., People's Trust and Savings Bank).

Events (3)
1. February 27, 1930 Run
Cause
Rumor Or Misinformation
Cause Details
Widely circulated rumors questioning the bank's soundness led depositors to withdraw funds ($70,000 total; $50,000 shipped in, $30,000 withdrawn that morning).
Measures
$50,000 shipped in to bolster cash; bank officers attempted to reassure depositors.
Newspaper Excerpt
closed by its directors 10 today after run precipitated by rumors of its instability.
Source
newspapers
2. February 27, 1930 Suspension
Cause
Rumor Or Misinformation
Cause Details
Directors closed the bank after uncontrollable withdrawals precipitated by rumors; bank examiner expected to examine books.
Newspaper Excerpt
The Peoples Trust and Savings Bank was closed by its directors at 10 today after [a run] precipitated by rumors of its instability.
Source
newspapers
3. April 5, 1930 Receivership
Newspaper Excerpt
J. Weston Essington, of Streator, as receiver for the People's Trust and Savings bank. The Streator bank closed its doors several weeks ago. Essington ... checked in as receiver for the People's Trust Savings bank ... checked the state auditor Saturday afternoon and ... called representative citizens ... to arrange for general meeting ... intent to protect interests of depositors. Receiver ... called for opening Wednesday to permit depositors to make claims . . .
Source
newspapers

Newspaper Articles (12)
1. February 27, 1930 Belleville Daily Advocate Belleville, IL
Article from Belleville Daily Advocate, February 27, 1930

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BANKS AT STREATOR AND CLOSE DOORS TO BUSINESS Feb. Trust Savings Bank People's closed its directors at today after precipitated instability. An officer he believed depositors would full and said there was rumors. bank examiner expected examine books. The bank day real for the rumors which started bank official. could not control the situation. withdrawn nervous Tuesday and Wednesday shipped that withdrawn this morning before decided to close the HILLVIEW STATE SPRINGFIELD ILL., Feb. of the closing the view State Bank, Green county, was State Auditor Oscar Nelson here this by directors bank. The directors requested the state banking department to the books examination. financial report of the Hillview bank showed capital stock $500 and deposits

2. February 27, 1930 Dixon Evening Telegraph Dixon, IL
Article from Dixon Evening Telegraph, February 27, 1930

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Illinois Banks Closed Doors Today Springfield, Notice the closing of the Hillview, Green county, was given State Auditor Oscar Nelson here this morning by directors of the bank. The requested the Sate Bankto take over the books for examination. The last financial report of the Hillview bank showed capital stock of $25,000, surplus of $500 and deposits of $60,000. Streator, Ill., Feb. Peoples Trust Savings Bank closed by its directors 10 today after "run" preciptated rumors of its instability. An offihe believed would paid in full and said there was for the rumors. A bank examiner was expected toto examine the books. The bank is 20 years old. "There was no real basis for the rumors which started the run," said the bank official. "But could not conrol the situation. was withdrawn by nervous depositors Tuesday and Wednesday. We had $50,000 shipped in and $30,000 of that withdrawn this morning before decided to close the doors."

3. February 28, 1930 The Times Streator, IL
Article from The Times, February 28, 1930

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WORKING Firm In Conviction That Depositors Will Lose. "Depositors the People's Trust Savings Bank will not This statement made by Philip Saunders, cashier, quoted the officials and stockholders of the bank. These officials and stockholders in were yesterday afternoon the closing of the doors and while official statement will not be made the bank examiners have completed their check, the condition the bank warrants this opinion. As stated yesterday, no occasion the run the which started on Monday. Idle rumors and remarks taken up and people grew hysterical. Bank examiners in Streator yesterday, and are working strenuously prepare statement which will be made public at earliest Outlook Very Bright Bank officials state there good prospect of the bank reopening, but nothing can be known regarding this until state bank officials their check. are most optimistic and determined the depositors shall not lose penny. Expressions confidence are heard on all sides today. There severe penalty those who circulate rumors such the that started the run on local bank. Following the law governing Stringent Penalty State laws provide stringent penalty convicted circulating malicious to the solvency any bank, trust company or building and loan association. heavy fine, jail term both may be inflicted upon convicted person. An excerpt from the crim. inal code of Illinois reads: Section enacted by the People of the State of Illinois, represented In the General Assembly: Any person who shall wilfully and maliciously make, circulate transmit to another others, any statements, rumor suggestion, written, printed by word mouth, which directly by inference derogatory to the financial condition, with intent affect the solvency or financial standing of any corporation doing banking trust business this state, or any building and doing business in this State, whe shall cause, aid, procure induce anothto start, transmit circulate any such statement, rumor suggestion, shall be punished fine not more than imprisonment in the county exceeding or both: Provided, that the truth said by the makthereof shall complete any this OPENING will campaign renomination United States senate probably next Monday, according to announcement today. Two or three will be devoted the which scheduled to open in eastern part of the state.

4. February 28, 1930 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, February 28, 1930

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STREATOR, ILL, BANK CLOSED AFTER RUN Official Denies Rumor Institution Is in Unstable Condition By Associated Press. February The Peoples Trust and Savings Bank was closed by its directors at 10 today after precipitated by rumors of its instability. An officer said he believed depositors would be paid in full and said there was no basis for the rumors. A bank examiner was expected to examine the books today. The bank 20 years old. "There was no real basis for the rumors which started the said the bank official. could not control the situation. $70,000 was withdrawn by nervous depositors Tuesday and Wednesday. We had $50,000 shipped in and $30,000 of that was withdrawn this morning before we decided to close the doors.

5. February 28, 1930 Sterling Daily Gazette Sterling, IL
Article from Sterling Daily Gazette, February 28, 1930

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STREATOR BANK WAS CLOSED BY BIG RUN STREATOR. The People's Trust and Savings Bank passed by the house and -ent to the was closed by its directors Thurs- president. day after a "run" precipitated by rumors of its instability. An 01ficers said he believed depositors would be paid in full and said there Here was no basis for the rumor: A bank examiner was expected to examine the books. The bank 13 20 years old. "There was no real basis for the the rumors which started the run. said the bank official "but we could not control the situation and $70,000 was withdrawn by nervous deposi-

6. March 11, 1930 The Times Streator, IL
Article from The Times, March 11, 1930

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RUN ON BANK AT GRANVILLE OFFICERS KEEP INSTITUTION OPEN DESPITE HEAVY WITHDRAWAL OF FUNDS. GRANVILLE, III., March 11.Spurred by wildly circulated rumors questioning the soundness of the First National Bank of Granville, scores of depositors in that Institution yesterday began a "run" on the bank and hundreds of dollars in deposits were withdrawn. According to officers of the bank, who are not in the least alarmed over the situation, the rumor originated early Monday morning in the western section of Granville-Mark community and by the time the bank was opened for the days' business the report had spread from mouth to mouth until a large crowd had gathered about the front of the bank. Up to noon the doors of the bank still remained open and all those insisting upon withdrawing their funds were being accommodated There were scores of others who, apprised of the falsity of the rumor and assured that the report was groundless, left their money in the bank after originally going there to make withdrawals. "There is nothing to worry about." declared John G. Pletsch, president of the bank. who added. "We have the situation well in hand." The "run" on the Granville bank is similar to one conducted at the Peoples' Trust and Savings bank in Strentor last week, "run" which assumed such proportions as to force closing of the bank's doors pending examination and adjustment by state auditors. The Streator bank "run" was precipatated by rumors. A heavy penalty is provided for those persons found guilty of irculating reports questioning the soundness of a bank. which was very successful In New York, has however, not been taken on tour. It has never played in Chicago, and since only the New York Audience has been given the opportunity of seeing it, it has therefore been taken up recently by the Little Theatres and is considered one of the outstanding successes in all parts of the country. Northwestern Alumni in Streator and Ottawa are cooperating in an effort to make the show a success. The children of the grade schools, together with high school students will be given an opportunity to witness the performance In the afternoon, a special rate having been made for students. A reception is to be given the players at the close of the evening performance, which is being sponsored by the local alumni of the university and the Thespian club of the high school.

7. April 6, 1930 The Pantagraph Bloomington, IL
Article from The Pantagraph, April 6, 1930

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Mr. Greenebaum has already fur nished his bond which has proved by the state auditor's fice and will at once begin the task of untangling the affairs of the Cornell bank. Mr. Drennan said that Friday he checked in Weston Essington of Streator, as receiver for the Peo ple's Trust and Savings bank. of that city. The Streator bank closed its doors several weeks ago. Paul Hahn, formerly cashier of the Farmer's State bank at Flanagan which recently closed its doors at the order of its board of directors, Saturday checked in ceiver for that bank by Mr. Drennan. meeting of the depositors bank officials of the Flanagan held several ago Mr unanimously agreed upon as receiver of the bank The res olution adopted the meeting rec. ommending Mr. Hahn as receiver communicated the state auditor's office and Saturday Mr. Drennan completed the formalities turning over Mr. Hahn the task of liquidating the affairs of bank

8. April 7, 1930 The Times Streator, IL
Article from The Times, April 7, 1930

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COMMITTEE OF IS Arranges pointed receiver of the Peoples Trust Savings bank officialchecked the state auditor Saturday afternoon and the Upon suggestion the attorney, first acts of Mr. has been to call group Essington representative citizens afternoon at four gether arrange for general meeting the Intention the depositors their apoint the mittee the protect Interests the depositor greatest who have been called The arrange for the Mayor Myer, W. Rogers, presiTrades Council: Walter dent of the retail organization: and Rev. Louis Biskupski and Louis depositors. receiver he According concerned interests depositors and anxious to committee them all important phases of Open Wednesday. with Essingstated that the bank would ton, Wednesday mornthat all depositors make That may be rush the openthat early claimants over later and clerks will enclaimants, deavor handle the the dispatch. This would in bank will remain from to Saturday evening will from o'clock. The bank assets and listing but that Such showing dition however, be the earliest

9. April 11, 1930 The Fairbury Blade Fairbury, IL
Article from The Fairbury Blade, April 11, 1930

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PONTIAC BANKER NAMED CORNELL BANK RECEIVER J. C. Greenebaum, well known banker of Pontiac, being member of the Illinois State Savings bank of that city, which institution is receiver for the Claudon bank of this city, has been named by State Auditor of Public/ Accounts Oscar Nelson, as receiven for the Farmers State Savings bank of Cornell. This bank closed its doors recenly by order of the board of directors, they stating that the action was done for the purpose of readjustment. Mr. Drennen, a representative of the state auditors office, was in Pontiac last Saturday afternoon for the purpose of checking Mr. Greenebaum in as receiver. Mr. Drennen stated that the appointment of Mr. Greenebaum came as an individual and that the Illinois State Savings bank, of which Mr. Greenebaum is vice presi- dent and cashier. is in no manner connected with the receivership. Mr. Greenebaum has already furnished his bond, which as been approved by the state auditor's office. and will at once begin the task of untangling the affairs of the Cornell bank. Mr. Drennen stated that last Friday he checked in J. Weston Essington, of Streator, as receiver for the People's Trust & Savings bank of that city. The Streator bank closed its doors several weeks ago. Paul Hahn, formerly cashier of the Farmers State bank of Flanagan, which recently closed its doors at the order of its board of directors, was checked in last Saturday as receiver for that bank by R. Drennen, representative of State Auditor Oscar Nelson. At meeting of the depositors and bank officials of the Flanagan bank held several weeks ago Mr. Hahn was

10. November 24, 1931 The Times Streator, IL

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SOLONS CONVENE AND AGITATE ABOLITION OF STATE POLICE, TAX SLASHES, EARLY ADJOURNMENT (Continued from Page 1.) executive committee of the governor's revenue commission, explain more of the bills introduced by his group. Among measures introduced at yesterday's session were eleven by Senator Woods for the funding of Cook county's 1939 taxes These measures had been prepared by the Chicago real estate board. Another by Senator Michel would cut the valuation of real estate fifty per cent, and another by Senator Arthur Miles of Rosiclaire would compel the state to pay all blind relief. Two measures by Senator Earl B Searcy Springfield. were designed to. provide remedies for the Cook 32 years. Choice light hogs sold at $4.40. Cattle receipts were 11,000. The market was seatedy for the choice and weaker for the dium steers. Top was quoted at $13. Cows and helfers sold on little lower basis Feeders showed no change. Sheep receipts 18,000. The market was teady to strong for lambs The cholee were quoted at to $6.50 er: top $4.45: bulk $404.40 heavy $4.20 @ 4.40; medium $4.25 @ 4.45 light $4.20@4. light lights $3.90 $3 holdovers 6,000 steady Calves 2,500: steady Steers choice $10 @ 13: medium $5 (if 10 yearlings $9@12: butchers, helfers $3 cows $3.25@5.25; bulls 4.50: yearlings $46 feeders EAST ST LOUIS LIVESTOCK $6.75 " 8.25: bulls $3.75: good and choice vealers HOGS-Recelpts 11,000 market steady to 10c lowed Top $4.50: pigs 3.90 steady. Lambs common PEORIA LIVESTOCK HOGS Receipts 3,200 10 15. lower: top $4.30: 180-230 lbs. $4.25 4.00 -CATTLE Receipts 300 ady CHICAGO PRODUCE tras 30 standards 28: extras 28-29 firsts 26-27 king stock 14-16 specials 301 Eggs -4,092 cares current 25.23 graded 30-31 extras dirties 19 checks 15-17 Cheese Young Americas and Longhorns 131 brick fancy 151 and twins 131 Live Poultry Turkeys No Leghorn 12 springs 17 No. 10 Leghorns 13 roosters white 17 round white No 20 ungraded 70-75: Minn and N Dakota blers 90 Minn N Dakota Red River Ohios Idaho Russets No mostly 50 commercials $1.10-$1.15 $2.00 carrots crates celery crates $2.25 cucumbers, bu crates string beans, hampers county situation The bills would provide for the selection of one person from these three persons would constitute an emergency interim board to act as the county board of review One of the three would act as the county assessor This board would have powers analogous the Illinois commerce commission except that its would apply only to mat. ters of taxation After this board's term is up the bills would permanent board formed with terms of its members running two, four and six years, and the Rep. F W Lewis of Robinson introduced a measure which would reduce the pay of clerks and judges of election will be out follow Ing Monday or Tuesday -Buy your Thanksgiving poultry at this market All high grade fowls. Klein's Meat Market Phone -Officer George Kmetz. who re. cently was given a ten da) suspen. sion from the police force, resumed his duties today Elmer Bertlaux served on the force during the ab sence of Officer Kmetz At Miss Bramer's Tea Room. Thanksg Day. dinner featuring delicious seasonable food Special table appointments in upper dining rooms 3119 Walter M Anderson of Mar seilles, filed a petition in the pro at morning asking that an administrator be named to settle up the estate his father. the late Benjamin J. Ander son of Marseilles, who died recent at the Illinois Valley Hospital Anderson left real estate valued at $6,000 and personal property worth $2,000. His only heirs are sons Walter M Anderson and Guyer Osteopathic physicians Murray Bldg Chicken a la king Cluner 350 Wednesday all day before Thanks giving Lunch (Cafe) Restaur ant Bake Farmers Union Bldg m Eagle ladies You may buy Telephone Bond and Share First Preferred on the monthly savings plan. Ask any em ployee of the Streator Telephone Company Thank services be held at St. Paul's Lutheran church Wednesday evening. November 25 with Rev. H Roloff Leonore, delivering the address The Junior choir composed of high chool girls. will contribute the music for the evening Basketball tickets now can be registered for at either Crabbe Drug Store or F.. VanLoon and Sons Sporting Good Store Regis tration ends Saturday of this week We advise signing up immediately Adult tickets $4.00 for 11 games Tickets will be out following MonTuesday and Harold and friend, Miss Eleanor day guests In the home of Mrs. Haum of N. Park street Attend Eagle ladies food Farmer's Produce Station Powell Leave orders early Bunco and euchre party at St Stephen's school hall at 30 to Ducks and kens will be registered for at either Crabbe's Drug Store or VanLoon and Sons Sporting Good Store Regis tration ends Saturday of this week We signing up immediately $4.00 for games out following Mon Fair Spalding L.y Nov. 30 and Dec and ternoon and night $10 given away each night Entertainment galore. All welcome -Grape fruit 3 for 25c Bananas 3 lbs. for 20c. All kinds of candies Nick Nicholas, 208 F., Main The Streator Woman's club and the Church of the Good will of Streator. today filed a petition in the circuit court asking that a trustee be appointed to succeed the People's Trust and Savings bank of Streator and J. Weston Essing ton, the bank receiver as custodians of fund established under 99 year lease. The lease was exe. cuted in March. 1926. allowing the Woman's club to become tenants of the church property -Knights of Columbus meeting Tuesday, Nov. 24, m. -An Inheritance tax of $574.28 was paid to J. Ward Smith, county treasurer, today on the estate of the late Peter Schlageter, former Grand Rapids township resident who died recently Before the tax was paid. Willis Willcox Jr. heritance appraiser of the estate filed a report before Judge Harry Reck in the county court showing the testator left an estate valued at $40 292.67 on which a $574.28 tax had been assessed -Just received. this year's crop of nuts of all kinds We are open all day Thanksgiving Nick Nick olas. Fresh fruits and regetables 208 F. Main Arthur's Grocery and Adamson's Meat Market will be closed all day Friday on account of the death of Mrs. N. 1.. Arthur Jumbo sodas By popular re quest we are continuing this soda at be Green Tree Inn.

11. June 28, 1932 The Times Streator, IL

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DENY ESSINGTON JUDGE ELDREDGE TO NAME DEPOSITORY FOR RECEIVER'S FUNDS. Judge Edgar Eldredge today fused name official depository for funds by Wes Essington for Bank, the People's Trust and Savings Bank Strea- The refusal name the pository for the hearings petitions filed by Essington stockholders liability which had been stituted circuit court against the owners of the Utica State bank People's Trust and Essington in the past has been collecting the liability from the stockholders depositing the money any bank he choose. Under plan have court name official depository would be relieved from liability closed.

12. March 1, 1933 The Times Streator, IL

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MAY HAVE TO RECEIVERSHIPS Here Essington Recent receiver appointed by Every the state auditor of Illinois illegally in office and held be null and void acts Denis Sullivan in by Judge perior court of Cook county. which would The drastic into confusion the process plunge scores closed liquidating the state, will banks throughout appealed by the attorney general. Streator there is but one bank In charge of receiver, the People's Trust and Savings. Weston Essington receiver of the closed institution. Based On Technicality. Judge Sullivan founded his opinof the state banking act delegated to the state auditor the authority to name receivers and fix the amount and terms of Such delelegislative power, the gation court ruled, has been adjudged unconstitutional by the state supreme court and invalidates the entire section of the act. The verdict affects 110 receiverships In Cook county and 400 in the entire state, The has been brought by the Automobile depositor in the closed Phillips State bank of Chicago. The company challenged the validity of the statute and asked removal of Charles T. Alverse receiver. The attorney general, representing the state auditor, entered demurrer but this was overruled by Judge Sullivan and the act held unconstitutional. An official of the Illinois Bankers of the decision, said that if the court upholds Judge Sullivan court order or act might be necessáry to ratify the actions of the bank receivers taken hitherto. New Policy Undertaken. The liquidation of defunct banks already in an uncertain and transitional state because of polIcy undertaken by Edward Bar. rett, who has just become state auditor. Barrett has asked the resignation of bank purposing to effect economies adby liquidation under one receiver. This principle has the support of the Illinois Bankers association which backing bill before the state legislature to bring all receiverships under the direct control of single superintendent. On other hand. certain court Judges challenged Barrett's authority require resignations of receivers serving under circuit court appointment.