Farmers State Bank (Bulpitt, IL)

Episode Information

Episode UID
70186771558
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7018677 routing
Routing Number
70-1867
Start Date
October 18, 1929
Location
Bulpitt, Illinois (39.592, -89.424)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e2502e5178f94301

Response Measures

None

Events (3)
1. October 18, 1929 Suspension
Cause
Local Shock
Cause Details
Closings forced by decline in farm values and slump in the coal business affecting local banks
Newspaper Excerpt
the Farmer's State Bank at Bulpitt on the following day
Source
newspapers
2. May 1, 1930 Receivership
Newspaper Excerpt
Robert G. Earley, receiver for the Farmers State Bank at Bulpitt ... Mr. Early was appointed receiver of the defunct bank May 1, 1930.
Source
newspapers
3. April 24, 1931 Other
Newspaper Excerpt
Robert G. Earley, receiver of the Farmers State Bank of Bulpitt is mailing depositors of the defunct bank an additional 10 per cent. dividend Thursday amounting to $40,000.
Source
newspapers

Newspaper Articles (5)
1. October 19, 1929 The Pittsburgh Press Pittsburgh, PA
Article from The Pittsburgh Press, October 19, 1929

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Article Text

PLANE CARRIES $500,000 TO DISCOURAGE RUN ON BANK Action of Federal Reserve Saves Last of Taylorsville, Ill., Institutions from Closing Doors. By The United Press. TAYLORVILLE, Ill., Oct. 19. — Timely arrival of an airplane from Chicago with $500,000 in cash averted a money scare here yesterday and saved the last of four banks in this city from closing its doors. Six Christian county banks, three here, have been forced to close in the last week and a long line of depositors of the Farmer's National Bank today began a run on that institution. More than $80,000 was withdrawn by noon, and President J. J. Adams put in a call to federal reserve officials for more cash. One hour and fifty minutes later an airplane with the $500,000 in currency arrived. Deputy sheriffs and police, escorting the money to the bank, forced depositors aside to enter the bank. Soon after the line of depositors melted away. The bank closings have been forced by a decline in farm values and slump in the coal business. They have brought about one of the most serious money difficulties in central Illinois in years. The J. B. Colegrove State Bank in Taylorville closed Thursday last week, the Farmer's State Bank at Bulpitt on the following day and yesterday the Farmer's State Bank at Edinburg closed.

2. October 19, 1929 The Call-Leader Elwood, IN
Article from The Call-Leader, October 19, 1929

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Article Text

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.

3. October 21, 1929 Sidney Daily News Sidney, OH
Article from Sidney Daily News, October 21, 1929

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Article Text

AIRPLANE BRINGS ENDING RUN ON BANK Taylorville, rival of three Federal Reserve Bank officers in a government airplane at this afternoon with in cash abruptly halted an all day run on the Farmers National Bank here after five other Christian County banks closed their doors within a week. 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 the near cashiers window. Realizing that at the rapid rate of withdrawals, the available currency soon would be withdrawn, A. 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. A squad of deputy sheriffs, and policemen in three auto mobiles escorted the money to the bank. Depositors were in the line were shoved aside with shotguns as 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 and Taylorville National bank and the Turner State Bank Edinburg failed to open today The Colegrove State Bank in Taylorville closed last Thursday, the Farmers State Bank at Bulpitt on the following day, and the Farmers State Bank at Edinburg closed yesterday.

4. August 26, 1930 The Taylorville Daily Breeze Courier Taylorville, IL
Article from The Taylorville Daily Breeze Courier, August 26, 1930

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Article Text

Suits Dismissed On 5 Stockholders of Bulpitt Bank Robert G. Earley. receiver for the Farmers State Bank at Bulpitt has dismissed the stockholders suit against the following persons who have since paid their assessment: W. H. Lawrence. J. H. Brvant Roy Tack ett. Ed J. Achenbach and Wm. Achenhach. The suits against the other stockholders is set for the August term of court.

5. April 24, 1931 Herald and Review Decatur, IL

Article Text

Depositors of Closed Bank Mailed Second Dividends TAYLORVILLE-Robert G. Earley, receiver of the Farmers State Bank of Bulpitt is mailing depositors of the defunct bank an additional 10 per cent. dividend Thursday amounting to $40,000. Mr. Early was appointed receiver of the defunct bank May 1, 1930. This is the second dividend payment to be made.