National Bank of Woodlawn (Chicago, IL)

View Charter #11980 on SPMC View balance sheet

Episode Information

Episode UID
1198001590
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
119800 national
Charter Number
11980
Start Date
June 24, 1932
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ca97da5a013355ce

Response Measures

Full suspension

Other: Bank suspended and a receiver was appointed; receiver later paid a 25% dividend to depositors (post-closure liquidation rather than measures to stop the run).

Receivership Details

Depositor recovery rate
52.5%
Date receivership started
1932-06-25
Date receivership terminated
1939-02-11
Share of assets assessed as good
8.2%
Share of assets assessed as doubtful
86.9%
Share of assets assessed as worthless
4.9%

Events (5)
1. June 20, 1921 Chartered
Source
historical_nic
2. June 24, 1932 Run
Cause
Local Banks
Cause Details
Heavy withdrawals triggered by depositor uneasiness over other South Side banks' closings.
Newspaper Excerpt
The National Bank of Woodlawn, on the South Side, failed to open today. Heavy withdrawals, induced by uneasiness of depositors over other South Side closings, were blamed.
Source
newspapers
3. June 24, 1932 Suspension
Cause
Local Banks
Cause Details
Bank failed to open after heavy withdrawals related to other South Side closings.
Newspaper Excerpt
The National Bank of Woodlawn ... failed to open today.
Source
newspapers
4. June 25, 1932 Receivership
Source
historical_nic
5. January 11, 1933 Receivership
Newspaper Excerpt
Eugene Highman, receiver for the National Bank Woodlawn, which closed last June, is sending out checks to depositors of the bank for 25 per cent dividend on the deposits.
Source
newspapers

Newspaper Articles (12)
1. June 24, 1932 Evansville Press Evansville, IN
Article from Evansville Press, June 24, 1932

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Article Text

FIGURES GIVEN IN BAIN BANK FAILURES Receiver Shows Only $231,836 on Hand When They Closed United Press CHICAGO, June 24.-The Na. tional Bank of Woodlawn, on the South Side, failed to open today. Heavy withdrawals, induced by uneasiness of depositors over other South Side closings, were blamed. The bank was the 32nd in the Chicago area to suspend during the last month. There were seven closings yesterday and six Tuesday. Figures on the financial condition the 12 Bain banks on the South Side, which closed one year ago, were given in criminal trial of John Bain, the Scotch 1mmigrant who founded the institutions, his sons, John A. and Rob. ert Bain, and his son-in-law, W. Merle Fisher, charged with conspiracy. Irwin T. Tilruth, the receiver testified that on the day the banks closed, only $231,836 cash was on hand in all 12 institutions. Deposits totalled approximately thirteen million dollars and loans $10,110,425. Loans to John Bain were shown to be $2,156,207 on which $17,555 has been collected.

2. June 25, 1932 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, June 25, 1932

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Article Text

Chicago, five banks closing the number quitting business day; because withhere this month drawals reached total of The the the Central Manclosed District located ufacturing bank, the industrial district just in had deposits of yond the loop. other banks closed been smaller institurecently have most of them neighborhood tions, depositories. instances the directors In most action close and officers took the banks conserve assets. institutions closed Friday Other the Midland National included National bank, bank. Bank Woodlawn National State bank.

3. June 25, 1932 Pittsburgh Post-Gazette Pittsburgh, PA
Article from Pittsburgh Post-Gazette, June 25, 1932

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Article Text

your More Chicago Banks Are Closed June Naof on the and the Ravenswood Na- CleveUnTerm in the uptown district Federal The Woodlawn National had 17 of $2,240,385 last January. National had de- Coml Inv American State Bank Corn Its deposits had been Manufacturing Disat noon. Its listed at $3,500,000. Hud

4. June 30, 1932 The Butler Times-Press Butler, MO
Article from The Butler Times-Press, June 30, 1932

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Article Text

Run Closes Bank. national bank of Woodlawn, on the south side, failed to Friday. Heavy withdrawals, open induced by uneasiness of depositors south side closings, were blamed. over The bank was the in the Chicago area to suspend in the last month. There were seven closings Thursday and six Tuesday. Continental Illinois bank and The and the First National Trust company bank, big loop institutions, reported withdrawals at the opening heavy Friday and officials said that all dewho wished would be paid. positors The banks extended their banking hours Thursday afternoon for that purpose.

5. July 28, 1932 The Great Falls Leader Great Falls, MT
Article from The Great Falls Leader, July 28, 1932

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Article Text

FOSTER DENIES REDS BACKING BANK ATTACK CHICAGO, July 28.-(P)-Authors of communistic propaganda found in a Pontiac, Mich., hotel were sought today by the secret service and detectives everywhere as the directors of a nationwide campaign against the confidence of bank depositors. Chicago bankers, government officials and Michigan police unhesttatingly blamed the communist party for systematized attack on the Integrity of financial institutions in many large cities, particularly the runs which threatened every bank in Chicago last month. It was said by C. L. Smith, prosecuting attorney at Pontiac, to have been backed by sovlet Russia. William Z. Foster. communist candidate for president, denied his organization had sponsored whispering campaign against the First National bank of Pontiac. or that man known as George Rowland. in whose room seditious letters found. was member of the party. Illinois' drastic sedition law. providing 20 years' imprisonment and directed against "anyone who advocates reformation of the government by violence or any other unlawful means," was eyed as the handlest weapon should any radicals be caught (Continued on Page Two)

6. July 28, 1932 The Merrill Daily Herald Merrill, WI
Article from The Merrill Daily Herald, July 28, 1932

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Article Text

BLAMED CAMPAIGN Melvin Head, Believes Plot found were sought today by the everywhere directors against the confidence Chicago officials Michigan police blamed the Communist party for attack the integrity financial institutions in many large cities, particularly the runs which every bank Chicago last month It said by prosecuting attorney Pontiac, have been backed by Soviet Russia William Foster. Communist candidate for president, denied organization had sponsored whisagainst the First pering campaign National bank Pontiac, that man known George ist whose room seditious was member of the party. 'Rowland,' believed today to be really George E. once candidate for president Queens Borough New York City and with record for criminal Michigan since last in August. Illinois' drastic sedition law. 20 years imprisonment and directed against "anyone who advocates the violence or any other ernment by unlawful means, was eyed as the should any radihandiest weapon caught and connected be the Pontiac more than the caused ing two in citadels soundest store upwards of order to meet cash on hand in mands of longer The situation definitely acute, appeared the Pontiac let references from Chicago, advising sent "much that there and progress on jugs in president of Melvin National bank and the First American Bankers head of the association, er blamed the 'radicals, "plot to be he believed the he said that he had and cities that ports from many used in frightenilar system was teledepositors by anonymous ing messages. bankers told how Other Chicago 300 400 bank radicals opened withdrew them accounts and en spreading news simultaneously, the

7. July 28, 1932 Finger Lakes Times Geneva, NY
Article from Finger Lakes Times, July 28, 1932

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Article Text

Begun for Authors of Red Propaganda Chicago Bankers, Government Officials and Michigan Police Unhesitatingly Blame Communist Party for Systematized Attack on Integrity of Financial Institutions in Many Large Cities Chicago, July communistic propaganda found Pontiac, Mich., hotel were sought today by the secret service and detectives everywhere the directors of campaign against the confidence bank depositors. Chicago bankers, government ficials and Michigan police unhesitatingly blamed the communist party systematized attack the integrity financial institutions in many large cities, particthe runs which threatened every bank Chicago month. said by Smith, prosecuting attorney Pontiac, have been backed by Soviet RusWilliam Foster, communist candidate for president, denied his organization had sponsored whispering campaign against the first national bank of Pontiac, or that man known as George Rowland, in whose room seditious letters were found, was member the party. "Rowland," was believed today really to be George Powers, once candidate for president Queens borough in York City with record for criminal syndicalism in Michigan since last August. He escaped police trap his raided hotel room and became object national dragnet. Illinois' drastic sedition viding 20 years imprisonment and directed against "anyone advocates reformation of ment by violence any lawful means," eyed the handiest weapon should any radicaught and connected with the Pontiac literature For letters signed "Yours for the revolution," and some discussed bringing about the unrest which will lead Chicago's June bank runs closed more than 40 includtwo in the loop, and caused city's citato store upwards of $100,000,000 in cash hand in order meet demands of depositors. The situation here. no longer acute, appeared definitely linked with in the Pontiac letters sent from Chicago, advising "Rowland" that there was "much progress here" and "considerable runs jugs in Melvin Traylor, president of the First Bank formhead the American Bankers Association, blamed the "radicals He said believed the "plot and that he had reports from many cities that similar system was used frightening depositors by anonymous telephone messages. Rowland's letters told of plan, discussed but abandoned, simultaneous many key cities. Other Chicago bankers radicals opened 400 bank accounts and then withdrew them simultaneously, spreading news of the The American vigilant intellifederation identified rade H. Rowland's Cleveland correspondent, Harry Gannes, director agitation and propaganda for the New They said he in Chicaduring 1931 when bank runs first became serious. Rowland's Chicago formant, they said, Herbert Newton, alias Gilmer Brady, with offices communist headquarters in West Madison St indicted in Atlanta for criminal syndicalism and studying sociology the Univerof Chicago. The federal seditious conspiracy makes force essential to prosecution for attempts to overthrow the government. Federal the service has jurisdiction over rumors against banks but that most state laws make them crimes.

8. July 28, 1932 St. Joseph News-Press St. Joseph, MO
Article from St. Joseph News-Press, July 28, 1932

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Article Text

BANK PLOTTERS SOUGHT. Widespread Search Made for Men Traced to Pontiac, Mich. CHICAGO. July of Communistic propaganda found in Pontiac, Mich., hotel were sought today by the secret service and everywhere as the directors of against the confidence of bank depositors. Chicago bankers, government officials and Michigan police unhesitatingly blamed the Communist party for systematized attack on the integrity of financial institutions in many large cities, particularly the runs which every bank in Chicago last month. It was said by prosecuting attorney at Pontac, to have been backed by soviet William Z. Foster, Communist candidate for president, denied his organization had sponsored pering against the First National Bank of Pontiac, or that man known as George Rowland, in whose room seditious letters were found, was a. member of the party.

9. July 28, 1932 Los Angeles Evening Citizen News Hollywood, CA
Article from Los Angeles Evening Citizen News, July 28, 1932

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Article Text

NET SPREAD RED BANK PLOT CHICAGO July 28 Authors of Communistic propaganda found sought today by the secret service and detactives everywhere as directors nationwide campaign against the confidence of bank depositors. Chicago bankers government of ficials and Michigan police unhesitatingly blamed the Communist party for systematized attack on the integrity of financial institutions many large cities. particularly the runs which threatened every bank in Chicago last month. It was said by C. L. Smith, pros ecuting attorney at Pontiac to have been backed by Soviet Rus William Z. Foster Communist candidate for President, denied that his organization had sponsored whispering campaign against the First National Bank of Pontiac, or that man known as George Row ters were found. was member of the party Illinois' drastic sedition law provides 20 years imprisonment for "anyone who advocates reformation of the government by violence or any other unlawful means." Chicago's June bank rons closed more than 40 institutions and caused the city's soundest financial citadels to store upwards of $100.000,000 in cash on hand in order to meet demands of depositors. The situation here. no longer acute, appeared definitely linked with references in the Pontiac let ters sent from Chicago, advising 'Rowland' that there was "much progress here" and runs on jugs in loop."

10. July 28, 1932 The Evansville Journal Evansville, IN
Article from The Evansville Journal, July 28, 1932

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Article Text

BANK BREAKERS ARE SOUGHT BY U. S. AND STATE COMMUNIST INFLUENCE IS OPENLY H ARGED AS RING IS EXPOSED CHICAGO, July 28-(AP) of communistic propaganda found in Pontiac, Mich., hotel were sought today by the secret service and detectives everywhere as the directors of nationwide campaign against the confidence of bank depositors. Chicago bankers, government officials, and Michigan police unhesitatingly blamed the communist party for systematized attack on the integrity of financial institutions in many large cities, particularly the runs which threatened every bank in Chicago last month. It was said by C. Smith. prosecuting attorney at Pontiac, have been backed by soviet Russia. Foster Denies Connection William z. Foster, cominunist candidate for president, denied his organization had sponsored whispering campaign against the First National bank of Pontiac, or that man known as George Rowland, in whose room seditious letters were found, was member of the party "Rowland, was believed today to be really George E. Powers, once candidate for president of Queens borough in New York City and with record for criminal syndicalism Michigan since last August. He escaped police trap 20 Year Penalty Illinois' drastic sedition law, providing 20 years' imprisonment and directed against "anyone who advocates reformation of the government by violence or any other unlawful means,' was eyed as the handiest weapon should any radicals be caught and connected with the Pontiac literature Chicago's June bank runs closed more than 40 institutions, including two in the Loop, and caused the city's soundest financial citadels to store upwards of $100,000,000 in cash on hand in order to meet demands of depositors.

11. July 29, 1932 Henryetta Daily Free-Lance Henryetta, OK
Article from Henryetta Daily Free-Lance, July 29, 1932

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Article Text

NATION SCOURED FOR AUTHORS OF BANK RUN PLOT CHICAGO, July 20.--Authors of ommunistic propaganda found in a Pontiac, Mich., hotel are being sought by the secret service and detectives everywher as the directors of a nation-wide campaign against the confednce of bank depositors. Chicago bankers, government officials and Mi higan police unhesitatingly blamed the Communist party for systematized attack on the intgrity of finan instituions in many large cities. parti ularly the runs which threatened every bank in Chicago last month. It was said by C.L. Smith, prosecuting attorney at Pontiac to have been backed by Soviet Russia. Norman Z. Foster, communist candidate for president. denied his organiaztion had sponsored a whispering campaign against the First National bank of Pontiac. or that a man known as George Rowland, in whose room seditious letters were found, was member of the party Illinois's drastic sedition law. providing 20 years imprisonment and directed against "anyone who advocates reformation of the government by violence or any other unlawful means, was eyed as the handiest weapon should any radicals be caught and connected with the Pontiac literature. For the letters were signed "yours for the revolution.' and some disussed "bringing about the unrest which will lead to the revolution." Chicago's June bank runs closed more than 40 institutions, including two in the Loop. and caused the city's soundest financial citadels to store upward of $100,000,000 in cash on hand in order to meet demands of The situation here, no longer acute, appeared definitely linked with ref erences in the Pontia: letters sent from Chicago, advising "Rowland" that there was "much progress here" and "considerable runs on jugs in Loop." Rowland's letters told of a plan. discussed but abandoned, of starting simultaneous runs in many key cities.

12. January 11, 1933 Chicago Tribune Chicago, IL
Article from Chicago Tribune, January 11, 1933

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Article Text

Woodlawn National Bank to Pay Depositors 25% Eugene Highman, receiver for the National Bank Woodlawn, which closed last June, is sending out checks to depositors of the bank for 25 per cent dividend on the deposits.