Midland National Bank (Chicago, IL)

View Charter #13036 on SPMC View balance sheet

Episode Information

Episode UID
1303601590
Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
national
Bank ID
130360 national
Charter Number
13036
Start Date
June 25, 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
3aae29992d5c71ba

Response Measures

Full suspension, Books examined

Other: Bank was closed and placed in receivership by the Comptroller of the Currency.

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1932-06-27
Date receivership terminated
1939-03-10
Share of assets assessed as good
12.1%
Share of assets assessed as doubtful
72.2%
Share of assets assessed as worthless
15.8%

Description

Closure followed Chicago-wide runs reportedly driven by a whispering/propaganda campaign; receiver appointed June 28, 1932.

Events (5)
1. January 31, 1927 Chartered
Source
historical_nic
2. June 25, 1932 Run
Cause
Rumor Or Misinformation
Cause Details
Part of June 1932 Chicago-wide runs reportedly driven by anonymous/communistic whispering campaign and propaganda that frightened depositors.
Newspaper Excerpt
HEAVY RUNS LAUNCHED BANKS IN CHICAGO ... the Kasper American State Bank. Midland National Bank, Central ...
Source
newspapers
3. June 25, 1932 Suspension
Cause
Rumor Or Misinformation
Cause Details
Bank closed doors amid the June runs that affected many Chicago banks, attributed in press to a propaganda/whispering campaign.
Newspaper Excerpt
Kaspar-American State Bank and Central Manufacturing District Bank, both of Chicago, close doors; Midland National Bank, Chicago, with $600,000 deposits, closes doors.
Source
newspapers
4. June 27, 1932 Receivership
Source
historical_nic
5. June 28, 1932 Receivership
Newspaper Excerpt
M. E. Jensen ... has been named receiver for the Midland National bank of Chicago and took up his duties there this morning.
Source
newspapers

Newspaper Articles (12)
1. June 25, 1932 The Cleveland Press Cleveland, OH
Article from The Cleveland Press, June 25, 1932

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Article Text

INVESTORS' SUMMARY BANK AND INSURANCE Kaspar-American State Bank and Central Manufacturing District Bank, both of Chicago, close doors; aggregate deposits were $7,400,000. Midland National Bank, Chicago, with $600,000 deposits, closes doors. FOOD Stockholders of U. S. Dairy Products Corporation approve plan to acquire assets of Dairy Operators Co. *Snider Packing Corporation reorganization plan declared opeΞ“ative. IRON AND STEEL Inland Steel Co. gets $480,087 tax refund from Bureau of Internal Revenue. RAILROAD St. Louis-San Francisco Railroad to get $2,014,000 mortgage bonds back from Railroad Credit Corporation and pledge same as collateral for loan of $2,805,175 from Reconstruction Finance Corporation. Great Northern Railroad omits dividend on preferred stock. Pensylvania Railroad net operating income five months ended May was $16,415,029 vs. $19,073,121 in like 1931 period. Lehigh Valley Railroad net operating income in five months to May was $1 475,222 vs. $2,416,089 in like 1931 New York, Ontario & Western Railroad net operating income in five months to May 31 was $816,810 vs. $539,568 in like 1931 period. Maine Central Railroad net income in May was $23,966 vs, $13,017 in 1931. Canadian Pacific Railroad gross income third week in June was $2,581,000 vs. $2,866,000 in like 1931 week. St. Louis Southwestern Railroad gross income second week in June was $243,200 VS. $403.837 in like 1931 UTILITY People's Gas, Light & Coke Co. places stock on $5 annual basis vs. dividend of $1.25 recand payment Public Service Co. of Northern Illi nois by executive committees. Consolidated Gas Utilities balance available for taxes and dividends year ended May 31 was $261,633 vs. $626,944 preceding fiscal year. Montreal Light, Heat & Power Co. net profit four months ended April 30 was $4,493. 487 vs. $4,304,232 in like 1931 period. Consolidated Gas Co. of N. Y. net income year ended March 31 was $65,416,614 vs. $69,667,373 in preceding fiscal year.

2. June 25, 1932 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, June 25, 1932

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Article Text

HEAVY RUNS LAUNCHED BANKS IN CHICAGO CHICAGO. June Fred Louis Chicago's preachLoop banks his scheduled sermon. banks in Chi- altar Lohmann the Although tion sermon predicted the walked took banks would and returned their seats. The peak tomorrow promi- continued until after said midnight. Puncher Preacher" He deposit the been that investments were in southern Texas. Three be held with find, the closing accounts that much money less ton baptizing service will precede the sermon. the Kasper American State Bank. Midland National Bank, Central ROSENWALD ESTATE and total deposits INVENTORY IS FILED $10,300,000.

3. 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.

4. June 28, 1932 The Taylorville Daily Breeze Courier Taylorville, IL
Article from The Taylorville Daily Breeze Courier, June 28, 1932

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Article Text

E. JENSEN TO BE RECEIVER OF CHICAGO BANK Cashier of Taylorville National Bank Named Receiver Midland National Bank. M. E. Jensen, eashier of the Taylorville National bank, has been named receiver for the Midland National bank of Chicago and took up his duties there this morn- ing. The appointment of Mr. Jensen to this position takes him back to the work he did before he was named eashier of the local bank at the time of its reorganization in February, 1930. Mr. Jensen came to Taylorville during the latter part of November, 1929, as receivor of the First National bank. He held that position until he was called to the Taylorville National bank. When the assets of the Taylorville National bank were sold to the Farmers National bank recently, Mr. Jensen was retained by the directors of the bank to take charge of the liquidation of assets. comptroller of the currency at Washington late Monday, ordering him to report for his new duties today. A. L. Shrout, president of the former Taylorville National bank, will assume the duties of Mr. Jensen at the local bank until his successor is named by the directors. The Jensens have made many friends during their stay here, who will regret to see them leave, but wish them success in their new position. Mrs. Jensen and children will remain here for a time before joining Mr. Jensen.

5. June 29, 1932 The Decatur Daily Review Decatur, IL
Article from The Decatur Daily Review, June 29, 1932

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Article Text

TAYLORVILLE MAN NAMED RECEIVER OF CHICAGO BANK Taylorville-M. E. Jensen, cashier of the Taylorville National bank and in charge of that bank's voluntary liquidation, Tuesday became receiver of the Midland National bank, Chicago. He was appointed receiver on Monday by the comptroller of the currency at WashingD. C. Mr. Jensen had been cashier of the local bank since its reorganization in 1930. When the assets of this bank were sold to the Farmers National bank, Mr. Jensen was retained by the directors to liquidate. A. Shrout, former president of the Taylorville National bank, will assume the duties formerly handled by Mr. until successor appointed by the directors.

6. 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)

7. 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

8. 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.

9. 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.

10. 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."

11. 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.

12. 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.