Industrial Savings Bank (Chicago, IL)

Episode Information

Episode UID
2011171401
Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
state
Bank ID
201117 routing
Routing Number
2-0111
Start Date
September 22, 1916
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
05a02fdda140b5a3

Response Measures

None

Events (3)

1. September 22, 1916 Receivership
Newspaper Excerpt
Receivers for the Industrial Savings bank, which closed its doors yesterday, today continued the work of assembling the assets of the institution.
Source
newspapers
2. September 22, 1916 Run
Cause
Local Banks
Cause Details
Panic driven by recent string of private bank failures in Chicago and alarming stories in the daily papers leading depositors to withdraw
Measures
Creditors filed involuntary petition to prompt court closure and stop the run
Newspaper Excerpt
they hurried to file the receivership petition so that the law would close the bank and automatically shut off a run of panic-stricken depositors
Source
newspapers
3. September 22, 1916 Suspension
Cause
Government Action
Cause Details
Creditors filed an involuntary petition in federal court leading to appointment of a receiver and closure
Newspaper Excerpt
Creditors of the Industrial Savings Bank ... caused to be filed in federal court today an involuntary petition for the appointment of a receiver
Source
newspapers

Newspaper Articles (11)

Article from The Richmond Palladium and Sun-Telegram, September 22, 1916

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Article Text

CREDITORS SUE SAVINGS BANK CHICAGO, Sept. 22.-Creditors of the Industrial Savings Bank, an old time private institution caused to be filed in Mederal court today an involuntary petition for the appointment of a receiver for the bank. The institution's liabilities are said to total about $1,000,000 with the assets at approximately half that amount. The attorneys declared the failure would reach $500,000. The failure of the bank is the ninth that has hit depositors in private institutions here in the last four weeks.


Article from The Topeka State Journal, September 22, 1916

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Article Text

MORE BANKS FAIL Ten Now on List of Chicago Financial Crashes in Month. Chicago, Sept. 22.-Another private bank closed today when the Industrial Savings bank filed an involuntary petition asking for a receiver. Liabilities are placed at $800,000 and assets at $600,000 in the petition. Tenth to Close Doors. Chicago, Sept. 22.-The private bank of Campbell, Dupio & Company, the tenth to fail in Chicago within the last month, closed its doors today.


Article from South Bend News-Times, September 22, 1916

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Article Text

ANOTHER CHICAGO BANK IS CLOSED Attorneys Declare the Failure will Reach Half a Million Dollars. International News Service: CHICAGO, Sept. 22.-Creditors of the Industrial Savings bank, an old time private institution, caused to be filed in federal court today an involuntary petition for the appointment of a receiver for the bank. The institution's liabilities are said to total about $1,000,000, with the assets approximately half that amount. The attorneys declared the failure would reach half a million dollars. The failure of the bank is the ninth catastrophe that has hit depositors in private institutions here in the last four weeks. The bank has been under the management of Harry Dubia, prominent in club and social circles. Several big depositors received word that the bank would not open this morning and they hurried to file the receivership petition so that the law would close the bank and automatically shut off a run of panic-stricken depositors, most of them Poles, Slavs, Bohemians and Irish.


Article from The Day Book, September 22, 1916

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Article Text

INDUSTRIAL SAVINGS BANK GOES ON THE ROCKS Another private bank went on the rocks today when the Industrial Savings bank, 2007 Blue Island av., of which Harry Dubia is sole owner, closed its doors. Deposits are estimated between $600,000 and $800,000 and the liabilities may total over $1,000,000. Dubia is a man of high position in both business and social circles. He is a member of the Chicago Athletic ass'n and the Westward Ho Golf club. His home is at 1302 Ritchie ct. Dubia's attorney, J. S. Hummer, blames the panicky conditions created by stories in Chicago daily papers for the Dubia bank closing its doors. β€”0NEW YORK STOCKS. - Steel in new high. General list up. Trading active. WEATHER FORECAST Partly cloudy tonight and Saturday; continued cool; fresh northwest winds. Temperature Thursday: High, 72; low, 52.


Article from Arizona Republican, September 23, 1916

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Article Text

Failure of Many Private Banks Is Causing Alarm [Republican A. P. Leased Wire] CHICAGO, Sept. 22. - Spread of alarm over the failure of private banks in Chicago tonight, prompted States Attorney Hoyne, whose announcement of an investigation was followed by the bank crashes, to issue a statement declaring his office up to this time has not closed or ordered to be closed a single private bank. "This bank investigation was not initiated by me but by the complaints of the dΓ©positors," Hoyne declared. "I am not conducting this investigation of any bank or institution for the protection of depositors." Chicago's tenth private bank within a month closed today. It was the Industrial Savings bank, headed by Harry A. Dubia, president. which has deposits of approximately $800.000. Dubia declared it is solvent. Three creditors filed a petition in bankruptcy against the institution. When the vault of the Dubia bank was opened tonight by agents for the receiver cash and negotiable checks amounting only to $20,180 were found. A deficit of $62,368.58 has been found by investigation of the Paisley chain of private banks, three in number, which closed yesterday, the state's attorney announced.


Article from Rock Island Argus, September 23, 1916

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Article Text

GETTING AT ASSETS OF A PRIVATE BANK Chicago, Sept. 23.-Receivers for the Industrial Savings bank, which closed its doors yesterday. today continued the work of assembling the assets of the institution. According to the petition for a receiver filed by creditors of the bank, the liabilities are $800,000 and the assets listed at $900,000 have depreciated to $600,000. Attorneys for the bank declare it will pay dollar for dollar to creditors. It was the sixth private bank to close it doors during the present week in Chicago and the 50th in the last four years.


Article from The Guthrie Daily Leader, September 26, 1916

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Article Text

BANK PROBE ORDERED Chicago, Sept 26-The state's attorney today announced that the grand jury will be asked to investigate the closing of three banks known as the "Paisley chain" and of the Industrial Savings bank, controlled by Harry A Dubia. Attorneys for the receiver of the Dubia bank said the assets were approximately $1.210,000 and the liabilities only $635.000.


Article from Audubon Republican, September 28, 1916

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Article Text

Domestic Dr. P. C. Regan, a Waukegan (Ill.) dentist, was killed when an automobile in which he was returning from a fishing trip at Fox Lake turned turtle near Ingleside, Ill. * Fire destroyed the grain elevator of McKenney, Rodgers & Co. of Chicago, located at Laporte, Ind. The estimated loss is $150,000. ... Worth's museum at Newcastle, Ind., a private collection of relics and curios, said to be the most extensive of its kind in America, was destroyed by fire with a loss of probably $1,000,000. * * American business men, aided by the federal reserve bank system, will be able successfully to withstand the shock of European competition after the war, in the opinion of Charles Hamlin, governor of the federal reserve board at New York. ... Creditors of the Industrial Savings bank, an old-time private institution of Chicago, caused" to be filed in federal court an involuntary petition for the appointment of a receiver. The institution's liabilities total about $1,000,000, with assets half that amount. ... Organized workers in virtually every industry in greater New York were formally called upon to cease work Wednesday in sympathy with striking traction employees. Labor leaders assert approximately 600,000 men and women are involved. ... A new scale of bread prices for Chicago, predicted ever since the conference of the master bakers in that city more than a week ago, was announced by one of the city's largest wholesalers. A new size loaf will be put on the market and will cost 6 cents. *** Wild rioting in New York by strikers along routes where surface cars were being operated kept the police in constant battles with strikers. Several cars were wrecked. A score of rioters were arrested. Others were sent to hospitals.


Article from The Ely Miner, September 29, 1916

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Article Text

Domestic Many notable financiers, composing the advance guard of the delegates to the American Bankers' association annual convention, are in Kansas City, Mo. * Fire destroyed the entire business district and more than half of the industrial 'section of the town of Phoenix, N. Y., causing a loss of more than $1,000,000. One person is known to have perished. Eighty-two buildings were destroyed. # # # Jacob Binkley, aged fifty-six, a farmer of Hume, Allen county, Ohio, his wife and four sons while driving across the Pennsylvania railroad were struck by a west-bound passenger train. The father, mother and two of the sons were killed. Two sons were hurt. # # * A bomb explosion in the home of Richard A. Shields, secretary of the Electrical Workers' union at Chicago, wrecked the rear of the building and caused a panic among neighbors. The bomb was attributed by the police to labor trouble. * # * American business men, aided by the federal reserve bank system, will be able successfully to withstand the shock of European competition after the war, in the opinion of Charles Hamlin, governor of the federal reserve board at New York. # * Creditors of the Industrial Savings bank, an old-time private institution of Chicago, caused to be filed in federal court an involuntary petition for the app sintment of a receiver. The institution's liabilities total about $1,000,000, with assets half that amount.


Article from The Clio Messenger, September 29, 1916

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Article Text

Domestic Dr. P. C. Regan, a Waukegan (III.) dentist, was killed when an automobile in which he was returning from a fishing trip at Fox Lake turned turtle near Ingleside, III. * * * Fire destroyed the grain elevator of McKenney. Rodgers & Co. of Chicago, located at Laporte, Ind. The estimated loss is $150,000. * * * Worth's museum at Newcastle, Ind., a private collection of relics and curios, said to be the most extensive of its kind in America, was destroyed by fire with a loss of probably $1,000,000. * * * American business men, aided by the federal reserve bank system, will be able successfully to withstand the shock of European competition after the war, in the opinion of Charles Hamlin, governor of the federal reserve board at New York. * * * Creditors of the Industrial Savings bank, an old-time private institution of Chicago, caused to be filed in federal court an involuntary petition for the appointment of a receiver. The institution's liabilities total about $1,000,000, with assets half that amount. . * Organized workers in virtually every industry in greater New York were formally called upon to cease work Wednesday in sympathy with striking traction employees. Labor leaders assert approximately 600,000 men and women are involved.


Article from Iron County News, September 30, 1916

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Article Text

Domestic Dr. P. C. Regan, a Waukegan (III.) dentist, was killed when an automobile in which he was returning from a fishing trip at Fox Lake turned turtle near Ingleside, Ill. ... Fire destroyed the grain elevator of McKenney, Rodgers & Co. of Chicago, located at Laporte, Ind. The estimated loss is $150,000. * * * Worth's museum at Newcastle, Ind., a private collection of relics and curios, said to be the most extensive of its kind in America, was destroyed by fire with a loss of probably $1,000,000. * * * American business men, aided by the federal reserve bank system, will be able successfully to withstand the shock of European competition after the war, in the opinion of Charles Hamlin, governor of the federal reserve board at New York. * * * Creditors of the Industrial Savings bank, an old-time private institution of Chicago, caused to be filed in federal court an involuntary petition for the appointment of a receiver. The institution's liabilities total about $1,000,000, with assets half that amount. ... Organized workers in virtually every industry in greater New York were formally called upon to cease work Wednesday in sympathy with striking traction employees. Lobor leaders assert approximately 600,000 men and women are involved