gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1fdc55a41e1f5135
Response Measures
None
Description
Run in July 1913 caused by vague rumors; institution closed June 22, 1914 due to failure to realize on collateral and a receiver is referenced.
Events (3)
1.July 23, 1913Run
Cause
Rumor Or Misinformation
Cause Details
Vague, unconfirmed rumors about the bank's condition triggered depositors to withdraw funds.
Measures
Fort Dearborn National Bank sent $200,000 in cash; extra tellers engaged; bank kept doors open longer and paid depositors dollar for dollar.
Newspaper Excerpt
The run was started yesterday following a vague and unconfirmed rumor of the bank's condition; $100,000 was paid out.
Source
newspapers
2.June 22, 1914Receivership
Newspaper Excerpt
Receiver Niblack is hopeful of paying 'dollar for dollar.' Kenwood Trust & Savings Bank closed doors following depositors' meeting.
Source
newspapers
3.June 22, 1914Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure to realize on loan collateral leading to suspension of operations.
Newspaper Excerpt
The Kenwood Trust and Savings bank ... closed its doors today. Failure to realize on certain collateral held as security for loans was given as the cause of the suspension.
Source
newspapers
Newspaper Articles (12)
1.July 23, 1913The Calumet NewsCalumet, MI
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Article Text
BANK HAS RUN BUT IT MEETS EVERY DEMAND Chicago, III., July 23.-Fifteen minutes before the opening of the doors of the Kenwood Trust Savings bank today an automobile from the Fort Dearborn National bank arrived with $200,000 in cash to meet the demands of the depositors, a large number of whom had collected in front of the doors. A run started yesterday, following a vague, inconfirmed rumor of the bank's conditionp, and $100,000 was paid out. the bank's condition, and $100,000 was "going to pay dollar for dollar. The Fort Dearborn National is behind us We have engaged extra tellers so there will be no delay in cashing checks." Several hundred depositers were paid during the morning hours today, and the excitement in the vicinity subsided.
2.July 23, 1913Rock Island ArgusRock Island, IL
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Article Text
BANK RUN STARTS FROMWILD RUMOR Fort Dearborn National Comes to Rescue of Kenwood Trust With $200,000. Chicago, Ill., July 23.-Fifteen minutes before the opening of the doors of the Kenwood Trust Savings Bank today an automobile from the Fort Dearborn National Bank arrived with $200,000,000 cash to meet the demands of depositors, a large number of whom had collected in front of the door. The run was started yesterday following a vague and unconfirmed rumor of the bank's condition and $100,000 was paid out. President Brown announced: "We are going to pay dollar for dollar. The Fort Dearborn National is behind us. We have engaged extra tellers, so there will be no delay in cashing checks." Several hundred depositors were paid during the morning hours today, and excitement in the vicinity subsided. Over $30,000 was withdrawn before 11 o'clock, but $4 was taken in for every dollar withdrawn, according to Cashier Kent. Twenty new accounts were opened, one with $25,000. Large sums, offered by a Joliet bank and two Chicago banks, were declined.
3.July 24, 1913Evening StarWashington, DC
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Article Text
MEETS DEMANDS PROMPTLY. Run on Savings Bank in Chicago Caused by Vague Rumors. CHICAGO, July 24.-Just before the Kenwood Trust and Savings Bank, on which a run started yesterday because of vague rumors, opened for business yesterday an automobile from the Fort Dearborn National Bank drew up before the doors, and $200,000 was carried into the institution to meet demands of depositors. The doors opened promptly at 9 o'clock, but before any one was admitted A. K. Brown, president of the institution, made the gollowing announcement to the waiting crowd: "We are going to open the bank now and pay every one dollar for dollar.
4.July 24, 1913Newark Evening Star and Newark AdvertiserNewark, NJ
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Article Text
BANK RUN HALTED CHICAGO, July 24.-The run on the Kenwood Trust and Savings Bank, which began two days ago as the result of idle rumors, was halted today. When the doors opened there were twenty depositors in line and after these had been paid President A. K. Brown announced that the run on the institution was at an end. Later in the day scores of persons who had withdrawn their savings returned to open new accounts.
5.July 24, 1913Norwich BulletinNorwich, CT
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Article Text
Rumors, started apparently from nothing, caused a run yesterday on the Kenwood Trust and Savings Bank, a small state institution at Chicago. During the day the bank paid out about $100,000.
6.July 24, 1913The Calumet NewsCalumet, MI
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Article Text
RUN ON BANK IS HALTED. Chicago, July 24.-The run on the Kenwood Trust Savings bank, begun two days ago as the result of an idle rumor, was halted today. Scores of persons who had withdrawn their savings returned today to open new accounts.
7.July 24, 1913Iowa County DemocratMineral Point, WI
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Article Text
RUN ON KENWOOD BANK Open After Hours to Pay Off 1,100 of Its Depositors. Frightened by a rumor, which one report says started accidently and an other which says it was started by malice, depisitors of the Kenwood Trust and Savings bank at Grand boulevard and East Forty-seventh street started a run on the institution in the afternoon. Officers of the bank met the run smilingly, paid everyone of the 1,100 depositors who asked for his money, kept the doors open fifteen minutes later than usual to accommodate late comers, and then paid all who were inside when the doors closed at 4:15 p. m. Moreover, the officers assured de positors then outside that the bank would open again in the morning and would continue to pay every depositor who wants his money.
8.July 24, 1913The Mitchell CapitalMitchell, SD
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Article Text
BIG RUN ON CHICAGO BANK KENWOOD SAVINGS INSTITUTION PAYS OUT $100,000 AND HAS $300,000 MORE READY. Chicago, III.-A large crowd gath. ered today before the opening hour before the Kenwood Trust and Savings bank, on which a run was started yesterday, following vague rumors concerning the bank's condition. The bank yesterday paid its depositors about $100,000. Before the opening today, however, $200,000 was sent from the Ft, Dearborn National bank and President A. K. Wood announced that he would pay every one dollar for dollar. Several hundred depositors were paid this morning and the excitement in the vicinity of the bank subsided.
9.July 24, 1913Rock Island ArgusRock Island, IL
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Article Text
Bank Run Halted. Chicago, July 24.-The run on the Kenwood Trust & Savings bank, besun two days ago as a result of the idle rumor, was halted today. Scores of persons who had withdrawn their savings returned today to open new accounts.
10.July 25, 1913Devils Lake Weekly WorldDevils Lake, ND
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Article Text
CHICACO BANK RUN STARTED Chicago, July 23.-A large crowd gathered before the opening hour before the Kenwood Trust & Savings bank, on which a run was started yesterday, following vague rumors concerning the bank's condition. The bank yesterday paid depositors about $100,000. Before opening today, however, Pres. A. K. Wood announced he would pay every one dollar for dollar. Several hundred depositors were paid this moning and the excitement in the vicinity of the bank subsded.
11.June 22, 1914The Day BookChicago, IL
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Article Text
THE BANK MESS State's Attorney Hoyne begins examination of Lorimer bank depositors. Receiver Niblack is hopeful of paying "dollar for dollar." Friend of Tribune's told story of Lorimer loaning big money to several political allies. Bank Examiner Harkin is in charge of outlying Lorimer-Munday banks. City Comptroller Traeger to begin court action to recover $705,000 city money. Ass't State's Attorneys Case and Bliss may call directors of bank. Kenwood Trust & Savings Bank closed doors following depositors' meeting. TRILBY THOMPSON CAUGHT Trilby Thompson, Chicago bandit, who escaped from Joliet over a year ago, has been caught in Minneapolis, according to a telegram received by Chief of Detectives Halpin today. Thompson was one of the most sought men in the state. After his sensational escape from the penitentiary with "Sonny" Dunne, who died
12.June 22, 1914The Chickasha Daily ExpressChickasha, OK
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Article Text
PRIVATE BANK IN CHICAGO CLOSES By United Press Chicago, June 22.-The Kenwood Trust and Savings bank, a small private institution that was not connected with the Lorimer banks, closed its doors today. Failure to realize on certain collateral held as security for loans was given as the cause of the suspension. A dozen depositors of the Lorimer banks were questioned today by the state's attorneys, Bliss and Case, preparatory to the grand jury inquiry into the recent failures.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
