Stony Island State Savings Bank (Chicago, IL)

Episode Information

Episode UID
2028671578
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
202867 routing
Routing Number
2-0286
Start Date
June 9, 1931
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8b490819f503c77f

Response Measures

None

Description

Articles state the bank was among neighborhood institutions that 'closed' after heavy withdrawals; later coverage discusses difficulty of reopening and need for capital.

Events (2)
1. June 9, 1931 Run
Cause
Local Banks
Cause Details
Heavy withdrawals triggered by closing/suspension of several other Chicago neighborhood banks led depositors to withdraw funds from Stony Island.
Newspaper Excerpt
Closing of the Bain banks followed the suspension of business at six other neighborhood banking institutions yesterday. Heavy withdrawals were made on the banks ... Stony Island State Savings Bank.
Source
newspapers
2. June 9, 1931 Suspension
Cause
Local Banks
Cause Details
Bank was closed (suspended) due to heavy withdrawals in the wake of other local bank failures/closures.
Newspaper Excerpt
Twelve outlying Chicago banks ... were closed today because of 'heavy withdrawals following closing of several other Chicago banks.' ... Stony Island State Savings Bank.
Source
newspapers

Newspaper Articles (2)
1. June 9, 1931 The Washington Times Washington, DC
Article from The Washington Times, June 9, 1931

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Article Text

HEAVY DRAIN ON DEPOSITS BLAMED Bain Institutions on South Side Have $15,860,000 e in "Vaults; 6 Closed Yesterday CHICAGO, June 9 (I.N.S.). I welve outlying Chicago banks, In all of which John Bain, financial leader, is chairman of the board, were closed today because of "heavy withdrawals following closing of several other Chicago banks." The 12 banks, as of record March 25, have total deposits of $15,860,000, total cash resources of $1,239,000, and total capital, surplus and undivided profits of $6,306,737. 6 Closed Yesterday Closing of the Bain banks followed the suspension of business at six other neighborhood banking institutions yesterday. Heavy withdrawals were made on the banks in spite of the statements of financiers that two huge mergers of downtown banks, accomplished early yesterday, had "cleared up" the banking situa. tion in the city. The banks which closed today are Armitage State Bank, Auburn Park Trust and Savings Bank, Brainerd State Bank, Bryn Mawr State Bank, Chatham State Bank. Chicago Lawn State Bank, Elston State Bank, Ridge State Bank. Stony Island State Savings Bank. West Englewood Trust and Savings Bank. West Highland State Bank and the West Lawn Trust and Savings Bank. All On South Side All of the institutions are on the South and Southwest Side. Dramatic action by officers was necessary to check runs at one or two other neighborhood banks this morning. The State Savings Bank and Trust Company, which was an affiliate of the Foreman group. today was acquired by the Liberty Trust and Savings Bank.

2. July 31, 1931 Suburbanite Economist Chicago, IL
Article from Suburbanite Economist, July 31, 1931

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Article Text

Attend Confab to Depositors' Learn About Savings, But Get Only of of Banking Glimpse Enormity More than with single thought in persons crammed the Venetian the last Monday night and in the face of bewildering statistical learned exactly nothing as to when they could report to their out of the Stony Island State expect get money Savings bank. But they did get glimpse of the enormity the banking situation outlined by Dr. Byron Kelly. The meeting called by the positors Protective committee and admission by card only. There also present similar banking committees which have sprung into existence within the past three weeks. Cry for Money pent in the ballroom, crowded most protective committee had pared port read. This represented their findings probe banking they concerned Chicago and the local Interruptions frequent the impatient listened the tinuous flow of technicalities. when get our came frequent Talk Called "The people just don't seem to derstand William Hochfeldt after the meetcome end. He prepared to talk depositor's assurance measure legalized through amendments the state banking He not take the platform the crowd proved itself unreceptive information other than relief. people their money through teller's window and think will be just matter time passed back to them." Mr. Hochfeldt said. Dr. Kelly Reports "They seem realize the into the bank placed their the the crowd the the protective in charge, listened while Doctor Kelly read the entire report. quite consclous that the information report be far from that hoped for by the depositors," said Doctor Kelly the opening his address. His first consideration was general bank ures. "Of the 37 banks closed since the first Cook receivers have been appointed. been able to reopen. When once receiver has been in times. difficult reopen the of any bank. and the almost Kelly stressed as he touched on tion. Need Million the possibilities of reopening the Stony Island your this problem: First, how much cash required: second. whether would be raised: third. would be the nized financial moral standing the institution reorganized. our with State AudiNelson he requested name exact amount cash required reopen the Stony Island bank. His One million dollars. The glimpsed the enormity of banking situation Doctor Kelly told that mittee had visions of taking few days off to look over the real estate securities of bank. Report Assets" "Imagine how uncertain you feel when thick document taining typewritten legal size paper with the "This part Stony Island was Doctor Kelly's comment. of listed descriptions of securities which only experts effort might digest work and study." was Doctor description. unnecessary to state that cannot report the value this bank's assets. when reorganiza(Continued on page