Chicago National Bank (Chicago, IL)

View Charter #2601 on SPMC View balance sheet

Episode Information

Episode UID
260101164
Episode Type
Suspension → Run → Reopening
Bank Type
national
Bank ID
26010 national
Charter Number
2601
Start Date
December 23, 1896
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5000b8e89135b13b

Response Measures

Borrowed from banks or large institutions, Partial suspension

Description

Articles describe city-wide bank distress and savings banks invoking the 60-day notice rule; no specific mention of the Chicago National Bank or any final closure.

Events (5)
1. December 15, 1881 Chartered
Source
historical_nic
2. December 23, 1896 Run
Cause
Local Banks
Cause Details
Runs described as stemming from recent failures and troubles in Chicago and St. Paul producing nervousness and withdrawals at local savings banks
Measures
Banks compelled savings depositors to fall on the sixty days' notice rule for withdrawals over $100
Newspaper Excerpt
all the savings banks there compelled to fall on the sixty days' notice rule to all depositors desirous of drawing more than $100, on account of small runs on all of them from yesterday's bank troubles
Source
newspapers
3. December 23, 1896 Suspension
Cause
Local Banks
Cause Details
Savings banks imposed 60-day notice rule in response to small runs and wider local bank failures/nervousness
Newspaper Excerpt
all the savings banks there compelled to fall on the sixty days' notice rule to all depositors desirous of drawing more than $100
Source
newspapers
4. January 3, 1897 Other
Newspaper Excerpt
The Chicago banks have been telegraphing to New York, Philadelphia, Baltimore and Washington banks for assistance. ... there may be a general western bank panic. Comptroller Eckels said ... the seat of apprehension lay exclusively at Chicago and points west of there. The condition of western banks is far more serious than is generally imagined by the public. The recent failures in Chicago and St. Paul have, according to the treasury authority, placed western finances in a tottering condition. Ask the east to help them Chicago Banks Call for Money to Tide Them Ove the Trouble. So far it is not believed by the treasury officials that satisfactory responses have been made in the east, therefore greater trouble is feared, and unless all the western banks go to each other's support it is argued there may be a general western bank panic. Comptroller Eckels said tonight that he had no fear of the southern banks, as few, If any, had any great interchange of business with the Chicago concerns, but the seat of apprehension lay exclusively at Chicago and points west of there. Mr. Eckels is, in truth, apprehensive, and while doing all within his power to avert a break in the west, he is not without fear that the situation may yet become critical in the west. (abridged for snippet...)
Source
newspapers
5. August 15, 1913 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)
1. December 23, 1896 The News & Observer Raleigh, NC
Article from The News & Observer, December 23, 1896

Click image to open full size in new tab

Article Text

STOCKS. To-day's stock market was a small, narrow and sensitive affair, showing no decided tendency in either direction, with the business almost wholly local and largely of a professional character. During the first hour's business prices were sustained at about last night's range on some bull movement in Sugar, Chicago Gas andBurlington, but as this demand soon subsided, and it was seen that commission business was practically dull, with no substantial support from the large outside moneyed interests, the bear traders resumed their raiding tactics. Covering shorts later by smaller dealers, and the declaration of the Vanderbilt regular dividends on Lake Shore, New York Central and Michigan Central led to a slight rally toward noon, but the market again eased off upon the Canada Southern dividend being reduced from 11/4 to 1 per cent. Less favorable Chicago advices, with all the savings banks there compelled to fall on the sixty days' notice rule to all depositors desirous of drawing more than $100, on account of small runs on all of them from yesterday's bank troubles, and on the failure this morning of the bank of Minnesota at St. Paul, which was the largest and the oldest bank there. The whole list receded under renewed liquidation and short selling, and closed irregular and heavy with a decline extending 1 to 2 per cent. ,with the latter in Manhattan, C. S., J. C. and D. H., Manhattan's weakness was due to renewed liquidation and bear pressure, C. S., on reduced dividend, C. H., on liquidation of rumors of an impending reduction in its annual dividend from 7to 6 per cent. C. J. declined 1½ per cent, in sympathy with the weak D. H., and Readi g one per cent. The Grangers were affected by Chicago liquidation on the nervousness there, and at St. Paul, over the financial situation. Tobacco was manipulated, and advanced 2 per cent., by brokers who usually act for insiders. Nothing was done on the Cuban resolutions in the Senate, which adjourned over until January 5th, when the debate on the question will be resumed. E B CUTHBERT & CO

2. January 4, 1897 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, January 4, 1897

Click image to open full size in new tab

Article Text

ASKING THE EAST TO HELP THEM Chicago Banks Call for Money to Tide Them Ove the Trouble. Washington, January 3.-(Special.)-The situation relative to the banks in Chicago and other of the western cities is being considered by Comptroller Eckels and others of the treasury department. The condition of western banks is far more serious than is generally imagined by the public. The recent failures in Chicago and St. Paul have, according to the treasury authority, placed western finances in a tottering condition. For the past three days the Chicago banks have been telegraphing to New York, Philadelphia, Baltimore and Washington banks for assistance. So far it is not believed by the treasury officials that satisfactory responses have been made in the east, therefore greater trouble is feared, and unless all the western banks go to each other's support it is argued there may be a general western bank panic. Comptroller Eckels said tonight that he had no fear of the southern banks, as few, If any, had any great interchange of business with the Chicago concerns, but the seat of apprehension lay exclusively at Chicago and points west of there. Mr. Eckels is, in truth, apprehensive, and while doing all within his power to avert a break in the west, he is not without fear that