Chicago National Bank (Chicago, IL)

View Charter #2601 on SPMC View balance sheet

Episode Information

Episode UID
260101361
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
26010 national
Charter Number
2601
Start Date
May 28, 1913
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d176e6f74723a568

Response Measures

None

Description

Receiver appointed for the bank after the Walsh scandal; failure rather than mere temporary suspension.

Events (5)
1. December 15, 1881 Chartered
Source
historical_nic
2. May 28, 1913 Other
Newspaper Excerpt
Suits ... were begun in the circuit court here today. ... Judge Tuthill, who appointed W. C. Niblack receiver for the banks.
Source
newspapers
3. May 28, 1913 Receivership
Newspaper Excerpt
A plan to accept $152,125 from Mr. Billings in full settlement of his liability was prevented by an order of Judge Tuthill, who appointed W. C. Niblack receiver for the banks.
Source
newspapers
4. August 15, 1913 Voluntary Liquidation
Source
historical_nic
5. April 17, 1922 Other
Newspaper Excerpt
The story of the failure of the Chicago National Bank and the trial, conviction, imprisonment and death of John R. Walsh is related in detail
Source
newspapers

Newspaper Articles (3)
1. May 29, 1913 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, May 29, 1913

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Article Text

FAMOUS SPORTSMAN SUED FOR MILLIONS CHICAGO. May 28.-Suits to hold C. K. G. Billings, banker and sportsman of New York and Chicago, responsible for approximately $5,000,000 due to the failure of the John R. Walsh banks, the Chicago National and the Home Savings. were begun in the circuit court here today. Stockholders who brought the suits charged that Billings's negligence as a director permitted Walsh to operate schemes which led to the wrecking of both banks. The amount lost by the Chicago National bank is placed at $3,500,000 and the Home bank losses at $1,500,000. The demurrer of Mr. Billings is on file, attacking the sufficiency of the allegations and stating that the other directors should be made parties to the suits. A plan to accept $152,125 from Mr. Billings, in full settlement of his llability, was prevented by an order of Judge Tuthill, who appointed W. C. Niblack receiver for the banks. Arguments on the suits were set for next Tuesday.

2. May 29, 1913 New-York Tribune New York, NY
Article from New-York Tribune, May 29, 1913

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Article Text

ASK BILLINGS TO PAY ALL Stockholders Sue for $5,000,000 Lost by Walsh Banks. Chicago, May 28.-Attempts to hold C. K. G. Billings, banker of New York and Chicago, responsible for approximately $5,000,000. due to the failure of the John R. Walsh banks. the Chicago National and the Home Savings, were begun in the Circuit Court here to-day. Stockholders who brought the suits charged that Billings's negligence as a director permitted Walsh to operate schemes which led to the wrecking of both banks. The amount lost by the Chieago National Bank is placed at $3,500,000 and the Home Bank losses at $1,500,000. The demurrer of Mr. Billings attacks the sufficiency of the allegations and states that the other directors should be made parties to the suits. A plan to accept $152,125 from Mr. Billings in full settlement of his liability was prevented by an order of Judge Tuthill, who appointed W. C. Niblack receiver for the banks. Arguments on the suits were set for Tuesday.

3. April 17, 1922 The Washington Times Washington, DC
Article from The Washington Times, April 17, 1922

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Article Text

History of Failures. It covers the history of all large and important national bank failfailures, embezzlements, defalcations, robberies, etc., such for instance as the Fidelity Bank of Cincinnati, the result of Harper's attempted corner of the Chicago wheat market, the wrecking of the Oberlin National Bank by the celebrated Cassie L. Chadwick by use of notes bearing the forged signature of Andrew Carnegle, with photostat copies of the notes and fictitious agreements. The story of the failure of the Chicago National Bank and the trial, conviction, imprisonment and death of John R. Walsh is related in detail, as well as the Bigelow defalcation of $1,000,000 and the Alvord defalcation of $700,000, the Riggs National Bank controversy, the failure of the Ma. rine National Bank, and of Grant & Ward, the great fires in Chicago, San Francisco, and Baltimore, and the resulting banking property losses, the several bank panics that have occurred during the period indica ted and their causes and effects. and many other matters of a similar interesting and varied nature.