Chicago Trust Company

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: trust
Start Date: January 1, 1932*
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 77b77297e768444f

Response Measures

None

Description

Article describes a run that forced the Chicago Trust Company to close (default since 1932) and subsequent liquidation/receivership actions (assets/liabilities transferred to Central Republic Trust Company; RFC suit in 1934). Dates are approximate because the article refers to events beginning in 1932; OCR errors in the clipping were corrected (e.g., references to RFC, Charles Dawes, Central Republic Trust Company).

Events (3)

1. January 1, 1932* Run

Cause: Bank Specific Adverse Info
Cause Details: Run followed bank distress and default related to a federal loan and other liabilities (default since 1932); run appears driven by bank-specific insolvency issues.
Measures: Other Chicago banks interceded to carry his point (attempts by other banks to intervene to protect deposits).
Newspaper Excerpt: the run forced the bank close
Source: newspapers

2. January 1, 1932* Suspension

Cause: Voluntary Liquidation
Cause Details: Bank closed after run and its assets/liabilities were transferred to Central Republic Trust Company for liquidation; state auditor planned takeover for liquidation under state receiver; RFC also pursued collection and sued in 1934.
Newspaper Excerpt: the run forced the bank close after the the Bank Company, the Central ... transferred the Central Republic Trust Company, which ... has been liquidating the bank's debts
Source: newspapers

3. November 20, 1934 Receivership

Newspaper Excerpt: RFC filed suit in Federal District late yesterday ... asking receiver collect the the trust ... The RFC stated that State Auditor Barrett planned take over the Trust Company for liquidation under state receiver.
Source: newspapers

Newspaper Articles (1)

1. November 20, 1934 Beaver Dam Daily Citizen Beaver Dam, WI

Article from Beaver Dam Daily Citizen, November 20, 1934

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Article Text

Is Filed On Loans Stockholders of Chicago Trust Company Face Liability of Federal Loan. CHICAGO Stockholders of the Company, headed by former Vice President Charles Dawes, today faced the prospect to dig up $14,000,000 from their own pay part due the ReFinance Corporation. Suit Filed The RFC filed suit in Federal District late yesterday. asking receiver collect the the trust der the law double The due the federal loan balance the famous loan General Dawes for the CenRepublic Trust Comshortly he retired as head the run forced the bank close after the the Bank Company, the Central paying of the RFC amount equal the Dawes now heads the City Other liabilities and assets of the failed bank transferred the Central Republic Trust Company, which two has been liquidating the bank's debts. The RFC stated that State Auditor Barrett planned take over the Trust Company for liquidation under state receiver. Other liabilities for the been the suit said, while the RFC debt was left to the Temporary Basis The default since 1932. on temporary basis give the RFC guard its funds. At the time the loan was made declined the of run and said close the bank the RFC refused enough to deposits Other Chicago banks, fearing the effect of bank failure, interceded to carry his point.