Prairie State National Bank (Chicago, IL)

Episode Information

Episode UID
388201164
Episode Type
Suspension โ†’ Reopening
Bank Type
national
Bank ID
38820 national
Charter Number
3882
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
52b3140a5c1a3ba8

Response Measures

None

Description

Articles describe city-wide Chicago banking troubles and use the 60-day notice rule; Prairie State NB is not named directly.

Events (3)

1. May 8, 1888 Chartered
Source
historical_nic
2. December 23, 1896 Suspension
Cause
Local Banks
Cause Details
Small runs and failures among Chicago and regional banks prompted savings banks to invoke the 60-day notice rule
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
Source
newspapers
3. October 15, 1897 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (4)

Article from The News & Observer, December 23, 1896

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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 1ยฝ 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


Article from The Atlanta Constitution, January 4, 1897

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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


Article from The Dickinson Press, March 27, 1897

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Article Text

Otherwise, The South Africa republic and Orange Free State resolve to form a federal union. The Dubuque Stamping and Enameling works, which have been idle for some time, will start up Monday. A receiver for the Garden State National Building and Loan Association of Chicago has been asked for. The First National Bank of Sioux City, Iowa, which suspended payment Nov. 19. 1896, has been permitted to resume. In nine days farmers near Spencer, Wie., where the local blast furnace buys wood, hauled to town and sold 5,000 cords at $1.50 a cord.


Article from The Pioneer Express, April 2, 1897

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Article Text

ango Free State resolve to form a red uojun The Dubuque Stamping and Knamellug works, which have been idle for Aupooy du this IIIA the entos A receiver for the Garden State National Building and Loan Association of Chicago has been asked for. The First National Bank of Sioux City, Iowa, which suspended payment Nov. 19, 1896, has been permitted to resume In nine days farmers near Spencer, Wie., where the local blast furnace buys wood, hauled to town and sold 5,000 cords at $1.50 a cord. The schooner Frank A. Palmer, the largest of its class on the high seas, has been successfully launched at Bath, Me. The pope has conferred decorations upon several French officers who saved the Roman Catholic religious houses during the fires at Canea. The Guatemala exposition has been officially opened by the government. It will be opened to the general public on April 10. One Wall street firm refused to float the bonds of a Nevada enterprise because of the thug element attracted there by the fight. Judge Goff has appointed z. T. Vinson receiver for U. B. Bushkirk, merchant and timberman of Logan, W. Va. Assets, $125,000. Charley Johnson of Minneapolis knocked out Jerome Quigley of Philadelphia in the sixth round at the Quaker City Athletic club. The London Daily Chronicle states: "Grave news has been received with respect to the health of Emperor William, and certain constitutional possibilities are being discussed." Con Dovle of Chicago and Jack Reid of Ireland fought at 150 pounds before 5,000 people at the American Sporting club, New York Reed was knocked out in the fifteenth round. Representatives from a Aumber of labor organizations and trs es unions met at New York and arra red for a mass meeting, having for its object the amelioration of American seamen. The Brooks locomotive works at uo dn stateted eq 01 ัะปัŒ "A N Insurance full time and with a complete force. This means work for 1,500 men and boxes A jury in the common pleas court at Cleveland decided that Charles N. Cunningham, who is charged with the forgery of the name of Judge E. T. Hamilton to a check for $75,000. The last of the missing fishermen carried out from Bay City, Mich., on the ice, have returned home, and it is believed all have now safely landed. Only a few hundred shanties and none of the nets were saved. At New York Carlo Barsotti, a banker and proprietor of Ilanio Americano, an Italian daily newspaper, has been arraigned charged with larceny in connection with his banking business. He was held under $1,000 ball. It is understood that Mr. Cleveland will become the senior partner of a law firm bearing the style of Cleveland, Carlysle & Stetson, and that the office will be situated in the vicinity of Wall street, New York. Judge Smith has rendered a decision to the effect that $1,500 of labor claims take precedence to the mortgages on the Barclay mill. The mill sold for $25,300 at West Superior. The secured claims amount to $34,000. Two thousand medical students of Laval university, at Montreal, besleged the office of Les Nouvelles, the French Canadian Sunday paper, and threatened to demolish it because an article appeared reflecting upon them The earnings of the B. & O. Railroad company for February, 1897, were $1,725,235, an increase of $187,230 over the month of February, 1896. The increase for the eight months of the fiscal year was $1,100,476. Bishop Lenihan celebrated high pontificial mase at Corpus Christi church at Fort Dodge, Iowa. These services have never before been given in the state outside of Davenport and Dubuque. Fifteen priests were on the altar. A Budapest advice says the trial of twelve women, and two men has commenced at Hold Mezo-Vasarhely, on Lake Hodos. The prisoners are charged with poisoning their husbands 01 .... up relatives then JO others JO obtain insurance money. The various parties to three foreclosure suits against the Helena Consolidated Water company have come to a partial agreement, as a result of which Capt. James H. Mills of Deer Lodge was made receiver of the property. Andrew F. Burleigh of Seattle, Wash., ex-receiver of the Northern Pacific, has gone to Washington in the interest of the candidacy of Federal Judge Hanford for the California circuit judgeship, to succeed Attorney General McKenna. Commissioner of Patents Seymour has rendered a decision affirming the decision of the board of examiners-inchief in the patent office, awarding priority of invention of Fowler in the interference of Joseph C. Fowler VS. Philip T. Dodge, president of the Mergenthaler Linotype company. At a dinner given at Princeton Inn, Princeton, N. J., to Prof. Woodrow Wilson, '79, by the class of '79, Prof. Wilson was presented a bronze bust of Washington. A. W. Halsey of New York was toastmaster and many prom4 inent men from Pennsylvan and New York were present. The Des Moines Ministerial association has appointed a committee to pre-ung uo 1189 assq JO am THE day. Sunday games are played at