Multiple contemporary articles report a run on July 23, 1913 caused by vague/unfounded rumors; the bank paid out about $100,000 and brought in $200,000 cash from Fort Dearborn National and remained open with deposits returning. About a year later (June 22, 1914) the same Kenwood Trust & Savings Bank closed/suspended operations reportedly due to failure to realize on loan collateral. Sequence: run (1913) followed by suspension/closure (1914).
Events (2)
1.July 23, 1913Run
Cause
Rumor Or Misinformation
Cause Details
Idle/vague neighborhood rumors about the bank's condition sparked depositors to withdraw funds.
Measures
Paid out about $100,000; President and Fort Dearborn National Bank brought $200,000 in cash; engaged extra tellers and extended hours to pay depositors.
Newspaper Excerpt
A run started yesterday, following a vague, inconfirmed rumor of the bank's condition...the bank paid out about $100,000.
Source
newspapers
2.June 22, 1914Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure to realize on certain loan collateral led to suspension/closure of the bank.
Newspaper Excerpt
The Kenwood Trust and Savings bank...closed its doors today. Failure to realize on certain collateral held as security for loans was given as the cause of the suspension.
Source
newspapers
Newspaper Articles (12)
1.July 23, 1913The Calumet NewsCalumet, MI
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BANK HAS RUN BUT IT MEETS EVERY DEMAND Chicago, III., July 23.-Fifteen minutes before the opening of the doors of the Kenwood Trust Savings bank today an automobile from the Fort Dearborn National bank arrived with $200,000 in cash to meet the demands of the depositors, a large number of whom had collected in front of the doors. A run started yesterday, following a vague, inconfirmed rumor of the bank's conditionp, and $100,000 was paid out. the bank's condition, and $100,000 was "going to pay dollar for dollar. The Fort Dearborn National is behind us We have engaged extra tellers so there will be no delay in cashing checks." Several hundred depositers were paid during the morning hours today, and the excitement in the vicinity subsided.
2.July 23, 1913The Day BookChicago, IL
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CHICAGO BRIEFS Run continued on Kenwood Trust & Savings Bank, 47th street and Grand blvd., but other banks and corporations deposited as much as was drawn out. Run believed to have been started by neighborhood gossip. George Prusener, 14, 3719 Eberly av., who was driving his father's auto when it"ran down and killed Mildred Gloy, 16, exonerated by coroner's jury. Coroner Hoffman sent recommendation to Chief of Police McWeeny that ordinance forbidding minors to operate cars be more strictly enforced.
ANOTHER SENSELESS RUN ON THE BANK Chicago, July 23.-Rumors, started apparently from nothing, caused a run yesterday on the Kenwood Trust and Savings Bank, a small state institution on the south side. During the day the bank paid out about $100,000. Explaining to the crowd of depositors that his bank was solvent, A., K. Brown, president of the bank said: "Since the run started we have taken in large deposits. Any banker who accepts deposits, after he is insolvent, is liable to a prison sentence. I can assure you that I am not going to prison." State Bank Examiner C. G. Rutledge said depositors in the band had no occasion for alarm.
4.July 24, 1913Newark Evening Star and Newark AdvertiserNewark, NJ
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BANK RUN HALTED CHICAGO, July 24.-The run on the Kenwood Trust and Savings Bank, which began two days ago as the result of idle rumors, was halted today. When the doors opened there were twenty depositors in line and after these had been paid President A. K. Brown announced that the run on the institution was at an end. Later in the day scores of persons who had withdrawn their savings returned to open new accounts.
5.July 24, 1913The Salt Lake TribuneSalt Lake City, UT
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RUN ON BANK STOPPED BY SIGHT OF CASH CHICAGO. July 23.-Just before the Kenwood Trust and Saving bank at Grand Boulevard and East Fortyseventh street opened today $200,000 in currency was carried inside by President A. K. Brown to quiet the fears of depositors who yesterday started a run on the bank following vague rumors as to the bank's condition. The bank paid out $100,000 vesterday and several hundred depositors were paid soon after the bank opened today. The cashier declared that more money was taken in than was withdrawn. The state bank examiner issued a statement that depositors need have no fears
6.July 24, 1913Iowa County DemocratMineral Point, WI
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RUN ON KENWOOD BANK Open After Hours to Pay Off 1,100 of Its Depositors. Frightened by a rumor, which one report says started accidently and an other which says it was started by malice, depisitors of the Kenwood Trust and Savings bank at Grand boulevard and East Forty-seventh street started a run on the institution in the afternoon. Officers of the bank met the run smilingly, paid everyone of the 1,100 depositors who asked for his money, kept the doors open fifteen minutes later than usual to accommodate late comers, and then paid all who were inside when the doors closed at 4:15 p. m. Moreover, the officers assured de positors then outside that the bank would open again in the morning and would continue to pay every depositor who wants his money.
7.July 24, 1913Pine Bluff Daily GraphicPine Bluff, AR
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BANK, ON WHICH RUMOR STARTED RUN, PAYS ALL Chicago, July 23.-Just before the Kenwood Trust and Savings Bank on which a run was started yesterday because of vague rumors, opened for business today, an automobile from the Fort Dearborn National Bank drew up before the doors and $200,000 was carried into the institution to meet the demands of depositors. The doors opened at 9 o'clock, but before anyone was admitted A. K. Brown, president of the institution, made the following announcement to the waiting crowd: "We are going to open the bank now and pay everyone dollar for doi-
8.July 24, 1913The Day BookChicago, IL
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CHICAGO BRIEFS Case of Fred Hrodek and Fred Cordes, on trial for "murder with an automobile," will go to jury late today. Accused men claimed brake on auto refused to work. They ran down and killed Patrick J. Condon, 1235 W. Harrison st. Run on Kenwood Trust and Savings Bank ended. Officials declare more money is on deposit than when run started. Joseph Plaza, 3853 Indiana st., struck on head with pitcher filled with beer by Michael Yaragovits, 3855 Indiana st. Plaza in hospital. Yaragovits in jail. Beer in street. Joseph Masholano, 1159 Cherry av., knocked down by Frank Juberiz, 2729 S. Whipple st. Masholano's head struck sidewalk and skull was fractured. County Hospital. Juberiz escaped. Jacob Pitushek, 34, stabbed and probably fatally wounded after quarrel by Joseph Szeniak, 8418 Illinois av. Witnesses say Mrs. Szeniak held Pitushek while her husband slashed his throat. Szeniak arrested. Three bandits attacked Peter Narding, former member Italian secret police, at Canal st. and Jackson blvd. Two men caught, third escaped. Rumored that Mrs. Ella Flagg Young, supt. of schools, will quit job. Deputy Supt. of Police Funkhouser explained to city council sub-committee how terrible restaurant tango is. Mayor Harrison about to start campaign against high price of taxicab rides. State's Attorney Hoyne says he will not present Guggenheim divorce case to grand jury. Fire in Heinly's cafe, Monroe and Dearborn sts., caused slight panic in Majestic Theater.
9.July 24, 1913Rock Island ArgusRock Island, IL
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Bank Run Halted. Chicago, July 24.-The run on the Kenwood Trust & Savings bank, besun two days ago as a result of the idle rumor, was halted today. Scores of persons who had withdrawn their savings returned today to open new accounts.
10.July 25, 1913Devils Lake Weekly WorldDevils Lake, ND
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CHICACO BANK RUN STARTED Chicago, July 23.-A large crowd gathered before the opening hour before the Kenwood Trust & Savings bank, on which a run was started yesterday, following vague rumors concerning the bank's condition. The bank yesterday paid depositors about $100,000. Before opening today, however, Pres. A. K. Wood announced he would pay every one dollar for dollar. Several hundred depositors were paid this moning and the excitement in the vicinity of the bank subsded.
11.June 22, 1914The Day BookChicago, IL
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THE BANK MESS State's Attorney Hoyne begins examination of Lorimer bank depositors. Receiver Niblack is hopeful of paying "dollar for dollar." Friend of Tribune's told story of Lorimer loaning big money to several political allies. Bank Examiner Harkin is in charge of outlying Lorimer-Munday banks. City Comptroller Traeger to begin court action to recover $705,000 city money. Ass't State's Attorneys Case and Bliss may call directors of bank. Kenwood Trust & Savings Bank closed doors following depositors' meeting. TRILBY THOMPSON CAUGHT Trilby Thompson, Chicago bandit, who escaped from Joliet over a year ago, has been caught in Minneapolis, according to a telegram received by Chief of Detectives Halpin today. Thompson was one of the most sought men in the state. After his sensational escape from the penitentiary with "Sonny" Dunne, who died
12.June 22, 1914The Chickasha Daily ExpressChickasha, OK
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PRIVATE BANK IN CHICAGO CLOSES By United Press Chicago, June 22.-The Kenwood Trust and Savings bank, a small private institution that was not connected with the Lorimer banks, closed its doors today. Failure to realize on certain collateral held as security for loans was given as the cause of the suspension. A dozen depositors of the Lorimer banks were questioned today by the state's attorneys, Bliss and Case, preparatory to the grand jury inquiry into the recent failures.
