3956. North Avenue State Bank (Chicago, IL)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
June 28, 1914
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
b2f65b94dbe528a5

Response Measures

None

Description

Multiple contemporaneous articles (June 27–30, 1914) describe a depositor run on the North Avenue State Bank in Chicago triggered by posting a sign that was misunderstood by many foreign-born depositors and amplified by publicity about failures of other local banks (Lorimer-Munday). The bank was repeatedly described as solvent, outside funds/currency were provided by Continental & Commercial Trust & Savings to reassure depositors, and depositors subsequently returned funds. No suspension or receivership is reported — classify as run_only. OCR minor errors corrected (e.g., 'North Avenue State bank' normalized to bank name).

Events (1)
1. June 28, 1914 Run
Cause
Rumor Or Misinformation
Cause Details
A posted sign stating the bank would be closed on July 4 was misunderstood by many depositors (notably of foreign birth) and precipitated heavy withdrawals; publicity about the failure of the Lorimer-Munday banks also amplified fears.
Random Run
Yes
Random Run Snippet
Posting of sign 'This bank will be closed Saturday, July 4' misunderstood
Measures
Paid out large sums (≈$250,000–$300,000); Continental & Commercial Trust & Savings loaned/placed $300,000 in currency on the counters to reassure depositors; city loop banks furnished funds to stop run.
Newspaper Excerpt
The posting of a sign, This bank will be closed Saturday, July 4, precipitated a run on the North Avenue State bank.
Source
newspapers

Newspaper Articles (10)
1. June 28, 1914 The Washington Times Washington, DC
Article from The Washington Times, June 28, 1914

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Article Text

JULY 4 SIGN MAKES BANK RUN CHICAGO, June 28.-The posting of a sign, "This bank will be closed Saturday, July 4," precipitated a run on the North Avenue State bank. During the run, started through a misunderstanding of the notice by depositors of foreign birth, nearly $500,000 was withdrawn from the bank. When it closed its doors at midnight about forty persons were still standing in line waiting to withdraw their savings. They were told to return tomorrow morning and they would receive their money in full. The bank is entirely solvent, according to its officers.

2. June 28, 1914 Evening Star Washington, DC
Article from Evening Star, June 28, 1914

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Article Text

PROBE OF CLOSED BANK Chicago Institution Accused of Profiting From Use of Worthless Paper. CHICAGO. June 27.-Investigation of events preceding the change of La Salle Street National Bank to a state institution will be the keynote of the government's inquiry into the closed bank's affairs, District Atterney Wilkerson said tonight. Charges have been made. to federal offi-. cials that good securities were substituted for worthless paper in the vaults of the national bank to enable It to pass the last inspection of government exam-. iners. These securities were withdrawn. as soon as the examiners left the bank, it is alleged. Before time for another examination the bank forfeited its national charter and became a state institution. Uneasiness caused by the failure of the five Lorimer-Munday banks is believed to be the cause of a run late today on the North Avenue State Bank. By 9 o'clock about $15,000 in small accounts had been withdrawn. Business men in the neighborhood expressed confidence in th institution and endeavored to reassure depositors lined up in front of the paying teller's window.

3. June 29, 1914 El Paso Herald El Paso, TX
Article from El Paso Herald, June 29, 1914

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Article Text

RUN ON STATE BANK IS RESUMED BY FOREIGNERS Chicago, III,, June 29.-Three hundred persons, mostly foreigners, were in line when the North Avenue State bank opened its doors today and the run, begun Saturday, was resumed. Publicity attending the failure of the Lorimer-Munday bank is held responsible. On Saturday the North Avenue bank paid out $250,000, and when the doors opened this morning $300,000 in currency, loaned by the Continental and Commercial Trust and Savings bank, the largest banking institution in the city, was piled in sight to reassure depositors.

4. June 29, 1914 The Day Book Chicago, IL
Article from The Day Book, June 29, 1914

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Article Text

15 years ago. Evanston housewives called poor managers by business men. Blame late shopping for keeping open Saturday. Thirty patients transferred from old detention hospital to new psychopathic ward. Bureau formed by mayors of New York, Philadelphia and Chicago to protect cities from public service corporations. Bonds of eHrman Schmitz, Robert E. Malone and Frank P. McMahon, in jury bribing scandal, fixed at $10,000. Former Mayor Schank, Indianapolis, had stranger watch $5,000 auto. Both gone. Frank Wallace, 3200 W. Lake st., arrested. Alleged to have taken stolen money from Hazel Martin, 19, while posing at "state's attorney man." Loop banks furnishing funds to stop run on North Avenue State Bank. $200,000 withdrawn Saturday. Morgan Park's only movie show failed to open yesterday. Sunday school attendance increased. Vernon L. Bean, Chief Gleason's secretary, charged with violating civil service rule. Alleged to have outside business as attorney. Tony Jacobs, 18, and Bernard Hermanoeky, 18, arrested while trying to force entrance to tailor shop. M. Weinberg, 720 Maxwell st., wants warrant for arrest of Ald. Matt Franz, 20th Ward. Alleges he was slugged for insult to Franze. John Vegan, unemployed, hit by auto at Michigan av. and Adams st. Dead. Isaac Reeder and Isaac Contui went rowing on lake. Lost oars. Rescued by tug. Two thousand more lights to be installed by sanitary district. 14,000 nitrogen lamns to be nut in use July 6

5. June 30, 1914 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, June 30, 1914

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Article Text

DEPOSITORS RETURN MONEY. Run on Chicago Bank Stopped After $300,000 Is Withdrawn. Chicago, June ).-The run on the North Avenue State bank last night and this morning there were fifty persons awaiting their turns to replace their deposits. During the run the bank paid out $300,000.

6. June 30, 1914 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, June 30, 1914

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Article Text

Long Line Forms in Front of North Avenue State Bank CHICAGO, June 29.-Three hundred persons, mostly foreigners, were in line when the North Avenue State bank opened its doors today, and the run, begun Saturday, was resumed. Publicity attending the failure of the Lorimer-Munday banks is held responsible. On Saturday the North Avenue bank paid out $250,000 and when the doors opened today $300,000 in currency, loaned by the Continental and Commercial Trust and Savings bank, the largest banking institution in the city, was piled in plain sight to reassure depositors. President Reynolds of the Continental and Commercial bank stated that the North Avenue bank is perfectly solvent and that it will be given all the funds necessary to meet the extraordinary and uncalled for drain.

7. June 30, 1914 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 30, 1914

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Article Text

DECLARE CHICAGO BANK PERFECTLY SOLVENT AND SAFE 300 Persons in Line to Continue Run Monday-Continental Will Loan Funds Chicago, June 29 -Three hundred persons, mostly foreigners, were in line when the North Avenue State Bank opened its doors today and the run, begun Saturday, was resumed. Publicity attending the failure of the Lorimer-Munday banks is held responsible. On Saturday the North Avenue Bank paid out $250,000 and when the doors opened today, $300,000 in currency, loaned by the Continental and Commercial Trust and Savings Bank, was piled on the counters. President Reynolds of the Continental and Commercial stated that the North Avenue, Bank was perfectly solvent and that it will be given all the funds necessary to meet the extraordinary and uncalled for drain.

8. July 1, 1914 Grand Forks Daily Herald and the Evening Times Grand Forks, ND
Article from Grand Forks Daily Herald and the Evening Times, July 1, 1914

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Article Text

CHICAGO BANK RUN HALTS. Fifty Waiting in Line Today to Replace Deposits. Chicago, !ul.. 1.-The run on the North Avenue State bank ceased and yesterday there were. fifty persons awaiting their turns to replace their deposits. During the run the bank paid out $300,000.

9. July 2, 1914 The Citizen-Republican Scotland, Parkston, SD
Article from The Citizen-Republican, July 2, 1914

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Article Text

DEPOSITORS START RUN ON BIG BANK Chicago, June 30.-Three hundred persons mostly foreigners were in line when the North Avenue State bank opened its doors and the run begun Saturday was resumed. Publicity attending the failure of the Lorimer-Munday banks is held responsible. On Saturday the North Avenue bank paid out $250,000 and when the doors opened today $300,000 in currency loaned by the Continental & Commercial Trust & Savings bank, the largest banking institution in the city, was piled in plain sight to reasure depositors. President Reynolds of the Continental & Commercai stated that the North Avenue bank is perfectly solvent and that it will be given all the funds necessary to meet the extraordinary and uncalled for drain. Charles B. Munday, vice president of the LaSalle Street Trust & Savings bank, which is in the hands of a receiver, declared today members of his family had more than $1,000,000 on deposit when the bank closed. He said it was absurd for anyone to think he had tried. to wreck the institution, when his own family fortunes were involved. He said he believed the bank was solvent, the day it closed. He denied there had been a split between William Lorimer and himself. Official announcement of the bank's condition as reported by Daniel V. Harkin, examiner, to the state auditor, was made today. Notes due the bank to the aggregate of $1,746,048 were branded as "desperate and of no value." Notes for $763,387 were called "slow and doubtful" while the "good" notes aggregated only $781,335. These items alone indicated a failure for approximately $2,500,000.

10. July 2, 1914 The Tabor Independent Tabor, SD
Article from The Tabor Independent, July 2, 1914

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Article Text

DEPOSITORS START RUN ON BIG BANK Chicago, June 30.-Three hundred persons mostly foreigners were in line when the North Avenue State bank opened its doors and the run begun Saturday was resumed. Publicity attending the failure of the Lorimer-Munday banks is held responsible. On Saturday the North Avenue bank paid out $250,000 and when the doors opened today $300,000 in currency loaned by the Continental & Commercial Trust & Savings bank, the largest banking institution in the city, was piled in plain sight to reasure depositors. President Reynolds of the Continental & Commercal stated that the North Avenue bank is perfectly solvent and that it will be given all the funds necessary to meet the extraordinary and uncalled for drain. Charles B. Munday, vice president of the LaSalle Street Trust & Savings bank, which is in the hands of a receiver, declared today members of his family had more than $1,000,000 on deposit when the bank closed. He said it was absurd for anyone to think he had tried to wreck the institution, when his own family fortunes were involved. He said he believed the bank was solvent, the day it closed. He denied there had been a split between William Lorimer and himself. Official announcement of the bank's condition as reported by Daniel V. Harkin, examiner, to the state auditor, was made today. Notes due the bank to the aggregate of $1,746,048 were branded as "desperate and of no value." Notes for $763,387 were called "slow and doubtful" while the "good" notes aggregated only $781,335. These items alone indicated a failure for approximately $2,500,000.