4049. University State Bank (Chicago, IL)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
June 13, 1931
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
2a1b450441f24455

Response Measures

None

Description

Multiple short-lived runs are reported (June 1931 and June 1932). In 1931 President W. Hoff halted withdrawals by pinning carnations on customers and offering use of safety vaults; the run ended within an hour and the bank suffered no lasting damage. In 1932 community leaders and merchants rallied and the run was quelled the same day. No suspension, receivership, or permanent closure is mentioned. OCR errors in articles corrected (e.g., University State bank and President W. Hoff).

Events (2)
1. June 13, 1931 Run
Cause
Macro News
Cause Details
Public nervousness following a recent large banking merger and wider banking unrest led depositors to withdraw funds.
Measures
President W. Hoff fetched and pinned carnations on customers' lapels and offered free use of the bank's safety vaults; staff greeted and reassured depositors.
Newspaper Excerpt
The run died out. Hoff sent out for carnations ... offered the bank's safe deposit boxes to those who were drawing out their savings.
Source
newspapers
2. June 26, 1932 Run
Cause
Rumor Or Misinformation
Cause Details
Local unease/rumors prompted withdrawals; community leaders and merchants publicly reassured depositors, displaying placards and making statements.
Measures
Community leaders and merchants displayed supportive placards; bank officers (including Hoff) and clergy spoke to reassure the public; the bank kept doors open an hour later than usual and calmed the situation.
Newspaper Excerpt
When uneasy depositors hurried down 55th street Thursday morning to withdraw their funds ... placard: 'This bank, the University State bank, is strong bank. We are not withdrawing.'
Source
newspapers

Newspaper Articles (4)
1. June 13, 1931 The Washington Herald Washington, DC
Article from The Washington Herald, June 13, 1931

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Article Text

Chicago Banker Ends Run With Gala Fete June bank, which Chicago on has had large number since the big banking merger early this week, was turned into the University State event Bank when President Hoff sent out for carnations for every body in line and then offered the bank's safe deposit boxes to those who were drawing out their savings. The run died out.

2. June 13, 1931 The Baltimore Sun Baltimore, MD
Article from The Baltimore Sun, June 13, 1931

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Article Text

President Uses Flowers To Halt Run On His Bank Redeposit Funds Pins Their Lapels Chicago, June episode which Hoff, president University Bank, placed carnations lapels those gathered the institution their posits short what promised of Viewing the long, melancholy assembled the Mr. Hoff messenger the sonally the the left he offered vaults purposes Many got back line their funds. The ended

3. July 8, 1931 The Spokane Press Spokane, WA
Article from The Spokane Press, July 8, 1931

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Article Text

FLOWERS TO HALT RUN ON HIS BANK and resourcefulness prevented run on the University State bank in Chicago. W. Hoff, president, looked out of his office. long line of men with gloomy faces He sent messenger for 500 carnations, then walked to the end of the line. On the lapel each gloomy customer, Hoff pinned flower. Those had withdrawn their money were greeted as about to leave the institution. Hoff offered the free use the institution's safety vaults until had selected new Result: The run stemmed than an hour after started. The bank has noticed no decrease in business

4. June 26, 1932 Chicago Tribune Chicago, IL
Article from Chicago Tribune, June 26, 1932

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Article Text

FRIENDS AGAIN STOP RUN UPON UNIVERSITY BANK The loyalty of friends in the community again played major role in the of State just did year ago this month when run the bank was cut short. When uneasy depositors hurried down 55th street Thursday morning withdraw their funds, in nearly every store window this placard: bank, the University State bank, is strong bank. We are not withdrawing; [Signed] 55th Street Business Men's Further than this, they were met at the bank with signs and verbal assurance as to the Institution's soundNot only did President Hoff and other officers the bank make speeches but Msgr. Shannon, pastor Thomas the Aposchurch, took the rostrum. In addition there copies resolution signed Simeon E. Henry Schultz, and Garfield V. Cox, and the of Chicago, and by D. Gor don Ramsay and other leaders the 55th Street Business The run weakened. the doors closed o'clock, hour later than usual, all was quiet and Mr. Hoff was his thanks.