4176. Adolph Silver & Co. (Chicago, IL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
private
Start Date
August 21, 1916
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
0cc18954

Response Measures

Full suspension, Books examined

Other: Receiver (Central Trust Company of Illinois) appointed; federal court involuntary petition in bankruptcy filed.

Description

Crowds besieged the bank (run/attempted storming) after manager Max Silver fled with funds; the two private banks closed and a receiver (Central Trust Co.; federal court receiver) was appointed, indicating permanent closure/receivership.

Events (3)

1. August 21, 1916 Run
Cause
Bank Specific Adverse Info
Cause Details
Manager Max Silver fled, accused of looting the two private banks; depositors reacted to disappearance/theft allegation.
Measures
Police called to restore order; crowds dispersed; no measures by bank to pay out (bank was closed).
Newspaper Excerpt
All day crowds of angry depositors besieged the bank doors ... Twenty-five policemen were rushed to one of the Silver banks today when nearly one thousand persons made what looked like an attempt to storm the building.
Source
newspapers
2. August 21, 1916 Suspension
Cause
Government Action
Cause Details
Banks were closed and an involuntary petition in bankruptcy filed; receiver appointed by federal court/Central Trust Company.
Newspaper Excerpt
The two private banks of Adolph Silver & Co. closed Saturday when Max Silver, manager of the banking houses, fled, and were placed in the hands of the Central Trust Company of Illinois as receiver today.
Source
newspapers
3. August 22, 1916 Receivership
Newspaper Excerpt
The two private banks ... were placed in the hands of a receiver to-day following the filing of an involuntary petition in bankruptcy against the banks by counsel for three depositors. ... placed in the hands of the Central Trust Company of Illinois as receiver today.
Source
newspapers

Newspaper Articles (5)

Article from Rock Island Argus, August 21, 1916

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Article Text

BANK IS BESIEGED BY ANGRY CROWDS Chicago, Aug. 21.-While the police of western states were searching for Max Silver, accused of looting the two Chicago private banks of Adolph Silver and Company, his brother, Adolph, founder of the institutions, is hurrying back from California to face the depositors. All day crowds of angry depositors besieged the bank doors and guarded the former home of Silver. Most of the bank patrons are Russians. The closing of the two banks has aroused Chicago to a demand for legislation which will end the "private banking" scandal in Chicago. Since February 12, 1912, 19 private banks have failed in Chicago. Several civic organizations have united to force state control of private banks. The two private banks of Adolph Silver & Co. closed Saturday when Max Silver, manager of the banking houses, fled ,and were placed in the hands of the Central Trust Company of Illinois as receiver today. Deposits in the banks are variously estimated at from $40,000 to $100,000. The condition of the institutions cannot be determined until the receivers examine the books and open the safety deposit boxes. Chicago, Aug. 21.-Twenty-five policemen were rushed to one of the Silver banks today when nearly one thousand persons made what looked like an attempt to storm the building. Order was restored. Later, police with revolvers drawn dispersed another crowd at the banks after bricks had been hurled by the depositors. Six were arrested. Work of examining the safety deposit boxes will be begun tomorrow.


Article from The Sun, August 22, 1916

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Article Text

RECEIVER FOR SILVER BANKS. Chicago Police Balk Attempt to Storm Building. CHICAGO, Aug. 21.-The two private banks of Adolph Silver & Co., which were closed Saturday when Max Silver, manager.' fled, were placed in the hands of a receiver to-day following the filing of an Involuntary patition in bankruptcy against the banks by counsel for three depositors. Deposits in the banks are variously estimated at from $40,000 to $100,000. Twenty-five policemen were rushed to one of the banks to-day to restore order, when a crowd of 1,000 persons made what looked like an attempt to storm the building.


Article from The Fargo Forum and Daily Republican, August 22, 1916

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Article Text

Riotous Depositors of Chi Bank Quieted on Finding Boxes Untouched Chicago, Aug. 22.-After a day of Jacob Wilson, chief clerk of the riotous scenes about the Adolph Silver bank, told the crowd the contents of & Co. private bank, for which a rethe boxes would be found intact. At ceiver was appointed by the federal the direction of the receiver two men court in view of the disappearance of began drilling through the floor of the its director, Max Silver, hundreds of depositors who flocked about the bank in order to get into the vault. No member of the Silver family could closed bank were relieved last night by the announcement that Max Silver be located in Chicago and none of the bank employes knew the combination did not have access to the saving deof the vault. monit hopes in the institution,


Article from Tonopah Daily Bonanza, August 22, 1916

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Article Text

BREAKING INTO SAFETY DEPOSIT (By Associated Press.) CHICAGO, August 22.-After a day of riotous scenes about the Adolph Silver & Co., private bank, for which a receiver was appointed by the federal court yesterday in view of the disappearance of its director, Max Silver, hundreds of depositors who flocked about the closed bank were relieved by the announcement that Max Silver did not have access to the 500 safety deposit boxes in the institution. Jacob Wilson, chief clerk at the bank, told the crowd the contents of the boxes would be found intact. At the direction of the receiver two men today began drilling through the floor of the bank in order to get into the vault. No member of the Silver family could be located in Chicago today and none of the bank employes knew the combination of the vault.


Article from South Bend News-Times, August 26, 1916

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Article Text

# BOTH SIDES PREPARE FOR GREAT RAILROAD STRIKE # BRITISH ARMED SHIP IS SUNK BY SUBMARINE "Duke of Albany" Goes Down in North Sea and 24 Mem- bers of Crew Are Lost, Admiralty Announces. BULGARIAN FORCES MAKE ADVANCE OF 20 MILES Bulgarians in Southern Carpa- thians Renew Efforts to Take Mountain Passes. Bitter Fighting. International News Service: LONDON, Aug. 26. The British boarding steamer, Duke of Albany, has been suck in the North Sea by a German submarine with a loss of 24 lives. Announcement of the destruction of the ship was made today by the Admiralty. It took place on Thurs- day. The commander of the Duke of Albany, the engineer and 22 mem- bers of the crew were lost. The Duke of Albany was attached to the royal navy. International News Service: SALONIKI, Aug. 26. Bulgarian troops that have been operating east of the Struma river in the sector of Lake Doiran have advanced 20 miles in a southeasterly direction, meanwhile clashing both British and Greek troops. The Bulgarian force is made up of soldiers belonging to the 10th di- vision and comitadjis. The entry, cavalry and artillery are engaged in the fighting east of Lake Tahinos, where the Bulgarians are. Watching For Austrians In their campaign against the Austrians the Italians still are pressing steadily onward. The photograph shows an Italian outpost "somewhere" in the Trentino district on the lookout for the enemy. This is a nerve-wrecking duty. # BRITISH HOLD UP GRAIN SHIPMENTS # Prisoned Fortnight in Salt Mine, Man Lives on Brine # LOSES MILLIONS IN FIVE YEARS International News Service: GENESEO, N. Y., Aug. 26. How a man wandered about the recesses of an unused passageway of the # BANK WRECKER IN SOUTH BEND? Chicago Police Hunting For Max Silver in North- ern Indiana. Max Silver, wrecker of the two Chicago banks of Adolph Silver & Co., who disappeared from Chicago a week ago with nearly $100,000 of the depositors' funds, is supposed to be in South Bend, Goshen or on a farm in northern Indiana, Investi- gators for the Central Trust Co. of Chicago, receiver for the banks, and detectives of State's Atty. Hoyne's office are said to be scouring north- ern Indiana for the missing banker and a woman, who is thought to be with hirs. The Chicago detectives apparent- ly are making their searches with- out the help of the police depart- ments of South Bend or Goshen, for the heads of both denied any knowledge of the fact that the in- vestigators were in this vicinity. Word from Chicago Saturday morn- ing said that the Chicago police were making a vigorous search in northern Indiana and particularly around South Bend and Goshen. According to the Chicago dis- patch, the police received a tip that Silver, with his brother-in-law, Charles S. Jackson, were in Goshen, but Jackson was located there, but there was no sign of the missing banker. Detectives working on the case believe that the two were to- gether. Woman Is Known. The woman, who is supposed to be with Silver, is known by the police. Her departure from Chi- cago preceded his by about three days, according to the story told to investigators by a maid in the woman's employ. She was married, but frequently went to cafes with Silver, according to the Chicago police. Mrs. Silver is preparing to file a suit for divorce from her missing husband on the grounds of infidel- ity, it is understood. She was ask- ed if she would not wait two years and charge abandonment, but her attorney said that infidelity charges probably would be filed immediate- ly. # DISCUSSION SHIFTS TO COUNTER PROPOSALS OF ROAD PRESIDENT Negotiations Approaching Final Stage a Employe's Representives Draw Up Forma Notice of Strike---Executives Plan to Appeal to Rank and File. # PRES'T WILSON STILL REMAINS HOPEF International News Service: WASHINGTON, D. C., Aug. 26.- An atmosphere of gravity today surrounded negotiations for the set- tlement of the impending nation- wide railroad strike, as the discus- sions shifted to the basis of the counter propositions evolved by the railroad heads. The situation was described as serious, but by no means hopeless, as the railroad presidents and managers submitted their new settlement proposal to Pres't Wilson for consideration by the representatives of the four rail- way brotherhoods. Both sides had made final prep- arations for a strike emergency to- day. The representatives of the brotherhoods had drawn up the formal notice of strike, to be served on the railroad executives at the very moment it appears that a peaceful settlement is impossible. They were likewise prepared with formal strike orders to be carried back to the men by the 640 district representatives now in Wasaington. The railroad executives, through their general managers, had taken every precaution to meet the strike order. They prepared to appeal from the brotherhood representa- the president by the railroad ecutives. The brotherhood re sentatives were notified to meet president at noon, while the ex tives' call was earlier in the day Both Sides Meet. The presidents' executive co mittee of eight went into session 9:20 o'clock for final considera of the counter proposal. At 10 o'clock the entire att ance of presidents and mana went into executive session for fication of the proposal. It was nounced that the text of the posal would be made pubic as as ratified and in the presid hands. The brotherhood representa went into session at 9:20 to things over." "We are standing pat on om ceptance of the president's pr sition." said Pres't Garretso the conductors. "We know not about any counter propositi, n cepting what we have read in newspapers." # PLANTERS TO PROTEST AGAINST BLACKL