4199. Avenue Savings Bank (Chicago, IL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
August 27, 1896
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
7c90bb2e

Response Measures

Full suspension

Other: Assignment (voluntary) to Title Guarantee & Trust Company; effectively a closure with assignee/receiver.

Description

Multiple articles (Aug 27–28, 1896) report small depositors became alarmed and started a run; the bank then made an assignment to the Title Guarantee/Trust Company the same day (voluntary assignment to protect depositors) and is described as failed/closed. Primary trigger cited is the Globe National Bank's refusal to continue to clear for the Thirty-first Street concern (failure of a correspondent).

Events (3)
1. August 27, 1896 Receivership
Newspaper Excerpt
made an assignment in the county court this morning to the Title Guarantee & Trust Company. According to the statement filed in court the assets amount to $170,000 and the liabilities about the same . George L. Magill is the owner of the bank.
Source
newspapers
2. August 27, 1896 Run
Cause
Correspondent
Cause Details
Depositors alarmed after Globe National Bank failed/refused to continue to clear for the Thirty-first-street concern; withdrawals followed.
Newspaper Excerpt
Some of the small depositors became alarmed and started a run on the bank.
Source
newspapers
3. August 27, 1896 Suspension
Cause
Correspondent
Cause Details
Bank made an assignment (to Title Guarantee & Trust Company) after loss of clearing support from Globe National Bank and steady withdrawals following other local bank failures.
Newspaper Excerpt
The Avenue Savings Bank ... made an assignment in the county court this morning to the Title Guarantee & Trust Company.
Source
newspapers

Newspaper Articles (10)
1. August 27, 1896 The Evening Times Washington, DC
Article from The Evening Times, August 27, 1896

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Article Text

CHICAGO BANK ASSIGNS. Small Depositors Became Alarmed - and Started a Run. Chicago, Aug. 27.-The Avenue Savings Bank, at No. 260 Thirty-first street, made an assignment in the county- court this morning to the Title Guarantee & Trust Company. According to the statement filed in court the assets amount to $170,000 and the Nobilities about the same . George L. Magill is the owner of the bank. The failure is supposed to have been caused by failure of the Globe National Bank to continue clear for the Thirty-first street concern. Some of the small depositors becam alarme land started a run on the bank.

2. August 27, 1896 The Jersey City News Jersey City, NJ
Article from The Jersey City News, August 27, 1896

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Article Text

THE SILVER PALSY. HOPEDALE, Mass., Aug. 27, 1896.-Notices have been posted in the shops of the Hopedale Machine Company that owing to the lack of orders, the works will run only seven hours each day, except Saturday, when they will run five. PHILADELPHIA, Aug. 27, 1896.-The carpet factory of Lalen C. Krisher, at Susquehanna and Trenton avenues, was closed yesterday owing to the issuance of the execution on a judgment note for $16,839. One hundred hands were employed. Depressed condition of trade is given as the cause of the failure. The assets and liabilities are not known. NEW YORK, Aug. 27, 1896. - Jacob T. Van Wyck, commission merchant, at No. 72 Front street, has made an assignment for, the benefit of creditors to John J. Hanagan. CHICAGO, Aug. 27, 1896.-The Avenue Savings Bank at No. 260 Thirty-first street, made an assignment in the County Court this morning to the Title Guarantee and Trust Company. According to the statement filed in court the assets amount to $170,000 and the liabilities about the same. George L. Magill is the owner of the bank. The failure is supposed to have been caused by failure of the Globe National Bank to continue to clear for the Thirty-first street concern. Some of the small depositors became alarmed and started a run on the bank.

3. August 27, 1896 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, August 27, 1896

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Article Text

Bank Failure. CHICAGO, Aug. 27.-The Avenue Savings Bank, a small private {institution at the corner of Tairty-first and Michigan avenue, assigned this morning to the Chicago Title and Trust company. Since the failure of the Haymarket Bank there has been a steady withdrawal of deposits and for the protection of the depositors the assignment was made. The deposits are $125,000.

4. August 28, 1896 Evening Star Washington, DC
Article from Evening Star, August 28, 1896

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Article Text

Assigned to Protect Deposits. The Avenue Savings Bank, a small prlvate bank on the corner of 31st street and Michigan avenue, Chicago, assigned yesterday morning to the Chicago Title and Trust Company. Since the failure of the North & Co. Bank and the Haymarket Bank there has been a steady withdrawal of deposits, and for the protection of the depositors the assignment was made. The deposits are $125,000.

5. August 28, 1896 Birmingham State Herald Birmingham, AL
Article from Birmingham State Herald, August 28, 1896

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Article Text

Avenue Savings Bank, Chicago. Chicago, Aug. 27.-The Avenue Savings bank, at 260 Thirty-first street, made an assignment in the county court this morning to the Title Guarantee and Trust company. According to the statement filed in court the assets amount to $170,000 and the liabilities about the same. George L. Magill is the owner of the bank. The failure is supposed to have been caused by the failure of the Globe National bank. to continue clear for the Thirty-first street concern. Some of the small depositors became alarmed and started a run on the bank.

6. August 28, 1896 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, August 28, 1896

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Article Text

A Savings Bank Assigns. CHICAGO, ILL., August 27.-The Avenue Savings Bank, at 260 Thirty-first first street, made an assignment in the County Court this morning to the Title Guaran. tee and Trust Company. According to the statement filed in court, the assets amount to $170,000 and the liabilities to about the same. George L. Magill is the owner of the bank. The failure is supposed' to have been caused by failure of the Globe National Bank to continue to clear for the Thirty-first-street concern. Some of the small depositors became alarmed and started a run on the bank.

7. August 28, 1896 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, August 28, 1896

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Article Text

BUSINESS TROUBLES. Assignment of the Avenue Savings Bank of Chicago. CHICAGO, Aug. 27.-The Avenue Savings Bank, a sma!l private bank, on the corner of Thirty-first street and Michigan avenue, assigned this morning to the Chicago Title and Trust Company. Since the failure of the North & Co. Bank and the Haymarket Bank there has been a steady withdrawal of deposits, and for the protection of the depositors the assignment was made. The deposits are $125,000.

8. August 28, 1896 The Morning News Savannah, GA
Article from The Morning News, August 28, 1896

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Article Text

LOST ITS BACKING. Depositors Are Frightened and Make a Run on a Bank. Chicago, Aug. 27.-The Avenue Savings Bank, at 260 Thirty-first street, made an assignment in the county court this morning to the Title Guarantee and Trust Company. According to the statement filed in court the assets amount to $170,000 and the liabilities about the same. George L. Magill is the owner of the bank. The failure is supposed to have been caused by the failure of the Globe National Bank to continue to clear for the Thirty-first street concern. Some of the small depositors became alarmed and started a run on the bank.

9. September 1, 1896 The Progressive Farmer Raleigh, Winston-Salem, Winston, NC
Article from The Progressive Farmer, September 1, 1896

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Article Text

THEY WANTED "SOUND MONEY." Hilton, Hughes & Co., successors to A. T. Stewart, the largest mercantile firm in New York, employing 3,000 peo. ple, failed on the 26 th. Liabilities heavy. Church & Sons, bankers, Lowell, Mich., failed on the 27th. Charles A. Church, one of the firm, shot and fatally wounded his wife and then shot himself on account of the trouble brought on by the failure. The Elgin Sewing Machine and Bicycle works, employing 300 hands, located at Chicago, assigned on the 27th. Liabilities, $100,000. John Bloodgood & Co., New York brokers, assigned on the 17ch. It was one of the most prominent firms in the city. The Haymarket Produce Bank, Chicago, assigned on the 24th, Liabilities $160,000 (sound) White & Spate, carpet dealers, New York, failed on the 27th. Liabilities $60,000 (sound) Corn reached 19 cents a bushel at S+. Louis last week. The lowest figure ever recorded on that market. Give 'em some more single standard. The Avenue Savings Bank, Chicago, failed on the 27th. Liabilities about $70,000 (sound). Barrett & Kessee, machinists, Richmond, Va., assigned Friday. Now they can put in all their time reading the Sound Money Times newspaper of that city. What a restful thing the gold standard is for the workingman!

10. September 3, 1896 The Worthington Advance Worthington, MN
Article from The Worthington Advance, September 3, 1896

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Article Text

MINOR NEWS ITEMS. For the Week Ending Aug. 31. Light frosts were reported in different sections of Nebraska. Mrs. O. H. Stickles, of Stratford, Conn., gave birth to three girls and a boy. The Avenue savings bank in Chicago closed its doors with liabilities of $170,000. Domestic troubles caused William R. Dederick, postmaster at Marion, Pa., to take his own life. The firm of F. G. & I. N. Vanvliet, maltsters and dealers in grain in New York, failed for $400,000. J. W. Brown & Co., wholesale grocers in Philadelphia, made an assignment with liabilities of $100,000. The Appel Clothing company, one of the oldest and heaviest concerns in Denver. failed for $200,000. The Springfield (Mass.) Brewingcompany, with a capital of $300,000, went into the hands of a receiver. At Newport, R. I., R. D. Wrenn, of Chicago, beat F. H. Hovey for the tennis championship of America. Calvin and George Diehl, brothers, aged 16 and 18 years, were drowned in the canal near Middletown, Pa. William Finlayson, aged 84, died at Mount Carroll, III. He was the oldest railroad conductor in the United States. The firm of B. J. Allen, Son & Co., wholesale dealers in glass and chinaware in Philadelphia, failed for $250,000. It is reported that the insurgents have burned over 30 coffee and cocoa plantations in the province of Santiago de Cuba. The Tin-Plate Manufacturers' association, composed of all the tin-plate manufacturers in the country. has dissolved. The Italian government has forbidden all emigration to Brazil in consequence of the recent Brazilian-Italian riots there. Lewis Steward, who was a member of congress in 1891, serving but one term, died at his home in Plano, IN., aged 72 years. Mrs. Henry Ward Beecher celebrated her 84th birthday at the home of her son-in-law, Rev. Mr. Scoville, in West Cornwall, Conn. The Emerson Piano company, with factory and stores in Boston and branches in New York and Chicago, failed for $150,000. Dr. Gallagher, the Irish-American dynamiter who 13 years ago was sentenced to imprisonment for life, was released from the Portland (England) prison.