Calumet National Bank

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 3102
Charter Number: 3102
Start Date: October 2, 1931
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: c9b276dc

Response Measures

Full suspension

Other: Multiple nearby bank failures and clearing house encouraged two-weeks' notice enforcement; Calumet National closed its doors.

Description

Contemporary articles (Oct 2-3, 1931) report Calumet National among Chicago banks that closed their doors amid swollen withdrawals and panic after other local trust/bank closings. No reopening is reported in the articles; closure appears permanent in this episode.

Events (2)

1. October 2, 1931 Run

Cause: Local Banks
Cause Details: Unreasoning fear and swollen withdrawals following recent closings of small trust companies and other nearby banks, prompting heavy withdrawals from this bank.
Newspaper Excerpt: Chicago banks closed their doors today. They the Calumet National... (swollen withdrawals)
Source: newspapers

2. October 2, 1931 Suspension

Cause: Local Banks
Cause Details: Bank closed its doors due to depleted cash and reserves caused by heavy withdrawals tied to panic from other local bank failures/closings.
Newspaper Excerpt: Four Cook County banks... closed. They the Calumet National Bank... closed their doors yesterday cash and reserves depleted in most cases by swollen withdrawals.
Source: newspapers

Newspaper Articles (2)

1. October 2, 1931 Waukegan News-Sun Waukegan, IL

Article from Waukegan News-Sun, October 2, 1931

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Article Text

HEAVY SELLING LACKING ON BIG MARKETS TODAY Tone In Government Better Bonds Regarded As Sign Of End Of Distress Liquidation: Some Soft Spots Noted. By CLAUDE JAGGER Associated Press Financial Editor NEW YORK. strength for sustained upturn experienced further better tone in the bond market. particularly government issues regarded sign that distress liquidation had been pleted and considerable talk in brokerage of good buyshare market on scale ing down brisk upturn of points attracted no following. and was Sof spots cropped out here and there Lesses about points appeared in Union Carbide EastCoca Cola and Allied Chemical Rails sagged after midday losing point or Steel up early trading. this advance was later replaced moderate loss American Telephone pushed up only fall about from the top. American Tobacco B rose and fell back Trading was most active on the advance. however, and dwindled considerably as the Lst slid back On the whole speculative sentiment Wall street brightened considerably with the lifting of heavy selling pressure The weekly mercantile reviews prostreet's reported retail buying had been by cooler ther low prices and large advertising expenditures Clothing dealers are reporting good volume CLOSE CHICAGO BANKS CHICAGO, Oct. Chicago banks closed their doors today. They the Calumet National. State the Brighton Park State and the Marshall Square State. PEORIA LIVESTOCK Livestock Hogs 1,500; higher: top $5.55; 200-270 lbs. 160190 lbs. $4.75-5.25; packers $3.50 stags Cattle-200; steady: veals $9.50 FOREIGN EXCHANGES NEW YORK, eign exchanges irregular. Great Briin dollars, others cents. Great Britain France no; no; Bel23.35 Holland 40.22; Norway 22.50; Sweden 24.00; Denmark 22.25 Switzerland 19.60; Spain: Portugal Greece 1.29% Austria 14.06; Tokyo 49.38: Montreal 87.50. METALS NEW YORK. Oct. Copper quiet: electrolytic spot and future Tin steady: spot and nearby 22.25 future 22.75 iron quiet and unchanged. Lead steady: spot York East St. Louis 4.22: zinc steady East St. Louis SILVER NEW YORK Oct. Silver 27% SUGAR NEW YORK Oct sugar 3.40; refined 4.50 COFFEE NEW YORK Oct. tos 7407%: Rio futures quiet: Dec 4.59 March 4.80: Santos steady: Dec 6.92: March 7.13 COTTON NEW YORK. Oct ton steady. 10 tod points lower Oct. Dec 5.73. Jan. 5.84-85 March 6.02May 6.21-22; July 6.38-40 Spot quiet middling 5.70

2. October 3, 1931 St. Louis Post-Dispatch St. Louis, MO

Article from St. Louis Post-Dispatch, October 3, 1931

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Article Text

BANKS DEMAND WEEKS' Clearing House Association Calls on All Depositories to Enforce Rule About Withdrawals. ATTEMPT TO CURB PRIVATE HOARDING Eight Financial Houses Close in Northern Illinois and One in Vandalia, Associated Oct. Philadelphia Clearing House ciation today adopted resolution calling on all banks to enforce the rule requiring two weeks' notice for the withdrawal of time and savings deposits. All the mutual banks in the city have concurred in action. Joseph Wayne president of the Clearing House, stated that closing of some small outlying institutions has resulted in an unreasoning fear among depositors which causing abnormal withdrawals of deposits largely for the purpose hoarding The action of the Clearing House follows of three small trust companies yesterday, and the closing of trust suburb. The Fidelity Co., today appointed Weniger one of the oldest private banking firms in the state. after three creditors filed involuntary tition of bankruptcy in Federal Court. The firm has about depositors. Ewing counsel for creditors, said no statement of liabilities and would not available until after audit of the books. The Richmond Trust bank this deposits of more than today and placed in the hands of the State Banking partment. Four Banks in Chicago Suburbs Close Doors. By the Associated Oct. banks three sections of nois closed their doors yesterday cash and reserves depleted in most cases by swollen withdrawals. In instances. announced closing was for protection depositors who bly would receive cents on the dollar. Two failures in La Salle County brought the total of banks shut since Tuesday in that region to six. The Utica State Bank suspended operations and left its without depository Later in the day the La Salle ings Bank Trust Co. also closed. Four Cook County banks, one National Bank. closed They the Calumet National Bank. with deposits last report the Hegewisch Brighton Park State and Marshall Square State Bank. all on outskirts Chicago. With total nine National 59 State banks Cook County have been closed this year. most of them in quick succession of failures last The seventh closing was that of the First National Bank Kewadirectors said pected all depositors would be paid in full. Yocum's Bank at Galva, $885,Resources, Closed. the Yocum Bank closed yesterday by its directors. Total in its last statement Capital was while the surplus Heavy of deposits given as the for closing. The only other bank the Galva First National, posted notice that days' notice would required fir withdrawal of time deposits. Earl Yocum, president of the closed bank. kidnaped year ago and held for several days but finally released unharmed. His abductors. who tricked into freeing him without receiving any ransom. later captured and sentenced to the penitentiary. Missouri Bank Had Deposits of $396,000. the Associated Press. Mo., Oct. Vandalia Trust Co. of Vandalia. of the oldest banking Mo., one stitutions in Missouri, failed notice the door open today. the affairs of the bank had stated to the State Fibeen turned over by order of the nance Department of directors. The banks' last board published Sept. 18, statement. showed $78,000 capital; Continued on Page Column