4511. Independence State Bank (Chicago, IL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
January 16, 1930
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
ac5c4303

Response Measures

Full suspension, Books examined

Other: Closed by state officials after heavy withdrawals; reorganization hoped but reopening not reported.

Description

Multiple contemporaneous wire stories (Jan 16–17, 1930) report a crowd/patrol wagon after a fight/arrest next door sparked a rumor and heavy withdrawals (~$1,600,000 withdrawn from ~$5.6M) that led State Auditor Oscar Nelson to close the bank. The run (rumor-triggered) preceded state officials closing the bank. No reopening or receiver appointment is mentioned in these pieces.

Events (2)

1. January 16, 1930 Run
Cause
Rumor Or Misinformation
Cause Details
A fight/arrest at a nearby restaurant and the police patrol parking in front of the bank generated a neighborhood rumor that triggered heavy withdrawals.
Newspaper Excerpt
Answering the call to the restaurant, the police patrol parked in front of the bank building and gave rise to a rumor that a run on the institution was in progress.
Source
newspapers
2. January 16, 1930 Suspension
Cause
Government Action
Cause Details
State officials (State Auditor Oscar Nelson) closed the bank after examinations found assets impaired due to heavy withdrawals caused by the run.
Newspaper Excerpt
A fight in a restaurant two doors from the institution two weeks ago was blamed for the closing yesterday of the Independence State Bank by State officials, who said the assets had become impaired because of heavy withdrawals.
Source
newspapers

Newspaper Articles (10)

Article from Birmingham Post-Herald, January 16, 1930

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Article Text

Fight In Adjacent Cafe Causes Run And Bank Failure HICAGO. Jan. fight restaurant two doors from the institution two weeks ago was blamed closing Wednesday The Independence State Bank by state officials the had beAnswering to the restaurant, the police patrol parked in front the bank building which the Institution was in progress.


Article from Evening Star, January 16, 1930

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Article Text

FIGHT CLOSES BANK. CHICAGO, January 16 (AP)-A fight in a restaurant two doors from the institution two weeks ago was blamed for the closing yesterday of the Independence State Bank by State officials, who said the assets had become impaired because of heavy withdrawals. Answering the call to the restaurant, the police patrol parked in front of the bank building and gave rise to a rumor that a run on the institution was in progress.


Article from Daily Republican-Register, January 16, 1930

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Article Text

ARREST OF MAN CAUSE OF RUN ON CHICAGO BANK (United Press) Jan. Because crowd gathered to watch policeman arrest disorderly front the Independence State bank, others jumped to the concluion something was wrong the bank and the run on the intitution close its doors, officials said today. Deposits dropped from 000 President Louis Bomash said. Bank aminers depositors probably would not lose anything.


Article from St. Louis Globe-Democrat, January 16, 1930

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Article Text

SHOOTING CAUSES CLOSING OF BANK Patrol Wagon Next Door Starts Report of Run and Withdrawals Begin. DISPATCH TO GLOBE DEMOCRAT. Independence State Bank. one of the largest banking institutions of Chicago's great West Side, was closed this afternoon by the Auditor after run state and bank officials by shooting at restaurant next door. A week or ten days ago a fight started in & lunchroom R. few doors from the bank. It ended in shooting and patrol soon pulled up in front of the bank Word swept through the neighborhood, inhabited almost exclusively by Jews, Poles and Italians, that there was run on the bank. This sent the small and ers hurry to the instit and since the shooting. was said. 600,000 has been withdrawn. The deposits totaled some $4,000,000 before the trouble. State Auditor Oscar Nelson said that examination of the bank showed there probably would be no loss to the depositors and it is hopeful reorganization can be effected. pledge humanitarian conduct in employment of naval weapons whether they be battleships, cruisers or submarines. France is not worrled over the question of parity with Italy and believes this can be by discussion of needs and figures rather than the principle of parity which Italy can have provided It is not directed at France alone.


Article from Decatur Evening Herald, January 16, 1930

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Article Text

PATROL WAGON CAUSES RUN ON CHICAGO BANK CHICAGO Jan crowd gathered to watch policearrest disorderly man in front of the Independence State bank, others jumped to the conclusion something was wrong at the bank and the on the institution caused to close its doors, officials said Thursday Deposits dropped from to 000,000, President Louis Boniash said Bank examiners announced depositors probably would not lose anything


Article from Herald and Review, January 16, 1930

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Article Text

RUN ON BANK STARTED BY FIGHT CHICAGO. Jan. 16-A fight restaurant two doors from the institution two weeks ago was blamed for the closing of the Inpendence State bank by state ficials who said the assets had impaired because heavy withdrawals. Answering the call the rastaurant the police patrol parked front of the bank building which to rumor that run on the institution was progress. More than deposits has withdrawn since that, bank officials said.


Article from The Star Press, January 17, 1930

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Article Text

FIGHT IN RESTAURANT CAUSES RUN ON BANK Chicago, Jan. 16 (P)-A fight in a restaurant two doors from the institution two weeks ago was blamed for the closing today of the Independence State Bank by state officials. who said the assets had become impaired because of heavy withdrawals. Answering the call to the "restaurant the police patrol parked in front the bank building which gave rise to rumor that run on the institution was in progress. More than $1,600,000 in deposits has been withdrawn since that. bank officials said. State Auditor Nelson said that preliminary examination of the bank showed there probably would not be any loss to depositors.


Article from Kenosha News, January 17, 1930

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Article Text

Crowd Gathers Near Bank; Starts a Run Bank Forced to Close Doors as Depositors Draw Money; Crowd Was Watching Arrest. Chicago -(U.P.)- Because a crowd gathered to watch a policeman arrest a disorderly man in front of the Independence State bank, others jumped to the conclusion something was wrong at the bank and a. run on the institution caused it to close its doors, officials said today. Deposits dropped from $5,600,000 to $4,000,000, President Louis Bomash said. Bank examiners announced depositors probably would not lose anything.


Article from The Springfield News-Leader, January 17, 1930

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Article Text

AMERICAN DELEGATES TO GET GAY WELCOME Blame Cafe Fight For Run On Bank And Its Closing By The Associated Press CHICAGO, Jan 16.-A fight in a restaurant two doors from the institution two weeks ago was blamed for the closing today of the Independence State bank by state officials who said the assets had become impaired because of heavy withdrawals. Answering the call to the restaurant. the police patrol parked in front of the bank building, which gave rise to a rumor that a run on the institution was in progress. More than $1,600,000 in deposits had been withdrawn since that, bank officials said. State Auditor Oscar Nelson said that a preliminary examination of the bank showed there probably would not be any loss to LEAVENWORTH. Kan., Jan (AP) Jacob Guyer, 86, widely known horticulturist, died at his home near here today. He was born in Germany and had lived in Leavenworth county since 1866. Big Liner Will Reach Plymouth Early Today; King George Open Sessions By The Associated Press BULLETIN PLYMOUTH, England, Jan. 17. (AP) (Friday) The steamship George Washington, with the American delegation to the forthcoming naval conference aboard, arrived here shortly before dawn today. By FRANK HAVILAND KING Writer PLYMOUTH, England, Jan. 16.This old town, rich in AngloAmerican associations and in traditions of British seapower, is ready to accord a warm welcome to Secretary Stimson and the American delegation to the London naval conference The welcome will start as soon as the liner George Washingten can nose her way into the protected reaches of Plymouth har. Late tonight the wind was howling over the historic town where Sir Francis Drake played at lawn bowls three centuries ago. If the gale continues the popular welcome to the Americans will be somewhat subdued, for only those officials SEE NO. FOUR ON PAGE TWO


Article from Daily American Republic, January 17, 1930

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Article Text

Blame Cafe Fight For Run on Bank And Its Closing By The Associated Press. Chicago, Jan. 17.-A fight in restaurant two doors from the insti tution two weeks ago was blamed for the closing today of the Independence State Bank by state officials who said the assets had become impaired because of heavy withdrawals. Answering the call to the restaurant, the police patrol parked in front of the bank building, which gave rise to rumor that a run on the institution was in progress. More than $1,600,000 in deposits had been withdrawn since that, bank officials said. State Auditor Oscar Nelson said that a preliminary examination of the bank showed there probably would not be any loss to depositors. Scituate, R. I.-The town poorhouse has no further reason for existence. The last inmate, Miss Ellen Pierce, the only one for several years, has died.