4512. Industrial Savings Bank (Chicago, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
September 22, 1916
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
0abdddba

Response Measures

None

Description

Multiple contemporaneous articles (dated Sept 22, 1916) report creditors filed an involuntary petition and the bank 'closed its doors' with a receiver asked/appointed. Reports state liabilities exceeded assets (insolvency). There is mention of panicky depositors and hurried filings to 'shut off a run', but no clear description of an actual run of withdrawals prior to suspension. Therefore classified as suspension leading to permanent closure/receivership due to bank-specific insolvency.

Events (2)

1. September 22, 1916 Receivership
Newspaper Excerpt
Another private bank closed today when the Industrial Savings bank filed an involuntary petition asking for a receiver. Liabilities are placed at $800,000 and assets at $600,000 in the petition.
Source
newspapers
2. September 22, 1916 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Insolvency: liabilities (~$1,000,000) exceed assets (~$500,000–$600,000); creditors filed involuntary petition leading to closure.
Newspaper Excerpt
Creditors of the Industrial Savings Bank ... caused to be filed in Federal court today an involuntary petition for the appointment of a receiver. The institution's liabilities are said to total about $1,000,000, with the assets approximately half that amount.
Source
newspapers

Newspaper Articles (11)

Article from The Richmond Palladium and Sun-Telegram, September 22, 1916

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Article Text

CREDITORS SUE SAVINGS BANK CHICAGO, Sept. 22.-Creditors of the Industrial Savings Bank, an old time private institution caused to be filed in Mederal court today an involuntary petition for the appointment of a receiver for the bank. The institution's liabilities are said to total about $1,000,000 with the assets at approximately half that amount. The attorneys declared the failure would reach $500,000. The failure of the bank is the ninth that has hit depositors in private institutions here in the last four weeks.


Article from The Topeka State Journal, September 22, 1916

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MORE BANKS FAIL Ten Now on List of Chicago Financial Crashes in Month. Chicago, Sept. 22.-Another private bank closed today when the Industrial Savings bank filed an involuntary petition asking for a receiver. Liabilities are placed at $800,000 and assets at $600,000 in the petition. Tenth to Close Doors. Chicago, Sept. 22.-The private bank of Campbell, Dupio & Company, the tenth to fail in Chicago within the last month, closed its doors today.


Article from South Bend News-Times, September 22, 1916

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Article Text

ANOTHER CHICAGO BANK IS CLOSED Attorneys Declare the Failure will Reach Half a Million Dollars. International News Service: CHICAGO, Sept. 22.-Creditors of the Industrial Savings bank, an old time private institution, caused to be filed in federal court today an involuntary petition for the appointment of a receiver for the bank. The institution's liabilities are said to total about $1,000,000, with the assets approximately half that amount. The attorneys declared the failure would reach half a million dollars. The failure of the bank is the ninth catastrophe that has hit depositors in private institutions here in the last four weeks. The bank has been under the management of Harry Dubia, prominent in club and social circles. Several big depositors received word that the bank would not open this morning and they hurried to file the receivership petition so that the law would close the bank and automatically shut off a run of panic-stricken depositors, most of them Poles, Slavs, Bohemians and Irish.


Article from The Day Book, September 22, 1916

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INDUSTRIAL SAVINGS BANK GOES ON THE ROCKS Another private bank went on the rocks today when the Industrial Savings bank, 2007 Blue Island av., of which Harry Dubia is sole owner, closed its doors. Deposits are estimated between $600,000 and $800,000 and the liabilities may total over $1,000,000. Dubia is a man of high position in both business and social circles. He is a member of the Chicago Athletic ass'n and the Westward Ho Golf club. His home is at 1302 Ritchie ct. Dubia's attorney, J. S. Hummer, blames the panicky conditions created by stories in Chicago daily papers for the Dubia bank closing its doors. —0NEW YORK STOCKS. - Steel in new high. General list up. Trading active. WEATHER FORECAST Partly cloudy tonight and Saturday; continued cool; fresh northwest winds. Temperature Thursday: High, 72; low, 52.


Article from The Washington Herald, September 23, 1916

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Article Text

Telegraph Tips Baltimore, Md., Sept. 22. Seventy years old and deaf, Charles Turner is walking to New York from his home in San Francisco He arrived here today. On his back Turner carries a pack on which is lettered "San Francisco to New York. On the trail all the way, carying his pack five months on the deserte. Seventy years old and deaf. New York Sept. 22. -Louis K. Brennan a vaudeville actor, ended his life today by leaping in front of a subway express train in the Seventy-second street station Traffic was blocked for half an hour while Brennan's mangled body was being removed from under the train. Detroit, Sept. 22. -Edgar C. Schaffer auto worker, early today fired a shot into his wife's body and then turned the weapon on himself, dying almost Instantly. Mrs. Schaffer probably was fatally wounded. Jealousy is said to have caused the quarrel. London, Sept. 22.-A ne W $50,000,000 bank will be established under a royal charter to finance British trade, it was announced today. London, Sept 22.-Dover. the English seaport on the Channel, was bombarded by a German seaplane today. the war of fice announced. Three bombs were dropped. There were no casualties Indianapolis, Ind., Sept. 22 -Governor Ralston today announced that President Wilson has acepted an invitation to speak in Indianapolis on October 12, before an audience of good roads enthusiasts. Galveston, Tex., Sept. -Passengers arriving here today aboard the tank steamer Topila, declared that two British subjects and thirty-six Carranzistas were killed on September 16 when a large force of Villistas raided an oil camp near Tuxpam. Berlin, Sept. 22. German aeroplanes successfully attacked with bombs two Russian ships used for starting aeroplanes, which were escorted by one cruiser and several destroyers, near Varna on the Bulgarian coast, Wednesday, the German admiralty announced to day. The hostile sea forces were compelled to retire. / Bloomington Ind.. Sept. 22 A telegram received here today stated that John Steinhagen. a private in Troop F. Sixth U. S. Cavalry, was shot and killed at Presidio, Texas The message came of to his mother, but did not state cause the shooting New York. Sept. -Police reserves were called out this afternoon to quell near-rlot at Twenty-first street and a Broadway as the result of the explosion of several torpedoes on the car tracks Passengers on passing cars piled from them in a panic. New York, Sept. 22.-A wheat famine in this country is inevitable unless an embargo is placed on that commodity at once, according to Joseph Hartigan, commissioner of weights and measures He declared advices he had received from throughout the country showed that the country's present supply will not last Hilong if the government continues to low the exportation of wheat Richmond, Va., Sept 22 -Capt John J Maxwell, 84. is dead here at the home of his daughter Capt. Maxwell during the civil war entered the lines of General Grant at City Point in 1864. and placed an infernal machine in the fleet of gunboats. destroying three vessels and killing 400 men New York, Sept. 22 Eleven deaths from infantile paralysis were reported today. an increase of five over yester New cases showed a decrease of seven, day. only twenty being reported. Rochester. N Y. Sept 22 The New York Central's fast eastbound passenger train, known as the "Detroiter," narrowly escaped being ditched early today when a gondola from a freight train was thrown across the rails d1rectly in front of it, half a mile east of Batavia No passengers were inJured. Chicago, Sept. 22 Creditors of the Industrial Savings Bank, an old time private institution. caused to be filed in Federal Court today an involuntary re. petition for the appointment of a ceiver The institution's liabilitie are said to total about $1,000,000. with assets approximately $500,000. Saloniki, Sept. 22 The war office today issued the following bulletin "British warships shelled the enemy the neighborhood of Neochori The in artillery duel at Doiran is increasing. London. Sept. 22 The war is rapidly the making men old In many cases of soldiers at the front turn gray the hair days Men between ages within of ten 21 and 27 present the appearance of men over forty. Minneapolis. Minn. Sept. 22.-One sedeath another was burned to $100.man hurt and property worth in riously 000 was destroyed by two fires Minneapolis early today. Buffalo, Sept. John M Bedford, of Buffalo in President Cleveland's postmaster administration is dead here. He was 78 years old. Troy, N. Y. Sept. 22 John Wads- of Holmes is dead at the age Wenworth 89. He was a cousin of Oliver dell Holmes Ithaca, N. Y., Sept 22 Cornell Uniopen October 3, according versity Controller will E. L Williams Infantile two paralysis to was responsible for weeks' postponement. Sept. 22.-A son was born Peking, the wife of Dr. Paul Thursday to the United States Samuel Reinsch. to China. Mrs. Reinsch beher Minister marriage was Miss Alma Moser, fore of Ashland, Wis. Mass. Sept. 22.-HarCambridge, will receive $40,000 to vard University Research Fellowthe Sachs of in banker. last Sachs perpetuate ship Samuel Sachs, Fine Arts New upon was York the founded death The Fellowship


Article from Arizona Republican, September 23, 1916

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Failure of Many Private Banks Is Causing Alarm [Republican A. P. Leased Wire] CHICAGO, Sept. 22. - Spread of alarm over the failure of private banks in Chicago tonight, prompted States Attorney Hoyne, whose announcement of an investigation was followed by the bank crashes, to issue a statement declaring his office up to this time has not closed or ordered to be closed a single private bank. "This bank investigation was not initiated by me but by the complaints of the dépositors," Hoyne declared. "I am not conducting this investigation of any bank or institution for the protection of depositors." Chicago's tenth private bank within a month closed today. It was the Industrial Savings bank, headed by Harry A. Dubia, president. which has deposits of approximately $800.000. Dubia declared it is solvent. Three creditors filed a petition in bankruptcy against the institution. When the vault of the Dubia bank was opened tonight by agents for the receiver cash and negotiable checks amounting only to $20,180 were found. A deficit of $62,368.58 has been found by investigation of the Paisley chain of private banks, three in number, which closed yesterday, the state's attorney announced.


Article from The Guthrie Daily Leader, September 26, 1916

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BANK PROBE ORDERED Chicago, Sept 26-The state's attorney today announced that the grand jury will be asked to investigate the closing of three banks known as the "Paisley chain" and of the Industrial Savings bank, controlled by Harry A Dubia. Attorneys for the receiver of the Dubia bank said the assets were approximately $1.210,000 and the liabilities only $635.000.


Article from The Watchman and Southron, September 27, 1916

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CHICAGO BANK FAILS. Ninth Bank to Blow up in Four Weeks. Chicago, Sept. 22.-Creditors of the Industrial Savings Bank, a private instituion, have filed a petition for a receiver. The labilities are a million dollars with agets of only a half million. This is the ninth bank catastrophe in four weeks.


Article from The Yale Expositor, September 28, 1916

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Article Text

Creditors of the Industrial Savings bank. an old-time private institution of Chicago, caused to be filed in fed eral court an involuntury petition for the appointment of u receiver. The institution's Habilities total about $1.000,000, with ussets half that amount.


Article from The Manchester Journal, September 28, 1916

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Bank Receiver Asked For Chicago, Sept. 24.-Creditors of the Industrial Savings bank caused to be filed an involuntary petition for the appointment of a receiver. The institution's liabilities are said to total about $1,000,000.


Article from The Ely Miner, September 29, 1916

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Domestic Many notable financiers, composing the advance guard of the delegates to the American Bankers' association annual convention, are in Kansas City, Mo. * Fire destroyed the entire business district and more than half of the industrial 'section of the town of Phoenix, N. Y., causing a loss of more than $1,000,000. One person is known to have perished. Eighty-two buildings were destroyed. # # # Jacob Binkley, aged fifty-six, a farmer of Hume, Allen county, Ohio, his wife and four sons while driving across the Pennsylvania railroad were struck by a west-bound passenger train. The father, mother and two of the sons were killed. Two sons were hurt. # # * A bomb explosion in the home of Richard A. Shields, secretary of the Electrical Workers' union at Chicago, wrecked the rear of the building and caused a panic among neighbors. The bomb was attributed by the police to labor trouble. * # * American business men, aided by the federal reserve bank system, will be able successfully to withstand the shock of European competition after the war, in the opinion of Charles Hamlin, governor of the federal reserve board at New York. # * Creditors of the Industrial Savings bank, an old-time private institution of Chicago, caused to be filed in federal court an involuntary petition for the app sintment of a receiver. The institution's liabilities total about $1,000,000, with assets half that amount.