4539. Lincoln State (Chicago, IL)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
June 10, 1931
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
4ee75cad

Response Measures

None

Description

Lincoln State (31st and State St.) voluntarily closed when threatened with a run during the Chicago banking flurry of June 1931. Newspapers report the closing as voluntary and that directors announced plans for early reopening. Cause tied to runs and failures of other local banks after the Foreman bank merger.

Events (1)
1. June 10, 1931 Suspension
Cause
Local Banks
Cause Details
Closed voluntarily when threatened with a run amid panic from recent failures/closures of other Chicago banks after the Foreman merger; heavy withdrawals and unrest in the city prompted the action.
Newspaper Excerpt
The Lincoln State, 31st and State Streets, ... closed voluntarily when threatened with run.
Source
newspapers

Newspaper Articles (9)
1. June 10, 1931 The Times Hammond, IN
Article from The Times, June 10, 1931

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Article Text

THREE BANKS IN CHICAGO CLOSE THEIR DOORS TODAY (By CHICAGO, Chicago closed bringing the total for the week to 22. They the Trust and Savings, the Second Northwestern State, Milwaukee and the Lincoln state in the black on South State street. Their $350,000 and $400,000. closings today coincident with the unrest which developed the and other The Northwestern Trust and had $16,948,000: Second Northwestern $4,510,000, and the Lincoln $2,410,000. Bright spots in the neighborhood banking an by John Bain that his 12 closed banks able to pay full: and consolidation of the State Bank and Liberty Trust and Savings total resources of $13,500,000.

2. June 10, 1931 News-Record Neenah, WI
Article from News-Record, June 10, 1931

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Article Text

CHICAGO United more Chicago neighborhood banks closed today, bringing the total for the week They were the Northwestern Trust and Savings, the Second Northwestern State, both on waukee avenue, and the Lincoln State in the black belt South State street. Their capitalization was, respectively, $350,and $400,000. The closings today were laid to heavy withdrawals coincident with the unrest which developed over the week-end with three big and the other closings. The closings tied up approximately in deposits. The Northwestern Trust and Savings had Second North$4,510,000, and the

3. June 10, 1931 The Buffalo News Buffalo, NY
Article from The Buffalo News, June 10, 1931

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Article Text

THREE MORE BANKS CLOSED IN CHICAGO Total for Week Is Brought to Twenty-Two. CHICAGO June 10 U.P closed bringing the total for the 22. They the Northwestern Trust & Savings the Second Northwestern State, both on Milwaukee avenue and the Lincoln State South State street respectively and laid to heavy withdrawals with the unrest over the The closings tied up The Northwestern Trust Savings had 000: the 000 and the

4. June 18, 1931 The Black Dispatch Oklahoma City, OK
Article from The Black Dispatch, June 18, 1931

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Article Text

Negroes Lose Heavy Deposits (Continued from page one) Deposits Increase. "The National is an institution which Negro should pride. During the first quarter this year, was the only national bank in the city show an increase its deposits. This record worthy note and everyone should glory in During the of years its operation has weathered storm and has under the every sound conservative banking policy the people of the South Side How Crash Came. The began with the the Foreman State National Banks, the First National. This was the culties estate interests sucked the old Foreman The bankers of the city, fearing the feet of crash the town upon public sentiment, rallied to insure orderly but failed to provide support for half dozen outlying institutions which Foremans controlled. These "orphaned' banks deprived of the connecting institution through which cleared forced close doors in most they were said to have been in reasonably shape." Starts. the city Runs the institutions. Twentyfour of closed. scarcely recovering Binga, Banker's State, Citizens Trust crashes, suffered severely Lincoln State, 31st and State Streets, with deposits, good portion of which said to have longed to colored people, closed when threatened with run. The South Side Trust and Savings, 43d Cottage Grove Avenue, with $4,000,000 deposits and Washington Park National with of which touch populated colored and the Industrial at 47th and State Street, smaller instituamong sation business affected colored people most. Negroes' holdings, are scattered about depositories so that difficult how much of the group's funds are tied up. Chances For In most of the banks affecting colored people, plans are foot The Lincoln State which Louis B. Anderson director, number Negro stockholders including Charles Jackson and Dr. Wilberforce Williams, announce plans for early reopening. Financial state that Side Trust and Washington Park National likewise have chance reorganize resume Clause. The Douglass remarkable strength. van load money was out by the Continental through which it clears. The money

5. June 20, 1931 The Afro-American Baltimore, MD
Article from The Afro-American, June 20, 1931

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Article Text

COIN IS STACKED OF CUSTOMERS Douglass National Bank Weathers Storm which Closed 24 Others. 400 IN LINE Savings Clause is Invoked. CHICAGO. cago suffered the worst financial flurry in its history last week. white banks, several of them with heavy deposits, closed their doors within a space of three days. The Douglass National, the only remaining colored bank in Chicago, withstood the storm. interview President Anthony Overton stated to the Associated Negro Press that the depositors of the Douglass National need have no fear to the stability of their instituaddition to the bank's liquid condition, it has back of it the Federal Reserve System well as its correspondent the Continental and Commercial, which the largest bank west New York and the strongest banks the world,' said erton. The disthe merof the Foreman National banks, $300,000,000 institution, First Half dozen important outlying institutions which the controlled were forced close the city became panicky Runs began the smaller institutions. of which closed in Southside Close Colored people, scarcely recovering from the Binga, Banker's State, Citizens Trust crashes, suffered verely The Lincoln State, 31st and State Streets. with deposits, good portion which said to belonged colored people, closed voluntarily when threatened with run. The Southside Trust and Savings, 43d and Cottage Grove Avenue, with $4,000,000 deposits and the Washington Park National with $9,000,000, both of which heavily populated districts and the dustrial 47th and State Street, smaller institution. were whose cessation of business affected colored people In most the banks affecting colored people plans foot open. Lincoln State in which Alderman Louis B. Anderson rector, and number Negroes stockholders, including Charles Jackson, and Dr. Williams, announce plans for early reopening Van Load of Money The Douglass showed remarkable strength. van load of money sent by the Continental and Commercial through which it clears. The money stacked up in sight the depositors on Tuesday gathered in numbers. At one time there four hundred people in the bank intent upon making withdrawals. Finally after assuring speech, President Overton invoked the clause on savings and the run rapidly subsided. Only Bank Open The Douglass National the only bank open from 22d Street 63d Street and Cottage Grove to Wentworth Avenues, territory comprising some 400 square blocks and including most the colored inhabitants of the city Within the year ten banks have closed this trict. The directors are said to be considering plans capturing as much of this business as possible.

6. June 25, 1931 The Northwest Enterprise Seattle, WA
Article from The Northwest Enterprise, June 25, 1931

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Article Text

CHICAGO COLORED BANK SAFE; 24 OTHERS CLOSE THEIR DOORS Bank President LOAD OF MONEY PILED IN FRONT OF CUSTOMERS CHICAGO.-During the past two weeks Chicago suffered the worst financial flurry in its history. Twenty-four white banks, several of them with heavy deposits, closed their doors within a space of three days. The disaster began with the merger of the Foreman State National banks, a $300,000,000 institution, with the First National. Half a dozen important outlying institutions which the Foremans controlled were forced to close. Depositors throughout the city became panicky. Runs began on the smaller institutions, twenty-four of which closed. 3 in Southside Close Colored people, scarcely recovering from the Binga, Banker's State, and Citizens Trust crashes, suffered severely. The Lincoln State, 31st and State Streets, with $1,000,000 deposits, a good portion of which IS said to have belonged to colored peoANTHONY OVERTON (Continued on Page 3)

7. June 25, 1931 The Northwest Enterprise Seattle, WA
Article from The Northwest Enterprise, June 25, 1931

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Article Text

Van Load Of Money Halts Run On Bank (Continued from Page One.) ple, closed voluntarily when threatened with a run. The Southside Trust and Savings, 43rd and Cottage Grove Avenue, with $4,000,000 deposits, and the Washington Park National with $9,000,000. both of which touch heavily populated colored districts, and the Industrial at 47th and State Street, a smaller institution, were among those whose cessation of business affected colored people most. The Douglass National, the only remaining colored bank in Chicago, withstood the storm. Van Load of Money The Douglass showed remarkable strength. A van load of money was sent out by the Continental and Commercial through which it clears. The money was stacked up in sight of the depositors who on Tuesday morning gathered in numbers. At one time there were four hundred people in the bank intent upon making withdrawals. Finally after a reassuring speech, President Overton invoked the sixty-day clause on savings withdrawals and the run rapidly subsided. Only Bank Open The Douglass National is the only bank open from 22nd Street to 63rd Street and Cottage Grove to Wentworth Avenues, a territory comprising some 400 square blocks and including most of the colored inhabitants of the city. Within the year ten banks have closed in this district. The directors are said to be considering plans for capturing as much of this business as possible. In an interview President Anthony Overton stated to the Associated Neoro Press that the depositors of the Douglass National need have no fear as to the stability of their institution. "In addition to the bank's liquid condition, it has back of it the Federal Reserve system as well as its correspondent bank. the Continental and Commercial, which is the !argest bank west of New York and one of the strongest banks in the world," said Mr. Overton. In most of the banks affecting colored people plans are on foot to reopen. The Lincoln State. in which Alderman Louis B. Anderson is a director. and a number of Negroes stockholders, including Charles S. Jackson, and Dr. A. Wilberforce Williams, announce plans for early reopening.

8. June 25, 1931 The Northwest Enterprise Seattle, WA
Article from The Northwest Enterprise, June 25, 1931

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Article Text

LOAD OF MONEY PILED IN FRONT OF CUSTOMERS the past two weeks Chicago suffered the worst financial flurry in its history. Twenwhite banks, several of them with heavy deposits, closed their doors within space three days. The disaster began with the merof the State National banks, institution, with the First National. Half dozimportant institutions which the Foremans controlled were foreed to Depositors throughout the city became panicky. Runs began on the smaller institutions, twenty-four of which closed. in Southside Close Colored people, scarcely recovering from the Binga, Banker's State, and Citizens Trust crashes, suffered severely. The Lincoln State, and State Streets, with $1,000,000 deposits, a good portion of which said to have belonged to colored peo(Continued on Page

9. June 25, 1931 The Northwest Enterprise Seattle, WA
Article from The Northwest Enterprise, June 25, 1931

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Article Text

Van Load Of Money Halts Run On Bank (Continued from Page closed voluntarily when ened with run. The Southside Trust and Savings, 43rd and Cottage Grove Avenue with deposits, and the Washington Park National with $9. 000.000 both of which touch heav. ily populated colored districts, the Industrial at 47th and State Street, smaller institution, were among those whose cessation of business affected colored people most The Douglass National the only remaining colored bank in withstood the Van Load of Money The Douglass showed remarkable strength. load money sent out by the Continental and Commercial through which it clears. The money was stacked up in sight of the depositors who on Tuesday gathered in At one time there were four hundred people the bank intent upon mak ing Finally after reassuring speech, President Overton invoked the sixty-day clause on sav ings withdrawals and the run rapidly subsided Only Bank Open The Douglass National the only bank open from 22nd Street 63rd Street and Cottage Grove to Wentworth territory comprising some 400 square blocks and cluding most of the colored inhabitants of the city Within the year ten banks have closed in this district. The are said to be considering plans for capturing as much of this business as possible. In an interview President Anthony Overton stated to the Associated Ne. Press that the depositors of the Douglass National need have no fear to the stability of their institution. "In addition to the bank's liquid condition, it has back of the Federal Reserve system as well its correspondent bank the Continental and Commercial. which is the largest bank west of New York and one of the strongest banks in the world, said Mr. Overton. In most of the banks affecting colored people plans are on foot to reopen. The Lincoln State. in which Alderman Louis B. Anderson director. and number of Negroes stockholders. including Charles S. Jackson, and Dr. Wilberforce Williams. announce plans for early reopening. are prominently identified with the activities of Portland and will be greatly missed Mr. Troutman clerk of the Vestry board of St Philips church and has been Taithful in attendance. Mrs. Troutman an active member the church and Guild and of staunch members of Mt. Hood Chapter S. Their daughter, Miss Virginia Avery, has completed business course at the Commercial High and is also proficient at the art dressmaking. William Duncan Allen, Jr., Rob. ert Allen and Miss Nellie Allen are expected home this week from school. W. D. Allen, is instructor of music at Howard University, where "Bob" is student, majoring business administration. Miss Allen has completed the music course at Oberlin College. W. D. Allen, well known business man of Port land, the father of these talented young folks. They spend the with their father. Mr. R. Blackburn has returned from trip to Colorado and Kansas. Everyone looking forward to the first boat excursion of the season July fourth on the boat Swan. Given the Rose City Lodge No. E. of Mr. R. Blasingame the Exalted Ruler and Mr. A. Jones heads the entertainment committee. Mr. and Mrs. Robert Fagan of St. Paul are visiting in the city and enjoying visit with their friends, Mr. and Mrs. Berrie Tinseley. Mr. and Mrs. M. Chesley, cent arrivals from South Orange, were guests of Mrs. G. Randall for motor drive to many points of interest about the city and VancouWashington. Mr. and Mrs. Chesley are in the employ of R. R. Adams, new manager of the Meier and Frank's department store.