4558. Marshall Square State Bank (Chicago, IL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
October 2, 1931
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
34cd86dc

Response Measures

Full suspension

Other: Taken over by State Auditor / State Banking Department

Description

Multiple articles (Oct 2–3, 1931) report Marshall Square State Bank closed/taken over by state authorities after heavy withdrawals. Context describes swollen withdrawals driven by fear after other local bank closings. Bank was taken over by the State Auditor/State Banking Department, indicating suspension and likely permanent closure/receivership.

Events (3)
1. October 2, 1931 Receivership
Newspaper Excerpt
All the banks taken over by the State Auditor... taken over for liquidation by State Banking Directors / placed in the hands of the State Banking Department.
Source
newspapers
2. October 2, 1931 Run
Cause
Local Banks
Cause Details
Swollen withdrawals and unreasoning fear among depositors following recent closings of nearby trust companies and banks in the Chicago suburbs.
Measures
No specific remedial measures for Marshall Square State Bank described in articles; general clearing house urged two weeks' notice for withdrawals.
Newspaper Excerpt
outlying Chicago banks closed their doors today... the Marshall Square State.
Source
newspapers
3. October 2, 1931 Suspension
Cause
Government Action
Cause Details
Bank was taken over by the State Auditor / State Banking Department (state takeover/suspension).
Newspaper Excerpt
All the banks taken over by the State Auditor.
Source
newspapers

Newspaper Articles (3)
1. October 2, 1931 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, October 2, 1931

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Article Text

CLOSING STEUBENVILLE, Muskegon Depository Taken Over by State; Had Deposits at Last Report. Special to the CHICAGO, Oct. outlying Chicago banks closed their doors today. They were the Calumet National, the Hegewisch State, the Brighton Park State and the Marshall Square State. The Calumet National in its last report showed total of and deposits of 422. The bank was in the hands the Comptroller of the Currency. The Hegewisch Bank had deposits of the Brighton Park State deposits were and Marshall Square deposits amounted to All the banks taken over by the State Auditor. Kewanee (III.) Bank Closes Doors; President Died Recently. First National Bank here failed open its doors today. Dana, cashier, issued statement saying that account heavy drawals, directors deemed close. The bank solvent and directors expect to pay depositors in full, Dana said. The bank had deposits of Edward Whiting. president of the bank, died last Saturday. Oct. The Union Savings Bank and Trust of suspended business today and was taken over for liquidation by State Banking Directors last night voted to ask the State to liquidate the bank to which they said had been paired by deposits. The bank last 30 reported total resources 000. It capitalized for $350,and reported surplus of Oct. This town of 6000 population without today when the First National Bank of and the Banking Trust State depository. failed open business. tices announced the banks closed pending In June the Richwood Banking Co. reported of deposits $599,331 and the First National ported deposits of $533,770. Muskegon, Mich., Bank With $2,286,938 Closes. the Mich., Oct. failed People's State Bank for Savings to open for today. stated that the bank was closed for liquidation the direction directhe State Banking Department. The last financial statement showed total resources of 480, deposits of $2,286,938 and of $300,000. Oct. trust companies in closed their doors today. They were the Onley Bank Trust two branches the Jefferson Title and Trust Utica State Bank in La Salle County (III.) Suspends. The Utica State Bank Utica, near here. failed to open its doors today, fifth bank to close in La Salle County in four days. Officers of the Bank which was capitalized $50,000. said deposiwould be repaid in full and that run on bank caused the closing. Three Ottawa banks and one at Serena, near here, also been closed.

2. 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

3. 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