4585. Milwaukee Avenue State Bank (Chicago, IL)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
June 6, 1893
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
75fe7270

Response Measures

Accommodated withdrawals

Description

In June 1893 there was a 'slight run' on the Milwaukee Avenue State Bank tied to a general panic/rumor wave in Chicago (June 6). The bank met demands and crowds diminished; no suspension or closure is reported. Earlier 1892 articles describe a fraud scheme that victimized the bank but do not describe a run or suspension for this bank.

Events (1)
1. June 6, 1893 Run
Cause
Rumor Or Misinformation
Cause Details
A general panic/rumor wave among depositors in Chicago on June 6, 1893 (panic amplified by other bank failures and rumor-mongers) produced a slight run.
Measures
Paid withdrawals; bank met demands and business normalized next day.
Newspaper Excerpt
There was a slight run at the Milwaukee avenue state bank, but close crowds began to diminish by the business day.
Source
newspapers

Newspaper Articles (7)
1. August 3, 1892 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, August 3, 1892

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Article Text

HAD A BOLD SCHEME To Rob Several Banks in Chicago. HOW FORGERS WERE NIPPED In a Well-Devised Plan to Defraud Un. suspecting Bank Officials-How It Was Foiled. CHICAGO, Aug. 2.-The discharge of George Bartela, paying teller of the Central Trust and Savings bank, and his subsequent flight with $3,000 of the firm's cash has unearthed a gigantic conspiracy to defraud five Chicago banks. The scheme was partially successful. and over $50,000 was secured from Bartel's former employer, but was made good by reputable men who had vouched for the integrity and business ability of young men who engaged in the deal. Another bank 18 said to have lost $20,000, which amount was also made good by the same security. Three of the men formerly connected with the Chicago Bank Note company have been arrested, charged with conspiracy to defraud and the issuance of fraudulent paper. These men are William A. Forbes, N. W. Burnside and Charles M. Anson. George Bartels, the fourth man who is wanted, has left the country. Charles Nichols, a go-between, has made affidavit exposing the whole scheme as far as it is known to him. The plot is the most ingenious ever nipped in the financial arena of this city. The plan was simple. Plan of the Operators. Forbes was manager of the Chicago Bank Note company; Burnside, a son of a well known physician, was associated with Forbes, and Anson was but an employe of the firm. These young men were vouched for by Gen. Allen C. Fuller and numerousmen of wealth and financial standing. They opened accounts with the Central Trust and Savings bank. the Globe National bank. First the State Bank of Chicago, the National bank and the Milwaukee Avenue State bank. Immediately they deposited checks, which have since been found to be fraudulent, and later drew out the cash. By collusion with Bartels the great run of the paper was dumped on the Central Trust Savinge bank. The system that was developed was the work of months. The teller, in the absence of the cashier. certified all papers and the forged drafts,checks, etc., were only deposited when the higher officials of the banks were out. Made the Banks Good. The same system was played on the Globe National. although Vice President Stone was not in the city today to affirm or deny the statement. It is now learned that the plotters intended to pull all the banks they had deposited money with into their net and then break up and clear out. However that may be the paper came to protest too soon to admit of more extended fro and the ring was brought up with a round turn. The amount the Central Trust and Savings bank found itself short was nearly $50,000. The bank had taken every precaution to for to accept from their customers early in game. secure officials been papers suspicious compelled themselves the while the they they forged When were had the end came Allen C. Fuller, who is reported to be worth over $10,000,000, and Dr. Burnside, his brother-in-law. both of whom had implicit confidence in the young men, paid all the shortage and none of the banks is out one cent

2. August 3, 1892 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, August 3, 1892

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Article Text

PLOTTED ROBBERY. Young Chicagoans Who Were Ambitious in Villainy. AN EXTENSIVE PLAN OF RASCALITY Half of Dozen Banks to Have Been Robbed by an Ingenious System of Stealing-About $30,000, Perhaps $70,000, Obtained Before Discovery-The Boss Rascal Gets Away and Wealthy Men Who Had Vouched for the Honesty of the Scoundrels Foot the Bill. CHICAGO, Aug. 3.-The discharge of George Bartels, paying teller of the Central Trust and Savings bank, and his subsequent flight with $3,000 of the firm's cash, has unearthed a gigantic conspiracy to defrand five Chicago banks. Thescheme was partly successful and over $50,000 was secured from Bartel's former employers, but was made good by reputable men who had vouched for the integrity and business ability of the young men who had engaged in the deal. Another bank is said to have lost $20,000, which amount was also made good by the same security. Three Conspirators Arrested. Three of the men formerly connected with the Chicago Bank Note company have been arrested charged with conspiracy to defraud and the issuance of fraudulent paper. These men are William A. Forbes, N. W. Burnside and Charles M. Anson. George Bartels, the fourth man who is wanted, has left the country. Charles Nichols, a go-between, has made affidavit exposing the whole scheme as far as it is known to him. The plot is the most ingenious ever nipped in the financial arena of this city. And yet it was simple. Forbes was manager of the Chicago Bank Note company; Burnside, a son of a well known physician, was associated with Forbes, Anson was an employe of the firm. Vouched For by First-Class Men. These young men were vouched for by General Allen C. Fuller and numerous men of wealth and financial influence. They opened accounts with the Central Trust and Savings bank, the Globe National bank, the State Bank of Chicago, the First National bank and the Milwaukee Avenue State bank. Immediately they deposited checks, drafts, etc.-which have since been found to be fraudulentand later drew out the cash. By collusion with Bartels the great run of the paper was dumped on the Central Trust Savings bank. Couldn't Play Their Game Out. The system that was developed was the work of months. The teller, in the absence of the cashier, certified all paper, and the forged drafts, checks, etc., were only deposited when the higher officials of the bank were out. The same system was played on the Globe National, it is said, although Vice President Stone was not in the city yesterday to affirm or deny the statement. It is now learned that the plotters intended to pull all the banks they had deposited money with into their net and then break up and clear out. However that may be the paper came to protest too soon to admit of more extended fraud, and the ring was brought up with around turn.

3. August 6, 1892 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, August 6, 1892

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Article Text

A Gigantie and Deep-Laid Scheme to: Rob Chicago Banks is Usearthed. Five Institutions to be DefraudedGeorge Bartels at the Bottom of the Affair. Exposition of the Plan-Three Men Are Arrested Charged with the Crime. CHICAGO, Aug. 2.-The dishonorable discharge of George Bartels, paying teller of the Central Trust and Save ings bank, and his subsequent fight with $3,000 of the firm's cash, has unearthed a gigantic conspiracy to defraud five Chicago banks. The scheme was partly successful and over $50,000 was secured from Bartels' former employers, but was made good by reputable men who had vouched for the integrity and business ability of the young men who had been engaged in the deal. Another bank is said to have lost $20,000, which amount was also made good by the same security. Three of the men formerly connected with the Chicago Bank Note company have been arrested charged with conspiracy to defraud and the issuance of fraudulent paper. These men are William A. Forbes, N. W. Burnside and Charles M. Anson. George Bartels, the four th man who is wanted, has left the country. Justice Wheeler isv sued the warrants and the preliminary hearing is set for Thursday morning. Teller Putnam of the Globe National bank, has also been Implicated in the conspiracy by Charles R. Nichols, the go-between, who has made affidavit of his part in the criminal plan. The whole scheme, as far as it is known to him, has been exposed and is a matter of record. A bill in chancery asking for the appoint ment of a receiver for the bank note concern, filed by John B. Gribles, former president of the company, also throws light upon the shady methods of the individuals under suspicion. The plot is the most ingenious ever nipped in the financial arena of this city. The plan was simple. Forbes was manager of the Chicago Bank Note company; Burnside, a son of a wellknown physician, was associated with Forbes. Anson was but an employe of the firm. These young men were vouched for by General Allen C. Fuller and numerous men of wealth and financial influence. They opened accounts with the Central Trust and Savings bank, the Globe National bank, the State bank of Chicago, the First National bank and the Milwaukee avenue State bank. Iminediately they deposited checks, drafts, etc., which have since been found to be fraudulent, and later drew out the cash. By collusion with Bartels the great run of the paper was dumped on the Central Trust Savings bank. The system that was developed was the work of months. The teller, in the absence of the cashier, certified all paper, and the forged drafts, checks, etc., were only deposited when the higher officials of the bank were out. The same system Was played on the Globe National. it is said, although President M. E. Stone was not in the city to-day to affirm or deny the statement. It is now learned that the plotters intended to pull all the banks they had deposited money with into their net and then break up and clear out. However that may be, the paper came to protest too soon to admit of more extended fraud and the ring Was brought up with a round turn. The amount the Central Trust and Savings bank found itself short was nearly $50,000. The bank officials had taken every precaution to secure themselves, for while they had been compelled to accept the forged papers of their customers, they were suspicious early in the game. When the end came Allen a Fuller, who is said to be worth over $10,000,000, and Dr. Burnside, nis brother-in-law, both of whom had had implicit confidence in the men paid all the shortage

4. August 12, 1892 Hot Springs Weekly Star Hot Springs, SD
Article from Hot Springs Weekly Star, August 12, 1892

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Article Text

TO ROB THE BANKS. An Extensive Conspiracy Brought to Light in Chicago. Chicago special: The flight of George Vartels, paying teller of the Central Trust and Savings Bank, with $3,000 of the bank's cash. has unearthed what seems to have been an extensive conspiracy to defraud five Chicago banks. The scheme was partially successful, and over $50.000 was se-, cured from Vartel's employers, but has since been made good. Three men formerly connected with the Chicago Bank Note Company have been arrested. charged with conspiracy to defraud. These are William A. Forbes, N. W. Burnside, and Charles N. Anson. Vartels was the fourth man wanted. Forbes was manager of the Chicago Bank Note Company. Burnside, the son of a well known physician, was associated with Forbes. Anson was in the employ of the firm. The young men had been vouched for by numerous men of wealth and financial influence, and on the strength of this bad opened accounts with the Central Trust and Savings Bank, the Globe National Bank, the State Bank of Chicago, the First National Bank and the Milwaukee Avenue State Bank. Immediately they deposited checks, drafts, etc., which have since been found to have been fraudulent. and later drew out cash. By collusion with Teller Vartels a great run of paper was dumped on the Central Trust and Savings Bank. It is said that the plotters intended to pull all the banks they had money deposited with into their net and they break up and clear out, but their paper came to protest to soon. Vartels disarmed suspicion by ingeniously informing the bank officials that he was suspicious that the note company was "kiting," and suggesting that a general guarantee of all transactions be secured from the wealthy Dr. Burnside.

5. June 10, 1893 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, June 10, 1893

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Article Text

AFTER THEIR CASH. Uneasy Depositors Make Things Lively Runs for Several Chicago Banks Heavy Met, Experienced. But All Demands Announced. Are Only One Suspension Being the June 6. The opening of in was un symptoms of a panic. and strong banks CHICAGO, Chicago characterized Much by existed since Saturday and fears among had become so easiness the positors doubts far o'clock, aug- deeven long before 10 and including and working girls, women mented, that crowds, found men ready their to the bank doors and were way the first possible had withdraw what money to tv improve to opportuni- they the deposit. As the day wore on fullcrowds on increased. and by noon a fledged panic of no mean magnitude was Savings inaugurated. banks which experienced work a Monday kept their tellers at the run who had been in line up to of ordinary closing were were posted on busihour until and notices all the for doors paid, banks would be open at the regular hour this that ness the beyond morning the The panic did not extend but of small savings accounts, an intense strain in that there owners was financial It is to the rumor mongers phase. affairs. day is indebted for its worst the succeeded in frightening disasters many They Instead of the dozen found talked about there one suspension that people. that be were but especial would is com- in to times excite no Some or occasion serious few ment that had runs a ordinary of the banks trouble. did sixty-day in take advantage of the for cases But there was no occasion their limit. the loss of confidence displayed by patrons. June 6.-The private bank- 100 CHICAGO, house of Meadowcroft Bros., northeast ing street, at the and of has been placed in becorner streets, Washington of Washington the suspend Dearborn hands being forced to a of the prevailing cause E. Crandall gency. receiver, Lyman monetary has Walker. strin- been appointed receiver. Eddy & an attorneys for the firm. have bank's given asapproximate estimate of the the liasets and liabilities. They place at bilities at $250,000, and the assets d $460,000. The depositors began a run on in the the Trust and Savings bank Illinois building early in the morning all day and Rookery clamored for their money effort to The bank made every d long. promptly and the officials expressed for pay no fear for the result of the demand r e deposits. This bank kept its doors open until midnight in order that everyone have it. e after who wanted his money might his last depositor in the line got closed money e The at 3 a. m., then the bank t until 10 o'clock. Shortly after the doors of the Bank startwere opened a run continued for hours. Commerce which responsible was President r ed Felsenthal says rumors are conducted the bank was financial principles, was for soundest the run: there its offir on do not speculate, and all t d plenty cers of cash in its vaults to meet d demands. was a heavy run upon the the s State national bank comas Prairie Prairie There officials Trust and State Savings and apto all day. The bank met t pany to take the matter n the demands made upon pear all easily them. and e e, In the general excitement bankidid that struck not of public the Hibernian is not at the escape, but the result thus far alarming to the officials. is e Meadowcroft Brothers' failure prein a run on the Dime savings But e cipitated at 104 Washington street. the sat the Bank of debank Commerce, small ot here, was as made chiefly by the exed and there was really more inside ill on the sidewalk than in a the bank. run eitement positors Officials claim to be ts position to meet all demands. ed was made on the Union Rawson Trust to A run of which Stephen W. about noon is e bank, The run began after8. president. and was kept up during the er snoon. the Globe savings bank the run dets At all day. At 2 m. it was thirtyr kept cided up to take advantage of the acis savings this st Vice President Hayes run day counts. notice provided for said the he would not have been done had been on that bank alone. m ffThere was a slight run at the Mil- the re avenue state bank, but close crowds waukee began to diminish by the the business day. E. of a wild day on the board the The uneasy feeling erof world invaded er financial It trade. was provisions the in specin grains and a sh tumbled headlong. les and ulators Prices caused temporary The to panic. bears keep ernot trade fast enough July ers the reducing of up sold down to 65% a d. could wheat with market. declined drop se nearly 3 cents. Cash wheat lower than his and reached a figure In re cents has sold in the last thirty years. les it tense excitement prevailed. ed All deliveries of grain and provisions Septemer in a similar manner. July the suffered quite as radical as th. at 7914, reached 70 off ber It opened was'not oats and were closed he while corn and Pork vn at 701/4. cent to a cent and a half. and deut from a very sick commodity. hogs was clined a over a dollar a barrel, with off from 40 to 60 cents. igtold, the day was a disastrous care lic All and even the alarmists did not unrest. sit one exaggerate the feeling of and its tle to market has been weak only needed nerves protest to lightest The all on edge. It has pull the

6. June 15, 1893 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, June 15, 1893

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QUIET AT CHICAGO BANKS. A Few Timid Depo itors Still Collect at One or Two Institutions. CHICAGO, June 7.- - The inexplicable flurry among some of the smallsavings depositors has about run its course. At most of'the tbanks at the opening hour things had about resumed their normal, every-day appearance. At one or two savings institutions, where there was still enough of a gathering to be called a crowd, there was no sign of the panicky, unreasoning alarm which beset the depositors Monday. The people were quiet and good-natured and the tellers inside were calmly stacking up the greenbacks ready to meet all demands. At the Dime Savings Bank and the Illinois Trust and Savings Bank the attendance of depositors was scarcely larger than on ordinary business davs. At the Union Trust Company and the Hibernian Bank there were small crowds, although nothing to compare with the number of people there Monday. The Milwaukee Avenue State Bank and the Prairie State Savings and Trust Company's bank on the West Side are experiencing no trouble whatever this morning, the crowds of yesterday having disappeared.

7. June 16, 1893 Iowa County Democrat Mineral Point, WI
Article from Iowa County Democrat, June 16, 1893

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QUIET AT CHICAGO BANKS. A Few Timid Depo itors Still Collect at One or Two Institutions. CHICAGO, June 7. - The inexplicable flurry among some of the smallsavings depositors has about run its course. At most of'the banks at the opening hour things had about resumed their normal, every-day appearance. At one or two savings institutions, where there was still enough of a gathering to be called a crowd, there was no sign of the panicky, unreasoning alarm which beset the depositors Monday. The people were quiet and good-natured and the tellers inside were calmly stacking up the greenbacks ready to meet all demands. At the Dime Savings Bank and the Illinois Trust and Savings Bank the attendance of depositors was scarcely larger than on ordinary business davs. At the Union Trust Company and the Hibernian Bank there were small crowds, although nothing to compare with the number of people there Monday. The Milwaukee Avenue State Bank and the Prairie State Savings and Trust Company's bank on the West Side are experiencing no trouble whatever this morning, the crowds of yesterday having disappeared.