4611. North Avenue State Bank (Chicago, IL)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
June 27, 1914
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
c8b87d40

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health

Description

Multiple articles (June 27–30, 1914) report a run on the North Avenue State Bank triggered by publicity/failure of the Lorimer-Munday banks. The bank received assistance (cash loans from Continental & Commercial Trust & Savings and clearinghouse coin deliveries) and depositors later returned; there is no mention of a suspension or permanent closure.

Events (1)
1. June 27, 1914 Run
Cause
Local Banks
Cause Details
Publicity and failure of the Lorimer-Munday banks caused depositor nervousness and withdrawals from North Avenue State Bank.
Measures
Clearing house banks/other large banks provided coin and currency; Continental & Commercial Trust & Savings loaned $300,000 in currency placed on counters; automobiles transported coin to stop the run.
Newspaper Excerpt
Uneasiness caused by the failure of the five Lorimer-Munday banks is believed to be the cause of a run late today on the North Avenue State Bank. By 9 o'clock about $15,000 in small accounts had been withdrawn.
Source
newspapers

Newspaper Articles (10)
1. June 28, 1914 Evening Star Washington, DC
Article from Evening Star, June 28, 1914

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Article Text

PROBE OF CLOSED BANK Chicago Institution Accused of Profiting From Use of Worthless Paper. CHICAGO. June 27.-Investigation of events preceding the change of La Salle Street National Bank to a state institution will be the keynote of the government's inquiry into the closed bank's affairs, District Atterney Wilkerson said tonight. Charges have been made. to federal offi-. cials that good securities were substituted for worthless paper in the vaults of the national bank to enable It to pass the last inspection of government exam-. iners. These securities were withdrawn. as soon as the examiners left the bank, it is alleged. Before time for another examination the bank forfeited its national charter and became a state institution. Uneasiness caused by the failure of the five Lorimer-Munday banks is believed to be the cause of a run late today on the North Avenue State Bank. By 9 o'clock about $15,000 in small accounts had been withdrawn. Business men in the neighborhood expressed confidence in th institution and endeavored to reassure depositors lined up in front of the paying teller's window.

2. June 28, 1914 Evening Capital News Boise, ID
Article from Evening Capital News, June 28, 1914

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Article Text

CENTRAL TRUST COMPANY TAKES OVER COLONIAL Big Chicago Banks Merged Into One Institution-All the Liabilities Are Assumed. Chicago, June 27.-The Colonial Trust & Savings bank tonight passed into possession of the Central Trust company. Scores of armed guards were busy removing assets from the vaults of the Colonial to the bigger bank until a late hour. The work will continue all night and Sunday. An examination of the Colonial's affairs by its stockholders and directors and a conference with Bank Examiner Harkin resulted in an announcement of the transfer. L. C. Rose, president of the Colonial, will become vice president of the Central Trust company. Rose tonight issued the following statement: "As the culmination of negotiations in progress for some time, the Central Trust company of Illinois has absorbed the business of the Colonial Trust & Savings bank, assuming all deposits, liabilities and paying a substantial amount to the Colonial Trust & Savings bank for its good will. The CoIonial will therefore proceed to wind up its business for the benefit of the stockholders." A further statement to depositors adds: Capital and Resources. "The Central Trust company is one of the strongest institutions in the country. Its capital and resources are: Capital stock paid in, $4,500,000; additional liabilities to stock holders, $4,500,000; surplus, $1,000,000; undivided profits, $1,000,000; total, $11,000,000." The Central Trust company has deposits aggregating $37,948,000 and loans, cash exchanges and bonds amounting to $4,500,000. The statement of the Colonial shows the following: Liabilities, $8,500,000; assets, $8,500,000. Police, were summoned to the North Avenue State bank during the afternoon to disperse crowds attracted by a run. All depositors in line were paid and the bank officers invited those who wished to withdraw more money to DO on hand Monday. Automobiles laden with big bags of coin and currency were sent by the clearing house banks to stop the run. The North Avenue institution has a capital stock of $200,000 and deposits amounting to $2,750,000.

3. June 29, 1914 El Paso Herald El Paso, TX
Article from El Paso Herald, June 29, 1914

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Article Text

RUN ON STATE BANK IS RESUMED BY FOREIGNERS Chicago, III,, June 29.-Three hundred persons, mostly foreigners, were in line when the North Avenue State bank opened its doors today and the run, begun Saturday, was resumed. Publicity attending the failure of the Lorimer-Munday bank is held responsible. On Saturday the North Avenue bank paid out $250,000, and when the doors opened this morning $300,000 in currency, loaned by the Continental and Commercial Trust and Savings bank, the largest banking institution in the city, was piled in sight to reassure depositors.

4. June 29, 1914 Evening Capital News Boise, ID
Article from Evening Capital News, June 29, 1914

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Article Text

RUNON CHICAGO BANK IS CONTINUED TODAY Chicago, June 29.-The run on the North Avenue State bank, which began Saturday, was resumed today when 300 foreigners were in line when the bank opened. The publicity attending the failure of the Lorimer-Munday banks is held as responsible.

5. June 29, 1914 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, June 29, 1914

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Article Text

FAIL TO HALT RUN ON CHICAGO BANK Troubles of North Avenue Concern Brought on by Munday-Lorimer Failure. Chicago, III., June 29.-The run on the North Avenue State bank continued today. Three hundred, mostly foreigners, were in line. Failure of the Lorimer-Munday banks is held responsible. The North Avenue paid out $250,000 Saturday and when it opened today $300,000, loaned by the Continental & Commercial Trust Savings bank, the biggest in the city, was piled in plain sight to reassure depositors. Members of his own family have more than a million tied up in the closed La Salle Street bank, said Vice President Munday. "Every relative I have, even to the babies. has deposits in the bank. Would I have tried to ruin them as well as myself?"

6. June 29, 1914 The Day Book Chicago, IL
Article from The Day Book, June 29, 1914

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Article Text

15 years ago. Evanston housewives called poor managers by business men. Blame late shopping for keeping open Saturday. Thirty patients transferred from old detention hospital to new psychopathic ward. Bureau formed by mayors of New York, Philadelphia and Chicago to protect cities from public service corporations. Bonds of eHrman Schmitz, Robert E. Malone and Frank P. McMahon, in jury bribing scandal, fixed at $10,000. Former Mayor Schank, Indianapolis, had stranger watch $5,000 auto. Both gone. Frank Wallace, 3200 W. Lake st., arrested. Alleged to have taken stolen money from Hazel Martin, 19, while posing at "state's attorney man." Loop banks furnishing funds to stop run on North Avenue State Bank. $200,000 withdrawn Saturday. Morgan Park's only movie show failed to open yesterday. Sunday school attendance increased. Vernon L. Bean, Chief Gleason's secretary, charged with violating civil service rule. Alleged to have outside business as attorney. Tony Jacobs, 18, and Bernard Hermanoeky, 18, arrested while trying to force entrance to tailor shop. M. Weinberg, 720 Maxwell st., wants warrant for arrest of Ald. Matt Franz, 20th Ward. Alleges he was slugged for insult to Franze. John Vegan, unemployed, hit by auto at Michigan av. and Adams st. Dead. Isaac Reeder and Isaac Contui went rowing on lake. Lost oars. Rescued by tug. Two thousand more lights to be installed by sanitary district. 14,000 nitrogen lamns to be nut in use July 6

7. June 29, 1914 Newark Evening Star and Newark Advertiser Newark, NJ
Article from Newark Evening Star and Newark Advertiser, June 29, 1914

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Article Text

SIFT GRAFT RUMOR IN CRASH OF BANK Chicago City Council Wants to Know Who Got Share of Interest Due. CHICAGO, June 29.-The city council today assumed a share in the inquiry into the conduct of the closed La Salle Street Trust and Savings Bank, which is under investigation by the State and national governments. The council has appointed a committee to find out to whom was paid the "split" from the interest on city funds carried by the suspended bank. The sum involved is said to be $7,752. The bank paid three per cent. interest on city deposits. The city was paid 21/4 per cent. and some unidentified officials is said to have received the remaining 3/4 per cent. Officers of the bank, including C. B. Munday, its vice-president, were summoned to appear before the council committee. City financial officials also were called. W. C. Niblack, receiver of the suspended bank, said that the person who received the "split" check would be made known at the council committee meeting. State and federal special grand juries will assemble in two weeks to hear the evidence in the matter of the insolvency of the bank. A counter piled with $375,000 in greenbacks, gold and silver, today greeted the eyes of the depositors of the North avenue State Bank from which $200,000 was withdrawn in a run Saturday. Big downtown institutions came to the rescue of the bank, declared it solvent and said it would be protected. Officers of the bank said their depositors were frightened by the troubles of the Lorimer-Munday string of banks. The North Avenue Bank, they declared, had no connection with those enterprises,

8. June 30, 1914 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, June 30, 1914

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Article Text

DEPOSITORS RETURN MONEY. Run on Chicago Bank Stopped After $300,000 Is Withdrawn. Chicago, June ).-The run on the North Avenue State bank last night and this morning there were fifty persons awaiting their turns to replace their deposits. During the run the bank paid out $300,000.

9. June 30, 1914 The Chronicle=news Trinidad, CO
Article from The Chronicle=news, June 30, 1914

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RUN ON BANK ENDS. Chicago, June 30.-The run on the North Avenue State bank ceased last night and this morning there were 50 person waiting their turning to replace their deposits. During the run the bank paid out $300,000.

10. June 30, 1914 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 30, 1914

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DECLARE CHICAGO BANK PERFECTLY SOLVENT AND SAFE 300 Persons in Line to Continue Run Monday-Continental Will Loan Funds Chicago, June 29 -Three hundred persons, mostly foreigners, were in line when the North Avenue State Bank opened its doors today and the run, begun Saturday, was resumed. Publicity attending the failure of the Lorimer-Munday banks is held responsible. On Saturday the North Avenue Bank paid out $250,000 and when the doors opened today, $300,000 in currency, loaned by the Continental and Commercial Trust and Savings Bank, was piled on the counters. President Reynolds of the Continental and Commercial stated that the North Avenue, Bank was perfectly solvent and that it will be given all the funds necessary to meet the extraordinary and uncalled for drain.