4657. Schiff & Co. (Chicago, IL)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
September 17, 1916
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
91b6aced

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous newspaper reports (Sept 17–18, 1916) describe a run by largely foreign depositors on the state bank Schiff & Co. triggered by recent failures of several private banks. The bank was repeatedly described as solvent, paid out about $50,000, and no suspension, reopening, or receivership is reported in these articles.

Events (1)
1. September 17, 1916 Run
Cause
Local Banks
Cause Details
Panic among depositors caused by the recent failures/collapses of several local private banks (e.g., Silver & Co., M. Ginsburg & Sons, Braslowsky & Co.).
Measures
Paid out about $50,000; officers publicly reassured depositors and promised to pay all demands the following day; requested police protection.
Newspaper Excerpt
When the Schiff bank opened at 8:30 A. M. a crowd of depositors entered and began withdrawing funds. Police protection was asked. More than $50,000, mostly in savings accounts, had been withdrawn when the bank closed, Samuel S. Chuster, the cashier, announced there is plenty of money on hand and that all depositors who wish will be paid to-morrow.
Source
newspapers

Newspaper Articles (10)
1. September 18, 1916 The Sun New York, NY
Article from The Sun, September 18, 1916

Click image to open full size in new tab

Article Text

FOREIGNERS START BANK RUN. Fight to Withdraw Savings as Small Concerns Fail. CHICAGO, Sept. 17 Ruesians and Poles in Chicago's West Side foreign quarter, paniestricken by the failure of several private banks, jargmed and fought their way to-day into a State bank in that district and created a run on the institution. The bank, that of Schiff & Co., which has more than $2.500,000 in deposits, is believed to be absolutely colvent. Banks in the West Side foreign quarter are opened for a few hours on Sundays. When the Schiff bank opened at 8:30 A. M. a crowd of depositors entered and began withdrawing funds. Police protection was asked. More than $50,000. mostly in savings accounts. had been withdrawn when the bank closed, Samuel S. Chuster. the cashier. announced there is plenty of money on hand and that all depositors who wish will be paid to-morrow. "Our institution is absolutely solvent." he said, "but we are powerless to avert what is happening."

2. September 18, 1916 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, September 18, 1916

Click image to open full size in new tab

Article Text

FOREIGNERS FIGHT TO SECURE THEIR MONEY FROM ! BANK Chicago State Institution Has Big Sunday Run Following Failures of Private Concerns Chicago, September 17.-Russians and Poles in Chicago's West Side foreign quarter, panic-stricken by failure of several private banks, jammed and fought their way today into a state bank in that district and created a run on the institution. The bank was that of Schiff & Co., which has more than $2,500,000 in deposits, and is believed to be absolutely solvent. Banks in the West Side foreign quarter are operated here for a few hours on Sundays. When the Schiff bank opened at 8:30 a. m. a crowd of depositors entered and began withdrawing funds. Police protection was asked. More than $50,000, mostly in savings accounts, had been withdrawn when the bank closed at 1 p. m. Samuel S. Schuster, cashier, announced there is plenty of money on hand, and that all depositors who wish will be paid tomorrow. Schuster blamed the run on the excitement caused by the crash of the Silver & Co., Michael Michniuk & Sons, and the M. Ginsburg & Sons, private banks, within a few weeks. The run on the private bank of Braslowsky & Co., which began Saturday night, continued today. Vladimir Braslowsky, the banker, unable to secure American currency because the downtown banks were closed on Sunday, paid the depositors in Russian money. About $20,000 was withdrawn. Braslowsky posted a notice to the effect that Russian money was all he had today, but would have plenty of American currency tomorrow. This bank, also, is considered solvent.

3. September 18, 1916 Brownsville Herald Brownsville, TX
Article from Brownsville Herald, September 18, 1916

Click image to open full size in new tab

Article Text

DEPOSITORS IN RUN ON BANKS CLOSING OF PRIVATE INSTITUTIONS AT CHICAGO CAUSE OF MUCH NERVOUSNESS-POLICE CALLED (By Associated Press.) CHICAGO, III.. Sept. 18.-The police today were called to handle a crowd of depositors who continued a run on the bank of Schiff & Co., despite the assurance of its officials that the institution is solvent. The run started yesterday because o falarm spread among depositors as a result of three private bank failures last week. The private bank of M. Ginsburg & Sons, which closed Saturday, did not open today.

4. September 18, 1916 The Brattleboro Daily Reformer Brattleboro, VT
Article from The Brattleboro Daily Reformer, September 18, 1916

Click image to open full size in new tab

Article Text

DEPOSITORS MADE RUN ON STATE BANK Police Called Out to Control Crowd in Chicago - Institution Is Solvent, Officers Say. CHICAGO, Sept. 18.-The police were called out today to control a crowd of depositors who continued a run on the state bank of Schiff & Co., despite the assurance of its officials that the institution is solvent. The run started yesterday because of alarm by the collapse of three private banks last week. Officials said that $50,000 was paid out yesterday and that the demand of every depositor would be met. The bank has resources of one million, according to an aduit Saturday.

5. September 18, 1916 Bryan Daily Eagle and Pilot Bryan, TX
Article from Bryan Daily Eagle and Pilot, September 18, 1916

Click image to open full size in new tab

Article Text

RUN ON BANK CAUSED A RIOT Excited Depositors of Chicago Bank Wanted Money-Could Not Be Reassured by Officers. (By Associated Press) Chicago, Sept. 18.-The police were called to handle the crowd of depositors who continued the run on the state bank of Schiff & Co., despite the assurances of its officers that the institution was solvent. The run started Saturday because of alarm among depositors as a result of three private bank failures last week. The private banks of M. Ginsburg & Sons, which closed Saturday. did not open today.

6. September 19, 1916 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, September 19, 1916

Click image to open full size in new tab

Article Text

RUN ON BANK IN CHICAGO RESUMED Chicago, Sept. 18 -Police were called todav to handle the crowd of depositors who continued the run on the state bank of Schiff & Co., despite the assurance of its officials that the institution is solvent. The run started yesterday because of alarm spread among depositors as a result of three private bank failures last week. Officials of the bank said $50,000 was paid out yesterday and that the demand of every depositor would be met. The private bank of M. Ginsburg & Sons, which closed Saturday, did not open its doors today.

7. September 19, 1916 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, September 19, 1916

Click image to open full size in new tab

Article Text

Run on Schiff Bank At Chicago Continues Chicago, Sept. 18.-Police were called today to handle the crowd of depositors, who continued the run on the state bank of Schiff & Co., despite the assurance of its officials that the institution is solvent. Its deposits amount to $2,500,000. The run started Sunday, because of larm spread among the depositors as 1 result of three private bank failures ast week. Officials of the bank said that $50,000 was paid out Sunday, and hat the demand of every depositor would be met. The private bank of M. Ginsburk & Sons, which closed Saturday, did not open its doors today.

8. September 19, 1916 The Washington Herald Washington, DC
Article from The Washington Herald, September 19, 1916

Click image to open full size in new tab

Article Text

POLICE FIGHT ANGRY 1 MOB BESIEGING BANK (By the International News Service.) Chicago, Sept. 18.-A squad of police, armed with riot clubs, fought an, angry and panicky crowd of depositors in the 1 bank of Schiff & Co. today. Alarmed by } the numerous failures of private banks in Chicago in the last month. the depositors started a run on the institution soon after It opened its door this morning. The crowd stretched a block on either side of the bank. In it were moaning women who became hysterical. The depositors were mostly foreigners, and the thought of losing their savings made them frantic. # Officials of the bank said that it is 1 solvent and that all depositors will be paid. t

9. September 21, 1916 The Citizen Berea, KY
Article from The Citizen, September 21, 1916

Click image to open full size in new tab

Article Text

STARTS A RUN ON STATE BANK. Chicago.-Russians and Poles in Chicago's West Side foreign quarters. panic-stricken by failure of several private banks, jammed and fought their way into a state bank in that district and created a run on the institution. The bank was that of Schiff & Co., which has more than $2,500,000 in deposits and is believed to be absolutely solvent. Banks in the West Side foreign quarters are opened here for a few hours on Sundays. When the Schiff bank opened a crowd of depositors entered and began withdrawing funds.

10. September 21, 1916 The Greenville Journal Greenville, OH
Article from The Greenville Journal, September 21, 1916

Click image to open full size in new tab

Article Text

STARTS A RUN ON STATE BANK. Chicago.-Russians and Poles in Chicago's West Side foreign quarters, panic-stricken by failure of several private banks, jammed and fought their way into a state bank in that district and created a run on the institution. The bank was that of Schiff & Co., which has more than $2,500,000 in deposits and is believed to be absolutely solvent. Banks in the West Side foreign quarters are opened here for a few hours on Sundays. When the Schiff bank opened a crowd of depositors entered and began withdrawing funds.