State Bank - Chicago, IL

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: October 28, 1907
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 8c7e4d89

Response Measures

Accommodated withdrawals, Partial suspension

Other: Police reserves were rushed to the bank to preserve order.

Description

Article (Oct 28, 1907) reports a run beginning at the State Bank of Chicago after an earlier run at the Hibernia Bank. No suspension or reopening/closure is mentioned. Measures taken: refused to pay all accounts, accepted notices of withdrawal on savings and paid checking with certificates. Cause appears to be contagion from runs at other local banks.

Events (1)

1. October 28, 1907 Run

Cause: Local Banks
Cause Details: Run followed an earlier run at the Hibernia Bank in Chicago; contagion/concern from runs on local banks.
Measures: Refused to pay all accounts; accepted regular notices of withdrawal on savings accounts and paid checking accounts with certificates.
Newspaper Excerpt: At 1 o'clock this afternoon a run was started on the State Bank of Chicago. Police reserves were rushed to both banks.
Source: newspapers

Newspaper Articles (1)

1. October 28, 1907 The Seattle Star Seattle, WA

Article from The Seattle Star, October 28, 1907

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Article Text

Run Started at Chicago. CHICAGO, Oct. 28.-A run was started today on the Hibernia bank. Two hundred depositors were in line when the bank opened, the majority being women. The Hibernia is regarded as one of the strongest state banks in Chicago. At noon the crowd had Increased to 300. The bank refused to pay all accounts, accepting the regular notices of withdrawal of savings accounts and paying off checking accounts with certificates. The Hibernia's savings deposits amount to $18,308,415, with cash on hand of $3,904,340. Its capital stock is $500,000. President Clarke says the bank is solvent. At 1 o'clock this afternoon a run was started on the State Bank of Chicago. Police reserves were rushed to both banks.