State Street Savings Bank

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: savings bank
Start Date: September 22, 1873
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 6a057ae1

Response Measures

Partial suspension

Description

Article (Sept 22, 1873) reports a run on several savings banks in Chicago with the largest assembly at the State Street savings institution. Banks invoked the 30/60 day rule and limited payments to under $100 — a partial suspension of payments in response to the run. No permanent closure or receivership is mentioned.

Events (2)

1. September 22, 1873 Run

Cause: Macro News
Cause Details: Widespread financial anxiety driven by reports from New York and general runs on banks; newspaper notes reports from New York affected sentiment.
Measures: Invoked the thirty and sixty day rule; limited payments to sums under $100.
Newspaper Excerpt: There is considerable of a run on some of the savings banks to-day, but they are adhering to the resolution adopted yesterday, to fall back upon the thirty and sixty day rule... The largest assembly appears to be gathered at the State street savings institution
Source: newspapers

2. September 22, 1873 Suspension

Cause: Macro News
Cause Details: Partial suspension (30/60 day rule) implemented in response to the run and widespread financial reports/news from New York increasing anxiety.
Newspaper Excerpt: they are adhering to the resolution adopted yesterday, to fall back upon the thirty and sixty day rule, and are only paying sums of less than one hundred dollars.
Source: newspapers

Newspaper Articles (1)

1. September 23, 1873 The Cairo Bulletin Cairo, IL

Article from The Cairo Bulletin, September 23, 1873

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Article Text

FROM CHICAGO. FINANCIAL-RUS ON BANKS. CHICAGO, September 22.-There is considerable of a run on some of the savings banks to-day, but they are adhering to the resolution adopted yesterday, to fall back upon the thirty and sixty day rule, and are only paying sums of less than one hundred dollars. The largest assembly appears to be gathered at the State street savings institution, but 80 far the crowd has been very quiet and orderly. The latest reports, public and private, from New York, appear to have had the effect to lessen the anxiety which was manifest this morning among many bankers and busines men.