Bankers National Bank (Chicago, IL)

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Episode Information

Episode UID
478701164
Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
47870 national
Charter Number
4787
Start Date
December 22, 1896
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2830a7cb7baa2e77

Response Measures

No run, Borrowed from banks or large institutions, Public signal of financial health, Capital injected, Partial suspension

Description

Articles describe Chicago-wide banking distress (runs and invocation of the 60-day notice rule) across multiple dates; the specified bank is not named.

Events (6)
1. August 3, 1892 Chartered
Source
historical_nic
2. December 22, 1896 Run
Cause
Local Banks
Cause Details
Runs and withdrawals triggered by failures/weakness of other regional banks (failure of the Bank of Minnesota at St. Paul and related Chicago nervousness)
Measures
Banks compelled to place depositors desiring to draw more than $100 on the sixty days' notice rule (partial restriction on withdrawals)
Newspaper Excerpt
small runs on all of them from yesterday's bank troubles
Source
newspapers
3. December 23, 1896 Suspension
Cause
Local Banks
Cause Details
Institutions invoked the 60-day notice rule in response to runs and regional banking failures/weakness
Newspaper Excerpt
savings banks there compelled to fall on the sixty days' notice rule to all depositors desirous of drawing more than $100
Source
newspapers
4. January 3, 1897 Run
Cause
Local Banks
Cause Details
Continued withdrawals and requests for liquidity among Chicago and western banks leading to appeals for assistance from eastern banks
Measures
Banks telegraphed other banks for assistance (call for interbank support)
Newspaper Excerpt
Chicago Banks Call for Money to Tide Them Ove the Trouble
Source
newspapers
5. September 15, 1906 Run
Cause
Bank Specific Adverse Info
Cause Details
Withdrawals in other Chicago banks triggered by scandal/failure at the Stensland bank
Measures
Local leaders deposited funds to reassure depositors (example: leaders in Pullman deposited to stop a run)
Newspaper Excerpt
result of the Stensland bank scandal has been a falling off in deposits in the other banks
Source
newspapers
6. August 31, 1909 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (3)
1. December 23, 1896 The News & Observer Raleigh, NC
Article from The News & Observer, December 23, 1896

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Article Text

STOCKS. To-day's stock market was a small, narrow and sensitive affair, showing no decided tendency in either direction, with the business almost wholly local and largely of a professional character. During the first hour's business prices were sustained at about last night's range on some bull movement in Sugar, Chicago Gas andBurlington, but as this demand soon subsided, and it was seen that commission business was practically dull, with no substantial support from the large outside moneyed interests, the bear traders resumed their raiding tactics. Covering shorts later by smaller dealers, and the declaration of the Vanderbilt regular dividends on Lake Shore, New York Central and Michigan Central led to a slight rally toward noon, but the market again eased off upon the Canada Southern dividend being reduced from 11/4 to 1 per cent. Less favorable Chicago advices, with all the savings banks there compelled to fall on the sixty days' notice rule to all depositors desirous of drawing more than $100, on account of small runs on all of them from yesterday's bank troubles, and on the failure this morning of the bank of Minnesota at St. Paul, which was the largest and the oldest bank there. The whole list receded under renewed liquidation and short selling, and closed irregular and heavy with a decline extending 1 to 2 per cent. ,with the latter in Manhattan, C. S., J. C. and D. H., Manhattan's weakness was due to renewed liquidation and bear pressure, C. S., on reduced dividend, C. H., on liquidation of rumors of an impending reduction in its annual dividend from 7to 6 per cent. C. J. declined 1½ per cent, in sympathy with the weak D. H., and Readi g one per cent. The Grangers were affected by Chicago liquidation on the nervousness there, and at St. Paul, over the financial situation. Tobacco was manipulated, and advanced 2 per cent., by brokers who usually act for insiders. Nothing was done on the Cuban resolutions in the Senate, which adjourned over until January 5th, when the debate on the question will be resumed. E B CUTHBERT & CO

2. January 4, 1897 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, January 4, 1897

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Article Text

ASKING THE EAST TO HELP THEM Chicago Banks Call for Money to Tide Them Ove the Trouble. Washington, January 3.-(Special.)-The situation relative to the banks in Chicago and other of the western cities is being considered by Comptroller Eckels and others of the treasury department. The condition of western banks is far more serious than is generally imagined by the public. The recent failures in Chicago and St. Paul have, according to the treasury authority, placed western finances in a tottering condition. For the past three days the Chicago banks have been telegraphing to New York, Philadelphia, Baltimore and Washington banks for assistance. So far it is not believed by the treasury officials that satisfactory responses have been made in the east, therefore greater trouble is feared, and unless all the western banks go to each other's support it is argued there may be a general western bank panic. Comptroller Eckels said tonight that he had no fear of the southern banks, as few, If any, had any great interchange of business with the Chicago concerns, but the seat of apprehension lay exclusively at Chicago and points west of there. Mr. Eckels is, in truth, apprehensive, and while doing all within his power to avert a break in the west, he is not without fear that

3. September 15, 1906 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, September 15, 1906

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Article Text

TAKING OUT MONEY. The world of fianance feels the first flutter of distrust. Depending upon the circumstances sometimes it is to a high degree and sometimes lower. In Chicago the result of the Stensland bank scandal has been a falling off in deposits in the other banks to the amount of three per cent. Going out through hundreds of different persons it is hard to tell what is being done with it. This is the time of the year when the savings on deposit begin to increase, but under the abnormal conditions in Chicago the unusual results. Some of it may be placed in the strong boxes, some may have thought it safer to invest in real estate than to place money in the banks, and some may have concluded that they might as well spend it themselves as to have somebody else spend it. But it is gone from the vaults and the books of the banks. Perhaps the wonder should be that more have not withdrawn their deposits, but the greater portion of the people are reasonable and have an ordinary amount of business sense. They know that where there is one who would steal their savings there are a thousand who will protect them. The run on the Pullman bank was stopped by the action of some of the "kings" of the foreign element in the car shop town, who had faith in the institution to such an extent that in the face of the mob that was demanding its money they went calmly in and laid down more that was to be placed upon deposit to their credit. Example was better than precept and was sufficient to convince the more ignorant, who follow their leaders, who are depended upon to know better the ways of the American, that there was nothing to fear.