Northwestern National Bank

Episode Information

Episode UID: 50801122
Episode Type: Run Only
Bank Type: national
Bank ID: 5080 national
Charter Number: 508
Start Date: June 8, 1893
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 9159b63694a20d49

Response Measures

None

Description

Article describes a city-wide run in Chicago but does not name Northwestern National Bank specifically.

Events (3)

1. August 30, 1864 Chartered

Source: historical_nic

2. June 8, 1893 Run

Cause: Local Banks
Cause Details: Panic tied to failures/distress of other local banks (failure of Dwiggins bank, refusal of a clearing bank to pay checks).
Measures: Banks stood the assaults firmly and furnished additional proof of confidence; police were detailed to banks.
Newspaper Excerpt: The run on the savings banks of this city has exhausted itself.
Source: newspapers

3. September 15, 1900 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (1)

1. June 9, 1893 The Sun New York, NY

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Article Text

PANIC ALLAYED. The Knn on Chicago Banks at an End-Bank and Commercial Failures. CHICAGO. June 8. - Tho run on the savings banks of this city has exhausted itself. There was no real local cause for the excitement. The failure of the Dwiggins bank was no cause for alarm. The closing of the Chemical Bank entailed no loss to depositors, and the Institutions presided over by Schaffner and Meadowcraft Brothers were of an entirely different class. being houses for the handling of commercial paper." The banks stood the assaults upon them firmly and furnished additional proof that the confidence heretofore placed in them is really deserved. The result should be so convincing as to prevent any other drain upon teem in response to idle reports which have only an imaginary foundaion. Conrad Niehoff. private banker. at 49 La Salle street, suspended businessthis morning. An assignment for the benefit of all creditors WAS filed in the County Court transferring the banker's property to Adam W. Jaeger as assignee. The assets are scheduled at $90,000 and liabilities at $60,000. The refusal of the bank through which Niehoff cleared to pay checks caused the trouble. The bank was conducted under the title of Conrad Niehoff & Co., but the banker had no associate in business. Ferdinand Gehrke. who has been doing a private banking business at 1,207 Milwaukee avenue, has assigned to Hans N. Neilson. The liabilities are placed at $33,000 and the assets at $40,000. The State street jewelry firm of Keuhne & Kappleman was forced to suspend business this morning. Their assets are placed at $30.000. while the liabilities are said not to exceed $20,000. The failure was caused by the firm's inability to meet paper held by one of the banks. an extension of which was refused. The American Trust and Savings Bank. assignee of Herman SchafTner it Co., filed a petition before Judge Scales to-day. asking for instructions as to what disposition should be made of a large number of notes which had been placed in the hands of the bank for collection and to be sold. The Court ordered that the note of $2,000 left by W. W. Bell be turned over to him at once. Schaffner's disappearance is as mysterious as ever. The derby hat found in an empty boat off Diversey street has been found to flt the head of the body taken from the lake on Tuesday. and young Schaffner says itwas not his father's hat anyway. President John J. Mitchell of the Illinois Trust and Savings Bank sent to-day a check for $500 to the Policemen's Benevolent Association. The check was pinned to a personal letter addressed to the Chief. in which the donor explained that the check was a contribution. suggested by the kind. courteous. and gentlemanly conduct of the police who were detailed at the bank during the recent run. The contribution is the largest ever received for the fund at one time. OTHER BUSINESS TROUBLES. ASHLAND, Wis.. June 8.-The Bank of Washburn closed its doors yesterday morning. The officers say the suspension is only temporary and is on account of financial stringency and the bank will reopen in a few days. It is a private institution, with a stated capital of $25,000. and a surplus of $12.000. The deposits are about $40,000. A. C. Robert. the President, says depositors will be paid in full. SHELL LAKE. Wis.. June 8--Owing to the failure of the bank of A. C. Probert at Washburn. the Shell Lake Savings Bank. of which he is the principal owner. suspended yesterday. It is said the depositors will be paid in full. The assets and liabilities are not known. MILWAUKEE. June 8.-T. H. Brown & Co.. carriage manufacturers. have assigned to O. L. Rosecranz. who gave bonds for $75,000.