Schiff & Company (Chicago, IL)

Episode Information

Episode UID
685354991401
Episode Type
Run Only
Bank Type
private
Bank ID
68535499 hash
Start Date
September 17, 1916
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
806d5ea5ff4c2966

Response Measures

None

Events (1)
1. September 17, 1916 Run
Cause
Local Banks
Cause Details
Panic among West Side foreigners after failures of several private banks (Silver & Co., Michael Michniuk & Sons, M. Ginsburg & Sons) triggered heavy withdrawals.
Measures
Bank paid out about $50,000, assured depositors it was solvent; police protection requested.
Newspaper Excerpt
Russians and Poles in Chicago's West Side ... jammed and fought their way ... into the State bank ... and created a run on the institution.
Source
newspapers

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

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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 had been withdrawn when the bank closed, Samuel S. Chuster.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 Arizona Republican Phoenix, AZ
Article from Arizona Republican, September 18, 1916

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Article Text

Russians And Poles Start Run On Strong State Bank [Republican A. P. Leased Wire] ing funds. Police protection was asked. More than $50,000, mostly in savings CHICAGO, Sept. 17. Russians and accounts, had been withdrawn when Poles in Chicago's west side foreign the bank closed at 1 p. m. Samuel quarter, panic stricken by failure of Schuster, cashier, announced there is several private banks, jammed and plenty of money on hand and that all fought their way today into a state depositors who wish will be paid tobank in that district and created a run morrow. on that institution. The bank was that Schuster blamed the run on the exof Schiff and company, which has citement caused by the crash of the more than $2,500,000 in deposits and is Silver and company, Michael Michniuk believed to be absolutely solvent. and Sons, and the M. Ginsburg, and Banks in the west side foreign quartSons, private banks within a few ers are opened here for a few hours weeks. on Sunday. When the Schiff bank Schiff and company is one of the opened at 8:30 a. m. a crowd of delargest banking institutions on the positors entered and began withdrawwest side,

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

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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.

4. September 18, 1916 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, September 18, 1916

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Article Text

RUSSIANS AND POLES IN RUN ON STATE BANK Panie-Stricken Foreigners Fight Way Into Building-Belleved to Be Absolutely Solvent. 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 to-day into a State bank in that district and created run on the institution. The bank was a that of Schiff & Company, which has more than $2,500,000 in deposits, and is believed to be absolutely solvent. Banks in the West Side foreign quarter are opened here for a few hours on Sunday. 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 wthdrawn 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 to-morrow. The run on the private bank of Braslowsky & Co., which began Saturday night, continued to-day. 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. State's Attorney Hoyne, who has been conducting an investigation of private banks In Chicago, publicly announced a few days ago that many of these institutions are insolvent.

5. September 18, 1916 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, September 18, 1916

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Article Text

Russians and Poles Make Run on Another Bank in Chicago Chicago, Sept. 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 opened here for a few hours on Sunday. When the Schiff bank opened at 8:30 a. m. a crowd of depositors entered and began with drawing funds. Police protection was asked. More than $50,000, mostly in savings accounts, had been withdrawn when the bank closed at 1st p. m. Samuel S. Schuster, cashier, an nounced there is plenty of money on hand and that all depositors who wish will be paid tomorrow. Schuster blamed the run on excitement caused by the crash of the Silver & Co., Michael Michniuk & Sons and the M. Ginsburg & Sons private banks within a few weeks. Schiff & Co.'s is one of the largest banking institutions on the West Side.

6. September 19, 1916 The Bridgeport Evening Farmer Bridgeport, CT
Article from The Bridgeport Evening Farmer, September 19, 1916

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Article Text

Police Called Out To Calm Depositors In Big Run on Bank Chicago, Sept. 19-Police were called yesterday to control a crowd of depositors who continued the run on the state bank of Schiff & Company, despite the assurances of its officials that the institution is solvent. The run started Sunday because of alarm spread by the collapse of three private banks last week. Officials of the Schiff Bank said that $50,000 was paid out yesterday and that the demand of every depositor would be met. The bank has resources of $1.000,000, according to an audit Saturday. The private bank of M. Ginsberg & Sons, which closed Saturday/ did not open its doors yesterday. Depositors clamored for their savings.

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

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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 Daily Telegram Clarksburg, WV
Article from The Daily Telegram, September 19, 1916

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Article Text

By a Crowd of Deposcitors and the Police are Called to Handle Them. (BY ASSOCIATED PRESS) CHICAGO, Sept. 19.-Police were called Monday to handle a crowd of depositors which continued the run on the state bank of Schiff and Company, despite the assurance of its officials that the institution is solvent. The run started Sunday because of the alarm spread by the collapse of three private banks last week. Officials of the Schiff bank said that $50,000 was pâid out Sunday and that the demands of every depositor would be met. The bank-had resources of $1,000,000, according to an audit Saturday. The private bank of M. Ginsberg and Sons, which closed Saturday, did not open its doors Monday. Depositors clamored for their savings.

9. September 19, 1916 Webster City Freeman Webster City, IA
Article from Webster City Freeman, September 19, 1916

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Article Text

A CHICAGO BANK HAS BIG RUN Chicago, Sept. 18.-Russians and Poles in Chicago's "west side foreign quarter," panic stricken by failure of several private banks, jammed and fought their way yesterday into a state bank in that district and created a run on the institution. The bank was that of Schiff & Co., which had more than $2,500,000 in deposits and is believed to be absolutely solvent. Banks in the west side foreign quarter are opened here for a few hours on Sunday. 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 saving 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 today. Schuster blamed the run on the excitement caused by the crash of the Silver & Co., Michael Michniuk & Sons, private banks, within a few weeks. Schiff & Co. is one of the largest banking institutions on the west side.

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

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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