North Avenue State Bank (Chicago, IL)

Episode Information

Episode UID
8201963291374
Episode Type
Run Only
Bank Type
state
Bank ID
820196329 hash
Start Date
June 29, 1914
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4ba89ded2c553ce2

Response Measures

None

Events (2)
1. June 29, 1914 Run
Cause
Local Banks
Cause Details
Publicity and failure of the Lorimer-Munday banks prompted depositor panic and withdrawals.
Measures
Continental & Commercial Trust & Savings bank loaned $300,000 in currency placed on the counter to reassure depositors; bank paid out large cash ($250,000-$300,000).
Newspaper Excerpt
Three hundred, mostly foreigners, were in line when the North Avenue State bank opened its doors today and the run, begun Saturday, was resumed.
Source
newspapers
2. June 30, 1914 Other
Newspaper Excerpt
The run on the North Avenue State bank ceased last night and this morning there were fifty persons waiting their turns to replace their deposits. During the run the bank paid out $300,000.
Source
newspapers

Newspaper Articles (10)
1. June 29, 1914 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, June 29, 1914

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Article Text

FAIL TO HALT RUN ON CHICAGO BANK Troubles of North Avenue Concern Brought on by Munday-Lorimer Failure. Chicago, III., June 29.-The run on the North Avenue State bank continued today. Three hundred, mostly foreigners, were in line. Failure of the Lorimer-Munday banks is held responsible. The North Avenue paid out $250,000 Saturday and when it opened today $300,000, loaned by the Continental & Commercial Trust Savings bank, the biggest in the city, was piled in plain sight to reassure depositors. Members of his own family have more than a million tied up in the closed La Salle Street bank, said Vice President Munday. "Every relative I have, even to the babies. has deposits in the bank. Would I have tried to ruin them as well as myself?"

2. June 29, 1914 The Evening Herald Albuquerque, NM
Article from The Evening Herald, June 29, 1914

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Article Text

RUN ON NORTH AVENUE STATE BANK CONTINUES Chicago, June 29.-Three hundred persons, mostly foreigners, were in line when the North Avenue State bank opened its doors today and the run, begun Saturday, was resumed. Publicity attending the failure of the Lorimer-Munday banks is held responsible. On Saturday the North Avenue bank paid out $250,000 and when the doors opened today $300.000 in currency, loaned by the Continental and Commercial Trust and Savings bank, the largest banking institution in the city, was piled in plain sight to reassure depositors. President Reynolds of the Continental and Commercial stated that the North Avenue bank is perfectly solvent and that it will be given all the funds necessary to meet the extraordinary and uncalled-for drain.

3. June 29, 1914 The Day Book Chicago, IL
Article from The Day Book, June 29, 1914

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Article Text

15 years ago. Evanston housewives called poor managers by business men. Blame late shopping for keeping open Saturday. Thirty patients transferred from old detention hospital to new psychopathic ward. Bureau formed by mayors of New York, Philadelphia and Chicago to protect cities from public service corporations. Bonds of eHrman Schmitz, Robert E. Malone and Frank P. McMahon, in jury bribing scandal, fixed at $10,000. Former Mayor Schank, Indianapolis, had stranger watch $5,000 auto. Both gone. Frank Wallace, 3200 W. Lake st., arrested. Alleged to have taken stolen money from Hazel Martin, 19, while posing at "state's attorney man." Loop banks furnishing funds to stop run on North Avenue State Bank. $200,000 withdrawn Saturday. Morgan Park's only movie show failed to open yesterday. Sunday school attendance increased. Vernon L. Bean, Chief Gleason's secretary, charged with violating civil service rule. Alleged to have outside business as attorney. Tony Jacobs, 18, and Bernard Hermanoeky, 18, arrested while trying to force entrance to tailor shop. M. Weinberg, 720 Maxwell st., wants warrant for arrest of Ald. Matt Franz, 20th Ward. Alleges he was slugged for insult to Franze. John Vegan, unemployed, hit by auto at Michigan av. and Adams st. Dead. Isaac Reeder and Isaac Contui went rowing on lake. Lost oars. Rescued by tug. Two thousand more lights to be installed by sanitary district. 14,000 nitrogen lamns to be nut in use July 6

4. June 29, 1914 Newark Evening Star and Newark Advertiser Newark, NJ
Article from Newark Evening Star and Newark Advertiser, June 29, 1914

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Article Text

SIFT GRAFT RUMOR IN CRASH OF BANK Chicago City Council Wants to Know Who Got Share of Interest Due. CHICAGO, June 29.-The city council today assumed a share in the inquiry into the conduct of the closed La Salle Street Trust and Savings Bank, which is under investigation by the State and national governments. The council has appointed a committee to find out to whom was paid the "split" from the interest on city funds carried by the suspended bank. The sum involved is said to be $7,752. The bank paid three per cent. interest on city deposits. The city was paid 21/4 per cent. and some unidentified officials is said to have received the remaining 3/4 per cent. Officers of the bank, including C. B. Munday, its vice-president, were summoned to appear before the council committee. City financial officials also were called. W. C. Niblack, receiver of the suspended bank, said that the person who received the "split" check would be made known at the council committee meeting. State and federal special grand juries will assemble in two weeks to hear the evidence in the matter of the insolvency of the bank. A counter piled with $375,000 in greenbacks, gold and silver, today greeted the eyes of the depositors of the North avenue State Bank from which $200,000 was withdrawn in a run Saturday. Big downtown institutions came to the rescue of the bank, declared it solvent and said it would be protected. Officers of the bank said their depositors were frightened by the troubles of the Lorimer-Munday string of banks. The North Avenue Bank, they declared, had no connection with those enterprises,

5. June 30, 1914 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, June 30, 1914

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Article Text

DEPOSITORS RETURN MONEY. Run on Chicago Bank Stopped After $300,000 Is Withdrawn. Chicago, June ).-The run on the North Avenue State bank last night and this morning there were fifty persons awaiting their turns to replace their deposits. During the run the bank paid out $300,000.

6. June 30, 1914 The Chronicle=news Trinidad, CO
Article from The Chronicle=news, June 30, 1914

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Article Text

RUN ON BANK ENDS. Chicago, June 30.-The run on the North Avenue State bank ceased last night and this morning there were 50 person waiting their turning to replace their deposits. During the run the bank paid out $300,000.

7. June 30, 1914 Las Vegas Optic Las Vegas, NM
Article from Las Vegas Optic, June 30, 1914

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Article Text

CHICAGO BANK RUN OVER Chicago, June 30.-The run on the North Avenue State bank ceased last night and this morning there were 50 persons waiting their turns to replace their deposits. During the run the bank paid out $300,000.

8. July 1, 1914 Grand Forks Daily Herald and the Evening Times Grand Forks, ND
Article from Grand Forks Daily Herald and the Evening Times, July 1, 1914

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Article Text

CHICAGO BANK RUN HALTS. Fifty Waiting in Line Today to Replace Deposits. Chicago, !ul.. 1.-The run on the North Avenue State bank ceased and yesterday there were. fifty persons awaiting their turns to replace their deposits. During the run the bank paid out $300,000.

9. July 2, 1914 The Citizen-Republican Scotland, Parkston, SD
Article from The Citizen-Republican, July 2, 1914

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Article Text

DEPOSITORS START RUN ON BIG BANK Chicago, June 30.-Three hundred persons mostly foreigners were in line when the North Avenue State bank opened its doors and the run begun Saturday was resumed. Publicity attending the failure of the Lorimer-Munday banks is held responsible. On Saturday the North Avenue bank paid out $250,000 and when the doors opened today $300,000 in currency loaned by the Continental & Commercial Trust & Savings bank, the largest banking institution in the city, was piled in plain sight to reasure depositors. President Reynolds of the Continental & Commercai stated that the North Avenue bank is perfectly solvent and that it will be given all the funds necessary to meet the extraordinary and uncalled for drain. Charles B. Munday, vice president of the LaSalle Street Trust & Savings bank, which is in the hands of a receiver, declared today members of his family had more than $1,000,000 on deposit when the bank closed. He said it was absurd for anyone to think he had tried. to wreck the institution, when his own family fortunes were involved. He said he believed the bank was solvent, the day it closed. He denied there had been a split between William Lorimer and himself. Official announcement of the bank's condition as reported by Daniel V. Harkin, examiner, to the state auditor, was made today. Notes due the bank to the aggregate of $1,746,048 were branded as "desperate and of no value." Notes for $763,387 were called "slow and doubtful" while the "good" notes aggregated only $781,335. These items alone indicated a failure for approximately $2,500,000.

10. July 2, 1914 The Tabor Independent Tabor, SD
Article from The Tabor Independent, July 2, 1914

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Article Text

DEPOSITORS START RUN ON BIG BANK Chicago, June 30.-Three hundred persons mostly foreigners were in line when the North Avenue State bank opened its doors and the run begun Saturday was resumed. Publicity attending the failure of the Lorimer-Munday banks is held responsible. On Saturday the North Avenue bank paid out $250,000 and when the doors opened today $300,000 in currency loaned by the Continental & Commercial Trust & Savings bank, the largest banking institution in the city, was piled in plain sight to reasure depositors. President Reynolds of the Continental & Commercal stated that the North Avenue bank is perfectly solvent and that it will be given all the funds necessary to meet the extraordinary and uncalled for drain. Charles B. Munday, vice president of the LaSalle Street Trust & Savings bank, which is in the hands of a receiver, declared today members of his family had more than $1,000,000 on deposit when the bank closed. He said it was absurd for anyone to think he had tried to wreck the institution, when his own family fortunes were involved. He said he believed the bank was solvent, the day it closed. He denied there had been a split between William Lorimer and himself. Official announcement of the bank's condition as reported by Daniel V. Harkin, examiner, to the state auditor, was made today. Notes due the bank to the aggregate of $1,746,048 were branded as "desperate and of no value." Notes for $763,387 were called "slow and doubtful" while the "good" notes aggregated only $781,335. These items alone indicated a failure for approximately $2,500,000.