South Ashland National Bank (Chicago, IL)

View Charter #13253 on SPMC View balance sheet

Episode Information

Episode UID
1325301590
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
132530 national
Charter Number
13253
Start Date
June 25, 1932
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
001407727cb3823b

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1932-06-27
Date receivership terminated
1936-09-15
Share of assets assessed as good
22.0%
Share of assets assessed as doubtful
53.7%
Share of assets assessed as worthless
24.3%

Description

Bank listed among four Chicago banks that failed to open for business June 25, 1932; later listed as in receivership in RFC reports.

Events (4)
1. November 13, 1928 Chartered
Source
historical_nic
2. June 25, 1932 Suspension
Cause
Macro News
Cause Details
Part of widespread June 1932 Chicago banking panic and heavy withdrawals that led multiple banks to fail to open.
Newspaper Excerpt
Four more Chicago and suburban banks failed to open for business today ... The fourth was the South Ashland National Bank.
Source
newspapers
3. June 27, 1932 Receivership
Source
historical_nic
4. June 27, 1932 Receivership
Newspaper Excerpt
South Ashland National bank of Chicago (receiver) $41,000 (RFC loan listing Oct. 1932).
Source
newspapers

Newspaper Articles (11)
1. June 25, 1932 The Cleveland Press Cleveland, OH

Article Text

FOUR MORE CHICAGO BANKS ARE CLOSED Total for Month Is 40; Loop With. drawals Are Heavy By United Press CHICAGO. June Four more Chicago and suburban banks failed to open for business today, one of them a Loop bank with $5,000,000 deposits. Heavy withdrawals continued the big Loop banks where all depositors who wanted their money were given it. Extra forces of tellers were on duty. The closings today shade a total of 40 this month The banks which closed today were: Chicago Bank of Commerce South Ashland National First Na. tional of Wilmette. and North Brook 1953

2. June 25, 1932 Green Bay Press-Gazette Green Bay, WI

Article Text

FOUR MORE BANKS IN CHICAGO CLOSE DOORS CHICAGO Chicago and suburban banks failed to open for business today them loop bank with deposits The banks which closed Chicago Bank Commerce (State) capital deposits. South National (South. side) capital National of Wilmette ital capital $50,000; deposits, $140,000.

3. June 25, 1932 The Knoxville News-Sentinel Knoxville, TN

Article Text

FOUR CHICAGO BANKS CLOSED One Is Big Loop Institution, Heavy Run on Others. By United Press Four more Chicago and suburban banks failed to open for business Saturday one of them Loop bank with 000 posits. Heavy withdrawals continued the Loop banks where all depositors who wanted their money were given Extra forces tellers duty The closings a total of 40 month The banks which closed Saturwere Chicago Bank Commerce capital South Ashland National (SouthFirst National of Wilmette, ital deposits unavailNorthbrook State (Suburban capital deposits $

4. June 26, 1932 Evening Star Washington, DC
Article from Evening Star, June 26, 1932

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Article Text

TRAYLOR CHECKS RUN ON HIS BANKS Plea for Faith Wins at Two Institutions.- Plot by "Enemies" Charged. By the Associated Press. CHICAGO, June 25.-Melvin A. Traylor, considered by many Democratic presidential timber, stemmed an incipient run on his $25,000,000 First National Bank and $10,000,000 First Union Trust & Savings Bank today by appearing on the banking floor and pleading for faith. Traylor, who is president of ooth banks-among the three largest in the city-declared a well-planned plot for a demonstration against the banks had been laid by "enemies" and said the banks had taken steps to put themselves in a more liquid condition than ever before. Able to Pay Off, He Says. Both banking floors were crowded with customers, a large number of whom aparently intended withdrawing accounts because of fear engendered by recent closings. Four closings today, one in the Loop, brought to 39 the number of banks here that have shut down this month. "The bank will be open during the usual business hours and will be open Monday morning," Traylor told patrons. "It will be willing and able to pay off any depositor who wishes to withdraw his funds." Referring to the alleged plot, Traylor said: "This was promoted by those who are not your friends or our friends. Fortunately, we are in the best position in our history. Please tell your neighbors that we will be open Monday morning and every morning at 9 o'clock." Crowds Disperse Quickly. The crowds quickly thinned after he had spoken and within an hour, bank attaches said, normalcy had been restored. The Loop bank to close was the Chicago Bank of Commerce with $5,200,000 deposits. It had absorbed the Union Bank of Chicago last September. Its assets are understood to cover deposits. Three other banks in outlying sections closed. two of them in North Shore suburbs-the First National Bank of Wilmette and the Northbrook State Bank The fourth was the South Ashland National Bank. These three together had about $1,000,000 deposits.

5. June 26, 1932 Corpus Christi Caller-Times Corpus Christi, TX

Article Text

Run on Chicago Bank Stemmed as Melvin Traylor Pleads for Faith Chicago, June 25.-(P)-Melvin A. Traylor, considered by many as Democratic presidential timber, stemmed an incipient run on his $25,000,000 First National bank and $10,000,000 First Union Trust and Savings bank today by appearing on the banking floors and pleading for faith. Traylor, who is president of both banks-among the three largest in the city-declared well-planned plot for demonstration against the banks had been laid by "enemies" and said the banks had taken steps to put themselves in a liquid condition than ever before. Both banking floors were crowd. ed with customers, large number of whom apparently intended withdrawing accounts because of fear engendered by recent closings. Four closings today. one in the loop. brought to 39 of banks here that have shut down this month. Referring alleged Traylor "This promoted by not your friends or our friends. tion in our history. Please tell neighbors that we will be open Monday morning and every morning at The crowds quickly thinned after he had spoken and within an hour. bank attaches said, normaley been The loop bank to close was the Chicago Bank of Commerce with $5,200,000 It had absorbed the Union Bank of Chicago last September. Its sets are understood to cover deThree other banks in outlying sections closed, two of them in North Shore suburbs-the First National Bank of Wilmette and the Northbrook State bank. The fourth was the South Ashland National These three together had about deposits.

6. July 28, 1932 The Great Falls Leader Great Falls, MT

Article Text

FOSTER DENIES REDS BACKING BANK ATTACK CHICAGO, July 28.-(P)-Authors of communistic propaganda found in a Pontiac, Mich., hotel were sought today by the secret service and detectives everywhere as the directors of a nationwide campaign against the confidence of bank depositors. Chicago bankers, government officials and Michigan police unhesttatingly blamed the communist party for systematized attack on the Integrity of financial institutions in many large cities, particularly the runs which threatened every bank in Chicago last month. It was said by C. L. Smith, prosecuting attorney at Pontiac, to have been backed by sovlet Russia. William Z. Foster. communist candidate for president, denied his organization had sponsored whispering campaign against the First National bank of Pontiac. or that man known as George Rowland. in whose room seditious letters found. was member of the party. Illinois' drastic sedition law. providing 20 years' imprisonment and directed against "anyone who advocates reformation of the government by violence or any other unlawful means," was eyed as the handlest weapon should any radicals be caught (Continued on Page Two)

7. July 28, 1932 The Merrill Daily Herald Merrill, WI

Article Text

BLAMED CAMPAIGN Melvin Head, Believes Plot found were sought today by the everywhere directors against the confidence Chicago officials Michigan police blamed the Communist party for attack the integrity financial institutions in many large cities, particularly the runs which every bank Chicago last month It said by prosecuting attorney Pontiac, have been backed by Soviet Russia William Foster. Communist candidate for president, denied organization had sponsored whisagainst the First pering campaign National bank Pontiac, that man known George ist whose room seditious was member of the party. 'Rowland,' believed today to be really George E. once candidate for president Queens Borough New York City and with record for criminal Michigan since last in August. Illinois' drastic sedition law. 20 years imprisonment and directed against "anyone who advocates the violence or any other ernment by unlawful means, was eyed as the should any radihandiest weapon caught and connected be the Pontiac more than the caused ing two in citadels soundest store upwards of order to meet cash on hand in mands of longer The situation definitely acute, appeared the Pontiac let references from Chicago, advising sent "much that there and progress on jugs in president of Melvin National bank and the First American Bankers head of the association, er blamed the 'radicals, "plot to be he believed the he said that he had and cities that ports from many used in frightenilar system was teledepositors by anonymous ing messages. bankers told how Other Chicago 300 400 bank radicals opened withdrew them accounts and en spreading news simultaneously, the

8. July 28, 1932 St. Joseph News-Press St. Joseph, MO

Article Text

BANK PLOTTERS SOUGHT. Widespread Search Made for Men Traced to Pontiac, Mich. CHICAGO. July of Communistic propaganda found in Pontiac, Mich., hotel were sought today by the secret service and everywhere as the directors of against the confidence of bank depositors. Chicago bankers, government officials and Michigan police unhesitatingly blamed the Communist party for systematized attack on the integrity of financial institutions in many large cities, particularly the runs which every bank in Chicago last month. It was said by prosecuting attorney at Pontac, to have been backed by soviet William Z. Foster, Communist candidate for president, denied his organization had sponsored pering against the First National Bank of Pontiac, or that man known as George Rowland, in whose room seditious letters were found, was a. member of the party.

9. July 28, 1932 Los Angeles Evening Citizen News Hollywood, CA

Article Text

NET SPREAD RED BANK PLOT CHICAGO July 28 Authors of Communistic propaganda found sought today by the secret service and detactives everywhere as directors nationwide campaign against the confidence of bank depositors. Chicago bankers government of ficials and Michigan police unhesitatingly blamed the Communist party for systematized attack on the integrity of financial institutions many large cities. particularly the runs which threatened every bank in Chicago last month. It was said by C. L. Smith, pros ecuting attorney at Pontiac to have been backed by Soviet Rus William Z. Foster Communist candidate for President, denied that his organization had sponsored whispering campaign against the First National Bank of Pontiac, or that man known as George Row ters were found. was member of the party Illinois' drastic sedition law provides 20 years imprisonment for "anyone who advocates reformation of the government by violence or any other unlawful means." Chicago's June bank rons closed more than 40 institutions and caused the city's soundest financial citadels to store upwards of $100.000,000 in cash on hand in order to meet demands of depositors. The situation here. no longer acute, appeared definitely linked with references in the Pontiac let ters sent from Chicago, advising 'Rowland' that there was "much progress here" and runs on jugs in loop."

10. October 22, 1932 Dixon Evening Telegraph Dixon, IL

Article Text

ILLINOIS BANKS AIDED BY R. F. C. REPORTED TODAY Corporation's Detailed Report Is Sent To Congress Today Washington, Oct. 22 —(AP)— Almost a billion dollars has flowed from the Reconstruction Finance Corporation into the channels of finance and relief, loans authorized in September alone amounting to $137,346,000. As shown today in the third report from the corporation to the Congress, over $995,604,000 in advances have been made. This embraces nearly $544,000,000 to banks and trust companies and over $218,670,000 to railroads, and does not include loans that have been repaid. The report showed that the cash balance of the corporation on September 30 was $31,545,053. During September $25,000,000 of the third series of the $250,000,000 in 3 1-2 per cent debentures issued by the board were sold to the Treasury. This brings the total amount of debentures sold to the Treasury to $600,000,000, which with the $500,000,000 capital brings the total outlay to over $1,110,000,000. The Secretary of Agriculture had left with the corporation as of September thirteenth $35,071,000 of the allocated crop production fund. Loans authorized during September to banks and trust companies, "exclusive of amounts withdrawn or cancelled" during the month, were listed to include the following in Illinois: First National Bank of Altamont $20,000; Anchor State Bank $7,500; City National Bank of Centralia $60,000; Chicago, East Side Trust & Savings Bank $15,000; Chicago, Sixty-Third & Halsted State Savings Bank $36,500; South Ashland National Bank of Chicago (receiver) $41,000 Standard National Bank of Chicago (receiver) $62,000; Clayton, Clayton State Bank $20,000; State Bank of Collinsville $25,000; State Bank of Cordova $7,000; Crossville, First National Bank $8,000; DeKalb, DeKalb Trust & Savings Bank $35,000; First National Bank of Downers Grove (receiver) $45,000; First State & Savings Bank of Galena $20,000; Hopedale, Hopedale National Bank (receiver) $18,000; Ayers National Bank of Jacksonville $90,000; First National Bank of Leroy (receiver) $30,000; First National Bank of Mendota (receiver) $76,000; Mendota, Mendota National Bank (receiver) $139,000; Mt. Carmel, American-First National Bank $15,000; First National Bank of Newton $21,000; Olney, First National Bank $65,000; First National Bank of Oneida (receiver) $21,000; National City Bank of (Continued on Page 2)

11. October 23, 1932 Chicago Tribune Chicago, IL

Article Text

Half Goes to Banks. The September total of loan authorizations was made up as follows: Sixty-four million two hundred seventeen thousand five hundred dollars to banks and other financial institutions; $18,217,500 to states and municipalities for relief of destitution; $53,105,000 for self-liquidating construction projects and $1,500,000 to the Sun Maid Raisin growers of California under the orderly marketing clause of the emergency relief act. As compared with August, loans authorized to banks and financial institutions during September decreased by more than 58 million dollars. Relief loan authorizations were about 4 million 600 dollars lower than in August. Loans under the orderly marketing clause dropped by 48 millions, since the Sun Maid loan was the only authorization made in this category during September. Self-Liquidating Loans Enter. Counteracting these decreases was a total of $53,105,000 authorized for self-liquidating construction projects—a new figure in the arithmetic of the corporation's monthly record of loan operations. The largest bank loan authorized during September, the report showed, was $2,767,000 to the Union Guardian Trust company of Detroit, Mich. Up to the close of the month, however, no part of the amount authorized had been collected by the bank. During September, the report showed, loans were authorized to four Chicago banks and 22 others in Illinois. The Chicago institutions with the follows: East Side Trust and Savings bank, $15,000; Sixty-third and Halsted State Savings bank, $36,500; the South Ashland National bank of Chicago [receiver], $41,000; Standard National bank of Chicago [receiver], $62,000. Interest on loans to solvent banks is 5½ per cent. Receivers of closed banks are charged 5 per cent. Building Groups Get Loans. In addition to the bank loans made to Illinois institutions during the month, the corporation advanced loans to building and loan associations in Chicago as follows: Bohemania Building and Loan association, $17,000; Central Building and Loan association, $20,000; Slovak Building and Loan association, $80,000; Triglav Building and Loan association, $17,000; Ultava Building and Loan and Homestead association, $23,000. Five Chicago insurance companies were authorized loans during the month. They were the Great Northern Life Insurance company, $190,000; the Illinois Life Insurance company, $500,000; National Life Insurance company, $300,000; State Life of Illinois, $9,500; Fort Dearborn Mortgage Loan company, $30,000. During the month, the report showed, the state was granted a loan of 5 million dollars for relief of desti