Drexel State Bank (Chicago, IL)

Episode Information

Episode UID
4561936691590
Episode Type
Run Only
Bank Type
state
Bank ID
456193669 hash
Start Date
June 29, 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
62e587c4a256a834

Response Measures

None

Events (2)
1. June 29, 1932 Run
Cause
Local Banks
Cause Details
Withdrawals driven by depositor worry about numerous recent bank failures in the area.
Measures
Offered to credit interest on funds withdrawn if redeposited before July 1 and left until Sept. 1.
Newspaper Excerpt
The Drexel State bank, a south side neighborhood institution, has been subject to withdrawals by depositors worried over numerous recent failures.
Source
newspapers
2. November 16, 1932 Other
Newspaper Excerpt
The Drexel State bank is receiver for the Drexwood.
Source
newspapers

Newspaper Articles (2)
1. June 29, 1932 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, June 29, 1932

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Article Text

BANK TO FORGIVE ITS CUSTOMERS' PANIC Announce No Loss of Interest If Funds Are Redeposited. By United Press CHICAGO, June 29.-At least one Chicago bank is willing to "forgive and forget" the lack of confidence its depositors have shown in the last ten days. The Drexel State bank, a south isde neighborhood institution, has been subject to withdrawals by depositors worried over numerous recent failures. Today the bank announced that those who withdrew their money would not lose the interest due on it July 1 if they redeposited it before that date and agreed to leave it there until Sept. 1.

2. November 16, 1932 Chicago Tribune Chicago, IL

Article Text

PLAN BOOK SHOP IN UNIVERSITY CLUB BUILDING Former Walden Associates Behind Project. BY AL CHASE. Chicago is M. Cooper, William J. and erine Frost, identified with the Book shops for several leased space at 36 South Michigan avenue in University will the Book shop is 25. 16x42, and will occupy the south half of LENETTA M. the COOPER ly used by the Litwinski Linen shop. The lease is for an undisclosed term of years and was negotiated by Miss Lorraine E. Sachs of L. L. Sachs & The University club of Chicago Co. lessor Mrs. Cooper is president of the Mr. Flynn vice president and KathB. treasurer. Mr. and Mrs. Edwin Kuh are Mrs. the book shop for twelve years. Miss Frost both were with the Walden for seven years. Reorganization Step. step in the of the $400,000 first mortgage bond by the Lawndale business block and at the east of road and Komensky taken yesterday, when title to the property was conveyed by master's deed to Edward P. McGuire, representing the bondhold. ers. The bid in at forefor $175,000. This issue by the Garard Trust The building contains a 2,200 seat house, four stores, twelve apartments, and recreation hall in the basement. Title was conveyed to Mr. McGuire by the Lawndale Theater corporation and The usual reorganization used by the of the Garard Trust will be emthis that is, the property will be placed in trust trust certificates issued against deposited bonds. Drexwood Apartments. Title to the apartments at the of Drexel boulevard and East 44th street, was conveyed by quitelaim deed by Charles Henry to Attorney Danicl P. Nagle, in the of Austin Wyman of Cummings & Wyman The building. which contains forty-five three four room suites, was financed by an Equitable Bond and Mortgage bond issue of $180,000. since paid down to $140,000. Foreclosure proceedings have been started against the property for the bondholders by the bondholders' procommittee, of which Holman D. of the Chicago Title and is The Drexel State bank is receiver for the Drexwood.