gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e38ce135bce6c824
Response Measures
Public signal of financial health, Capital injected, Full suspension, Books examined
Receivership Details
Depositor recovery rate
100.0%
Date receivership started
1893-07-21
Date receivership terminated
1900-05-02
OCC cause of failure
Fraud
Share of assets assessed as good
47.0%
Share of assets assessed as doubtful
30.3%
Share of assets assessed as worthless
22.7%
Description
Contemporary reports briefly discussed possible resumption, but committee later declined and the bank entered receivership.
Events (5)
1.December 15, 1891Chartered
Source
historical_nic
2.May 9, 1893Run
Cause
Bank Specific Adverse Info
Cause Details
Extraordinarily heavy withdrawals over the prior Saturday and Monday exhausted the bank's funds.
Measures
Directors placed bank in liquidation; examiner took charge; public statements promising payment in full and assessments on stockholders.
Newspaper Excerpt
The reason of the suspension, Mr. Carry says, were the extraordinary heavy runs of Saturday and Monday.
Source
newspapers
3.May 9, 1893Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension declared after heavy runs exhausted resources; bank placed in hands of an examiner/committee.
Newspaper Excerpt
The Chemical National bank has suspended business, and President J. A. Curry says it is doubtful if the concern will attempt to resume.
Source
newspapers
4.July 21, 1893Receivership
Source
historical_nic
5.July 21, 1893Receivership
Newspaper Excerpt
Receiver Eli Tourtelot, of the defunct Chemical National bank, has filed in court a bill charging ex-President Joseph O. Curry with gross carelessness in making loans and wrongfully converting to his own use large sums. The bill charges that almost $300,000 is missing. (article reporting receiver actions).
Source
newspapers
Newspaper Articles (25)
1.May 10, 1893The Wilmington Daily RepublicanWilmington, DE
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Article Text
AFFAIRS AT THE FAIR. Foreign Visitors Treated to an American Bank Suspension. CHICAGO, May 10.-Among the exhibits at the fair grounds yesterday was a national bank under suspension. The exhibit was not a pleasing one in the eyes of the foreigners who had their money on deposit, but the fears of not getting it back were unfounded. The World's fair branch of the Chemical National bank of Chicago, now in the hands of an examiner, usually opened its doors on the second floor of pavilion D, Administration building, at 9 o'clock. The news that the bank directors had decided to go into liquidation was known to most of the English speaking depositors long before the banking hour arrived. President Carry, of the suspended bank, says every depositor will be paid in full. The reason of the suspension, Mr. Carry says, were the extraordinary heavy runs of Saturday and Monday. It is probable that the Worid's fair directors will deviso some means for the relief of the bank's customers. The musical program for the entertainment of World's fair visitors has been curtailed until the weather shall become warmer. The concerts beginning at a. m. have been abandoned for the present, and the open air entertainments by the bands will begin hereafter at 11 o'clock. The special committee investigating the musical trouble had another secret meeting this afternoon. The testimony presented will not be disclosed until the committee reports. Director General Davis and the two harpists in Thomas' orchestra, who are involved in the trouble, have already appeared before the committee. Theodore Thomas, Secretary Wilson, of the bureau of music, and President Higinbotham will be heard to-day. Commissioner Massey, of Delaware, presented the report of the judiciary committee on a reference to it of Miss Cozzens' request for information regarding the relation of the women's board to the national commission. The committee was unanimously of the opinion that according to the act of congress creating the commission no relation was intended or is maintained between the bodies, except in the appointment of committees. This will probably end the Cozzens' matter. The paid admissions, at the fair grounds yesterday were $1,122.
2.May 10, 1893The Madison Daily LeaderMadison, SD
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CHICAGO FAILURE Chemical National Bank, With a Capital of $1,000,000, Goes to the Wall. Said the Depositors Will Be Paid in Full-Had a World's Fair Branch. Warner, of Patent Medicine Fame, Forced to the Wall by Creditors. CHICAGO, May 10.-The Chemical National bank of this city, which established a branch at Jackson park where world's fair concessionaires have been depositing their cash, has closed its doors. It is said the depositors will lose nothing. The deposits of its world's fair branch have been secured. Will Pay in Full. "Within four or fine days we will have enough money to pay one-third of our depositors," said Mr. Corry to a reporter for The United Press, "and in time every creditor will receive 100 cents on the dollar. This bank has good backing, and its stockholders, who are solid business men, will make good every one of its debts. A levy will be made on the stockholders of 10 or 15 per cent. and as, under the banking act, they are responsible for double their stock, it is only a question of time when everybody will be paid in full. The reason we suspended business was because the extraordinarily heavy runs of Saturday and Monday exhausted our funds.
3.May 11, 1893The Wilmington Daily RepublicanWilmington, DE
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Another Chicago Bank Failure. CHICAGO, May 11.-The private banking firm of Beattie & Beattie has failed as the result of the suspension of the Chemical National bank. The assets are placed at 89,000 and the liabilities at $6,500.
4.May 11, 1893The Roanoke TimesRoanoke, VA
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Chemical National Bank Failure. CHICAGO, May 10.-The Chemical National bank has suspended business, and President J. A. Curry says it is doubtful if the concern will attempt to resume. A statement made by President Curry to several creditors that gained access to him had a quieting effect on the remainder o the depositors. "Within four or five days we will have enough money to pay onethird of our depositors," said Mr. Curry, "and in time every creditor will receive 100 cents on the dollar. The reason we suspended business was because the extraordinarily heavy runs of Saturday and Monday exhausted our present resources, and we believed the fairest, most honorable way to do was to quit now when we could without harming anybody." The question of who shall succeed the Chemical National at the fair grounds must be decided by the directory.
5.May 11, 1893The Western SentinelWinston-Salem, NC
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Article Text
Two Bank Failures. MELBOURNE, May 9.-The bank of Victoria, of this city, suspended payment this morning. The liabilities amounto over £7,000,000. CHICAGO, III., May 9.-The Chemical National Bank, of this city, has suspended, with liabilities amounting to $1,000,000.
6.May 12, 1893The Mitchell CapitalMitchell, SD
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Article Text
Chemical National Bank, With a Capital of $1,000,000, Goes to the Wall. Said the Depositors Will Be Paid in Full-Had a World's Fair Branch. Warner, of Patent Medicine Fame, Forced to the Wall by Creditors. CHICAGO, May 10.-The Chemical National bank of this city, which established a branch at Jackson park where world's fair concessionaires have been depositing their cash, has closed its doors. It is said the depositors will lose nothing. The deposits of its world's fair branch have been secured. Will Pay in Full. "Within four or fine days we will have enough money to pay one-third of our depositors," said Mr. Corry to a reporter for The United Press, "and in time every creditor will receive 100 cents on the dollar. .This bank has good backing, and its stockholders, who are solid business men, will make good every one of its debts. A levy will be made on the stockholders of 10 or 15 per cent. and as, under the banking act, they are responsible for double their stock, it is only a question of time when everybody will be paid in full. The reason we suspended business was because the extraordinarily heavy runs of Saturday and Monday exhausted our funds.
7.May 12, 1893Grand Rapids HeraldGrand Rapids, MI
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Article Text
Indianapolis Bank Suspends INDIANAPOLIS May 11 The Capi tal National bank of this city sus pended payment this morning. No statement has yet been given out The suspension was caused by the failures of the Chemical National bank of Chicago and the Premier Steel works of this city. The Chemical bank is a debtor to the Capital National to the amount of at least $00,000.
8.May 12, 1893The Dalles Daily ChronicleDalles, OR
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Article Text
is in charge. The failure was caused by that of the Chemical National bank of Chicago, which owed the Capital National $100,000. The Capital also carried a large amount of the Premier steel works paper. The latter went into a receiver's hands Friday. The officials of the bank have made a statement in which they say the capital stock is $300,000. The bank has. done a profitable business. It was run on a conservative basis, and there was nothing in the bank's condition to cause uneasiness till Tuesday, when the failure of the Chemical National of Chicago occurred.
9.May 12, 1893The State ChronicleRaleigh, NC
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An Indianapol lis Bank Suspends. By Southern Associated Press. INDIANAPOLIS, Ind., May 11.-The Capital National Bank of this city has suspended. The statement is made that the closing of the bank's doors was made necessary by the failure of the Chemical National Bank cf Chicago last week, which institntion owed a capital of $100,000. The bank also carried a large amount of the Premier Steel Works' papers. The latter concern was placed in the hands of a receiver Friday last.
10.May 12, 1893The Madison Daily LeaderMadison, SD
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BANK FAILURES. Columbia National at Chicago and Capital National at Indianapolis Suspend. Liabilities of the Latter Are Over a Million, With Assets a Quarter of That Sum. Actual Condition of the Columbia National Not Yet Given Out. ab INDIANAPOLIS, May 12.-The Capita National bank of this city has suspended payments. No statement has yet been given out. The suspension was caused by the failure of the Chemical National bank of Chicago, and the Premier steel works of this city. The Chemical bank is a debtor to the Capital National to the extent of at least $90,000. The liabilities of the bank are about $1,050,000. The paid up capital stock is $300,000, and the assets are estimated at $250,000.
11.May 12, 1893The ColumbianBloomsburg, PA
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The Trouble Failed to Materialise. CHICAGO, May 10. - The anticipated trouble over the closing of the Chemical bank Monday evening did not occur. Since yesterday morning a policeman has stood at the door of the bank to preserve order, but there was no disturbance on the part of the crowd, although some felt angry because their deposits were accepted Monday. A statement made by President Curry to several creditors that gained access to him, had a quieting effect on the remainder of the depositors. "Within four or five days we will have money enough to pay one-third of our depositors," said Mr. Curry to a reporter, "and in time every creditor will receive one hundred cents on the dollar. This bank has good backing and its stockholders, who are solid business men, will make good every cent of its debts. A levy will be made on the stockholders of 10 or 15 per cent., and, as under the banking act, they are responsible for double their stock, it is only a question of time when everybody will be paid in full. "The reason we suspended business was because the extraordinary heavy runs on Saturday and Monday exhausted our currency."
12.May 12, 1893Grand Rapids HeraldGrand Rapids, MI
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Two CHICAGO banks. the Chemical and Colombia. have closed their doors during the past few days without ex citing the least apprehension in finan cial circles. Our business relations are too extensive and too flexible to permit any disastrous results from bank failures and stock panica.
13.May 12, 1893The Roanoke TimesRoanoke, VA
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Another Bank Failure at Chicago. CHICAGO, May -The private banking firm of Beattie & Beattie failed as the result of the suspension of the Chemical National bank. The assets are placed at $9,000 and the liabilities at $6,500.
14.May 13, 1893The Madison Daily LeaderMadison, SD
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Resumption Feasible. INDIANAPOLIS. May 13-Confidence in the ability of the suspended Capital Capital National bank to resume business has been increased by reports of resuming of the Chemical National of Chicago, which failed Monday. The Capital bank directors have issued a statement showing that resumption will be feasible. Bank Examiner Young of Pittsburg has arrived and has taken charge of affairs.
15.May 31, 1893The Indiana State SentinelIndianapolis, IN
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All the injured were terribly cut. The Bank Will Resume. The Capital national bank is solvent. This is the substance of the report to the comptroller of currency made by Hugh Young, the examiner in charge of the suspended institution. Comptroller Eckels, in view of the report of the examiner, has granted permission to the bank to resume. The stockholders of the Chemical national bank of Chicago, at a meeting held Saturday. unanimously resolved to resume operations. The report of the examiner in charge of the
16.June 10, 1893The Washington BeeWashington, DC
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Suspended Banks May Resume. Comptroller Eckels of the Treasury Department says that there are indications that the Chemical National Bank, of Chicago, and the Capital National Bank, of Indianapolis, Ind., will resume business.
17.June 28, 1893The EnterpriseWellington, OH
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Capital National Bank Resumes. INDIANAPOLIS, June 20.-After five weeks suspension the Capital National bank resumed payment yesterday. The suspension was precipitated by the failure of the Chemical National bank of Chicago, in which the Capital had something like $60,000.
18.July 19, 1893St. Paul Daily GlobeSaint Paul, MN
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Will Not Resume. CHICAGO, July 18.-The - committee having in charge the reorganization of the Chemical National Bank, which suspended some time since, has decided that resumption of business is not practicable at the present time. The reasons given for declining to resume are the stringency of the money market and the inability of some of the stockholders to meet the assessments which would be levied upon them if the bank resumed.
19.July 19, 1893The StarReynoldsville, PA
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LATER NEWS WAIFS. FINANCIAL AND COMMERCIAL The Chicago Chemical National Bank has resumed business. The $400,000 assessment required by the comptroller has been raised. The National Bank of Kansas City suspended payment and is now in the hands of Comptroller of the Currency. The Comptroller of the Currency at Washington has authorized the First National Bank of Commerce of Frovo, Utah, and the Second National Bank of Ashland, Ky., to resume business. All these banks have plenty of money, none of which was borrowed. but obtained by the collection of amounts due on notes or supplies by the directors.
Chemical Bank Cannot Resume Now. CHICAGO, July 19.-The - committee having in charge the reorganization of the Chemical National bank. which suspended sometime since, has decided that resumption of business is not practicable at the present time.
21.July 26, 1893The Indiana State SentinelIndianapolis, IN
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The Chemical Will Not Resume. CHICAGO, July 18.-The committee having in charge the reorganization of the Chemical national bank, which suspended some time since, has decided that resumption of business is not practical at the present time. The reasons given for declining to resume are the stringency of the money market and the inability of some of the stockholders to meet the assessments which would be levied on them if the bank resumed.
22.December 30, 1893Chicago EagleChicago, IL
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the strict line of business. His record as receiver of the Chemical National Bank shows him to be a master in the line of finance, and should reassure the tax-payers of Chicago against the forebodings of the prophets of evil.
23.July 29, 1894The HeraldLos Angeles, CA
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Serious Charges. CHICAGO, July 28.-Receiver Eli Tourtelot, of the defunct Chemical National bank, has filed in court a bill charging ex-President Joseph O. Curry with gross carelessness in making loans and wrongfully converting to his own use large sums. The bill charges that almost $300,000 is missing.
24.July 29, 1894The Morning CallSan Francisco, CA
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Curry Grossly Careless. CHICAGO, July 28.-Receiver Eli Tourtelot of the defunct Chemical National Bank has filed a court bill charging ex-President Joseph O. Curry with gross carelessness in making loans and wrongfully converting to his own use large sums. The bill charges that almost $300,000 is missing.
25.August 3, 1894The Weekly TribuneGreat Falls, MT
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THE WAY YOUR MONEY GOES. A National Bank President Charged with Gross Carelessness. CHICAGO, July 28.-Receiver Toutelot of the defunct Chemical National bank has filed a court bill charging ex-President Joseph P. Curry with gross carelessness in making loans and wrongfully converting to his own use large sums. The bill charges that almost $300,000 is missing.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
