West Side Trust & Savings Bank (Chicago, IL)

Episode Information

Episode UID
4833026191613
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
483302619 hash
Start Date
May 31, 1934
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ee9a3cf047b0eaa3

Response Measures

None

Description

RFC authorized a loan to the bank's receiver, indicating it was in receivership/closed.

Events (2)
1. May 31, 1934 Receivership
Newspaper Excerpt
West Side Trust & Savings Bank, receiver, Chicago, $1,500,000; (RFC authorized advances in May ... )
Source
newspapers
2. * Suspension
Cause
Government Action
Cause Details
Bank was in receivership/subject to formal reorganization or liquidation proceedings; suspension of normal operations under receiver
Newspaper Excerpt
reorganization of the West Side Trust and Savings bank... settle a $4,000,000 liability
Source
newspapers

Newspaper Articles (10)
1. February 9, 1934 Chicago Tribune Chicago, IL

Article Text

REORGANIZING A BANK. Chicago, Feb. 5.—I heartily agree with M. S. M. about the necessity of an investigation of the West Side Trust and Savings bank reorganization matter. This investigation will certainly prove embarrassing to M. S. M. and the group which is backing the plan, which claims to represent depositors but really represents the stockholders, who are trying to settle a $4,000,000 liability for $400,000. Are the proponents of this plan disclosing to the bank's depositors the fact that the bank's assets will be barely, if at all, sufficient to pay for the RFC loan, so that the depositors have an extremely remote chance of getting anything paid on 60 per cent of their deposits which they will waive? Have they disclosed to the depositors the names of the stockholders and the amounts of their liabilities so that the depositors could judge on actual information rather than on the committee's say so whether or not it would be more advisable for them to accept this plan than to let the bank liquidate in due course? Have they disclosed to the depositors that the bank's receiver can get a loan from the RFC as liberal or even more liberal than the present loan? Have they shown that the plan which they submit is the best plan for the depositors? The answer, of course, to all of the above questions is no. The fact is that the proposed plan is nothing more than an attempt to put something over, and nothing would show this more clearly than a full open hearing on the merits and demerits of the plan, which I suspect its proponents will oppose most strenuously when the matter comes up again. HAROLD JACKSON.

2. August 7, 1934 Evening Star Washington, DC
Article from Evening Star, August 7, 1934

Click image to open full size in new tab

Article Text

MAY R.F.C. LOANS TOTAL $168,644 166 Advances Given to Banks and Other Sources Shown in Report. By the Associated Press. The Reconstruction Finance Corp. reported today that it authorized advances in May aggregating $168,644,166. The report showed that loans authorized to banks and other financial institutions at 4 per cent interest totaled $57,512,410. Other large advances authorized included $41,820,000 for subscription to preferred stocks in banks; $45,000,000 for the Home Owners' Loan Corp.; $5,455,500 for bank debentures; $7,619,576 in loans to drainage and irrigation projects. The balnace was for relief and other Government purposes. Banks Gets Millions. Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including $28,615,330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to banks were: United States Savings Bank receiver, Washington, D. C., $1,080,000; Northwestern Trust & Savings Bank, receiver, Chicago, $2,500,000; West Side Trust & Savings Bank, receiver, Chicago, $1,500,000; Cacasieu National Bank, Lake Charles, La., $1,965,480; Commercial National Bank of Philadelphia, conservator, $2,540,000. Mortgage Loans High. Of the loans authorized to mortgage loan companies, $10,000,000 was for the Electric Home and Farm Authority at Chattanooga, Tenn.; $2,382,493 to the Santa Ana Mortgage Investment Co., Santa Ana, Calif., and $1,000,000 to the Textile Industry Mortgage Co. in New York City. Authority for a loan of $2,500,000 at 4 per cent interest to the Board of Deposits of Wisconsin at Madison was granted, but no part of this sum had been disbursed up to May 31. Subscriptions on preferred stock in banks included: Central United National Bank, Cleveland, Ohio, $8,000,000, and the City National Bank & Trust Co., Columbus, Ohio, $1,000,000. The corporation also authorized a purchase of $1,500,000 in debentures of the Mississippi Valley Trust Co., St. Louis, and a loan of $3,500,000 on the preferred stock of the Globe & Rutgers Fire Insurance Co. to the Globe Rehabilitation Co., Ltd., New York, none of which had been disbursed up to May 31.

3. August 7, 1934 The Brownsville Herald Brownsville, TX

Article Text

$168,644,166 ADVANCED BY RFC IN MAY Aug. reconstruction corporation reported Tuesday that authorized advances in May aggregating The report showed that loans allthorised to banks and other financial institutions at per cent interest totaled $57,512,410. Other large advances authorized included $41,820,000 for subscription to preferred stocks in banks; $45,000,000 for the Home Owners' Loan corpor$5,455,500 for bank debentures; $7,619,575 in loans to drainage and irrigation projects. The balance was for relief and other government purposes. Banks Get Aid or the $57,512,410 authorized loans, $32,698,236 went to banks and trust companies, including 330 to aid in the or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to were: United States Savings bank, receiver, Washington, Northwestern Trust and Savings bank, receiver. Chicago, West Side Trust and Savings bank, receiver, Chicago, Calcasieu National bank, Lake Charles, Louisiana, Commercial National bank of Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage loan companies, was the Electric Home and Farm Authority at Chattanooga. Tennessee; to the Santa Ana Mortgage Investment company, Santa Ana, California; and 000 to the Textile Industry Mortcompany in New York City. Authority for loan of four per cent interest to the Board Deposits of Wisconsin Madison was granted, but no part of this stim had been disbursed up to May 31. Authorize Purchase Subscriptions preferred stock in banks included: Central United National bank, Cleveland, Ohio, $8,000,000, and the City National Bank and Trust company, Columbus, Ohio. $1,000,000. The corporation authorized also purchase of $1,500,000 debentures of the Mississippi Valley Trust company, St. Louis, and loan $3,500,000 on the preferred stock of the Globe and Rutgers Fire Insurance company to the Globe Rehabilitation company, Ltd., New York, none of which had been disbursed up to May 31.

4. August 7, 1934 The Shreveport Journal Shreveport, LA

Article Text

RFC ADVANCES SUM OF $168,644,166 IN MONTH OF MAY Almost Third of Sum Loaned to Banks at Rate of Four Per Cent. LAKE CHARLES BANK SECURES LARGE SUM HOLC Secures Total of Forty-five Million During Period of Thirty Days. (Associated Press.) WASHINGTON, Aug. 7.—The Reconstruction Finance corporation reported today that it authorized advances in May aggregating $168,644,166. The report showed that loans authorized to banks and other financial institutions at 4 per cent interest totaled $57,512,410. Other large advances authorized included $41,820,000 for subscription to preferred stocks in banks; $45,000,000 for the home owners' loan corporation; $5,455,500 for bank debentures; $7,619,576 in loans to drainage and irrigation projects. The balance was for relief and other government purposes. Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including $28,615,330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage companies. Among some of the larger loans authorized to banks were: United States Savings bank, receiver, Washington, D. C., $1,080,000; Northwestern Trust & Savings bank, receiver, Chicago, $2,500,000; West Side Trust & Savings bank, receiver, Chicago, $1,500,000; Calcasieu National bank, Lake Charles, La., $1,965,480; Commercial National bank of Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage loan companies, $10,000,000 was for the electric home and farm authority at Chattanooga, Tenn.; $2,382,493 to the Santa Ana Mortgage Investment Co., Santa Ana, Cal., and $1,000,000 to the Textile Industry Mortgage Co. in New York city. Authority for a loan of $2,500,000 at 4 per cent interest to the board of deposits of Wisconsin at Madison was granted, but no part of this sum had been disbursed up to May 31. Subscriptions on preferred stock in banks included: Central United National bank,

5. August 7, 1934 Fort Worth Star-Telegram Fort Worth, TX

Article Text

RFC APPROVED $168,644,166 LOANS IN MAY WASHINGTON, Aug. 7 (AP).—The Reconstruction Corporation reported Tuesday that it authorized advances in May aggregating $168,644,166. The report showed that loans authorized to banks and other financial institutions at 4 per cent interest totaled $57,512,410. Other large advances authorized included $41,820,000 for subscription to preferred stocks in banks; $45,000,000 for the Home Owners' Loan Corporation; $5,455,500 for bank debentures; $7,619,576 in loans to drainage and irrigation projects. The balance was for relief and other Government purposes. Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including $28,615,330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to banks were: United States Savings Bank receiver, Washington, D. C., $1,080,000; Northwestern Trust and Savings Bank, receiver, Chicago, $2,500,000; West Side Trust and Savings Bank, receiver, Chicago, $1,500,000; Calcasieu National Bank, Lake Charles, La., $1,965,480; Commercial National Bank of Philadelphia, conservator, $2,540,000.

6. August 7, 1934 Fort Worth Star-Telegram Fort Worth, TX

Article Text

Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including $28,615,330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to banks were: United States Savings Bank receiver, Washington, D. C., $1,080,000; Northwestern Trust and Savings Bank, receiver, Chicago, $2,500,000; West Side Trust and Savings Bank, receiver, Chicago, $1,500,000; Calcasieu National Bank, Lake Charles, La., $1,965,480; Commercial National Bank of Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage loan companies, $10,000,000 was for the Electric Home and Farm Authority at Chattanooga, Tenn.; $2,382,493 to the Santa Ana Mortgage Investment Company, Santa Ana, Cal.; and $1,000,000 to the Textile Industry Mortgage Company in New York City. Authority for a loan of $2,500,000 at 4 per cent interest to the board of deposits of Wisconsin at Madison was granted, but no part of this sum had been disbursed up to May 31. Subscriptions on preferred stock in banks included: Central United National Bank of Cleveland, $8,000,000, and the City National Bank and Trust Company, Columbus, Ohio, $1,000,000. The corporation also authorized a purchase of $1,500,000 in debentures of the Mississippi Valley Trust Company, St. Louis, and a loan of $3,500,000 on the preferred stock of the Globe and Rutgers Fire Insurance Company to the Globe Rehabilitation Company, Ltd., New York, none of which had been disbursed up to May 31.

7. August 8, 1934 The Brownsville Herald Brownsville, TX

Article Text

$168,644,166 ADVANCED IN MAY RFC WASHINGTON, Aug. corporation reported reconstruction that it authorized advances Tuesday in May aggregating $168,644,166. The report showed that loans authorized to banks and other financial institutions at per cent intotaled $57,512,410. Other terest large advances authorized included $41,820,000 for subscription to prestocks in banks; $45,000,000 ferred for the Home Owners' Loan corporation; $5,455,500 bank debentures; $7,619,576 in loans to drainand irrigation projects. The balance was for relief and other government purposes. Banks Get Aid Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including 330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to banks were: United States Savings bank, receiver, Washington, D. Northwestern Trust and Savings bank, receiver, Chicago, $2,500,000; West Side Trust and Savings bank, receiver, Chicago, $1,500,000; Calcasieu National bank, Lake Charles, Louisiana, Commercial National bank Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage loan companies, $10,000,000 was the Electric Home and Farm Authority at Chattanooga, Tennessee; to the Sants Ana Mortgage Investment company, Santa Ana, California; and $1,000,000 to the Textile Industry Mortgage company in New York City Authority for loan of $2,500,000 at four cent interest to the Board of Deposits of Wisconsin at Madison was granted, but no part of this sum had been disbursed up to May 31. Authorize Purchase Subscriptions on preferred stock in banks included: Central United National bank, Cleveland, Ohio, $8,000,000, and the City National Bank and Trust company, Columbus, Ohio, corporation also authorized purchase of in debentures the Mississippi Valley Trust company, St. Louis, and loan on the preferred stock of the Globe and Rutgers Fire Insurance company to the Globe Rehabilitation company. Ltd., New York, none of which had been disbursed up to May 31.

8. August 8, 1934 Chicago Tribune Chicago, IL

Article Text

168 MILLIONS IN MAY Washington, D. C., Aug. 7.—(AP)—The Reconstruction Finance corporation reported today that it authorized advances in May aggregating $168,644,166. The report showed that loans authorized to banks and other financial institutions at 4 per cent interest totaled $57,512,410. Other large advances authorized included $41,820,000 for subscription to preferred stocks in banks, $45,000,000 for the Home Owners' Loan corporation, $5,455,500 for bank debentures, $7,619,576 in loans to drainage and irrigation projects. The balance was for relief and other government purposes. Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including $28,615,330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to banks were: North-Western Trust and Savings bank, receiver, Chicago, $2,500,000; West Side Trust and Savings bank, receiver, Chicago, $1,500,000. Loans authorized to other Illinois banks included the First National bank in Aurora, $310,000; Liberty State bank in Bloomington [receiver], $82,000; Merchants State bank in Centralia [receiver], $80,221; First Trust and Savings bank in De Kalb [receiver], $190,000; Rockford National bank [receiver], $185,000. None of these authorizations had been drawn upon by May 31, the RFC added.

9. August 8, 1934 St. Louis Globe-Democrat St. Louis, MO

Article Text

Authorized by RFC in Month of May Advances to Banks and Other Financial Institu- By Press August today that authorized vances May aggregating $168,The report showed that loans thorized banks other finaninstitutions cent terest totaled Other authorized included $41,820,000 for subscription prestocks banks; $45,000,000 for the Home Owners' Loan Corfor bank debentures; loans The balance for relief and other Of the $57,512,410 authorized loans, to banks trust companies, including aid the liquidation institutions, $22,048,883 to mortgage loan companies. Large Loans to Banks. Among some larger loans authorized banks United States Savings Bank, ceiver, Washington, Trust and Bank, receiver, Chicago, 500,000; West Side Trust and ings Bank, receiver, Chicago, 500,000; Calcasieu National Bank, Lake Charles, Commercial National Bank of Philadelconservator, $2,540,000. Of the loans authorized mortgage loan companies, $10,000,000 the Electric Home Authority Tenn.: to the Santa Ana Mortgage Investment Company, Santa and $1,000,000 the Textile Industry Mortgage Company York City. loan $2,500,Board of Deposits but no part this had been disbursed up May Stock Subscriptions. preferred stock in banks Central United National Bank, Ohio, the City National Bank and Trust Columbus, Ohio, $1,000,The corporation also authorized purchase $1,500,000 debentures the Mississippi Valley Trust Company, St. Louis, loan $3,500,000 the preferred stock the Globe Rutgers Insurance Company Globe Company, Ltd., New York, none of which had been disbursed up to May 31.

10. August 8, 1934 Detroit Free Press Detroit, MI

Article Text

RFC Loans in May Hit $168,644,166 Of This Bank Group Gets $57,512,410 WASHINGTON, Aug. The Reconstruction Corporation reported today that it authorized advances in May aggre$168,644,166. gating The report showed that loans authorized to banks and other financial institutions at per cent intotaled $57,512,410. Other terest large advances authorized included $41,820,000 for subscription to ferred stocks in banks; $45,000,000 for the home corpora455,500 for bank debentures; $7,619,576 in loans to drainage and projects The balance irrigation was for relief and other Government Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including $28,615,330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to United States Savings Bank ceiver, Washington, D. C., $1,080,000: North- Western Trust & Savings Bank, receiver, Chicago, $2,500,000; West Side Trust & Savings Bank, receiver, Chicago, $1,500,000; Calcasieu National Bank, Lake Charles, La., National Bank of Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage companies $10,000,000 was for the Electric Home and Farm Authority at Chattanooga, Tenn.: $2,382,493 to the Santa Ana Mortgage Investment Co., Santa Ana, Calif., $1,000,000 the Textile Industry Mortgage Co., New York Authority for loan of $2,500,000 at per cent interest to the board deposits of Wisconsin Madison was granted, but no part of this sum had been disbursed up to May Subscriptions on Preferred stock in banks included: Central United National Bank, Cleveland, O., $8,000,000, and City National Bank & Trust Co., O., $1,000,000. The also authorized a of $1,500 000 in debentures of the Mississippi Valley Trust Co. St. Louis, and loan of $3,500,000 on the preferred stock of the Globe & Rutgers Fire Insurance Co. to the Globe Rehabilitation Co., Ltd., New York, none which had been disbursed up to May 31.