gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f99600fd66da7067
Response Measures
None
Description
Suspension invoked under the 90-day withdrawal notice after Atlas National failure; later receiver appointed.
Events (3)
1.December 28, 1896Run
Cause
Local Banks
Cause Details
Run triggered by fallout from the voluntary liquidation/failure of the Atlas National Bank and related local bank failures; shared directors amplified panic.
Measures
Issuing ninety-day withdrawal notices to depositors (suspended payments under 90-day clause).
Newspaper Excerpt
There was a steady stream of depositors today during banking hours.
Source
newspapers
2.December 28, 1896Suspension
Cause
Local Banks
Cause Details
Bank suspended payments invoking the statutory ninety-day notice in response to depositor withdrawals following Atlas National's retirement/liquidation.
Newspaper Excerpt
Payments are suspended under the ninety-day withdrawal notice clause.
Source
newspapers
3.January 30, 1897Receivership
Newspaper Excerpt
Judge Freeman today appointed Ralph Metcalf receiver for the Dime Savings Bank.
Source
newspapers
Newspaper Articles (25)
1.December 28, 1896Evening StarWashington, DC
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NINETY-DAY NOTICE DEMANDED. Steady Stream of Depositors at a Chieago Savings Bank. CHICAGO, December 28.-In pursuance of an agreement among directors of the Dime Savings Bank, who held a secret session this morning, a general meeting of the creditors was called for this afternoon at 3 o'clock. Treasurer Geo. W. Reed's window is barricaded and payments are suspended under the ninety-day withdrawal notice clause, granted in the statutes to savings banks. The majority of the Dime Savings Bank depositors have already filed their withdrawal notices. There was a steady stream of depositors today during banking hours. They were assured that the issuing of the notices was in no way an indication of the bank's inability to meet all demands for money, but simply a means of self-protection against violent durries. Nearly all of the depositors are laboring people.
2.December 29, 1896The Scranton TribuneScranton, PA
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ATLAS NATIONAL BANK FAILURE The Institution in the Hands of the Clearing House Association. ALL ACCOUNTS WILL BE PAID IN FULL The Closing of the Bank an Entirely Voluntary Transaction Struggle of the Institution to Keep Open Doors Is Well Known--Dime Savings Bar Affected By the Atlas Trouble. Chicago, Dec. s--The Atlas National the bank was practically in charge of Chicago Clearing House association, representing the associated financial doors institutions of the city when the opened to the public at 10 o'clock were this morning. William C. Oakley, a national bank examiner, was the agent of the to superintend the appointed banks former clerical associated and the other details in connection with work of voluntary liquidation with other the cash assistance of The collateral other of the Atlas will necessary banks. assets securities be turned and Isaac G. Lombard. chairman as clearing house over the to committee. banks. for the associated as the cash equivalent bank's depositors. stream of of trustee to quickly steady the serious-faced There is of busi- paid was the as a and other creditors bank passing into Small accounts when presented this all ness Atlas in full morning. men the depositors were morning. building paid but in no case did the large for immediate payment. accept- banks press the signed guarantee of the in ing the clearing house that all depositors Many would get their money in full. to business men and bankers called offitheir sympathy with the is beexpress and directors of the bank. It cers the stockholders will get nearly reis due them at par. all the Atlas National are sources lieved that of obligations bank The estimated at $2,500,000. with approximating the same amount. the to inability to realize ac- it Owing assets on a declining market which will tual be necessary for the banks asof the clearing house are to advance them sociation members special $500.000 stock pro rated according to their claims in order to pay all approved to be in at once. This is expected of full within a week. The amount done needed to complete the liquida- was at money is about $100,000 more than house tion expected by the clearing Lombard committee. first After Chairman Cashheld a conference today with of had S. W. Stone. the acting manager ier bank and had gone over some conti- of the accounts. he expressed his only the that the banks had not but dence assets to cover all liabilities, sufample the stockholders would first not exthat severely as was at stockfer as Mr. Stone also said the in the pected. would not fare badly Granholders of the assets. President at his division reported to be seriously ill allow nis is and his physicians will not with home him to do anything in connection the liquidation of the bank. STRUGGLING FOR A YEAR. known to the inner financial not It was that the Atlas bank had for circle doing a profitable business struggle a been Lately it has been a the year. the bank to keep. open and its ob- asfor to honorably discharge accepted. sistance in full was gladly the Atligations well known connection of bank, The bank with the Dime Savings the las but old institution. caused would a small of the report that it doors circulation be forced to liquidate. usual, Its but also opened for business as do. The were was little business to run there liquidation brought such that a the Atlas depositors for their money to of was reached this morning any decision persons not to deposit they advise all their savings because demore of get what they had on might except not under the ninety days' Savings law. posit capital stock of the Dime made to The $100,000. The report last bank is auditor of public accounts the the state the bank officers placed $458,000, owing liabilities July by in savings deposits of depositors but the total owing amount to steady withdrawat present, to hard times. is about $300,000. busials due bank did not do a general bank held The is reported that the as an ness. It stock of the Atlas of the considerable President Grannis. in the investment. the active power money Atlas. Savings was and much of its The Dime Joaned to Atlas customers. circles was opinion in banking to go is general Dime Savings will have result of out that of the business at once as a the Atlas liquidation.
3.December 29, 1896The Seattle Post-IntelligencerSeattle, WA
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BUSINESS TROUBLES. I Chicago Dime Savings Bank. CHICAGO, Dec. 28.-Dime Savings bank payments are suspended under the ninetyday withdrawal notice clause granted in the statutes to savings banks. W. C. D. Grannis, president of the Atlas National, is vice president of the Dime Savings bank, and several directors of the Atlas National are also on the directory of the savings bank. The officials of the Atlas National vigorously deny that the Atlas liquidation has in any way influenced the course of the Dime Savings bank. At the latter a persistent silence was maintained. A majority of the depositors have filed withdrawal notices. There was a steady stream today during banking hours. They were assured that the Issuing of the notice was no indication of inability to meet demands for money, but simply was a means of protection against violent flurries. Nearly all the depositors are laboring people. At a meeting of the directors held this afternoon It was said that the bank was in good condition and would weather the storm in good shape. No particular plan was decided on. and the bank will continue business as usual. The Atlas Liquidation. WASHINGTON, Dec. 28.-Comptroller Dokels said today that the closing of the Atlas National bank of Chicago was entirely voluntary, and the information he had received indicated that all the bank's creditore would receive payment in full and that tis affairs would be settled promptly. Mr. Eckels said that in his opinion the stockholders eventually would realize 100 per cent. The last public statement of the condition of the Atlas National bank was given in response to the call of Comptroller Eckels, after the National Bank of IIIInois closed. and involved dealings up to the close of business December 17 last. The report follows: Resources-Loans and discounts, $1,941,742.59; overdrafts, $7,620.47; United States and other bonds, $59,384; premium on bonds, $3,350: real estate, furniture and fixtures, $57,177.81: redemption fund. $2,250; cash and sight exchange, $820,638.63 total. $2,892,063.39. LiabilitiesCapital stock, $700,000; surplus fund. $140,000; undivided profits, $49,081.23: circulation, $42,430: bills payable, $100,000; deposits, $1,860,412.16: total, $2,892,063.39. Van Northwick Brothers Assign. BATAVIA. III., Dec. 28-The liquidation of the Atlas bank of Chicago has precipitated the suspension of the Van Nortwick bank of Batavia, and the assignment of William 8. and James Van Nortwick of all their vast property Interests, aggregating $2,500,000. to the Equitable Trust Company. of Chicago. Articles of assignment were filed in the Kane county court at Geneva and were three in number, William M. and John 8. Van Norwick each assigning 0.8 individuals and the two assigning as & firm. Their schedule of indebtedness was not filed with the articles of assignment, but the liabilities are said to aggregate $2,000,-
Another Chicago Bank Fails. CHICAGO, Dec. 29.-As a result of the retirement of the Atlas national bank the Dime savings bank temporarily suspended payments. The directors of the Dime savings bank are practically the same as those of the A tlas national.
5.January 1, 1897The Providence NewsProvidence, RI
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Stockholders Furnish the Money Needed. Chicago Dime Savings Bank Now on Solid Basis. Assessment of Fifty Per Cent. Was Paid by Stockholders. CHICAGO, Jan. 1.-The Dime Savings Bank has been saved, it is announced, by the sacrifice of the stock holders who have gone down into their pockets and paid the assessment of some 50 per cent. The examination of Auditor Gore is understood to have shown a large deficiency in the assets and rather than have the institution close its doors leaving its 4000 depositors to suffer, the directors put the bank on its feet. So successful were they that the State auditor gave his full endorsement to the new condition of the, institution. The cash reserve was increased to over 25 per cent. of the deposits as compared with the legal reserve of 15 per cent. for savings banks. Just how soon the 90-day notice for depositors will be witndrawn has not been determined. It is stated the Dime Savings bank will soon be sold to some one of the stronger banks.
6.January 5, 1897Alexandria GazetteAlexandria, VA
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Article Text
The rules requiring ninety days no. tice for the withdrawal of deposits is being relaxed at the Dime Savings Bank, of Chicago, for needy depositors, and considerable money was paid out yesterday for the first time since the suspension of the National Bank of Illinois.
7.January 6, 1897The Norfolk VirginianNorfolk, VA
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CONDITIONS ARE EASIER. The Dime Savings Bank. of Chicago, is Making Demands. Chicago, Jan. 5.--The rules requiring ninety days' notice for the withdrawal of deposits is being relaxed at the Dime Savings Bank for needy depositors, and considerable money was paid out yesterday for the first time since the suspension of the Bank of Illinois, This action was the result of the recent strengthening of the institution by the assessment of 50 per cent on the stockholders. Negotiations for the sale of the Dime Savings Bank are said to be at an end for the time at least.
8.January 6, 1897The TimesRichmond, VA
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Time Limit Removed. CHICAGO, Jan. 5.-The rules requiring ninety days for the notice for the withdrawal of deposits is being relaxed at the Dime Savings Banks for needy depositors, and considerable money was paid out yesterday for the first time since the suspension of the National Bank of Illinois, This action was the result of the recent strengthening of the institution by the assessment of 50 per cent. on the stockholders. Negotiations for the sale of the Dime Savings Bank are said to be at an end for the time being.
9.January 6, 1897The Morning NewsSavannah, GA
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NINETY DAY'S RULE RELAXED. Needy Depositors Allowed to Draw Out Their Money. Chicago, Jan. 5.-The rules requiring ninety days' notice for the withdrawal of deposits it being relaxed at the Dime Savings Bank for needy depositors, and considerable money was paid out yesterday, for the first time since the suspension of the National Bank of Illinois. This action was the result of the recent strengthening of the institution by the assessment of 50 per cent. on the stockholders. Negotiations for the sale of the Dime Savings Bank are said to be at an end for the time being.
10.January 6, 1897Richmond DispatchRichmond, VA
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CHICAGO DIME SAVINGS BANK. Ninety-Day-Notice Rule RelaxedSale Negotiations Ended. CHICAGO, ILL, January 5.-The rule requiring ninety days' notice for the withdrawal of deposits is being relaxed at the Dime Savings Bank for needy depositors, and considerable money was paid out yesterday, for the first time since the suspension of the National Bank of Illinois. This action was the result of the recent strengthening of the institution by the assessment of 50 per cent. on the stockholders. The negotiations for the sale of the Dime Savings Bank are said to be at an end, for the time being.
11.January 8, 1897The Yale ExpositorYale, MI
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NEWSY CONDENSATIONS. The complete offic al canvass of the vote at the recent election gives MeKinley 7,101,401 votes; Bryan 6,470,656. Fifty-four families were driven out of their homes during zero weather and at night by the burning of two large apartment houses on West Fifteenth street, New York City. Carnegie is to have strong opposition in the manufacture of armor plate in an immense new plant to be erected at Pittsburg by the Firth-Sterling Steel Co., composed of eastern and English capitalists. An impenetrable fog settled upon New York for a whole day preventing the operation of the ferries and causing an almost total suspension of traffic in the harbor, and on the streets the situation was not much better. Senator Wolcott, of Colorado, is taking a trip to Europe and it is asserted that he goes with President-elect McKinley's approval to confer with leading statesmen and diplomats upon the subject of an international bimetallic conference. A Washington dispatch says Li Hung Chang's visit to England and the United States has already borne fruit in a decision of the Chinese government to establish schools for the teaching of the English language and western sciences in all of the principal cities of the country. It is said that the intention eventually is to substitute English for Chinese. While Mrs. Daniel Myron, of Kalamazoo, was away from home, some one entered her house and completely demolished every piece of furniture, bedding, pictures, carpets, etc., doing damage to the amount of $700. The intruders cut in the wall with a knife in large letters, the word "Revenge." There is no clue to the hoodlums and Mrs. Myron has not an enemy so far as known. The prospects of the 1,000 people in burned-out town of Ontonagon are very blue. No manufactory seems inclined to locate there, notwithstanding it is one of the finest harbors on Lake Superior. Many of the burnedout families are still dependent upon the relief committee. The 12 business houses which have rebuilt are doing but little business, but the 13 saloons appear to be thriving. Secretary of State Gardner reports that there are 506,779 families in Michigan, and the average number of persons belonging to each is 4.42. There are 23,094 more families than dwellings. The numbers of families increased 118,031 from 1890 to 1896. There are 182,409 families in incorporated cities. The average number to a family there is 4.50; in the country, 4.38. There are an average of 4.63 persons in each dwelling in Michigan. The St. Joseph Valley railroad has had much trouble trying to fill up sink holes near Benton Harbor. Hundreds of carloads of dirt have quickly disappeared. Dozens of piles have been driven, one above the other. yet no bottom found. It is said that several piles, which were marked, were found floating in Lake Michigan soon afterwards, having evidently passed through a subterranean river. The recent heavy failures of the Illinois National and the Atlas National banks, at Chicago, have caused several other disasters. Otto Wasmansdorff, a well-known banker, grew despondent over his losses and suicided by shooting. The Dime Savings bank was reported to be heavily involved in the failures and experienced a very severe run. Wm. M. and J. S. Van Nortwick. of Batavia, 111., have been forced to make an assignment owing to their Josses.
12.January 9, 1897Rock Island ArgusRock Island, IL
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Old Chicago Savings Bank to Quit. Chicago, Jan. 9.-The Dime Savings bank. with 4,000 depositors, one of the oldest exclusive savings banks in Chicago, will go out of existence before the expiration of the ninety-day notice which has been required of depositors since the suspension of the National Bank of Illinois. Depositors will get all their money.
13.January 9, 1897The Weekly IntelligencerLexington, MO
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another Mank Falls. CHICAGO, Die. 20 - As a result of the retirement of the Atlas national bank the Dime savings bank temporarily suspended payments. The directors of the Dime savings bank are practically the same as those of the Atlas natonal
14.January 11, 1897The Madison Daily LeaderMadison, SD
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Going Out of Business. CHICAGO, Jan. 11.-The Dime Savings bank, with its 4,000 depositors, one of the oldest exclusive savings banks in Chicago, will go out of existence before the expiration of the 90day notice which has been required of depositors since the suspension of the National Bank of Illinois.
15.January 13, 1897Barbour County IndexMedicine Lodge, KS
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Dime Savings Bank to Quit. CHICAGO, Jan. 9.- 1 The Dime Savings bank. with its 40,000 depositors, one of the oldest exclusive banks in Chicago, will go out of existence before the expiration of the ninety day notice, which has been required of depositors since the suspension of the National Bank of Illinois. Depositors will be paid in full.
16.January 13, 1897The LeaderBrookhaven, MS
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Dime Savings Bank to Quis CHICAGO, Jan. 9.--The Dime savings bank, with its 40,000 depositors, one of the oldest exclusive banks in Chicago, will go out of existence before tbl expiration of the 90-day notice, when has been required of depositors she the suspension of the National Bankot Illinois Depositors will be paid in ful.
17.January 14, 1897Indian ChieftainVinita, OK
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Dime Savings Bank to Quit. CHICAGO, Jan. 9.-The Dime savings bank, with its 40,000 depositors, one of the oldest exclusive banks in Chicago, will go out of existence before the expiration of the 90-day notice, which has been required of depositors since the suspension of the National Bank of Illinois. Depositors will be paid in full.
18.January 14, 1897Courier DemocratLangdon, ND
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Going Out of Existence. Chicago, Jan. 10.-The Dime Savings bank, with its 4,000 depositors, one of the oldest exclusive savings banks in Chicago, will go out of existence before the expiration of the ninety-day notice which has been required of depositors since the suspension of the National Bank of Illinois.
19.January 15, 1897The Chanute TimesChanute, KS
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Dime Savings Bank to Quit. CHICAGO, Jan. 9.-The Dime Savings bank. with its 40,000 depositors. one of the oldest exclusive banks in Chicago, will go out of existence before the expiration of the ninety day notice, which has been required of depositors since the suspension of the National Bank of Illinois. Depositors will be paid in full.
20.January 30, 1897Evening StarWashington, DC
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Chicago Bank Receiver Appointed. CHICAGO, January 30.-Judge Freeman today appointed Ralph Metcalf receiver for the Dime Savings Bank. -
21.January 30, 1897Deseret Evening NewsSalt Lake City, UT
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Receiver Appointed. CHICAGO, Jan. 80.-Judge Freeman today appointed Ralph Metcall recelver of the Dime Savings bank.
22.February 4, 1897River Falls JournalRiver Falls, WI
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Savings Bank in Chicago Fails. Chicago, Feb. 1.-A receiver has been appointed for the Dime savings bank. There is due depositors and others $365,000.
23.February 5, 1897The Topeka State JournalTopeka, KS
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A BANK IS IN DANGER. Depositors In the Burst Dime Savings Bank, Chicago, Worked Up to a High State of Anger. TO HOLD A MEETING Next Sunday to Denounce the Owners of the Bank. Depositors Were Mainly People of Small Means. Chicago, Feb. 5.-One thousand depositors in the lamented Dime Savings bank will gather in mass meeting on Sunday, exchange indignant views regarding the directors of the shattered institution and take definite action. This meeting was called at a preliminary conference last night at the Sherman house, during which the directors were denounced as scoundrels, theives and liars. Fifty persons who had never met one another before constituted last night's meeting and arranged for the larger one. When they reached the clubroom at the Sherman house they sat around for an hour to order. Every one wanted to do something, waiting for somebody to call the meeting, to get his money back, but did not know how. At last a lawyer present, who said he was not a depositor started the ball. Before the meeting adjourned this backward gathering was applauding the denuciatory speeches with all vigor. "It is enough to make Anarchists of poor people,' James R. Conrad, No. 673 East Sixty-third street, exclaimed. and the depositors cheered. We must do up a few of these rascals and show the whole country that the poor people cannot be robbed in this way while the big 'stiffs' who do it strut around town." Every few minutes. some one wanted to institute criminal proceedings against the directors, but the lawyers present, who came to represent clients, they said, were strongly opposed to such a course, as it was a sure means of losing what there was left in the bank. The failure of the criminal proceedings in the Kean crash in 1890, in the Schaffner failure of 1893, and the pardoning of the Meadowcrofts after depositors had spent over $5,000 in securing their conviction, were urged as examples of what might be expected. Others wanted Receiver Metcalf removed. but again the lawyers pointed out that such an attempt would be wasting money, and that it did not make much difference, as the receiver was under bonds. One depositor asked if he lost any of his legal rights if he took the 30 per cent dividend. He was told to get what he could when he could, for the bank might never pay another cent. The saving of deposits since December 21. when the ninety-day notice was posted, was denounced as a scheme to head off criminal proceedings after the failure for receiving deposits within thirty days after insolvency. To get the interests of the 4,000 depositors in the failed bank into better shape, a committee was appointed to see the receiver and the directors and to report at a meeting to be held in Aldine hall, No. 77 Randolph street, on next Sunday afternoon at 2:30 o'clock. The following were named as this committee: J. M. Etlinger, George B. Smith, H. M. Seliman, J. G. Harris and L. P. Biller. For chairman of the meeting J. G. Harris was selected. The Dime Savings bank began paying a 30 per cent dividend to depositors yesterday. When the bank doors were opened in the morning a crowd of anxious men, women and boys gathered at the steps. There was a rush and crush in the effort to get into the lobby, and the jam at the door continued all day. Two policemen stood inside with positive instructions to let in only a few people at a time. When 3 o'clock came the doors were promptly barred. Some women who had stood on the cold, wet stones since morning were turned away without having received the meager portion of their savings which had been promised them. The process of giving out the cash was SO slow that comparatively few depositors were able to take advantage of the order of the court instructing the payment. Many feeble women were compelled to leave in order to avoid the crush of the crowd that surged around the door. The gathering of depositors presented a picture which emphasized the fact that the shutting down of the bank was a terrrible hardship to thousands. Scarcely a well-dressed man or woman appeared in a score of depositors. Calloused hands hoarded the little savings which were locked away from them in the iron vaults of the bank. Some of the creditors of the institution were compelled to walk down town yesterday morning from Lake View, from Woodlawn and from distances far on the west side because they had not money enough to pay car fare. Working women who shivered and waited in the crowd outside the bank door for hours told stories of painful deprivations caused by the result of "impairment of the bank's capital. Rents were foreclosed, insurance payments were lapsing, credit had been exhausted at the grocer's and baker's and at the coal dealer's. Medical bills had taken away what other money they had, and in some cases needed medical attention was denied by reason of previous overconfidence in the Dime Savings bank.
Savings Bank in Chicago Fails. Chicago, Feb. 1.-A receiver has been appointed for the Dime savings bank. There is due depositors and others $365,000.
25.February 6, 1897The Diamond DrillCrystal Falls, MI
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Savings Bank in Chicago Fails. Chicago, Feb. 1.-A receiver has been appointed for the Dime savings bank. There is due depositors and others $365,000,
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.
