Gary Labor Bank (Gary, IN)

Episode Information

Episode UID
71124171568
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
7112417 routing
Routing Number
71-1241
Start Date
August 18, 1930
Location
Gary, Indiana (41.593, -87.346)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5e44bdb6edd1660f

Response Measures

None

Description

Closing initially described as voluntary/pending audit; later articles show a receiver and dividends, indicating permanent closure.

Events (3)
1. August 18, 1930 Run
Cause
Local Banks
Cause Details
Small run blamed on uneasiness due to recent closings of other Gary banks (Midcity State Bank and Fifth Avenue Bank).
Measures
Board closed the bank pending an audit to protect resources.
Newspaper Excerpt
A run on the bank yesterday depleted its reserves and caused the closing.
Source
newspapers
2. August 19, 1930 Suspension
Cause
Local Banks
Cause Details
Directors closed the bank after run depleted reserves and due to uneasiness from other local bank failures.
Newspaper Excerpt
The Gary Labor Bank was closed by its board of directors today, pending an audit of its books.
Source
newspapers
3. September 15, 1933 Receivership
Newspaper Excerpt
bonds were accepted by the receiver of the Gary Labor bank for the first mortgage it held on the property.
Source
newspapers

Newspaper Articles (18)
1. August 19, 1930 The Vincennes Sun-Commercial Vincennes, IN
Article from The Vincennes Sun-Commercial, August 19, 1930

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Article Text

DOORS Institution In Nine Days Closed. GARY, Ind., Aug. bank closed by its Gary Labor was board of directors today, pending an audit of its books. State SenNedjl, of Whiting, ator president of the institution. on the bank yesterday deits reserves and caused the pleted closing. labor bank was the fourth The Gary institution shut its doors within nine days. Melin, cashier of the bank, said the closing was voluntary and that there was nothing fundamentwrong with the institution. Melvin announced the bank had asked Thomas D. Barr, deputy state bank commissioner, to make

2. August 19, 1930 The Daily Independent Murphysboro, IL
Article from The Daily Independent, August 19, 1930

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Article Text

Another Gary Bank Closes GARY, IND., Aug. The Gary Labor Bank was closer by its Board of Directors today, pending an audit of its books. State Senator Nedjl. or Whiting. is president of the institution. "run" on the bank yesterday depleted its reserved and caused the closing. The Labor Bank was the fourth Gary institution to shut Its doors within nine days. Melin. cashier of the bank, said the closing was voluntary and that there was nothing fundamentally wrong with the institution.

3. August 19, 1930 Evening Star Washington, DC
Article from Evening Star, August 19, 1930

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Article Text

4TH GARY BANK CLOSES Small Run on Institution Blamed on Others' Closing. GARY, Ind., August 19 (P).-Another Gary bank was closed today-the fourth within a week and the third within a day. The Gary Labor Bank, organized in 1925, announced it would remain closed today to protect its resources. A small run upon the institution late yesterday. blamed upon uneasiness due to the closing of the Midcity State Bank and its branch. the Fifth Avenue Bank. led the directors to take this action, they explained. The Gary Labor Bank is located at Sixth and Massachusetts avenue. in the heart of the city. It has total resources of $670,000. State Senator J. J. Nejdl of Whiting is president.

4. August 19, 1930 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, August 19, 1930

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Article Text

GARY BANK CLOSED Run Forces Action: Fourth Within Nine Days. Bu United Press GARY, Ind., Aug. 19.-The Gary. Labor bank was closed by its board of directors today, pending an audit of its books. State Senator J. J. Nedjel of Whiting, is president of the institution. A "run" on the bank Monday depleted its reserves and caused the closing. The Labor bank was the fourth Gary institution to shut its doors within nine days. D. D. Melin, cashier, said there was nothing fundamentally wrong with the institution. Melin announced the bank had asked Thomas D. Barr, deputy state bank commisisoner, to make an audit. Until the audit has been made, he said, no action will be taken toward reopening the institution.

5. August 19, 1930 Muncie Evening Press Muncie, IN
Article from Muncie Evening Press, August 19, 1930

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Article Text

FOURTH BANK CLOSES ITS DOORS AT GARY GARY, Ind., Aug. 19.-The Gary Labor Bank was closed by its board of directors today, pending an audit of its books. State Senator J: J. Nedjl, of Whiting, is president of the institution. A "run" on the bank yesterday depleted its reserves and caused the closing. The Labor bank was the fourth Gary institution to shut its doors within nine days. D. D. Melin, cashier of the bank, said the closing was voluntary and that there was nothing fundamentally wrong with the institution. Melin announced the bank had asked Thomas D. Barr, deputy state bank commissioner, to make an audit. Until the audit has been made, he said, no action will be taken toward re-opening the institution China has a mountain of alum 100 feet high.

6. August 19, 1930 Waukegan News-Sun Waukegan, IL
Article from Waukegan News-Sun, August 19, 1930

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Article Text

FOURTH BANK CLOSES IN GARY IN WEEK GARY Ind. Aug. The Gary Labor bank was. closed by its board of directors today, pending an audit of its books. State Senator J. J. Nedjl, of Whiting. is president of the nstitution "run" on the bank yesterday depleted its reserves and caused the closing The Labor bank was the fourth Gary institution to shut its doors within nine days. D. D. Melin, cashier of the bank. said the closing was voluntary that there was nothing fundamental-

7. August 19, 1930 Evansville Press Evansville, IN
Article from Evansville Press, August 19, 1930

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Article Text

lights instead of before movie camera. Frances had Just completed the third grade in school when the United States entered the World war and her father enlisted in the army. He was sent to Cincinnati and took his family with him. After the war transferred to Washington. and Frances and her mother went along. HE came back to Chicago and entered school. In little while there were high school plays in which she excelled. She wanted to play the lead in the senior class play so badly she wasn't surprised when she got In her academic classes Frances was just an average student- excelling nor failing in any of her studies. But dramatics she easily was a shining light. And she was a leading figure in all of her class activities. climaxing her activities by being elected vicepresident of the class during her senior year. That was one of her ambitions thruout her school life, since is the highest position girl can holdthe president always is boy. After graduating from Hyde Park High school in Chicago, she entered the University of Chicago. She still carried the belief any girl can do what she sets out decided that life was lots of fun and she would enjoy She went in for dramatics and social life. Regular college studies didn't appeal to her. She was member of the Sigma club, one of the four leading women's clubs at the university about which she tells an interesting story. At the middle of her first term in Chicago she was flunking in all subjects and it is university rule that club and fraternity pledges must attain cergrades before they can be initiated Frances wanted to be initiated so she settled down to some real studying and made her grades. OWARDS the end of her second year Frances' parents moved to Los Angeles. She remembered that she had enjoyed visiting there once and went along quite cheerfully. "But I'll be back to graduate," she told her friends. She couldn't give up the university shows. But out in California the Fox company was staging college play and Frances knew all about co-ed life. She dropped into the casting director's office one day NEXT: Miss Dee's life as an extra in Hollywood. FOURTH GARY BANK IS FORC ED TO CLOSE DOORS By United Press GARY, Ind., Aug. The Gary Labor bank was closed by its board of directors today, pending an audit of its books. State Senator J. Nedjl of Whiting. is president of the institution. "run" on the bank yesterday depleted its reserves and caused the closing. The Labor bank was the fourth Gary institution to shut its doors within nine days. GROSS VALUE OF MAYER ESTATE IS REPORTED The late Marks L. Mayer left gross estate of $7009. according to report on file Tuesday in probate court. Estates of the late Marie C. Rone and Harry Phillips had net value of $2015 and $2649. respectively.

8. August 20, 1930 The Edwardsville Intelligencer Edwardsville, IL
Article from The Edwardsville Intelligencer, August 20, 1930

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Article Text

GARY LABOR BANK is CLOSED BE DIRI CTORS Labor bank was closed by its directois today pending an audit of Its books State Senator J J Nedji. of Whiting, 14 president of the instution A "run" on the bank vesterdav depleted its reserves and caused the closing The Labor Bank was the fourth Cary Institution to shut Its doots within nine days D. D Melin, cashier of the bank. said the closing was voluntary and that there was nothing fundamentally wrong with the Institution Melin announced the bank had asked Thomas D. Barr. deputy state bank commissioner, to make an audit. Until the audit has been made, he said, no action will be taken toward reopening tue Institution.

9. August 21, 1930 Garrett Clipper Garrett, IN
Article from Garrett Clipper, August 21, 1930

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RUN FORCES ANOTHER BANK AT GARY TO CLOSE Gary, Aug. Gary Labor bank was closed by its board of directors today. pending an audit of its books. State Senator Nedjl of Whiting. president of the institution. A "run" on the bank yesterday depleted its reserves and caused the closing. The Labor bank was the fourth Gary institution to shut its doors nine days. D. Melin, cashier of the bank, the closing was and that there was nothing fundamentally wrong with the Melin announced the bank had asked Thomas D. Barr, deputy state bank commissioner, to make an dit. Until the audit has been made, he said, no action will be taken toward re-opening the institution. The body of John Graves. farmer of near Bluffton. Ind., found in the yard of his home Sunday night. Death was due to heart disease.

10. September 15, 1933 The Times Hammond, IN

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SECOND HOME LOAN GOES TO MAN The Lake loan loan Anders Hokanson, 5640 E. 5th place, Gary, Clinn Ellyson, manager the Lake county branch of Indiana Home Owners' Loan nounced today. He said the loan totaled $2,512.71, which $2,413.30 in federal home loan bonds the receiver the Miller State bank replace the first mortgage which been in since The of the loan was distributed $10.92 for delinquent Gary city taxes; for $21 for charges; to Attorney Fred Egan. Gary, for examining abstract: and for delinquent county taxes, making total outlay The home, bungalow, appraised by Joseph Wildermuth, of Gary, $3,500. The first was authorized yesterday for William Mulligan of Hobart. amounted to of which $849.24 in home loan bonds accepted by the receiver of the Gary Labor bank the first mortgage it held the property. The was in default 18 The of the loan in taexs, recording charges, similar items. Mr. Ellyson expects to authorize large number of loans during next few received 5,000 temporary for Of that number, 1,000 of the more distressed home owners been selected for immediate consideration.

11. September 15, 1933 The Times Hammond, IN

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SECOND HOME LOAN GOES TO GARY MAN The second Lake county loan to granted under the provisions of the Home Owners' loan act went to Anders 5640 E. 5th place, Gary, Clinn of manager Lake county branch of Indiana Home Owners' Loan nounced today. He said the loan totaled which $2,413.30 in federal home bonds the receiver the Miller bank replace the first mortgage which been in default since 1929. The the loan was distributed $10.92 for delinquent Gary city for delinquent $21 abstract $7.50 to Attorney Fred of Gary, for examining abstract: and $6.39 for delinquent county taxes, maktotal cash outlay of The home, frame was appraised by Joseph Wildermuth, of Gary, $3,500. The first authorized yesterday for William Mulligan of Hobart. amounted to of which $849.24 in home loan bonds were accepted the receiver of the Gary Labor bank for the first mortgage it held on the property. was default 18 months. of the loan in edlinquent taexs, recording charges, Mr. Ellyson to authorize large number of loans during the few days. He has received temporary for aid. Of that number, 1,000 of the more distressed home owners been selected for immediate consideration.

12. September 15, 1933 The Times Hammond, IN

Article Text

SECOND HOME LOAN GOES TO MAN The second Lake county loan be granted under the provisions the Federal Home Owners' loan went to Anders Hokanson, 5640 E. 5th place, Gary, Clinn Ellyson. Hammond. manager the Lake county branch Indiana Home Owners' nounced today. He said the loan totaled $2,512.71, of which $2,413.30 in federal home loan bonds went the receiver the Miller bank replace the first mortgage which been in since of the loan distributed $10.92 for delinquent Gary city taxes for $21 for to Attorney Fred Egan, Gary, for examining the abstract; and $6.39 for delinquent county taxes, making total cash outlay of The frame bungalow, appraised by Joseph Wildermuth, of Gary, $3,500. The first loan was authorized yesterday for William Mulligan Hobart. amounted to of which in home loan bonds were accepted by the receiver of the Gary Labor bank for the first mortgage it held on the property. The mortgage was in 18 of the loan was in edlinquent taexs, recording charges, and Mr. Ellyson to authorize large number of loans during the next few He has 5,000 for aid Of that number, 1,000 of the more distressed home owners been selected for Immediate consideration.

13. March 1, 1934 The Times Hammond, IN

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MORE MONEY IN COUNTY COFFERS [SPECIAL TO THE TIMES] CROWN POINT, Ind., March 1.—Money was seeping into the county treasury from several sources today and Treasurer Herman Conter was glad to greet it for the old strong box has been empty for weeks. Several big industries came through with early tax payments and made it possible to meet the county pay roll except highway employes. Today a check for $10,000 arrived from the state treasurer as an advance payment of the county's share of the gasoline and auto license money. That may be applied today on county highway expenses. At the same time a check for $3,200 was received from the Gary Labor bank receiver as a dividend on the $20,000 the county had on deposit there when it closed.

14. March 1, 1934 The Times Hammond, IN

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[SPECIAL TO THE TIMES] CROWN POINT, Ind., March 1.—Money was seeping into the county treasury from several sources today and Treasurer Herman Conter was glad to greet it for the old strong box has been empty for weeks. Several big industries came through with early tax payments and made it possible to meet the county pay roll except highway employes. Today a check for $10,000 arrived from the state treasurer as an advance payment of the county's share of the gasoline and auto license money. That may be applied today on county highway expenses. At the same time a check for $3,200 was received from the Gary Labor bank receiver as a dividend on the $20,000 the county had on deposit there when it closed.

15. March 1, 1934 The Times Hammond, IN

Article Text

MORE MONEY IN COUNTY COFFERS [SPECIAL TO THE TIMES] CROWN POINT, Ind., March 1.—Money was seeping into the county treasury from several sources today and Treasurer Herman Conter was glad to greet it for the old strong box has been empty for weeks. Several big industries came through with early tax payments and made it possible to meet the county pay roll except highway employes. Today a check for $10,000 arrived from the state treasurer as an advance payment of the county's share of the gasoline and auto license money. That may be applied today on county highway expenses. At the same time a check for $3,200 was received from the Gary Labor bank receiver as a dividend on the $20,000 the county had on deposit there when it closed.

16. March 1, 1934 The Times Hammond, IN

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MORE MONEY IN COUNTY COFFERS (SPECIAL TO THE TIMES) CROWN POINT, March Money seeping the county treasury from today and Treasurer glad old strong been empty for eral big through and made tax possible to meet the county pay except Today check $10,000 arrived the the share the auto license money applied today county highway At the check for $3,200 received the Gary Labor bank receiver dividend the posit there when closed.

17. March 1, 1934 The Times Hammond, IN

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MONEY IN COUNTY COFFERS [SPECIAL TO THE TIMES] CROWN POINT, March Money was seeping the county from today Treasurer Conter glad to greet old strong box been empty for big through early tax and made meet pay check arrived state share gasoline and auto license money That may applied today expenses At the same time check for $3,200 was received from the Gary Labor bank receiver dividend $20,000 the county had on deposit there when it closed.

18. March 6, 1934 The Times Hammond, IN

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BANK DECLARES ANOTHER DIVIDEND Officials of the National Bank of Gary were prepared today to give depositors relief in the form of another dividend in the amount of $60,000. A total of 3,200 will participate. The announcement was made by David H. Jennings receiver for two Gary suspended national banks. The National bank was closed during the bank panic of 1931-1932. Today's payment will be the third dividend paid by the bank and brings the total return on general deposits to 45 per cent or approximately $294,000. The third dividend payment was made possible by an R. F. C. loan of $50,000. About $10,000 in cash had previously been accumulated in the bank. The new cash refund brings the total payments to depositors in all Gary banks in the past week to approximately $115,000. Distribution of the last of its second 16 per cent dividend of $54,000 also made possible by an R. F. C. advance was begun today by the Gary Labor bank. More relief is expected this week in the way of R. F. C. loans for depositors of the First Indiana bank, which has applied for $25,000, and the Miller State bank, which has asked for $15,000 to pay a 12 per cent dividend.