gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a2b8d216340f7a2f
Response Measures
None
Description
Run driven by publicity of other bank failures and a misunderstood notice; bank remained open and solvent.
Events (1)
1.June 28, 1914Run
Cause
Local Banks
Cause Details
Publicity attending the failure of the Lorimer-Munday banks sparked depositor panic; a posted sign about July 4 closure was misunderstood by many foreign-born depositors and precipitated withdrawals.
Measures
Paid out large sums (about $250,000–$300,000) and accepted a $300,000 loaned currency pile from Continental & Commercial Trust & Savings to reassure depositors.
Newspaper Excerpt
The posting of a sign, This bank will be closed Saturday, July 4, precipitated a run on the North Avenue State bank.
Source
newspapers
Newspaper Articles (10)
1.June 28, 1914The Washington TimesWashington, DC
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Article Text
JULY 4 SIGN MAKES BANK RUN CHICAGO, June 28.-The posting of a sign, "This bank will be closed Saturday, July 4," precipitated a run on the North Avenue State bank. During the run, started through a misunderstanding of the notice by depositors of foreign birth, nearly $500,000 was withdrawn from the bank. When it closed its doors at midnight about forty persons were still standing in line waiting to withdraw their savings. They were told to return tomorrow morning and they would receive their money in full. The bank is entirely solvent, according to its officers.
2.June 29, 1914El Paso HeraldEl Paso, TX
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Article Text
RUN ON STATE BANK IS RESUMED BY FOREIGNERS Chicago, III,, June 29.-Three hundred persons, mostly foreigners, were in line when the North Avenue State bank opened its doors today and the run, begun Saturday, was resumed. Publicity attending the failure of the Lorimer-Munday bank is held responsible. On Saturday the North Avenue bank paid out $250,000, and when the doors opened this morning $300,000 in currency, loaned by the Continental and Commercial Trust and Savings bank, the largest banking institution in the city, was piled in sight to reassure depositors.
3.June 29, 1914Evening Capital NewsBoise, ID
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Article Text
RUNON CHICAGO BANK IS CONTINUED TODAY Chicago, June 29.-The run on the North Avenue State bank, which began Saturday, was resumed today when 300 foreigners were in line when the bank opened. The publicity attending the failure of the Lorimer-Munday banks is held as responsible.
4.June 29, 1914Rock Island ArgusRock Island, IL
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Article Text
FAIL TO HALT RUN ON CHICAGO BANK Troubles of North Avenue Concern Brought on by Munday-Lorimer Failure. Chicago, III., June 29.-The run on the North Avenue State bank continued today. Three hundred, mostly foreigners, were in line. Failure of the Lorimer-Munday banks is held responsible. The North Avenue paid out $250,000 Saturday and when it opened today $300,000, loaned by the Continental & Commercial Trust Savings bank, the biggest in the city, was piled in plain sight to reassure depositors. Members of his own family have more than a million tied up in the closed La Salle Street bank, said Vice President Munday. "Every relative I have, even to the babies. has deposits in the bank. Would I have tried to ruin them as well as myself?"
5.June 29, 1914The Evening HeraldAlbuquerque, NM
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Article Text
RUN ON NORTH AVENUE STATE BANK CONTINUES Chicago, June 29.-Three hundred persons, mostly foreigners, were in line when the North Avenue State bank opened its doors today and the run, begun Saturday, was resumed. Publicity attending the failure of the Lorimer-Munday banks is held responsible. On Saturday the North Avenue bank paid out $250,000 and when the doors opened today $300.000 in currency, loaned by the Continental and Commercial Trust and Savings bank, the largest banking institution in the city, was piled in plain sight to reassure depositors. President Reynolds of the Continental and Commercial stated that the North Avenue bank is perfectly solvent and that it will be given all the funds necessary to meet the extraordinary and uncalled-for drain.
6.June 30, 1914Evening Times-RepublicanMarshalltown, IA
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Article Text
DEPOSITORS RETURN MONEY. Run on Chicago Bank Stopped After $300,000 Is Withdrawn. Chicago, June ).-The run on the North Avenue State bank last night and this morning there were fifty persons awaiting their turns to replace their deposits. During the run the bank paid out $300,000.
7.June 30, 1914The Chronicle=newsTrinidad, CO
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Article Text
RUN ON BANK ENDS. Chicago, June 30.-The run on the North Avenue State bank ceased last night and this morning there were 50 person waiting their turning to replace their deposits. During the run the bank paid out $300,000.
8.June 30, 1914Las Vegas OpticLas Vegas, NM
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Article Text
CHICAGO BANK RUN OVER Chicago, June 30.-The run on the North Avenue State bank ceased last night and this morning there were 50 persons waiting their turns to replace their deposits. During the run the bank paid out $300,000.
9.June 30, 1914Daily Kennebec JournalAugusta, ME
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Article Text
DECLARE CHICAGO BANK PERFECTLY SOLVENT AND SAFE 300 Persons in Line to Continue Run Monday-Continental Will Loan Funds Chicago, June 29 -Three hundred persons, mostly foreigners, were in line when the North Avenue State Bank opened its doors today and the run, begun Saturday, was resumed. Publicity attending the failure of the Lorimer-Munday banks is held responsible. On Saturday the North Avenue Bank paid out $250,000 and when the doors opened today, $300,000 in currency, loaned by the Continental and Commercial Trust and Savings Bank, was piled on the counters. President Reynolds of the Continental and Commercial stated that the North Avenue, Bank was perfectly solvent and that it will be given all the funds necessary to meet the extraordinary and uncalled for drain.
10.July 1, 1914Grand Forks Daily Herald and the Evening TimesGrand Forks, ND
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Article Text
CHICAGO BANK RUN HALTS. Fifty Waiting in Line Today to Replace Deposits. Chicago, !ul.. 1.-The run on the North Avenue State bank ceased and yesterday there were. fifty persons awaiting their turns to replace their deposits. During the run the bank paid out $300,000.
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.
