Tuma Savings Bank (Chicago, IL)

Episode Information

Episode UID
9012380791401
Episode Type
Run → Suspension → Closure
Bank Type
private
Bank ID
901238079 hash
Start Date
September 17, 1916
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f3298e813da75920

Response Measures

None

Description

The bank closed immediately following the owner's suicide, which was triggered by a run and the failure to secure a loan to meet it.

Events (3)
1. September 17, 1916 Run
Cause
Local Banks
Cause Details
Collapse of several other private banks on the west side of Chicago triggered runs on similar institutions.
Measures
The owner attempted to secure a $10,000 loan from Union Trust Company to meet withdrawals.
Newspaper Excerpt
Joseph Tuma, head of the Tuma Savings Bank of this city, one of the private institutions which suffered a run Sunday
Source
newspapers
2. September 18, 1916 Other
Newspaper Excerpt
Joseph Tuma, founder of the Tuma Savings bank, shot himself to death on the beach
Source
newspapers
3. September 18, 1916 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suicide of the owner and founder, Joseph Tuma, following a run and refusal of a loan.
Newspaper Excerpt
The bank was closed immediately and, according to Mr. Arkin, will remain closed until the courts place a custodian in charge.
Source
newspapers

Newspaper Articles (10)
1. September 19, 1916 South Bend News-Times South Bend, IN
Article from South Bend News-Times, September 19, 1916

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Article Text

PROPRIETOR OF PRIVATE BANK TAKES HIS LIFE Joseph Tuma of Chicago Feared Depositors Were About to Start Run. International News Service: CHICAGO, Sept. 19. - Tragedy came today as the aftermath of the collapse of several private banks on the west side and the frenzied runs on several others. Fearing that his depositors were about to start a wholesale withdrawal, Joseph Tuma, founder of the Tuma Savings bank, shot himself to death on the beach at the foot of Wentworth av. His wife attempted suicide when told of her husband's act, but was precented by police. It is said that Tuma's liabilities far exceeded his assets. An investigation will be made today.

2. September 19, 1916 The Day Book Chicago, IL
Article from The Day Book, September 19, 1916

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Article Text

BANK OWNER, FEARING CRASH, COMMITS SUICIDE Joseph Tuma, 65, 4013 W. 12th st., owner of the Tuma Savings bank, shot and killed himself last night at the foot of Wrightwood av., his body falling into the lake. Fear of the crash of his bank after a five days' run by depositors is said to have preyed on his mind. His wife, when she heard of the suicide, said that the run on the /bank, refusal of the big downtown banks to give her husband aid and refusal of the city to pay Contractor J. J. Brittain, who owed Tuma money, caused the banker to slay himself.

3. September 19, 1916 The Hawaiian Gazette Honolulu, HI
Article from The Hawaiian Gazette, September 19, 1916

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Article Text

BANKER OF CHICAGO COMMITS SUICIDE Kills Himself After Big Run On His Private Bank: Heavily Involved (Associated Press by Federal Wireless) CHICAGO, September 19 - Joseph Tuma, head of the Tuma Savings Bank of this city, one of the private institutions which suffered a run Sunday, committed suicide yesterday by shooting himself through the head. He took his stand on a pier jutting into Lake Michigan and his body pitched into the water after the fatal shot. The State's attorney announced last night that Tuma was heavily involved. The runs on the private banks are continuing and yesterday a number of them came near being closed. The banking authorities of the State are preparing to conduct a searching investigation of the whole situation.

4. September 19, 1916 New-York Tribune New York, NY
Article from New-York Tribune, September 19, 1916

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Article Text

BANKER UNDER FIRE TAKES HIS OWN LIFE Other Heads of Chicago Private Institutions Indicted. Chicago, Sept. 18.-The suicide of Joseph Tuma, head of the Tuma Sav. ings Bank, a private institution, and the indictment of four private bankers were the latest developments to-day in Chicago's private bank failures and & general inquiry into Tuma's bank, the said, was to have The banker's counsel, however, said the bank was solvent. Tuma stood on & pier, fired a shot into his head and toppled into Lake Michigan. The State's Attorney announced that the grand jury had voted true bills against Michael and Stephen Michnisk on charges of receiving deposits while their against private Moses who bank Ginsburg was insolvent, and his son, and Emanuel, conducted another private bank, on the same charge. Runs continued to-day on some pri. vate banks known to be solvent and which demands. had no difficulty in meeting the

5. September 19, 1916 Honolulu Star-Bulletin Honolulu, HI
Article from Honolulu Star-Bulletin, September 19, 1916

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Article Text

CHICAGO BANK PRESIDENT DIES BY OWN HAND (Associated Press by Federal Wireless) CHICAGO,, III., Sept. 19.-Joseph Tuma, head of the Tuma Savings bank of this city, one of the private institutions which suffered a run Sunday, committed suicide yesterday by shooting himself through the head. He took his stand on a pier jutting into Lake Micnigan and his body pitched into the water after the fatal shot. The state's attorney announced last night that Tuma was heavily involved. The runs on the private banks are continuing and yesterday a number of them came near being closed. The banking authorities of the state are preparing to conduct a searching investigation of the whole situation.

6. September 20, 1916 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, September 20, 1916

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Article Text

PRIVATE BANKER IS SUICIDE Joseph Tuma Takes Own Life in Chicago. Chicago, Sept. 20. - The suicide of Joseph Tuma, head of the Tuma Savings bank, a private institution, and the indictment of four private bankers were the latest developments in Chicago's epidemic of private bank failures and a general inquiry into these institutions. The state's attorney announced that the grand jury had voted true bills against Michael and Stephen Michnick on charges of receiving deposits while their private bank was insolvent, and against Moses Ginsberg and his son Emanuel, who conducted another private bank. on the same charge. Runs continued on some private banks which had no difficulty in meeting the demands.

7. September 21, 1916 The Manitowoc Pilot Manitowoc, WI
Article from The Manitowoc Pilot, September 21, 1916

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Article Text

BANKER ENDS'LiFE, WAS REFUSED LOAN Chicagoan Feared Run on Institution. DEPOSITORS NOT WORRIED Wife Declares Depositors Who Had $500,000 in Institution Will Be Paid-Shot Self While on Pier in Lake. Chicago, Sept. 19.-Joseph Tuma. owner of the Tuma Savings bank, 4013 West Twelfth street, one of the private institutions under investigation by State's Attorney Hoyne, shot and killed himself while standing on a pier in the lake at the foot of Wrightwood avenue. He had applied to a downtown bank earlier in the day for a loan of $10,000. Failure to obtain it and worry over the state's attorney's investigation are believed to have caused his act. The shot was heard by Thomas O'Donnell, a Lincoln park policeman, who recovered Tuma's body, which was taken to Bentley's undertaking rooms at 2710 North Clark street. Had $500,000 in Deposits. Assistant State's Attorney Alexander E. Arkin at once was sent to Tuma's bank by Mr. Hoyne. He found records indicating there are deposits of $500,000. Attorney W. E. Clark, counsel for the banker, was an early arrival and assisted in obtaining access to the records. The bank was closed immediately and, according to Mr. Arkin, will remain closed until the courts place a custodian in charge. This may be done by appointing an administrator for Tuma's estate. In the afternoon Tuma called his wife by telephone. "He told me he would be late and that I should close the bank at the regular hour," said Mrs. Tuma. "If delayed it was his custom to do that, so I thought nothing of it. I knew he had taken some securities with him and intended to arrange for a loan." Refused $10,000 Loan. Tuma had visited the Union Trust company and applied for a loan of $10,000. This was refused on the securities he offered, according to Mrs. Tuma. "My husband was worried over the withdrawal of a number of accounts this forenoon and wished to arrange to meet a run if we should have one," she said. "We had about $15,000 cash in the bank, but he thought we ought to have $10,000 more. "Every depositor will be paid. He always saw to that. He was very saving. His home is good enough, but he could have afforded a much better one. His amusements were simpletrips to parks, long walks, visits to the less expensive entertainments, the movies, and the like." A large crowd assembled in front of the bank as the news of the suicide spread throughout the neighborhood. All who came said Tuma was a much respected citizen, and expressed confidence none of his depositors would suffer loss. The bank was established twelve years ago and is one of the largest banks. in the city

8. September 21, 1916 The Oskaloosa Herald Oskaloosa, IA
Article from The Oskaloosa Herald, September 21, 1916

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Article Text

ENDS LIFE WHEN REFUSED A LOAN CHICAGO BANKER FEARED RUN ON HISSINSTITUTION. DEPOSITORS ARE NOT WORRIED Wife Declares All Will Be Paid in Full-Was One of Largest Private Banks in City-Had Deposits of $500,000. Chicago, Sept. 19.-"I shall work until every dollar is paid and then I, too. will die," said Mrs. Joseph Tuma after she recovered from the shock of her husband's suicide when a feared run on his private bank brought him near ruin. Suicides When Refused Loan. Chicago, Sept. 19.-Joseph Tuma, owner of the Tuma Savings bank, 4013 West Twelfth street, one of the private institutions under investigation by State's Attorney Hoyne, shot and killed himself while standing on a pier in the lake at the foot of Wrightwood avenue. He had applied to a downtown bank eartier in the day for a loan of $10,000. Failure to obtain it and worry over the state's attorney's investigation are believed to have caused his act. The shot was heard by Thomas O'Donnell, a Lincoln park policeman, who recovered Tuma's body, which was taken to Bentley's undertaking rooms at 2710 North Clark street. Had $500,000 in Deposits. Assistant State's Attorney Alexander E. Arkin at once was sent to Tuma's bank by Mr. Hoyne. He found records indicating there are deposits of $500,000. Attorney W. E. Clark, counsel for the banker. was an early arrival and assisted in obtaining access to the records. The bank was closed immediately and, according to Mr. Arkin, will remain closed until the courts place a custodian in charge. This may be done by appointing an administrator for Tuma's estate. In the afternoon Tuma called his wife by telephone. "He told me he would be late and that I should close the bank at the regular hour." said Mrs. Tuma. "If delayed it was his custom to do that, so I thought nothing of it. I knew he had taken some securities with him and intended to arrange for a loan." Refused $10,000 Loan. Tuma had visited the Union Trust company and applied for a loan of $10,000. This was refused on the securities he offered, according to Mrs. Tuma. y-husband was worried over the withdrawal of a number of accounts this forenoon and wished to arrange to meet a run if we should have one," she said. "We had about $15,000 cash in the bank. but he thought we ought to have $10.000 more. "Every depositor will be paid. He always saw to that. He was very saving. His home is good enough, but he could have afforded a much better one. His amusements were simpletrips to parks, long walks, visits to the less expensive entertainments, the movies. and the like." A large crowd assembled in front of the bank as the news of the suicide spread throughout the neighborhood. All who came said Tuma was a much respected citizen, and expressed con-

9. September 22, 1916 Eagle River Review Eagle River, WI
Article from Eagle River Review, September 22, 1916

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Article Text

BANKER ENDS LIFE CHICAGOAN SHOOTS HIMSELF WHEN BANK REFUSED LOAN OF $10,000. HAD DEPOSITS OF $500,000 Institution Was Under Investigation by the State's Attorney-Bank Will Pay Depositors in Full, Says Wife of Dead Man. Chicago, Sept. 20.-Joseph Tuma, owner of the Tuma Savings bank, 4013 West Twelfth street, one of the private institutions under investigation by State's Attorney Hoyne, shot and killed himself while standing on a pier in the lake at the foot of Wrightwood avenue. He had applied to a downtown bank earlier in the day for a loan of $10,000. Failure to obtain it and worry over the state's attorney's investigation are believed to have caused his act. The shot was heard by Thomas O'Donnell, a Lincoln park policeman, who recovered Tuma's body, which was taken to Bentley's undertaking rooms at 2710 North Clark street. Assistant State's Attorney Alexander E. Arkin at once was sent to Tuma's bank by Mr. Hoyne. He found records indicating there are deposits of $500,000. Attorney W. E. Clark, counsel for the banker, was an early arrival and assisted in obtaining access to the records. Tuma had visited the Union Trust company and applied for a loan of $10,000. This was refused on the securities he offered, according to Mrs. Tuma. "My husband was worried over the withdrawal of a number of accounts this forenoon and wished to arrange to meet a run if we should have one," she said. "We had about $15,000 cash in the bank, but he thought we ought to have $10,000 more. "Every depositor will be paid. He always saw to that. He was very saving. His home is good enough, but he could have afforded a much better one. His amusements were simpletrips to parks, long walks, visits to the less expensive entertainments, the movies, and the like." A large crowd assembled in front of the bank as the news of the suicide spread throughout the neighborhood. All who came said Tuma was a much respected citizen, and expressed confidence none of his depositors would suffer loss. The bank was established twelve years ago and is one of the largest private banks in the city.

10. September 26, 1916 Wausau Pilot Wausau, WI
Article from Wausau Pilot, September 26, 1916

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Article Text

CHICAGOAN SHOOTS HIMSELF WHEN BANK REFUSED LOAN OF $10,000. HAD DEPOSITS OF $500,000 Institution Was Under Investigation by the State's Attorney-Bank Will Pay Depositors in Full, Says Wife of Dead Man. Chicago, Sept. 20.-Joseph Tuma, owner of the Tuma Savings bank, 4013 West Twelfth street, one of the private institutions under investigation by State's Attorney Hoyne, shot and killed himself while standing on a pier In the lake at the foot of Wrightwood avenue. He had applied to a downtown bank earlier in the day for a loan of $10,000. Failure to obtain it and worry over the state's attorney's investigation are believed to have caused his act. The shot was heard by Thomas O'Donnell, a Lincoln park policeman, who recovered Tuma's body, which was taken to Bentley's undertaking rooms at 2710 North Clark street. Assistant State's Attorney Alexander E. Arkin at once was sent to Tuma's bank by Mr. Hoyne. He found records indicating there are deposits of $500,000. Attorney W. E. Clark, counsel for the banker, was an early arrival and assisted in obtaining access to the records. Tuma had visited the Union Trust company and applied for a loan of $10,000. This was refused on the securities he offered, according to Mrs. Tuma. "My husband was worried over the withdrawal of a number of accounts this forenoon and wished to arrange to meet a run if we should have one," she said. "We had about $15,000 cash in the bank, but he thought we ought to have $10,000 more. "Every depositor will be paid. He always saw to that. He was very saving. His home is good enough, but he could have afforded "a much better one. His amusements were simpletrips to parks, long walks, visits to the less expensive entertainments, the movies, and the like." A large crowd assembled in front of the bank as the news of the suicide spread throughout the neighborhood. All who came said Tuma was a much respected citizen, and expressed confidence none of his depositors would suffer loss. The bank was established twelve years ago and is one of the largest private banks in the city.