Banking Crisis Accelerates with 2,300 Bank Failures in 1931 as Hoover Resists Federal Intervention

A second wave of banking panics erupts in June 1931 centered in Chicago, where depositor runs beset networks of banks that had invested in declining real estate assets, resulting in approximately 2,300 bank suspensions during 1931—significantly more than the 1,350 failures in 1930. The crisis …