Ilion National Bank (Ilion, NY)

View Charter #1670 on SPMC View balance sheet

Episode Information

Episode UID
167001298
Episode Type
Run Only
Bank Type
national
Bank ID
16700 national
Charter Number
1670
Start Date
February 1, 1908
Location
Ilion, New York (43.015, -75.035)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ff1a18dd1a9062dc

Response Measures

Accommodated withdrawals

Events (2)
1. May 1, 1867 Chartered
Source
historical_nic
2. February 1, 1908 Run
Cause Details
Article describes heavy withdrawals and long lines but gives no specific trigger or rumor.
Measures
Restricted admission of depositors, paying tellers worked slowly and paid limited customers; separate entrance/exit to avoid confusion.
Newspaper Excerpt
There was a run on the Ilion National bank, and depositors were standing in line hour after hour waiting their turn to withdraw their money.
Source
newspapers

Newspaper Articles (2)
1. February 1, 1908 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, February 1, 1908

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Article Text

There was a run on the Ilion National bank, and depositors were standing in line hour after hour waiting their turn to withdraw their money. Paying tellers worked with deliberation that was maddening. Some days only half a dozen people would be paid off, but still the line increased. hoping against hope. For two days and nights the figure of a young girl had been noticed. She was slowly working her way to the front. At 2:45 p. m. on the third day she was admitted to the bank and withdrew her entire account. To avoid confusion depositors were admitted at one door and passed out through a side entrance, and as she emerged from the latter she cast a hurried glance about her. She gave a sigh of relief when she saw that she was quite alone and apparently unnoticed. Then suddenly a tall man appeared in the doorway behind her. Lillian Burkhart trembled as she clutched the roll of bills, her teeth chattered, the color faded from her cheeks, and she was conscious that her hands trembled visibly. The man looked at her sharply. stepped forward and asked if he could be of service to her. "You seem to be in trouble. Can 1 do anything for you?" he asked, with some concern. "You can go away," she managed to answer. The man calmly proceeded to button his heavy ulster, slipped his hand in the pocket thereof and pulled out a heavy pair of gloves, which he drew on slowly. His tall, broad shoulders were surmounted by a handsome clear cut face; his whole appearance was faultless. He glanced concernedly at Lillian, whose color had not yet returned and who seemed to tremble from head to foot. "Really, I feel that I must call for assistance. Will you have a cab or a doctor? It would be nothing short of brutal to leave you here shivering like that. Are you ill or simply cold? I Insist upon knowing." Lillian was forced to look at him again, and it seemed to give her courage to speak. "Were you ever hungry?" she murmured as she took a firmer hold on the bills. "Yes, indeed," said her companion. "But never with that amount of money in my grasp." Lillian started with a sudden jerk at the mention of her money and dropped the entire roll of bills. He stooped to pick it up, and after one wild shriek she called distractedly: "Stop thief! Stop, I say!" The crowd was massed in front of the bank, and the cry seemed to have passed unnoticed. The man picked up the bills despite her exclamation and handed them to her. Lillian laughed a sickly little gurgle, saying: "Perhaps you're not a thief after all -are you?" "No, I'm not! Are you?" suggested the man. "I am merely one of the many depositors trying to get a few dollars. But you were more fortunate than I. When I reached the window the cashier pulled it down, saying it was 3 o'clock and too late to draw. Better put that wad out of sight and 1 not tempt the hysterical mob outside," he added. 1 "That's what I wanted to do, but you won't go away and let me. A wo1 man doesn't have pockets all over her clothes like a man. And, oh, I wish you would go, for I'm so hungry and ] want to get home! I've stood in that line for nearly three days to get mon1 ey for the landlord. My, but I hate that man!" she expostulated, with a shrug of her pretty shoulders. I "Well, I'll be on my way, and be W sure you tuck it safely away in its hid-

2. March 12, 1908 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, March 12, 1908

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Article Text

FINANCIAL BILL HOTLY DENOUNCED Senator Clarke of Arkansas Hits Several Fierce Blows ALDRICH ATTEMPTS REPLY Investigation of Causes of the Panic Is Demanded by Senator Clarke, Who Also Denounces New York Stock Exchange. Washington, March 11.-Senator Clarke of Arkansas denounced the pending currency bill in a speech in the Senate today, declaring that no currency legislation should be enacted until an investigation is held as to the causes of the panic. "No such legislation is necessary now, said Mr. Clarke. "It is not only not necesI sary, but it may become dangerous. am not disposed to tolerate the idea of giving any support to the committee bill, nor the substitute proposed by the minority members of the Senate." If emergency currency is to be provided, Mr. Clarke said, the benefits should be extended all persons whose legitimate business demands cause them to need it. Mr. Clarke denounced the operations of stock exchanges and said the American people would not be satisfied with the proposed currency legislation without a complete knowledge of causes of the panic. "The time has arrived," he said, "when the affairs of the New .York stock exchange and other stock exchanges must be looked into." Mr. Clarke's reference to the stoppage of the payments by the New York banks called Mr. Aldrich to his feet with the remark that he did not believe the people would permit that course again to be pursued. "I trust the senator from Rhode Island as a historian," retorted Mr. Clarke, "but I do not trust him as a prophet." Mr. Clarke expressed the opinion that the majority would not pass the bill allowing the emergency circulation to be retired without limitation. Mr. Clarke said he would not only require a restriction of reserves, but he would deny to a national bank the right to pay interest on checking accounts. Senator Nelson suggested that the national banks should pay interest on the $250,000,000 of government deposits. Mr. Aldrich said that five years ago he had introduced a bill providing for the payment of interest on such deposits at the rate of 1 1/2 per cent, but, he added, senators had opposed that bill on the ground that it changed the nature of the loan. Former Senator Spooner and the late Senator Morgan, he said, opposed the bill. If that objection could be overcome he declared his willingness to again bring in such a measure. He did not know any reason unless it should be a legal one, of the kind suggested, why interest should not be charged on these deposits. Mr. Culberson, he said, had introduced a bill to require payment of interest on government deposits and it was now before the committee on finance. Mr. Bailey spoke at some length suggesting that the main purpose of his substitute was to favor the principle of government money instead of bank money He explained that he had provided for a distribution of the emergency currency in accordance with population, although he realized that business necessity was a greater measure of the amount they should have. But it was not possible to make sure of the business needs of the several sections and it was a simple matter to ascertain the population. An extended argument was made by Mr. Newlands of Nevada in favor of his view that the sending of a check from one state to another makes the business of banking interstate commerce.