Illinois Trust & Savings Bank (Chicago, IL)

Episode Information

Episode UID
2001671164
Episode Type
Run Only
Bank Type
trust
Bank ID
200167 routing
Routing Number
2-0016
Start Date
December 22, 1896
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0a08f48a78b89e7b

Response Measures

None

Events (1)
1. December 22, 1896 Run
Cause
Local Banks
Cause Details
Depositors confused the Illinois Trust & Savings Bank with the failed National Bank of Illinois, prompting withdrawals.
Measures
Tellers instructed to serve customary 30/60-day notices while paying depositors who could show legitimate need; later withdrew notices and paid all who called; relied on large cash reserve.
Newspaper Excerpt
Without any apparent cause...a heavy run on the Illinois Trust and Savings Bank, in the Rookery Building, began as soon as the doors were open for business this morning.
Source
newspapers

Newspaper Articles (16)
1. December 22, 1896 The Jersey City News Jersey City, NJ
Article from The Jersey City News, December 22, 1896

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UNCALLED FOR RUN. Chicago Savings Bank Beseiged By Depositors-Quiet Elsewhere. CHICAGO, Dec. 22, 1896.-Without any apparent cause, except for the fact that a general lack of confidence had pervaded the timid depositors in the savings department, a heavy run on the Illinois Trust and Savings Bank, in the Rookery Building, began as soon as the doors were open for business this morning. There is not the slightest connection between the failed National Bank of Illinois and the Illinois Trust Company. During the excitement yesterday there was only a small increase of withdrawals from the Illinois Trust and Savings Bank and the officers of the bank said they were willing to let the depositors in the savings department have all the money due them if they called for it. as it meant a big saving of interest money for the bank. The bank anticipated a run today, and there is such a heavy reserve fund of idle money in the vaults that President John J. Mitchell has no misgivings as to the ability of his bank to pay a few millions if necessary. There were four lines of men and women in the bank opposite the savings paying teller and the clerks who enter up the savings interest. Altogether there were two hundred people in line, and as they fell out with their wants eatisfied, others took their places. The bank does the largest trust and savings business in the city and has a capital and surplus of $4,000,000. It is now building a $300,000 building for its own exclusive use next to the rookery, on the site of the old Grand Pacific Hotel. At the Garden City Banking and Trust Company's banking bank the run of yesterday had practically run out its length. Not half a dozen persons were at the paying teller's window at one time, and a policeman stationed outside the bank had nothing to do but stand there and look pleasant. The bank officers said they did not expect any more trouble. At the other national, private and State banks there was the ordinary transaction of business with no more people paying their respects to the paying teller than to the receiving teller. In banking circles the general opinion is that yesterday's failures will end the present trouble. At the falled National Bank of Illinois building there was a constant crowd of people who had urgent business to transact with the officers or something equally important to say to the National Bank Examiner, Mr. McKeon, but policemen on each side of the crowded gates admitted only one at a time and some not at all. In compliance with the notice to prove claims at once many of the callers were creditors who came for that purpose. Inside. clerks and officers were busy getting the accounts into shape for an early declaration of a dividend by the Comptroller of the Currency, and Receiver McKeon's expert accountants were hard at work on the books. The sensational rumors which spread yesterday about banks and business houses were not heard today, and there was a decided calm after the storm except for the Illinois Trust and Savings Bank.

2. December 22, 1896 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, December 22, 1896

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Run on a Chicago Bank, CHICAGO, Dec. 22.-There is quite a little run on the Illinois Trust and Savings bank. Depositors are handed thirty day notices except where they can estialy the officials that the money they desire to for legitimate purposes.

3. December 23, 1896 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, December 23, 1896

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The @uhita Daily Lagle: Mednesday Morning, December 23, 1996. ficers declined to make any payment on terested. The property involved is estitime deposits unless given sixty days' BUTCHERS ON TRIAL mated at from $1,350,000t 0 $1,500,000 in SECOND 0 notice. They said this was not because value. It is located in the Yakima valthey were not prepared to pay all deley, east of the Cascade mountains. positors in full, but because they wished Thirty thousand acres of land were to avoid embarrassment to smaller STAMBOULOFF'S MURDERERS FACE UGARTRUST FIR bought from the Northern railroad and bankers who might not be prepared to a main canal, with laterals and ditches THEIR CRIME. AT THE A pay all their depositors at once, and who of a length of 320 miles, were built at a might be placed in an embarrassing pocost of $700,000. From time to time land. sition. The stronger banks were paying water and water rights were sold. An all demands for time deposits. In Evidence is Introduced a Remarkable issue of $450,000 in bonds was made. seWho Pay no Attenti ILLINOIS TRUST AND SAVINGS. cured by mortgage, in which the Safe Letter Written by the Premier Months the Sugar People, Deposit and Trust company was named There was a slight run on the Illinois Before His Assassination, Showing That Woolson Spice c as trustee. The hard times came on Trust and Savings bank shortly after it He Knew What Kind of a Volcano He Schulz could not raise money to comopened this morning, the similarity of its They've Got Their name and that of the National Bank of plete his scheme, suit for foreclosure Was Standing on-Story of the Horrible Don't Propose to was brought by the trustees, receivers Illinois having led some depositors to beMurder Briefly Retold-How a Com. lieve that the former was embarrassed. were appointed, of whom Paul Schulz cept Upon the Alt was one, and soon after he committed During the run in 1891 President John J. panion of His Was Killed by Being MisSaint Patrick in Mitchell of the Illinois Trust, gave orsuicide, under sensational circumstances. taken for Him. Snake Campaign-1 During the intervals receiver's certifiders to pay all depositors who called for cates to the amount of $250,000 were istheir money and was criticized by other (Copyrighted 1896 by the Associated Press. New York. Dec. sued, and it is believed that the holders bankers for doing SO. This morning, as Sofia, Bulgaria, Dec. 22.-The trial of that the American soon as it became evident that there was of those and bondholders were interested the persons accused of the murder of exin the reorganization plan, in which the pany intend forcing likely to be a crowd in the bank. instrucPremier Stambouloff, who was stabbed tions were given the tellers to serve the fee trade. the anno Safe Deposit and Trust company has in the streets of this city in July, 1895, taken the initiative. The London and customary sixty-day notice, but to pay to the trade by the S San Francisco bank and the electric corall depositors who could show that they resulting in his death on July 10 of that a further reduction wanted $100 of their money for a legitiporation of Boston are also largely conyear, was formally opened in the court pound in the price of cerned as holders of bonds and certifimate purpose. The result was that the house, before a mixed tribunal, yestercates. son Spice company score or more of people who had lined up day and was continued today. This makes a tot at the paying teller's window soon disM'KINLEYS RETURN TO CANTON The accused are: Boni Georgeff, aged cent since the pure appeared. Before the close of banking sed 34, a former servant of Major Panitza; Carrying Trunkloads of Inaugural Gear hours, the excitement had completely interest in the spice The With Them. died out. The giving of the notice was Atzoff, a Macedonian, aged 33, the gar people. Thus the sanctioned by the clearing house comChicago, Dec. 22.-President-elect Mccoachman who drove Stambouloff from have not met the re ghmittee, and the object was, the Illinois Kinley left for Canton shortly after 10 the Union club to the scene of the crime; ndis manifested by the Trust being the strongest savings bank o'clock tonight. He left the home of Mr. Naum Tuffektchieff, an employe in the of course the latter fir in the city, to give the smaller ones the McWilliams at 9:30 o'clock, and in combuilding department of the ministry of hat The feeling in the pany with his wife, Mr. and Mrs. Mcopportunity to point to its action as an public works here, and brother of Dimad excuse for giving the notice themselves, Williams and Captain Heisland, was the reduction of on itri Tuffeketchieff, who died in prison, as his which they did, and thus effectually driven to the depot. Ahead of them went merely preliminary is asserted, as a result of tortures instopped a run. a baggage wagon loaded with six trunks one. Speculation wa flicted by the direct orders of the late The Illinois Trust and Savings bank is everyone of them heavier than when the day as to what mea prime minister. insaid to have $9,000,000 in cash on hand McKinley party brought them to Chiwill adopt to counte Dimitri Tuffeketchieff was accused of at and was today loaning money instead of, cago. From the president-elect down to coffee made by the complicity in the murder of M. Beltas in 1893, calling loans in to meet the Mrs. McKinley's maid, every one of the The report circula cheffe. the minister of finance. who was demands of the savings depositors. party had some new clothes. In one people do not intend assassinated in the street in the presThe American Brewing, Malting and trunk was the gown which Mrs. McKinnently in the coffee ence of M. Stambouloff, for whom he the Elevator company, the George A. Weisse lew will wear at the inaugural, and in the prospects seeme was mistaken, on March 28, 1891. vas another was a new suit for Mr. McKinMalting and Elevator company and Arbuckles would gift The court house was strongly guarded ley. her George A. Weisse assigned this evening erect a sugar refine by gen d' armes and the general public alk in the county court. The assignments The most exciting part of Mr. McKinsugar for thir coffee was excluded from the building. did of the two companies, which are intiley's last day in Chicago was when a gar people, the latter STAMBOULOFF'S LETTER. uld crowd of 4,000 persons surrounded his mately connected in business, and that son Spice plant to tl A letter written by the murdered on carriage in front of the wholesale house of Weisse, were brought into. court tothe busienss. was o statesman to a friend some three months the of Marshall Field & Co., at 3 o'clock this gether at 6 o'clock. The assignee of the those possessing ins before his death, was read by the judge American Brewing, Malting and Elevaafternoon, and refused to let the carriage opnon thus expresse amid profound silence. The letter was ks, move on until the president-elect had tor company is the Chicago Title and cenrs will continue a dated Sofia, March 16, 1895, and gave in shaken hands with several hundred of Trust company. The George A. Weisse and that eventually minute detail the plot for Stambouloff's the them. He was finally rescued by the poMalting and Elevator company assigned ment would be arriv murder. This information, the letter asny to the Security Title and Trust company lice. Just before leaving Mr. McKinley conducting their sepa serted, came from one Zarchariew, who declared that his health was much imand that is the assignee of Weisse also. A connection of tl was in close touch with a band of ten or uld proved and that his rest had done him No statement was filed as to the assets Bros., stated to a Co fifteen assassins who had "sworn to free ar"a world of good." and liabilities. reporter today that the country from the tyrant StamboulThe failure of the two corporations decided not to redue so HE HAS A SON DANIEL off." The letter declared that the assaswas the result of the failure of the Nacoffee, despite the re sins expected clemency from the prince tional Bank of Illinois. The two comAnd Instead of Coming, He is Brought, to atjust made in the prio after a short imprisonment and that a panies were borrowers from the bank Judgment. of coffee of the W plot was also afoot for the murder of the and were indebted to it when it failed, ed"Our coffee," said Cleveland, Ohio, Dec. 22.-Dan R. prince himself. It implicates a number to the amount of over a half million dolas our customers wo out Hanna, son of Hon. M. A. Hanna, has of other political agitators besides those lars. As soon as the failure of the bank ide any other brand of been again sued on an election bet. now on trial. The letter concludes: was announced preparations were begun son why we should Young Hanna wagered $250 with Allen "These statements I have written in for the closing up of the business of the "As a matter of fa ity Armstrong that McKinley would carry order that it may be known that the two companies. The corporations were duct our business ors Ohio by more than 50,000. The money plan of the murderers was known to me, both organized through the efforts of our whatever to the fac was turned over to Hanna by the stakeand that, sooner or later, my friends and George A. Weisse, who is president of :30 company has passed holder. Armstrong makes the point my children may demand their punishthe Geroge A. Weisse Malting and Eledethe Sugar people. " that the Bryan vote should be credited ment. vator company, and a son-in-law of ut. our head to any pre with the People's party vote, as well as "S. STAMBOULOFF." (Signed.) President Schneider of the National ew it is not likely we sh with the Democratic. Mr. Hanna was "Sofia, March 16, 1895." Bank of Illinois. The American Brewctent case. We are a sued on this same point a few weeks ago STAMBOULOFF'S MURDER. ing, Malting and EVEVATOR company is vill tion. and we shall e and settled out of court to avoid the,anThe murder of M. Stambouloff was the owner of extensive mul houses on for along the lines pre noyance and notoriety entailed by the brutal in the extreme. He was stabbed, North Ash avenue which are leased to "Work on our ne litigation. the other company and are used by it in shot, hacked and beaten in a most terBrooklyn will be rap FROM THE SILVER AREA the manufacture of malt. The Ameririble manner by his assailants who stopfew months we expe he can Malting, Brewing and Elevator ped his carriage while he was returning Come Thurston and Shoup, Urging "Recogworking order. Our ed home, during the evening of July 13, company has a large brewery adjoining nition" Upon Hanna stay." de from luncheon at the Union club, accomthe malt houses, and the two are closely Cleveland, Ohio, Dec. 22.-Senators to It was reported to related in business, one buying and seilpanied by a colleague, M. Petcoff. Both being made to sell t nt Thurston of Nebraska and Shoup of ing to the other. of the ex-premier's hands were chopped, to eighteenth of the Idaho arrived in the city this morning one wrist was almost severed from the Judge Horton, earlier in the day, apstock to the Sugar nd arm: he was repeatedly stabbed about and were driven immediately to the ofpointed a receiver for the general conleged that under the is fice of Hon. M. A. Hanna, where a long the body and shot in the head. After he tracting firm of Angus & Gindele on the value of the stock wi & conference was held between the three fell, the assassins continued stabbing application of John Angus, one of the a members of the firm. The assets of the gentlemen. At noon the talk had eviand hacking him until compelled to run MINOR FIST er concern were placed at $300,000 and the dently been finished for at that hour the away. The murder is said to have been on liabilities at $250,000. An answer was chairman escorted his visitors to the committed within sight of a number of Contests Within the te filed to the bill by George A. Gindele, Union club for lunch where the discusported From M gen d' armes, who ran away with the ed the other member of the firm, consentsion was resumed. While it is stated murderers and made no attempts to New York, Dec. 22 rs that the visit was of a social nature it is catch them. Both hands were amputating to the appointment of a receiver. Acmiddleweight champ of cording to the bill the National Bank of known that the prime object of the coned previous to his death. matched today to box rs ference was to discuss cabinet matters Illinois, which failed Monday, loaned TERRELL'S PULL ADVERTISED. ty rounds before e. the firm $250,000, and the suspension of and a gentleman close to Mr. Hanna club of Albany, N. Y Constantinople, Dec. 22.-The large at that institution has nearly destroyed the stated that there was little doubt that measure of clemency on the part of the be William's first app te credit of the contracting firm, SO there Messrs. Thurston and Shoup came here He comes well recom sultan toward Armenians, recently rewas nothing left but an application to a to urge Mr. Hanna's influence towards feated Charley Turne ferred to ,will probably bring about the ge court for relief. The assets of the partthe selection of some man representing many others. His onl release of 4,000 prisoners and the remitde the "disaffected silver districts which nership consist principally of real estate, istered by Tom Sha tance of all sentences of death. This has all notes, accounts receivable, and contracts they represent, as a member of the cabdecision over him in been promised to the patriarch of Arst. inet." for completion of public works, elevated Francisco last June. menia, but it needs ratification. railroad construction and the erection of At a council of ministers, at the reThe management HARRISON GETS HIS WATCH buildings. d. Athletic club, which quest of Mr. Terrell, the United States ed Boston, Dec. 22.-Boston banks, it is That is to Say, the Watch That Was Once minister, Hatoum Ardarian, who was boxing show tomorro Mr. Dimmick's. learned, have about $200,000 locked up in land City, at which imprisoned at Trebiend, has been reCthe National Bank of Illinois, which susCharles McKeever W Indianapolis, Ind., Dec. 22.-Several leased. Many individuals who surrenS, pended yesterday morning. The balhas been assured by dered to the government as revolutionweeks ago General Harrison was robbed ances kept in Chicago were much larger and sheriff that SO lo ists at Aleppo have also been set at libof a gold watch belonging to his wife. He ze than those held in any other western is conducted within erty, the release of the prisoners having offered a reward for its recovery and tone city, as Chicago is known as the "reference will be offer been promised to Mr. Terrell by the sulday he received a package from Chicago as serve city." The bulk of the western coltan. ties. containing the watch. The local police lections by Boston banks were made he Constantinople, Turkey, Dec. 22.-An Dolly Lyons of Net had nothing to do with the recovery and of through the First National bank of Chiirade has been issued granting amnesty Haugh of Brooklyn General Harrison would say nothing excago up to within a year ago, but were re twenty rounds befor to all Armenian prisoners except those cept to admit the receipt of the watch. at that time transferred to the National rAthletic club at Willi sentenced to death for murder. The terms Bank of Illinois. Boston bankers exhe was announced from of amnesty include about 100 Armenians ANCIENT LOVERS ELOPE to pect to receive all that IS due them. that Lyons was ill at under sentence of death for other offenAged Widower and Widow Elude the Vigi-

4. December 23, 1896 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 23, 1896

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ing and Trust company had expected hat a run would be made upon their institution and were ready to meet it. They threw open the doors of the bank an hour earlier than usual, as they said they wanted to get the run out of the way, so they could transact their usual business without being disturbed. Quite a crowd of depositors had gathered at the doors before they were opened, and as soon as the bank was ready for business the depositors gave the paying tellers all they cared to do. The run kept up with energy for over an hour and then died away. At the close of business hours the officers announced that the amount taken in was treble that paid out and the bank was declared in better shape that at the openng in the morning, The run on the Hibernian Savings bank was of short duration as the officers declined to make any payment on ime deposits unless given 60 days notice. They said this was not because they were not prepared to pay all deposits in full, but because they wished to avoid embarrassment to smaller bankers who might not be prepared to pay all their deposits at once and who might be placed in an embarrassing position. The stronger banks were paying all demands for time deposits. There was a slight run on the Illinois Trust and Savings bank yesterday, the similarity of its name and that of the National Bank of Illinois having led some depositors to believe that the former was embarrassed. During the run in 1893, President John J. Mitchell of the Illinois Trust gave orders to pay all depositors who called for their money. This time, as soon as it became evident that there was likely to be a crowd in the bank, instructions were given the tellers to serve the customary 60 day notice, but to pay all depositors who could show that they wanted $100 of their money for a legitimate purpose. The result was that the score or more of people who had lined up at the paying teller's windows soon dispersed. Before the close of banking hours the excitement had completely died out. The giving of the notice was sanctioned by the clearing house committee and the object was to give the smaller ones the opportunity to point to its action as an excuse for giving the notice themselves which they did and thus effectually stopped a run. The Illinois Trust and Savings Bank is said to have $9,000,000 in cash on hand and is today loaning money instead of as in 1893, calling loans in to meet the demans of the savings depositors.

5. December 23, 1896 Birmingham State Herald Birmingham, AL
Article from Birmingham State Herald, December 23, 1896

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ALL IS QUIET IN CHICAGO Many Depositors Withdraw Their Deposits from Banks. TWO BANKS ST. PAUL One of Them Established Nearly a Half Century Ago, Close Their Doors. DEPOSITORY FOR STATE AND CITY The Former the Heaviest Depositor in the Institution-New York Stock Brokers Go Under-Chicago Coutractors Also Co to the Wall. Chicago, Dec. 22.-Without any apparten cause, except for the fact that a general lack of confidence had pervaded the timid depositors in the savings department, a heavy run on the Illinois Trust and Savings bank, in the Rookery building, began as soon as the doors were open for business this morning. There is not the slightest connection between the failed National Bank of Illinois and the Illinois Trust company. During the excitement yesterday there was only a small increase of withdrawals from the Illinois Trust and Savings bank, and the officers of the bank said they were willing to let the depositors in the savings department have all the money due them if they called for it, as it meant a big saving of interest money for the bank. The bank anticipated a run today, and there is such a heavy reserve fund of idle money in the valuts that President John J. Mitchell had no misgivings as to the ability of his bank to pay a few millions if necessary. There were four lines of men and women in the bank opposite the savings paying teller and the clerks who enter up the savings interest Altogether there were 200 people in line, and as they fell out with their wants satisfied others took their places. The bank does the largest trust and savings business in the city, and has a capital and surplus of $4,000,000. It is now building a $300,000 building for its own exclusive use next to the Rookery, on the site of the old Grand Pacific hotel. At the Garden City Banking and Trust company's bank the run of yesterday had practically run out its length. Not a half dozen persons were at the paying teller's window at one time, and a policeman stationed outside the building had nothing to do. The bank officers said they did not expect any more trouble. At the other national, private and state banks there was the ordinary transaction of business, with no more people paying their respects to the paying teller than to the receiving teller. In banking circles the general opinion is that yesterday's f tilure will end the present trouble. There was a steady stream of creditors at the National Bank of Illinois sending in their pass-books and other evidences of claims. As soon as their accounts are balanced and claims adjusted the first dividend will be paid. Creditors were notified that they would receive notice through the mails when the first payment would be made. There was little discontent, the situation being accepted calmly, with confidence that all would get their money in time. Many callers applied for claim blanks, but had to be turned away, as there were no blanks ready. The financial firm of Farson, Leach & Co., on the same floor as the National bank, was doing a quiet business. The interests of the firm are closely involved with the Calumut Street railway.

6. December 23, 1896 The Morning News Savannah, GA
Article from The Morning News, December 23, 1896

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SAVANNAH, GA., WEDNESDAY, DECEMBER 23, 1896. months if necessary. Depositors of $50 HICAGO BANK PANIC CALMER. ST. PAUL BANKS SHUT UP SH and $100 were required to give thirty days' notice, under the bank rule, and when this ) is known there is not expected to be much ADDITIONAL SUSPENSIONS LOOKLACK OF READY CASH THE CAU of a run to-morrow. ED FOR. In compliance with orders from ConOF THE SUSPENSIONS. troller Eckles, Receiver McKeon of the National Bank of Illinois began to-day to e Illinois Trust and Savings Bank make arrangements with City Treasurer The Bank of Minnesota the Large Wolf and other custodians of public funds Stands a Heavy Run-Its Officials of the Institutions Involvedin the bank to issue to them certificates Had a Heavy Reserve Fund on for such amount of their deposits as Capital $600,000 and Its Surpl clearly appeared to be due them, so as to Hand in Anticipation of Trouble. $300,000-Its Directors Men enable them to take advantage of the The Run at the Garden City Bank clearing house offer to advance 75 per cent. Wealth and the Institution Expect Peters Out. This applies to public funds. ed to Speedily Resume Busine The report was current that the loans Chicago, Ill., Dec. 22.-Without any apof $500,000 each to Robert Berger and The Other Two Suspensions Uni rent cause, except for the fact that a George A. Weiss, both sons-in-law of Presportant. ident Schned of the fai ed national bank, neral lack of confidence had pervaded were unsecured. It was said that the St. Paul, Minn., Dec. 22.-State Ba e timid depositors of the savings deWeiss loan is secured by the American Examiner Kenyon this morning took o rtment, a heavy run on the Illinois Brewing Company's bonds, Mr. Weiss becial possession of the books and assets ing president of the company. None of the ust and Savings Bank began as soon bank directors could be found who had the Bank of Minnesota, closing its do the doors were opened for business this seen such bonds. The Dreyer loan is said pending an investigation of its affait orning. There is not the slightest conto be secured by real estate, which the The bank has been in need of ready ca clearing house committee threw out as ction between the failed National Bank for some time. worthless. It is claimed that most of the Illinois, and the Illinois Trust Comdirectors did not know of the $900,000 adA special committee has been appoint ny. During the excitement yesterday, ditional loan on Calumet Electric securiby the clearing house commission to pl ties. ere was only a small amount of withpare a statement of the bank's conditio Warrants were sworn out before Justice awals from the Illinois Trust Savings Hall this evening for the arrest of E. S. This committee in advance of the sta nk, and the officers of the bank said Dreyer and Robert Berger of the banking ment, says that the bank will undoubte firm of E. Dreyer & Co. The warrants ey were willing to let the depositors of charge the bankers with violation of the ly resume business in a short time, al e savings department have all their banking laws of Illinois by receiving deprotect all of its creditors in full. The I oney if they called for as it meant a big posits after the institution was insolvent, rectors are all men of wealth and pro ving of interest. The bank anticipated and were sworn out by Frank Kennedy, a erty interests. and they have already si run to-day, and had a heavy reserve saloonkeeper on Dearborn street. He nd on hand, and the officials had no misclaims to have made a deposit in the bank nified a willingness to meet the requir vings of the ability of the bank. There after it had become insolvent. Robert ments of the occasion. ere four lines of men and women in the of was Berger, one of the partners, is a son-innk opposite the savings paying teller law of George Schneider, president of the The Bank Minnesota establish ) in 1852, and was capitalized at $600,000. d the clerks. Altogether there were two defunct National Bank of Illinois. The stated surplus was $300,000, and it is ndred people in line, and as they filed as soon as cash can be warrants have been placed in the hands belief that realiz t t with their money, others took their of officers and the arrests will probably upon its many securities, the instituti aces. The bank does the largest savwill be all right. be made before morning. gs business in the city and has a capital The officers of the hank

7. December 23, 1896 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 23, 1896

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TO-DAY'S TELEGRAPHIC NEWS The Banks. CHICAGO, Dec. 23.-The runs on the Illinois Trust and Savings Bank and the Hibernian Banking Association continues to-day, but is diminished in size. The officers of the banks look for a con. tinuation of the run to-morrow and then the end. The Christmas day rest is expected to have a general cooling effect. Business went on as usual at the other banks which have savings departments. The warrants for the arrest of E. S. Dryer and Robert Berger had not been served at noon to-day. It is believed that as soon as the bankers arrange for bondsmen, they will come from their retirement and submit to arrest. ST. PAUL, Minn,, Dec., 23.-The first critical hour of the morning has gone and the banks and business circles breathe easier. No run developed up to this writing, which is a safe indication that none will follow. In one or two banks, where many small certificate holders carry funds, there was a slight attempt to draw out funds. In every case where certificates would mature in a few days they were paid, the banks simply saving interest to the loss of the depositors. Every bank in the city is well fortified with ready cash. The action of State Treasurer Koerner in depositing a large sum in one bank threatened with a small sized run was magical. Certificate holders on seeing thousands of dollars go over the counter into the bank's he is, turned about and left without drawing their money. The district court is now considering the appointment of a receiver of the suspended Bank of Minnesota. WEST SUPERIOR, Wis., Dec. 23.The Bank of West Superior did not open its doors for business this morning, being forced into liquidation by the failure of the Bank of Minnesota. The November statement showed deposits $79,000; loans and discounts $106,971 and real estate assets $43,000.

8. December 23, 1896 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, December 23, 1896

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HELP FOR THE SMALLER BANKS. The Reason for Giving Notice-Assignments That Were Made. The giving of the notice was sanctioned by the clearing house committee, and the object was (the Illinois Trust being the strongest savings bank in the city) to give the smaller ones the opportunity to point to its action as an excuse for giving the notices themselves, which they did, and thus effectually stopped-a run at any of the savings banks. The Illinois Trust and Savings bank is said to have $9,000,000 in cash on hand, and was loaning money instead of, as in 1893, calling loans to meet the demands of the savings depositors. The run on the Hibernian Savings bank was of short duration, as the officers declined to make any payment on time deposits unless given the legal sixty-day notice. The American Brewing, Malting and Elevator company, and George A. Weiss Malting and Elevator company, and George A. Weiss individually assigned last evening in the county court. No statement was filed as to assets and liabilities. The two companies carried on business at the same place. The failure of the two corporations was the result of the failure of the National bank of Illinois. The two companies were borrowers from the bank and indebted to the bank when it failed to the amount of over half a million. Weiss is a son-in-law of President Schneider, of the National bank of Illinois. Chicago, Dec. 23.-Two Central station detectives searched the town last night for E. S. Dreyer and Robert Berger, for whose arrest on a charge of embezzlement warrants were sworn out yesterday afternoon before Justice Hall by Frank E. Kennedy. The firm of Dicks & Kennedy kept its account at Dryer's bank. At noon Saturday Kennedy made up his daily deposit and took it to the bank. The currency and checks aggregated $154.15. The bank doors were closed, but on Kennedy showing his book the doorkeeper permitted him to enter and the receiving teller accepted the deposit. Kennedy's action in swearing out the warrants was largely induced by the treatment he received at the bank a few minutes before his trip to Justice Hall's. He visited the bank to make a courteous inquiry, and was told that if he did not leave the place immediately and voluntarly he would be forced to do so under the escort of a policeman. "Treatment of this kind," said Kennedy last night, "made me indignant, and I made up my mind that after I had lost my money I was at least entitled to civil treatment." No arrests had been made at latest advices. DENIAL OF THE ECKELS STATEMENT Directors Indignant at What The Currency Comptroller Says. Directors of the insolvent National Bank of Illinois are indignantly denying the justice of Comptroller Eckels' criticism of their alleged carelesspees

9. December 23, 1896 The Providence News Providence, RI
Article from The Providence News, December 23, 1896

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RUNS ON CHICAGO BANKS. Depositors Frightened by the Illinois National Failure. Chicago, Dec. 23.-The failures of Angus & Gindele, general contractors, the American Brewing, Malting and Elevator company, the George A. Weisse Malting and Elevatorcompanyand George A. Weisse individually, all of these being due to the collapse of the National Bank of Illinois and small runs on three banks, were the echoes yesterday of the bank failures. Runs were made on the Garden City Banking and Trust company, the Hibernian Savings bank and the Illinois Trust and Savings bank, and none of the runs was of much consequence. The officers of the Garden City Banking and Trust company had expected that a run would be made upon their institution and were ready to meet it. They threw open the doors of the bank at an hour earlier than usual, as they said they wanted to get the run out of the way so that they could transact their usual business without being disturbed. Quite a crowd of spectators had gathered at the doors before they were opened, and as soon as the bank was ready for business the depositors gave the paying telers all they cared to do. The run kept up with energy for over an hour and then died away. At the close of the banking hours the officers of the institution announced that during the day the amount of money taken in was treble that paid out, and the bank was declared to be in better shape than at the opening of the doors in the morning. The run on the Hibernian Savings bank was of a short duration, as the officers declined to pay any deposits unless given the legal 60 days' notice. They said that this was not because they were not prepared to pay all depositors in full, but because they wished to avoid embarrassment to smaller bankers, who might not be prepared to pay all their depositors at once, and who might be placed in an embarrassing position if the stronger banks were paying all demands for time deposits. There was a slight run on the Illinois Trust and Savings bank shortly after it opended yesterday morning, the similarity of its name and the national bank having led some depositors to believe that the former was embarrassed. During the run in 1893 President John J. Mitchell of the Illinois Trust gave orders to pay all depositors who called for their money and was criticised by other bankers for doing so. Yesterday morning, as soon as it became evident that there was likely to be a crowd in the bank, instructions were given the tellers to serve the customary 60 days' notice, but to pay all depositors who could show that they wanted $100 of their money for a legitimate purpose. The result was that the score or more of people who had lined up at the paying tellers' windows soon dispersed. Before the close of banking hours the excitement had completely died out. The giving of the notice was sanctioned by the clearing house, and the object was (the Illinois Trust being the strongest savings bank in the city) was to give the smaller ones the opportunity to point to its action as an excuse for givng the notice themselves, which they did, and thus effectually stopped a run at any of the savings banks. The Illinois Trust and

10. December 23, 1896 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, December 23, 1896

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the National Bank of Illinois - Two Brewery Firms Assign-Slight Runs on Savings Banks That Are Met EasilyTwo Bank Failures at St. Paul. Chicago, Dec. 23.-The failures of Angus & Gindele, general contractors; American Brewing. Milling and Elevator company: George A. Weisse Malting and Elevator company, and George A. Weisse individually-all these being due to the collapse of the National Bank of Illinois-and small runs on three banks, were echoes yesterday of the bank failures of Monday. Runs were made on the Garden City Banking and Trust company and Hiberian Savings bank, but none of the runs was of much importance. The officers of the Garden City Banking and Trust company had expected that a run would be made upon their institution, and were ready to meet it. Opened Earlier Than Usual. They threw open the doors of the bank an hour earlier than usual, as they said they wanted to get the run out of the way so that they could transact their usual business without being disturbed. Quite a crowd of depositors gathered at the doors before they opened, and as soon as the bank was ready for business the depositors gave the paying tellers all they cared do to. The run was kept up with energy for over an hour, and then died away. At the close of banking hours the officers of the institution announced that during the day the amount of money taken in was treble that paid out, and the bank was declared to be in better shape than at the opening of the doors in the morning. Run on the Illinois Trust. There was a slight run on the Illinois Trust and Savings bank shortly after it opened yesterday morning, the similarity of its name and that of the National Bank of Illinois having led some depositors to believe that the former was embarrassed. During the run in 1893 President John L. Mitchell, of the Illinois Trust, gave orders to pay all depositors who called for their money and was criticised by other bankers for doing so. Yesterday morning, as soon as it became evident that there was likely to be a crowd in the bank. instructions were given the tellers to serve the customary sixty-day notice, but to pay all depositors who could show that they wanted $100 of their money for a legitimate purpose. The result was that a score or more of people who had lined up at the paying tellers' windows soon dispersed. Before the close of the banking hours the excitement had died completely out.

11. December 23, 1896 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, December 23, 1896

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HELP FOR THE SMALLER BANKS. The Reason for Giving Notice-Assignments That Were Made. The giving of the notice was sanctioned by the clearing house committee, and the object was (the Illinois Trust being the strongest savings bank in the city) to give the smaller ones the opportunity to point to its action as an excuse for giving the notices themselves, which they did, and thus effectually stopped a run at any of the savings banks. The Illinois Trust and Savings bank is said to have $9,000,000 in cash on hand, and was loaning money instead of, as in 1893. calling loans to meet the demands of the savings depositors. The run on the Hibernian Savings bank was of short duration, as the officers declined to make any payment on time deposits unless given the legal sixty-day notice. The American Brewing, Malting and Elevator company, and George A. Weiss Malting and Elevator company, and George A. Weiss individually assigned last evening in the county court. No statement was filed as to assets and liabilities. The two companies carried on business at the same place. The failure of the two corporations was the result of the failure of the National bank of Illinois. The two companies were borrowers from the bank and indebted to the bank when it failed to the amount of over half a million. Weiss is a son-in-law of President Schneider, of the National bank of Illinois. Chicago, Dec. 23.-Two Central station detectives searched the town last night for E. S. Dreyer and Robert Berger, for whose arrest on a charge of embezzlement warrants were sworn out yesterday afternoon before Justice Hall by Frank E. Kennedy. The firm of Dicks & Kennedy kept its account at Dryer's bank. At noon Saturday Kennedy made up his daily deposit and took it to the bank. The currency and checks aggregated $154.15. The bank doors were closed, but on Kennedy showing his book the doorkeeper permitted him to enter and the receiving teller accepted the deposit. Kennedy's action in swearing out the warrants was largely induced by the treatment he received at the bank a few minutes before his trip to Justice Hall's. He visited the bank to make a courteous inquiry. and was told that if he did not leave the place immediately and voluntarily he would be forced to do so under the escort of a policeman. "Treatment of this kind," said Kennedy last night, "made me indignant, and I made up my mind that after I had lost my money I was at least entitled to civil treatment." No arrests had been made at latest advices. DENIAL OF THE ECKELS STATEMENT

12. December 24, 1896 The Herald Los Angeles, CA
Article from The Herald, December 24, 1896

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1896. LOS ANGELES HERALD: THURSDAY MORNING. DECEMBER 24, trying to control the Calumet Electric road. Three years ago E. S. Dryer alone allowed the bank $1,000,000. and for three GREED FOR SUDDEN GAINS BRIGHAM'S BRIGHT LETTER years Mr. Hammond had been trying to reduce that. It was reduced one-half when the doors of the bank closed, and it was due to Vice President Hammond that this was accomplished. If the seAssigned as Cause of the Bank Weekly Budget of Gossip From curities for the loans of these two menFailure Dryer and Weiss-have disappeared, the Capitol they disappeared Saturday. That point I may come out later. One director in the bank, who has been talking a great deal since the condition of the concern beDEPOSITORS MAY BE PAID UNCLE SAM AS JUNK DEALER t came public, took $12,000 out of the bank r Saturday afternoon. There was no exC cuse for falsification of accounts, for the directors knew the amount of the Curiosities of the Dead Letter But Their Prospects Daily Grow Less Calumet loan. You can't cover up a Office $1,000,000 loan in a bank where bankers Promising do their duty. h The Illinois Trust and Savings bank 1 withdrew today the sixty days' notice t Prompt Action by Clearing House and Odds and Ends of Personal Gossip. given to depositors Tuesday and paid k all who called for their money. There S Bank Examiners Has Minimized What it Is to Be in the "Swim" was no run whatever. Some of the othC the Effects of the Failure of Political Society er savings banks also withdrew the noi tice, and the others that gave it will do d likewise, as the anxiety among deposin Associated Press Special Wire (Special Correspondence to The Herald.) tors has entirely abated. V CHICAGO, Dec. 23.-W. H. Hammond, S A CONTINGENT FAILURE. WASHINGTON, D. C., Dec. 19.-One second vice president of the National e of the queerest "institutions" of the naSALT LAKE. Utah, Dec. 23.-Phelps p Bank of Illinois, who has been charged & Co., grain brokers of this city, have tion's capital is the annual clearance it failed, with liabilities of $10,000. They with pulling the wool over the eyes of the sale of the dead letter office, in which a C claim the failure is que to the failure directors of the defunct bank, would not vast accumulation of articles gone of Boone & Co. of Chicago. They also talk today when seen at his palatial astray in the mails are sold to the highp claim that the Chicago house was caught home at Evanston. Through an intiS1 by the failure of the National Bank of est bidders. It has been going on all ti Illinois. mate friend, however, he made a statethe week, day and evening sales, and C ment calculated to inculpate several diA MAINE BANK FAILS. the end is not yet in sight. The auction e rectors, as well as two or three men not AUBURN, Me., Dec. 23.-The Amerihouse where it is held is continually p concerned with the bank. can Banking and Trust company of AuS crowded with excited men, women and burn closed its doors and made applica"W. A. Hammond is to be made the b children, and beside it the bargain tion for a receiver today. b scapegoat of the failure of the National counters during Christmas week are as HATMAKERS ASSIGN. T Bank of Illinois," said the friend. havens of rest. for when Uncle Samli TORONTO, Ont., Dec. MacPherson "Hammond is a broken man today, but uel goes into the junk shop business o & Co., hat manufacturers. assigned tonot any more to blame for the amount of k great things are expected. It is the only day. The estate is large. No statement money loaned on Calumet securities u of assets has been prepared. lottery which the government encour$2 than other men on the finance committee ATTACHMENTS ISSUED. ages, and though the system is not exn of the bank and its directors. It was NEW YORK, Dec. 23.-The sheriff toactly of the Louisiana variety, the day received two attachments, aggrenecessary for the purposes of a man spirit of it is the same; as is the church gating $29,261, against the property in connected with the Sotuh Chicago railfair raffle, you pay a small amount of this city of the Bank of Minnesota of St. road and an officer of one of the best money and trust to luck to get back Paul, which failed yesterday. One atT known banks in this city to depreciate tachment for $24,361 was in favor of more than its value. The faro game at Calumet electric road stocks, and to this Henry Millag on an assigned claim of Monte Carlo is not much ahead of this end these two men brought about the the Third National bank of Boston, and government grab bag in point of exthe other for $5000 in favor of Cornelius wrecking of the National Bank of IllinA citement. The articles previously listed S. Loder. A deputy sheriff served copies ois. Of the bank's funds $2,475,000 had in a wholesale sort of way are tied up in p of the attachments on the Chase Nabeen loaned on Calumet securities. The bundles of from three to half a dozen tional and Mechanics' National banks. na plan is to depreciate Calumet stock and and "auctioned" for what they will The New York and New Jersey Lumla bring, the average bids ranging between buy it; then combine this valuable propber company, a West Virginia corporaA tion, today assigned to Harwood & Pool. 10 cents and $1. Nobody is permitted erty, sixty-three miles of new track, ty The company was incorporated in 1892. to examine the goods before purchasing, S equipment and franchise, with the South Chicago nailroad eventually comand no money is refunded to the dissat-

13. December 24, 1896 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, December 24, 1896

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which took place tonight before the Empire Athletic club of this city. HAMMOND DEFENDED. Illinois National Wreck Charged to Other Hands. CHICAGO, Dèc. 23.-E. S. Dreyer and his partner, Robert Berger, of the banking firm of E. S. Dreyer & Co., which collapsed Monday as a result of the closing of the National Bank of Illinois, and for whose arrest warrants were issued last night, gave themselves up today. Arrangements had already been made for bondsmen, and the two bankers were promptly released. Dreyer and Berger are charged with receiving a deposit on Saturday last, knowing that their bank was insolvent. W. A. Hammond, second vice president of the National Bank of Illinois, who has been charged with pulling the wool over the eyes of the directors of the defunct bank, would not talk today when seen in his home at Evanston. However, he made a statement which is calculated to inculpate several of the directors, as well as two or three men who are not connected with the bank. The Post makes the above statement, and gives the following: "W. A. Hammond is to be made the scapegoat of the failure of the National Bank of Illinois," said a friend. "Hammond is a broken man today, but he is not any more to blame for the amount of money loaned on Calumet securities than are the members of the finance committee of the bank and its directors. It was necessary to the purposes of a man connected with the South Chicago City railway, and an officer of one of the best known banks in the city, to depreciate the stock of the Calumet street railway, and these two men brought about the wrecking of the National Bank of Illinois. Of the bank's funds $2,475,000 had been loaned on Calumet securities. The plan for wrecking was brilliant: Cause an investigation, depreciate Calumet stock, combine this valuable property of 63 miles of new track, equipment and franchise, with the South Chicago railway, eventually combining with the Chicago City railway, and make a fortune of millions within five or ten years." "Could the matter have been delayed thirty or sixty days the Calumet Electric securities would not have been found among the bank's assets. The sale would have been effected possibly at a loss to the bank, but without disturbance to the public or heavy loss to stockholders of the bank. But this course would not suit the purpose of persons desiring to control the Calumet Electric road. Three years ago E. S. Dreyer alone owed the bank $1,000,000, and for three years Mr. Hammond had been trying to reduce that. It was reduced one-half when the doors of the bank closed and it was due to Vice President Hammond that this was accomplished. If the securities for the loans to these two menDreyer and Weiss-have disappeared, they disappeared Saturday. That point may come out later. One director in the bank who has been talking a great deal since the condition of the concern became public took $12,000 out of the bank Saturday afternoon." The Illinois Trust and Savings bank withdrew today the sixty-day notice given to depositors Tuesday and paid all who called for their money. There was no run whatever. Some of the other savings banks also withdrew the notice and the others that gave it will do likewise, as the anxiety among depositors has entirely abated.

14. December 24, 1896 Abilene Weekly Reflector Abilene, KS
Article from Abilene Weekly Reflector, December 24, 1896

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ALMOST A PANIC. Several Failures and Financial Distrust Makes Excitement in Chicago. CHICAGO. Dec. 23.-The vailures of Angus & Gildele, general contractors; the American Brewing, Malting & Elevator Co.; the George A Weisse Malting & Elevator Co., and George A. Weisse, individually, all of these being due to the collapse of the National Bank of Illinois, and small runs on three banks, were the echoes yesterday of the bank failures of Monday. Runs were made on the Garden City Banking & Trust Co., the Hibernian savings bank and the Illinois Trust & Savings bank, but none of the runs were of much importance.

15. December 26, 1896 Red Lodge Picket Red Lodge, MT
Article from Red Lodge Picket, December 26, 1896

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the similarity of it and the National Bank of Illinois having led some depositors to believe the former was embarrassed. This morning, as soon as it became evident there was likely to be a crowd in the bank, instructions were given to the Tillers to serve the customary 60 days' notice, but to pay all depositors who could show that they wanted $100 of their money for a legitimate purpose. The result was that the scores or more of people who had lined up at the paying tellers' windows soon dispersed. Before the close of banking hours the excitement had completely died out. The giving of the notice was sanctioned by the clearing house committee and the object was (Illinois Trust Company being the strongest savings bank in the city) to give the smaller ones the opportunity to point to its action as an excuse for giving the notice themselves, which they did, and thus effectually stopped a run. The Illinois Trust and Savings bank is said to have $9,000,000 in cash on hand and was today loaning money. Brewing Concerns Assign. The American Brewing, Malting and Elevator Company, the George Weisse Malting and Elevator Company and George A. Weisse assigned this evening in the county court. The assignments of the two companies, which are intimately connected in business, and that of Weisse were brought into court together at 6 o'clock. The assignee of the American Brewing and Elevator Company is the Chicago Title and Trust Company. The George Weisse Malting and Elevator Company assigned to the Security Title and Trust Company and that company is the assignee of Weisse also. No statement was filed as to the assets and Tia= bilities. The failure of the two corporations was the result of the failure of the National Bank of Illinois. The two companies were borrowers from the bank and were indebted to it when it failed to the amount of over half a million dollars. As soon as the failure of the bank was announced preparations were begun for the closing up of the business of the two companies. Judge Horton earlier in the day appointed a receiver for the general contracting firm of Angus & Gildale on the application of John Angus, one of the members of the firm. The assets of the concern were placed at $300,000 and the liabilities at $250,000. An answer was filed to the bill by George A. Gildale, the other member of the firm, consenting to the appointment of a receiver. According to the bill, the National Bank of Illinois, which failed Monday, loaned the firm $250,000, and the suspension of that institution has nearly destroyed the credit of the contracting firm, SO there was nothing left but an application to a court for relief. The assets of the partners consist principally of real estate, notes. accounts receivable, and contracts for completion of public works, elevated railroad const uction and the erection of buildings.

16. December 8, 1897 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, December 8, 1897

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TELEGRAPHIC BREVITIES. Senator McLaurin of South Carolina is confined to his bed In Washington, fever. D. C., with an attack of typhoid The Senate committee on foreign relations today authorized a favorable report upon a bill prohibiting pelagic sealing by the people of the United States. Horton Gilmore McWilliams & company, wholesale hardware dealers, Chicago, assigned to the Illinois Trust and Savings bank today. The liabilities are $210,000 and the assets $300,000. Senator McBride has received a telegram at Washington, D. C., from W. S. Mason, president of the chamber of commerce of Portland, Oregon, urging Klondike relief. Senator Davis, chairman of the foreign relations committee, says he is not ready to proceed with the Hawaiian annexation treaty and cannot now fix a time when it will be done, though he thought it would be before the holidays. The directors of the American Sugar Refining company at New York have declared the regular dividends on the common and preferred stocks at the rate of three per cent on the common and 1% per cent on the preferred stock. Commander-in-Chief Gobin, of the G. A. R., has called a meeting of the executive committee of the national council, to be held in Cincinnati, December 15, to fix the date of the next national encampment. M. Frederique, managing editor of the Haytien Journal Impartial, and alleged author of the virulent articles attacking the Germans, who is accused of desiring to excite the populace of the place against the government, was arrested today. A special to the St. Joseph, Mo., Daily News from Jefferson City, says: Governor Stephens has issued requisition papers for Joseph Johnson, the negro coachman, who eloped with Miss Neal, a wealthy white girl, of Sweet Springs, Mo. Officers have gone to Missoula, Montana, after Johnson.