3682. Bank of Commerce (Chicago, IL)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
June 5, 1893
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
d4affa9f751066c2

Response Measures

None

Description

Multiple contemporaneous newspaper accounts (June 5–7, 1893) describe a run on the Bank of Commerce precipitated by the failure of Hermann Schaffner & Co. The bank paid depositors in full, kept windows open late (even past midnight in some institutions), and no suspension, receivership, or permanent closure of the Bank of Commerce is reported. Cause is runs triggered by another local bank failure/special-case local contagion.

Events (1)
1. June 5, 1893 Run
Cause
Local Banks
Cause Details
Run precipitated by the recent failure of Hermann Schaffner & Co.; sensational rumors circulated by brokers aggravated withdrawals.
Measures
Doubled tellers, paid checks as presented, kept paying windows open late (hours extended into night/midnight), officials publicly declared ability to meet demands.
Newspaper Excerpt
The first to feel the effect was the Bank of Commerce, where a great many Jewish citizens of the poorer class keep their accounts. The Schaffner failure had alarmed them and they bore down upon the Bank of Commerce at the opening hour.
Source
newspapers

Newspaper Articles (11)
1. June 6, 1893 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, June 6, 1893

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CRY FOR Bix Stand Banks Leading Chicago Big Run. THE WILD CAUSE RUMORS Paid Claim Bank Every Departiers Presented and One Kept When open Until Wild and June of impending 5. on financial maily founded CHICAGO MOR sensoless today run Those State disaster caused Chicago Prairie the banks in were the Bank of Com of chiefly affected bank the State Saving bank Trust the National Hibernian the Union Trust merce, the bank the Illinois Company Dime Savings . bank bank and Under tribute the circum to the of and Savings is no small foresight stances it aundness and that they rumors all withotood eagacity. bankers to say Where the mys mystery. Chicago the atrain. It is is no wildsire in quicker sprang from is spread. for than rumor the takes tery how they its flight filling at or ignorance but when she Whether malice is unknown. instanbanks inspired the was. rumor# the effect Fortunately was the whichever it widespre comfortable the tapeous and confined to rooms, to push effect was banking excited deposit money ding hauling among withdraw curious their eroa rumor seeking the thering to outside of the the banks most was and the Clewalka parently to the effect turniture One the day the large street had alicious John M Smith Madison in the re and that on West was DO truth of the concern no reason assign failed for its having Paid been started Accounts Quick ty of financial All cimilar rumors to be w ithout spread bagis Other were found they had suc troubles traced down but they could d be and tradicted city hen wide before and the It was the of fully banks began. savings the credit people depositor mitore $50 to $500 many to of their the for banking their from soon filled to clamor great who and began case they found. cashiers grows In comfort. every that the and ready to money for them and it then were prepared pret dollar for dollar. of standing in hand out a nestion merely at the paying 3. 'clock. teller's line became to turns who up to the banks. ranged wickets All for closing when the doors payments the regular hour ia line and proceeded within just positor the back due him the the were were same abot walls until the the had last received depo the amount Elicois afternoon n notice saying Early in Savings the bank would posted remain open tonight bran Trust and that the bank to pay depositos of the remain open Later its checks. would open same time that the bank or mmodate an hour a. tomorrow to their those money earlier doora who than wished usual to withdraw Trust Bank Illinois notices on the effect. however the in and Run had no bank COD rapidly These allaying the off panic. deposito ovitors count as out the in in line should ame 500 front of cials posted re the would all deman until that midnie at when to pay the bank of those final been in line standing clock but few all night evening Mitchell said until this o'clock for . the open of depositors There department nomite in this men are paying and seven hours bank Working twelve 100 days the $10,000,000. of take men There is no this pay out deposit Havings bank posted would a of law the afternoon that it from for the dava with notice was There savings deposite the but today. bank protect The concern 18 con as far New England people Can More Than Pay late Account state bank M Roberts different savings William eluited the the day and times during of depos ral the fears ituation Speaking hanks assisted in allayin of the general bank state ie a not that believe in not there fully People able to have pay Bleedly been every #1 alarmed med owes by the collapse on the of private started this morning Along run NAM tvenie State bank. down Then learned again. Milwanks oward clock , the Meado The people the run began and the officers are they way failure bank met all to withstand another and Trust open run At tomorrow midnight the red Illinois that it would last Having bank all announ night or matil At that the hour wara money remain man in line still ⑉ about paid 200 depositors there waiting for their small Failures tealers company Armstrong ent w day and in The uniforma America E , ate. $271.000; made an liabilities awign #100 ahoe clothing one thank A Weimenbach with branches failed today in different Liabili mere of the city $50,000 of Mes parte 27,000; assets house ft time banking W anhington attent The private Brow No 100 corper of Wash and Teaching dower at the northeast arrenta aid not A burly morning ington business this head the flight leading open for stand at the and on the the bank This bank stop# was this of Lyman E Cran by order wereifer door le in the hands of the experior dall. t of Cook county listed in 1000 and emurt bank was petal ann test ones The 1 the de an ared 11 has one about REW 000

2. June 6, 1893 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, June 6, 1893

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GOT THEIR MONEY BACK Chicago Depositors Become Alarmed About Their Savings. ALL WERE PAID IN FULL Scenes of Excitement In All of the Banks in the Windy Citysmall Failures-Ohio and Kansas City. CHICAGO. June 5.-The failure of Herrmann Schaffner & Co.'s bank. which occurred last wook. bore fruit to-day in well defined runs which were precipitated on almost. if not every one. of the savings banks of Chicago. The first to feel the effect of the excitement was the Bank of Commerce, where a great many Jewish citizens of the poorer class keep their accounts. The Schaffuer failure had alarmed them and they hore down upon the Bank of Commerce at the opening hour. The tellers were doubled up and paid the checks as fast as they were presented throughout the day. the officials of the bank expressing no alarm whatever and saying that they were able to meet any domands. The Illinois Trust & Savings bank. which has a larger line of this class of deposits than any other bank in the city, amounting at times to over $12,000,000. put on an extra force of tellers and paid every one as rapidly as possible. At 3 o'clock this afternoon they posted a notice on the front door that the bank would remain open until 10 o'clock to-night and so long as the present excitement continues. The Hibernian bank. which, as its name implies, was the depository for a large number of Irish-Americans of small means. was crowded all day, but found no difficulty in meeting all demands. The Dime Savings bank took advantage of a rule requiring, if necessary. 60 days notice of withdrawal. and paid only a percentage of Its deposits to-day. The Globe Savings bank applied a 30-day rule. The Milwankee Avenue Savings bank sustained a moderate run throughout the day and they, too. kept open house until 9 o'clock to-night. Equally spirited checking was noted upon the Prairie State National and the Prairie State Savings banks, as well as upon the Union Trust company, but in no case was alarm felt by well informed people. In fact. at many of these institutions, large depositors came in during the afternoon and made heavy deposits. To-day the situation was greatly aggravated by a number of board of trade brokere who. for reasons of their own. devoted themselves to the circulation of sensational rumors in which they involved at one time or another. nearly every bank in the city and a large number of leading stock yards apliators. Notwithstanding these malicious efforts, no fear is felt as to the safety of any of the leading banking institutions of the city. The failure of Meadowcroft Brothers, a minor instituwith total deposits of perhaps $200,000. aroused little or no interest.

3. June 6, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, June 6, 1893

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AFRAID OF BANKS. Poor People Draw Out Their Savings. MONEY READY ON DEMAND. Chicago Savings Institutions May Be Shaky, but They Certainly Show No Sign of It. Special to THE MORNING CALL June 5.-The failure of HerrCHICAGO, bank, which mann, Schaffner & Co.'s OCcurred bore fruit to-day in welldefined which were ou almost if not one of last runs week, every precipitated the savings banks of The first effect excitement was of the Chicago. the to Bank feel Jewish the of Commerce, where a great many class acThe Schaffner very counts. citizens of the poorer failure keep bore had their down much alarmed them, and they Bank of Commerce at openupon hour. the The doubled the ing tellers were up and fast as presented throughout the officials of the exno alarm pressing the paid day, checks whatever, and demands. bank saying that they were able to meet any The Illinois Trust and Savings Bank, which has a larger line of this class of deposits than any other bank in the city, amounting at times to over $12,000,000, put on an extra force of tellers and paid every one as rapidly as possible. At 3 o'clock this afternoon they posted a notice on the the bank until 10 o'clock night so as the present front open door long that to-night would excitement and remain every continued. The Hibernian Bank which, as its name implies, is the depository for a large number of Irish-Americans of small means, was crowded all day, but found no difficulty in meeting all demands. The Dime Savings Bank took advantage of the rule requiring, if necessary, sixty days' notice of withdrawal, and paid only a percentage of deposits to-day, and the Globe Savings Bank applied the thirty-day rule also. The Milwaukee-avenue Savings Bank sustained a moderate run throughout the day, and it, too. kept open house until 9 o'clock to-night. Equally spirited checking was noted the Price State State as well as upon upon Savings, National and the Savings Pacific Union Trust Company and the Avenue Bank, but ia no case was any alarm felt by well-informed people. In fact, at many of these institutions large depositors came in during the afternoun and made heavy deposits. situation was greatly aggravated a number of To-day's by Board of Trade defor reasons of their own, voted to the sensational in which they brokers, themselves rumors, who, circulation involved of at or another every in and a large o erators as stockyard the one city time number nearly well. of Notwith- leading bank standing these malicious efforts no fear is felt as to the safety of any of the leading banking institutions of the city, and the failure of Meadowcroft Bros, a minor institution with total deposits of perhaps $200,000, aroused little or no interest. Attorneys for the bank place the liabilities at $250,000, assets at $470,000. The latter consist chiefly of commercial paper which is not now readily convertible into cash. in court a was for the bank, on a appointed On application receiver petition of member of the firm. The bill gives as a cause of failure inability to reorganize the bank after the death of one of the brothers last February. The bank was established in 1860 by the father of the members of the present firm. Schaffner of lief To-day's that Herman developments confirm the the failed bebank of Herman Schaffner & Co. drowned himself in the lake. The police are dragging for the body. CHICAGO, June 6.-At midnight the Illinois Trust and Savings Bank was still off, and the crowd of depositors to draw their money was as ever. The were large paying anxious as otherwise bank officials to still out rather than pay as it meanta big to money, in pleased saving the profit institution interest. So-far the net is about At this anthe bank would not so nounced $35,000. that hour cared it was to close draw long as a single depositor out a dollar. The paying of money is being continued at seven windows. "We wills stay right here for three months and not close our doors night or day if such a proceeding should become necessary. We are good for any run, no matter how long it keeps up." At 1:30 A. M. the Illinois Trust and Savings Bank was still open, the force of tellers at the seven windows having by fresh men, were still been paving people relieved waiting for hours and money enough more. to the bank open two Mitchell said there was on hand and plenty men keep President money of plenty to pay of it out.

4. June 6, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, June 6, 1893

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TELEGRAPHIC. CHICAGO BANKS. Result of the Failure of Hermann Schaffner & Co. Last Week. SMALL DEPOSITORS ALARMED. Sensational Rumors by Board of Trade Brokers.-Plenty of Money in the City. CHICAGO, June 5.-The failure of Hermann Schaffner & Co.'s bank, which occurred last week, bore fruit today in well-defined runs which were precipitated on almost if not every one of the savings bankain Chicago. The first to feel the effect was the Bank of Commerce, where a great many Jewish citizens of the poorer class keep their accounts, and they bore down upon the bank at the opening hour. The tellers were doubled up and paid checks as fast as presented throughout the day. The Illinois Trust & Savings Bank, which has a larger line of this class of depositsthan any other bank in the city, amounting at times to over $12,. 000,000, put on an extra force of tellers and paid every one as rapidly as possible. The Hibernian Bank, which as the name implies, was a depositor for a large number of Irish-Americans of email means, was crowded all day, but found no difficulty in meeting all demands. The Dime Savings Bank took advantage of the rule requiring, if necessary, sixty days notice of withdrawal, and paid only a percentage of deposits today. The Globe Savings Bank applied the thirty day rule. The Milwaukee Avenue Savings Bank sustained a moderate run throughout the day and they, too, kept open house tonight. Equally spirited checking was noted upon the Prairie State National and Prairie State Savings, as well as upon Union Trust company and the Avenue Savings Bank, but in no case WAS any alarm felt by well-informed people. The situation was greatly aggravaled by a number of board of trade brokers, who for reasons of their ow n devoted themselves to the circulation of sensational rumors, in which they involved at one time or another nearly every bank in tue city and a large number of leading stock yard operators. For the first time in some months the Chicago sub-treasury has been drawn on to assist the depleted gold reserve in the East. Today one million In gold was shipped by express. There are still seven millions in gold here, and the amount is continually belog increased by Chicago banks depositing gold for currency.

5. June 6, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, June 6, 1893

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WILD PANIC ALL DAY, But Only One Failure, Private Bankers, Reported. Rumor had hardly started a story of one bank than the "dame" looked around for another victim. In this way there was a big run on the Bank of Commerce, but every comer was paid in full. President Felsenthal said the bank would pay every demand made upon it and that nobody would be asked to wait a moment for his money. The Prairie State National bank, corner Washington and Desplaines, was called on for a large amount of deposits in the savings department and paid on demand. The officers said they had been preparing for just this sort of thing. A run on the Illinois Trust and Savings bank was met by the announcement that it would keep open till 10 p. m. as long as the run lasted. There are $10,000,000 deposits in the savings department of this bank, and seven men were paying depositors. Working twelve hours a day it would take seven men 100 days to pay out the $10,000,000. There was no run on the deposit accounts. A run was begun on the Globe Savings bank at 2 p. m., and the bank immediately posted notice that its legal thirty and sixty-day limit would be the rule. At 9 p. m. there were 500 persons in line before the paying teller of the Illinois Trust and Savings bank, and the officials announced that they would continue paying until all had their money. At midnight there were 200 and the bank con-

6. June 6, 1893 Evening Star Washington, DC
Article from Evening Star, June 6, 1893

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THE WESTERN BANKS Chicago Institutions Withstand the Run of Depositors. BOLD ROBBERY AT LITTLE ROCK, ARK. Victims of the Texas Mining Disaster. OTHER TELEGRAPHIC NEWS DEPOSITORS' ALARM GROUNDLESS. The Chicago Banks Able to Stand the Run. CHICAGO, June 6.-It was not until after 2 o'clock this morning that the Illinois Trust and Savings Bank closed its doors after paying the last depositor that remained in line at that hour. As early as 7 o'clock. however, another batch of depositors had made their appearance. At the Bank of Commerce as well as at the Dime Savings Bank, the Union Trust and the Hibernian Bank the same scenes were being enacted. By 10 o'clock it was apparent that yesterday's experiences would be repeated at each institution. Officers of all the institutions insisted that they were able to weather the storm. and with the exception of the Dime Savings Bank not one has so far found it necessary to enforce even the thirty days' notice rule. Over two millions in currency has been offered to the Illinois Trust since the run commenced yesterday. L. Z. Leiter. one of the directors, himself offered a round million, but the assistance was declined with thanks and an intimation that it was not needed. The number of savings institutions upon which a run was made vesterday was increased this morning by the addition of the Globe Savings Bank. which has savings and individual deposits to a total of about $600,000. Its officers, however, were prompt in announcing that the thirty days' notice would be required. NO APPRBHENSION AT ST. LOUIS. ST. LOUIS, Mo., June 6.-The fact that there has been trouble in New York and some Chicago banks have been in difficulty has caused some anxiety to be felt by stockholders and depositors in local banks. Inquiry developed the fact that there was not the smallest cause for this. Unusually heavy reserves have been accumulated and the banks are preparing for any demand. Several have extended aid to their Chicago correspondents. WESTERN BANKERS IN TROUBLE. TROY, N. Y., June 6.-The inventory and schedules of James H. Carpenter, banker and eastern agent of the Northwestern Guaranty Loan Company. were filed today. The statement shows liabilities to be $235,223.28 and the nominal assets $237,852.94. The actual assets are placed at $131,671.95. MANITOWOC, WIS. June 6.-The state bank of Manitowoe did not open for business this morning. There has been a continued run on the institution for the past three weeks and the officers have made a fight against the failure which, by developments yesterday, was made inevitable. C. C. Barnes, the president, it is understood, has turned over all his personal property to cover any possible loss by depositors. TOLEDO, OHIO, June 6.-A Blade special says: Savings bank of Andrew Sauer at Defiance has failed.

7. June 7, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, June 7, 1893

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THE PANIC SUBSIDING. Confidence Partly Restored Among Chicago's Saving Banks Depositors. Special to the Indianapolis Journal. CHICAGO, June. 6.-To-day's developments in the financial situation showed an increased steadiness among the monetary instructions of Chicago. True, the people continued to walk up to the wickets of the paying tellers to demand their deposits, but the numbers were reduced and a more widespread feeling of confidence assumed the place of the panicky outburst of yesterday. Those banks upon which the run was continued to-day were the Illinois Trust and Savings. the Hibernian, the Union Trust and Savings, the Globe Savings, the Dime Savings and the Bank of Commerce. Those that demanded the lawful notice of withdrawal of deposits were the Union Trust and Savings, the Dime Savings and the Globe Saving. At the Illinois Trust and Savings Bank last night the last depositor in the line got his money at 3 A. M. then the bank closed until 10 o'clock this morning. The assets of the bank are placed at $28,114,000. The stockholders are estimated as being worth $150,000,000. The bank has not called in a loan in nine years. L. Z. Leiter, who is one of the beaviest stockholders in the bank, says: "I have real estate enough to pay all these claims, and it 18 at the service of the bank. Every person who has a dollar here may have it on demand. I am able alone to make that assert a good, and two other men are willing 10 do the same thing. Before going to Europe I personally examined the collateral for loans made; it could not be better. I will guarantee every loan the bank has made for a very trifling percentage." " This afternoon it was easy to see the excitement was dying out. Philip Armour was responsible for the allaying of the fears of many of the depositors of the Illinois Trust and Savings, by walking up to the people and saying that he would guarantee their savings. About one hundred took advantage of the millionaire's offer, and some accepted a written guaranty. One woman received $1,800 in gold. The banks closed their day's business at the usual hour, and the directors make the statement that they are prepared to stand the run for an indefinite period, and are satisfied with the condition of affairs as sho wn by to-day's signs of returning confidence. Little more than the usual daily demand for currency in exchange for coin was made at the subtreasury to-day by the local banks. The Clearing House Association discussed the general situation. and gratifying reports were received, indicating that the savings banks were in good shape to meet all requisitions.

8. June 7, 1893 Asheville Daily Citizen Asheville, NC
Article from Asheville Daily Citizen, June 7, 1893

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EARLY BIRD DEPOSITORS A LONG RUN ON A CHICAGO BANK. The Doors Kept Open Till 2 a m. To Pay Ont Money To Depositors-The Fever Spreads To Other Banks. CHICAGO, ILLS., June 7.-It was uot until after two o'clock yesterday morning that the Illinois trust and saving banks closed its doors after paying the last depositor that remained in line at that hour. This performance, it is said, broke the record, it being the first time in this country, so far as is known that a bank has remained open after midnight in order to meet a run. As early as 7 o'clock, however, another batch of depositors bad made their appearance, and they lounged against the walls or sat on the curbstone awaiting the regular hour for opening. At the Bank of Commerce, farther up the street, as well as at the Dime Savings bank, the Union Trust,aud the Hibernian bank the same scenes were being enacted. By ten o'clock it was apparent that Monday's experiences would be repeated at each institution. At some of them there were double lines of depositors extending for a couple of blocks. Another large crowd (extended out into the middle of the street and those composing it pushed their way inside as best they could. Officers of all the institutions insisted that they were able to weather the storm and with the exception of the Dime Sayings bank, not one has so far found it necessary to enforce even the thirty days' notice rule, while this latter institution is paying from 20 to 80 per cent. in cash, according to the needs of the various applicants and requiring only the usual thirty days' notice for the remainder. At the various national banks it is said that the Illinois Trust, which has savings deposits subject to notice, to a total of $10,500,000 and individual deposits subject to check of $7,500,000 more, is as sound as the Bank of England, and the officers of the institution say that they can pay off every depositor in the savings branch and still haye several millions left for an emergency. Joseph Rathbone & Co., lumber dealers. made a voluntary assignment this morning. Assets scheduled at $500,000; liabilities at $250,000. KALAMAZOO, Mich., June 7.-The Winans-Pratt Carriage company made an assignment yesterday. BEATRICE, Neb., June 7.-The State bank at Cortant, this county, closed vesterday. It was a small bank. DALLAS, Tex., June 7.-The Times Herald, the only afternoon newspaper in the city, was sold at receiver's sales yesterday to Dr. c. M. Rasser for $16,000. The paper was anti-Cleveland and for free silver. It will be continued as a Democratic daily. SPOKANE, Wash., June 7.-The Washington National bank and its adjunct, the Washington Savings bank, closed their doors yesterday. Both have plenty of assets. BEDFORD, IND., June 7.-The Bedford bank suspended yesterday.

9. June 7, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, June 7, 1893

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SOLID AS GRANITE. Chicago Banks Stand Against the Savings Panic. THE FLURRY BEGINS TO SUBSIDE, With Only One Bank Demanding a Time Limit-Heavy Capitalists Ready to Shell Out When Necessary-The Withdrawers Forfeiting Six Months' Interest and Monopolizing the Safety Deposit Vaults -No Trouble in Commercial CirclesCause of the Run. CHICAGO, June 7.-When the Illinois Trust company closed its doors after 2:30 o'clock in the morning it had paid the last depositor who wanted his money at that time. But the sun was hardly out of bed before the savings depositors began collecting, not only at this bank but at others. The performance of the Illinois Trust broke the record, it being the first time in this country, so far as is known, that a bank has remained open after midnight in order to meet a run. But it did not break the run. By a. m. there was a crowd at the bank door and by the hour of opening the line extended away into the street. Five Concerns Under Fire. At the Bank of Commerce. farther up the street, as well as at the Dime Savings bank, the Union Trust and the Hibernian same scenes were being enacted. 10 o'clock it was apparent bank By the that Monday's experiences would be repeated at each institution. At some of them there were double lines of depositors extending for a couple of blocks At others the crowd extended ou? into the middl of the street. and those composing it pushed their way inside as best they could. Officers of all the institutions insisted that they were able to weather the storm, and with the exception of the Dime Savings bank not one had found it necessary to enforce even the thirty days' notice rule. Solid as the Bank of England. At the various national banks it was said that the Illimois Trust, which has savings deposits subject to notice to a total of $10,500,000. and individual deposits subject to check of $7,500,000 more. is as solid as the Bank of England, and the officers of the institution insisted that they could pay off every depositor in the savings branch and still have several millions left for an emergency. Over $2,000,000 in currency had been offered to it since the run commenced. L. Z. Leiter, one of the directors, himself offered a round million, but the assistance was declined with thanks and an intimation that it was not needed. Only the Savings People Scared. It was noticeable that at all the banks being subjected to a run the applicants were identified with the savings department, the business done at the commercial windows being only about an average. While savings depositors would be crushing and struggling at one end of an office to get their money representatives of business houses would be handing in their rolls of currency and bags of silver at the other end. Nor was there any unwonted excitement apparent around any of the national banks for the first hour after the opening of business. What the Scared Ones Lose. Probably 2,000 people drew their money out of the savings banks Monday, the amount approximating $750,000, the Illinois Trust alone letting go about $500,000. On every $1,000 drawn out the bank saves $17 in interest which in the ordinary course of business would be credited to the deposits at the end of the half year, June 30. By drawing their deposits out the de positors forfeit the interest on the half year from Jan. 1. 1993, to June 30, 1893. A large number of those who have withdrawn their money from the banks. within the past twenty-four hours have deposited it in safety deposit vaults, and it is now almost impossiole to secure a lock box at any of these institutions.

10. June 9, 1893 The Times Owosso, MI
Article from The Times, June 9, 1893

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LATER. THE village of Woodington, O., was almost entirely leveled by a cyclone and many persons were injured and Mrs. Mary Smith was killed beneath her building. NEARLY 400 delegates were in attendance at the opening session of the world's temperance congress in Chicago. THE office of the Hustler, a paper in Breathitt county, Ark., that advocated local liquor license, was blown up by dynamite. THE Savings bank at Sandusky, O.,' with liabilities of $205,000, closed its doors. IN a runaway at Kalamazoo, Mich., Mrs. L. A. Fagan was thrown from a wagon and killed and Mrs. T W. Murphy and Mrs. Ellison were fatally injured. CHOLERA was said to be spreading rapidly in Asiatic Turkey. THE fire loss of the United States and Canada for the month of May is estimated at $10,427,000. This is about a million greater than the aggregate for May, 1882. THE president authorizes the statement that he will call an extra session of congress early in September. THE People's bank at Bentonville, Ark., was robbed by six men of $10,000. THE Kansas Grain company at Kansas City, Mo., which claims to be the greatest buyer of grain from producers in the world, has failed. THE supreme court of Nebraska acquitted the state officials, against whom impeachment proceedings were brought. THE Merchants' national bank of Fort Worth, Tex., with a capital of $250,000, closed its doors. EPHRAIM DOMEDLAN, a Braceville (III.) miner, killed his wife and then blew out his own brains. Whisky was the cause. EIGHTEEN persons were injured in a wreck on the Iron Mountain road near Mill Spring, Mo. THE house of John Redding, a Kentucky farmer, was struck by lightning and three of its occupants instantly killed. THE president has appointed Charles W. Dayton as postmaster of New York. THE private banking house of Meadowcroft Bros. in Chicago suspended, and runs were made by frightened depositors upon the Bank of Commerce, the Prairie state national bank, the Prairie State Savings and Trust company, the Union trust bank, the Hibernian bank and the Illinois trust and savings bank, but these institutions met all demands promptly.

11. June 29, 1893 The Farmers' Union Memphis, MO
Article from The Farmers' Union, June 29, 1893

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# MILLIONS SET FREE. CARLISLE RELIEVES THE PRESENT STRINGENCY. Will Pay the July Interest on Government and Pacific Bonds. Thus Releasing Over Seven Million Dollars from the Vaults of the Treasury. WASHINGTON, June 24. - Secretary Carlisle has directed Treasurer Morgan to anticipate payment of the July interest on the 4 per cent United States bonds and on the Pacific railroad bonds. The total interest on both sets of bonds aggregates $7,534,000, of which $1,900,000 is for the Pacific railroad bonds and $5,634,000 for the 4 per cent bonds. The action of Secretary Carlisle is taken to relieve the tightness in the money centers. He has decided that payment may be made as fast as delivery of the checks can be effected, and the Treasurer of the United States and the several assistant treasurers have been notified accordingly. Holders of 4 per cent coupons due July 1 may therefore now present them for payment without rebate and owners of the checks for July interest may have them cashed as soon as received. Extensive shipments of money by telegrapy from New York to San Francisco were made by direction of United States Treasurer Morgan. The bank failures yesterday on the Pacific Coast evidently spurred the banks to increase their supply of ready money to meet any emergency that may arise. This money is transferred in a simple manner. A bank in San Francisco telegraphs its New York correspondent to place in the sub-treasury at New York a given sum of money to its credit to be sent the San Francisco bank. The Sub-Treasurer at New York telegraphs the Sub-Treasurer at San Francisco to credit the bank with the given amount of money. The San Francisco bank thus saves the express charges and the government, which receives gold for the money it transfers by telegraph, builds up its gold. It is a mutual arrangement by which both the banks and the government are benefited. NEW YORK, June 25. - The amount of Clearing House certificates issued yesterday was $2,350,000. This brings the total up to $4,900,000 since it was decided to issue the certificates. This amount, with the exception of the $1,000,000 first taken by the Bank of Commerce, is divided up among several of the banks belonging to the Clearing House Association, no one bank taking any large amount of certificates. So far the banks have remained in good condition, and the Clearing House Committee has not been called upon to examine any of them. A feeling of uneasiness still prevails in banking circles on account of the Western and Pacific Coast bank troubles. J. J. Frank, the attorney in this city of the Bank of Commerce of Chicago, says that bank is about to bring suit against the American Banker of this city to recover $100,000 damages for alleged libel. The American Banker in its last issue, June 17, printed under the heading "Closed and Liquidated Banks" the name of the Bank of Commerce of Chicago. The bank yesterday telegraphed its attorney in this city to bring the suit immediately, and he is preparing the papers. He will bring the action in the United States Circuit Court. There was a run on the Bank of Commerce two weeks ago, but its attorney claims that it is now in high standing.