3792. Dime Savings Bank (Chicago, IL)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
fa2b09b09534fe6e

Response Measures

None

Description

Multiple contemporaneous articles (June 5–7, 1893) report a run on the Dime Savings Bank in Chicago triggered by the failure of Hermann Schaffner & Co. and sensational rumors circulated by Board of Trade brokers. The bank invoked its 60-day notice rule and paid only a percentage of deposits but did not suspend or close; reporting indicates it continued operations and met some demands, so this is classified as run_only.

Events (1)
1. June 5, 1893 Run
Cause
Rumor Or Misinformation
Cause Details
Runs were precipitated by the recent failure of Hermann Schaffner & Co. and by sensational/malicious rumors circulated by Board of Trade brokers, which alarmed small depositors.
Measures
Invoked 60 days' notice of withdrawal and paid only a percentage of deposits (paid partial cash to withdrawers).
Newspaper Excerpt
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.
Source
newspapers

Newspaper Articles (17)
1. June 6, 1893 The Record-Union Sacramento, CA
Article from The Record-Union, June 6, 1893

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ANXIOUS DEPOSITORS. CHICAGO BANKERS ARE HAVING TROUBLOUS TIMES. Board of Trade Brokers Trying to Precipitate a Panie-Unusual Banking Hours. Special to the RECORD-UNION. CHICAGO, June 6.-3 A. M.-The failure of Hermann Schaffner & Co.'s Bank, which occurred last week, bore fruit yesterday in well defined runs which were precipitated on almost, if not every one of the savings banks of Chicago. First to feel the effect of the excitement was the Bank of Commerce, where a great many of the accounts. The class keep Jewish their citizens Schaffner poorer failure had alarmed them and they bore down upon the Commerce at the opening hour. Tellers were doubled up and paid checks as fast as presented throughout the day, the officials of the bank expressing no and that they to meet would alarm be whatever, able any saying demands. 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 and everyone as as extra rapidly force of tellers possible. paid At 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 as long as the present excitement continued. 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 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. 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 9 o'clock was noted Equally housa spirited until checking to-night. upon the Price, State National and rie as well as State Savings Banks, Prai- upon the Union Trust Company and the Avenue Savings Bank, but in no case was any alarm felt by well-informed people. In many these fact, at of institutions large depositors came in during the afternoon and made heavy deposits. To-day's situation was greatly aggravated by a number of Board of Trade brokers, 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 operators. 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 total of minor institution, with deposits perhaps $200,000, aroused little or no interest. At midnight the Illinois Trust and Savings Bank was still paying off, and the crowd of depositors anxious to draw was as large as money bank still ever. The officials are rather pleased than pay out the it otherwise to money, as means a big saving to the institution in interest. So far the net profit is about $35,000. At this hour it was announced that the bank would not close as long as a single depositor cared to draw out a dollar. The paying of money is being continued at seven windows. President Mitchell said: "We will right months and not here for three close stay 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 paying-tellers at seven windows having been relieved by fresh men and enough people are still waiting for money to keep the bank open two hours more. President Mitchell said he had plenty money on hand and plenty of men to pay it out.

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 Herald Los Angeles, CA
Article from The Herald, June 6, 1893

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The Failure of Schaffner & Co. Bearing Fruit. Runs on Every Savings Bank in Chicago. Meadowcroft Bros. Unable to Stand the Pressure. All the Rest Pulled Through-A Long List of Financial Disasters Due to Stringency in Money. By the Associated Press. Chicago, June 5.-The failure of Schaffner & Co's. bank, which last bore in occurred Herrman week, fruit today runs which were if not every one tated well defined on almost, precipi- first of the eavings banks of Chicago. The 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 Schaffner failure had alarmed them and they bore down Commerce at the opening honr. were doubled up on The the tellers and paid checks as fast as presented throughout the officials of the day, the and bank saying expressing no alarm whatever they were able to meet any demanda. 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 front door that the bank would remain open until 10 o'clock tonight and 80 long as the present excitement continues. Hibernian bank, which as the name was the of a The implies Irish-Americans depositary for large number of small means, was crowded all day, but found no difficulty in meeting all demands. The Dime Savings bank took advanthe rule requiring, if necessary, 60 notice of tage days' of withdrawal, deposits and today. paid only a percentage of its The Globe Savings bank applied the 30-day rule. The Milwaukee Avenue Savings bank a moderate run sustained throughout house the day, and they, too, kept open until 9 o' clock spirited checking was Equally tonight. noted Praithe State National rie as well as upon State Savings, Price, theAvenue upon and the Union Trust company and but in no case was felt well-informed people. Savings by bank, In alarm fact, of these institutions came in during at positors many the afternoon large deand made heavy deposite. situation was aggraa number of vated Today's by board greatly their of trade who for reasons own to the devoted brokers, themselves which circulation of they in- of sensational rumore in one time or bank in the city a every volved at and another large operators. nearly number leading stockyards these Notwithstanding of malicious safety of efforts, no fear is felt as to the any of the leading banking institutions of this city. The failure of Meadowcroft Brothers, a minor institution, with total deposits of perhaps $200,000, aroused little or no interest. At midnight the Illinois Trust & bank was still the of depositors Savings crowd paying anxious off The and to draw is still as large as ever. are rather as it means a to otherwise bank money officials pleased big So saving far than the the in interest. 18 about $35,000. At that the saving institution announced bank this hour would it not 80 as a draw out a dollar. cared was close to long single continued The depositor paying at of the money is being seven windows. President Mitchell said: 'We shall stay right here for three months and not close our doors night or day if such proceedings should become necessary, We are good for any run, no matter how long it is krept up. a. m. the Illinois Trust and bank is still open, the tellers at seven windows Savings paying At 1:30 force having of by fresh men, and enough are still waiting the bank open two been keep people relieved hours for money more. to Mitchell said was on hand and to of President money plenty there of men plenty pay it out.

4. June 6, 1893 The Providence News Providence, RI
Article from The Providence News, June 6, 1893

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A Run on a Savings Bank. CHICAGO, June 6.-A run started on the Dime Savings bank at 104 Washington street yesterday. This institution has deposits aggregating $600,000. The bank has a capital stock of $100,000 and R surplus of $50,000.

5. June 6, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, June 6, 1893

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THE SITUATION NOT IMPROVING Heavy Rnn on Nearly all the Chicago Banks Yesterday. ALL DEMANDS PROMPTLY MET Some of the Houses Kept Open Till a Late Hour-Brokers Circulated Disturbing Rumors. Associated Press. Chicago. June 5.-The failure of Herman Schaffner lb Company's bank, which occurred last week, bore fruits today in well defined runs which were precipitated on almost, if not everyone of the savings banks of Chicago. The first to feel the effect of the excitement was the Bank of Commerce, wher a great many Jewish citizens and the poorer class kept their accounts. The Schaffner failure had alarmed them and they bor down on the Bank of Commerce at the opening hour. The tellers were doubled up and paid the check as fast as presented throughout the day, the officials of the bank expressing nq alarm whatever, and saying they were able to meet any demands. The Illinois Trust & Savings Bank, which has a larger line of this class of depositors than any other bank in the city. amounting at times to we uo and '000'000'7I$ of tellers and paid every one as rapidly as possible. They posted a notice on the front door that the bank would remain open until 10 o'clock, and so long as the present excitement continues. The Hibernian bank, which was the depository for a large number of IrishAmericans of small means, was crowded all day, but found no difficulty in meeting the demands. The Dime Savings Bank took advantage of the rule requiring, if necessary, sixty days' notice of withdrawal, and paid only a percentage on the deposits today. The Globe Savings Pank applied the thirtyday rule. The Milwaukee Avenue Savings Bnk sustained a moderate run throughout the day, and they, too, kept open house until 9 o'clock tonight. An equally spirited was noted up An equally spirited checking was noted on the Prairie State National and the Prairie State Savings Bank, as well as upon the Union Trust Company's and Avenue Savings Bank, but in no case was any alarm felt by wellinformed people. In fact at many of these institution the larger depositors came in during the afternoon and made heavy deposits. Today's situa. tion was greatly aggravated by a number of board of trade brokers, 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 stockyard operators. Notwithstanding these malicious efforts, no fear is felt as to the safety of any of the leading banking institution of the city. The failure of Meadowcroft Bros, a minor institution with deposits of perhaps $200,000. aroused little or no interest. At 1:30 a. m. the Illinois Trust and Savings Bank was still open, the force of paying tellers at the seven windows having been relievedd by fresh men, and enough people still waiting for their money to keep the bank open two hours more. The bank officials are rater pleased than otherwise to saving to the institution in interest. So far the net profit is about $35,000. It is announced that the bank would not close as long as a single depositor cared to draw out a dollar. President Mitchell said: "We will stay right here for three months, and not close our doors night or day if such proceedings should become necessary. We are good for any run, no matter how long it keeps up. run, no matter how long it keeps up."

6. June 6, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, June 6, 1893

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AFRAID OF BANKS. Scared Depositors Beseiging the Doors of Several Chicago Savings Institutions. In One Case the Police Were Called Upon to Preserve Order. One Failure and a Fair Prospect of More, Unless Confidence Is Restored. CHICAGO, June 6.-The private bank of Meadowcraft Bros. did not open at the usual hour, a notice being posted on the door to the effect that the institution was in the hands of a receiver. This failure seems to have badly scared small depositors in other banks and many of them are in the midst of fullfledged runs. At noon a run was commenced on the State Bank of Commerce, having offices on the ground floor of the Woman's Temperance temple. The lobby was packed with depositors fighting with each other for admission to the bank. The police officers were called to preserve order. The bank has a capital of $500,000. Its last statement showed deposits of $1,250,000. Much Wealth But Little Cash. A run was also started on the Dime Savings bank. at 104 Washington street, during the afternoon. This institution has deposits aggregating $600,000, and among its directors are Colonel Clowry, vice president of the Western Union Telegraph company, and ex-Senator Charles B. Farwell. President Bailey of the bank sayshe has dollar and a half for every dollar deposited, but the greater part of the money is tied up in securities. He does not know how long the bank can stand the run, but expects to pull through. The bank has a capital stock of $100,000 and a surplus of $50,000. The Hibernian bank, one of the largest institutions in the country, is also experiencing a run and is paying off depositors at the rate of three a minute. The deposits amount to $3,500,000, and they believe they can stand the run. The Prairie State National. The Prairle State National bank at the corner of Washington and Desplaines street, experienced a run during the morning and large numbers of depositors, mainly in the savings department, withdrew their money. Henry J. Evans of the New York Biscuit company, one of the directors of the bank, said that there is absolutely no apprehension on the part of the directors of the bank and that all claims of depositors would be promptly met. "The bank," said Mr. Evans, "is perfectly solid and it is as sound as any in the city."

7. 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.

8. 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.

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

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WINDY CITY BANKS Gen. Lack-of-Confidence Gives Them Annoyance. RUNS ON HALF A DOZEN CONCERNS, One Bank Pays Out Money All Night, and All Declare the Scare to Have No Basis -The Hiberrian, Prairie State National, Dime Savings, Union Trust, and Illinois Trust the Institutions Attacked-A Wild Day Among Savings Depositors. CHICAGO, June 6.-The "lack of confidence" which has been cavorting around the country for some time and has already bowled over a couple of Chicago banks with numerous concerns in other lines of business seems to have settled down over the city to test the endurance of the banking institutions in earnest. Depositors began to be uneasy. rumors were sent flying about and General Lack-of-Confidence touk charge for a day. The rumors grew thicker and wiider asthey passed about and the result was runs on several institutions which were they to fail would cause widespread suffering in this city and vicinity. The Banks That Met the Run. The banks which had the storm to stand were the Prairie State National bank, the State Bank of Commerce, Hibernian Savings bank. the Dime Savings bank. the Union Trust Company's bank. and the Illinois Trust and Savings bank Under the circumstances it is no small tribute to the soundness of Chicago banks to say that they all withstood the strain. Where the rumors sprang from is a mystery. It is no mystery how they spread, for wildfire is no quicker in its flight than rumor when she takes a fling at the banks. The Hibernian Bank. The bank whose fallure would have caused the MORE trouble is the Hibernian Banking association. The officers were not at all alarmed over the run made there. It is regarded as one of the strongest savings banks in the country. The depositors are mostly Irish and it is the depository of large amounts of the funds of the various Roman Catholic parishes. Its last report showed deposits of $2,730,000 individual deposits of $750,060, undivided profits of $383,000. The capital stock is $220,000. Vice President Charles F. Ciark, who is manager of the savings department. said at 1 o'clock: "We have been paying depositors all the morning at the rate of three a minute. They are poor people who have every dollar in the world they possess with us, and naturally with the existing conditions they have gotten nervous. We do not biame them." Run ona Dime Savings Bank. Another bank that had to suffer for General Lack-of-Confidence was the Dime Savings bank. There was a big crowd outside and inside, but President Samuel G. Bailey expressed no uneasiness, no1 would he say whether the bank would enforce its thirty day rule. "We have funds sufficient on hand," he said, "for all regular purposes, and even for an emergency. No occasion exists for this alarin, except the general uneasiness in the air." The bank does solely a savings business, its last report shewing deposits of half a million, and a surplus of $51,000. The loans at the time of the same report amounted to $457,000, while United States bonds and cash on hand aggregated $2.5,000. All its loans are secured on real estate. Union Trust Has a Time. Depositors by the hundreds crowded into the Union Trust Company's bank to get their money, but soon after seeing President Rawson's coolness and even amusement, many went out again without drawing their deposits. But the crowd of witndrawers was immense, just the same. "We saw this coming," said Mr. Rawson, "and were ready for it. We'll pay 'em all." The Union Trust is a member of the Chicago clearing house. It has over $1,000.000 to draw upon above its liabilities. Still people went up and drew out their deposits as if it was the last chance, and as each received his money he drew a long breath of relief. An Ex-State Bank Examiner's View. William M. Roberts, late state bank examiner, visited the different savings banks several times during the day and assisted in allaying the fears of depositors. Speaking of the general situation he said: "I do not believe there is a state bank in Chicago that is not fully able to pay $1.10 for every $1 it owes. People have been needlessly alarmed by the collapse of private institutions." WILD PANIC ALL DAY, But Only One Failure. Private Bankers.

10. June 6, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, June 6, 1893

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RUNS ON CHICAGO BANKS. Every One of the Savings Banks Crowded with Depositors. DEMANDS MET PROMPTLY. Malicious Rumors Started by Several Board of Trade Men. These Stories, Which Were Very Sensational, Aggravated the Situation Very Much as They Involved Every Bank in the City. CHICAGO, June 5.-The failure of HerMann Schafiner & 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 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 Schaffner failure had alarmed them, and they bore down upon the Bank of Commerce. At the opening hour the tellors were doubled up and paid checks as fast as presented throughout the day, officials of the bank expressing no alarm whatever, and saying that they were able to meet any demands. The Illinois Trust and Savings bank which has a larger line of this class of deposits than any other bank in this city, amounting at times to over $12,000,000, pution an extra force of tellers and paid every one as fast as possible. At 3 o'clock this afternoon they posted a nothe front door that the bank until 10 would tice on remain open o'clock excite- tonight and so long as the present ment continues. At midnight the Illinois Trust and bank was still paying off, and the of Savings crowd depositors anxious to draw their money was still. as large as ever. The bank officials were rather pleased than otherwise to pay out money, as it means a great saving to the institution in interest. So far the net profit is 35,000. At this hour it was announced that the bank would not close as long as a single depositor cared to draw out a dollar. The paying of money is being continued at seven windows. President Mitchell said: "We will stay right here for three months and not close our doors night or day, if such proWe ceeding should become necessary, are good for any run, no matter how long it keeps up." At 1:30 this Tuesday morning, the Illinois Trust and Savings bank is still open, the force of paying tellers at the seven windows having been relieved by fresh men and enough people are still waiting for their money to keep the bank open two hours more. The Hibernian bank which its name implies, was the depositor 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 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 an open house until 9 o'clock tonight. Equally spirited checking was noted upon the Prairie State National and the Prairie State savings, as well as upon the Union Trust company and Avenue Savings bank, but in no case was any alarm at felt by well informed people. In fact, many of these institutions large depositors came in during the afternoon and made heavy deposits. Today the situation was greatly aggravated by a number of board of trade brokers, 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 this city and a large number of stock yard operotors. Notwithstanding these malicious efforts, no fear is felt as to the safety of any of the banking institutions of the city. The failure of Meadow-Croft Brothers, a minor inwith total perhaps stitution little deposits interest. of, $200,000, aroused or no

11. 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.

12. June 7, 1893 The Morning News Savannah, GA
Article from The Morning News, June 7, 1893

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CHICAGO'S BANKS SOLID. The Heavy Runs Fail to Cause a Single Failure. Depositors of the Illinois Savings and Trust Bank Paid Until 2 O'clock in the Morning Before the Doors Were Closed on Monday's Business-The Run Resumed in the Morning, But a Restoration of Confidence Apparent in the Afternoon. Chicago, June 6.-It was after 2 o'clock this morning before the Illinois Trust and Savings Bank closed its doors, after paying the last depositors 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 this morning, however, another batch of depositors had 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 and at the Union Trust and Hibernian Bank the same scenes were enacted. By 10 o'clock it was apparent that yesterday's experiences would be repeated at each institution. At some of them there lines of depositors extending of blocks. At were for a double couple the others middle the of crowd extended out into the street and those composing it pushed inside as best they of the institutions their officers way the insisted could. storm that The and they were able to weather with the exception of the Dime Savings one has so far enforce the thirty even Bank to not found days' it necessary is notice rule, while the latter institution paying from 20 to 80 per cent. in cash according to the needs of the various applicants and require but the usual thirty At days' notice for the balance. the various national banks it is said that the Illinois Trust Company, which has savings deposits subject to notes 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 insist that they can pay off every depositor in the savings branch and still have several millions for an emergency. THIRTY DAYS' NOTICE REQUIRED. A run began to-day upon 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 thirty days notice would be required and the savings depositors had consequently to be content to with giving notice of their intention draw out next month. A large number of those who have withdrawn their money from banks within the past twenty-four hours have deposited it in safety deposit vaults, and lock it is now almost impossible to secure a box at any of those institutions. The crowd about the Prairie State National Bank and the Prairie State Savings and Trust Company, was even greater than that of yesterday. The former institution suffered but little today, however, as the depositors are business men who have implicit confidence in the stability of the bank. Both institutions met all demands. This afternoon the crowds surrounding the different banks diminished and a measure of confidence seems to have been restored to the savings depositors. Nobody has attempted to assign any reason for the runsother than distrust.

13. 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.

14. 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.

15. June 10, 1893 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, June 10, 1893

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CONFIDENCE RESTORED In the Stability of the Chicago Savings Banks-They are Provided with Plenty of Money to Withstand the Runs. CHICAGO, June 7.-Yesterday's developments in the financial situation showed an increased steadiness among the monetary institutions 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 panicky outburst of Monday. Those banks upon which the run was continued yesterday, 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 Savings. Tuesday afternoon it was easy to see that the excitement was dying out. Philip A. 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 line of people and announcing that he would guarantee the payment of their accounts or pay the same. About 100 depositors took advantage of the millionaire packer's offer and some accepted a written guarantee, some given checks and in one case, that of an old woman with a deposit of $100, the amount was paid down in cash. 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 shown by the scenes of returning confidence. Little more than the usual daily demand for currency in exchange for coin was made at the sub-treasury 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 requirements.

16. June 16, 1893 Shenandoah Herald Woodstock, VA
Article from Shenandoah Herald, June 16, 1893

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South and West. JOHN C. MINING, Town Treasurer of Fort Jennings, Ohio, has disappeared with $5000 cash, and an additional shortage of $10,000 has been discovered. WILD and unfounded rumors of impending financial disaster seaused a senseless run on many of the banks in Chicago. Those chiefly affected were the Prairie State National Bank, the State Bank of Commerce, the Hibernian Savings Bank, the Dime Savings Bank, the Union Trust Company's Bank and the Illinois Trust and Savings Bank. Meadoweroft Brothers, private bankers of Chicago, failed with liabilities estimated at $450000. THE Bank of Spokane, Washington, has failed. It is a private institution, owned by A. M. Cannon, who is reported to be worth $3,000,000. The Sandusky (Ohio) Savings Bank assigned, The Merchants' National Bank, of Fort Worth, Texas, capital $250,000, has failed. THE Infanta Eulalia reached Chicago from New York: much enthusiasm was shown by the crowds that lined the route from the railroad station to the hotel. A SKIFF containing Alexander McCloud and Robert Anderson was upset in a whirlpool at Boundary City, Wyoming. The men were drowned. SERGEANT O'LEARY, of the United States Army, was shot and mortally wounded by Private Roberts, in Fort Sherman, Idaho. Jealousy over promotion was the cause. THE New Albany (Ind.) Banking Company has suspended payment. MAYOR HARRISON. of Chicago, gave a breakfast and reception for the Infanta she was the guest of President Higinbotham, of the World's Fair Directory, in the evening. THE business portion of Fargo, North Da. kota, was destroyed by fire: 2200 people were rendered homeless. Loss, $2,000,000. FIRE broke out on Page street between Baker and Lyon streets. San Francisco, Cal., and in less than an hour a whole block had been totally consumed. Three firemen were instantly killed by falling walls. THE Princess Eulalia paid her first visit to the World's Fair, going to the grounds in the afternoon and again in the evening.

17. June 16, 1893 Fisherman & Farmer Elizabeth City, Edenton, NC
Article from Fisherman & Farmer, June 16, 1893

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South and West. THE Old Kentucky Home at the Chicago Fair Grounds was dedicated. It is the Blue Grass State Building and one of the most attractive in the grounds. Miss Enid Yandel's statue of Daniel Boone was unveiled. AT the Sisseton Agency, South Dakota, Miss Cynthia Rockwell, an Illinois teacher at Coodwill Mission. has married Richard King, an Indian, studying for the Presbyterian ministry. THE Plankinton Bank in Milwaukee, Wis., closed its doors. The bank had loaned $200,000 to F. A. Lappen & Co. and the Lappen Furniture Company, and this was the principal cause of its suspension. THE Victoria Cordage Company, Cincinnati, Ohio, members of the Cordage Trust, has assigned. Assets, $500,000 liabilities, $400,000. TORNADOES did great damage to property in Mississippi, Tennessee, Arkarcas and Kentucky. At Rosedale, Miss., W. L. Bawdre and wife were killed. IOWA Prohibitionists nominated a full State ticket. THE members of the graduating class at Annapolis (Md.) Naval Academy, forty-four in number, received their diplomas at the hands of Secretary Herbert. W. V. N. Powelson, of New York, received the honors of his class graduating No. 1. A RECEIVER was appointed at Charleston, W. Va., for the Norfolk and Western Railroad. DURING a heavy rain storm fire was discovered in a block on Farnumstreet, Omaha, Neb. The entire city Fire Department was called to the scene. A high wind was blowing. One of the walls fell on seven firemen. Five of them were instantly killed. WHILE a primary election was held in Bell County, Kentucky, by the Democratic party, excitement ran high, and in a fight at Pineville, the county seat, John Jones and Levi Hoskins were killed and two others were fatally injured. OWING to a storm less than 60,000 persons visited the World's Fair on the second Sunday opening. TWENTY-FIVE men walked into Decatur, Ill., a city of 22,000 people, and lynched Samuel Bush on the principal street without opposition. Bush was a colored man accused of assaulting two white women. AT Chicago, Ill., Herman Schaffner & Co., private bankers, made an assignment. Schaffner & Co. have been the largest private bankers in the Northwest, dealing exclusively in commercial paper. JOHN C. MINING, Town Treasurer of Fort Jennings, Ohio, has disappeared with $5000 cash. and an additional shortage of $10,000 has been discovered. WILD and unfounded rumors of impending financial disaster caused a senseless run on many of the banks in Chicago. Those chiefly affected were the Prairie State National Bank, the State Bank of Commerce, the Hibernian Savings Bank, the Dime Savings Bank, the Union Trust Company's Bank and the Illinois Trust and Savings Bank. Meadowcroft Brothers, private bankers of Chicago, failed with liabilities estimated at $450000. THE Bank of Spokane, Washington, has failed. It is a private institution, owned by A. M. Cannon, who is reported to be worth $3,000,000. The Sandusky (Ohio) Savings Bank assigned, The Merchants' National Bank, of Fort Worth, Texas, capital $250,000, has failed.