3803. Drovers Trust & Savings Bank (Chicago, IL)

Bank Information

Episode Type
Run Only
Bank Type
trust
Start Date
August 5, 1904
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
8fe986f37e09cf8b

Response Measures

None

Description

Multiple contemporaneous articles (Aug 5–7, 1904) describe a run on the Drovers' Trust & Savings Bank caused by anonymous letters and unfounded rumors that the bank had loaned funds to packing companies. Bank met all demands, brought extra cash and tellers, police guarded chests, and the run subsided; no suspension or closure is reported.

Events (1)
1. August 5, 1904 Run
Cause
Rumor Or Misinformation
Cause Details
Anonymous letters and unfounded rumors claimed the bank had loaned its funds to packers or was being used to pay strikebreakers; officials said the statements were untrue.
Random Run
Yes
Random Run Snippet
Anonymous letters/unfounded rumor claimed bank lent funds to packers; untrue.
Measures
Doubled paying tellers, kept paying all depositors in full, brought extra cash chests guarded by police, kept bank open (even late) to meet withdrawals.
Newspaper Excerpt
We are simply meeting the situation by paying without question or argument all depositors who wish to withdraw their money.
Source
newspapers

Newspaper Articles (10)
1. August 5, 1904 Las Vegas Daily Optic Las Vegas, NM
Article from Las Vegas Daily Optic, August 5, 1904

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Article Text

$ RUN ON CHICAGO SAVINGS BANK 1 Probability That Both Sides Would Regard Offices of Intermediary With Favor. CHICAGO, Aug. 5.-That the federal government is preparing to take an active part in the stock yards strike was indicated today when International Secretary Call, of the butcher workmen, divulged the fact that he had been in conference with the emissary of the U. S. bureau of labor and, commerce. Who this agent is or what his immediate plans, Call refused to say, but the strike leader made the significant remark: "In everything the packing trust is doing they are violating the law. Their very business combination is in restraint of trade and there is not one of them that is not amendable to the federal laws." Run on Bank. A run began today on the Drovers' Trust and Savings bank, located at the main entrance to the stock yards. Edward Tilden, vice president of the bank said: "As long as the depositors come they will get their money. The demand is senseless and is caused by the general excitement at the yards." Shortly after the bank opene1 a crowd of people appeared with their deposit books and forming in line de manded their money. The bank be gan paying and the officials declared every depositor who wanted his money would get it in full. Vice President Tilden declared the run was started by a statement mad by an irresponsible person that * th bank had loaned all its money to th packers for the purpose of beatin, the strikers. Many strikers had de posits but the majority of the peopl demanding their money were smal

2. August 5, 1904 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, August 5, 1904

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Article Text

DROVERS' TRUST AND SAVINGS BANK Hundreds of Strikers Thronged There and Withdrew Their Money. GENERAL RUN SOON STARTED. Was in Retaliation for Action of Packing Firm Making Bank Adjunet to Pay Department. Chicago, Aug. 5.-Hundreds of strikers and others today thronged to the Drovers Trust & Savings bank, near the main entrance of the stockyards and withdrew deposits, whether large or small. The unusual scene attracted a large crowd, set all manner of rumors in circulation, and created a general run on the institution. The strikers' action was taken in retaliation for the alleged action of one of the packing firms, Libby, McNeil & Libby, in making the bank an adjunct to their pay departments On Wednesday, it is said, Edward Tilden, a director of the company, led strikebreakers to the bank in order that they might be paid off in cash instead of having to experience the embarrassment growing out of the packers' system of paying in checks. When the run began, the officials doubled the force of paying tellers and met all withdrawal demands. The Drovers' Trust & Savings bank is located in the same building with the Drovers' Deposit National bank, its local correspondent. Its capital is $200,000 and its surplus and profits are named at $30,000. It has a long list:of depositors among the workmen about the yards and pays 3 per cent interest on their savings. It opened its doors Feb. 3, 1902, and its last report, June 10, shows resources and liabilities amounting to $1,865,506. "There is no truth in the statement that caused the run," said Vice President William A. Tilden. of the bank. Mr. Tilden is a brother of the Libby, McNeill & Libby director, against whom the run was directed. "We are simply meeting the situation by paying without question or argument all depositors who wish to withdraw their money. That is all I care to say The other officers of the trust and savings bank are William H. Brintnall, president: Charles S. Brintnall, cashier, and William C. Cummings, assistant cashier. Mr. William H. Brintnall is also president of the Drovers' Deposit National bank, of which William A. Tilden. vice president of the truat and savings bank, is cashier. Mr. William A. Tilden's brother, Edward Tilden, is vice president of the Drovers' Deposit National bank. Both banks are located in the same room, and this fact helped to give rise to reports that there was a run on the national bank. The run, however, was only on the savings bank. The police detail at the bank was increased at 2 o'clock this afternoon to handle the crowd which at that hour extended in a line 200 feet either way from the entrance and was beginning to show signs of restlessnss.

3. August 6, 1904 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, August 6, 1904

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Article Text

RUN CONTINUES. All Demands, However, are Promptly Met by the Drovers' Trust and Savings Bank. Chicago, Aug. 7.-When the doors of the Drovers' Trust and Savings Bank opened today, about 150 persons were in line to withdraw their deposits, continuing the run begun on the bank yesterday. Vice-president Tilden said: "We are prepared for any emergency. This demand so little bothers us, and merely to show our financial strength, I will say that we expect to make two large loans today."

4. August 6, 1904 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, August 6, 1904

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Article Text

PLOT CAUSED THE RUN Discovery Made That Run on Drovers' Bank Was Brought About by Anonymous Letters I Run Had Almost Ceased This Afternoon - Women Workers Parade. Chicago, Aug. S.-When the Drove:s' Trust and Savings bank opened today about 150 persons were in line to withdraw deposits, continuing the run began on the bank yesterday. Vice President Tilden said that he expected there would be withdrawals by smaller depositors for some time but that the bank is prepared for the emergency. The police were again on hand at the bank to prevent disorder. As soon as it was evident that the run of yesterday was to be duplicated today, extra casn in a chest was brought to the bank in a cab, guarded by policemen armel with rifles. The discovery was made today that anoymous letters constituted the principal weapon used to bring about the run. These were written on the stationery of the hotel Windmere, and in tone suggested strongly that the run be brought about as an attack upon Edward Tildon, brother of the vice president of the bank, and head of the Libby, McNeil, Libby Packing Company. A recent newspaper interview in which he assailed the child labor law is said to have furinshed the opportunity to attack him thru the bank. This afternoon the run on the bank had almost ceased.

5. August 6, 1904 Las Vegas Daily Optic Las Vegas, NM
Article from Las Vegas Daily Optic, August 6, 1904

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Article Text

BUIL DING TRADES LOCKED OUT Run on Drovers' Trust and Savings Bank at Chicago Stockyards Will Not be Serious. CHICAGO, Ills., Aug. 6.-A consid. eration of the question eading out truck teamsters and others hauling meat from cold storage warwhonses and of formally forbidding the nelly. ery of ice to dealers handiing meat from the combination of packers was again postponed today by the executive committee of the allied trades, It was decided nothing could be done with the teamster3' problem until the return of the temasters' union officials Monday from Cincinnati where they are in convention. Big Lockout. NEW YORK, Aug. 6.-The building trades lockout declared yesterday, whic hgoes into effect Monday, was practically in effect today. When all orders had been carried out it is estimated nearly 40,000 union men will have been forced out of employment. Bank will Pay. CHICAGO, IIIs., Aug. 6.-When the doors of the Drovers' Trust & Savinsg bank opened today about 150 persons were in line to withdraw depowlts, continuing the run begun on the bank yesterday. Vice President Tilden said: "We are prepared for any emergency. This demand so llt. tle bothers us. merely to show our fl. nancial strngth, I will say that we expect to make two large loans today."

6. August 6, 1904 The Daily Silver State Winnemucca, NV
Article from The Daily Silver State, August 6, 1904

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RUN ON CHICAGO BANK It Is Located at Stockyards Among the Strikers Chicago, Aug. 5.--Hundreds of strikers and others today thronged to the Drovers' Trust and Savings bank, near the main entrance of the stockyards and withdrew deposits, whether large or small. The unusual scene attracted a large crowd. set all manner of rumors in circulation and created a general run on the institution. The strikers' action was taken in retallation for the alleged action of one of the packing firms, Libbey, McNeill & Libby in making the bank adjunct to their pay department. On Wednesday, it is said, Edward Tilden, a a.rector of the company, lead strikebreakers to the bank in order that they might be paid off in cash instead of having to experience .ne embarrassments growing out of the packers' system of paying in checks. When the run began the officials doubled the force of paying tellers and met all withdrawal demands. The Drovers' Trust & Savings bank is located in the same building with the Drovers' Deposit National bank, its local correspondent. Its capital is $200,000 and its surplus and profits are named at $30.000. It has a long list of depositors among the workmen about the yards and pays 3 per cent. interest on their savings. It opened its doors February 3, 1903, and its last report, June 10, 1901, showed resources and liabilities amounting to $1,865,506. "There is no truth in the statements that caused the run," said Vice President

7. August 6, 1904 The Bennington Evening Banner Bennington, VT
Article from The Bennington Evening Banner, August 6, 1904

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Article Text

Run on Stockyards Bank. CHICAGO, Aug. 6.-A run has begun here on the Drovers' Trust and Savings bank, located at the main entrance of the stockyards. Edward Tilden, vice president of the bank, said: "As long as the depositors come they will get their money. The demand is senseless and is caused by the general excitement at the yards. At one time more than 1,500 clamoring depositors were massed about the institution, while fifty police were at work to keep the throng in order. Meantime the bank had huge piles of greenbacks and silver stacked up on the counters. The officials announced that they would keep the bank open all night if necessary. Vice President Tilden declared that the run was started by a statement-made by some irresponsible person that the bank had loaned all its money to the packers for the pur-

8. August 6, 1904 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, August 6, 1904

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BANK RUN CONTINUES. Police Are on Hand to Prevent Disorder. Chicago, Aug. 6.-When the doors of the Drover's Trust & Savings bank opened today about 150 persons were in line to withdraw deposits continuing the run begun on the bank yesterday. Vice President Tilden said: "We are prepared for every emergency. This demand so little bothers us, merely to show our financial strength, I will say that we expect to make two large loans today." Police were again on hand to prevent disorder. The bank was crowded and many persons formed in line on the sidewalk outside waiting to withdraw funds. Discovery was made today that anonymous letters constituted the principal medium used to bring about the run. These were written on the stationery of the Hotel Windemere and in tone suggests strongly that the run was brought about as an attack upon Edward Tilden. a brother of the vice president of the bank. Edward Tilden is at the head of the Libbey, McNeil & Libbey Packing company. A recent newspaper interview in which he assailed the child labor law is said to have furnished the opportunity to attack him through the bank. As soon as it was evident at the bank that the run of yesterday would be duplicated today extra cash in chests was brought to the bank in cabs guarded by policemen armed with rifles. This afternoon the run on the bank had almost ceased, hardly a dozen persons being at the paying teller's window.

9. August 7, 1904 The News & Observer Raleigh, NC
Article from The News & Observer, August 7, 1904

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RUN ON THE BANK Chicago Strike Takes Back Seat But is Very Much Alive. (By the Associated Press.) Chicago, Aug. 5.-The strike in the packing houses was practically lost sight of today in the excitement attending the run on the Drovers' Trust and Savings Bank, one of the stock yards institutions. The rush of the depositors to the bank started early today because of an unfounded rumor that one of the packers representatives had withdrawn his money from the institution and reports that the bank was being used by the packing companies as an adjunct in paying off their new employes who have taken the places of the strikers. All day long hundreds of excited depositors, most of whom had only small accounts in the bank stood in line to wichdraw their deposits. When closing time came this afternoon there were at least a thousand persons waiting for their money. The officials of the bank, determined to meet the emergency, called in extra tellers and the place was kept open until every depositor who presented himself at the window had been satisfied. The paying windows of the bank were kept until fton Q clock tonight

10. August 10, 1904 Willmar Tribune Willmar, MN
Article from Willmar Tribune, August 10, 1904

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LATER NEWS. St. Petersburg hears many rumors of disasters to Kuropatkin's army, but nothing official has been received. Judge Parker formally resigns as chief justice of the court of appeals of New York. Department of agriculture aids department of commerce in meat trust inquiry; run on stock yards bank. The sultan of Turkey is threatened with a visit from American warships unless American demands are granted. William Stang, a farm hand, met horrible death in the barnyard of Albert Braaten in the town of Burke, Wis. He was attacked by a vicious bull and when found his body was a pulp of broken bones and mashed flesh. It is frankly admitted at both departments of agriculture and bureawof commerce and labor that a federal investigation into the present strike in the Western stock yards is in full progress. Joseph Scheron and his wife, Elizabeth, who were married about a month ago, were shot and killed by Harry Fisher at Philadelphia. The Japanese are reported to have closed in on the retreating Russians north of Hai Cheng, and that the greatest war has been raging. News which he received fusion in Nebraska and Kansas nearly resulted in Thomas E. Watson's retirement from the Populist ticket as candidate for president. The whole business portion of Kendrick, Idaho., was wiped out by fire. Seventeen prisoners, after a desperate assault on the warden at Laurel, Del., escaped jail. While bathing in the Mississippi river at Alton, III., Michael Riley, his daughter and six of her children were drowned. A bite from an unknown insect kills Frank Arndt, of Osceola, Wis. Eight persons lose their lives by the foundering of the yacht Oneida at Digby, N. S. Mosquitos compel 300 men to quit work on the Choctaw railroad near Meridan, Miss. A hunting party of ten young men are killed by Indians in Mexico. An unfounded rumor started a run on the Drover's Trust & Savings bank at the stock yards, Chicago. Work is resumed on the Bloomington, Ill, street railway after a strike of seven months.