Prairie State National Bank (Chicago, IL)

View Charter #3882 on SPMC View balance sheet

Episode Information

Episode UID
388201122
Episode Type
Run Only
Bank Type
national
Bank ID
38820 national
Charter Number
3882
Start Date
June 5, 1893
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
be9b0c2491140215

Response Measures

Accommodated withdrawals

Events (3)
1. May 8, 1888 Chartered
Source
historical_nic
2. June 5, 1893 Run
Cause
Rumor Or Misinformation
Cause Details
Runs followed the failure of Hermann Schaffner & Co. and sensational/malicious rumors circulated by board of trade brokers, which alarmed small depositors.
Measures
Paid depositors on demand; added tellers and met withdrawals promptly.
Newspaper Excerpt
The Prairie 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.
Source
newspapers
3. October 15, 1897 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (10)
1. 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.

2. 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."

3. 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.

4. 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-

5. 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

6. June 7, 1893 New Ulm Review New Ulm, MN
Article from New Ulm Review, June 7, 1893

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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 $1.259,000. 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 io 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 one of the directors of the said that there is company, bank, absolutely of the direct- no apprehension on the part ors of the bank and that all claims of depositors would be prouptly met. "The bank." said Mr. Evans, "is perfectly solid and it is as sound as any in the city."

7. June 7, 1893 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, June 7, 1893

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FINANCIAL PANIC. Chicago Banks the Victims of Wild Unfounded Rumors. CHICAGO, June 6.-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. Under the circumstances it is no small. tribute to the sagicy, soundness and foresight of Chicago bankers to say that all withstood the strain. Where the rumors sprang from is a mystery. It is a mystery how they spread, for wildfire is no quicker in its flight than rumor when she takes a fiing at the banks.

8. 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.

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

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C. MINING, treasurer leaving of Fort a Jennings, JOHN O., disappeared, shortage persons of $15,000. were killed and which two FOUR injured in a cyclone Washfatally Wharton county, Tex. 100, swept ington Jenkins, a colored man aged was among were the killed. killed and two others were Two mortally MEN wounded at a primary election in Pineville, Ky. FURNITURE manufactories in employ- Cincinsome seventy in number, down, nati, 7,000 persons, have shut workmen ing owing to the demand of their for a nine-hour magazine day. of the Hecla Powder exTHE near Virginia, Minn., in town ploded. company Nearly every building was wrecked. Cox was killed and three fire- at CHIEF and one citizen fatally injured house of men burning of the furniture The Charles the Shiverick & Co., in Omaha. loss was $200,000. property BUSH (colored) was taken from SAM at Decatur, 111., by indignant criminally Mount jail Zion citizens and hanged for assaulting the wives of two farmers wife WILLIAM BENTE and his and Bente, Helen W. Dietz and burning Charles Elsie Pugsley lost their lives by the of building in New York. HERMAN a SCHAFFNER & Co., of Chica- bankthe oldest and largest private ers go, in the west, failed for $500,000. AUGUSTUS VICTORSON and Thomas the G. McLaury committed suicide at The Hotel Metropole in Chicago. was a wealthy Chicagoan New and former latter a wealthy resident of as Orleans. the Despondency was given the in both cases. THE cause gold reserve in the United States $90, treasury had on the 3d fallen to 000,000. SIXTEEN passengers were injured, near some fatally, in a railway disaster Poplar JOHN Bluff, McQUAID. Mo. John O'Connor and in Jane Mooney committed suicide Philadelphia in one day. THE attendance at the second Sunday of the world's fair grounds The opening was disappointing to the officials. The govadmissions were 54,304. ernment paid building, many of the exhibits eastern in other buildings and all the state buildings were closed. FIVE residents of northern Vermont Chinese arrested for smuggling were into the United States from Canada. A CYCLONE swept the northwestern of Wayne county, Ind., destroying were everything part in its path. No lives lost. THE Fisher & Burnett Lumber company. with headquarters at Memphis, Tenn., failed for $500,000. THE village of Woodington, O., was leveled by a cyclone persons were almost and many entirely injured beneath and Mrs. Mary Smith was killed her building. f THE E. A. Armstrong company. man- and ufacturers of and dealers in society for i military supplies in Chicago, failed $100,000. private banking house of MeadBros. in Chicago and were made by oweroft THE runs frightened suspended, depositors upon the Bank of Commerce, the i the Prairie state national bank, Prairie State Savings and Trust com- Hithe Union trust bank, the and bernian pany, bank and the Illinois trust savings bank, but these institutions met all demands promptly. THE office of the Hustler, a paper in 0 Breathitt county, Ark., that advocated by S local liquor license, was blown up dynamite. NEARLY 400 delegates were in attend- the at the opening session of t world's ance temperance congress in Chicago. in THE greatest gas well ever struck miles the Ohio field was drilled in 7 6 north of Findlay. IN a runaway at Kalamazoo, Mich., Mrs. L. A. Fagan was thrown from a wagon and killed and Mrs. T. W. Mur- inphy and Mrs. Ellison were fatally e n jured. THE fire loss of the United States and Canada for the month of May is estimated at $10,427,000. This is about million greater than the aggregate for May. 1882. f THE president authorizes the statement that he will call an extra session of congress early in September. Two MEMPHIS (Tenn.) switchinen s riding on the footboard of an engine were killed by the locomotive jumping the track and burying itself in an embankment. , THE People's bank at Bentonville, S robbed by six men of $10,000. 1, Kansas Grain company at e sas Mo., which claims to Ark., THE City, was be Kan- the a greatest buyer of grain from producers in the world, has failed. y REPRESENTATIVES of twenty-five state and territorial governments met in Chicago and organized a convention for trade the abolition of trusts, corners and 1, combinations of all sorts. THE Merchants' national bank of e Fort Worth, Tex., with a capital of $250, 000, closed its doors. e EDWARD SIMON & BRO., trunk. valise N e and bag manufacturers at Newark, J., failed for $250,000 a POTTER & POTTER, of Boston, pub e lishers of the New England Magazine d Yankee Blade, Wom in's Home Jour nal, American Vehicle and the Ames bury Daily, failed for $100,000.

10. 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.