4214. Bank of Commerce (Chicago, IL)

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: 9c840beb

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous newspapers (June 5–7, 1893) report a heavy run on the Bank of Commerce precipitated by the failure of Herman Schaffner & Co. The bank met withdrawals, paid depositors in full, kept open (even overnight) and did not suspend. Classified as run_only. Bank charter type not specified in articles, so set to unknown.

Events (1)

1. June 5, 1893 Run

Cause: Local Banks
Cause Details: Run precipitated by the recent failure of Herman Schaffner & Co.; rumors and fear spread to savings banks including the Bank of Commerce.
Measures: Added tellers, paid checks as presented throughout the day and night; officers publicly stated they would pay every demand and remain open until all depositors were served.
Newspaper Excerpt: The first to feel the effect of the excitement was the Bank of Commerce ... These took alarm ... and bore down upon the Bank of Commerce in full force at the opening hour.
Source: newspapers

Newspaper Articles (11)

1. June 6, 1893 Wheeling Register Wheeling, WV

Article from Wheeling Register, June 6, 1893

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CHICAGO, June 5.-The failure of Herman Shaffner & Co., which occurred last Friday. 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 exeitement was the Bank of Commerce, where a great many Jewish oltizens of the poorer class keep their accounts. These took alarm as the result of the Shaffner faflure and bore down upon the Ban- of Commerce in full force at the opening, hour. The tellers were doubled up and paid checks as fast as presented throughout the day. The excitement spread and soon involved the other savings institutions. The Illinois Trust Co. 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, and at 3 o'clock posted notice on the front door that the bank would remain open until 9 o'clock to-night and as long as the present exeitement should continue. At twelve o'clock to-night the Illinois Trust & Savings Bank was still paying off and the crowd of depositors anxious to draw their money was still as large as ever. The bank officials said that they cared nothing whatever for the run, but were rather pleased than otherwise to pay out the money as it meant & big saving to the institution in interest, the quarterly instalment being due on July 1, and which all depositors who drew their money today have lost. The bank officers estimate that the run so far hasgiven them a net profit of $35,000. It was announced at midnight that the bank would not close as long as a single depositor cared to draw out a dollar. The Hibernian bank, which as the 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 the demand, and at 3 o'elock the excitement had perceptibly decreased. The Dime Savings paid & percentage only on each deposit. The Globe Savings applied the thirtyday rule. The Milwaukee Avenue Savings sustained & moderate run throughout the day. and they too kept open house until o'clock to-night. Equally spirited checking was noticeable upon the Prairie State Savings and Union Trust Company, as well as upon the Avenue Savings Bank, but in no case was any alarm felt by well-informed people. Thesituation was greatly aggravated by a number of board of trade brokers, who, for purposes of their own devoted themselves to the circulation of rumors which involved at one time or another nearly every bank in the city, and & large number of leading stock yard operators. Notwithstanding these malicious stories, there is every reason to believe that none of the leading banking institutions, whethor savings, State or national, of Chicago are in any danger of suspending. The failure of Meadowcroft Bros., & minor institution. occurred but aroused little or no interest in the minds of the general public. Their total deposits did not exceed $200,000.

2. June 6, 1893 Evening Journal Wilmington, DE

Article from Evening Journal, June 6, 1893

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EARLY NEWS SUMMARY. President Cleveland Will Call an Extra Session SOMETIME DURING SEPTEMBER General Run Made By the Small Depositors of Savings Banks, But the Institutions Stood the Severe Test-Delaware Bay Oyster Dredgers to Be Tried at Bridgeton, N. J. President Cleveland, in an interview, declared that he would convene Congress in extra session between September first and fifteenth. He said the financial condition of the country required such action, and intimated that he thought the Sherman Silver law responsible for the outflow of gold. He advised coolness among bankers and study and reflection I among the people. Small Depositors Rush Their Banks. A general run was made by the small depositors upon the Chicago savings banks. The Bank of Commerce, Hibern ian Banking Association, Dime Savings Bank, Union Trust Company, Illinois Saving Fund Company, Prairie Savings Bank and several others were subjected to heavy demands but all went through the day successfully and claim to be able to meet their obligations. New Things at the Fair. The congress of temperance workers was begun at Chicago in connection with the World's Fair congresses. Among the interesting exhibits opened in the mines and Mining Building was the diamond display from South Africa, the earth being washed and diamonds ex tracted while you wait. That Suit of Russell Sage's Clerk The suit of William R Laidlaw, the stock clerk, to recover $50,000 from Russell Sage for the injuries received in the dynamite disaster in the latter's office in which it is alleged Sage used Laidlaw as a shield, was begun in New York. Delaware Dredgers In the Toils. Eight Delaware bay oyster dredgers will be tried at Bridgeton, in cases that will settle the right of the State Riparian Commissioners to dispose of certain oyster beds to private individuals. Mr. Harrity at the White House. National Chairman Harrity was in Washington, and, in company with Cap tain Skinner, of Fulton county, who wants to be pension agent at Pittsburg called at the White House. Mr. Harrity said he was working in the interests of Mr. Doyle for revenue collector. America's Interest Protected. Secretary Herbert received a cable gram from Captain Higginson of the United States steamer Atlanta at Grey. town, Nicaragua, saying he had withdrawn histroops, as the local authorities guaranteed protection to American in terests. Philadelphia's Fourth of July. Council's Committee on Fourth of July celebration will need at least $5,000 more than the $20,000 appropriated to carry out its program.

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

Article from The Morning Call, June 6, 1893

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

4. June 6, 1893 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 Evening Star Washington, DC

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

6. June 6, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, June 6, 1893

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EXCITED DEPOSITORS. Groundless Rumors Start Runs on Chicago Savings Banks CHICAGO, June 5.-The failure of Herman Shaffner, which occurred last Friday, bore fruit today in well-defined almost runs which were precipitated on if not every one of the savings banks of of Chicago. The first to feel the effect the excitement was the Bank of Com- citiwhere a great many Jewish merce, of the poorer class keep their aczens These took the alarm,naturally, and counts. the result of the Shaffner failure, as bore down upon the Bank of Commerce full force at the openin hour. The tellers were doubled ing and paid checks as fast as presented throughout up the day. The excitement other and soon involved the institutions. The which has a larger savings company, spread Illinois share other Trust of class of deposits than any to this bank in the city, amounting at times force of put on an extra and paid every one as and at 11 o'clock over tellers possible, $12,000,000. posted rapidly the a bank no- as tice the front door that towould upon remain open until 10 o'clock excite= and so long as the present Hibernight, should continue. The imment bank. which, as its name for nian was the depository of a plies, number of rish-Americans day, large was crowded all no difficulty in and at 4 o'clock the demand, small but found means. meeting excitement Dime the had perceptibly decreased. The its rule bank took advantage of each Savings paid a percentage only upon the and The Globe Savings applied Avethirty-day deposit. rule. The Milwaukee run Savings sustained a moderate until throughout nue the day, and kept open checking o'clock. Equally spirited State 9 noticeable upon the Prairie as was and Union Trust company, bank, Savings well upon the Avenue Savings felt by but as in no case was any alarm well informed people. The situation was greatly aggravated number of board of trade brokers, devoted by a for purposes of their own, sensathemselves who, to the circulation of involved tional rumors, in which they time or another, nearly every of at one the and a large number stock yards operators. bank leading in city, there Not- is withstanding these efforts, reason to believe that none whether of the every banking institutions, leading state or national, of Chicago, savings, in any danger of suspending. a are failure of Meadowcroft Bros., The institution, occurred. but aroused of the minor no interest in the minds little or public. Their total deposits general not exceed $200,000. Meadowcroft did Co. did a commercial paper similar to that of & Co., the banking Schaffner business Bros. & firm Herman which The an assignment Saturday. the made was one of the oldest in concern Eddy & Walker, attorneys, assets place city. the liabilities at $250,000 and the at $460,000. o'clock tonight the Illinois Trust At 12 Savings bank was still paying off. to and the crowd of depositors anxious and their money was as large as ever. draw bank officials said that they cared The whatever for the run, but were nothing rather pleased than otherwise to pay the money. as it meant a big saving out the institution in interest. The quar- and to installment being due July 1. toall terly depositors who drew their money estihave lost. The bank officers day that the run SO far has given them an-superscript(4) mate net profit of $35,000. It was a nounced at midnight that the as would not be closed bank as a single depositor detail cared long draw out a dollar. A special to was sent for, the force of pay of police which had been constantly for several hours was on took their places. and others ing duty tellers the relieved, paying wint of money was continued at seven frighty The depositors were not dows. or worried, many of them seemed ened regard the matter as a joke, and some to them said they were only drawing of their money because others were doing the "We same will thing. stay right here for three months," said President Mitchell to not close our doors night on such a proceeding should It will take day necessary. night."and if these become seven pay at least that length of time to men the money out of our vaults. Even if out get no more deposits' we are good for we run no matter how long it keep$ any We have no intention of taking up. advantage of the time clause. Any he wants it. depositor can get his money at any time

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

Article from The Indianapolis Journal, June 7, 1893

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

8. June 7, 1893 Waterbury Evening Democrat Waterbury, CT

Article from Waterbury Evening Democrat, June 7, 1893

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1 CHICAGO'S FINANCIAL FLURRY Confidence of Poorer Classes of Depositors Not Yet Restored. CHICAGO, June 7. -Notwithstanding the evident stability of Chicago's saving institutions, as demonstrated by their prompt response to Monday's run and the refusal of a large majority to take advantage of the sixty and ninety days' notice, it was apparent yesterday that the confidence of the poorer classes of depositors is not entirely restored. Lines of people began to form in front of the Illinois Trust and Savings Bank, the Bank of Commerce, the Union Trust company, the Globe Savings Bank, and other institutions of the same class, as early as 7 o'clock. Notices were posted on the doors of all the banks that they would be open for business at 10. Every institution is stated to be well supplied with funds, and no fears are entertained in financial circles that any of them will go to the wall. It was 3 o'clock yesterday morning when the Illinois Trust and Savings company paid off the last of the depositors in waiting. This is the first time in the history of the United States that a bank has kept open all night to assist in maintaining CO n fidence. It has savings deposits amounting to $10,500,000, and it claims its ability to pay off every cent without requiring the legal notice and then to have several millions in its safes. Its stockholders com prise some fifty or more of the wealthies men in Chicago, any one of them good for a quarter to a half of the bank's liability. WASHINGTON, June 7.-Comptroller Eckeis said to a reporter, in reply to 8 question, that "SO far as present advices go from Chicago, no national bank ha been affected by the financial flurry. The Clearing House Association stand ready and willing to assist one another, and give aid in every manner needed. This fact will do much to give confidence to the people, and prevent anything like a run upon any national bank. The savings bank failures have not produced any consternation among the depositors of the national banks, and will not." The abstract of the condition of national banks in Chicago on the date of the last call showed a reserve of 29.43 per cent, or 4.45 per cent. above the reserve required by law. The total resources are stated at $160,864,804. The surplus fund was $11,516,700, and undivided profits $2,596,000.

9. June 7, 1893 The Evening Herald Shenandoah, PA

Article from The Evening Herald, June 7, 1893

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CHICAGO'S FINANCIAL FLURRY. Confidence of Poorer Classes of Depositors Not Yet Restored. CHICAGO, June 7. -Notwithstanding the evident stability of Chicago's saving institutions, as demonstrated by their prompt response to Monday's run and the refusal of a large majority to take advantage of the sixty and ninety days' notice, it was apparent yesterday that the confidence of the poorer classes of depositors is not entirely restored. Lines of people began to form in front of the Illinois Trust and Savings Bank, the Bank of Commerce, the Union Trust company, the Globe Savings Bank, and other institutions of the same class, as early as ? o'clock Notices were posted on the doors of all the banks that they would be open for business at 10. Ev ry institution is stated to be well supplied with funds, and no fears are entertained in financial circles that any of them will go to the wall. It was 3 o'clock yesterday morning when the Illinois Trust and Savings company paid off the last of the depositors in waiting. This is the first time in the history of the United States that a bank has kept open all night to assist in maintaining CO fidence. It has savings deposits amount ing to $10,500,000, and it claims its ability to pay off every cent without requiring the legal notice and then to have several millions in its safes. Its stockholders com ) prise some fifty or more of the wealthiest e men in Chicago, any one of them good for 3 a quarter to a half of the bank's liability. WASHINGTON, June .-Comptroller t Eckels said to a reporter, in reply to a question, that "so far as present advices go from Chicago, no national bank has t been affected by the financial flurry. The I Clearing House Association stand ready and willing to assist one another, and give aid in every manner needed. This fact will do much to give confidence to the I people, and prevent anything like a run t upon any nat. onal bank. The savings bank failures have not produced any consternation among the depositors of the national banks, and will not." The abstract of the condition of national ] banks in Chicago on the date of the last , call showed a reserve of 29.45 per cent, or 1 4.45 per cent. above the reserve required y by law. The total resources are stated at $160,864,804. The surplus tund was $11. e 516,700, and undivided profits $2,596,000.

10. June 7, 1893 Rock Island Daily Argus Rock Island, IL

Article from Rock Island Daily Argus, June 7, 1893

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THE RUN BEGINS TO ABATE. Everybody Paid Who Wanted Money and Millions in Sight. The day's developments showed an increased steadiness among the money 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 the panicky outburst of Monday. Those banks upon which the run was continued were the Illinois Trust and Savings, the Hibernian, the Union Trust and 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 and the Globe Savings. In the afternoon it was easy to see that the excitement was dying ont. Philip D. 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 of the frightened depositors took advantage of the millionaire packer's offer; some accepted a written guarantee, some were given checks, and in one case, that of an old woman with a deposit of $100, the amount was paid 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 signs 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. Every bank attacked had ample backing besides the cash on hand. When business opened there were great piles of greenbacks. gold and silver. piled up behind

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

Article from The Farmers' Union, June 29, 1893

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