19cb3a71Accommodated withdrawals
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RUN WAS MADE TODAY ON THE DROVERS' BANK Chicago, Aug. 5.-A run on the Drovers Deposit National Bank at the entrance of the stockyards began today and many depositors were soon in line. Cashier Tilden said all would get their money as the bank was perfectly sound and the run was senseless, caused by the excitement at the stockyards.
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Drovers' Deposit National Bank In Stock Yards Experiences a Run Today MANY RUMORS IN CIRCULATION Bank Appeared to Have Plenty of Money and Depositors Large and Small Were Being Paid Off at a Rapid Rate-Run Appears to Have Been Started By False Rumors. Chicago, Aug. 5 - Hundreds of sthikers and others today thronged the Drovers' Trust and Savings Bank in the stock yards district and withdrew deposits, large or small. The unusual scene attracted a large crowd and set all manner of rumors in circulation. It was created by one of the packing firms, Libby, McNeil & Libby, in making the bank an adjunct to their pay department. When the bank opened a double line of people, extending into the street, greeted the bank officials. Without protest or explanation the officials doubled the force of paying tellers and met all withdrawal demands. The bank is located in the same building with the Drovers' Deposit National bank, its local correspondent. Its capital is $200,000. surplus and profits $30,000. It has a long list of depositors among the workmen about the yards. The police at the bank increased this afternoon to handle crowds which extended in line 200 feet either way from the entrance and was beginning to show signs of restlessness. Chicago, Aug. 5.-A run began today on the Drovers' Deposit National Bank in the stock yards district. Vice-President Tilden said as long as the depositors come they will get their money. The demand was senseless and caused by general excitement at the yards. Tilden declared the run was started by the statement made by some Irresponsible person that the bank had loaned all its money to the packers for the purpose of beating the strikers. Many strikers had deposits in the bank. but the majority of the people who demanded their money were small tradesmen doing business in the stock yards vicinity and working people not connected with the packing plants. The latest report of the condition of the bank gave the resources and liabilities as $5,878,000, deposits $4,973,000. Another reason for starting a run was the rumor which received some credence that a brother of the vice president of the bank and who is connected with the firm of Libby, McNeil & Libby, had withdrawn his money a from the bank. The rumor received prompt denial but was too late to stop the rush for deposits on the part of people who had small savings in the bank. The officials of the bank made no attempt to take advantage of the law which allows them to take three months' time in which to pay savings but allowed people who wanted to have the the deposits, their run spread, money crowd it. of As depositors news of Some more business men substantial increased rapidly. of of the the neighborhood went to the bank and got in line, but many of them soon got over their scare and dropped out, saving the whole thing was simply the result of fright. One version for the run was retaliation for the alleged action of Libby, McNeil & Libby in making the bank an adjunct to the firm's pay department. On Wednesday, it was said, the strike breakers to they might in director in order led that be paid experience the off bank cash instead of having to the embarrassments growing the in out checks. of packers' system of paying
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SUFFERS FROM A "RUN" Started by Strikers Who Did It to Get Even With the Bank Officials. / (By Associated Press.) Chicago, August 5.-A run began today on the Drovers' Deposit bank at the main entrance to the stock yards. The vice president of the bank says the demand is senseless and was caused by general excitement at the yards. The bank's resources and liabilities are nearly six million dollars. Chicago, August 5.-The run on the Drovers' Trust and Savings Bank at the stock yards is said to be organized by strikers in retaliation for the officers of the bank favoring the packers by paying the strike breakers thus giving them advantage over the slow system of packers in paying by check. The Drovers' Deposit National Bank has quarters in the same building and is the local correspondent of the Drovers' Trust and Savings Bank.
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A CHICAGO BANK HAS A RUN TODAY Chicago. Aug 5.-Special-A run began to-day on the Drovers' Deposit National bauk, located at the main entrance of the stockyards. The latest report of the condition of the bank gives resources and liabilities $5,878,000. Edward Tilden vice president says as long as the depositors come they will get their money. The demand is senseless and is caused by the general excitement.
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Chicago bankers complain that the packing house strike is having a most serious effect on the local money market. Millions of dollars which under normal business conditions would be used by the packers are now piling up on Chicago banks, and threaten to depress interest rates. The packers are heavy borrowers under normal conditions, not alone in Chicago but all over the world. They carry loans and notes amounting in the aggregate to nearly $100,000,000. Of this sum about $40,000,000 is carried by Chicago banks, and since the beginning of the strike business has contracted so much that instead of borrowing the packers are paying off loans and taking up notes. A prominent local banker estimates that the packing companies has paid off $10,000,000 of their loans in Chicago since the beginning of the strike, and that they were beginning to retire their obligations at the rate of $4,000,000 a week. Early today Celestear Chera, aged 22 years, a French Canadian employed at the Armour plant, was badly beaten by three men at 88th and Halstend streets. RUN ON A STOCK YARD BANK. A run began on the Drovers' Deposit National bank, located at the main entrance of the stock yards. In reply to inquiries regarding the withdrawals Edward Tilden, vice president of the bank who has been one of the spokesmen for
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RUN ON CHICAGO BANK SENSELESS SAYS OFFICIAL But Depositors Will be Paid Off as Long as They Come -Packers and Strikers Stand Their Ground Despite Talk of Settlement-Bankers Complain of Poor Business Owing to the Strike. Chicago, Aug 5.-A run began today on the Drovers' Deposit National TAKEN TO HOSPITAL. bank, located at the main entrance of stock yards. In reply to inquiries regarding the withdrawals, Edward Man Found in Comatose Condition in Tilden, vice president of the bank, who has been one of the spokesmen Longworth's Barn. for the employers during the packThere was a big sensation at Long ing house strike, said: worth's barn on River street this "As long as the depositors come they will get their money. The demorning when the word was passed mand is senseless and is caused by around that one of Liveryman Mo the general excitement at the yards." Evoy's hostlers. Edward Healw had
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And Attacks on Homes of Strike-Breakers Seems Now to Constitute Chicago Strikers' Policy. The Bank Says It Can and Will Meet All Demands Made Upon It and the Non-Union Men's Homes Are Being Protected by the Police. Chicago, Aug. 5.-A run began the Drovers' Deposit National Bank, located at the main entrance of the stock yards. In response to inquiries regarding the withdrawals, Edward Tilden, vice president of the bank, who has been one of the spokesmen for the employers during the packing house strike, said: "As long as the depositors come they will get their money. The demand senseless and is caused by the general excitement at the yards." The police detail at the bank was increased, this afternoon, to handle the crowd which was beginning to show signs of restlessness At one time than 1500 clamoring depositors were massed about the institution while policemen were at work to keep the throng in order. Meantime the bank had huge piles of greenbacks and silve stacked up on the counters. The officials announced that they would kee, the bank open all night if necessary and that mere cashiers' windows would be opened. After the regular closing time 300 persons were in line, waiting to with draw their money. President Donnelly and Secretary Wilson of the Ice Wagon Drivers Union, conferred, today, on the subject of refusing to deliver ice to retailers who buy of packers whose plants affected by the strike. It was said be probable that as an outcome of conference an attempt would be made to cut off the ice supply of all blacklisted dealers. Besieged families whose homes have been continually attacked because they contain strike-breakers appealed to the police for protection. John Kioll, employee of Swift & Co., reported that the entire front of his home had been wrecked and the inmates had notified that the house would be burned over their heads. A police detail assigned to protect the property. Similar action was taken regarding other places where like conditions were reported.