4378. Drovers Trust & Savings Bank (Chicago, IL)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
045ee2f2

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous articles (Aug 5–7, 1904) describe a depositor rush caused by an unfounded rumor related to packing-house strike activity. Bank met demands, called in extra tellers, paid all withdrawals, and there is no mention of suspension or closure—episode is run_only.

Events (1)
1. August 5, 1904 Run
Cause
Rumor Or Misinformation
Cause Details
Unfounded rumor that a packers' representative had withdrawn his money and reports that the bank was being used as a pay depot for strikebreakers; circulation of anonymous letters and circulars blamed.
Measures
Doubled paying tellers, called in extra tellers, kept place open and paid all depositors; extended hours to satisfy customers.
Newspaper Excerpt
Started by Story That Assets Had Been Loaned to Packers...Hundreds of strikers and others today thronged to the Drovers' Trust and Savings bank...withdrew deposits...When the run began the officials doubled the force of paying tellers and met all withdrawal demands.
Source
newspapers

Newspaper Articles (10)
1. August 5, 1904 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, August 5, 1904

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Drovers Trust & Savings Institution at Chicago Stock Yards Subjected to Rush of Depositors to Withdraw Their Money. ALL COMERS ARE PAID Officials Declare Their Ability to Withstand the Pressure. Started by Story That Assets Had Been Loaned to Packers. Chicago, Aug. 5.-Hundreds of strikers and others today thronged to the Drovers' Trust and Savings bank near the main entrance of the stock yards 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, Libbey, McNeill & Libbey, in making the bank an adjunct to their pay department. On, Wednesday, it is said, Edward Tilden, a director of the company, led strike breakers to the bank in order that they might be paid off in cash instead of having to experience the 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 and 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, 1902, and its last report June 10, 1904, shows resources and liabilities amounting to $1,865,506. "There is no truth in the statements that caused the run." said Vice President William A. Tilden of the bank. Mr. Tilden is a brother of the Libbey, McNeil & Libbey 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 Williams H. Brintnall, president: Charles S. Brintnall, cashier, and William C. Cummings, assistant cashier. Mr. William H. Brintnall is also president of the Drovers' National Bank of Deposit, of which William A. Tilden. of the savings bank. is cashier. Mr. William A. Tilden's brother. Edward Tilden, is vice president of the Drovers' National bank. Both banks are located in the same room and this fact helped to give rise to the report that there was a run on the national bank. The run, however, was exclusive 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 extend in a line 200 feet either way from the entrance and was beginning to show signs of restlessness.

2. August 6, 1904 The Evening World New York, NY
Article from The Evening World, August 6, 1904

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NOT BOTHERED BY BANK RUN. Drovers Trust and Savings, of Chicago, Pays Claims-Makes Loans. CHICAGO, Aug. 6.-When the doors of the Drovers' Turst and Savings Bank at the stockyards opened to-day, about 150 persons were in line to withdraw deposits, continuing the run begun on the bank yesterday. Vice-President Tilden said that he expected there would be withdrawals by the smaller depositors for some time. "We are prepared for every emergency, he said. "This demand bothers us 80 little, that merely to show our financial strength I will say that we expect to make two large loans to-day. We would not do that if we feared a run."

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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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 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, August 6, 1904

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Run on Stockyards Bank CHICAGO, Aug. G.-A run has begun here on the Drovers' Trust and Savings bank, located at the main entrance of the stockyards. Edward TIIden, 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.

5. August 6, 1904 The Morning Astorian Astoria, OR
Article from The Morning Astorian, August 6, 1904

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Bank Officials Meet Emergency by Employing Help and Paying All Their Money. STOCKMEN VISIT WINDY CITY Montana Delegation Arrives to Investigate Cause of Strike, and May Make Over. tures for Peace. Chicago, Aug. 5.-The strike In the packing houses had a counter attraction today In the excitement attending the run on the Drovers' Trust & Savings bank. which is in the stockyards. The rush of 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 used by the packing companies as an adjunct in paying employes who have taken the places of the strikers. All day long hundreds of depositors stood In line and withdrew their small deposits. When closing time came this afternoon thousands of persons were waiting. The bank determined to meet the emergency, called in extra tellers and the place was. ken open until every depositor who present ed himself had been satisfied. Rumors of another peace conference between the packers and the strikers were occasioned by the presence at the livestock exchange of John M. Boardman and M. E. Milner, president and secretary of the Montana Round-up an organization of drovsends nearly head ers. Association, which 250,000 of cattle to the yards each year. The Montana men represent several million of dollars and announced that they were in Chicago to Investigate the causes and conditions surrounding the strike. Government May Intervene. That the federal government is preparing to take an active part in the stockyards strike was indicated today when International Secretary Call, of the Butcher Workmen, divulged the fact that he has been in conference with an emissary of the United States bureau of commerce and labor. Who this agent is, or what his Immediate plans are, Mr. Call refuses to say, but the strike leader made this 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 none of them that is not amenable to the federal laws. A sample of their operations came to my knowledge after stories had been printed in the newspapers telling of the importation of emigrants from foreign lands to take the place of American working men who are on 1 strike. One of our pickets found in c the street an emigrant receipt showing t that the emigrant had been paid $58.70 h for passage to Chicago. At the bottom n of the printed slip was the sentence: t 'We hereby agree to rebate $58.70 on presentation of this receipt at our Chicago office.' I showed this document to I an official of the United States bureau of commerce and labor and inadvertently allowed him to keep it." Recording Secretary Shanahan, of the Packing House Teamsters' Union, announced today that orders would be issued Immediately to stop the removI al of meats from the several cold storage warehouses in the city. The Allied Trades executive committee, he said, would act upon the teamsters' position, and a report favoring sympathetic action by teamsters who have been distributing meat from warehouses would mean the immediate isa suance of a strike order to those drivers. f t Prsident Donnelly, the strike leader, 1: who has been on a trip to Kansas City

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 Evening Journal Wilmington, DE
Article from Evening Journal, August 6, 1904

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THE WORLD'S NEWS THE WAR. DMIRAL TOGO reports a twentyminute engagement off Port A Arthur, after which a flotilla of Russian small craft was driven back into the harbor. Firing was heard in the direction of the fortress is a report from Tientsin. Dispatches of the day indicate no change in the situation after the Russian retreats of Sunday. WASHINGTON. Minister Leishman reported from Constantinople) that he had failed to secure from the Sultan of Turkey the concessions demanded for Americans, and the President and Cabinet met to consider further action. Minister Bowen lodged with President Castro a strong protest against the seizure by the Venezuelan Government of the asphalt mines belonging to the New York and Burmudez Company. POLITICAL. Judge Parker formally resigned his 2 office as Chief Judge of the Court of Appeals of New York, to take effect immediately. 1 e Democratic leaders ignore Tammany's demand to oust McCarren. S a vigorous a campaign will be Chairman Taggart waged says in the West. Gorman is in New York for conferences. e FOREIGN. 1 The British expedition in Tibet crossed the Brahmapootra, and Colonel Younghusband denied the petition of n peace delegates that he refrain from e entering Lassa. e A mob of Haltians at Archarlees looted Syrian shops and stripped the proprietors of all they had. The Cuban Senate secured a quorum, and took steps to put an end to the deadlock in the Congress. The American Minister to San Doe mingo suggested that a warship be y sent there, and a revolution is believed n to be impending. SPORTING. Is The Phillies were beaten in eleven innings by Cincinnati, while the Athletics won the first game of the series "with Chicago. 11 A fine wind favored the yachts of the r Corinthian fleet, and an exceptional run was made from New London to Newport. The American schooner Ingomar n again outsailed Emperor William's Meteor. a F. A. LaRoche is nearing this city on his remarkable automobile run of 3,500 miles without stopping the motor e of his car. Close finishes marked the day's racing at Saratoga. Augur scored a popug lar victory for the Keene stable. Five y favorites finished first at St. Louis. Clifton Forge won Harlem feature, Fred Foster and Jockey Gray were m ruled off the turf for life at Chicago. n, Robert Smith, of Philadelphia, drove d the mare, Sweet Marie, to victory in g. the $5,000 Electric City Stake at Bufifalo. Major Delmar trotted a half mile ein 59 1/2 seconds, at Poughkeepsie. S. is S. Blackburn won two races at Coatesville. MISCELLANEOUS. 1, The Board of Conciliation met in 's Wilkesbarre, hard coal operators made e concessions to minefs, and it was said that there would be no strike this year. from that Postoffice A the dispatch inquiry Washington here might said DO yet result in the removal of Postmaster McMichael. Canadian engineers have asked a y railroad to discharge American engineers. W of A committee appointed by the Gov10 ernor of the Philippines recommended he that the opium trade in the islands be in a government monopoly for three years and that the importation of the drug be then prohibited. After reinspection the Grand Reof public, sister boat of the Slocum, was er passed, but capacity was reduced to 1,250 passengers. hThe National City Bank. of New York, announced that it will ship to Europe on Tuesday $2,500,000 in gold. Gold, an he tal was Philip languages, interpreter held for in operating Orien Van illicit still at his cottage on Staten Island. Seven little girls and a man were y? drowned while bathing in the Missisas sippi River, at Alton, III. As a result of the packers' strike in of Chicago, a run was made on the Drovte. ers' Trust and Savings Bank. It continued for ten hours. but there was plenty of money for all depositors. I. E. Cooper, convicted of murder in an Florida, was respited just as gallows was ready.

8. August 7, 1904 New-York Tribune New York, NY
Article from New-York Tribune, August 7, 1904

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STRIKERS HOLD A PICNIC. RUN ON BANK ENDED. Work Going on Steadily in Chicago Stockyards. Chicago, Aug. 6.-The stockyards strikers forgot their animosities and troubles to-day long enough to join in a peaceable demonstration, the first since the strike was called. nearly four weeks ago. In a street parade several mifes long fully 25,000 strikers and their families encircled the stockyards district, marching to the music from a dozen bands. The demonstration ended with a picnic at Oswald's Grove, where addresses were made by labor leaders. While these were in progress there were peace and quiet around the big packing plants at the stockyards. Even the question of extending the strike by involving the teamsters was heid in abeyance. The committee of the Allied Trades Unions which was appointed to take up the question of ordering out the truck and coal teamsters met early in the day, but adjourned on account of the merrymaking The question of shutting off the Ice supply at the yards will also wait until Monday because of the picnic, the conference which was to have taken place between President Donnelly, of the striking butchers' union and the officers of the ice Wagon Drivers' Union being postponed. While the strikers were at their sport the packers kept up their work of killing and shipping. The usual number of non-union men was received at the different plants and put to work. Country butchers were numerous among today's arrivals, and in a statement issued by the packers to-night it is asserted that a few more days like to-day will put them in such a posiLion that it will not be necessary to add to the forces of the butchering and casing departments. The run on the Drovers' Trust and Savings Bank came to an end to-day. Several small depositors withdrew their money from the bank in the morning, but by noon the run was over. The police are now endeavoring to discover the identity of the persons who were responsible for the circulation of anonymous letters and circulars which caused the run. "Take mother out of the packing house so we can have her care at home." Two hundred little children, dressed in white and waving tiny flags, bore this appeal on placards as they marched at the head of the women workers in the strikers' parade. With the exception of some of the banners borne by the children, there was a marked absence of inscriptions calling attention to strike conditions. One of the children's banners bore this: "Give father living wages so that we can go to school." The crowds along the line of march were orderly and the few policemen had little or nothing to do. The strike leaders have given to the newspapers copies of a letter which purports to have been written by a department manager of one of the big packing companies to the company's salesmen. This letter, which is dated August 4. says that "probably not over 25 or 30 per cent of the business is being done that would be done under normal conditions." It says further that there is little prospect of doing much more business next week, but that "we hope, however, to be able to start business not later than the week beginning August 15." The statements are so much at variance with those that have been given to the press by the packing companies that the strike leaders are industriously circulating them.

9. August 11, 1904 The Bamberg Herald Bamberg, SC
Article from The Bamberg Herald, August 11, 1904

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RUN ON CHICAGO BANK. Strikers, Frightened Over False Rumor, Draw Out Their Little Funds. The strike in the packing houses at Chicago was practically lost sight of Friday in the excitement attending a run on the Drover's Trust and Savings bank, one of the stock yard's institutions. The rush of the depositors to the bank started early in the day, because of an unfounded rumor that one of the packers' representatives had drawn his money from the institution. 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.

10. August 18, 1904 Iowa County Democrat Mineral Point, WI
Article from Iowa County Democrat, August 18, 1904

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LABOR. Martial law has been declared at Ziegler, III., and W. C. Dowell assumes the position of chief deputy marshal. Pennsylvania coal strike may be avoided by the submission of the en tire controversy to Judge George Gray. The trades unions of New York ignored building trades employers ultimatum and a great lockout OC. curred. The federation of labor asked every union in Chicago to give financial aid to the strikers; $4,700 a week is expected. Joseph Leiter said his mine at Ziegler, III., soon would have a full force and that no strikers would be taken back. Chicago strikers, aided by yellow journalism. started a run on the Drovers' Trust and Savings bank, resulting in their losing three months interest on $250,000. The street carmen's union has de cided to call off the strike on the Blomington and Normal Railway Elee trie and Heating company which has been in progress since Jan. 1, having lost the fight for an advance in wages, recognition of the union, and easiest runs for the older men.