4460. Globe Savings Bank (Chicago, IL)

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: bcc98b94

Response Measures

Partial suspension

Description

Multiple contemporary articles (June 5–6, 1893) report a run on the Globe Savings Bank in Chicago. The bank posted that it would apply the legal 30-day notice for savings withdrawals but did not suspend or close; it met demands and required notice. The runs were sparked by the failure of Hermann Schaffner & Co. and by malicious/sensational rumors circulated by Board of Trade brokers, so cause classified as rumor_or_misinformation.

Events (1)

1. June 5, 1893 Run

Cause: Rumor Or Misinformation
Cause Details: Runs across Chicago savings banks followed the failure of Hermann Schaffner & Co.; Board of Trade brokers circulated sensational and groundless rumors that precipitated depositors to withdraw funds.
Measures: Posted notice invoking the 30-day legal withdrawal rule for savings deposits; met withdrawals presented and required notice for savings.
Newspaper Excerpt: The Globe Savings Bank applied the thirty-day rule.
Source: newspapers

Newspaper Articles (17)

1. June 6, 1893 The Record-Union Sacramento, CA

Article from The Record-Union, June 6, 1893

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ANXIOUS DEPOSITORS. CHICAGO BANKERS ARE HAVING TROUBLOUS TIMES. Board of Trade Brokers Trying to Precipitate a Panie-Unusual Banking Hours. Special to the RECORD-UNION. CHICAGO, June 6.-3 A. M.-The failure of Hermann Schaffner & Co.'s Bank, which occurred last week, bore fruit yesterday in well defined runs which were precipitated on almost, if not every one of the savings banks of Chicago. First to feel the effect of the excitement was the Bank of Commerce, where a great many of the accounts. The class keep Jewish their citizens Schaffner poorer failure had alarmed them and they bore down upon the Commerce at the opening hour. Tellers were doubled up and paid checks as fast as presented throughout the day, the officials of the bank expressing no and that they to meet would alarm be whatever, able any saying demands. 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 and everyone as as extra rapidly force of tellers possible. paid At 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 as long as the present excitement continued. 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 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. 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 9 o'clock was noted Equally housa spirited until checking to-night. upon the Price, State National and rie as well as State Savings Banks, Prai- upon the Union Trust Company and the Avenue Savings Bank, but in no case was any alarm felt by well-informed people. In many these fact, at of institutions large depositors came in during the afternoon and made heavy deposits. To-day's 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 the city and a large number of leading stock yards operators. 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 total of minor institution, with deposits perhaps $200,000, aroused little or no interest. At midnight the Illinois Trust and Savings Bank was still paying off, and the crowd of depositors anxious to draw was as large as money bank still ever. The officials are rather pleased than pay out the it otherwise to money, as means a big saving to the institution in interest. So far the net profit is about $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 right months and not here for three close stay 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 paying-tellers at seven windows having been relieved by fresh men and enough people are still waiting for money to keep the bank open two hours more. President Mitchell said he had plenty money on hand and plenty of men to pay it out.

2. June 6, 1893 The Helena Independent Helena, MT

Article from The Helena Independent, June 6, 1893

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Not the Slightest Uneasiness Over the Condition of the Leading Institutions. Depositors in Savings Banks Ask for Their Money and Get It. The Demonstration of Solidity Should Go n Long Way Toward Reassuring the Whole Country. CHICAGO, June 5.-The failure of Herrmann Schaffner & Co.'s bank, which occarred last week, bore fruit to-day in well defined rans which were perceptible 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 oitizens of the poorer class kept their accounts: The Schaffner failure had alarmed them and they bore down upon the Bank of Commerce at the opening hour. Tellers were doubled up and paid obocks ns fast as presented throughout the day, the officials of the bank expressing no ala in whatever and saying 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 the city, amounting at times to over $12,000,000, put on an extra force of tellers and paid everyone as rapidly as possible. At three o' clock this afternoon they posted fl notice on the front door that the bank would remain open until 10 o'cleck to-night and so long as the present excitement continues. The Hibern. ian bank, which, as its name implies, was the depository for a large numbes of IrishAmericans 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 day notice of withdrawal, and paid only a small percentage of deposits to-day. 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 until nine o'clook to-night. Equally spirited checking was noted upon the Prairie State National and Preirio State Savings banks, as well as upon the Union Trust company and Avenue Savings bank, but in no ease WAS any alarm felt by well informed people. In fact, at many of these institutions, large ositors dame in during the afternoon, and made heavy deposits. To-day's situation was greatly aggravated by a number of board of trade brokers. who, for reasons of their own, devoted themselves to the circulation of sonsational ramors at which they involved at one time or another nearly every bank in the oity, and R large number of leading stook yards operators. 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 institution with a total deposit of perhaps $200,000, aroused little or no interest. CHICAGO, June 6., 1:30 A. m.-The Illinois Trust and Savings bank is still open. the force of paying telle's at seven windows having been relieved by fresh men, and enough people are still waiting for money to keep the bank open two hours more. President Mitchell said there is plenty of money on hand and plenty of mon to pay it out. KANSAS CITY. June 5.-The Kansas Grain company. which claims to be the largest purchaser of grain from producers in the world, has failed. The officers here decline to make any statement of the Assets and liabilities Bill they are authorized by President Tompler, who is in charge of the office at Hutchinson. The company has elevators in over A hundred towns in Kansas, all containing grain. Tight money was the cause of the failure. SPOKANE. June 5.-The Bank of Spokane temporarily closed its doors this morning. The suspension caused no excitement. The embarrasement is due to the tightness of the money market. A. M. Cannon, president of the bank. has many large interests in this city and is reported a mniti-millionai e. CHICAGO, June 5.-F. A. Armstrong & Co., manufacturers and dealers in society and military uniforms. failed. Their liabilities are $105,000 and the assets $205,000.

3. June 6, 1893 New-York Tribune New York, NY

Article from New-York Tribune, June 6, 1893

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PRICE THREE CENTS. RUN ON CHICAGO BANKS. A PANIC SPREADING AMONG TIMID DE POSITORS. ONLY ONE INSTITUTION GIVES THE LEGAL NOTICE-THEILLINOIS TRUST AND SAVINGS BANK PAYING OUT AT MIDNIGHTFEARS STARTED BY GROUNDLESS RUMORS. Chicago, June 5.-Wild and unfounded rumors of impending financial disaster caused a senseleas run on many of the banks in Chicago to-day. Those chiefly affected were the Prairie State Na tional 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 sagacity. soundness and foresight of Chicago bankers to say that they all withstood the strain. Where the rumors sprang from a mystery. It is no mystery how they spread, for wildfire is no quicker in its flight than rumor when she takes a fling at the banks. Whether malice or ignorance inspired the rumors is unknown. but whichever it was the effect was instantaneous and widespread. Fortunately the effect was confined to uncomfortable crowding in the banking rooms. to pushing and hauling among excited depositors seeking to withdraw their money, and to the gathering of curious crowds upon the sidewalks outside the banks One of the earliest and apparently the most malicious rumor of the day was to the effect that John M. Smyth, the large furniture dealer on West Madison-st. had failed There was no truth in the report and the managers of the concern assign no reason for its having started. Other similar rumors of financial troubles were found to he without basis when traced down. but they had spread far and wide before they could he successfully contradicted. and the move ment on the city banks began. It was the small depositors of savings-the people with from $30 to $500 to their credit-wh soon filled many of the banking room and began to clamor for their money. In every case they found. greatly to their comfort, the cashiers were prepared for them and ready to hand out dollar for dollar. and it then became a question merely of standing in line to await turns at the paying tellers' wickets. All who came up to 3 o'clock, the regular hour for closing the banks, were ranged in line, and when the doors were shut the payments proceeded just the same until the last depositor within the bank walls had received the amount due him. Early in the afternoon the Illinois Trust and Savings Bank posted notice saying that the banks would remain open until o'clock to-night to pay depositors, and that the commercial branch of the institution would remain open until the same time to pay checks. Later it was announced that the bank would open its doors at 9 o'clock to-morrow or an hour earlier than usual to accommodate those who wished to withdraw their money. These notices had no effect, however, in allaying the panic, and the bank continued to pay off depositors as rapidly as the seven tellers could count out the money. President Mitchell said this evening: We will until 9 o'clock at night for the meat of depositors as long a. this run continues. There are $10,000,000 deposits in this department of the bank. and seven men are paying do positors. Working twelve hours a day it will take seven men 100 days to pay out the $10,000,000.* At midnight the doors of the Illinois Trust and savings Bank still open, and nearly 100 depositors are in the bank getting their money as fast as possible. The bank officials Bay they do not propose to close up at all: that they will remain open until the people cease coming for their money. don't know what it means," said Cashier Gibbs, but do know it is largely due to the newspaper reports and sensational rumors that have come to the people. As for the Illinois Trust and Savings Bank, we can stand any kind of run. We are asking nothing of anybody and are not alarmed. As yet there is no occasion for alarm, but if the people keep on drawing their money out of the banks there will be trouble. All of this cash will be taken out of circulation and there will be a big crash." The Globe savings Bank posted a notice this afternoon that it would take advantage of the law requiring from thirty to sixty days' notice for the withdrawal of savings deposits. There was no serious run on the bank to-day, but its officers decided to protect themselves as far as possible. The concern is controlled by NewEngland people. There was also a heavy run on the Prairie State Savings and Trust Company, owned by the same capitalists as those managing the Prairie State National Bank Unlike the latter institution, the savings bank required sixty days' notice of withdrawal of deposits. The throng of people which surged about the doors of the savings bank was composed of laboring people who had placed their all in the institution. An immense amount of money was paid out during the day without any perceptible diminution of the crowd, but the officials of the bank appeared to take the matter easily and met all demands made upon them. The officers of the Hibernian Banking Association are not in the least alarined over the run on their institution. It is regarded as one of the strongest savings banks in the country. The depositors are mostly Irish, and it is the depository of large amounts of the funds of the various Roman Catholic parishes. Its last report showed deposits of two and three-quarter millions: indi. vidual deposits of three-quarters of million. and ivided profits o third ot a million. The capital stock is $220,000. Vice-President Charles all Clark, who is manager of the savings debartment said at 1 o'clock : We have been paying off the morning at the rate of three a minute. the applicants are those who have money in the All savings department. They are poor people who have every dollar in the world they possess with us. and naturally with the existing conditions they have got nervous. We do not blame them. Under our rules we can compel notice of to ninety days, but we are not doing this sixty There is no need for any alarm so far yet concerned, and we do not propose to enforce as we the usual notice unless we have to. It is significant that our commercial customers, those whose deposits are subject to check in the regular way, are not troubling us at all." The crowd outside of the Dime Savings had doubled by o'clock, but President Smaule Bank G. Bailey expressed no uncasiness, nor would day say whether the bank would enforce its he he rule. We have funds sufficient on thirty. said, for all regular purposes and even hand," an emergency. No occasion exists for this for in progress on these institutions also. alarm, bank does solely a savings business, its Investiga- last of $500,000, and a loans at the time of to $457,000, while bonds of port report $51,000. showing amounted and The deposits United the surplus States same cash on hand aggregated $225,000."

4. June 6, 1893 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, June 6, 1893

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CHICAGO, June 5.-The failure of Herman Schaftner, 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 excitement was the Bank of Commerce, where a great many Jewish citizens of the poorer class keep their accounts. These took alarm as the result of the Schaffner failure, and boro down upon the Bank 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 Company. which has a larger lino 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 ar rapidly as possible, and at 3 o'clock posted notice on the front door that the bank would remain open until 'clock to-night, and as long as the present excitement should continue. 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 the demand, and at 3 o'clock the excitement had perceptibly decreased. The Dime Savings Bank paid a percontage only on each deposit. The Globe Savings Bank applied the thirty rule: The Milwaukee 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 noticeable upon the Prairie State Savings Bank and Union Trust Company, as well as upon the Avenue Savings Bank, but in no case was any alarm felt by well informed people. The situation was greatly aggravated by a number of board of trade brokers, who, for purposes of their own, devoted themselves to the circulation of rumors in which they involved at one time or another nearly every bank in the city and a large number of leading stock yards operators. Notwithstanding these malicious stories there is every reason to believe that none of the leading banking institutions, whether savings, state or national, of Chicago are in any danger of suspending. The failure of Meadowcroft Bros., a minor institution, occurred, but aroused little or no interest in the minds of the general public. Their total deposits did not exceed $200,000. At 12 o'clock to-night the Illinois Trust and Saving 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 a big saving to the institution in interest. The quarterly instalment being due on July 1, all depositors who drew their money to-day have lost. The bank officers estimate that the run SO far has given 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.

5. 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.

6. June 6, 1893 The Herald Los Angeles, CA

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The Failure of Schaffner & Co. Bearing Fruit. Runs on Every Savings Bank in Chicago. Meadowcroft Bros. Unable to Stand the Pressure. All the Rest Pulled Through-A Long List of Financial Disasters Due to Stringency in Money. By the Associated Press. Chicago, June 5.-The failure of Schaffner & Co's. bank, which last bore in occurred Herrman week, fruit today runs which were if not every one tated well defined on almost, precipi- first of the eavings banks of Chicago. The 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 Commerce at the opening honr. were doubled up on The the tellers and paid checks as fast as presented throughout the officials of the day, the and bank saying expressing no alarm whatever they were able to meet any demanda. 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 front door that the bank would remain open until 10 o'clock tonight and 80 long as the present excitement continues. Hibernian bank, which as the name was the of a The implies Irish-Americans depositary for large number of small means, was crowded all day, but found no difficulty in meeting all demands. The Dime Savings bank took advanthe rule requiring, if necessary, 60 notice of tage days' of withdrawal, deposits and today. paid only a percentage of its The Globe Savings bank applied the 30-day rule. The Milwaukee Avenue Savings bank a moderate run sustained throughout house the day, and they, too, kept open until 9 o' clock spirited checking was Equally tonight. noted Praithe State National rie as well as upon State Savings, Price, theAvenue upon and the Union Trust company and but in no case was felt well-informed people. Savings by bank, In alarm fact, of these institutions came in during at positors many the afternoon large deand made heavy deposite. situation was aggraa number of vated Today's by board greatly their of trade who for reasons own to the devoted brokers, themselves which circulation of they in- of sensational rumore in one time or bank in the city a every volved at and another large operators. nearly number leading stockyards these Notwithstanding of malicious safety of efforts, no fear is felt as to the any of the leading banking institutions of this city. The failure of Meadowcroft Brothers, a minor institution, with total deposits of perhaps $200,000, aroused little or no interest. At midnight the Illinois Trust & bank was still the of depositors Savings crowd paying anxious off The and to draw is still as large as ever. are rather as it means a to otherwise bank money officials pleased big So saving far than the the in interest. 18 about $35,000. At that the saving institution announced bank this hour would it not 80 as a draw out a dollar. cared was close to long single continued The depositor paying at of the money is being seven windows. President Mitchell said: 'We shall stay right here for three months and not close our doors night or day if such proceedings should become necessary, We are good for any run, no matter how long it is krept up. a. m. the Illinois Trust and bank is still open, the tellers at seven windows Savings paying At 1:30 force having of by fresh men, and enough are still waiting the bank open two been keep people relieved hours for money more. to Mitchell said was on hand and to of President money plenty there of men plenty pay it out.

7. June 6, 1893 The Daily Morning Astorian Astoria, OR

Article from The Daily Morning Astorian, June 6, 1893

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THE SITUATION NOT IMPROVING Heavy Rnn on Nearly all the Chicago Banks Yesterday. ALL DEMANDS PROMPTLY MET Some of the Houses Kept Open Till a Late Hour-Brokers Circulated Disturbing Rumors. Associated Press. Chicago. June 5.-The failure of Herman Schaffner lb Company's bank, which occurred last week, bore fruits today in well defined runs which were precipitated on almost, if not everyone of the savings banks of Chicago. The first to feel the effect of the excitement was the Bank of Commerce, wher a great many Jewish citizens and the poorer class kept their accounts. The Schaffner failure had alarmed them and they bor down on the Bank of Commerce at the opening hour. The tellers were doubled up and paid the check as fast as presented throughout the day, the officials of the bank expressing nq alarm whatever, and saying they were able to meet any demands. The Illinois Trust & Savings Bank, which has a larger line of this class of depositors than any other bank in the city. amounting at times to we uo and '000'000'7I$ of tellers and paid every one as rapidly as possible. They posted a notice on the front door that the bank would remain open until 10 o'clock, and so long as the present excitement continues. The Hibernian bank, which was the depository for a large number of IrishAmericans of small means, was crowded all day, but found no difficulty in meeting the demands. The Dime Savings Bank took advantage of the rule requiring, if necessary, sixty days' notice of withdrawal, and paid only a percentage on the deposits today. The Globe Savings Pank applied the thirtyday rule. The Milwaukee Avenue Savings Bnk sustained a moderate run throughout the day, and they, too, kept open house until 9 o'clock tonight. An equally spirited was noted up An equally spirited checking was noted on the Prairie State National and the Prairie State Savings Bank, as well as upon the Union Trust Company's and Avenue Savings Bank, but in no case was any alarm felt by wellinformed people. In fact at many of these institution the larger depositors came in during the afternoon and made heavy deposits. Today's situa. tion 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 the city, and a large number of leading stockyard operators. Notwithstanding these malicious efforts, no fear is felt as to the safety of any of the leading banking institution of the city. The failure of Meadowcroft Bros, a minor institution with deposits of perhaps $200,000. aroused little or no interest. At 1:30 a. m. the Illinois Trust and Savings Bank was still open, the force of paying tellers at the seven windows having been relievedd by fresh men, and enough people still waiting for their money to keep the bank open two hours more. The bank officials are rater pleased than otherwise to saving to the institution in interest. So far the net profit is about $35,000. It is announced that the bank would not close as long as a single depositor cared to draw out a dollar. President Mitchell said: "We will stay right here for three months, and not close our doors night or day if such proceedings should become necessary. We are good for any run, no matter how long it keeps up. run, no matter how long it keeps up."

8. 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.

9. 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.

10. 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-

11. 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

12. 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.

13. June 7, 1893 The Times Richmond, VA

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CONFIDENCE RESTORED. The Run on the Chicago Banks on the Wane Other Failures Reported. CHICAGO; ILL., June 6.-This afternoon the crowds surrounding the different banks have diminished, and a measure of confidence seems to have been restored to the savings depositors. Nobody has attempted to assign any reason for the runs other than distrust. More Banks Under Fire. CHICAGO, June 6.-A run began to-day upon the Globe Savings Bank, which has

14. June 7, 1893 The Morning News Savannah, GA

Article from The Morning News, June 7, 1893

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CHICAGO'S BANKS SOLID. The Heavy Runs Fail to Cause a Single Failure. Depositors of the Illinois Savings and Trust Bank Paid Until 2 O'clock in the Morning Before the Doors Were Closed on Monday's Business-The Run Resumed in the Morning, But a Restoration of Confidence Apparent in the Afternoon. Chicago, June 6.-It was after 2 o'clock this morning before the Illinois Trust and Savings Bank closed its doors, after paying the last depositors that remained in line at that hour. This performance, it is said, broke the record, it being the first time in this country, so far as is known, that a bank has remained open after midnight in order to meet a run. As early as 7 o'clock this morning, however, another batch of depositors had made their appearance and they lounged against the walls or sat on the curbstone awaiting the regular hour for opening. At the Bank of Commerce, farther up the street, as well as at the Dime Savings Bank and at the Union Trust and Hibernian Bank the same scenes were enacted. By 10 o'clock it was apparent that yesterday's experiences would be repeated at each institution. At some of them there lines of depositors extending of blocks. At were for a double couple the others middle the of crowd extended out into the street and those composing it pushed inside as best they of the institutions their officers way the insisted could. storm that The and they were able to weather with the exception of the Dime Savings one has so far enforce the thirty even Bank to not found days' it necessary is notice rule, while the latter institution paying from 20 to 80 per cent. in cash according to the needs of the various applicants and require but the usual thirty At days' notice for the balance. the various national banks it is said that the Illinois Trust Company, which has savings deposits subject to notes to a total of $10,500,000, and individual deposits subject to check of $7,500,000 more, is as sound as the Bank of England, and the officers of the institution insist that they can pay off every depositor in the savings branch and still have several millions for an emergency. THIRTY DAYS' NOTICE REQUIRED. A run began to-day upon 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 thirty days notice would be required and the savings depositors had consequently to be content to with giving notice of their intention draw out next month. A large number of those who have withdrawn their money from banks within the past twenty-four hours have deposited it in safety deposit vaults, and lock it is now almost impossible to secure a box at any of those institutions. The crowd about the Prairie State National Bank and the Prairie State Savings and Trust Company, was even greater than that of yesterday. The former institution suffered but little today, however, as the depositors are business men who have implicit confidence in the stability of the bank. Both institutions met all demands. This afternoon the crowds surrounding the different banks diminished and a measure of confidence seems to have been restored to the savings depositors. Nobody has attempted to assign any reason for the runsother than distrust.

15. 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.

16. 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.

17. June 7, 1893 The Roanoke Times Roanoke, VA

Article from The Roanoke Times, June 7, 1893

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THE CHICAGO FLURRY. The Runs Continue But a Better Feeling of Security Prevails. CHICAGO, June 6.-A run began to-day upon the Globe Savings Bank, which has savings and individual deposits to a total of about $600,000. Its oflicers, however, were prompt in announcing that thirty days' notice would be 10. quired, and savings depositors had consequently to be content with giving notice of their intention to draw out next month. A large number of those who have withdrawn their money from banks within the past twenty-four hours have deposited in safety deposit vaults, and it is now almost impossible to secure lock boxes at any of these institutions. The crowd about the Prairie State National Bank and the Prairie State Savings and Trust Company was even greater than that of yesterday. The former institution suffered but little today, however, as the depositors are business men who have implicit conddence in the stability of the bank. Both institutions met all demands. This afternoon the crowds surrounding the different banks diminished and a measure of confidence seemed to have been restored to savings depositors. No body has attempted to assign any reason for the runs other than distrust. SPOKANE, Wash., June 6. - The Bank of Spokane Falls closed its doors yesterday morning. It was a private institution owned by A. W. Cannon, who is reported to be worth in the neighborhood of $3,000,000. Mr. Cannon is also president of the First National Bank of Palouse, and vice-president of the Washington National Bank, of Spokane. The deposits and correspondence with other banks make the liabilities over $300,000 The six national banks of this city are not affected by the failure, and all were appealed to by the private bank and refused assistance.