4481. Home Savings & State Bank (Peoria, IL)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
May 4, 1906
Location
Peoria, Illinois (40.694, -89.589)

Metadata

Model
gpt-5-mini
Short Digest
17d4557074850c49

Response Measures

None

Description

OCR/wording variations in articles: bank referred to as Home State and Savings bank / Home Savings and State bank. Multiple newspapers report a small run in early May 1906 caused by rumors linking the bank to the German Fire Insurance Company (losses in San Francisco) and to the failed Teis Smith & Co. in Plano. Officers denied any connection and the bank remained open; outside funds were being sent to bolster liquidity.

Events (1)
1. May 4, 1906 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors that the bank was connected with the German Fire Insurance Company which lost heavily in the San Francisco fire, and rumors of connection with the failed Teis Smith & Co. in Plano.
Measures
Money sent from Chicago and local banks promised assistance; bank officers publicly denied connections and prepared to meet withdrawals.
Newspaper Excerpt
Withdrawals of $20,000 from the Home State and Savings bank of Peoria, were made yesterday afternoon in a run caused by rumors...
Source
newspapers

Newspaper Articles (3)
1. May 5, 1906 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, May 5, 1906

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Article Text

RUN ON A PEORIA BANK Home State and Savings Victim of Rumor That is Declared Groundless. Peoria, May 5.-Withdrawals of $20,000 from the Home State and Savings bank of Peoria, were made yesterday afternoon in a run caused by rumors that the bank was connected with the German Fire Insurance company of Peoria, which lost heavily in the San Francisco fire. Vice President Ulrich stated last night that his bank was in no way interested in the insurance company and was perfectly solvent. The bank has deposits of over a million- dollars.

2. May 5, 1906 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, May 5, 1906

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Article Text

RUN ON BANKS AT PEORIA. Money Now on Way From Chicago to Protect Savings Concern. Peoria, Ill., May 5.-Rumors that the Home Savings and State bank of Peoria had lost heavily in recent business transactions caused a run on the institution late yesterday afternoon. The run came late and less than $20,000 was withdrawn. Money is now on the way from Chicago and local banks have promised to help prepare for any trouble which may come today. The run was started by the rumor that ,the bank wasjconnected with the failed Teis Smith & Co. bank in Plano, which closed its doors three weeks ago. Officers of the bank deny any connection with the institution. The capital is $120,000, with $50,000 surplus and deposits of over $1,000,000.

3. May 11, 1906 Dakota Farmers' Leader Canton, SD
Article from Dakota Farmers' Leader, May 11, 1906

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Article Text

RUN ON PEORIA BANK. Rumor of Heavy Loss In San Francisco is the Cause. Peoria, III.: A small run on the Home State and Savings Bank of Peoria, took place Friday afternoon as the result of rumors that the bank was connected with the German Fire Insurance Company, of Peoria, which lost heavily In the San Francisco disaster, Charles Ulrichs, vice president of the bank, stated Friday night that his bank was in no way interested in the German Fire Insurance Company and was perfectly solvent. Preparations have been made to meet the expected run. The bank has deposits of over a million dollars and is known as a conservative Institution.