4483. Hibernian Savings Bank (Chicago, IL)

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: June 6, 1893
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: b91ef0c8

Response Measures

Partial suspension

Description

Multiple June 6–7, 1893 newspaper dispatches describe a run on the Hibernian Savings Bank in Chicago driven by wild and unfounded rumors. The bank posted a notice requiring 30 days' notice on deposits of $100 or less and 60 days on larger amounts (a suspension-of-payments/30-60 rule). There is no article here describing a final permanent failure or a later reopening, so I classify as run -> suspension with outcome unsure.

Events (2)

1. June 6, 1893 Run

Cause: Rumor Or Misinformation
Cause Details: Wild and unfounded rumors of impending financial disaster prompted heavy withdrawals from the Hibernian Savings Bank.
Measures: Bank confronted depositors and subsequently posted notice requiring 30 days' notice on deposits of $100 or less and 60 days on larger amounts.
Newspaper Excerpt: Wild and unfounded rumors of impending financial disaster caused a senseless run on many of the banks in Chicago... Those chiefly affected ... the Hibernian Savings bank.
Source: newspapers

2. June 7, 1893 Suspension

Cause: Rumor Or Misinformation
Cause Details: As a response to the run caused by rumors, the bank required 30-day notice for small deposits and 60-day notice for larger deposits (invocation of notice rule).
Newspaper Excerpt: At the Hibernian the long line of depositors was confronted for the first time this morning by a notice that a thirty days' notice would be required on deposits of $100 or less and sixty days on amounts above that figure.
Source: newspapers

Newspaper Articles (10)

1. June 7, 1893 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, June 7, 1893

Click image to open full size in new tab

Article Text

# TELEGRAPHIC BREVITIES. More banks and business houses in various parts of the country suspended to-day. Salvador Machado, who was selected by the peace commissioners to succeed Sacasa as President of Nicaragua, has been inaurated amid great enthusiasm. With one exception-the Hibernian Saving's Bank-the runs inaugurated on the various savings deposit institutions in Chicago are not nearly so heavy to-day, the crowd being less than half as large as yesterday. At Pinetree harbor, Ont., last night, as 12 men, engaged in loading telegraph poles on a crib for the Cleveland Cedar Company were coming ahore their boat sprang a leak and went down. Four were drowned. Siansbury J. Willey, of Wilmington, Del., supreme master of the exchequer of the Knights of Pythias, is to be expelled from the order and proceedings, are to be begun against him. The order has lost $80,000 through his operations. At the opening of the third day of the Borden murder trial at New Bedford, Mass. this morning, Miss Borden entered the room looking as unconcerned and fresh as any one possibly could under such trying circumstance. The taking of evidence was then resumed. A destructive cyclone visited Bristol, Va., late Monday night, doing considerable damage to property and injuring H. Clintwood and J. P. Roder, prominent citizens. The damage to property is estimated at from $75,000 to $100,000. Two law students in the City of Mexico fought a bloodless duel with pistols last Monday. Three shots were exchanged without effect, and the seconds stopped the affair. Miss Jennette Halford, daughter of ex-President Harrison's private secretary, was married to-day in Nottingham, England, to Edmund A. Benedict, of New York. A large draft of men will be sent by the next steamer to Honolulu to reinforce the crews of the United States ships Adams and Boston, now in that harbor. A block of buildings on Page street, San Francisco, was totally destroyed by fire this morning. Three firemen were killed by falling walls.

2. June 8, 1893 Grand Rapids Herald Grand Rapids, MI

Article from Grand Rapids Herald, June 8, 1893

Click image to open full size in new tab

Article Text

END OF THE RUNS. Chicago Hanks Have a Chance to Breathe Freely Again. CHICAGO. June 7.- With one excep tion. the Hibernian Savings bank, the runs inaugurated are not nearly so heavy today. the crowde being less than half as large as yesterday. At the Hibernian the long line of depositors was confront ed for the first time this morning by a notice to the effect that a thirty days' notice would be required on deposits of $100 or less and sixty days on amounts above that figure. Phil Ar mour, the multi-millionaire, walked up and down the line of depositors in front of the Illinois Trust & Savings bank for an hour today and assured the people that he personally know the bank to be solvent and able and willing to pay everybody on demand. At the same time he told them that a run was injurious to everybody. and especially to the deposit ore with money in a solid bank, and advised them to drop out of the line and return to their homes. He even went so far as to assure those who were in need that if they would step into his office across the street he would cash their books without discount.

3. June 8, 1893 The Times Richmond, VA

Click image to open full size in new tab

Article Text

Receiver for a Hotel Company. CHATTANOOGA, TENN., June 7.-The attorneys representing the Columbia Finance and Trust Company of Louisville, who are trustees under the bondholders and acting in sympathy with the latter, asked Judge Key this morning to name a receiver for the Cumberland Gap Hotel Company, the most important part of the property being Four Seasons Hotel at Harrogate, which has been a resort of New York fashionable people. The applicants for a receivership claim that the appointment was asked merely for the purpose of reorganization. The management remains the same and no change is to be made in the conduet of the hotel. Mr. Lionel Graham, president of the hotel company, is named as receiver. The liabilities are, with the exception of an insignificant amount, the bonded indebtedness of the company$350,000. The assets, conservatively estimated, are $750,000. Small Business Failures. KALAMAZOO, MICH., June 7.-The Winans-Pratt Carriage Company made an assignment yesterday. Liabilities and assets unknown. BEATRICE, NEB June 7.-The State Bank at Cortland closed yesterday. It is a small institution. CHICAGO, ILL., June 7.-Joseph Rathbone & Co., lumber dealers, made a voluntary assignment this morning. The assets are scheduled at $500,000, and the possession of the company's property. The firm is composed of Joseph Rathbone and Morton Butler. Inability to realize on commercial paper is given as the cause of the assignment. BEDFORD, IND., June 7.-The Bedford Bank suspended yesterday. Currency for Chicago and the West. NEW YORK, June 7.-Over $1,000,000 in currency was shipped to-day by New York banks to Chicago. Demands from banks in Cincinnati, Cleveland and other parts of the West brought the total shipments up to $1,500,000. Application was made at the sub-Treasury for a telegraphic transfer of $700,000 to San Francisco. An order for $100,000 was filled, for which gold certificates were received. The Chicago Raids Not So Heavy. CHICAGO, June 7.-With one exception -the Hibernian Savings Bank-the runs inaugurated on the various savings deposit institutions are not nearly so heavy to-day, the crowds being less than half as large as yesterday. At the Hibernian the long line of depositors was confronted for the first time this morning by the notice that a thirty-days' notice would be required on deposits of $100 or less and sixty days on amounts above that figure. PALOUSE, WASH. June 7.-The First National Bank, of this city, closed its doors this morning. The suspension is due to the failure of the Bank of Spokane. The bank has a capital and surplus of $100,000, and deposits of about $30,000.

4. June 8, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, June 8, 1893

Click image to open full size in new tab

Article Text

Chicago's Bank-Runs. (By telegraph to the Dispatch.1 CHICAGO, June 7.-With one exception. that of the Hibernian Savings Bank. the runs inaugurated on the various savings-deposit institutions are not nearly so heavy to-day. the crowds being less than half as large as yesterday. At the H1bernian the long line of depositors was confronted for the first time this morning with a notice that thirty days would be required on deposits of $100 or less, and sixty days on amounts greater than that figure.

5. June 8, 1893 The Morning News Savannah, GA

Article from The Morning News, June 8, 1893

Click image to open full size in new tab

Article Text

CHICAGO'S RUNS PETERING OUT. The Crowds Much Smaller Everywhere Except at the Hibernian. Chicago, June 7.-With one exceptionthe Hibernian Savings Bank-the runs inaugurated on the various savings deposits institutions were not nearly so heavy to-day, the crowds being less than half as large as yesterday. At the Hibernian a long line of depositors was confronted for the first time this morning with a notice that thirty days' notice would be required on deposits of $100 or less, and sixty days on amounts above that figure.

6. June 9, 1893 The Goodland Republic Goodland, KS

Article from The Goodland Republic, June 9, 1893

Click image to open full size in new tab

Article Text

RUN ON MANY CHICAGO BANKS. Excited Depositors Clamor For Their Money. CHICAGO, June 6.- Wild and unfounded rumors of impending financial disaster caused a senseless run on many of the banks in Chicago Monday. Those chiefly affected were the Prairie State National bank, the State Bank of Commerce, the Hibernian Savings bank, the Union Trust Company's bank and the Illinois Trust 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 is a mystery. Whether malice or ignorance inspired the rumors is unknown, but whichever it was the effect was instanteous 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.

7. June 14, 1893 The Star Reynoldsville, PA

Click image to open full size in new tab

Article Text

THE CHICAGO PANIC ABATING. THE RUNS ON THE BANKS STEADILY DECREASING. VARIOUS FAILURES. CHICAGO.-With one exception, the Hiber. nian Savings Bank, the runs inaugnrated on the various saving deposit institutions were not nearly so heavy on Wednesday, the crowds being less than half as large as on Tuesday. At the Hibernian the long line of depositors was confronted for the first time by a notice to the effect that a 30 days' notice will be required on deposits of $100 or less and 60 days on amounts above that figure.

8. June 16, 1893 Shenandoah Herald Woodstock, VA

Article from Shenandoah Herald, June 16, 1893

Click image to open full size in new tab

Article Text

South and West. JOHN C. MINING, Town Treasurer of Fort Jennings, Ohio, has disappeared with $5000 cash, and an additional shortage of $10,000 has been discovered. WILD and unfounded rumors of impending financial disaster seaused a senseless run on many of the banks in Chicago. Those chiefly affected were the Prairie State National 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. Meadoweroft Brothers, private bankers of Chicago, failed with liabilities estimated at $450000. THE Bank of Spokane, Washington, has failed. It is a private institution, owned by A. M. Cannon, who is reported to be worth $3,000,000. The Sandusky (Ohio) Savings Bank assigned, The Merchants' National Bank, of Fort Worth, Texas, capital $250,000, has failed. THE Infanta Eulalia reached Chicago from New York: much enthusiasm was shown by the crowds that lined the route from the railroad station to the hotel. A SKIFF containing Alexander McCloud and Robert Anderson was upset in a whirlpool at Boundary City, Wyoming. The men were drowned. SERGEANT O'LEARY, of the United States Army, was shot and mortally wounded by Private Roberts, in Fort Sherman, Idaho. Jealousy over promotion was the cause. THE New Albany (Ind.) Banking Company has suspended payment. MAYOR HARRISON. of Chicago, gave a breakfast and reception for the Infanta she was the guest of President Higinbotham, of the World's Fair Directory, in the evening. THE business portion of Fargo, North Da. kota, was destroyed by fire: 2200 people were rendered homeless. Loss, $2,000,000. FIRE broke out on Page street between Baker and Lyon streets. San Francisco, Cal., and in less than an hour a whole block had been totally consumed. Three firemen were instantly killed by falling walls. THE Princess Eulalia paid her first visit to the World's Fair, going to the grounds in the afternoon and again in the evening.

9. June 16, 1893 Fisherman & Farmer Elizabeth City, Edenton, NC

Article from Fisherman & Farmer, June 16, 1893

Click image to open full size in new tab

Article Text

South and West. THE Old Kentucky Home at the Chicago Fair Grounds was dedicated. It is the Blue Grass State Building and one of the most attractive in the grounds. Miss Enid Yandel's statue of Daniel Boone was unveiled. AT the Sisseton Agency, South Dakota, Miss Cynthia Rockwell, an Illinois teacher at Coodwill Mission. has married Richard King, an Indian, studying for the Presbyterian ministry. THE Plankinton Bank in Milwaukee, Wis., closed its doors. The bank had loaned $200,000 to F. A. Lappen & Co. and the Lappen Furniture Company, and this was the principal cause of its suspension. THE Victoria Cordage Company, Cincinnati, Ohio, members of the Cordage Trust, has assigned. Assets, $500,000 liabilities, $400,000. TORNADOES did great damage to property in Mississippi, Tennessee, Arkarcas and Kentucky. At Rosedale, Miss., W. L. Bawdre and wife were killed. IOWA Prohibitionists nominated a full State ticket. THE members of the graduating class at Annapolis (Md.) Naval Academy, forty-four in number, received their diplomas at the hands of Secretary Herbert. W. V. N. Powelson, of New York, received the honors of his class graduating No. 1. A RECEIVER was appointed at Charleston, W. Va., for the Norfolk and Western Railroad. DURING a heavy rain storm fire was discovered in a block on Farnumstreet, Omaha, Neb. The entire city Fire Department was called to the scene. A high wind was blowing. One of the walls fell on seven firemen. Five of them were instantly killed. WHILE a primary election was held in Bell County, Kentucky, by the Democratic party, excitement ran high, and in a fight at Pineville, the county seat, John Jones and Levi Hoskins were killed and two others were fatally injured. OWING to a storm less than 60,000 persons visited the World's Fair on the second Sunday opening. TWENTY-FIVE men walked into Decatur, Ill., a city of 22,000 people, and lynched Samuel Bush on the principal street without opposition. Bush was a colored man accused of assaulting two white women. AT Chicago, Ill., Herman Schaffner & Co., private bankers, made an assignment. Schaffner & Co. have been the largest private bankers in the Northwest, dealing exclusively in commercial paper. JOHN C. MINING, Town Treasurer of Fort Jennings, Ohio, has disappeared with $5000 cash. and an additional shortage of $10,000 has been discovered. WILD and unfounded rumors of impending financial disaster caused a senseless run on many of the banks in Chicago. Those chiefly affected were the Prairie State National 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. Meadowcroft Brothers, private bankers of Chicago, failed with liabilities estimated at $450000. THE Bank of Spokane, Washington, has failed. It is a private institution, owned by A. M. Cannon, who is reported to be worth $3,000,000. The Sandusky (Ohio) Savings Bank assigned, The Merchants' National Bank, of Fort Worth, Texas, capital $250,000, has failed.

10. June 21, 1893 The Abbeville Press and Banner Abbeville, SC

Article from The Abbeville Press and Banner, June 21, 1893

Click image to open full size in new tab

Article Text

South and West. THE Old Kentucky Home at the Chicago Fair Grounds was dedicated. It is the Blue Grass State Building and one of the most attractive in the grounds. Miss Enid Yandel's statue of Daniel Boone was unveiled. AT the Sisseton Agency, South Dakota, Miss Cynthia Rockwell, an Illinois teacher at Coodwill Mission, has married Richard King, an Indian, studying for the Presbyterian ministry. THE Plankinton Bank in Milwaukee, Wis., closed its doors. The bank had loaned $200,000 to F. A. Lappen & Co. and the Lappen Furniture Company, and this was the principal cause of its suspension. THE Victoria Cordage Company, Cincinnati, Ohio, members of the Cordage Trust, has assigned. Assets, $500,000; liabilities, $400,000. TORNADOES did great damage to property in Mississippi, Tennessee, Arkansas and Kentucky. At Rosedale, Miss., W. L. Bawdre and wife were killed. IOWA Prohibitionists nominated a full State ticket. THE members of the graduating class at Annapolis (Md.) Naval Academy, forty-four in number, received their diplomas at the hands of Secretary Herbert. W. V. N. Powelson, of New York, received the honors of his class graduating No. 1. A RECEIVER was appointed at Charleston. W. Va., for the Norfolk and Western Railroad. DURING a heavy rain storm fire was discovered in a block on Farnum street, Omaha, Neb. The entire city Firs Department was called to the scene. A high wind was blowing. One of the walls fell on seven firemen. Five of them were instantly killed. WHILE a primary election was held in Bell County, Kentucky, by the Democratic party, excitement ran high, and in a fight at Pineville, the county seat, John Jones and Levi Hoskins were killed and two others were fatally injured. OVING to a storm less than 60,000 persons visited the World's Fair on the second Sunday opening. TWENTY-FIVE men walked into Decatur, Ill., 8 city of 22,000 people, and lynched Samuel Bush on the principal street without opposition. Bush was a colored man accused of assaulting two white women. AT Chicago, Ill., Herman Schaffner & Co., private bankers. made an assignment. Schaffner & Co. have been the largest private bankers in the Northwest, dealing exclusively in commercial paper. JOHN C. MINING, Town Treasurer of Fort Jennings, Ohio, has disappeared with $5000 cash, and an additional shortage of $10,000 has been discovered. WILD and unfounded rumors of impending financial disaster caused a senseless run on many of the banks in Chicago. Those chiefly affected were the Prairie State National 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. Meadoweroft Brothers, private bankers of Chicago, failed with liabilities estimated at $450000. THE Bank of Spokane, Washington, has failed. It is a private institution, owned by A. M. Cannon, who is reported to be worth $3,000,000. The Sandusky (Ohio) Savings Bank assigned, The Merchants' National Bank, of Fort Worth, Texas, capital $250,000, has failed.