4485. Hibernian Savings Bank (Chicago, IL)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
October 28, 1907
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
37a99add

Response Measures

Accommodated withdrawals, Partial suspension

Other: Banks limited cash payouts to $100 and enforced savings notice (30/60 day) per Clearing House guidance.

Description

Multiple contemporary articles (Oct 28–31, 1907) report a slight run/large number of withdrawal notices at Hibernian Savings Bank during the Panic of 1907. The bank remained open, paid depositors (with checks or after required notice), and there is no report of suspension, receivership, or permanent closure. Cause attributed to the general financial stringency/panic (clearing house limits and eastern conditions). OCR errors in some articles corrected (e.g., minor typos of 'Hibernian bank' and dates).

Events (1)
1. October 28, 1907 Run
Cause
Macro News
Cause Details
Withdrawals/notice driven by the nationwide financial stringency/Panic of 1907 and clearing house restrictions limiting cash payouts in Chicago.
Measures
Savings-withdrawal notice rules (30/60-day notice) strictly enforced; banks issued cashier's checks instead of large amounts of currency; police called to control lines.
Newspaper Excerpt
The only semblance of a run during the day was at the Hibernian Savings Bank, where many depositors gave notice during the day of their intention to withdraw.
Source
newspapers

Newspaper Articles (10)
1. October 28, 1907 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, October 28, 1907

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Article Text

PAYING WITH CHECKS. Chicago Banks Are Hanging On to Their Cash. Chicago, Oct. - -The banks of this city are today largely upon a checking basis. They refuse to pay out large amounts of currency, and will not return to paying in cash until the finan-cial condition in the east improves. Depositors seeking today to withdraw money were given checks of the bank instead of cash. Commercial depositors are allowed to draw the full amount of their balances, but must accept the bank's checks instead of currency. The rule requiring savings bank depositors to give thirty days' notice before drawing out less than $100, and 60 days' notice before drawing out more than $100 was also put in force. The local banks declare they were compelled to adopt these rules because of the action taken by the banks in the east, which would soon have drained this city of its cash resources. Within an hour after the opening of the doors fully 400 people were lined up at the withdrawal windows of the Illinois Trust and Savings bank, which has the largest number of savings accounts in the city. Depositors were allowed, if they wished to take out sums under $100, but for all amounts over, the full legal notice was required. The majority of those in the banks during the early part of the day gave notice of their intention to draw money. There was no excitement. In the Hibernian Savings bank about 100 people had given notice of withdrawal by 11 o'clock and many more were waiting in line. At all other savings banks business appeared to be on a normal basis. Depositors having checking accounts did not appear to be worried in the least by the situation and business proceeded upon normal lines in all the banks.

2. October 28, 1907 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, October 28, 1907

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Largest Institution of the Kind in the City in Danger. NOTICE IS DEMANDED Depositors Allowed but Part of Their Cash Gold is Purchased in London. Chicago, Oct. 28.-Within an hour after the opening of the doors fully 400 people lined up at the withdrawal windows of the Illinois Trust & Savings bank, which has the largest number of savings accounts in the city. Depositors were allowed. if tney wished, to take out sums under $100, but for all amounts over, the full legal notice is required. The majority of those in the bank during the early part of the day gave notice of their intention to withdraw money. There was no excitement. Many Give Notice. In the Hibernian Savings bank about a hundred people had given notice of withdrawal by 11 o'clock and as many more were waiting in line. At the other savings banks business appeared to be on a normal basis. Depositors having checking accounts did not appear woried in the least by the situation, and business proceeded upon normal lines in all banks. Cortelyou Hears Good Reports. Washington, Oct. 28.-Secretary Corstated very telyou reassuring today reports he had from received New York, Chicago and other points, and that everywhere confidence was being restored and conditions much improved. Kansas City Bank Closes. Kansas City, Oct. 28.-The Bankers' Trust company, with deposits of $800,000, closed Hughes said they this had morning. decided to Cashier close temporarily because of clearing house certificates, Buying Bar Gold Abroad. London, Oct. 28.-The United States secured all the bar gold offered today in the market, totalling nearly $5,000.000. The price was $19.50. This is 2 1/2 cents higher than previous quotations, indicating the keenest of competition. Both Paris and London bid against the United States. Keep Money Out of Stock Market. New York, Oct. 28.-Any disposition to secure money obligations for the purpose of operating in the stock market was frowned upon and business kept at a low ebb. The delay in the appearance of supplies of money there caused no anxiety, as intimations were given loans would be carried over another day and money would be supplied when needed most. Prices continued to show an advance. Affects Grain Prices. Chicago, Oct. 28.-The financial condition in New York and the action of local banks in deciding to issue clearing house certificates and to demand full legal notice on the withdrawal of time deposits, caused a weak market 10 all the grain pits today. Wheat de clined 4 cents, corn 1 cent, and oats 11/6. Selling was in quite large vol time, but the demand slack. Buyers were extremely reluctant to take hold Duluth Board Suspends. Duluth, Oct. 28.-Trading in grain was suspended on the board of trade this morning owing to money condi tions. No sales were made in either cash grain or options, although the trading room was open and members were on the floor. Business will no be resumed until conditions improve Country elevators are being advised not to buy grain. Cashier Suicides. Akron, Ohio, Oct. 28.-The Dolla Savings bank was closed today by 01 der of the directors until after the fu neral of Fred A. Boron, cashier, who committed suicide yesterday. In th meantime an investigation of Boron' accounts is going on and a movemen is on foot to have the other banks C the city take this institution over. Th 60-day limit has been ordered enforce on all savings accounts in all banks.

3. October 29, 1907 New-York Tribune New York, NY
Article from New-York Tribune, October 29, 1907

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PINCH FELT IN WEST. PRECAUTIONS BY BANKS. Slight Run on Chicago HibernianCity Payroll Held Up. Chicago, Oct. 28.-Little trouble was caused here to-day by the action of the Clearing House Association in limiting the amounts of money to be paid out by the banks. Business was almost entirely on a checking basis and was apparently normal in all directions. The banks adopted a rule of not paying out currency in amounts greater than $100 unless the funds were required for payrolls. If depositors desired money in excess of $100 they were asked to take a cashier's check for the amount. In all savings banks the rule requiring legal notice was enforced if the depositor wished to withdraw more than $100. The rule was elastic, however, and the banks imposed hardship upon no one. Money desired for the payment of rent, insurance policies or for necessary travelling was paid out promptly. In cases where notes were to be paid the banks usually asked that the notes be presented to them for payment. The only semblance of a run during the day was at the Hibernian Savings Bank, where many depositors gave notice during the day of their intention to withdraw. These notices in the aggregate, however, were not of sufficient amount to constitute a run. At one time the bank became so crowded that it was found necessary to call upon Police Headquarters for additional aid in controlling the lines of depositors who were intent upon giving notice to the bank. At the close of business all the bank officers expressed satisfaction with the manner in which the business men of the city had met the changed conditions. The belief is expressed that the methods used in handling the business of to-day will continue only a short time. The city employes were the first to feel the effect of the change in banking methods. It was decided that the city payroll should be held up for a time. Controller Wilson believes, though, that arrangements can be made with the banks to-morrow looking to the payment of the employes.

4. October 29, 1907 Arizona Republican Phoenix, AZ
Article from Arizona Republican, October 29, 1907

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Article Text

THE DAY IN CHICAGO. The Business Satisfactorily Conducted on a Check Basis. Chicago Oct. 28. - -Little trouble was caused here today by the action of the Clearing House Association in limiting the amounts of money to be paid out by the banks. Business was almost entirely on a checking basis and it was apparently normal in all directions. The banks adopted the rule of not paying out currency in amounts of more than $100 unless the funds were required for pay rolls, If depositors desired money in excess of $100, they were asked to take cashiers' checks for the amount. In all the savings banks the rule requiring legal notice was enforced if the depositors wanted to withdraw amounts greater than $100. The rule was elastic however and banks imposed hardships upon no one. If the money was desired for the payment of rent, insurance policies or for necessary traveling expenses, it was paid out promptly. In cases where notes were to be paid. the banks usually asked that the notes be presented to them for payment. The only semblance of a run during the day was at the Hibernian Savings Bank, where many depositors gave notice during the day of their intention to withdraw. These notices in the aggregate however, were not of such an amount as to constitute a run. At one time the Hibernian bank became so crowded that it was found necessary to call the police for aid in controlling the lines of depositors who were intent upon giving notice, but there was no disorder. At the close of business all the banks declared themselves satisfied with the business of the day and greatly pleased with the manner in which business men met the changed conditions. Belief was expressed that the method used in handling the business will continue but a short time.

5. October 29, 1907 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, October 29, 1907

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SLIGHT RUN ON ONE CHICAGO CONCERN HIBERNIAN BANK FIRST TO FEEL EFFECT OF SCARE Bankers Greatly Pleased With Way Windy City Business Men Accepted Restrictions Imposed by Clearing House, [By Morning Journal Special Leased Wire.] Chicago, Oct. 28.-Very little trouble was caused here today by the action of the Clearing House association in limiting the amount of money to be paid out to any depositor to $100, unless the funds were required for pay rolls. In all savings banks the rule requiring legal notice was enforced if the depositor wished to withdraw an amount greater than $100. Money desired for payment of rent, insurance policies, or for necessary traveling expenses was paid out promptly. The only semblance of a run during the day was at the Hibernian Savings bank, where many depositors gave notice during the day of their intention to withdraw. These notices in the aggregate, however, were not of such amount as to constitute a run. At one time the Hibernian bank became so crowded that it was found necessary to call upon police officers, but there was no disorder. At the close of business all the banks declared themselves as satisfied with the business of the day, and greatly pleased with the manner in which the business men of the city had met the changed conditions. The city of Chicago was the first to feel the effect of the change in banking methods. City Treasurer Traeger has but a limited amount of money on hand, and this was rapidly being exhausted under the orders of Comptroller Wilson when the latter decided to stop the issuing of checks upon the treasurer. The law provides, however, that employers can be paid only in orders upon the city treasurer, and as that official was not able to procure the money to meet all orders from the comptroller it was decided that the city pay rolls should be held up for a time. Comptroller Wilson declared today that he believed arrangements can be made with the banks tomorrow looking to the payment of the city employes.

6. October 29, 1907 The Billings Gazette Billings, MT
Article from The Billings Gazette, October 29, 1907

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POLICE HOLD PEOPLE IN LINE. No Excitment in Run on Chicago Bank and Everybody is Paid. (By Associated Press.) Chicago, Oct. 28.-Shortly after noon a call was sent from the Hibernian Savings bank for a number of police. At the bank about 100 people were in line to withdraw funds or to give notice of withdrawal, and the officers were desired to keep the line in order. There was no excitment.

7. October 29, 1907 New-York Tribune New York, NY
Article from New-York Tribune, October 29, 1907

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THE NEWS THIS MORNING. POREIGN.-General Maximoffsky, director of the Department of Prisons, was shot six times and killed by a woman in his office at St. Petersburg. The Red Star liner Finland, entering Dover Harbor at night, struck the breakwater and was badly damaged; no passengers were injured. New York interests obtained $5,000,000 in bar gold at a sharp advance in London; it is considered certain that the Bank of England's rate will be raised; stocks were generally steady on foreign exchanges, Americans showing advances. Russian election results show that the next Douma will be overBarbara Lawhelmingly conservative. ponkhin, daughter of the former Governor of Reval, was kidnapped on going out of the Aldwych Theatre, and is held prisoner in a cellar in the Northwest of London. King Alfonso and Queen Victoria were warmly welcomed in Paris; after a dinner at the Elysée Palace the Leading sovereigns started for England. British authors signed a petition for the abolition of the office of censor of plays. DOMESTIC.-President Roosevelt set November 16 as the date for the admission of Oklahoma into the Union. Oklahoma banks closed their doors following a proclamation by Charles Filson, Acting Territorial Governor, ordering a legal holiday until November 2 because The Bankers' of the money stringency. Trust Company, of Kansas City, with deposits of $800,000. closed its doors, but otherwise the financial situation in that city was strong. Boston's District Attorney, because of constitutional questions, abandoned the prosecution of a number of public officials on indictments for soliciting or holding places with public service corporations. The United States Circuit Court of Appeals, at Montgomery, Ala., denied a rehearing in the case of Greene and Gay, nor. A deficit of $25,000 was found in the accounts of the Dollar Savings Bank, of Akron, Ohio, following the suicide of the cashier. There was a slight run on the Hibernian Savings Bank, in Chicago: the municipal payroll of that city was held up. Because of the withdrawal of deposits the Bath Trust Company, at Bath, Me., controlled by Charles W. Morse, suspended operations. CITY.-Stocks made general net gains. The financial situation showed steady improvement. The runs on uptown banks were practically over, Lindsay Russell was appointed receiver of the business of Otto Heinze & Co. The Public Service Commission issued its final order for improved transit on the Fourth avenue and Madison avenue line. Dr. W. R. Gillette, ex-vice-president of the Mutual Life Insurance Company, was sentenced to serve six months in the petitentiary. It was reported to the coroner that Charles R. Henderson, a banker, had been killed on Sunday by falling from the window of his home, at No. 27 East 65th street. A motion to hold the night court open till 3 a. m., as formerly, was defeated by the Board of Magistrates. The subject of milk and its relation to the spread of tuberculosis was the chief topic at the meeting of the State Medical Society. The Aeronautical Congress discussed airships as adjuncts to warfare. Two men confessed to illegal registration. THE WEATHER.-Indications for to-day: Rain. The temperature yesterday: Highest, 60 degrees; lowest, 51.

8. October 30, 1907 The Yakima Herald Yakima, WA
Article from The Yakima Herald, October 30, 1907

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O. K. In "Chi." CHICAGO, Oct. 28.-Very little trouble was caused here today by the action of the Clearing House association in limiting the amounts of money to be paid out by banks. Business was almost entirely on the checking basis, and was apparently normal in all directions, the banks adopting the rule of not paying out currency in amounts of more than $100 unless the funds were required for pay rolls. in all savings banks the rule requiring legal notice was enforced if depositors wished to withdraw an amount greater than $100. the only semblance of a run today was on the Hibernian Savings band, where many depositors gave notice during the day of their intention to withdraw.

9. October 30, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, October 30, 1907

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Few Wish to Withdraw. Out of 400,000 savings depositors in Chicago only 1,500 made application for withdrawals of their accounts, or gave notice of a desire to withdraw. The clearing house issued to its members $8,000,000 in certificates. The debit balances which had to be settled with the certificates were far smaller than usual, approximating barely $1,500,000. John J. Mitchell, president of the Illinois Trust & Savings bank, which has the largest number of savings accounts in the city, said today: "We are pleased and satisfied over the turn affairs took yesterday. This bank received notice from 809 depositors who wanted cash. As an offset to that we received 89 savings deposits, aggregating a sum far in excess of the amount for which withdrawal orders were received. Under the circumstances I think the situation is surprisingly strong." Excitement Had Vanished. The day opened quietly at the Hibernian Savings bank, which yesterday had the only trace of excitement in the banking situation. A few depositors were at the door when the bank opened, but a number of them went away without giving a notice of a desire to withdraw funds. All the other banks in the city which had savings accounts business appeared to be on an adequately normal basis, there being no more people around than usual. At all of the national banks the officers reported that the check and certificate system had worked in a satisfactory manner and no trouble of any kind was anticipated. Throughout the west generally it was reported that the financial condition is sound and that there is no appearance of a run upon a bank anywhere. At a meeting of the Chicago clearing house association it was decided that the situation was generally satisfactory, and it was agreed that the policy of paying large amounts in checks should be continued for a few days. Gold for Chicago. James B. Forgan, president of the First National bank, said the most singular event he ever heard of in relation to the financial outlook was the notification by London agents that $2,000,000 in gold had been started for Chicago. This gold was in payment for shipping from Chicago of cattle, grain and provisions. "For a few days Europe did not respond with cash," said Mr. Forgan, "but today our London agents cabled that $2,000,000 in gold had been turned over to them and, that it had been started for Chicago. The fact that gold is coming in such large quantities and that merchandise and provisions are en route to the European markets in such heavy lots is indicative of a big advance. On Sunday I understand the National City bank of New York received $3,500,000 in gold, and now that the First National of Chicago is getting an allotment, the indications are that the tension is much relieved. This gold, when it reaches our bank, will be used to expedite other shipments abroad. The foreign markets for our foodstuffs are good, and fairly high prices are ruling. Other shipments of gold are promised and while they will not be of daily occurrence, they will come our way pretty steadily." J. Ogden Armour said that the gold shipment from London was the most encouraging feature of the day's developments. "Cattle, grain and provisions are being moved to Europe," he said, "and today's shipment of $2,000,000 in gold toward Chicago is in payment for some of Chicago's goods. Money is flowing our way, and that is suggestive of better feeling all around. It is well to add that prices for grain and foodstuffs are strong. My grain company, I was informed this afternoon. is sending large amounts to Europe. Corn, too, is high and the farmers never were more prosperous."

10. November 1, 1907 The Mitchell Capital Mitchell, SD
Article from The Mitchell Capital, November 1, 1907

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HIBERNIAN BANK TROUBLE FLASHES IN THE PAN Chicago, Oct. 31.-Very little trouble was cause here yesterday by the action of the clearing house assoication in limiting the amount of myney to be paid out by the banks. Business was almost entirely on a checking basis and was apparently normal in all derections. The banks adopted a rule of not paying out currency in amounts greater than $100 unless the funds were. required for pay rolls. If depositors desired money in excess of $100 they were asked to take a cashier's check for the amount. In all savings banks the rule requiring legal notice was enforced If the depositor wished to withdraw an amount greater than $100. The rule was elastic, and the banks imposed hardship on no one. Money desired for the payment of rent, insurance policies or for necessary traveling was paid out promptly. In cases where notes were to be paid, the banks usually asked that the notes be presented to them for payment. The only semblance of a run during the day as at the Hibernian Savings bank, where many depositors gave notice during the day of their Intention to withdraw. These notices in the aggregate, however, were not of sufficient amount to constitute a run, as told in yesterday's late dispatches. At one time the Hibernian bank became 60 crowded that it was found necessary to call upon police headquarters for additional aid in controlling the lines of the depositors who were intent upon giving notice to the bank, but there was no disorder.