4486. 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
0ae0e72f

Response Measures

Partial suspension

Other: Posted 30/60 day notice for withdrawals (partial suspension).

Description

June 6–7, 1893: wild/unfounded rumors caused runs on Chicago banks including Hibernian; the bank posted a 30/60-day notice on withdrawals (partial suspension). No article states reopening or permanent closure, so outcome is unsure.

Events (2)
1. June 6, 1893 Run
Cause
Rumor Or Misinformation
Cause Details
Wild and unfounded rumors of impending financial disaster led depositors to withdraw funds from multiple Chicago banks, including Hibernian Savings bank.
Measures
None reported in this article (run described).
Newspaper Excerpt
FINANCIAL PANIC. Chicago Banks the Victims of Wild Unfounded Rumors. CHICAGO, June 6.-Wild and unfounded rumors of impending financial disaster caused a senseless run on many of the banks in Chicago. Those chiefly affected were ... the Hibernian Savings bank ...
Source
newspapers
2. June 7, 1893 Suspension
Cause
Rumor Or Misinformation
Cause Details
Continued withdrawals driven by the earlier unfounded rumors; bank required 30-day notice on small deposits and 60 days on larger amounts (partial suspension of immediate payments).
Newspaper Excerpt
At the Hibernian, the long line of depositors was confronted 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, sixty days on amounts above that figure.
Source
newspapers

Newspaper Articles (2)
1. June 7, 1893 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, June 7, 1893

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Article Text

FINANCIAL PANIC. Chicago Banks the Victims of Wild Unfounded Rumors. CHICAGO, June 6.-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. Under the circumstances it is no small. tribute to the sagicy, soundness and foresight of Chicago bankers to say that all withstood the strain. Where the rumors sprang from is a mystery. It is a mystery how they spread, for wildfire is no quicker in its flight than rumor when she takes a fiing at the banks.

2. June 8, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 8, 1893

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Article Text

Runs on Banks Subsiding. CHICAGO, June 7.--With one excep. tion-the Hibernian Savings bank-the runs inaugurated on the various savings deposit institutions are not nearly so heavy today, the crowds being less than half as large as yesterday. At the Hibernian, the long line of depositors was confronted 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, sixty days on amounts above that figure.