4487. Hibernian Savings bank (Chicago, IL)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
December 22, 1896
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
3a309b2f

Response Measures

Partial suspension

Description

Multiple newspapers (Dec 22–23, 1896) report a short, minor run on Hibernian Savings Bank triggered by the collapse of the National Bank of Illinois. Officers refused payment on time deposits without the legal sixty-day notice but the run died out same day; no suspension or closure is reported.

Events (1)
1. December 22, 1896 Run
Cause
Local Banks
Cause Details
Run was triggered by collapse of the National Bank of Illinois; depositor fear spread to other local banks including Hibernian.
Measures
Officers declined to pay time deposits unless given the legal sixty-day notice; paid demand withdrawals (implied) and the run died out.
Newspaper Excerpt
The run on the Hibernian Savings bank was of short duration, as the officers declined to make any payment on time deposits unless given sixty days' notice.
Source
newspapers

Newspaper Articles (9)
1. December 23, 1896 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, December 23, 1896

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Article Text

CHICAGO'S SECOND CROP Three Firms and One Individual go Down After the Big Bank, Chicago, Dec. 22.-The failure of Angus & Gindele, general contractors; the American Brewing, Malting and Eelevator company; the George A. Weisse Malting and Elevator company, and George A. Wesse. individually, all of these being due to the collapse of the National Bank of Illinois, and small runs. on three banks, were the echoes today of the bank failures of yesterday. Runs were made on the Garden City Banking and Trust company, the Hibernian Savings bank and the Illinois Trust and Savings bank. but none of the runs were of much importance. The officers of the Garden City Banking and Trust company had expected that a run would be made upon their institution and were ready to meet it. They threw open the doors of the bank an hour earlier than usual, as they said they wanted to get the run out of the way, S0 they could transact their usual business without being disturbed. Quite a crowd of depositors had gathered at the doors before they were opened, and as soon as the bank was ready for business the depositors gave the paying tellers all they cared to do. The run kept up with energy for over an hour and then died away. At the close of banking hours the amount of money taken in was treble that paid out. and the bank was declared in better shape than at the opening of the doors in the morning. The run on the Hibernian Savings bank was of short duration, as the of-

2. December 23, 1896 Arizona Republican Phoenix, AZ
Article from Arizona Republican, December 23, 1896

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Article Text

MANY FIRMS GO UNDER. Financial Disasters Follow the Failure of the National Bank of Illinois. CHICAGO, Dec. 22.-The failure of Angus & Gildele general contractors, the American Brewing, Malting & Elevator company, the Georgia Weisse Malting & Elevator company, and George A. Weissa, individually, all of these being due to the collapse of the National Bank of Illinois, were the echoes today of the bank failures of yesterday. Runs were made on the Golden City Banking & Trust company, the Hibernian Savings bank and the Illinois Trust and Savings bank, but none of the runs were of much importance. No statement was filed as to the assets and liabilities of the two corporations. The failures today were the result of the failure of the National Bank of Illinois. The two companies were borrowers from the bank and were indebted to it when it failed to the amount of over $500,000. The corporations were both organized through the efforts of George A. Weisse. Robert E. Jenkins, one of the directors of the National Bank of Illinois, says: "The directors did not know the size of the loan on the Calumet electric. The discovery of the condition of the loan was as much of a surprise to me as to the public. The same is true of the loan to Dryer & /company."

3. December 23, 1896 Kansas City Daily Journal Kansas City, MO
Article from Kansas City Daily Journal, December 23, 1896

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Article Text

ECHOES OF MONDAY'S BANK LAPSES IN CHICAGO. NONE OF THE RUNS SERIOUS. THE SIXTY DAYS' NOTICE RULE PUT OJLNI Two Brewing and Malting Companies and a Contracting Firm Assignas 112 10 Bank Paul, Forced to Close Doors. "II Chicago, Dec. 22.-The failures of Angus & Gildele, general contractors; the American Brewing, Malting and Elevator Company, the George A. Weiss Making and Elevator Company and George A. Welss, individually, all of these being due to the collápse of the National Bank of Illinois, and small runs on three banks were the hoes to-day of the bank failures of yesterday. Runs were made on the Garden City Banking and Trust Company, the Hibernian Savings bank and the Illinois Trust and Savings bank, but none of the runs was of much importance. The officers of the Garden City Banking and Trust Company had expected that a run would be made upon that institution, and were ready to meet it. They threw open the doors of the bank an hour earlier than usual, as they said they wanted to get the run out of the way SO that they could transact their usual business without being disturbed. Quite a crowd of depositors had gathered at the doors before they were opened, and as soon as-the bank was ready for business the depositors gave the paying tellers all they cared to do. The run kept up with energy for over an hour, and then died away. At the close of banking hours, the officers of the institution announced that during the day the amount of money taken in was treble that paid out and the bank was declared to be in better shape than at the opening of the doors in the morning. The run on the Hibernian Savings bank was of short duration, as the officers declined to make any payment on time deposits unless given sixty days' notice. They said that this was not because they were not prepared to pay all depositors in full, but because they wished to avoid embarrassment to small bankers, who might not be prepared to pay all their depositors at once, and who might be placed in an embarrassing position if the stronger banks were paying all demands for time deposits. There was a slight run on the Illinois Trust and Savings bank shortly after it opened this morning, the similarity of its name and that of the National Bank of Illinois having led some depositors to believe that the former was embarrassed. During the run in 1891, President John J. Mitchell, of the Illinois Trust. gave orders to pay all depositors who called for their money, and was criticized by other bankers for doing SO. This morning, as soon as it became evident that there was likely to De a crowd in the bank, instructions were given the tellers to serve the customary sixty day notice, but to pay all depositors who could show that they wanted $100 of their money for a legitimate purpose. The result was that the score or more of people who had lined up at the paying tellers' windows soon dispersed. Before the close of banking hours, the excitement had completely died out. The giving of the notice was sanctioned by the clearing house committee. and the object was (the Illinois Trust being the strongest savings bank in the city) to give the smaller ones the opportunity to point to its action as an excuse for giving the notice themselves, which they did, and thus effectually stopped a run. The Illinois Trust and Savings bank is said to have $9,000,000 in cash on hand, and was to-day loaning money, instead of, as in 1893, calling loans to meet the demands of the savings depositors. The American Brewing, Malting and Elevator Company, the George A. Welss Malting and Elevator Company and George

4. December 23, 1896 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, December 23, 1896

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Article Text

More Failures in Chicago. CHICAGO, Dec. 23.-The - failures of Angus & Gindele, general contractors; the American Brewing, Malting and Elevator company, the George A. Weisse Malting and Elevator company and George A. Weisse individually, all of these beisg due to the collapse of the National Bank of Illinois, and small runs on three banks were the echoes yesterday of the bank failures of Monday. Runs were made on the Garden City Banking and Trust company, the Hibernian Savings bank and the Illinois Trust and Savings bank, and none of the runs was of much importance. Before the close of banking hours the excitement had completely died out.

5. December 23, 1896 The Evening Herald Shenandoah, PA
Article from The Evening Herald, December 23, 1896

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Article Text

More Failures in Chicago. CHICAGO, Dec. 23-The failures of Angus & Gindele, general contractors: the American Brewing, Malting and Elevator company, the George A. Weisse Malting and Elevator company and George A. Weisse individually, all of these being due to the collapse of the National Bank of Illinois, and small runs on three banks were the echoes yesterday of the bank failures of Monday. Runs were made. on the Garden City Banking and Trust company, the Hibernian Savings bank and the Illinois Trust and Savings bank, and none of the runs was of much importance. Before the close of banking hours the excitement had completely died out.

6. December 23, 1896 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, December 23, 1896

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DRAGS DOWN MINOR FIRMS Chicago Bank Failure Involves Some Other Institutions. PANIC, HOWEVER, IN NO SENSE GENERAL Two Savings Banks Meet n Run by Giving the Sixty-Day Notice and This Gives Confidence to Others. CHICAGO, Dec. 22.-The failure of Angus & Gindele, general contractors; the American Brewing, Malting and Elevator company, the George A. Weisse Malting and Elevator company, and George A. Welase, individually, all of these being due to the collapse of the National Bank of Illinois, and small runs on three banks were the echoes today of the bank failures of yesterday. Runs were made on the Garden City Banking and Trust company, the Hibernian Savings bank and the Illinois Trust and Savings bank, but none of the runs were of much importance. The officers of the Garden City Banking and Trust company had expected that a run would be made on their institutions and were ready to meet it. They threw open the doors of the bank an hour earlier than usual, as they said they wanted to get the run out of the way 60 they could transact their usual business without being disturbed. Quite a crowd of depositors had gathered at the doors before they were opened and as soon as the bank was ready for business the depositors gave the paying tellers all they cared to do. The run kept up with energy for over an hour and then died away. At the close of banking hours the officers of the institution announced that during the day the amount of money taken in was treble that paid out and the bank was declared in better shape than at the opening of the doors in the morning. The run on the Hibernian Savings bank was of such duration that the officers declined to make any payment on time deposits unless given sixty days notice. They said this was not because they were but not prepared to pay all depositors in full. because they wished to avoid embarrassment to smaller bankers. who might not be prepared to pay all their depositors at once and who might be placed in an embarrassing position. The stronger banks were paying all demands for time deposits. There was a slight run on the Illinois Trust and Savings bank shortly after it opened this morning. the similarity of its name and that of the National Bank of Illinois having led some depositors to believe that the former was embarrassed. During the run in 1891, President John J. Mitchell of the Illinois Trust. gave orders to pay all depositors who called for their money and was criticised by other bankers for doing SO. This morning, as soon as it became evident that there was likely to be a crowd in the bank. instructions were given the tellers to serve the customary sixty days notice. but to pay all depositors who could show that they wanted $100 of their money for a legitimate purpose. The result was that the score or more of people who had lined up at the paying teller's windows soon dispersed. Before the closing hour the excitement had completely died out. The giving of the notice was sanctioned by the clearing house and the object (the Illinois Trust being the strongest savings bank in the city) to give the smaller ones the opportunity to point to its action as an excuse for giving the notice themselves, which they did, and thus effectually stopped a run. The Illinois Trust and Savings bank is said to have $9,000 000 in cash on hand and was today loaning money instead of. as in 1893. calling in loans to meet the demands of the savings depositors. The American Brewing, Malting and Elevator company, the George A. Weisse Malting and Elevator company, and George S. Weisse assigned this evening in the county court. The assignments of the two companies which are intimately connected in business, and that of Weisse were brought into court together at 6 o'clock. The assignee of the American Brewing, Malting and Elevator company is the Chicago Title and Trust company. The George Weisse Malting and Elevator company assigned to the Chicago Title and Trust company, and that company is the assignee of Weisse also. No statement was filed. The failure of the two corporations was the result of the failure of the National Bank of Illinois. The two companies were borrowers from the bank, and were indebted to it when it failed to the amount of over $500,000. As soon as the failure of the bank was announced, preparations were begun for the closing up of the two companies. The

7. December 23, 1896 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, December 23, 1896

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THREE FIRMS CARRIED DOWN. TWO CONTROLLED BY SON-IN-LAW OF ILLINOIS NATIONAL'S PRESIDENT. BANK DOORS OPEN BEFORE HOURS. Fear of Depositors as to Savings Satisfied Without Difficulty-Increase in Receipts. CHICAGO, Dec. 22.-The failures of Angus & Gindele, general contractors; the American Brewing, Malting and Elevator company, the George A. Weisse Malting and Elevator company and George A. Welsse individually, all of these being due to the collapse of the National Bank of Illinois, and small runs on three banks were the echoes today of the bank failures of yesterday. Runs were made on the Garden City Banking & Trust company, the Hibernian Savings bank and the Illinois Trust and Savings bank, but none of the runs was of much importance. The officers of the Garden City Banking and Trust company had expected that a run would be made upon their institution and were ready to meet it. They threw open the doors of the bank an hour earlier than usual, as they said they wanted to get the run out of the way, SO that they could transact their usual business without being disturbed. Quite a crowd of depositors had gathered at the doors before they were opened, and as soon as the bank was ready for business the depositors gave the paying tellers all they cared to do. The run kept up with energy for over an hour and then died away. At the close of banking hours the officers of the instiution announced that during the day the amount of money taken in was treble that paid out, and the bank was declared to be in better shape than at the opening of the doors in the morning. The run on the Hibernian Savings bank was of short duration, as the officers declined to make any payment on time deposits unless given the legal sixty-day notice. They said that this was not because they were not prepared to pay all depositors in full, but because they wished to avoid embarrassment to smaller banks who might not be prepared to pay all their depositors at once, and who might be placed in an embarrassing position if the stronger banks were paying all demands for time deposits. There was a slight run on the Illinois Trust and Savings bank shortly after it opened this morning, the similarity of its name and that of the National Bank of Illinois having led some depositors to believe that the former was embarrassed. During the run in 1895 President John J. Mitchell. of the minois Trust, gave orders to pay all depositors who called for their money, and was criticized by other bankers for doing so. This morning, as soon as it became evident that there was likely to be a crowd in the bank, instructions were given the tellers to serve the customary sixty-day notice, but to pay all depositors who could show that they wanted $100 of their money for a legitimate purpose. The result was that the score or more of people who had lined up at the paying tellers' windows soon dispersed. Before the close of banking hours the excitement had completely died out. The giving of the notice was sanctioned by the clearing house committee, and the object was (the Illinois Trust being the strongest savings bank in the city) to give the smaller ones the opportunity to point to its action as an excuse for giving the notice themselves, which they did, and thus effectually stopped a run at any of the savings banks. The Illinois Trust and Savings bank is said to have $9,000,000 in cash on hand, and was today loaning money instead of, as in 1893, calling loans to meet the demands of the savings depositors. The American Brewing, Malting and Elevator company, the George A. Weisse Malting and Elevator company. and George A. Welsse assigned this evening in the county court. The assignments of the two companies, which are intimately connected in business, and that of Weisse were brought into court together at 6 o'clock. The assignee of the American Brewing, Malting and Elevator company is the Chicago Title and Trust company. The George A. Weisse Malting and Elevator company assigned to the Security Title and Trust company, and that company is the assignee of Weisse also. No statement was filed as to the assets or liabilities. The two companies carried on business at the same place, 922 North Ashland avenue. The failure of the two corporations was the result of the failure of the National Bank of Illinois. The two companies were borrowers from the bank and were indebted to the bank when it failed to the amount of over $500,000. As soon as the failure of the bank was announced, preparations were begun for the closing up of the busi-

8. December 26, 1896 Red Lodge Picket Red Lodge, MT
Article from Red Lodge Picket, December 26, 1896

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OTHER CONCERNS WENT UNDER. Due to the Collapse of the National Bank of Illinois. Chicago, Dec. 22.-The failure of Angus & Gildale, general contractors, the American Brewing, Malting and Elevator company, the George A. Weisse Malting company, and George A. Weisse personally, all of these being due to the collapse of .the National Bank of Illinois, and small runs: on : three banks, were. the echoes today of the bank failure of yesterday. Runs were made on the Garden City Banking and Trust company, the Hibernian Savings bank and the Illinois Trust and Savings bank. but none of the runs were of much importance. The officers of the Garden City Banking and Trust company had expected that a run would be made upon their institution, and were. ready to meet it. They threw open the doors of the bank an hourearlier than usual, as they said they wanted to get the run out of the way SO they could transact their usual business without being disturbed. Quite a crowd of depositors had gathered at the doors before they opened, and as soon as the bank was ready for visitors the depositors gave the paying tellers all they cared to do. The run, kept up with energy for over an hour, and then died away. 642-4 At the, close of banking hours the officers of the institution announced that during the day the amount of money taken in was treble the amount paid out and the bank was declared in better shape than at the opening in the morning. The run on the Hibernian Savings Bank was short duration, as the officers declined to make any payment on time deposits unless given 60 days' notice. They said this was not because they were not prepared to pay all depositors in full. but because they wished to avoid embarrassment to smaller bankers who might net be prepared to pay all their depositos, and who might be placed in an embarrassing position. Another Run Stopped. The stronger banks were paying all demands for time deposits. There was a slight run on the Illinois Trust Savings bank shortly after it opened this morning,

9. December 26, 1896 The Kootenai Herald Bonners Ferry, Kootenai, ID
Article from The Kootenai Herald, December 26, 1896

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OTHER CONCERNS WENT UNDER. Due to the Collapse of the National Bank of Illinois. Chicago, Dec. 22.-The failure of Angus & Gildale, general contractors, the American Brewing, Malting and Elevator company, the George A. Weisse Malting company, and George A. Weisse personally, all of these being due to the collapse of the National Bank of Illinois, and small runs on three banks, were the echoes today of the bank failure of yesterday. Runs were made on the Garden City Banking and Trust company, the Hibernian Savings bank and the Illinois Trust and Savings bank, but none of the runs were of much importance. The officers of the Garden City Banking and Trust company had expected that a run would be made upon their