Hibernian Savings bank

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: a570fb54

Response Measures

Accommodated withdrawals, Partial suspension

Other: Called police to control lines; required savings depositors to give 30/60 day notice for withdrawals over $100 and paid cashier's checks for larger amounts.

Description

Multiple newspapers (Oct 28–29, 1907) report depositors crowding the Hibernian Savings Bank and police called to control lines as many gave notice to withdraw; banks limited cash payments due to the broader 1907 panic. No suspension or closure of this bank is reported.

Events (1)

1. October 28, 1907 Run

Cause: Macro News
Cause Details: Widespread financial disturbance in the East/clearing house limits and general panic led depositors to seek withdrawals or give notice at the savings bank.
Measures: Bank enforced savings-withdrawal notice rule (30/60 days) and issued cashier's checks or bank checks instead of large amounts of currency; requested depositors give notice for withdrawals over $100.
Newspaper Excerpt: 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 anxious to withdraw funds or give notice of withdrawal.
Source: newspapers

Newspaper Articles (3)

1. October 28, 1907 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, October 28, 1907

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Article Text

CHICAGO BANKS DOING A CHECKING BUSINESS Chicago, Oct. 28.-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 financial 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 banks' checks instead of currency. The rule requiring savings banks depositors to give 30 days' notice before drawing out less than $100 and 60 days' notice before drawing out force. more than $100 was also put into The local banks in the city declare they were compelled to adopt these rules because of the action taken by the banks in the east, which would scon have drained this city of its capital resources. An hour after the opening of the foors fully 500 people were lined 1172 the withdrawals window of the Tinois Trust & Savings bank, which has the largest nume in the city. Howed. if they wished to take out sums under $100, but for all amounts over this, the full legal notice required. The majority of these in the banks during the early part of the day gave notice of their intention to draw money. There was no excitement. 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 anxious to withdraw funds or give notice of withdrawal, and the officers were destred for keeping the line in order There was no excitement and the situation there was unchanged. Depositers having checking accounts 414 not appear to be worried in the least by the situation and bustITCMM proceeded upon normal lines in all the banks

2. October 28, 1907 The Topeka State Journal Topeka, KS

Article from The Topeka State Journal, October 28, 1907

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Article Text

would have been able to do SO. A statement of the condition of the Bankers Trust company at the close of business Saturday night last showed: Loans and discounts, $658,701; stocks and bonds, $598,581; cash and sight exchange, $114,547; deposits, $798,245. There was but eight thousand dollars cash on hand when the bank opened this morning. Reno Banks Reopen. Reno, Nev., Oct. 28.-Every bank in Reno opened for business today. During the last 48 hours confidence has returned to the people and the belief that there would be nothing which could be called a run proved to be correct today. A few depositors gathered at each institution and all were paid their demands promptly. Huge stacks of coin and currency are in plain sight behind all the counters, and the general air of confidence that pervades the institutions has done much to dispel any fear that may have been aroused. Call for Police. 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 anxious to withdraw funds or give notice of withdrawal and the officers were desired to keep the line in order. There was no excitement and the situation there was unchanged.

3. October 29, 1907 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, October 29, 1907

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Article Text

UNDER NEW CONDITIONS. But Little Inconvenience Experienced in Windy City. 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 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 more 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 depositors wished to withdraw an amount greater than $100. The rule was elastic, however, and the banks imposed hardship upon no one. Money desired for 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. Run on the Hibernia. 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 to constitute a run. At one time the Hibernian bank became SO crowded that it was found necessary to call upon police officers for additional aid in controlling the lines of depositors who were intent upon giving notice to the bank, but there was no disorder. Continued on Page 8.