1.
February 11, 1893
The Herald
Los Angeles, CA
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RECEIVER J, F, CRANK RESIGNS, An Unexpected Event in the Cable Road Case. Four Supreme Court Opinions on Southern California Cases. Thomas Lynch Convicted of Petit Larceny-Both Mon Claim the Land. Court Notes-New Suits That Were Filed Yesterday. A very unlooked for denouement took place yesterday morning in Judge Van Dyke's court, where the argument is going on in the case of the Illinois Trust and Savings bank of Chicago VS. The Pacific Railway company. It was announced that Receiver J. F. Crank, who has been occupying that difficult and onerous position for about three years past, had resigned. The news came SO suddenly that it was a great surprise to those who were not on the inside workings of the cable company. The announcement of the resignation was followed by a motion for the appointment of D. K. Trask. a well-known attorney of the city, to fill the vacancy. He was duly appointed and the court fixed his bond at $25,000. Mr. Crank announced that he would be ready to turn over his accounts to his successor on the 15th of the present month. The arguments in the case were then resumed and continued throughout the day, a large portion of the time being occupied by Attorney-General Hart, representative of the heirs of the Joshua Hendy estate of San Francisco. Mr. Hart is fighting the foreclosure of the mortgages and presented his points upon the subject in an elaborate manner. The reason for the resignation of Receiver Crank is not spoken of very freely by those concerned. As far as is known the action taken seems to be regarded as having an important bearing upon electric the systems consolidation at the of termination the cable and of the foreclosure suit. however, is were case denied about it. by The those arguments who This, in questioned the will not be concluded for a day or two further, as the attorneys for the intervenors have yet to present their views upon the big case.
2.
June 6, 1893
San Antonio Daily Light
San Antonio, TX
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FINANCIAL CRASH In Chicago-The Run Continues On the Savings Bank. CHICAGO, June 6.-Between twelve and fifteen hundred people formed in line today at the Illinois Trust and Savings bank to withdraw their deposits, although the bank had remained open until long after midnight last night, paying out money, on demand. The crowd at 10.o'clock this morning was several times larger than at any time yesterday or last night. At other savings banks, also, a run which began yesterday seemed to have grown in proportion today. .At the Illinois Trust and Savings bank last night the last depositor in line got his money at three o'clock this morning. Then the bank closed until ten o'clock this morning. The stockholders are estimated as being worth a hundred and fifty millions. The bank has not called a loan in nine years. L.Z. Leiter, who is one of the heaviest stockholders in the bank, said last night: "I have real estate enough to pay all these claims, and it is at the service of the bank. Every person who has a dollar here may have it on demand. I am able alone to make the assertion good, and two other men are willing to do the same thing. Before going to Europe I personally examined the collaterals for loans made. It could not be better. I will guarantee every loan the bank has made for every trifling percentage.
3.
June 6, 1893
Deseret Evening News
Salt Lake City, UT
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TELEGRAPHIC. CHICAGO BANKS. Result of the Failure of Hermann Schaffner & Co. Last Week. SMALL DEPOSITORS ALARMED. Sensational Rumors by Board of Trade Brokers.-Plenty of Money in the City. CHICAGO, June 5.-The failure of Hermann Schaffner & Co.'s bank, which occurred last week, bore fruit today in well-defined runs which were precipitated on almost if not every one of the savings bankain Chicago. The first to feel the effect was the Bank of Commerce, where a great many Jewish citizens of the poorer class keep their accounts, and they bore down upon the bank at the opening hour. The tellers were doubled up and paid checks as fast as presented throughout the day. The Illinois Trust & Savings Bank, which has a larger line of this class of depositsthan any other bank in the city, amounting at times to over $12,. 000,000, put on an extra force of tellers and paid every one as rapidly as possible. The Hibernian Bank, which as the name implies, was a depositor for a large number of Irish-Americans of email means, was crowded all day, but found no difficulty in meeting all demands. The Dime Savings Bank took advantage of the rule requiring, if necessary, sixty days notice of withdrawal, and paid only a percentage of deposits today. The Globe Savings Bank applied the thirty day rule. The Milwaukee Avenue Savings Bank sustained a moderate run throughout the day and they, too, kept open house tonight. Equally spirited checking was noted upon the Prairie State National and Prairie State Savings, as well as upon Union Trust company and the Avenue Savings Bank, but in no case WAS any alarm felt by well-informed people. The situation was greatly aggravaled by a number of board of trade brokers, who for reasons of their ow n devoted themselves to the circulation of sensational rumors, in which they involved at one time or another nearly every bank in tue city and a large number of leading stock yard operators. For the first time in some months the Chicago sub-treasury has been drawn on to assist the depleted gold reserve in the East. Today one million In gold was shipped by express. There are still seven millions in gold here, and the amount is continually belog increased by Chicago banks depositing gold for currency.
4.
June 7, 1893
The Indianapolis Journal
Indianapolis, IN
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THE PANIC SUBSIDING. Confidence Partly Restored Among Chicago's Saving Banks Depositors. Special to the Indianapolis Journal. CHICAGO, June. 6.-To-day's developments in the financial situation showed an increased steadiness among the monetary instructions of Chicago. True, the people continued to walk up to the wickets of the paying tellers to demand their deposits, but the numbers were reduced and a more widespread feeling of confidence assumed the place of the panicky outburst of yesterday. Those banks upon which the run was continued to-day were the Illinois Trust and Savings. the Hibernian, the Union Trust and Savings, the Globe Savings, the Dime Savings and the Bank of Commerce. Those that demanded the lawful notice of withdrawal of deposits were the Union Trust and Savings, the Dime Savings and the Globe Saving. At the Illinois Trust and Savings Bank last night the last depositor in the line got his money at 3 A. M. then the bank closed until 10 o'clock this morning. The assets of the bank are placed at $28,114,000. The stockholders are estimated as being worth $150,000,000. The bank has not called in a loan in nine years. L. Z. Leiter, who is one of the beaviest stockholders in the bank, says: "I have real estate enough to pay all these claims, and it 18 at the service of the bank. Every person who has a dollar here may have it on demand. I am able alone to make that assert a good, and two other men are willing 10 do the same thing. Before going to Europe I personally examined the collateral for loans made; it could not be better. I will guarantee every loan the bank has made for a very trifling percentage." " This afternoon it was easy to see the excitement was dying out. Philip Armour was responsible for the allaying of the fears of many of the depositors of the Illinois Trust and Savings, by walking up to the people and saying that he would guarantee their savings. About one hundred took advantage of the millionaire's offer, and some accepted a written guaranty. One woman received $1,800 in gold. The banks closed their day's business at the usual hour, and the directors make the statement that they are prepared to stand the run for an indefinite period, and are satisfied with the condition of affairs as sho wn by to-day's signs of returning confidence. Little more than the usual daily demand for currency in exchange for coin was made at the subtreasury to-day by the local banks. The Clearing House Association discussed the general situation. and gratifying reports were received, indicating that the savings banks were in good shape to meet all requisitions.
5.
June 7, 1893
The Anaconda Standard
Anaconda, MT
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IN BUSINESS CIRCLES. The Feeling of Uneasiness Seems to Be Increasing in the East. CHICAGO, June 6.-In spite of the fact that the Illinois Trust and Savings bank remained open till 3 o'clock this morning to give anxious depositors a chance to draw their funds. a new line began to form before 8 this morning and at 10, the hour for opening. between 1,200 and 1,500 people were waiting at the doors with their savings books. The crowd was several times larger than at any time yesterday. The bank is considered absolutely sound. The assets figure up over $28,000.000 and its stockholders are estimated to be worth in the aggregate fully $150,000,000. At other savings banks the runs which began yesterday seem to have increased in size.
6.
June 7, 1893
The Morning News
Savannah, GA
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CHICAGO'S BANKS SOLID. The Heavy Runs Fail to Cause a Single Failure. Depositors of the Illinois Savings and Trust Bank Paid Until 2 O'clock in the Morning Before the Doors Were Closed on Monday's Business-The Run Resumed in the Morning, But a Restoration of Confidence Apparent in the Afternoon. Chicago, June 6.-It was after 2 o'clock this morning before the Illinois Trust and Savings Bank closed its doors, after paying the last depositors that remained in line at that hour. This performance, it is said, broke the record, it being the first time in this country, so far as is known, that a bank has remained open after midnight in order to meet a run. As early as 7 o'clock this morning, however, another batch of depositors had made their appearance and they lounged against the walls or sat on the curbstone awaiting the regular hour for opening. At the Bank of Commerce, farther up the street, as well as at the Dime Savings Bank and at the Union Trust and Hibernian Bank the same scenes were enacted. By 10 o'clock it was apparent that yesterday's experiences would be repeated at each institution. At some of them there lines of depositors extending of blocks. At were for a double couple the others middle the of crowd extended out into the street and those composing it pushed inside as best they of the institutions their officers way the insisted could. storm that The and they were able to weather with the exception of the Dime Savings one has so far enforce the thirty even Bank to not found days' it necessary is notice rule, while the latter institution paying from 20 to 80 per cent. in cash according to the needs of the various applicants and require but the usual thirty At days' notice for the balance. the various national banks it is said that the Illinois Trust Company, which has savings deposits subject to notes to a total of $10,500,000, and individual deposits subject to check of $7,500,000 more, is as sound as the Bank of England, and the officers of the institution insist that they can pay off every depositor in the savings branch and still have several millions for an emergency. THIRTY DAYS' NOTICE REQUIRED. A run began to-day upon the Globe Savings Bank, which has savings and individual deposits to a total of about $600,000. Its officers, however, were prompt in announcing that thirty days notice would be required and the savings depositors had consequently to be content to with giving notice of their intention draw out next month. A large number of those who have withdrawn their money from banks within the past twenty-four hours have deposited it in safety deposit vaults, and lock it is now almost impossible to secure a box at any of those institutions. The crowd about the Prairie State National Bank and the Prairie State Savings and Trust Company, was even greater than that of yesterday. The former institution suffered but little today, however, as the depositors are business men who have implicit confidence in the stability of the bank. Both institutions met all demands. This afternoon the crowds surrounding the different banks diminished and a measure of confidence seems to have been restored to the savings depositors. Nobody has attempted to assign any reason for the runsother than distrust.
7.
June 7, 1893
Wheeling Register
Wheeling, WV
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IT FINDS NO TROUBLE. The Illinois Trust and Savings Bank Pays Every Depositor who Applies. CHICAGO, June 6.-Between 1,200 and 1,500 people formed in line to-day at the Illinois Trust and Savings Bank to withdraw their deposits, although the bank had remained open until long after midnight, last night, paying out money on demand. The crowd at the bank this morning was several times larger than at any time yesterday or last night. At other saving banks also the run which began yesterday, seemed to have increased in proportion to-day. At the Illinois Trust Bank last night the last depositor in line got his money at 3a. m. The assets of the banks are counted up as follows: Cash on bank, $3,609, 000; sundry bonds, $2,904,000; demand loans, $7,496,000; time loans, $5,300,000; real estate aloans, $3,205,000; capital stock, $2,000,000; surplus, $1,600,000; stockholders liability, $3,000,000. L.
8.
June 7, 1893
The State Chronicle
Raleigh, NC
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The Sun Lasted Till Two a. m. CHICAGO, June 6.-It was not until after 2 o'clock this morning that the Illinois Trust and Savings Bank closed its doors after paying the last depositor that remained in line at that hour. This performance, it is said, broke the record, it being the first time in this country, so far as is known, that a bank has remained open after midnight in order to meet a run. As early as 7 o'clock, however, another batch of depositors made their appearace, and they lounged against the walls, or sat on the curbstone, awaiting the regular hour for the opening. At the various National banks, it is said that the Illinois trust which has savings deposits subject to notice to a total of ten and a half millions, and individual deposits subject to check of seven and a half million more is as sound as the Bank of England, and the officers of the institution insist that they can pay off every depositor in the savings bank branch and till have several millions left for an emergency.
9.
June 7, 1893
The Herald
Los Angeles, CA
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THE GREAT FINANCIAL UPHEAVAL Continued Runs on Chicago Savings Banks. The Baldwin Locomotive Works Forced to Assign. Three Banks Close Doors at Spokane, Wash -Bank Failures in Ohio, Indiana, Wisconsin and Other States. By the Associated Press. CHICAGO, June 6.-In spite of the fact that the Illinois Trust & Savings Bank remained open till 3 o'clock this morning to give anxious depositors a chance to draw funds, a new line began to form before 8 o'clock this morning, and at 10 o'clock, the hour for opening, between 1200 and 1500 people were waiting at the doors, with savings books. The crowd was several times larger than at any time yeaterday. The bank is considered absolutely sound. Its assets are figured upat over $28,000,000, and its stockholders are estimated to be worth in the aggregate fully $150,000,000. At other savings banks the runs which began yesterday seem to have increased in size. During the time when the run on the Illinois Trust bank was hottest this afternoon, Philip D. Armour, the millionaire pork packer, sent out some of his clerks to bring into his office 100 or more of the excited depositore, mostly women. To these Mr. Armour madea brief speech. assuring them that the bank was all right, and added that Armour & Co. will guarantee to each of them the full amount of their deposit; if any of them were not satisfied with this let them speak up and he would give them their money. Two women asked for the amount of their deposits, which were immediately paid in gold, while the remainder of the people went away satisfied. WASHINGTON, Jane 6.-Comptroiler Eckels said to the Associated Press this morning that 80 far as he was advised no national bank in Chicago has been affected by yesterday's financial flurry. The clearing house there stands ready to assist its members whenever necessary. The abstract of the condition of the Chicago national banks on the date of last call, shows a reserve of 29.45 per cent, 4.45 per cent above the legal requirement. The total resources are $160,864,804, R surplus of $11,510,700; undivided profits, $1,593,000.
10.
June 8, 1893
Grand Rapids Herald
Grand Rapids, MI
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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.
11.
June 8, 1893
Echo De L'ouest
Minneapolis, MN
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FAILLITES DE BANQUES L "Exchange Bank" de Glad stone, Mich., a fait faillite. C'est une conséquence de la faillite d6 la "Plankinton BaLk" de Mi'waukee. MM, SAuger, Moody et Steel de Jolliet, Ill., ont fait faillite. La "Patt r's Bak" one des plus vieilles banques du comté de Paulding, Ohio, viont de fermer ses portes. Elle avait été établie en 1874 et faisait des affairea considérables. MM Ch-vraton, Martin et Cie banquiers avenue Ogden à Chra go viennent de déposer leur bilan Passif 100.000 dollare. Lq "Merchants National Bank," la plus vieille de Tacoma, Wash., a suspendu BEB paremente. Son capital était de $250,000. La Plankin'on Bai k" de Mil waukee, a fait failli'e. MM. Hermann, Schaffner et Cie banquiers de Chicago ont déposé leur bilan On dit que Schaffner B'est suicidé. La "Bank of Beresford," S. D vient de fermer ses portes. A sa tête se trouvait A. A. Amee. La "Sandusky Savings Bank Company" de S ndueky O. a suspendu 803 paiements. La "M rchants National Bank" de Fort Wo th Texas, à fermé ses portes. La "Canyon Bank" de Spokane à fait faillite. -MM. Madowaraft frères, banquiers de Chicago, ont déposé leur bilan. A Milwaukee la "South Side Savinga Bauk" et la "Second Ward Bank" sont sur le point de suivre l'exemple d - 8 banques BUB nommée3. Il en est de meme de la "Illinois Trust & Savings Bank of Chica go."
12.
June 8, 1893
Mexico Weekly Ledger
Mexico, MO
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THE Illinois Trust and Savings Bank, of Chicago, has done more to calm the troubled waters in financial circles than any other institution in the country. A run was started on this bank this week and the President, Wm. Mitchell, a brother of Capt. L. C. Mitchell, father-in-law of R. M. White and well known in Missouri, displayed a card to the depositors late in the evening stating that the "bank would be open all night to pay those who wanted their money." The bank kept its doors open till 2:30 a. m. paying all who called. The next morning it opened two hours earlier than usual and in a few minutes the run was over and confidence restored. This bank is one of the strongest in the United States and has more than eight millions of dollars out on call loans which can be realized on in twenty-four hours.
13.
June 8, 1893
The Stark County Democrat
Canton, OH
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THE RUNS CONTINUE. Chicago Banks Still Paying Off Excited Depositors. CHICAGO, June 7.-The excitement among savings banks depositors continues. The banks opened promptly on time, and the labor of paying off accounts began with a zest. Fully 500 depositors were in line in front of the Illinois Trust and Savings bank, and a large detail of police was necessary to keep order. President Mitchell was on hand early, and said that the bank had all the money it needs to meet all deposits promptly. It has $8,000,000 call loans out which can be realized on in a short time. A Manitowoe, Wis., dispatch says: The state bank of Manitowoe has failed. There has been a run on the bank for fhree weeks and the bank succumbed. C. C. Barnes, the president. has pledged all his personal property to secure the depositors. A special from Defiance, O., says that the savings bank of Andrew Sauer, at Defiance, has failed.
14.
June 9, 1893
Morning Journal and Courier
New Haven, CT
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BETTER BUSINESS FEELING. End of the Excitement in ChicagoMoney Going Back Into the Saving Banks-Cheerful Views of Business Men. CHICAGO, June 8.-The bank run here has entirely subsided. The Illinois Trust and Savings bank opened this morning with $600,000 more money in its vaulta than it had when the run started on Monday. At 11 o'clock this morning there was not the slightest evidence of a run, and a few of those who had previously drawn their money were redepositing. Like conditions were reported at all the banks on which runs had been made. Such business men as Marshall Field, T. W. Harvey, David Kiley, L. Z. Leiter, James H. Walker and Frank J. Kennett think that the splendid manner in which the banks stood the run will do much to restore confidence all over the country, as it shows that the legitimate banks are strong. In interviews just had by the Evening Post's correspondent with officials of banks doing a commercial business, the opinion was universally expressed that as the run is now over the banks here will be more liberal in assisting customers who show that they deserve help, and that failures will decrease. The cashier of a large national bank said that a good many of the failures that have recently occurred in commercial circles ought net to have been allowed, and had the banks with whom they did business extended their usual line of loans, the concerns would have gone through all right; but the banks cannot be blamed for their caution, as they did not know where lightning would strike, hence they wanted to be prepared. But the scare is over, and I look for a steady recovery of confidence. I also think that every reputable commercial bank in the city is stronger in cash means than at any time in six months." The manager of the Chicago department of the Bank of Montreal said: "We are taking care of our regular customers, but do not want any new ones just now. Our rates are 6 per cent."
15.
July 14, 1893
The Providence News
Providence, RI
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Refused to Make an Accounting. CHICAGO, July 14.-The Illinois Trust and Savings bank, administrator of the estate of Walter M. Lovett, has made application for a receiver for the Smith Corrugating company. It is claimed that a large amount of money is due to the estate of Lovett, and that John Smith, proprietor of the Smith Corrugating company, who has the firm's books in his possession, refused to make any accounting.
16.
November 28, 1894
The Star
Reynoldsville, PA
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NO ASSETS IN SIGHT. The American Debenture Company of Chicago Has Assigned. When a corporation fails with liabilities of $2,000,000, and then turns over to the receiver one book and three second-hand desks, the prospect for the stock and bondholders cannot be considered very rosy, This is what happened in the case of the American Debenture Company, which was organized by Coffin & Stanton, of New York with offices in Chicago. It failed October 10, soon after the parent house succumbed in New York. At the request of Messrs. Trimmingham, Turner and Rlack, of New Jersey, Elias Summerfield was appointed receiver. The foreign holders of $1,000,000 or more of the debentures then stepped in and demanded that the Illinois Trust and Savings Bank be given the receivership. Mr. Summerfield was consequently relieved, and the bank was appointed. It is now six weeks since the Illinois Trust and Savings Bank took hold of the wreck of the Debenture Company. In that time the desks and the book have been all the assets the receiver could secure. The other books of the concern have disappeared, at least the receiver cannot find them. The one book turned over goes back only to last January and is very vague in important points. The Debenture Company was organized under the laws of West Virginia, one of which provides "that one corporation cannot hold the stock and bonds of another corporation." but this is just what the Debenture Company did. It took the stocks and bonds of every corporation and company it could prevall upon to give them up, and issued against them "guaranteed debentures" for investment, and they still have them. Besides the "debentures," the company floated, or had authority to float, common stock to the amount of $2,000,000. It was capitalized for that amount, and most of the stock is held in the East.
17.
January 12, 1895
The Topeka State Journal
Topeka, KS
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CHAMPION SWINDLERS. New Move of Coffin & Stanton Who Figured in Topeka Waterworks Deal. NEW YORK, Jan. 12.-A new move regarding the American Debenture company, Coffin & Stanton's concern, is under way. When they broke up six months ago the Illinois Trust and Savings Bank of Chicago and W. K. Okley, ex-secretary of state of West Virginia, were appointed receivers. Today the news leaked out in Wall street that a quiet effort is being made to have the present receivership proceedings in West Virginia and Chicago dismissed and new ones begun. The object is to set aside the Illinois Savings Bank and Trust company, and W. H. Okley as receivers, and have two new receivers appointed. One of the men mentioned as one of the new receivers is said to be a relative of Coffin, of Coffiu & Stanton, and the other is said to be a relative of Stanton. This change, it was learned, will be made within a very few days if the creditors do not interfere. From the day on wnich the failure of Coffin & Stanton was announced the American Debenture company has been a veritable will-o'-the-wisp from a creditor's view point. Several times they have thought they had the property of the elusive company in their grasp, but each time they were mistaken. This American Debenture company, incorporated under the law of West Virginia, with its main office in Chicago and all its actual business in Europe and New York, has debenture bonds to the extent of nearly $2,000,000 in the hands of investors, and there is believed to be nothing back of the bonds but a conglomeration of worthless stock-stock of incorporations which are in the hands of receivers.
18.
January 11, 1897
The Topeka State Journal
Topeka, KS
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# RECEIVER JOHN C. M'KEON.
immediate payment of the greater part of the bank's capital when the money is most likely invested in such a manner that it cannot be called in at once. To save a bank in this extremity there is a provision in the banking laws by which savings banks may decline to pay depositors in full on demand, but may require a notice of 60 days.
One of the most memorable runs in the history of Chicago was in 1893, when the Illinois Trust and Savings bank tried to bring its panic stricken depositors to their senses by a parade of strength. The depositors gathered by thousands and were formed into long lines running almost around the block. The bank attempted to meet all demands. The force of paying tellers was quadrupled, all rules regarding business hours were cast aside, and the money was shoved out as fast as a big corps of experts could count it. But these tactics did not have the required effect, and, although the bank was kept open nearly all night and until the last man in line had received his cash, more depositors came the next morning, and it was several days before confidence was restored.
A run on a savings bank was started not long ago in New York state by the mere fact that a man had dropped dead in front of the bank. A crowd collected, depositors became frightened, and the original cause of the disturbance was forgotten in the mad rush to withdraw money. The result was so serious that the bank was eventually obliged to close its doors.
While people who become so easily frightened are often called harebrained lunatics, there is really little to wonder at in their conduct. Knowing little of financial affairs, they jump at conclusions and do the very thing which will hurt their own interests.
Then there are the tragic features. Connected with the Chicago failure these have been more startling than usual. First came the suicide of Banker Wasmansdorff, whose firm was pulled down in the general smash. Then came the suicide of W. A. Hammond, the second vice president of the institution which he was charged with wrecking. These developments were almost as startling as the initial catastrophe.
And after the smoke has all cleared away comes the long and often tedious readjustment, when the bank examiner, with his corps of experts, spends weary hours over long columns of figures which have been juggled until they are jumbled into an almost inextricable tangle. This part of the work of the affairs of the Illinois National bank is in charge of John C. McKeon, who has been appointed receiver by Comptroller Eckels. He is one of the most expert accountants in the country and will probably be able to unravel the snarl in due time.
JOHN F. WILLOUGHBY.