4583. Milwaukee Avenue Savings Bank (Chicago, IL)

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: June 5, 1893
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: d4ca9642

Response Measures

Accommodated withdrawals

Description

Multiple contemporary reports (June 5, 1893) describe a moderate run on Milwaukee Avenue Savings Bank triggered by sensational/malicious rumors circulated by Board of Trade brokers after the failure of Hermann Schaffner & Co. The bank met demands, increased paying tellers and kept open late (until ~9 PM); there is no mention of suspension, receivership, or permanent closure in these articles.

Events (1)

1. June 5, 1893 Run

Cause: Rumor Or Misinformation
Cause Details: Sensational and malicious rumors circulated by Board of Trade brokers after the failure of Hermann Schaffner & Co. precipitated deposit withdrawals.
Measures: Increased force of paying tellers; kept bank open late (until about 9:00 PM) to meet depositors' demands.
Newspaper Excerpt: The Milwaukee Avenue Savings bank sustained a moderate run throughout the day, and they, too, kept open house until 9 o'clock to-night.
Source: newspapers

Newspaper Articles (10)

1. June 6, 1893 The Record-Union Sacramento, CA

Article from The Record-Union, June 6, 1893

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ANXIOUS DEPOSITORS. CHICAGO BANKERS ARE HAVING TROUBLOUS TIMES. Board of Trade Brokers Trying to Precipitate a Panie-Unusual Banking Hours. Special to the RECORD-UNION. CHICAGO, June 6.-3 A. M.-The failure of Hermann Schaffner & Co.'s Bank, which occurred last week, bore fruit yesterday in well defined runs which were precipitated on almost, if not every one of the savings banks of Chicago. First to feel the effect of the excitement was the Bank of Commerce, where a great many of the accounts. The class keep Jewish their citizens Schaffner poorer failure had alarmed them and they bore down upon the Commerce at the opening hour. Tellers were doubled up and paid checks as fast as presented throughout the day, the officials of the bank expressing no and that they to meet would alarm be whatever, able any saying demands. The Illinois Trust and Savings Bank, which has a larger line of this class of deposits than any other bank in the city, amounting at times to over $12,000,000, put on an and everyone as as extra rapidly force of tellers possible. paid At o'clock this afternoon they posted a notice on the front door that the bank would remain open until 10 o'clock to-night, and as long as the present excitement continued. The Hibernian Bank, which, as its name implies, was the depository for a large number of Irish-Americans of small means, was crowded all day, but found no difficulty 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 to-day. 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 9 o'clock was noted Equally housa spirited until checking to-night. upon the Price, State National and rie as well as State Savings Banks, Prai- upon the Union Trust Company and the Avenue Savings Bank, but in no case was any alarm felt by well-informed people. In many these fact, at of institutions large depositors came in during the afternoon and made heavy deposits. To-day's situation was greatly aggravated by a number of Board of Trade brokers, who for reasons of their own devoted themselves to the circulation of sensational rumors in which they involved at one time or another nearly every bank in the city and a large number of leading stock yards operators. Notwithstanding these malicious efforts no fear is felt as to the safety of any of the leading banking institutions of the city. The failure of Meadowcroft Brothers, a total of minor institution, with deposits perhaps $200,000, aroused little or no interest. At midnight the Illinois Trust and Savings Bank was still paying off, and the crowd of depositors anxious to draw was as large as money bank still ever. The officials are rather pleased than pay out the it otherwise to money, as means a big saving to the institution in interest. So far the net profit is about $35,000. At this hour it was announced that the bank would not close as long as a single depositor cared to draw out a dollar. The paying of money is being continued at seven windows. President Mitchell said: "We will right months and not here for three close stay our doors night or day if such a proceeding should become necessary. We are good for any run no matter how long it keeps up." " At 1:30 A. M. the Illinois Trust and Savings Bank was still open, the force of paying-tellers at seven windows having been relieved by fresh men and enough people are still waiting for money to keep the bank open two hours more. President Mitchell said he had plenty money on hand and plenty of men to pay it out.

2. June 6, 1893 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, June 6, 1893

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Runs Started by Baseless Rumors on Several Chicago Savings Banks. Some Took Advantage of the Advance Notice Rules, but the Big Ones Increased Their Paying Tellers and Kept Open Until Late. Receiver Appointed for Meadowcroft Brothers & Co., Private Bankers. Many Failures Reported from Other Parts of the Country-Sandusky (0.) Bank and 8 Big Kansas Grain Company in Trouble. RUNS ON CHICAGO BANKS Depositors in Savings Institutions Excited Rumors, Unfounded by Special to the Indianapolis Journal CHICAGO, June 5. Wild and unfounded rumors of impending financial disaster caused a senseless run on many of the banks in Chicago to-day. 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 circumstance it is no small tribute to the sagacity. soundness and foresight of Chicago bankers to say that they all withstood the strain. Where the rumore sprang from is a mystery It is no mystery how they spread, for wildfire no quicker in its flight than rumor when she takes a fling at the banks. Whether malice or ignorance inspired the rumors is unknown. but whichever it was the effect was instantaneons and wide spread. Fortunately the effect was confined to uncomfortable crowding in the banking rooms, to Dushing and hauling among excited depositors seeking to withdraw their money, and to the gathering of curious crowds upon the sidewalka out side the banks. One of the earliest and apparently the most malicious rumor of the day was to the effect that John M. Smyth, the large furniture dealer on West Madison street, had failed. There was no truth in the report, and the managers of the concern could 88 sign no reason for its havi g been started. Other similar rumors of financial troubles were found to be without basis hen traced down. but they had spread far and wide before they could be successfull con tradicted, and the movement on the city banks began. It was the small depositors of savings-t people who had from $50 to $500 to their credit who soon filled many of the banking rooms and began to clamor for their money In case they found, greatly to their prepared the comfort, that for them and ready to hana out dollar for and dollar standing in line to await turns at the paying tellers' vickets. All who the came closing the banks, were ranged in line. and when the doors were shut the payment the de last until process the bank walls had received amount due him. KEPT OPEN ALL NIGHT. Early in the afternoon the Illinois Trust and Savings Bank posted notice saying that the bank would remain open until o'clock to-night to pay depositors, and that the commercial branch of the institution to would remain open until the same time pay checks. Later it was announced that the bank would open its doors at tomorrow, or an hour earlier than usual, accommodate those who wished to with draw their money These notices had no in allaying the effect, panic, and the bank continued pay on depositors rapidly the seven tellers could count out the money At 1:30 this Tuesday morning the Illinois Trust and Savings The crowd still paying. positors had thinned out somewhat. of were inside them enough the bank and around the doors keep the paying tellers busy for at least hours. The bank officera that by they had paid out about they cash stacked up for tellers work upon this Michael evening: said "We for open pay the keep ment of depositors long this run There $10,000,000 of de the bank and seven tellers are paying depositors, We will and hours, open take men ten days pay out the $10,000,000. Therei no run on the com. mercial An Associated Press dispatch says the failure the by Herman Schaffner Co. which occurre Friday. l'he first to feel the effect of was the Bank of Commerce where great many Jewish of the poorer class kept their accounts. These took alarm naturally the result the Schaffner failure and bore down upon the force and tellers doubled The iug hour. paid fast as presented throughexcitement spread The Illinois Trust Company, which has a line this class deposits city, amounting put extra on an force of tellers and paid every one idly possible, and o'clock posted notice upon the front door that the bank would open until 10 o'clock to night and long the ment should continue. The Hibernian name which Bank, was the depository for of large number of Irish-Americans but day found no difficulty in meeting the demand and o'olock the had de The Dime Savings Bank took vantage of rule and paid percentage upon each deposit. The Globe ings applied the thirty day rule, There moderate run on the Muwaukeeavenue Savings Bank throughout the day and too. open house until 9 o'clock to-night. Equally spirited checking was State Prairie upon noticeable the Bank, but in no case was any alarm felt by well informed people. The situation greatly aggravated number of Board of Trade brokers, who, them. voted of their own, for purposes of circulation the selves rumors, in which they involved, at one timeor every bank in and number leading stockvard erators. otwithstanding these malicious that believe every there efforts to reason Done of the leading banks, whether sav. ings, State or national. of Chicago, are in any danger of suspension. Only one bank failure announced to-day FAILURE OF PRIVATE BANKERS Meadowcroft Brothers & Co. private bankers, doing a commercial paper business similar to that of Hermann Schaffner & Co., the banking firm which made an assignment on Saturday closed their doors this morning. The concern was one of the oldest in the city. The firm was inposed of Robert, Charles and Frank R. Meadow The busi ness in 1860 by the father The the proprietors. present pies the quarters formerly used by the Park National Ban which failed some time ago. Lyman Crandall has been appointed receiver The bill for a receiver. filed by Charles

3. June 6, 1893 The Helena Independent Helena, MT

Article from The Helena Independent, June 6, 1893

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Not the Slightest Uneasiness Over the Condition of the Leading Institutions. Depositors in Savings Banks Ask for Their Money and Get It. The Demonstration of Solidity Should Go n Long Way Toward Reassuring the Whole Country. CHICAGO, June 5.-The failure of Herrmann Schaffner & Co.'s bank, which occarred last week, bore fruit to-day in well defined rans which were perceptible on almost. if not every one, of the savings banks of Chicago. The first to feel the effect of the excitement was the Bank of Commerce, where a great many Jewish oitizens of the poorer class kept their accounts: The Schaffner failure had alarmed them and they bore down upon the Bank of Commerce at the opening hour. Tellers were doubled up and paid obocks ns fast as presented throughout the day, the officials of the bank expressing no ala in whatever and saying they were able to meet any demands. The Illinois Trust and Savings bank, which has a larger line of this class of deposits than any other bank in the city, amounting at times to over $12,000,000, put on an extra force of tellers and paid everyone as rapidly as possible. At three o' clock this afternoon they posted fl notice on the front door that the bank would remain open until 10 o'cleck to-night and so long as the present excitement continues. The Hibern. ian bank, which, as its name implies, was the depository for a large numbes of IrishAmericans of small 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 day notice of withdrawal, and paid only a small percentage of deposits to-day. 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 until nine o'clook to-night. Equally spirited checking was noted upon the Prairie State National and Preirio State Savings banks, as well as upon the Union Trust company and Avenue Savings bank, but in no ease WAS any alarm felt by well informed people. In fact, at many of these institutions, large ositors dame in during the afternoon, and made heavy deposits. To-day's situation was greatly aggravated by a number of board of trade brokers. who, for reasons of their own, devoted themselves to the circulation of sonsational ramors at which they involved at one time or another nearly every bank in the oity, and R large number of leading stook yards operators. Notwithstanding these malicious efforts, no fear is felt as to the safety of any of the leading banking institutions of the city. The failure of Meadowcroft Brothers. a minor institution with a total deposit of perhaps $200,000, aroused little or no interest. CHICAGO, June 6., 1:30 A. m.-The Illinois Trust and Savings bank is still open. the force of paying telle's at seven windows having been relieved by fresh men, and enough people are still waiting for money to keep the bank open two hours more. President Mitchell said there is plenty of money on hand and plenty of mon to pay it out. KANSAS CITY. June 5.-The Kansas Grain company. which claims to be the largest purchaser of grain from producers in the world, has failed. The officers here decline to make any statement of the Assets and liabilities Bill they are authorized by President Tompler, who is in charge of the office at Hutchinson. The company has elevators in over A hundred towns in Kansas, all containing grain. Tight money was the cause of the failure. SPOKANE. June 5.-The Bank of Spokane temporarily closed its doors this morning. The suspension caused no excitement. The embarrasement is due to the tightness of the money market. A. M. Cannon, president of the bank. has many large interests in this city and is reported a mniti-millionai e. CHICAGO, June 5.-F. A. Armstrong & Co., manufacturers and dealers in society and military uniforms. failed. Their liabilities are $105,000 and the assets $205,000.

4. June 6, 1893 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, June 6, 1893

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CHICAGO, June 5.-The failure of Herman Schaftner, which occurred last Friday, bore fruit to-day in well defined runs which were precipitated on almost if not every one of the savings banks of Chicago. The first to feel the effect of the excitement was the Bank of Commerce, where a great many Jewish citizens of the poorer class keep their accounts. These took alarm as the result of the Schaffner failure, and boro down upon the Bank of Commerce in full force at the opening hour. The tellers were doubled up and paid checks as fast as presented throughout the day. The excitement spread and soon involved the other savings institutions. The Illinois Trust Company. which has a larger lino of this class of deposits than 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 ar rapidly as possible, and at 3 o'clock posted notice on the front door that the bank would remain open until 'clock to-night, and as long as the present excitement should continue. The Hibernian Bank, which, as its name implies, was the depository for a large number of Irish-Americans of small means was crowded all day, but found no difficulty in meeting the demand, and at 3 o'clock the excitement had perceptibly decreased. The Dime Savings Bank paid a percontage only on each deposit. The Globe Savings Bank applied the thirty rule: The Milwaukee Avenue Savings Bank sustained a moderate run throughout the day, and they too kept open house until 9 o'clock to-night. Equally spirited checking was noticeable upon the Prairie State Savings Bank and Union Trust Company, as well as upon the Avenue Savings Bank, but in no case was any alarm felt by well informed people. The situation was greatly aggravated by a number of board of trade brokers, who, for purposes of their own, devoted themselves to the circulation of rumors in which they involved at one time or another nearly every bank in the city and a large number of leading stock yards operators. Notwithstanding these malicious stories there is every reason to believe that none of the leading banking institutions, whether savings, state or national, of Chicago are in any danger of suspending. The failure of Meadowcroft Bros., a minor institution, occurred, but aroused little or no interest in the minds of the general public. Their total deposits did not exceed $200,000. At 12 o'clock to-night the Illinois Trust and Saving Bank was still paying off and the crowd of depositors anxious to draw their money was still as large as ever. The bank officials said that they cared nothing whatever for the run, but were rather pleased than otherwise to pay out the money, as it meant a big saving to the institution in interest. The quarterly instalment being due on July 1, all depositors who drew their money to-day have lost. The bank officers estimate that the run SO far has given them a net profit of $35,000. It was announced at midnight that the bank would not close as long as a single depositor cared to draw out a dollar.

5. June 6, 1893 The Anaconda Standard Anaconda, MT

Article from The Anaconda Standard, June 6, 1893

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GOT THEIR MONEY BACK Chicago Depositors Become Alarmed About Their Savings. ALL WERE PAID IN FULL Scenes of Excitement In All of the Banks in the Windy Citysmall Failures-Ohio and Kansas City. CHICAGO. June 5.-The failure of Herrmann Schaffner & Co.'s bank. which occurred last wook. bore fruit to-day in well defined runs which were precipitated on almost. if not every one. of the savings banks of Chicago. The first to feel the effect of the excitement was the Bank of Commerce, where a great many Jewish citizens of the poorer class keep their accounts. The Schaffuer failure had alarmed them and they hore down upon the Bank of Commerce at the opening hour. The tellers were doubled up and paid the checks as fast as they were presented throughout the day. the officials of the bank expressing no alarm whatever and saying that they were able to meet any domands. The Illinois Trust & Savings bank. which has a larger line of this class of deposits than 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. At 3 o'clock this afternoon they posted a notice on the front door that the bank would remain open until 10 o'clock to-night and so long as the present excitement continues. The Hibernian bank. which, as its name implies, was the depository for a large number of Irish-Americans of small means. was crowded all day, but found no difficulty in meeting all demands. The Dime Savings bank took advantage of a rule requiring, if necessary. 60 days notice of withdrawal. and paid only a percentage of Its deposits to-day. The Globe Savings bank applied a 30-day rule. The Milwankee Avenue Savings bank sustained a moderate run throughout the day and they, too. kept open house until 9 o'clock to-night. Equally spirited checking was noted upon the Prairie State National and the Prairie State Savings banks, as well as upon the Union Trust company, but in no case was alarm felt by well informed people. In fact. at many of these institutions, large depositors came in during the afternoon and made heavy deposits. To-day the situation was greatly aggravated by a number of board of trade brokere who. for reasons of their own. devoted themselves to the circulation of sensational rumors in which they involved at one time or another. nearly every bank in the city and a large number of leading stock yards apliators. Notwithstanding these malicious efforts, no fear is felt as to the safety of any of the leading banking institutions of the city. The failure of Meadowcroft Brothers, a minor instituwith total deposits of perhaps $200,000. aroused little or no interest.

6. June 6, 1893 The Herald Los Angeles, CA

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The Failure of Schaffner & Co. Bearing Fruit. Runs on Every Savings Bank in Chicago. Meadowcroft Bros. Unable to Stand the Pressure. All the Rest Pulled Through-A Long List of Financial Disasters Due to Stringency in Money. By the Associated Press. Chicago, June 5.-The failure of Schaffner & Co's. bank, which last bore in occurred Herrman week, fruit today runs which were if not every one tated well defined on almost, precipi- first of the eavings banks of Chicago. The to feel the effect of the excitement was the Bank of Commerce, where a great many Jewish citizens of the poorer class keep their accounts. The Schaffner failure had alarmed them and they bore down Commerce at the opening honr. were doubled up on The the tellers and paid checks as fast as presented throughout the officials of the day, the and bank saying expressing no alarm whatever they were able to meet any demanda. The Illinois Trust and Savings bank, which has a larger line of this class of deposits than 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. At 3 o'clock this afternoon they posted a notice on the front door that the bank would remain open until 10 o'clock tonight and 80 long as the present excitement continues. Hibernian bank, which as the name was the of a The implies Irish-Americans depositary for large number of small means, was crowded all day, but found no difficulty in meeting all demands. The Dime Savings bank took advanthe rule requiring, if necessary, 60 notice of tage days' of withdrawal, deposits and today. paid only a percentage of its The Globe Savings bank applied the 30-day rule. The Milwaukee Avenue Savings bank a moderate run sustained throughout house the day, and they, too, kept open until 9 o' clock spirited checking was Equally tonight. noted Praithe State National rie as well as upon State Savings, Price, theAvenue upon and the Union Trust company and but in no case was felt well-informed people. Savings by bank, In alarm fact, of these institutions came in during at positors many the afternoon large deand made heavy deposite. situation was aggraa number of vated Today's by board greatly their of trade who for reasons own to the devoted brokers, themselves which circulation of they in- of sensational rumore in one time or bank in the city a every volved at and another large operators. nearly number leading stockyards these Notwithstanding of malicious safety of efforts, no fear is felt as to the any of the leading banking institutions of this city. The failure of Meadowcroft Brothers, a minor institution, with total deposits of perhaps $200,000, aroused little or no interest. At midnight the Illinois Trust & bank was still the of depositors Savings crowd paying anxious off The and to draw is still as large as ever. are rather as it means a to otherwise bank money officials pleased big So saving far than the the in interest. 18 about $35,000. At that the saving institution announced bank this hour would it not 80 as a draw out a dollar. cared was close to long single continued The depositor paying at of the money is being seven windows. President Mitchell said: 'We shall stay right here for three months and not close our doors night or day if such proceedings should become necessary, We are good for any run, no matter how long it is krept up. a. m. the Illinois Trust and bank is still open, the tellers at seven windows Savings paying At 1:30 force having of by fresh men, and enough are still waiting the bank open two been keep people relieved hours for money more. to Mitchell said was on hand and to of President money plenty there of men plenty pay it out.

7. June 6, 1893 The Daily Morning Astorian Astoria, OR

Article from The Daily Morning Astorian, June 6, 1893

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THE SITUATION NOT IMPROVING Heavy Rnn on Nearly all the Chicago Banks Yesterday. ALL DEMANDS PROMPTLY MET Some of the Houses Kept Open Till a Late Hour-Brokers Circulated Disturbing Rumors. Associated Press. Chicago. June 5.-The failure of Herman Schaffner lb Company's bank, which occurred last week, bore fruits today in well defined runs which were precipitated on almost, if not everyone of the savings banks of Chicago. The first to feel the effect of the excitement was the Bank of Commerce, wher a great many Jewish citizens and the poorer class kept their accounts. The Schaffner failure had alarmed them and they bor down on the Bank of Commerce at the opening hour. The tellers were doubled up and paid the check as fast as presented throughout the day, the officials of the bank expressing nq alarm whatever, and saying they were able to meet any demands. The Illinois Trust & Savings Bank, which has a larger line of this class of depositors than any other bank in the city. amounting at times to we uo and '000'000'7I$ of tellers and paid every one as rapidly as possible. They posted a notice on the front door that the bank would remain open until 10 o'clock, and so long as the present excitement continues. The Hibernian bank, which was the depository for a large number of IrishAmericans of small means, was crowded all day, but found no difficulty in meeting the demands. The Dime Savings Bank took advantage of the rule requiring, if necessary, sixty days' notice of withdrawal, and paid only a percentage on the deposits today. The Globe Savings Pank applied the thirtyday rule. The Milwaukee Avenue Savings Bnk sustained a moderate run throughout the day, and they, too, kept open house until 9 o'clock tonight. An equally spirited was noted up An equally spirited checking was noted on the Prairie State National and the Prairie State Savings Bank, as well as upon the Union Trust Company's and Avenue Savings Bank, but in no case was any alarm felt by wellinformed people. In fact at many of these institution the larger depositors came in during the afternoon and made heavy deposits. Today's situa. tion was greatly aggravated by a number of board of trade brokers, who for reasons of their own, devoted themselves to the circulation of sensational rumors in which they involved at one time or another nearly every bank in the city, and a large number of leading stockyard operators. Notwithstanding these malicious efforts, no fear is felt as to the safety of any of the leading banking institution of the city. The failure of Meadowcroft Bros, a minor institution with deposits of perhaps $200,000. aroused little or no interest. At 1:30 a. m. the Illinois Trust and Savings Bank was still open, the force of paying tellers at the seven windows having been relievedd by fresh men, and enough people still waiting for their money to keep the bank open two hours more. The bank officials are rater pleased than otherwise to saving to the institution in interest. So far the net profit is about $35,000. It is announced that the bank would not close as long as a single depositor cared to draw out a dollar. President Mitchell said: "We will stay right here for three months, and not close our doors night or day if such proceedings should become necessary. We are good for any run, no matter how long it keeps up. run, no matter how long it keeps up."

8. June 6, 1893 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, June 6, 1893

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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.

9. June 6, 1893 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, June 6, 1893

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RUNS ON CHICAGO BANKS. Every One of the Savings Banks Crowded with Depositors. DEMANDS MET PROMPTLY. Malicious Rumors Started by Several Board of Trade Men. These Stories, Which Were Very Sensational, Aggravated the Situation Very Much as They Involved Every Bank in the City. CHICAGO, June 5.-The failure of HerMann Schafiner & 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 banks of Chicago. The first to feel the effect of the excitement was the Bank of Commerce, where a great many Jewish citizens of the poorer class keep their accounts. The Schaffner failure had alarmed them, and they bore down upon the Bank of Commerce. At the opening hour the tellors were doubled up and paid checks as fast as presented throughout the day, officials of the bank expressing no alarm whatever, and saying that they were able to meet any demands. The Illinois Trust and Savings bank which has a larger line of this class of deposits than any other bank in this city, amounting at times to over $12,000,000, pution an extra force of tellers and paid every one as fast as possible. At 3 o'clock this afternoon they posted a nothe front door that the bank until 10 would tice on remain open o'clock excite- tonight and so long as the present ment continues. At midnight the Illinois Trust and bank was still paying off, and the of Savings crowd depositors anxious to draw their money was still. as large as ever. The bank officials were rather pleased than otherwise to pay out money, as it means a great saving to the institution in interest. So far the net profit is 35,000. At this hour it was announced that the bank would not close as long as a single depositor cared to draw out a dollar. The paying of money is being continued at seven windows. President Mitchell said: "We will stay right here for three months and not close our doors night or day, if such proWe ceeding should become necessary, are good for any run, no matter how long it keeps up." At 1:30 this Tuesday morning, the Illinois Trust and Savings bank is still open, the force of paying tellers at the seven windows having been relieved by fresh men and enough people are still waiting for their money to keep the bank open two hours more. The Hibernian bank which its name implies, was the depositor for a large number of Irish Americans of small 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 an open house until 9 o'clock tonight. Equally spirited checking was noted upon the Prairie State National and the Prairie State savings, as well as upon the Union Trust company and Avenue Savings bank, but in no case was any alarm at felt by well informed people. In fact, many of these institutions large depositors came in during the afternoon and made heavy deposits. Today the situation was greatly aggravated by a number of board of trade brokers, who for reasons of their own, devoted themselves to the circulation of sensational rumors in which they involved at one time or another nearly every bank in this city and a large number of stock yard operotors. Notwithstanding these malicious efforts, no fear is felt as to the safety of any of the banking institutions of the city. The failure of Meadow-Croft Brothers, a minor inwith total perhaps stitution little deposits interest. of, $200,000, aroused or no

10. June 9, 1893 The Weekly Tribune Great Falls, MT

Article from The Weekly Tribune, June 9, 1893

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RUN ON THE BANK. A Foolish Excitement in Chicago Met By Abundance of Cash. CHICAGO, June 5.-The failure of Her0 man Schafner, which occurred last Fri day, bore fruit today in the well defined runs which were precipitated on almost. if not every one of the savings banks of Chicago. The first to feel the effect of the excitement was the Bank of Commerce where a great many Jewish citizans, of the poorer class, keep their accounts. These took the alarm naturally as a result of the Shafner failure and bore down upon the Bank of Commerce in full force at the opening hour. The tellers were doubled up and paid checks as fast as they were presented throughout the day. The excitement spread and soon involved other savings institutions. The Illinois Trust company, which has a larger line of this class of depositors than any other bank in the city, amounting at times to over twelve millions of dollars, put on an extra force of tellers and at 11 o'clock posted a notice upon the door that the bank would remain open as long as the excitement should continue. The Hiberrian bank which was the depository for a large number of IrishAmericans of small means, was crowded all day, but found no difficulty in meeting the demand and at 4 o'clock the excitement was perceptibly decreased. The dime savings bank took advantage of its rule and paid a percentage only upon each deposit. The Globe savings bank applied the 30 day rule; the Milwaukee avenue savings bank sustained a moderate run throughout the day and was kept open until 9 o'clock. Spirited checking was noticeable upon the Prairie State Savings bank and United Trust company. as well as upon the Avenue Savings bank. but in no case was any alarm felt by well informed people. The situation was greatly aggravated by a number of the board of trade brokers who, for purposes of their own, devoted themselves to the circulation of sensational rumors in which they involved at one time or another nearly every bank in the city and a large number of the stock yards operators. Notwithstanding these efforts there is every reason to believe that none of the leading banking institutions. whether savings, state or national of Chicago are in any danger of suspending. The failure of Meadowcroft Bros., a minor institution, occurred. but aroused little or no interest in the minds of the general public. Their total deposits did not exceed $200,000.