57cbc006Accommodated withdrawals
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Run on a Savings Bank. CHICAGO, Ills., June 6.-The run on the Prairie State Savings bank, which started Saturday, was resumed this morning. The officers are confident, however, that they have ample means available to meet all demands from depositors. The bank's business is practically confined to the West Side.
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EDITION. CLOSED THEIR DOORS Meadowcraft Bros., Private Bankers at Chicago, Fail. FINANCIAL UNEASINESS IN THE WEST. Sinking of the Steamer Kaiser Wilhelm. OTHER TELEGRAPHIC NEWS. FINANCIAL UNEASINESS. Meadowcraft Brothers, Private Bankers in Chicago, Suspend. CHICAGO, June 5.-Meadowcraft Brothers, private bankers,closed their doors this morning. A crowd quickly collected on the street and anxious inquiries as to the cause of the closed doors went around. No sign was posted on the doors. In response to calls a clerk came to the doors. "The bank will not open today," he said, and withdrew. The bank is a private one, the firm being composed of Robert, Charles J. and Frank R. Meadowcroft. The business was established in 1860 b7 the father of the present proprietors. The bank occupies the quarters formerly used by the Park National Bank. which failed some ago. time Lyman E. Crandall has been appointed receiver. RUN OF THE STATE BANK OF COMMERCE. The State Bank of Commerce, having offices on the ground of the Woman's Christian Temperance Temple, is experiencing a heavy run this afternoon. It started just before noon with the appearance of some thirty or forty depositors. The news spread like wild fire and within half aa hour the lobby was filled with an excited crowd of men and women, who tore and crushed in order to get within the glass doors. The scene attracted over a thousand of the general public. and the through increased to such proportions that it was necessary to summon several policemen. who admitted the frenzied crowd one by one as fast as those at the head of the line received their money. At half-past twelve an iron bar red express wagon. containing Feveral bags of gold, was hurriedly driven up to the building and the money carried in by stalwart watchmen and placed upon the counters. This. however. did not allay the auprehensions of those outside, and for a while the o crush was intensified. The bank officials did not seem to be in the least alarmed. Cashier Frederick Miller said to the repreare not sentative of the United Press: We alarmed and we will meet this run Then he added. as a kind of after thought: "That is. as long as we are able. The officers and directors of the bank are all wealthy Germans. Herman Felse. that is president and Jacob Gross vice credient. It has a capital of half a million of dollars. Its last report made to the state auditor on May 10 showed deposit I of $1,200.000 surplus and undivided profits $25.600. against which it had about $300,000 in cash. the balance being covered by loans and discounts. overdrafts and bords. The character of the crowd during the run indicated that the depositors were largely people small or limited means. Fully 20 per cent were women. E.A. Armstrong & Co., dealers in uniforms, made a voluntary assignment this morning. Assets are stated to be $275,000; liabilities, $105,000. Arun on the Prairie State Savings Bank, which started Saturday, was resumed this morting. The oficers RE confident. however, that they have ample means available to meet all demands from depositors. The bank's business is practically confined to the west side. CLEVELAND. OHIO. June 5.-A dispatch from Sandusky says: A savings bank here was put in the hands of a receiver this morning. A BUN IN MILWAULEE. MILWAUKEE. June 5.-A run is now in progress on the South Side Savings Bank. Some two or three hundred people block up the sidewalk in front of the bank, but everything is quiet and orderly. There is a slight run on the Second Ward Bank. but the demand on the Commercial Bank seems to have subsided. Affairs at other banks are about in their normal condition. The failure of F. T. Day late on Saturday seems to have increased the neryours fears of small depositors. Business men are not in the least alarmed at the situation. and predict that the flurry will end in a day or two unless it is aggravated by more failures. KANSAS CITY, June 5.-The Kansas Grain Company. a big commission house with branch offices all over Kansas. has failed. WASHINGTON BUTCHERS SONS IN PHILADELPHIA. PHILADELPHIA, PA.. June .--Washington Butchers' Sons. provision dealers, today filed an assignment, with George W. Lex as the assignee. No statement of the assets or liabilities can be obtained. The tightness of the money market is the announced cause of the embarrassment. A VIRGINIAN'S FAILURE. Special Dispatch to The Evening Star. PETERSBURG, Vs. June 5.-E. C. McCulloch, one of the largest merchants at Blackstone, this state, has made an assignment. His property is valued at $49,000, and his creditors are secured in classes. His whole indebtedness is about @43.000. The first class simply includes expenses of the trust. There is no question about his property paying second-class debts in full, and probably the third and fourth-class. while there is a possibility of all the debts being paid in full. EULALIE WILL BE DISAPPOINTED Spain's Exhibit is Not as Near Completion
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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.
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CHICAGO FAILURES. Three Small Ones-Two Merchants Among Them-Run on a Bank. CHICAGO, June 5.-E. A. Armstrong & Co., dealers in uniforms, made a voluntary assignment this morning. Assets are stated to be $275,000; liabilities $105,000. Meadowcroft Bros. & Co., private bankers, doing a commercial paper business similar to that of Hermann Schaffner & Co., the banking firm which made an assignment Saturday, closed their doors this morning. The concern was one of the oldest in the city. Their assets and liabilities are not stated. A run on the Prairie State Savings Bank which started Saturday was resumed this morning. The officers are confident they have all means of available to meet all domands from depositors. The bank's business is practically confined to the West Side. The property of A. Weisenbach, a clothing and shoe merchant, was seized by the sheriffthis morning. Execution was made on judgments aggregating $26,000. The liabilities are about $75,000; assets $50,000. His liabilities are, with the exception of about $15,000 for goods, for borrowed money. The failure is said to have been precipitated by the assignment of Banker Hermann Schaffner, who is mysteriously missing.
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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.
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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 $200,000. aroused little or no interest.
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A Run on a Savings Bank. CHICAGO, June 5.-A run on the Prairie State Savings bank which started Saturday was resumed Monday morning. The officers are confident, however, that they have ample means available to meet all demands of depositors. The bank's business is practically confined to the west side.
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THE SITUATION NOT IMPROVING Heavy Rnn on Nearly all the Chicago Banks Yesterday. ALL DEMANDS PROMPTLY MET Some of the Houses Kept Open Till a Late Hour-Brokers Circulated Disturbing Rumors. Associated Press. Chicago. June 5.-The failure of Herman Schaffner lb Company's bank, which occurred last week, bore fruits today in well defined runs which were precipitated on almost, if not everyone of the savings banks of Chicago. The first to feel the effect of the excitement was the Bank of Commerce, wher a great many Jewish citizens and the poorer class kept their accounts. The Schaffner failure had alarmed them and they bor down on the Bank of Commerce at the opening hour. The tellers were doubled up and paid the check as fast as presented throughout the day, the officials of the bank expressing nq alarm whatever, and saying they were able to meet any demands. The Illinois Trust & Savings Bank, which has a larger line of this class of depositors than any other bank in the city. amounting at times to we uo and '000'000'7I$ 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."
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RUN ON A BANK. Chicago, III., June 5.-The run on the Prairie Site savings bank. which started Saturday, was resumed this morning Officers are confident, however, that they have ample means available to meet all demands from depositors. The bank's business is practically confined to the West side.
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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.