5195. Pullman Loan & Savings Bank (Pullman, IL)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
May 11, 1894
Location
Pullman, Illinois (41.693, -87.606)

Metadata

Model
gpt-5-mini
Short Digest
062289df

Response Measures

None

Description

Articles describe large withdrawals from the Pullman savings bank after the Pullman Company strike beginning May 11, 1894. No suspension, closure, reopening, or receivership is mentioned. Cause is withdrawals tied to the local labor strike and its economic effects on employees' deposits. OCR errors corrected (e.g., 'savings bank' references).

Events (1)

1. May 11, 1894 Run
Cause
Local Shock
Cause Details
Large withdrawals by Pullman company employees triggered by the Pullman Company strike beginning May 11, 1894.
Newspaper Excerpt
When the strike was inaugurated on May 11, over $32,000 had been withdrawn from the savings bank.
Source
newspapers

Newspaper Articles (2)

Article from The Comet, July 12, 1894

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Article Text

WILL NOT CONFER. Mr. Pullman Refuses to Arbitrate With Ilis Employes. Says He Has Sold Cars For $300 Less Than Actual Cost. George M. Pullman was seen this evening at Fairlawn, his summer home on Ocean avenue, by a Times correspondent, in reference to the big strike and the attitude of the Pullman Company in the matter. He spoke freely and without reserve. He had spent the fourth of July at his desk, facing the ocean, receiving callers and answering letters and telegrams regarding the situation. Briefly, he holds to the opinion that there can be no arbitration of this great issue, for the simple reason that there is nothing upon which to arbitrate. Notwithstanding the vast amount of worry and care to which Mr. Pullman has been subject recently, he still preseryes his customary calmness and evenness of temper. In giving his viewe on the present trouble. he spoke carefully and with a consideration for the welfare of his old employes that was plainly evident. "No one more than myself regrets this unfortunate strike he said as he leaned back in his chair. "The Pullman difficulty, separately regarded, no longer figures prominently in this fight of the new American Railway Union against the railroad companies. "The question, to my mind, has resolved itself to this: Shall the railroads be permitted to manage, or saall they turn it over into the hands of Debs, Howard and the American Railway Union? "The Pullman Company could not d settle the strike now if it would. It 18 now in other hands. "I think the sympathy of the intelligent American public is with the rail roads in this unjust attack. "What I would especially like to make clear, however, 18 the position of the Pullman Company. When the financial depression began last year we were employing in Pullman about 5,816 men and paying out in wages about $305,000 a mouth. "The average earnings of all the employes were something over $600 a year, including all classes. The deposits in the Pullman Savings Bank amounted to $688,000. That was in June, 1893. A large percentage, ninetenths of that money, represented the savings of the Pullman employes. "The manufacturing department of the company. like many other similar institutions all over the country, felt 1 the effects of the vast business depression. I foresaw that if the works were to be kept running it would be necessary for the company to make sacrifices and for the men to meet the situation by accepting lower salaries for the ir work. g "Understand, that a year previous we had turned out a great many cars. as had other car companies, to meet the exceptionally heavy world's fair traffic. "When the strike was inaugurated on May 11, over $32,000 had been withdrawn from the savings bank. "The Pullman service is not a monopoly, but rather a great CO operative n institution During the financial de pression we ran our works with a re. duced force of 2,000 men. The savings bank deposits fell off to $470,000. We shortly afterward, on obtaining new e. contracts, increased our force to 4,000 men, and the deposits-mind you, under the reducing scale, which they now want raised 25 per cent., while the price of cars is about 25 per cent. lower than it has been for two yearswent up to $488,000. "Afterthe fair closed these cars were


Article from The Atlanta Constitution, July 16, 1894

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Article Text

the rate which we have charged ants, this company assuming the exp of pumping. At the increased rate city is now charging us for water, W paying about $500 a month in excess o amount charged to the tenants. The ent pay rolls at Pullman amount to a $7,000 a day. "On the question of rents, while, as S above, they made a manifestly inade return upon the investment, 80 that clear they are not in fact at an arbit high figure, It may be added that it y not be possible in a business sense deal with them. The renting of the o ings and the employment of workme Pullman are in no way tied together. dwelling and apartments are offered rent in competition with those of the mediately adjacent towns of Kensin Roseland and Gano. They are let all Pullman employes and to very many o in no way connected with the com and on the other hand many Pullman ployes rent or own their homes in adjacent towns. She average renta Pullman is at the rate of $3 per roon month. There are 1,200 tenements of ing numbers of rooms, the average m ly rental of which is $10. Of these are 600 the average rental of which In very many cases men with far pay a rent seemingly large for a 1 man, but which in fact is reduced in and often wholly repaid, by the su paid by single men as lodgers." The Strike Decided Upon. May 10th, the day after the second ec ence above mentioned, work went ( Pullman as usual, and the only inc of note was the beginning by Mr. W assisted by Mr. Brown, the general ager of the company, of the proi formal investigation at Pullman of the complaints. A large meeting of emp had been held the night before at Ker ton, which, as was understood by the pany, accepted the necessity of the tion preventing an increase of wages; I a meeting of the local committee, held ing the night of May 10th, a strike W8 cided upon, and accordingly the next about 2,500 of the employes quit work, ing 600 at work, of whom very few skilled workmen. As it was found im ticable to keep the shops in operation a force thus diminished and disorga the next day those remaining were neo rily laid off, and no work has since done in the shops. The pay rolls at the time amount about $7,000 a day, and were reduced by the strike, SO that during the peri a little more than six weeks which elapsed the employes who quit their have deprived themselves and their rades of earning more than $200,000. Two Branches of the Business It is an element of the whole siti worthy of note that at the beginni the strike the Pullman Savings bank on deposit in its savings department $4 of which about nine-tenths belonged t ployes at Pullman, and that this ar has since been reduced by the sum of $ While deploring the possibility of a ance to the public by the threats of sponsible organizations to interrupt the derly ministration to the comfort of t ers on railway lines aggregating 125,000 in length, the Pullman company can more than explain its situation to the I It has two separate branches of bus essentially distinct from each otherto provide sleeping cars, which are deli by it under contract to the various ra companies to be run by them on their as a part of their trains for the carria their passengers, over the moveme which this company has no control. tract arrangments provide for the m of all repairs to such cars by the ra companies using them, as to certai pairs absolutely, and as to all others the request of the Pullman company, ordinarily finds It most convenient to 1 its own manufacturing facilities to such repairs. The other, and a di branch of the business of the Pu