5196. Pullman Loan & Savings Bank (Pullman, IL)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
September 11, 1906
Location
Pullman, Illinois (41.693, -87.606)

Metadata

Model
gpt-5-mini
Short Digest
3a4d5a8f

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions

Description

Multiple contemporaneous articles (all Sept 11–13, 1906) report a large, unfounded rumor-triggered run on the Pullman Loan & Savings Bank. The bank paid depositors in full during the day, obtained emergency funds from its downtown correspondent (two suitcases with $100,000), and remained open (no suspension or receivership reported). OCR minor variations corrected (Pullman, Ill.; bank name normalized to 'Pullman Loan & Savings Bank').

Events (1)

1. September 11, 1906 Run
Cause
Rumor Or Misinformation
Cause Details
A wild and unfounded rumor of insolvency circulated among depositors (largely foreign workers), precipitating heavy withdrawals.
Measures
Paid out about $38,000 during the day; president summoned funds from downtown correspondent (Merchants' Loan & Trust Bank) — two suitcases containing $100,000 — extended teller hours (reopened at 5 p.m., doors open until 6 p.m.).
Newspaper Excerpt
An unfounded rumor of insolvency precipitated a spectacular run yesterday on the Pullman Loan and Savings Bank ... Every depositor who reached the teller's windows and asked for his money was paid in full.
Source
newspapers

Newspaper Articles (9)

Article from The Topeka State Journal, September 11, 1906

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Article Text

SUIT CASES FULL OF CASH. $100,000 Hurried to Pullman Bank to Stop Run. Chicago, Sept. 11.-A wild and unfounded rumor of insolvency precipitated a spectacular run yesterday on the Pullman Loan and Savings bank, the local fiscal institution of the Pullman company at Pullman, ill. President Bryant sent to his down town correspondents, the Merchants' Loan and Trust bank, for money to meet the run. Two suit cases containing $100,000 in $20 bills were sent to the Pullman bank. The bank is declared to be in excellent condition and moreover is backed by the Pullman company with its $22,000,000 of wealth.


Article from Evening Star, September 11, 1906

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UGLY RUN ON A BANK UNFOUNDED CAUSES RUMOR PANIC AMONG DEPOSITORS. CHICAGO, September 11.-An unfounded rumor of insolvency precipitated a spectacular run yesterday on the Pullman Loan and Savings Bank, the local fiscal institution of the Pullman Company, at Pullman, III. After a day of fitful disquiet in the foreign communities. in the neighborhood of Pullman, the culmination of the exeitement came in the evening, when 1,500 depositors, with their wives and children, besieged the bank and clamored for their savings. Every depositor who reached the teller's windows and asked for his money was paid in full, and the announcement was made that the bank was ready to meet any continuation of the run today. During the day a total of $38,000 was paid out. The bank closed at the regular hour, 3 p.m., and then reopened at 5 o'clock, as is its custom on factory pay days. The doors were kept open until 6 o'clock, after which hour only those who already were in the bank were paid. Late in the afternoon President E. F. Bryant sent to his downtown correspondent, the Merchants' Loan and Trust Bank, for money to meet the run. Two suit cases containing $100,000 were sent to the Pullman bank to be used today. The rumor that started the panic among depositors is pronounced absurd. The bank is declared on all sides to be in excellent condition, and, moreover, is backed by the Pullman Company. The Institution has more than $2,300,000 in savings and $800,000 in commercial accounts.


Article from The Laramie Republican, September 11, 1906

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CROWDS WAITING TO GET DEPOSITS HEAVY RUN IN PROGRESS ON PULLMAN LOAN AND SAVINGS BANK AT PULLMAN TODAY. Rumors That Institution Is in Financial Distress Believed to Be Without Foundation, as It Has Own Resources and Millions of Pullman Company Back of It. Chicago, Ill., Sept. 11.-A crowd which was swelled to a thousand persons at noon surrounded the doors of the Pullman Loan and Savings bank at Pullman, III., as a continuation of the run begun Monday afternoon. Has Tremendous Resources. The rumors that the bank is in financial distress is believed to be absurd. The depositors are mostly foreigners. The bank has its own resources and $22,000,000 of the Pullman company behind it.


Article from Palestine Daily Herald, September 11, 1906

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RUN ON PULLMAN BANK. Rumors That Bank Is In Financial Distress Declared Absurd. Special to the Herald. Chicago, Sept. 11.-A crowd which swelled to a thousand persons at noon surrounded the doors of the Pullman Loan and Savings Bank at Pullman. It is a continuation of the run begun Monday afternoon. Rumors that the bank is in financial distress are believed to be absurd. The depositors are mostly foreigners. The bank has its own resources and twenty millions of the Pullman company behind it.


Article from The Morning Astorian, September 12, 1906

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WILD RUMOR. CHICAGO, Sept. 11.-A wild and groundles rumor perpetrated a spectacular run yesterday on the Pullman Loan & Savings Bank, the local institution of the Pullman company at Pullman, III. During the day $38,000 was paid out. The bank is believed on all sides to be in excellent condition, and moreover is backed by the Pullman company with its $22,000,000 of wealth. The institution has more than $2,500,000 in savings and $800,000 in commercial accounts.


Article from The Daily Ardmoreite, September 13, 1906

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RUN ON PULLMAN BANK. Rumor Causes Mad Rush of Depositors for Money. Chicago, III., Sept. 12.-A wild and unfounded rumor of insolvency precipitated a spectacular run yesterday on the Pullman Loan and Savings Bank, the local financial institution of the Pullman company at Pullman, III. After a day of fitful disquiet in the foreign communities in the neighborhood of Pullman the culmination of the excitement came in the evening when 1,500 depositors with their wives and children, beseiged the bank and clamored for their savings. Every depositor who reached the teller's windows and asked for his money was paid in full and the announcement was made that the bank would be ready to meet any continuation of the run today. During the day a total of $38,000 was paid. The bank closed at the regular hour, 3 p. m., and then re-opened at 5 o'clock as is its custom on a factory pay day. The doors were kept open until 6, after which hour only those


Article from Durango Semi-Weekly Herald, September 13, 1906

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gates believing that in nominating for him for governor and Adams in United States senator, harmony be the Democratic ranks could then this plan. secured. Patterson, however, is opposed to DENVER, Sept. 11.-The conven- o'clock adjourned until seven this tion evening after seating the Patter- Mayor son delegates from Denver. Speer's delegates are now contesting The before the credential committee. preparty leaders are endeavoring to vail on Senator Patterson to accept for Lindsey for governor and Adams , Senator. RUSHVILLE, Ind., Sept. 11.-011- and Grole, Reuben Boatwright William ver Pitford, two latter negroes while were electrocuted this morning to climbing a fence on their way work. Lightning struck the trolley Cin- pole Monday of the Indianapolis & cinnati Traction lines. The insula- fell tors were broken when the wires the barb wire of the fence, charg- body or. ing it with 550 volts. Glore's was found nearly a mile from those of the negroes. NEW YORK, Sept. 11.-Two trolley cars collided at the New York and end of the Brooklyn bridge today twelve persons were seriously injured, two of them fatally. NEW YORK, Sept. 11.-The Cuban big government has purchased the will go sea yacht Candida and she now to meet the rebel privateers and a both sides having a vessel at sea naval battle is expected. DOUGLAS Ariz., Sept. 11.-Troops the Fifth Cavalry have General arrived oi here. sent at the request of Loors, Mexican military commander. on says he does not fear trouble wishMexican He independance day. but moral the United States troops Important for effect es on the Mexicans. prisoners arrested in connection have with the alleged revolutionary plot been removed to Tucson. GROVER, N. C., Sept. 11.-The ne citizens threaten to lynch two the under arrest charged with white murder groes of Erastus Spurer, a After Suprer was murdered railroad his man. body was placed on the skull. tracks. The train crushed his tell The negroes arrested refuse to their names. MADRID, Sept. 11.-Kink Alfonso Sister announce their intention two of and suing the Dowager Queen for million dollars due them. ST. LOUIS, Sept. 11.-After wife proba- by fatally injuring his striking bly her in the head with a ham- this Fred Wallers killed himself his mer, by drawing a razor over of the morning His son was the cause throat. trouble, due to his father's dissolute habits. WASHINGTON, Sept. 11.-Secreta- courtBonaparte has ordered a commartial ry to try Captain Comley, at manding the Battleship Alabama the time of the collisioin wth inqui Battleship the Illinois. A board of recommended this action. ry SIDNEY, N. S., Sept. 11.-Arthur the Do Moxham former president of Loraine Iron & Steel and have minion Steel companies is believed children to with his wife, two in drowned the crew of the yacht Adele, the and which they were cruising along reach. of Labrador. When they Mox coast here the vessel foundered. after ed ham brought order out of chaos retired the Johnstown flood. He ago. from the steel interests years crowd CHICAGO, Sept. 11.swelled to a thousand doors persons of which today surrounds the bank at at noon Pullman Loan & Savings of a the Pullman, Ill. It is a continuation Rubegun Monday afternoon. financial run that the bank is in distress mors are believed absurd. Depositors are mostly foreigners and bank has its own resources com The twenty millions of the Pullman pany behind it. TELLURIDE, Sept. 11.-The and Mrs ten daughter of Mr. Creek year-old E. Daniels on Turkey yesterday meJohn killed by accident of sa was Stoner and Nick Quintana in the John Telluride went hunting and house. stopped at the Daniels extracted evening going in Quintana it went Before shells from his gun when from one the The calf was torn away shatoff. and the knee of the other from leg A doctor was brought at 10 Telluride tered. but the girl died o'clock that night.


Article from Iron County Register, September 20, 1906

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WILD RUMOR MAKES RUN BANK AT PULLMAN, ILL., HAS A SPECTACULAR RUSH. Officers of the Institution Denounce the Rumors as Absurd, and Say Bank Is Solvent. Chicago, Ill. - A - wild and unfounded rumor of insolvency precipitated a spectacular run on the Pullman Loan and Savings bank, the local


Article from The Farmington Times, September 21, 1906

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WILD RUMOR MAKES RUN BANK AT PULLMAN, ILL., HAS A SPECTACULAR RUSH. Officers of the Institution Denounce the Rumors is Absurd, and Say Bank Is Solvent. A wild and unIII. Chicago, founded rumor of insolvency precipitated a spectacular run on the Pullman Loan and Savings bank, the local