Rock Island Savings Bank - Rock Island, IL

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: September 9, 1893
Location: Rock Island, Illinois (41.509, -90.579)

Metadata

Model: gpt-5-mini
Short Digest: a0905a26

Response Measures

None

Description

Article (Rock Island Daily Argus, 1893-09-09) states the Rock Island Savings Bank recently put itself under the protection of the law with regard to the 60 days' notice requirement in the matter of withdrawals during the nationwide financial stringency; customers largely left deposits and the bank is said to be preparing to resume business in the old way. No run (mass withdrawals in panic) is described — rather a suspension/partial restriction under the 60-day rule with reopening implied.

Events (1)

1. September 9, 1893 Suspension

Cause: Macro News
Cause Details: Invoked the 60-day notice withdrawal protection during the nationwide financial stringency/monetary tightness (panic conditions); precautionary suspension/partial restriction of withdrawals.
Newspaper Excerpt: The Rock Island Sav[ings] bank which recently put itself under the protection of the law with regard to the 60 days' notice requirement in the matter of withdrawals ... short the bank will resume business in old way.
Source: newspapers

Newspaper Articles (1)

1. September 9, 1893 Rock Island Daily Argus Rock Island, IL

Article from Rock Island Daily Argus, September 9, 1893

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Article Text

the Financial Strin gency in Rock Island. OUT OF IT IN GOOD SHAPP ctories Resuming and Money Findin Way Back into its Natural Chan nels-Locally Speaking There IS no Gen Cause for Complaint-Condition o the Banks. Rock Island, like all other cities the financial closeness fron hich the country is just emerging it may be said with infinite sat faction that no commercial cente the country has stood the test o undness with any better result has Rock Island. While ever ranch of trade. and individuals gen have felt the effects of th ghtness in monetary affairs, th as a whole, has come out of th nusual conditions in good shape has been nothing to show tha usiness has suffered to any disas extent, and there have been n failures probably than ther have been anyway, and in thi spect Rock Island's quota is alway Our industries have been affecte the dull times, as has been the cas variably everywhere in the land have for the most part bee oliged to suspend temporarily i onsequence of the cancellation o ders, but they are resuming again he Rock Island stove works resume past week with full force and ful The Rock Island plow work shortly do likewise it is believed ough the management is still non ommittal on that point, while other preparing to follow suit. The Local Banks. The local banks have not suffere the least degree. They are all a as the money they handle has been no unreasonable de and for withdrawals on the part o epositors. The Rock Island Sav bank which recently put itsel nder the protection of the law wit egard to the 60 days' notice require in the matter of withdrawals i to be prepared for any emer is gratified today to find tha the number of notices presente 60 day withdrawals,a great man indicated their intention of per itting their deposits to remain un sturbed, and many additional de have been made, so that short the bank will resume business i old way. All the Rock Islan have plenty of cash. and it i radually finding its way back int channels of trade. All Over the Country. From all over the country come of the resumption of business The Oliver Iron and Steel com at Pittsburg. is again running another steel works in the sam 200 additional men were put o pay roll. The axle works at A ghany and the stove foundry il same city, which closed nin eeks' ago, are again in operation departments of the Carnegi works at Homestead are nov unning, and over 2,000 men are of lists. In several other factorie