The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-06-06
RUNS ON CHICAGO BANKS.
Frightened by Imaginary Dangers De-
pOSitOTS Lose Their Heads.


Who Didn't Have Even a Penny in It.
Chicago, June 5.-The State Bank of
Commerce, having Offices on the ground
floor of the Woman's Christian Temper
ance temple, experienced a heavy run
this afternoon. 1t started just before
noon with the appearance Of some thirty
or forty depositors. The news spread
like wildfre, and within half an 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 1000 Of the gen
eral public, and the throng 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 80 O'Clock an iron
bar express wagon containing several
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 apprehensions of those outside, and
for while the crush was intensified.
The bank officials did not seem
to be alarmed. The officers and directors
of the bank are all wealthy Germans.
Herman Felsenthal is president and
Jacob Gross vice president. 1t has a cap
ital of $5OOOOO, Its last report made to
the state auditor May 10 showed deposits
of $1,200,000. The appearance of the
crowd during the run indicated that the
depositors were largely people of small
or limited means. Fully 20 per cent.
were women.
ARUN ON ANOTHER BANK.
A run was also started on the Dime
Savings Bank at No 104. Washington
street this afternoon. This institution
has deposits aggregating 5000, 600, and
among its directors are Col. Robert G.
Clowry, vice president of the Western
Union Telegraph Company, and eX-Sena-
tor c. B. Farwell. President Bailey of
the bank says he has dollar and a half
for every dollar deposited, but the greater
part of the money is tied up in securities. |
He does not know how long the bank can
stand the run, but he expects to pull
through
The bank has capital stock of 500, 200
and a surplus of $4,000
THE BIG HIBERNIAN RAIDED.
There was a run on the Hibernian Bank
one of the largest savings banks in the
rate of three minute. The deposits
amount to So, 500 000and the officers of the
bank believe they can stand the run.
The run on the Prairie State Savings
Bank, which started Saturday, was re-
sumed this morning. The officers are
confident, however, that they have am
pie means to meet all demands from de-
pOsitors. The banks business is prac-
ticaly confined to the west side.
RUNS BECOME CONTAGIOUS
AS the day wore on runs on the savings
banks seemed to become contagious. The
last to face an assault was the Union
Trust Company, located on Madison
street, directly opposite the Tribui Q
Office. AT 2 o'clock its doors were
paying tellerS were assigned to duty
behind big screen. The officers of the
bank had expected something OF the kind
and currency and notes We're piled up on
the counters. When the bank closed its
doors at 3 o'clock several hundred people
had withdrawn their deposits, but the
crowd outside was apparently as large as
ever. According tc its Last reports the
bank had individual deposits subject to
check aggregating S1,500, GOO and savings
deposits subject to notice to a total of
$l,750,0 900. Its capital stock is 100000 |
and Its surplus fund over 5000 |
). w. Rawson is president.
THE PRAIRIE STATE BESIEGED.
There was also heavy run on the |
Prairie State Savings ana Trust Company, |
owned by the same capitalists as these |
managing the Prairie State National. |
Unlike the latter institution the savings |
bank required sixty days notice of with |
drawal of deposits. The throng of people |
which surged about the doors of The !
savings bank was composed of laboring |
people who had placed their all in the |
iY@N A., ,,gI
money was paid out during |
the day without any percepti- |
BILE diminution in the crowd, |
but the officials of the bank appeared TO |
take the matter easily and met all the |
demands made upon them.
Depositors began run on the Illinois |
Trust and Savings Bank in the Rookery |
building this morning and clamored for |
money all day. The bank made every |
effort to pay promptly and the officials
expressed no fear for the result of the |
demand for deposits. II do not know |
what it means" said Cashier Gibbs, but |
do know that This excitement is largely |
due to newspaper reports and sensational |
rumors that have come to the people As |
for the Illinois Trust Company, as yet,
there is no room for alarm, but if the |
people keep on drawing money out Of the |
banks there will be trouble. All this
cash viii be taken out Of circulation and !
there will be a big crash.
KEEPING OPEN ALL NIGHT
Early in the afternoon the Illinois Trust
and Savings Bank posted a notice saying
that the bank would remain open until
o'clock tonight to pay depositors and
that the commercial branch of the
bank would remain open until the
same time to pay checks. Later
it was announced that the banks
would open at o'clock a. m, tomorrow,
or an hour earlier than usual, TO accom-
modate those who wished to withdraw
their money. These notices had no effect,
however, in allaying the panic
and the bank continued to
pay off depositors as raGidly
as seven tellers could count out the
money. At o'clock tonight 500 deposit
ors were still standing in front OF the
building and it was determined to
go on with the payments. AT mid
night the bank was still paying oil and
the crowd of depositors, anxious 10 draw
their money, was still as large as ever.
The bank officials said that they care
nothing whatever of the run out
were rather pleased than otherwise TO
pay out than not, as it meant
big saving to the institution in interest
I lrVN !