The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-06-06
Runs ON CHICAGO BANKS.
Every One of the Savings Banks
Crowded with Depositors.
DEMANDS NET PROMPTLY.
Malicious Rumors Started by Several
Board OF Trade Men.
These Stories, Which Were Very sensa-
tional, Aggravated the Situation Very
Much as They Involved Every
Bank in the City.

CHICAGO, June 5.-The failure OF Her
mann Schaffner & Co.. bank, which &C.
CURED last week, bore fruit today in well
defined runs, which were preclpitated on
almost II not every one OF the savings
banks of Chicago. The first to feel the
effect of the excitement was the Bank OF
Commerce, where great many Jewish
citizens of the poorer class keep their ac-
counts. The Schaffner failure had alarmed
them, and they bore down upon the Bank
of Commerce. At the opening hour the
tellers were doubled up and paid checks
as fast as presented throughout the day,
officials of the bank expressing no alarm
whatever, and saying that 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 this city,
amounting at times to over S12, 900, 600,
put on an extra force of tellers and paid
every one as fast as possible. AT 3
O'Clock this afternoon they posted no
tice on the front door that the bank
would remain open until 10 O'Clock to-
night and so long as the present excite
ment continues.
At midnight the Illinois Trust and
Savings bank was still paying off, and
the crowd of depositors anxious to draw
their money was still as large as ever.
The bank officials were rather pleased
than otherwise to pay out money, as it
means great saving to the institution in
interest. So far the net profit is
f35. 900. AT this hour it was
announced that the bank would not
close as long as a single depositor cared
to draw out dollar. The paying OF
money is being continued at seven win
dows. President Mitchell said; 1--WE will
stay right here for three months and not
close our doors night or day, If such pro-
ceeding should become necessary, We
are good for any run, no matter how long
1t keeps up.'
At 80 this Tuesday morning, the I'LL
nois Trust and Savings bank is still open,
the force of paying tellers at the seven
windows having been relieved by fresh
men and enough people are still waiting
for their money to keep the bank open
two hours more.
The Hihernian bank which its name
implies, was the depositor 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 the rule requiring, if necessary, sixty
days notice of withdrawal, and paid only
a percentage of deposits today.
The Globe savings bank applied the
thirty day rule
The Milwaukee Avenue savings bank
sustained moderate run throughout the
day and they, too, kept an open house
until O'Clock tonight.
Equally spirited checking was noted
upon the Prairie State National and the
Prairie safe savings, as well as upon tie
Union Trust company and Avenue Saw
ings bank, hut in no case was any alarm
felt by well informed people. In fact, at
many of these institutions large deposit
tors came in during the afternoon and
made heavy deposits.
Today the situation was greatly aggra-
waited 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 in.
volved at one time or another nearly
every bank in this city and large num-
Der of stock yard operotors. Notwith.
standing these malicious efforts, no feal
IS felt as to the safety of any of the bank.
ing institutions Of the city. The failure
OF Meadow-Croft Brothers, minor in.
stitution with total deposits of, perhap!
5000, 600, aroused little or no interest