The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1893-06-14
WANTED THEIR MONEY.


Heavy Runs on several Chicago Banks
Crowds of DspD-ltOrS Gather About the
Doors and Den.nnl Their savlngs-An
Demands Promptly Complied With.
CHICAGO, June 6.-The State Bank of
Commerce experienceda a heavy run yes
terday afternoon. 1t started just be-
fore noon with the appearance of thirty
or forty depositors. The news spread
like wild-tire and within half an hour
the lobby was filed with an excited
crowd of men and women who tore and
crushed in order to get within the
glass doors. The scene attracted over
a thousand of the general public, and
the throng increased to such proper
tions that it was necessary to summon
several police officers, who admitted
the frenzied crowd one by one as fast
as those at the end of the line received
their money. At 1890 an iron barred
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 apprehension of those out
side and for while the crush was in
tensifed.
The bank officials did not seem to be
in the least alarmed. Cashier Freder-
ick Miller said TO reporter: I'VE are
not alarmed and we will meet this run"
Then he added, as kind of after
thought, That is, as long as we are
able"
The officers and directors Of the bank
are all wealthy Germans. Herman
Felsenthal is president, and Jacob
Gross, vice president. 1t has capital
of half a million of dollars. Its last
report made to the state auditor on
May 10 showed deposits of s1,200,0Oo,
and surplus and undivided profits $25,-
800, against which it had about $500, 900
in cash, the balance being covered by
loans and discounts, overdrafts and
bonds.
A run was also started on the Dime
Savings bank yesterday afternoon.
This institution has deposits aggregat-
ing 5000, 200, and among its directors
are Col. Robert c. Clowery, vice presi-
dent of the Western Union Telegraph
Company, and ex-senator Charles B.
Farwell. President Bailey, of the bank,
says he has dollar and half for every
dollar deposited, but the greater part
of the money is tied up in securities.
lie does not know how long the bank
can stand the run, but expected to pull
through the day.
The bank has a capital stock of $780,
900 and a surplus of $4,000
1t is also reported that there is a run
on the Hibernian bank, one of the larg-
est saving institutions in the country.
The Hibernian bank is paying off de-
positors at the rate of three a minute.
The deposits amount TO SS,500,0 900 and
they believe they can stand the run.
The Prairie State National bank, at
the corner of Washington and Des-
PLANES streets, experienced a run Mon
day morning and large number of de-
positors, mainly in the savings depart
ment, withdrew their money. Henry
j. Evans, Of the New York Biscuit
Company, one of the directors OF the
bank, said that there Is absolutely no
apprehension on the part of the direc-
tors Of the bank and that all claims of
depositors would be promptly met.
'The bank" said Mr.. Evans, ''is per-
fectly solid and 1t Is as sound as any In
the city"
The depositors began run on the
Illinois Trust and Savings bank yester-
day and clamored for their money all
day long. The bank made every effort
TO pay promptly and the officials ex-
pressed no fear for the result OF the de.
mand for deposits.
81 do not know what it MEANS" said
Cashier Gibbs, "but do know that this
excitement is largely due TO the news.
paper reports and sensational rumors
that have come to the people. As for
our bank, we can stand any kind of a
run. AS yet there is no occasion for
alarm, but if the people keep on draw
ing their money out OF the banks there
will be trouble. All of this cash will
be taken out Of circulation and there
will be a big crash"
William NJ. Roberts, late state bank
examiner, visited the d ferent savings
banks scvcra times during the day and
assisted in lllaying the fears OF the de-
positors. Speaking of the general sit
uation h. .ail: ~ do not believe there
is state bank in Chicago that is not
fully able 10 pay $3.50 for every sl.OO it
owes. People have been needlessly
alarmed by the collapse Of private in
stitutions."