The herald., 1893-06-06
The Failure of Schaffner q
Co. Bearing Fruit.
Runs on Every Savings Bank
in Chicago.
Meadowcpoft Bros. Unable to Stand
the Pressure.
All the Rest Pulled Through--A Long
List of Financial Disasters
Due to Stringency
in Money
BY the Associated Press.

by tno AssOclAJ6u fre6B.
CHICAGO, June 5.-The failure or
Herman Schaffner & Co.'S. bank, which
occurred last week, bore fruit today in
we'll defined runs which were precipi-
tated on almost, If 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 accounts. The Schaffner failure
had alarmed them and they bore down
on the Commerce at the opening honr.
The tellers were doubled up and paid
checks as fast as presented throughout
the day, the officials of the bank ex.
pressing no alarm whatever and saying
they were able to meet any demands.
The Illinois Trust aud Savings bank,
which has a larger line of this class of
deposits than any other bank in the
city. amounting at times to over $l2,-
600 900, put on an extra force OF tellers
and paid every one as rapidly as possi-
BILE. At O'Clock this afternoon they
posted a notice on the front door that
o'clock tonight and so long as the pres
ent excitement continues.
The Hibernian bank, which as the
name implies was the depoHitary for
large number of Irish-Americans of
small means, was crowded all day, but
found no difficulty in meeting all de-
mande.
The Dime Savings bank took advan-
tage of the rule requiring, if necessary,
90 days notice of withdrawal, and paid
only percentage of it's deposits today.
The Globe Savings bank applied the
30-day rule.
The Milwaukee Avenue Savings bank
sustained q moderate run throughout
the day, and they. too, kept open house
until 9 O'Clock tonight.
/ Equally spirited checking was noted
rpon the Price, State National and Prai-
RE State Savings, az well as upon the
Union Trust company and heAvenue
Savings bank, but in no case was alarm
felt by well-informed people. In TACT,
at many of these institutions large de-
positors came in during the afternoon
and made heavy deposits.
Today's situation was greatly aggra.
waited by number of board of trade
brokers, who Tor 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 the city and large num-
Der OF leading stockyards operators.
Notwithstanding these malicious efforts,
no fear is felt aa to the safety Of any of
the eading banking institutions of this
city.
The failure of Meadowcroft Brothers,
minor institution, with total deposits
OF perhaps $200, ,000, aroused little or no
interest.
At midnight the Illinois Trust &
Savings bank was still paying off and
the crowd Of depoeitors anxious to
draw money is still as large as ever. The
bank officials are rather pleased than
otherwise as it means a big saving to
the institution in interest. So far the
saving is about $50, 900. At this hour it
was announced that the bank would
not close so long as single depositor
cared to draw out dollar. The paying
of the money is being continued at
seven windows. President Mitchell
said: "We shall stay right here for three
months and not close our doors night or
day if such proceedings should become
necessary, We are good for any run, no
matter how long it is kept up"
At / 80 a. m. the Illinois Trust and
Savings bank is still open, the force of
paying tellers at seven windows having
been relieved by fresh men, and enough
people are still waiting for money to
keep the bank open two hours more,
President Mitchell said there was plenty
OF money on hand and plenty OF men to
nav IL ont