The sun., 1893-06-07
THE RUN ON SAVINGS BANKS.
CHICAGO DEPosIToRs STILL SEEM
PANIC STRICKEN
a Scare that Continues In Spite OF the Ef-
forts of All ssoiid Busiuess Men to Aiiny
It Results OF the Prevailing Unensi-
ness In Other Parts OF tho Country.

/
ness In Other Parts OF tho Country.
CHICAGO. June 6-That the seeming pani
which has seized the savings bank deposition
Is entirely without cause or foundation i
proved by tho calm that marks the genera
| trend OF business and the absence OF all anXi
city or furry In other branches OF the bankin'
business Every bank In Chicago has on hant
cash enough to meet oil demands. and has
besides. Immense resources upon which t.
draw.
II the Chicago savings banks have made AM
mistake. 1t is that OF being too generous ant
| too prompt in paying depositors on demand
| Tho law providing that depositors In savings
banks shall give thirty. sixty. or ninety days
notice OF their intention to withdraw thell
money was passed to meet precisely suct
| periods OF senseless anxiety as the present.
| Crowds OF depositors gathered Mt the doors
| OF the savings banks again to-day. Notwith
standing tho convincing evidence OF theii
| soundness offered by tho banks yesterday in
the payment on demand Of all claims. most ol
which were not legally due. many OF the
smaller holders Of savings bank certificates or
| books seemed to feel to-day that their little
boards would be safcr in their own pockets.
| As early as & O'Clock the throngs began to
| assemble. At the Bank Of Commerce, Union
| Trust. Illinois Trust and Savings. Dime Saw
| ings. Hibernian Savings. and Prairie State
| Savings, the scenes OF Yesterday were repeat
ed. In the afternoon. however. the crowds
diminished. and measure OF confidence
seemed to have been restored to the deposit
tors.
The Dime Savings and the Union Trust in
sisted to-day on the customary notice OF with
drawal. while the Bank OF Comm erco. Illinois
Trust. and Hibernian continued to pay cash
on demand.
Tho - tba pota Trpc
Bank. Before the hour for opening had ar
rived there was double. and in somo places
a triple. line Of depositors. Of whom the first
one was at tho paying tellers window and the
last half way down the block on Adams street.
More than 500 persons. the great majority
being women. wore in line. Until 3 o'clock
this morning tho Illinois Trust kept it's doors
open and paid out deposits in full to all who
asked for them.
Long before the usual hour tho officials and
clerks were on hand. clearing tho decks for
action. Great piles OF Ereenbacks. gold.
and silver were piled up behind each
Of the several windows at which the
paying tellers wore stationed. and every
preparation was made TO meet tho run. Mil
lions Of dollars wore displayed in full view Of
everybody in tho great lobby. and detach-
ment OF police was on hand to preserve order
prominent directors and stockholders were
S%nn around early amqH: then Levi G'er j
5ohn b. braSc It was decided by the the man. IIn
agement to pay all demands upon the savings
gerartment In full hut not to keep tho
bank ASA as stocEhoidor ofleer. or frisnd T ex 1e
biiitS oi the institution /. z Letter al ann ounecd @
himself as worth sc, 900 every, dollar Of
C %Ss 9G pssse sSGS ed tt % 81 h' aa
the bank. selected list ef eeventy-nye
stockholders. representing Sl5O: 100000 is
acter OF backing the bank has. Tho Armours
are large stockholders. and to show their con-
ing caused to be posted in their towG, offices
and in all their packing houses the following:
NOTICE TO ALL
M Of hfxin S. city ss n s q. o
and Will rsp, tho 40 facts .x to u, to TO-, day
ssaiets as safe as the BANK OF England @
At tn" Hibernian Bank. whore there are
5000 depositors. 900 people were In line a
tho hall. down stairs. and out into the street
The anxious ones were on the spot early, and
soon after o'clock this morning they began
A majority Of tho people were Irish. and they
nosr their
inCs out OF danger The management Of the
bank was prepared for the run. In addition to
this institution
and Savings Bank were black with people. Some
# ,a thom eampsd ] there EG all niEht The Union
considered exceptionally strong. the manage
agement OF President lawson being regarded
wholly within the limits OF safety, the time
notice was posted this morning. and persons
found themselves able to get only temper ten per
cent. OF the amount
q Only oy small GS GE9wd gathered about t tho
depositors; and it was prompt to avail itself of
assemble led in front OF the Dime Savings Bank.
whore deposits to the amount OF S5O0.OOO !
have been left by between 5000 and 1000
The counting rooms Of most OF the private |
banking houses presented an unusually ami |
OF q run was threatened. At none OF the COM
merclnl banks was there, tho f4intest sugges-
munity seems to be- entirely untouched by tho
panic which Is running its course among the
people whose small accumulations are In tho
-, Illustrative Of the prevailing feeling among
Rnsiness BY men at this juncturs. the James i.
to receive certllcatos OF deposit or certified
c'hecks on the Bank OF Commerce. the II
p@s S5Ss and sfXnGs Ban aen II
lace value. at either its retail! or wholesale
stores In payment for merchandise.
Ree,cted to hear OF hall dozen financial wrecks
When they found nothing Of the sort. they on
tered the market with a feeling Of confidence.
and from the openine Of July wheat. Mt 66t
cents. q quarter OF n cent under yesterdays
close. the price SCARED until G7h cents was
reached. From that point there was a little
relapse. and there was 81 ump that Knocked
a cent of. Armour sold in Thoroughly. az
gressive manner. and kent Offering at n frac:
tion less than was actually necessary. and
carrying prices down by sheer weight
.WAsHINGToN, June G-Comptroller Eckels
said to q reporter this morning. In reply to
question. that so far as present adyices go
from IRON Chicago no national bank has been M e.
Clearing House Association stand ready and
willing to assist one anothcr and give aid IN
to give confidence 60 the people and prevent
anything like run upon any national bank.
The savings bank failures OF Yesterday have
not produced any consternaton among the
depoositors o; the national banks. and will
Tho abstract OF tho condition OF the national
banks in Chicago on the date OF tho last call
showed q reserve Of 2a45 per cent. or 4.45
Ensr Essr cent, above the reserve required by law.
Tho total resources are stated at $50 St4SO4
The Rurnlus fnnd was 81 ll.5lU.1OO and undl-