Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1893-06-07
SOLID AS GRANITE.
Chicago Banks Stand Against
the Savings Panic.
THE FURRY BEGINS TO SUBSIDE

With Only One Bank Demanding a Time
Limit-Heavy Capitalists Ready to Shell
Ont When Necessary-The wthdrawers
FORGETTING Six Months Interest and
MonopoIizips the Safety Deposit Vaults
No Trouble in Commercial Circles
Cause of the Run.
CHICAGO, June when the Illinois
Trust company closed its doors after $50
O'Clock in the morning it bad paid the
last depos;tor who wanted his money at
that time. But the sun was hardly out OF
bed before the savings depositors began
collecting. not only at this bank out at
others. The performance of the Illinois
Trust broke the record. it being the first
time in this country, so far as Is known,
that bank has remained open after
midnight in order to meet a run. But 1t
did not break the run. BY a. m. there
was a crowd ut the bank door and by the
hour of opening the line extended away
into the street.
Five Concerns Under Fire.
At the Bank of Commerce. farther up
the street. aS well as mt the Dime Savings
bank. the Union Trust ana the Hiherniar
bank the same scenes were being enacted.
BY 10 o'clock it was apparent that Mon
days experiences would be repeated at each
Institution. At some OF them there were
double lines Of depo-itors extending FOR a
couple of blocks At others the crowd
extended Gus into the mjil Of the street.
and those composing it pushed their way
inside rs best they could. Officers of all
the institutions insisted that they were
able to weather the storm, and with the
exception of the Dime Savings bank not
one had found it necessary to enforce even
the thirty days notice rule.
solid the I;ank of England.
At the various national banks it was
said that the Illinois Trust, which has
savings deposits subject to notice to
total of $40 800, 600. and individual deposits
subject to check of $500. 900 more. Is rs
solid as the Bank of England, and the Off
GERS of the institution insisted that they
could pay off every depositor in the savings
branch and still have several millions left
for an emergency. Over 3, 900 in cur
rency had been offered to it since the run
commenced. l.. z. Letter, one of the di-
rectors. himself offered "A round million.
but the assistance declined with
thanks and an intimation that it was not
needed
Only the Savings People Scared
1t was noticeable that ut all the banks
being subjected 10 a run the applicants
were identified with the savings depart
ment the business docc at the commercial
windows being only about an average
While savings depositorS would toe crush
ing and struggling NJ one end of an Office
to get their money representatives of bust
ness houses would be handing in their rolls
of currency and hays of silver at the other
end Nor was there any unwonted excite
ment apparent around any of the national
banks for the first hour after the opening
of business.
What the Scared Ones Lose.
Probably 2,GOO people drew their money
out of the saviurs banks Monday, the
amount upproximatinG S750.0O0, the Hi
nois Trust alone letting go about $500, COO.
On every 81 900 drawn out the bank
saves SIT in interest which in the ordinary
course of business would be credited TO the
deposits Mt the end of the half year. June
3d. BY drawing their deposits out the de
positors forfeit the interest On the half
year from Jan. l. 1898, to June 3D. 1899.
A large number of those who have
Withdrawn their money fLonl the
banks. within the past twenty-four
hours have deposited - in safety de-
post vaults, and it is nC W almost lmpossl-
ole TO secure n lock box at any of these
institutions