Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-06-06
CHICAGO BANK RUNS.
Several Savings Institutions Subjected to
Demands from small Depositors.

lBy telegraph 70 INC DSpat'n.l
CHICAGO. June 5.-Tho State Bank Of
Commerce, having Offices on the ground
floor of the Woman's Christian Temper
auce Union Temple, experienced % heavy
run this afternoon. 1t started Just before
noon with tie appearance of some thirty
or forty deposltOrs.
Al Galf-paet u an iron-barrcd express
wagon containing several bags OF gold was
hurrIedly driven up TO the building ana
the money carried in by stalwart watch
men and placed upon the counters. This,
however. did not allay the Gpprehensions
Of those outside, and for "a while the crush
was intensified.
The bank officials did not seem 10 be in
the least alarmed. The officers and direc-
tors Of the bank are oil wealthy Germans.
Herman Felsenthal is president and Jacob
Gross vce-prcsident. IL has capital OF
half million OF dollars. Its last report,
made to the State Auditor Nav 10th,
showed deposits Of Sl,z00.0OO. The mp
uearance Of the crowd during the run ln-
dicntcd that the depOsitOrs were largely
people of small or limited means. fu!ly
70 per cent. were women.
4 run was also started on the DINO
Savings Bank. al l0i Washington street.
tins afternoon. This institution has de-
posts aggregating S6O0.0o0. and among its
directors are Colonel Robert &. Clowty,
viQT-presldent of tho Western Union Jcio-
graph Company, and ex-., clat0r g. B. Far
well. President Bailey, Of the bank. says
he has dollar and half for every dollar
deposited, but that tie greater part Of the
money Is tied up in securities. He does
not know how long the bank can stand
the run. but expects 10 pull through. Tho
bank has a capital stock of 100000 and
G surplus Of S50,00D.
1hcro was also run on the llibernian
Bank, one of the largest savings instliu-
tons in the country. DepositOrs We're
paid of at the rate of three minute. Ihe
deposits amount TO c3.j0OOOO and the oiii-
GERS Of tho bank say they can stand the
run.
The run on The Prairie state Savings
Bank winch started Saturday was re-
sumed this morning, The officers arc
confident. however. that they have ample
means available to meet all demands from
depositors The banks business Is practl-
cally confined To the west side.
rs the day wore on the runs on savings
banks seemed 10 become contagious. The
last to face an assault was the Union Trust
Company. located on Madison street di-
rectly opposite the Tr,bUne Office. Tho
officers OF the bank had expected some
thing of the kind. and currency and
notes were piled up on the counters.
When the bank closed at 3 o'clock
several hundred people had withdrawn
their deposits. but the crowd outside was
apparently as large as ever. According 10
Its last reports tho bank Ind individual
deposits subject to check agGreGatlng q
million and half dollars and saviugs de-
posts subject 10 notice 10 q total Of 81
100000 It's capital stock IS half a million
and its surplus fund something over $780,
U0O. :. ". RawsOn is the president.
There was also heavy run on the Prai-
RE State Savings and Trust Company,
owned by the same capitalists a. those
managing the Prairie State National Bank.
Unhko tho latter institution. the savings
bank required sixty days notice OF with
drawal Of deposits.
An Immense amount OF money was paid
ont during the day without any perccpti-
BILE diminution OF the crowd, but the OIL
cials Of the bank appeared to take the
matter easily and met all the demands
made upon them.
The dcpositors began run OH the Hi
nois Trust and Savings Bank. in the
Rookery Building, this morning. and
clam0red for their money all day long.
Tho bank made every eforttO pay prompt
" and tho officials expressed no fears tor
the result of the demand for deposits. L
do not know what i. means" sad Cashier
Gibbs. but | do know that this excite
meat is largely due TO the newspapers
and sensational rumor5 tina: have come TO
the people. As for the Illinois Trust and
Savings Bank. We can stand any kind OF "a
run. There Is not yet any occasion tor
alarm, but if the people keep on drawing
their money out Of the banks there will be
trouble. All of this cash Will be taken
out of circulation and there will be q
crash"
Early in the afternoon the Illinois Trust
and SAVINGS Bank posted a note saying
that the bank would remain open until 3
o'clock tonight TO pay deposltOrs, and
that the commercial branch Of tho
institution would remain open until
the same time 10 pay checks. Later
it was announced that the bank
would open It's doors at O'CLOCK
tomorrow, or an hour earlier than usual,
to accommodate those who wished 70
Withdraw their money. These notices had
no effect, however, IN stopping the run
and the bank continued 10 pay oil de-
posltors as rapidly as seven tellers could
count out the money. At 3 O'Clock this
evening 500 deposItors were standing IN
front of the building. ana 1t was
determined TO 60 on with the payment !:
At midnight the bank was still paving on
and the crowd of depositors, anxious TO
draw their money. was still as large as
ever. The bank officials said that they
cared nothing whatever for tho run but
were rather pleased than otherwise
10 pay out the money. as 1t
meant big saving TO the institution
in interest. the quarterly instalment
being due July lst. and all deposit
ors who drew their money to-day having
lost that. The bank officers estimated
that the run so far has gwen them net
profit of S65,OO0. IL was announced az
midnight that the bank would not close
SO long as single depositor cared to
draw out dollar.
The Globe Savings Bank posted q notice
this afternoon that 1t would take advan-
tage OF the law requiring from thirty TO
sixty days notice for the withdrawal OF
savings deposits. There was no serious
run on the bank TO-DAY. but its officers de-
cided to protect themselves as far as posi-
BILE. The concern Is controlled by New
England people.
RUNS IN MILWAUKEE,.
MILWAUKEE, WIS, June 5..-Ruus were
started to-day on the Secondhand Bank
aud the Southside Savings Bank, but
neither of them assumed very serious pro.
portions. The failure Of =. I. Day, OF the