Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1893-06-06
WINDY CITY BANKS
Gen. Lack-of.Confidence Gives
Them Annoyance.
RUNS ON HALF A DOZEN CONCERNS,

One Bank Pays Out Money All Night. and
All Declare the Scare to Have No Basis
The Hide RI ian. Prairie state National,
Dime Savings, Union Trust, and Illinois
Trust the Institutions Attacked-A Wild
Day Among Savings Depositors.
CHICAGO, June 6-The lack of conf
dence" which has been cavorting around
the country for some time and has already
bowled over couple of Chicago banks
with numerous concerns in other lines OF
business seems to have settled down over
the city to test the endurance of the bank
ing institutions in earnest. Depositors be-
gan to be uneasy, rumors were sent lying
about and General Lack-of- Confidence
took charge for day. The rumors grew
thicker and wilder as they passed about and
the result WAS runs on several institutions
which were they to fail would cause wide
spread suffering in this city and vicinity.
The Banks That Met the Run.
The banks which had the storm TO stand
were the Prairie State National bank,
the State Bank of Commerce. Hi
bernian Savings bank. the Dime
Savings bank. the Union Trust Com
pany's bank. and the Illinois Trust and
Savings bank Under the circumstances
it is no small tribute to the soundness of
Chicago hanks to say that they all with
stood the strain Where the rumors
spraug from is a mystery. 1t is no mys-
terry how they spread, for wildfre is no
quicker in its fight than rumor when she
takes a fling at the banks.
The Hibernian Bank.
The bank whose failure would have
caused the most trouble is the Hiberniau
Banking association. The officers were
~ 10. IL
there II is regarded as one OF the strong
est savings banks in the country. The de-
positors are nlostly Irish and it is the de-
postory of large amounts Of the funds OF
the various Roman Catholic parishes Its
last report showed deposits of s., $50, 900
individual deposits of S15O.O0, undivided
profits of $3.50. 900. The capital stock
is $500, OiO Vice President Charles F.
Clark, who is manager of the savings de-
partment. said at 1 o'clock: ave have
been paying depositors all the morning at
the rate of three minute They are poor
people who have every dollar in the world
they possess with US, and naturally with
the existing conditions they have gotten
nervous. We do not blame them"
Run on "a Dime savings Bank.
Another bank that had to suffer for Gen
eral Lack of Confidence was the Dime Saw
ings bank. There was big crowd outside
and inside bat President Samuel O.. Bailey
expressed no uneasiness, nol would he say
whether the bank would enforce its thirty
day rule 1--WE have funds sufficient on
hand" he said. ''for al regular purposes.
and even for AN emergency. No occasion
exists for this alarm, except the general
uneasiness in the air. The bank does
solely a savings business. its last report
shelving deposits of half million, and Il
surplus of S5l 900. The loans at the time
of the same report amounted to Si51 600
while United States bonds and cash on
hand aggregated SD, coo. All its loans are
secured on real estate.
Union Trust Has q Time.
Depusitors by the hundreds crowded into
the Union Trust Company's bank to get
their money, but soon after seeing Presi :
dent Rawson's GOODNESS and even amuse-
ment many went out again without
drawing their deposits But the crowd OF
witndrawers was immea-e, just the same
"We saw this coming said Mr.. Rawson.
@cnd were ready for it. Well pay 'em
ALL The Union Trust is member of the
Chicago clearing house. 1t has over 81
900. 600 to draw upon above its liabilities
Still people went up and drew out their
deposits as if IL was the last chance, and as
each received his money he drew long
breath OF relief.
An Ex-State Bank Examiners View.
William n Roberts. late state bank ex-
aminer, visited the different savings banks
several times during the day and assisted
in allaying the fears of depositors- Speak
ing of the general situation he said: II do
not believe there is q state bank in Chicago
that is not fully able to pay S1.s0 for every
81 it owes People have been needlessly
alarmed by the collapse Of private institu-
tions"
WILD PANIC ALL DAY,