The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1893-06-06
ANXIOUS DEP0SITORS.
CHICAGO BANKERS ARE HAVING
TROUBLOUS TIMES.
Board of Trade Brokers Trying TO Pre-
cipitate a Panic-UnuSual
Banking Hours.
Special to the REcoRD-UN1oN.

special 10 Tue hECORD-O MON.
CHICAGO, June 6.-3 A. M.-The failure
of Hermann Schaffner & Co.'s Bank,
which occurred last week, bore fruit yes
terday in well defined runs which were
precipitated on almost, if not every one
of the savings banks of Chicago. First
to feel the effect of the excitement was
the Bank of Commerce. where a great
many Jewish citizens of the poorer
class keep their accounts. The Schaffner
failure had alarmed them and they bore
down upon the Commerce at the opening
hour. Tellers were doubled up and paid
checks as fast as presented throughout
the Cay, the officials of the bank express
ing no alarm whatever, and saying that
they would be able to meet any demands.
The Illinois Trust and Savings Bank,
which has a larger line of this class of
deposits than any other bank in the city,
amounting at times to over S12, 100000,
put on an extra force of tellers and paid
everyone as rapidly as possible. At 3
o'clock this afternoon they posted a no.
tice on the front door that the bank would
remain open until 10 o'clock tonight.
and as long as the present excitement
continued
The Hibernian Bank, which, as its
name implies, was the depository for a
large number of Irish-Americans of
small means, was crowded all day, but
found no difficulty meeting all demands.
The Dime Savings Bank took advantage
of the rule recurring, if necessary, sixty
days notice of withdrawal and paid only
- I
The Globe Savings Bank applied the
thirty-day rule. The Milwauk ee-avenue
Savings Bank sustained moderate run
throughout the day, and they, too, kept
open house until 8 o'clock tonight.
Equally spirited checking was noted
upon the Price, State National and Prai-
RE State Savings Banks, as well as upon
the Union Trust Company and the Ave
nue. Savings Bank, but in no case was
any alarm felt by well-informed people.
In fact. at many of these institutions
large depositors came in during the after
noon and made heavy deposits.
To-day's situation was greatly ag-
gravated by a number of Board of Trade
brokers, who for reasons of their own
devoted themselves to the circulation of
sensational rumors in which thew in
volved at one time or another nearly
every bank in the city and a large num-
Der Of leading stock yards operators.
Notwithstanding these malicious efforts
no fear is felt as to the safety of any of
the leading banking institutions of the
city.
The failure of Meadowcroft Brothers,
!. =
perhaps 100000, aroused little or no
interest.
At midnight the Illinois Trust and
Savings Bank was still paying Off. and
the crowd Of depositors anxious to draw
money was still as large as ever. The
bank officials are rather pleased than
otherwise to pay out the money, as it
means big saving TO the institution in
interest. So far the net profit is about
S35, 900. At this hour it was announced
that the bank would not close as long as
single depositor cared to draw out a dol
lar. The paying Of money is being con-
tinued at seven windows.
President Mitchell said: eve will stav
right here for three months and not close
our doors night or day if such a proceed
ing should become necessary. We are
good for any run no matter how long it
keeps up"
At l:3O a. NJ. the Illinois Trust
and Savings Bank was 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 he had plenty money on hand and
plenty of men to pay it out.