New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-07
DEMANDING THEIR MONEY.
SAVINGS BANK DEPOsITORS IN CHICAGO
STILL EXCITED.
NO DANGER OF ANY FAILUEES-MANY OF
FERs OF ASSISTANCE IF NEEDED-pE-
PoslToRs ROBBED AFTER DRAW.


Bank closed its doors after paying the last de-
| positor that remained in line at that hour This
performance IL is said. broke the record, il being
the first time in this country, far "a is known,
that bank has remained open after midnight in
order to meet run. As early as : O'Clock this
morning, however, another batch Of dcpositors
had made their appearance, and they loungcd
against the walls or sat on the curbstone awaiting
the regular hour for opening. At the Bank OF
| Commerce. further up tine street. we'll as at the
Dime Savings Bank. the Union Trust and the
IIibcrnian Bank, the same scenes were being
enacted
BY 10 o'clock 1t was apparent that yesterdays
experience would be repeated at each institution
At some Of them there were double lines Of de-
positors extending for couple Of blocks: at the
others the crowd extended into the middle of the
street and those composing it pushed their way
inside as best they could. Officers Of all the in
stitutions insisted that they were able TO weather
the storm, and with the exception of the Union
Trust and Savings Bank and the Dime Savings
Bank not one has so Car found it necessary to
enforce even the thirty days notice rule. This
latter institution is paying from 20 to 80 per
cent in cash. according to the needs of the various
applicants, and requiring the usual thirty days
notice for the balance
The former demands notice on 10 per cent only.
At the various National banks it is said that
the Illinois Trust, which has savings deposits SUD-
jcct to notice amounting to total OF Slo'oo,ooo'
and individual deposits subject to check OF Sooo,-
600 more, is as sound as the BANK OF Ehgiahu'
and the officers Of the institution insist that they
can pay of every dcpositor in the savings branch
and still have several millions left for an encr-
gcncy. Over s., 900, 900 in currency has been
offered to it since the run began yesterday. L. u.
Letter one of the directors himself offered a round
million but the assistance was declined with
thanks and an intimaton that il was not needed.
II was noticeable that at all the banks now Delng
subjected to run the applicants were mcntinca
with the savings departments, the business at inc
commercial windows being only ABOUT an aver
age While savings depositors would be crushih'
and struggling at end of an Office TO get thcr
money. representatives of business houses would
be Handing in their rolls of currency and bags OF
oliver at the other end. Nor was thcrc any un-
wohtod excitement apparent around any OF the
National banks.
Tho assets OF the Illinois Trust and Savings
Eank are counted up as follows: Cash on hand.
81. coo. 600; sundry bonds, S2,oo4.oo demand
loans. S7.49G,ooO time loans, $4,000 200: r"al
estate loans. 81. o05,OOO: capital stock. $4,000
600: surplus. 81 100000; stockholders liability.
81 900 900; total, S2s.ll4,O00. The stockholders
are estimated to he worth 81 30, 100000. The
hanl, has not called a loan in nine years. H. II.
Letter who is one OF the heaviest stockholders in
the bank said last night
Il have real estate enough TO pay all these
claims and il is at tho service OF the bank Every
person who has dollar here may have it on de-
mand I am able alone 20 make that assertion
good and two other men are willing 10 do III"
same thing. Before going 10 Europe personally
examined the collateral for loans made. II could
not be better. ! will guarantee every loan the
bank has made for very triflng percentage"
The number OF savings institrssns upon which
run was made yesterday was increased this
morning by the addition OF tho ,ilobc Savings
Bank, which has savings and individual deposits
20 a total Of about 100000 Its officers, how
ever prompt in announcing that the thirty
days notice would he required, and the savings
dcposi,ors had consequently 10 I've content with
giving notice Of their intention 20 draw out next
month A large number Of those who have
withdrawn their money from the bank within the
last twenty-four hours have deposited 1t in safety
deposit vaults. and il is now almost impossible
TO secure lock box at any of those institutions
Bankers believe that in week or two, when
the financial situation has resumed it, normal
condition. the greater part Of this money will
he returned 10 the institutions paying il
out, the holders would infinitely prefer 10 have
il drawing interest rather than 20 he taxed for
boxes in which 70 keep II.
This afternoon the crowds surrounding the diff
fcrent hanks diminished, and measure Of con-
fdcnce seems TO have been restored 10 the saw
ings drpositOrs
~ believe to-day will he tho worst, and that
by tomorrow people will begin TO scc that there
il no cause for alarm, and will gradually cease
their frantic efforts TO withdraw their deposits,
said President Ransom OF the Union Trust and
Savings Bank, this afternoon. "1hcrc is no rca-
son for the run Within the last fortnight I
talked with All experienced State bank examiner,
and he told me there was not bank in Chicago,
worthy Of the name, which not perfectly
sound"
I'VE made 50, 900 or 50 900 yesterday by saving
that amount Of interest which would be due
July !, on money paid out said Third Vice
President Reid. of the Illinois Trust and saw
ngs Bank Mr.. Reid exhibited the following
notice, which Armour & Co. posted in their shops
this morning:
= If any Of our employees having money on do
post in the Illinois Trust and Savings Bank OF this
city feel doubtful Of its safety and will report
the facts to us to-day we will guarantee the
accounts. as we believe the bank as safe as the
IL
The crowd about the Prairie State National
Eank and tho Prairie State Savings and Trust
Company was even greater to-day than that Of
yesterday. The former institution suffered only
little to-day however, as the dcpostors are bust
ncss men who have implicit confidence in the
stability Of the bank. The officials Of both inst
tutions appeared compasant to-day as ever
and met all demands made upon them.
There was something very near TO physical
panic at the Bankrof Commerce this morning
Early the dcpositors anxious TO withdraw their
money gathered in front of the Woman's Temple
When, at o'clock, the doors Were opened, every
one tried to get in at once. The result for a |
moment was dangerous jam. Women caught in |
the squeeze screamed, and some faintcd men
sworc, and they all kept on pressing forward and
adding to the JAM For brief time the situation
was serious, and il seemed as il some ono would |
l.. llnI -