The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-12-23
CHICAGO BANK PANIC CALMER.
NO ADDITIONAL SUSPENSIONS LOOK
ED FOR.


Hand i'm Anticipation of TrOubIe.
The Run ut the Garden City Bank
Peters Ont.
Chicago, ILL.,, Dec. 22.-Without any ap-
parent cause, except for the fact that
general lack Of confidence had pervaded
the timid depositors Of the savings de-
partment, heavy run on the Illinois
Trust and Savings Bank began as soon
as the doors were opened for business this
morning. There is not the slightest con-
nection between the failed National Bank
OF Illinois, and the Illinois Trust Conn
pany During the excitement yesterday,
there was only small amount of with
draWals from the Illinois Trust Savings
Bank, and the officers of the bank said
they were willing to let the depositors of
the savings department have all their
money If they called for as it meant big
saving of interest. The bank anticipated
a run to-day, and had a heavy reserve
Iund on hand, and the officials had no mis-
slvlngs OF the ability of the bank There
We're four lines of men and women in the
pdnk opposite the savings paying teller
and am 5ne clerks, Altogether there were two
nunured people in line, and as they filed
out with their money, others took their
places. The bank does the largest saw
ansS ans business IN the city, and has capital
fN1NSNyoNVs
AZ the Garden City bank the run of yes
tefday had practically run out its length
MOI nan a dozen persons were at the pay
Ing tellers window at one time and po-
nceman stationed outside the bank had
nothing to do. The bank officers said they
ola not expect any more trouble.
AT the other national, private and state
banks there was the ordinary transaction
OF business with no more people paying
Their th respects to the paying teller than to
the receiving teller.
In banking circles the general opinion is
ent trouble.
at the National Bank of Illinois with their
pass books and other evidences of claims.
AS soon as their accounts are balanced
dividend will be paid. The creditors were
notified that they would receive notice
through the mail when the first payment
would be made. Many callers applied for
claim blanks, but had to be turned away
as there were no blanks ready.
The financial firm of Farson, Leach &
co. on the same floor as the National
Bank, was doing considerable business.
The interests of the firm are closely in
volved with the Calumet Electric street
railroad
A steady run of savings depositors on
the Hibernian Banking Association and
the Illinois Trust and Savings Bank and
the failure of the Angus & Gindele Con-
tracing Company, which is credited with
getting a loan of $250,000 from the failed
National Bank of Illinois, comprised the
developments of to-day in connection with
the financial furry.
The associated banks have taken
prompt, thorough and conservative action
to avoid a serious scare on the part of
the public, which has millions of dollars
in savings accounts deposited with city
banks. The Illinois Trust leads all the
local banks in its savings deposits, having
nearly $12 100000. The Hibernian Bank has
less than SO, 100000 of such accounts.
The solid showing made by the banks
which did not lean on the collapsed ma
tional bank, had reassuring effect on the
public to-day when the morning papers
were perused and the general feeling In
the banking community was that the
worst was over, so far as those institu-
tious were concerned. There is a fear in
some quarters that the clearing house as
soc1ation may not prolong its offer to loan
20 per cent of approved claims against
the National Bank of Illinois, and that
within the next ten days there may be
a tightening of their purse strings.
At conference of the savings banks of
the city, which was held when the runs
began at the Hibernian and Illinois Trust
banks, it was unanimously agreed to adopt
an unusual means towards checking what
might become an epidemic of apprehen-
sion. Instead of attempting to allay the
scare by paying all demands in full on the
spot, which has proven to be an unwise
policy in the past, the banks decided to
stand upon their statutory rights and de-
mand notice of sixty days in case of all
Withdrawals exceeding S100
The firm of Angus a Gindele, which sus-
pended to-day, has been in financial straits
for long time. According to the state
ment made by the attorneys for the COM
pany the assets are estimated to be worth
100000 and the liabilities are placed at
250,00O These figures are believed to be
largely guess work, however, in the case
of the assets It is said the firm owes the
National Bank of Illinois alone S250,000 for
money borrowed, and the security Is said
to be of a class which will be slow to re-
formed in 1888. The company had large
contract on the drainage canal and was
the principal owner of the Security build
ing. at Madison street and Fifth avenue,
which was built by the firm. Mr.. Angus
is president of the Security Deposit Com
pany, which owns the building, and Mr.
Gindee is the treasurer. The capital
stock OF the building company is $500, ,000
There is a mortgage Of $1S0000 on 1t, and
ond mortgage. This building is believed
to be the best asset of the contracting
company. Part of the Lake street eleva-
/. ted railroad was built by the firm.
The only reason which can be thought of
by the officers of the Illinois Trust and
Savings Bank for the senseiess run on Tn
bank, apart from the general one Of con-
tagious timidity. is that ignorant people,
hearing or reading of the failure of the
Bank of Illinois, got it confounded with
the only other bank In the city which has
the word Illinois in its title. In fact, many
money-seeking depositors, who hurried
from their homes, admitted that they had
heard the bank had failed, while money
was being paid out and received under
their eyes. MeddIesome busybodies and
fool friends who had wrought on the fears
of the depositors, and had even
accompa MED them TO the bank
were ordered by the police officers and
the bank detectives to await their friends
outside. The line of men and women
who wanted their money numbered 200
during most of the five hours the bank was
open, and the curious crowd of specta-
tors added to excitement. Where deposits
exceeded 800 that amount only was paii
and the sixty day notice enforced as TO
the remainder. While President John
Mitchell said the bank Lad money enough
to pay all deposltors IN full, he declared
the sixty day rule decision would not be
msinterpreted by those who knew the
reputation and standing OF his bank. He
believed the run would spend itself early
tomorrow, and the fact that there was n
small line at the close Of banking hours
bore out his statement. The last gtafe-
ment of the bank to the auditor of public
accounts showed resources Of SEQ 900 "a.
capital and surplus A,O00,000; time deposits
Si47Sf.S41. demand deposits 81, 1881
The run on the Hibernian Bank began a
little later, there being no waiting line
until II o'clock. Small depositors who
could not afford to take chances. com.
posed the bulk OF the crowd. which ex-
tended from the paying teller's window
out on the second floor OF the Ashland
block Ropes and policemen were needed
20 preserve a line Intact, and out OF the
way Of other customers Of the bank The