Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-12-23
BANK RUN In CHICAGO
WITHOUT APPARENT CAUSE. 1T Is
STATED.
ANTICIPATED and PROVIDED FOR.



pervaded the timid depositors in the
savings department. a heavy run on the
Illinois Trust and Savings Bank. in the
Rookery building. began as soon as the
doors were opened for business this
morning. There is not the slightest con-
nection between the National Bank Of
Illinois and the Illinois Trust Company.
During the excitement yesterday there
was only a small increase OF withdraw
ais from the Illinois Trust Company and
Savings Bank. and the officers OF the
bank said they were willing to let the
have all the money due them, If they
called for IT. as 1t meant big saving
OF interest-money for the bank. The
bank anticipated a run to-day, and there
is such a heavy reserve fund OF idle
money in the vaults that President John
J. Mitchell has no misgivings as to the
ability of his bank to pay few millions.
II necessary. There were four lines OF
men and women in the bank opposite the
savings paying teller and the clerks who
enter up the savings interest Altogeth-
er. there were 800 people In line. and as
they fell out with their wants satisfied
others took their places. The bank does
the largest trust and savings business in
the city, and has a capital and surplus
of 100000. IL is now building a SO.oVo
building, for its own exclusive use, next
to the Rookery. on the site OF the Old
Grand Pacific Hotel.
At the Garden City Banking and Trust
Company's Bank the run OF yesterday
had practically gone its length Not
half a dozen persons were at the paying
tellers window at one time. and a po-
Iiceman stationed outside the bank had
nothing to do. The bank officers said
they did not expect any more trouble.
At the other national. private and State
hanks there was the ordinary transaction
of business. with no more people pay
ing their respects to the paying-teller
than to the receiving-teller. In bank
ing circles the general opinion Is that
Yesterdays failures will end the present
trouble.
There was a steady stream OF creditors
at the National Bank of Illinois. sending
in their pass-books and other evidences
Of claims AS soon as their accounts
are balanced and claims adjusted the
first dividend will be paid. Creditors
were notified that they would receive
payment would be made. There was lit
tie discomfort, the situation being ac-
cepted calmly, with confidence that all
would get their money in time 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 nNonal
bank. was doing n quiet business. The
interests Of the firm are closely involved
with the Calumet Electric railroad.
THE DAYS DEVELOPMENTS.
A steady run OF savings depositors on
the Hibernian Banking Association and
the Illinois Trusts Savings Bank. and
he failure Of the Angus a. Gindle Con-
tracing Company. which is credited with
getting a loan OF s2500oo from the failed
National Bank OF Illinois, comprised the
developments TO to-day In connection
with the financial furry.
The Associated Banks have taken
prompt and conservative action TO AVOID
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 it's savings deposits. having nearly
s12.Co0.c0O The Hibernian Bank has less
than A. fb.Nn OF Sucn 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
institutions were concerned. There is a
fear in some quarters that the Clearing
House Association may not prolong its
offer to loan Is per cent. Of approved
claims against the National Bank of H.
linois and that within the next ten days
there may be a tightening of its purse
strings.
At a conference OF the savings banks
OF the city. which was held when the
runs began at the Hibernian and Illi-
nols Trust banks. IL was unanimously
agreed TO adopt an unusual means to-
wards checking what might become an
epidemic of apprehension. Instead OF at
tempting to allay the scare by paying
all demands in full on the spot. which
has proved to be an unwise policy i'm the
past. all the banks decided to stand
upon their statutory rights. and demand
sixty days notice of all Withdrawals ex-
ceeding 500
ANGUS-GINDLE FAILURE.
The firm of Angus & Gindle. which
suspended to-day. has been in fnaicial
straits for a long time. According to
statement made by the attorneys for
the company, the assets are estimated
to be worth $4,000 and the liabilities
are placed at $4,000. These figures are
believed to be largely guess-work. how
ever. and exaggerated in the case of the
assets. 1t Is said the firm owes the Ma
tional Bank of Illinois alone $4,000 for
IL sal
TO be OF class which will be slow to
realize on.
The present partnership was formed in
1883. The company had n large contract
on the drainage canal. and was the princi-
pal owner of the Security building. 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..
Gindle is the treasurer. The capital stock
of the building company is $4,000 There
is a mortgage for $4,000 on IT, and II ~
bonded for $4,000. secured by second
mortgage This building is believed TO be
the best asset of the contracting company.
Part Of the Lake-street elevated road was
built by the firm.
REASON FOR THE RUN.
The only reason which can be thought
of by the officers of the Illinois Trust and
Savings Bank for the senseless run on
that bank apart from the general one OF
contagious timidity. is that ignorant peo-
pie. hearing or reading Of the failure OF
the National Bank of Illinois, got IL con-
founded with the only other bank In the
city which has the word Illinois In it's
title. In fact, many money-seeking de-
positors who hurried from their homes
admitted when they reached the waiting
line that they had heard the bank had
failed. yet money was being paid out and
received under their eyes. Meddlesome
busy-bodies and fool friends who had
wrought on the fears OF depositors. and