The evening tribune. (Pawtucket, R.I.) 189?-190?, 1896-12-23
DEPOSITORS WANTED Cash
MONDAYS FAILURE RESULTED IN
A RUN ON CHICAGO BANKS.
Two Sound Institutions Subjected to a Severe
Days Run-Able to Meet All Demands.

Chicago, Dec. 23.-The failures OF An
gus d Gindele, general contractors, the
American Brewing. Mating and Eleva-
tor company, the George A. Weisse Malt
ing and Elevator company and George A.
Weisse individually. all OF these being
due to the collapse OF the National Bank
Of Illinois and small runs on three banks.
were the echoes yesterday OF the bank
failures Runs were made on the Gar
den City Banking and Trust company,
the Hibernian Savings bank and the
Illinois Trust and Savings bank. and
none of the runs was Of much conse-
Quence. The officers Of the Gar
den City Banking and Trust company
had expected that run would be made
upon their institution and were ready to
meet 1t. They threw open the doors OF
the bank at an hour earlier than usual.
as they said they wanted to get the run
out OF the way SO that they could trans
act their usual business without being
disturbed. Quite a crowd of spectators
had gathered at the doors before they
were opened, and as soon as the bank was
ready for business the depositors gave
the paying tellers all they cared to do.
The run kept up with energy for over an
of the banking hours the officers of the
institution announced that during the
day the amount Of money taken In was
treble that paid out and the bank was
declared to be in better shape than at
the opening of the doors In the morning.
The run on the Hibernian Savings bank
was Of a short duration, as the officers
declined to pay any deposits, unless
xfx he Loo Il ,cs ont n
that this was not because they were not
prepared to pay all depositors in full,
but because they wished to avoid en-
harrassment to smaller bankers. who
might not be prepared to pay all their
depositors at once, and who might be
placed in an embarrassing position IL
the stronger banks were paying all de-
mands for time deposits.
There was a slight run on the Illinois
Trust and Savings bank shortly after it
opended yesterday morning, the similar
ity Of its name and the national bank
having led some depositors to believe
that the former was embarrassed. Dur
ing the run In 1898 President John j.
Mitchell of the Illinois Trust gave or
ders to pay all depositors who called for
their money and was criticised by other
bankers for doing so. Yesterday morn
ing, as soon as ii became evident that
there was likely TO be crowd in the
bank instructions were given the tellers
to serve the customary 60 days notice,
but TO pay all depositors who could show
that they wanted 500 of their money for
q legitimate purpose. The result was
that the score or more of people who
bad lined up at the paying tellers' win
dows soon dispersed. Before the close
of banking hours the excitement had
completely died out. The giving of the
notice was sanctioned by the clearing
house, and the object was (the Illinois
Trust being the strongest savings bank
in the city, was to give the smaller ones
the opportunity to point to it's action as
an excuse for giving the notice them
selves. which they did, and thus ef-
fectually stopped run at any of the
savings banks. The Illinois Trust and
Savings bank is said to have $9,000,00o
in cash on hand, and was yesterday
loaning money instead of. as in 1893. call
ing loans to meet the demands of the
savings depositors.