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Nearly A Panic

Nearly A Panic image
Parent Issue
Day
8
Month
June
Year
1893
Copyright
Public Domain
OCR Text

FACED HEAVY BÜNS. Chicago, June 6.- The opening of the banks in Chicago was characterized by str ong symptoms of a panic. Much un easiness existed since Saturday, and the doubts and fears among de- positors had become so far augmented, even long before 10 o'clock, that erowds, including men and wornen and working girls, found their way to the bank doors and were ready to improve the first possible opportunity to withclraw what money they had on deposit. As the day wore on the erowds increased, and by noon a fullfledged panic of no mean magnitude was inaugura ted. PA1D ALL WHO CAME. Savings banks which experienced a run Monday kept their tellers at work until all who had been in line up to the hour of ordinary closing were paid, and notioes were pos ted on the doors that the banks would be open for business at the regular hour this morning. The panic did not extend beyond the owners of small eavings accounts, but there was an intense strain in financial affairs. It is to the rumor mongers that the day is indebted for lts worst phase. PKIVATE BAN KERS FAIL. Chicago, June 6.- The private banking- house of Meadowcroft Bros., 100 Washington street, at the northeast corner of Washington and Dearborn streets, has been placed in the hands of a receiver, bemg forced to suspend because of the prevailing monetary stringency. Lyman E. Crandall has been appointed receiver. Eddy & Walker, attorneys for the firtn, have given an approximate estímate of the bank's assets and liabilities. They place the liabilities at $250,000, and the assets at $460,000. STOOD THE STORM. The depositors began a run on the Illinois Trust and Savings bank in the Rookery building early in the morning and clamored for their money all day long. The bank made every effort to pay promptly and the officials expressed no fear for the result of the demand for deposits. This bank kept its doors open untjl after midnight in order that everyone vrho wanted his money might have it. The last depositor in the line got his money at 3 a. m., then the bank closed until 10 o'clock. The assets when the bank opened Monday morning figured up $28,000,000. The stockholders are estimated as being worth 50,000,000. The bank has not called a loan in nine years. Shortly after the doors of the Bank of Commerce were opened a run was started which continued for hours. President Felsenthal says rumors are responsible for the run; the bank was conducted on soundest financial principies, lts offlcers do not specuiate, and there was plenty of cash in its vaults to meet all demanda. There was a heavy run upon the Prairie State national bank and the Prairie State Savings and Trust company all day. Both institutions are located at the southwest corner of Desplaines and Washington streets and are patronized largely by west side business men and mechanics. The bank officials appear to take the matter easily and met all the demands made upon them. In the general excitement that struck the public the Hibernian bankidid not escape, but the result thus fax is not alarmlng to the officials. A run was made on the Union Trust bank, of which Stephen W. Rawson is president The run began about noon and was kept up during the afternoon. At the Globe savings bank the run kept up all day. At 2 p. m. it was decided to take advantage of the thirtyday notice provided for savinfjs accounts. Vice President Hayes said this would not have been done had the run been on that bank alone. Thera was a slijfht run at the Milwaukee avenue state bank, but tb crowds began to diminish by the close of the business day. President Paul Stensland said there would be no trouble in paying1 all demands. Some of the depositors af ter receivinjf their money redeposited it" MAKÏ FAH.URES. The Sandusky (O.) Savings bank falled to open lts doors Mpnday. lts trouble Is due to a run experlenced ten weeks ago and somo heavy demands made withln the laat few days. lts assets are placed at about f300,000; Uabilities, 1205.000. The ftrm of Washington Butehers' Sons, provisión dealers of Phlladelphla, aas folled, but no statement of lts condltlon lg made. The firm is rated as good for 1200,000. Potter & Potter, of Boston, publlshers of the New England Magazine, Yankee Blade. Wonv an's Home Jouinal, American Vehicle and the Amesbury Daily, have made an aaslgnment The liabilitle are about 1100,000. Morris Sewerln, trunk, valise and bag manufacturer of New York and Newark, N. J., has asstgned. The llabillües are about (260,000; actual asset, {200,000. Campbell & Co., Wholesale dealere In woolens nd tailors' trlmmings at St Louis, have made an asslgnment Assets, lL3,000: Uabilitles not tated. The schedules of Wllllam L. Patton&Co., New York bankers and brokers, show 1888,037 Uabilitles; nominal assets. f853,925; actual asie ts, 227, 500. The Baak of Spokane Falls suspended py mcuts Monday. lts patd-up capital Is 1150,000, and lts president, A. M Cancón, Is reputed to be a multl-milliünalre. Report of losses by the Plankin Urn f allure precipita ted a run Monda; on Uu First national bank of MadUon, Wis. , one of the solidest lusti tutloni In tna state. The publiaherg of the L'Etendard, the French clerical orgaa in Montreal, have assiRned, with liabiUtles of some $70,000. The assets are estimaifd at abont $33,00(1 QThe E. A. Armstrong eompany, manufacturers of and dealera in society and military eupplies in Chloago, falled for (100,000. The Kansas Qraln eompany at Kansas City, Mo., which claims to be the greatest buyer ol (rain from producers In the world, has falled.

Article

Subjects
Old News
Ann Arbor Register