gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3b6e249bd8be7db6
Response Measures
None
Events (1)
1.June 6, 1893Run
Cause
Rumor Or Misinformation
Cause Details
Wild and unfounded rumors of impending financial disaster triggered heavy withdrawals from multiple Chicago banks.
Measures
Bank remained open late (until 2:30–3:00 a.m.), paid depositors on demand, opened early next morning; prominent backers (L. Z. Leiter, Philip Armour) offered guarantees.
Newspaper Excerpt
Between twelve and fifteen hundred people formed in line today at the Illinois Trust and Savings bank to withdraw their deposits.
Source
newspapers
Newspaper Articles (18)
1.February 11, 1893The HeraldLos Angeles, CA
Click image to open full size in new tab
Article Text
RECEIVER J, F, CRANK RESIGNS, An Unexpected Event in the Cable Road Case. Four Supreme Court Opinions on Southern California Cases. Thomas Lynch Convicted of Petit Larceny-Both Mon Claim the Land. Court Notes-New Suits That Were Filed Yesterday. A very unlooked for denouement took place yesterday morning in Judge Van Dyke's court, where the argument is going on in the case of the Illinois Trust and Savings bank of Chicago VS. The Pacific Railway company. It was announced that Receiver J. F. Crank, who has been occupying that difficult and onerous position for about three years past, had resigned. The news came SO suddenly that it was a great surprise to those who were not on the inside workings of the cable company. The announcement of the resignation was followed by a motion for the appointment of D. K. Trask. a well-known attorney of the city, to fill the vacancy. He was duly appointed and the court fixed his bond at $25,000. Mr. Crank announced that he would be ready to turn over his accounts to his successor on the 15th of the present month. The arguments in the case were then resumed and continued throughout the day, a large portion of the time being occupied by Attorney-General Hart, representative of the heirs of the Joshua Hendy estate of San Francisco. Mr. Hart is fighting the foreclosure of the mortgages and presented his points upon the subject in an elaborate manner. The reason for the resignation of Receiver Crank is not spoken of very freely by those concerned. As far as is known the action taken seems to be regarded as having an important bearing upon electric the systems consolidation at the of termination the cable and of the foreclosure suit. however, is were case denied about it. by The those arguments who This, in questioned the will not be concluded for a day or two further, as the attorneys for the intervenors have yet to present their views upon the big case.
2.June 6, 1893San Antonio Daily LightSan Antonio, TX
Click image to open full size in new tab
Article Text
FINANCIAL CRASH In Chicago-The Run Continues On the Savings Bank. CHICAGO, June 6.-Between twelve and fifteen hundred people formed in line today at the Illinois Trust and Savings bank to withdraw their deposits, although the bank had remained open until long after midnight last night, paying out money, on demand. The crowd at 10.o'clock this morning was several times larger than at any time yesterday or last night. At other savings banks, also, a run which began yesterday seemed to have grown in proportion today. .At the Illinois Trust and Savings bank last night the last depositor in line got his money at three o'clock this morning. Then the bank closed until ten o'clock this morning. The stockholders are estimated as being worth a hundred and fifty millions. The bank has not called a loan in nine years. L.Z. Leiter, who is one of the heaviest stockholders in the bank, said last night: "I have real estate enough to pay all these claims, and it is at the service of the bank. Every person who has a dollar here may have it on demand. I am able alone to make the assertion good, and two other men are willing to do the same thing. Before going to Europe I personally examined the collaterals for loans made. It could not be better. I will guarantee every loan the bank has made for every trifling percentage.
3.June 6, 1893Deseret Evening NewsSalt Lake City, UT
Click image to open full size in new tab
Article Text
A STRONG INSTITUTION. The Illinoi's Savings Bank Stands Another Attack. CHICAGO, June 6.-In spite of the fact that the Illinois Trustand Savings bank remained open till 3 o'clock this morning to give the anxious depositore a chance to draw their funds, a new line began to form at 8 o'clock this morning and at 10 o'clock, the hour for opening, between 12,000 and 15,000 people were waiting at the doors with their savings books. The crowd was several times larger than at any time yesterday. The bank is considered absolutely sound. The assets are figured up at ever twenty-eight millions and its stock holders are estimated to be worth in the negregate fully a hundred and nity millions. At the other savings banks the runa which began yesterday seem to have increased in size.
4.June 7, 1893Daily Kennebec JournalAugusta, ME
Click image to open full size in new tab
Article Text
A BIG RUN On Some of Chicago's Wealthy Savings Banks and Institutions. CHICAGO, III., June 6.-Between 1200 and 1500 people formed in line, today. at the Illinois Trust and Savings bank to withdraw their deposits, although the bank had remained open till 3 o'clock this morning, paying out money on demand. At other savings banks also the run which was begun yesterday seemed to have increased in proportion today. The total assets of the bank are $28,114,000. The stockholders are estimated as being worth $150,000,000. L. z. Leiter, who is one of the heaviest stockholders in the bank. says: "I have real estate enough to pay all these claims, and it is at the service of the bank. Every person who has a dollar here may have it on demand."
5.June 7, 1893The Indianapolis JournalIndianapolis, IN
Click image to open full size in new tab
Article Text
THE PANIC SUBSIDING. Confidence Partly Restored Among Chicago's Saving Banks Depositors. Special to the Indianapolis Journal. CHICAGO, June. 6.-To-day's developments in the financial situation showed an increased steadiness among the monetary instructions of Chicago. True, the people continued to walk up to the wickets of the paying tellers to demand their deposits, but the numbers were reduced and a more widespread feeling of confidence assumed the place of the panicky outburst of yesterday. Those banks upon which the run was continued to-day were the Illinois Trust and Savings. the Hibernian, the Union Trust and Savings, the Globe Savings, the Dime Savings and the Bank of Commerce. Those that demanded the lawful notice of withdrawal of deposits were the Union Trust and Savings, the Dime Savings and the Globe Saving. At the Illinois Trust and Savings Bank last night the last depositor in the line got his money at 3 A. M. then the bank closed until 10 o'clock this morning. The assets of the bank are placed at $28,114,000. The stockholders are estimated as being worth $150,000,000. The bank has not called in a loan in nine years. L. Z. Leiter, who is one of the beaviest stockholders in the bank, says: "I have real estate enough to pay all these claims, and it 18 at the service of the bank. Every person who has a dollar here may have it on demand. I am able alone to make that assert a good, and two other men are willing 10 do the same thing. Before going to Europe I personally examined the collateral for loans made; it could not be better. I will guarantee every loan the bank has made for a very trifling percentage." " This afternoon it was easy to see the excitement was dying out. Philip Armour was responsible for the allaying of the fears of many of the depositors of the Illinois Trust and Savings, by walking up to the people and saying that he would guarantee their savings. About one hundred took advantage of the millionaire's offer, and some accepted a written guaranty. One woman received $1,800 in gold. The banks closed their day's business at the usual hour, and the directors make the statement that they are prepared to stand the run for an indefinite period, and are satisfied with the condition of affairs as sho wn by to-day's signs of returning confidence. Little more than the usual daily demand for currency in exchange for coin was made at the subtreasury to-day by the local banks. The Clearing House Association discussed the general situation. and gratifying reports were received, indicating that the savings banks were in good shape to meet all requisitions.
6.June 7, 1893The Anaconda StandardAnaconda, MT
Click image to open full size in new tab
Article Text
IN BUSINESS CIRCLES. The Feeling of Uneasiness Seems to Be Increasing in the East. CHICAGO, June 6.-In spite of the fact that the Illinois Trust and Savings bank remained open till 3 o'clock this morning to give anxious depositors a chance to draw their funds. a new line began to form before 8 this morning and at 10, the hour for opening. between 1,200 and 1,500 people were waiting at the doors with their savings books. The crowd was several times larger than at any time yesterday. The bank is considered absolutely sound. The assets figure up over $28,000.000 and its stockholders are estimated to be worth in the aggregate fully $150,000,000. At other savings banks the runs which began yesterday seem to have increased in size.
7.June 7, 1893The Dalles Daily ChronicleDalles, OR
Click image to open full size in new tab
Article Text
Run on Chicago Banks. CHICAGO, June 6.-In spite of the fact that the Illinois Trust & Savings bank remained open until 3 o'clock this morning to give anxious depositors a chance to draw funds, a new line began to form before 8 o'clock this morning, and at 10, the hour of opening, between 1,200 and 1,500 people were waiting at the doors with their savings books. The crowd was several times larger than at any time yesterday. The bank is considered absolutely sound. The assets are figured up at over $28,000,000 and its stockholders are estimated to be worth fully $150,000,000. At the other savings banks the runs which began yesterday seem to have increased in size.
8.June 7, 1893Wheeling RegisterWheeling, WV
Click image to open full size in new tab
Article Text
IT FINDS NO TROUBLE. The Illinois Trust and Savings Bank Pays Every Depositor who Applies. CHICAGO, June 6.-Between 1,200 and 1,500 people formed in line to-day at the Illinois Trust and Savings Bank to withdraw their deposits, although the bank had remained open until long after midnight, last night, paying out money on demand. The crowd at the bank this morning was several times larger than at any time yesterday or last night. At other saving banks also the run which began yesterday, seemed to have increased in proportion to-day. At the Illinois Trust Bank last night the last depositor in line got his money at 3a. m. The assets of the banks are counted up as follows: Cash on bank, $3,609, 000; sundry bonds, $2,904,000; demand loans, $7,496,000; time loans, $5,300,000; real estate aloans, $3,205,000; capital stock, $2,000,000; surplus, $1,600,000; stockholders liability, $3,000,000. L.
9.June 7, 1893The Roanoke TimesRoanoke, VA
Click image to open full size in new tab
Article Text
FINANCIAL PANIC. Chicago Banks the Victims of Wild Unfounded Rumors. CHICAGO, June 6.-Wild and unfounded rumors of impending financial disaster caused a senseless run on many of the banks in Chicago. Those chiefly affected were the Prairie State National bank, the State Bank of Commerce, the Hibernian Savings bank, the Dime Savings bank, the Union Trust Company's bank and the Illinois Trust and Savings bank. Under the circumstances it is no small. tribute to the sagicy, soundness and foresight of Chicago bankers to say that all withstood the strain. Where the rumors sprang from is a mystery. It is a mystery how they spread, for wildfire is no quicker in its flight than rumor when she takes a fiing at the banks.
10.June 8, 1893Echo De L'ouestMinneapolis, MN
Click image to open full size in new tab
Article Text
FAILLITES DE BANQUES L "Exchange Bank" de Glad stone, Mich., a fait faillite. C'est une conséquence de la faillite d6 la "Plankinton BaLk" de Mi'waukee. MM, SAuger, Moody et Steel de Jolliet, Ill., ont fait faillite. La "Patt r's Bak" one des plus vieilles banques du comté de Paulding, Ohio, viont de fermer ses portes. Elle avait été établie en 1874 et faisait des affairea considérables. MM Ch-vraton, Martin et Cie banquiers avenue Ogden à Chra go viennent de déposer leur bilan Passif 100.000 dollare. Lq "Merchants National Bank," la plus vieille de Tacoma, Wash., a suspendu BEB paremente. Son capital était de $250,000. La Plankin'on Bai k" de Mil waukee, a fait failli'e. MM. Hermann, Schaffner et Cie banquiers de Chicago ont déposé leur bilan On dit que Schaffner B'est suicidé. La "Bank of Beresford," S. D vient de fermer ses portes. A sa tête se trouvait A. A. Amee. La "Sandusky Savings Bank Company" de S ndueky O. a suspendu 803 paiements. La "M rchants National Bank" de Fort Wo th Texas, à fermé ses portes. La "Canyon Bank" de Spokane à fait faillite. -MM. Madowaraft frères, banquiers de Chicago, ont déposé leur bilan. A Milwaukee la "South Side Savinga Bauk" et la "Second Ward Bank" sont sur le point de suivre l'exemple d - 8 banques BUB nommée3. Il en est de meme de la "Illinois Trust & Savings Bank of Chica go."
11.June 8, 1893Mexico Weekly LedgerMexico, MO
Click image to open full size in new tab
Article Text
THE Illinois Trust and Savings Bank, of Chicago, has done more to calm the troubled waters in financial circles than any other institution in the country. A run was started on this bank this week and the President, Wm. Mitchell, a brother of Capt. L. C. Mitchell, father-in-law of R. M. White and well known in Missouri, displayed a card to the depositors late in the evening stating that the "bank would be open all night to pay those who wanted their money." The bank kept its doors open till 2:30 a. m. paying all who called. The next morning it opened two hours earlier than usual and in a few minutes the run was over and confidence restored. This bank is one of the strongest in the United States and has more than eight millions of dollars out on call loans which can be realized on in twenty-four hours.
12.June 8, 1893The Stark County DemocratCanton, OH
Click image to open full size in new tab
Article Text
THE RUNS CONTINUE. Chicago Banks Still Paying Off Excited Depositors. CHICAGO, June 7.-The excitement among savings banks depositors continues. The banks opened promptly on time, and the labor of paying off accounts began with a zest. Fully 500 depositors were in line in front of the Illinois Trust and Savings bank, and a large detail of police was necessary to keep order. President Mitchell was on hand early, and said that the bank had all the money it needs to meet all deposits promptly. It has $8,000,000 call loans out which can be realized on in a short time. A Manitowoe, Wis., dispatch says: The state bank of Manitowoe has failed. There has been a run on the bank for fhree weeks and the bank succumbed. C. C. Barnes, the president. has pledged all his personal property to secure the depositors. A special from Defiance, O., says that the savings bank of Andrew Sauer, at Defiance, has failed.
13.June 9, 1893Morning Journal and CourierNew Haven, CT
Click image to open full size in new tab
Article Text
BETTER BUSINESS FEELING. End of the Excitement in ChicagoMoney Going Back Into the Saving Banks-Cheerful Views of Business Men. CHICAGO, June 8.-The bank run here has entirely subsided. The Illinois Trust and Savings bank opened this morning with $600,000 more money in its vaulta than it had when the run started on Monday. At 11 o'clock this morning there was not the slightest evidence of a run, and a few of those who had previously drawn their money were redepositing. Like conditions were reported at all the banks on which runs had been made. Such business men as Marshall Field, T. W. Harvey, David Kiley, L. Z. Leiter, James H. Walker and Frank J. Kennett think that the splendid manner in which the banks stood the run will do much to restore confidence all over the country, as it shows that the legitimate banks are strong. In interviews just had by the Evening Post's correspondent with officials of banks doing a commercial business, the opinion was universally expressed that as the run is now over the banks here will be more liberal in assisting customers who show that they deserve help, and that failures will decrease. The cashier of a large national bank said that a good many of the failures that have recently occurred in commercial circles ought net to have been allowed, and had the banks with whom they did business extended their usual line of loans, the concerns would have gone through all right; but the banks cannot be blamed for their caution, as they did not know where lightning would strike, hence they wanted to be prepared. But the scare is over, and I look for a steady recovery of confidence. I also think that every reputable commercial bank in the city is stronger in cash means than at any time in six months." The manager of the Chicago department of the Bank of Montreal said: "We are taking care of our regular customers, but do not want any new ones just now. Our rates are 6 per cent."
14.June 15, 1893The Farmers' UnionMemphis, MO
Click image to open full size in new tab
Article Text
Bank Open All Night. During the recent run on Chicago banks the Illinois Trust and Savings Bank remained open till long after midnight, paying out money on demand. The last depositor in the line got his money at 3 a m., then the bank closed until 10 o'clock in the morning. The assets of the bank are $28,114.000. The stockholders are estimated as being worth $150,000.000. The bank has not called a loan in nine years
Chicago is to be congratulated on the cool way in which her heavy bankers sat in their offices and paid out, hour after hour, money demanded of them by their panic stricken creditors, whose numbers ran up into the thousands. It shows there is a solid foundation to Chicago business deals such as the country in general does not accuse the Windy City of. The president of the bank on which there was the largest run-the Illinois Trust and Savings bank -was even able to joke about the matter. The bank carries over $10,000,000 demand deposits. "This run will save the bank more than $30,000," said President Mitchell. "Depositors will lose the July semiannual interest dividends on all money withdrawn."
16.July 14, 1893The Providence NewsProvidence, RI
Click image to open full size in new tab
Article Text
Refused to Make an Accounting. CHICAGO, July 14.-The Illinois Trust and Savings bank, administrator of the estate of Walter M. Lovett, has made application for a receiver for the Smith Corrugating company. It is claimed that a large amount of money is due to the estate of Lovett, and that John Smith, proprietor of the Smith Corrugating company, who has the firm's books in his possession, refused to make any accounting.
17.November 28, 1894The StarReynoldsville, PA
Click image to open full size in new tab
Article Text
NO ASSETS IN SIGHT. The American Debenture Company of Chicago Has Assigned. When a corporation fails with liabilities of $2,000,000, and then turns over to the receiver one book and three second-hand desks, the prospect for the stock and bondholders cannot be considered very rosy, This is what happened in the case of the American Debenture Company, which was organized by Coffin & Stanton, of New York with offices in Chicago. It failed October 10, soon after the parent house succumbed in New York. At the request of Messrs. Trimmingham, Turner and Rlack, of New Jersey, Elias Summerfield was appointed receiver. The foreign holders of $1,000,000 or more of the debentures then stepped in and demanded that the Illinois Trust and Savings Bank be given the receivership. Mr. Summerfield was consequently relieved, and the bank was appointed. It is now six weeks since the Illinois Trust and Savings Bank took hold of the wreck of the Debenture Company. In that time the desks and the book have been all the assets the receiver could secure. The other books of the concern have disappeared, at least the receiver cannot find them. The one book turned over goes back only to last January and is very vague in important points. The Debenture Company was organized under the laws of West Virginia, one of which provides "that one corporation cannot hold the stock and bonds of another corporation." but this is just what the Debenture Company did. It took the stocks and bonds of every corporation and company it could prevall upon to give them up, and issued against them "guaranteed debentures" for investment, and they still have them. Besides the "debentures," the company floated, or had authority to float, common stock to the amount of $2,000,000. It was capitalized for that amount, and most of the stock is held in the East.
18.January 12, 1895The Topeka State JournalTopeka, KS
Click image to open full size in new tab
Article Text
CHAMPION SWINDLERS. New Move of Coffin & Stanton Who Figured in Topeka Waterworks Deal. NEW YORK, Jan. 12.-A new move regarding the American Debenture company, Coffin & Stanton's concern, is under way. When they broke up six months ago the Illinois Trust and Savings Bank of Chicago and W. K. Okley, ex-secretary of state of West Virginia, were appointed receivers. Today the news leaked out in Wall street that a quiet effort is being made to have the present receivership proceedings in West Virginia and Chicago dismissed and new ones begun. The object is to set aside the Illinois Savings Bank and Trust company, and W. H. Okley as receivers, and have two new receivers appointed. One of the men mentioned as one of the new receivers is said to be a relative of Coffin, of Coffiu & Stanton, and the other is said to be a relative of Stanton. This change, it was learned, will be made within a very few days if the creditors do not interfere. From the day on wnich the failure of Coffin & Stanton was announced the American Debenture company has been a veritable will-o'-the-wisp from a creditor's view point. Several times they have thought they had the property of the elusive company in their grasp, but each time they were mistaken. This American Debenture company, incorporated under the law of West Virginia, with its main office in Chicago and all its actual business in Europe and New York, has debenture bonds to the extent of nearly $2,000,000 in the hands of investors, and there is believed to be nothing back of the bonds but a conglomeration of worthless stock-stock of incorporations which are in the hands of receivers.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
