State Savings Institution (Chicago, IL)

Episode Information

Episode UID
4735692690770
Episode Type
Run Only
Bank Type
savings
Bank ID
473569269 hash
Start Date
February 2, 1864
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cbb630903b9cd819

Response Measures

None

Events (4)
1. February 2, 1864 Run
Cause
Bank Specific Adverse Info
Cause Details
Discovery that the institution had changed charters (transferred accounts to a different charter) and depositors were not adequately informed, producing mistrust and withdrawals.
Measures
Paid all demands on presentation; officers offered to submit books to committee; declined outside assistance; continued to honor withdrawals.
Newspaper Excerpt
Each wanted to draw his deposit; in other words, there was a run on the bank.
Source
newspapers
2. February 3, 1864 Run
Cause
Bank Specific Adverse Info
Cause Details
Continuation of panic tied to charter-change revelations and local agitation; mainly small depositors withdrawing funds.
Measures
Continued to pay withdrawals; large depositors deposited funds to bolster confidence.
Newspaper Excerpt
The run upon the State Savings Bank continues unabated... officers express themselves amply provided with funds to meet every demand, and say they shall continue to close accounts as fast as presented.
Source
newspapers
3. February 6, 1864 Run
Cause
Bank Specific Adverse Info
Cause Details
After several days of withdrawals driven by earlier charter concerns, the run subsided as confidence returned and bank held sufficient liquid assets.
Measures
Bank re-invested currency after meeting demands; reported having realized large government bonds to meet withdrawals.
Newspaper Excerpt
As we expected the run on the State Savings' Bank is open. The crowd has all vanished... the bank to consider how it can best re-invest the currency.
Source
newspapers
4. October 3, 1864 Run
Cause
Rumor Or Misinformation
Cause Details
Localized panic among laboring depositors and inability to discriminate between banks; likely contagion from other Chicago bank suspension rumors.
Measures
Bank met demands on demand and chose not to invoke chartered notice requirements; continued paying depositors promptly.
Newspaper Excerpt
The run on the State Savings Institution yesterday was a small as well as foolish affair.
Source
newspapers

Newspaper Articles (10)
1. February 2, 1864 Chicago Tribune Chicago, IL
Article from Chicago Tribune, February 2, 1864

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Article Text

STATE SAVINGS INSTITUTION Run on the Bank—A Change of Charter—The Old and New Compared. The office of the State Savings Institution, located at No.'s 104 and 106 Washington street, was yesterday the theatre of considerable excitement. At the hour of opening the counter was surrounded by a number of persons, principally Germans, who had deposit accounts with the bank. The attendance continued all day till the time of closing. A casual passer-by might have thought that the bank was doing a thriving business. A closer examination would, however, have shown him that the draught was all, or nearly all, one way. Each wanted to draw his deposit; in other words, there was a run on the bank. The sight was an unusual one. It is now some years since a bank has been thus pressed for payment. The closing of R. K. Swift & Co., in 1857, and the subsequent one of Hoffman, Gelpcke & Co., in 1861, are indeed about the sum total of failures since Chicago took her real stride towards prosperity. In consequence of the novelty, the run attracted much attention, and many of those who had no money to draw went to look on at the crowd and speculate on the mutabilities of human affairs generally. They were, however, disappointed as to the denuement: the bank paid all demands, and the officers announced their perfect willingness to honor them as long as presented. The cause of the run on the bank is the discovery that the owners of the institution are doing business under a different charter from that which the public supposed. It commenced business about six years ago, under the name of the Illinois Savings' Institution, under a charter procured in 1857, and continued until August 1st, 1863—six months ago, when the managers of the bank bought the charter of the "State Savings' Institution," which was a charter granted in 1861 to Hoffman, Gelpcke & Siller, which we elsewhere publish in full, and began to change the accounts of depositors from the one concern to the other. We think they are to blame for not publicly advertising the change of charters, and notifying their depositors thereof, so that each one might have the free option to transfer his account from the Chicago to the State Savings' Bank or withdraw it as he might see fit. However this was not done and many accounts were doubtless transferred on the pass books without the depositors really discovering or understanding the nature of the change. The officers of the bank assure us that many or most of the depositors were apprised of the substitution of charters, but some we are confident were not, and did not understand or perceive by their new pass-book that any change of charters had occurred. There are two questions in which the patrons of the institution feel an interest: first, the solvency of the bank; second, the character of the present charter. Under the old charter there were no stockholders, no capital paid in, no personal liability, nothing but the good faith and honor of the gentlemen who volunteered to become the Trustees of the institution. There was but one salaried officer belonging to the bank—the Cashier. The 13th Article of the By-Lays of the old bank set forth that "The Trustees undertaking these duties (management of the bank) without pay or emolument, will not hold themselves responsible for any losses whatever." Other by-laws provide for the payment of interest on deposits not exceeding six per cent—the average being perhaps about four and a half or five per cent. The profits made by the managers consisted of the difference between what they loaned the deposits at and the rate of interest paid on them—less the taxes, rent, fuel, light, public printing, advertising, salary of the cashier, and other expenses of keeping an office; consequently it could not be very large; indeed it was so small that the Board of Trustees paid very little attention to its affairs, rarely looking at its books, but leaving the whole management to Mr. John C. Haines, Nathan R. Kidder and Geo. Schneider, the active managers. The Institution was carefully and honestly conducted by these gentlemen, and brought triumphantly through the great financial crash of 1857, as we stated in our item yesterday. So much as regards the bank under its old charter. The present charter grants larger powers to the Managers, but imposes greater responsibilities, as will be seen from its perusal. The managers are stockholders and have put in $100,000 of capital. Section 9 of the charter makes them individually liable to the depositors to the whole extent of each stockholder's capital invested. To this extent depositors are certainly better secured than under the former charter. The management of the funds of the banks is almost identically the same at present as formerly. The rule adopted by the officers is, to invest one-half in United State 5-20 bonds. Surely that is safe and good security, as any depositor could desire. These bonds are now worth a premium of 4 per cent, and can be converted into "Greenbacks" on five minutes notice. One quarter of the moneys of the bank is invested in Chicago and Cook County lands and in Illinois State stocks, and the remaining quarter is loaned on good collaterals and securities to business men on 30 and 60 days, the same as other banks, keeping on hand, of course, a sufficient amount of currency for daily use. The officers of the bank are perfectly willing to submit their books to the inspection of a committee of prominent citizens whom the depositors may designate, who shall report on the financial soundness of the Institution. They have no apprehensions from such an examination; they claim that there is not a sounder or more carefully managed bank in the city or State, which we presume is true. The reports set afloat that the President or Vice President has invested the deposits of the bank in horse railway stocks, or have speculated in which, are wholly untrue, as we are personally assured by those gentlemen. The have invested not a dollar of the deposits of the bank in any speculation whatever, Every cent loaned is on ample security. In justice to Mr. Haines, the President of the Bank, we deem it only right to say to those who do not personally know him, that he is esteemed to be an exceedingly prudent, cautious, conservative man in money matters, who has accumulated a large fortune by careful business management, prudence and industry. And certainly there is no more cautious, discreet, or upright man in all financial dealings than the Vice President, George Schneider. And each of the other officers are men of similar make of minds. According to the by-laws of the Institution, each depositor having less than one hundred dollars deposited, must give one week's notice of his intention to withdraw his account, and if the sum exceeds $100, the notice shall be one month. Yesterday this notice was not required, but each man, up to the hour of closing, got his money on demand. If the run shall continue from day to day, until all the deposits be withdrawn, the effect on the bank will simply be to oblige Mr. Haines, first to sell all the 5-20 United States bonds, next all the Chicago, Cook county and Illinois bonds, and lastly to take a part of the notes of merchants and business men given to the bank, secured by United States and other stocks as collaterals, judgement notes, and pork or beef, at half its market value. And long before the last depositors drew out their accounts, the first ones will have got over their foolish panic and gone back to the bank with their money. The bank can be put to inconvenience, but nothing more. It is too strong and carefully managed to be seriously damaged by any run on it.

2. February 3, 1864 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, February 3, 1864

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Article Text

STATE SAVINGS INSTITUTION. The Run Continued-An Excited Crowd-A Causeless Panic. The run upon the State Savings Bank continues unabated. All day yesterday, from the hour of opening until 8 o'clock in the evening, the large counting room of the Institution was filled with an excited crowd of small depositors, each anxlors to withdraw his scanty earnings. It Is notorious that BO far none of the heavier depositors have withdrawn their accounts, being evidently satisfied of the soundness of the Institution. Without discussing the question of the propriety of the run upon the bank at this juncture, we cannot avoid regretting the occurrence. The tendency is not only to affect the solvency of the State Savings Bank, but every other similar institution in our midst, and remotely that of all banking institutions. Already the effort 1a seen in the preparations made in moneyed circles to provide against the threatened or possible contingency. This state of things cannot long continue, without the withdrawal of the ordinary facilities for moving produce, a condition upon which the prosperity of our city so materially depends. Capital is as sensitive as the honor of woman, and eminently conservative. A general panic in Chicago would not fall to produce a panic elsewhere, and we are sure our people do not wish the commercial revulsion of 57 to be roenacted The solid men of Chicago, we believe act wisely in refusing to yield to the example of the working mcn. They express unbounded confidence'in the stability of the institution, and 60 far from withdrawing their deposits are actually increasing them. We know nothing of the interior economy of the Institution except what is patent to all. The character of the directors is such that we should not hesitate in ordinary times to give them our full confidence. We know that the line of deposit is large, and we know also that the securities are large, and If ordinary prudence has been exercised in investments, they should be ample for all contingencies. We hear it stated that a large share of the deposits are invested in 5-20 bonds at par. If this is so, the bank can convert them at present rates with decided advantage. We mention these facts to induce confidence, and believe there is no occasion for undue excitement. The officers express themselves amply provided with funds to meet every demand, and esy they shall continue to close accounts as fast as presented. The scene yesterday was decidedly exciting. The large room was occupled early and late by a dense throng considerably mixed, some confident and much wratny. The drawees formed in a circle round the room. a line of anxious looking men, most of them Toutonic, the tout ensemble being filled with a sprinkling of the feminino persuasion, with whom bonnets and crinoline were at a discount, It was interesting to hear the big words in Low Dutch," and to see the transformation visible on leaving the desk. The great majority of the applicants crowded along with a half frightened half determined look on their faces, but the moment their fingers clutched the bills they assumed a radiant expression, which told of joy unspeakable, and a determination that henceforth their hard earnings should follow the instinct of the water witch, and dive to the bottom of old socks and money chests. Yet the crowd was not all composed of distrustful ones; many were there who went only to look on and enjoy or meditate on the scene. And there were a few redeeming features. Several men stood for awhile in the ranks and conversed with outsiders as they slowly edged their way toward the counter, becament last ashamed at their want of confidence, and incontinently bolted. Then there were others who, anxious to make a good thing out of it, were offering to purchase accounts at a discount. Our reporter saw one man who offered 85 cents on the dollar, and 1 case occurred where one was brought to his senses by being offered 99 cents, whereupon he exclaimed-" If it is worth that to you. I guess rn keep it:' and he did. Towards nightfall the rush was tremendous, and about6 'c'ock the pane of glass in the door was broken, but whether by malice or by accident could not be ascertained. We are informed that the disbursements of the two days have been about $101,000, and that nearly an equal amount has been deposited by gentlemen who have the good sense to aid in opposing the panic, which, however groundless, may be fraught with mischief to the business community by engendering a general lack of that confidence which is 80 necessary to commercial transactions. e The types made us say in our remarks on the subject of securities yesterday, that one fourth of the avails were invested in Chicago and Cook County lands : It was intended to read Bonds." it The bank has DO money lent on lands; its funds be are invested in United States, Chicago and Cook is County bonds, and on good, secured, commercial paper. We would at least warn depositors against selling their accounts at a discount. There is not a of doubt that the bank will pay, on application, to all 10 who hold their acknowledgment of deposit, and er those who are afraid to let their cash remain should get the full amount. All right thinking men 18 will deplore the existence of such a panic-based as it is-mainly at least-upon charges which apar pear to have no better origin than personal anl-

3. February 3, 1864 Chicago Tribune Chicago, IL
Article from Chicago Tribune, February 3, 1864

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STATE SAVINGS INSTITUTION. The Run Continued—An Excited Crowd—A Causeless Panic. The run upon the State Savings Bank continues unabated. All day yesterday, from the hour of opening until 8 o'clock in the evening, the large counting room of the Institution was filled with an excited crowd of small depositors, each anxious to withdraw his scanty earnings. It is notorious that so far none of the heavier depositors have withdrawn their accounts, being evidently satisfied of the soundness of the Institution. Without discussing the question of the propriety of the run upon the bank at this juncture, we cannot avoid regretting the occurrence. The tendency is not only to affect the solvency of the State Savings Bank, but every other similar institution in our midst, and remotely that of all banking institutions. Already the effort is seen in the preparations made in monied circles to provide against the threatened or possible contingency. This state of things cannot long continue, without the withdrawal of the ordinary facilities for moving produce, a condition upon which the prosperity of our city so materially depends. Capital is as sensitive as the honor of woman, and eminently conservative. A general panic in Chicago would not fail to produce a panic elsewhere, and we are sure our people do not wish the commercial revulsion of '57 to be re-enacted. The solid men of Chicago, we believe act wisely in refusing to yield to the example of the working men. They express unbounded confidence in the stability of the institution, and so far from withdrawing their deposits are actually increasing them. We know nothing of the interior economy of the institution except what is patent to all. The character of the directors is such that we should not hesitate in ordinary times to give them our full confidence. We know that the line of deposit is large, and we know also that the securities are large, and if ordinary prudence has been exercised in investments, they should be ample for all contingencies. We hear it stated that a large share of the deposits are invested in 5-20 bonds at par. If this is so, the bank can convert them at present rates with decided advantage. We mention these facts to induce confidence, and believe there is no occasion for undue excitement. The officers express themselves amply provided with funds to meet every demand, and say they shall continue to close accounts as fast as presented. The scene yesterday was decidedly exciting. The large room was occupied early and late by a dense throng considerably mixed, some confident and much wrathy. The drawees formed in a circle round the room, a line of anxious looking men, most of them Teutonic, the tout ensemble being filled with a sprinkling of the feminine persuasion, with whom bonnets and crinoline were at a discount. It was interesting to hear the big words in "Low Dutch," and to see the transformation visible on leaving the desk. The great majority of the applicants crowded along with a half frightened half determined look on their faces, but the moment their fingers clutched the bills they assumed a radiant expression, which told of joy unspeakable, and a determination that henceforth their hard earnings should follow the instinct of the water witch, and dive to the bottom of old socks and money chests. Yet the crowd was not all composed of distrustful ones; many were there who went only to look on and enjoy or meditate on the scene. And there were a few redeeming features. Several men stood for awhile in the ranks and conversed with outsiders as they slowly edged their way toward the counter, became at last ashamed at their want of confidence, and incontinently bolted. Then there were others who, anxious to make a good thing out of it, were offering to purchase accounts at a discount. Our reporter saw one man who offered 85 cents on the dollar, and a case occurred where one was brought to his senses by being offered 99 cents, whereupon he exclaimed—"If it is worth that to you, I guess I'll keep it;" and he did. Towards nightfall the rush was tremendous, and about 6 o'clock the pane of glass in the door was broken, but whether by malice or by accident could not be ascertained. We are informed that the disbursements of the two days have been about $100,000, and that nearly an equal amount has been deposited by gentlemen who have the good sense to aid in opposing the panic, which, however groundless, may be fraught with mischief to the business community by engendering a general lack of that confidence which is so necessary to commercial transactions. The types made us say in our remarks on the subject of securities yesterday, that one fourth of the avails were invested in Chicago and Cook County lands; it was intended to read "Bonds." The bank has no money lent on lands; its funds are invested in United States, Chicago and Cook County bonds, and on good, secured, commercial paper. We would at least warn depositors against selling their accounts at a discount. There is not a doubt that the bank will pay, on application, to all who hold their acknowledgment of deposit, and those who are afraid to let their cash remain should get the full amount. All right thinking men will deplore the existence of such a panic—based as it is—mainly at least—upon charges which appear to have no better origin than personal animosity.

4. February 4, 1864 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, February 4, 1864

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STATE SAVINGS INSTITUTION. Progress of the Run-The Furore Nearly ExhaustedIncidents. The run on the State Savings Institution was continued yesterday, but with diminished force. The crowd segregated in frontof the building in the morning was larger than on the previous days, but it was plain that a different class was there. The great majority were merely on lookers, and those who went to draw their deposits drew smaller sume. The difference may best ba shown by stating that the clerks were equally active each day, and paid demands as fast as totals could be reckoned, but the payments fell off from $45,000 of the day preceding to about $25,000 yesterday. The business was conducted even more rapidly, as on a more methodical plan. None were admitted inside the door unless they had the pass-book, and thus the crowd of loafers were kept outside. At one time the claimants formed a long line on the aldewalk and were enclosed by a rope in single file, to keep a portion of the sidewalk clear. There was, too, more of good humor, and jokes flew freely between those in walting and the crowd outside. One man was asked for whom he was going to vote. This was too much for him, and he left for home. The total groundiessness of the panic is best shown by the fact that while It is confined to one class of men-the least intelligent among the German population-the better informed classes are investing their money largely. About $65,000 were deposited there yesterday, and numerous offers of assistance were made by monied men. Our reporter saw one who, after waiting for his turn & fall two houre, caught the eye of Mr. Haines, and told him that he came to place $10,000 at his service, if he wanted it. The offer was declined with thanks; the bank wanted no asistance outside of its regular business having an ample sum in the vaults to pay all demands for a week to come. One evidence of its solvency must not be omitted. A lady who figures as a fortune teller," made a large deposit yesterday; plainly her opinion is that the bank will not fail-whether or not that opinion be worth any thing is for others to decide. A friend perpetrated a most villianous joke yesterday on the subject; he said he had discovered the exact amount of outside pressure on the bank -it was two tons; in explanation he said " Teutons." The fellow ought to be pressed to death for his pains. It is to be regretted that the personal animoslties of rival editors, and those relations which should seek another arena for their exhibition should have been thus thrust prominently before the public, and produce a result which in calmer moments, all parties must deplore. The run yesterday was sensibly less than the preceding day, and to-day will probably see the last of it. There is neither reason or sense for longer continuing the assault. The Bank has abundantly demonstrated its ability to pay all depositors, and we trust no further attacks will be made. While the bank will lose by the assault, in the stoppage of its usual business, the great loss will fall on the pcor deluded people themselves who will be much in the condition of the fisherman's dog with the sheep's head who did not know how to cook it when he got to his home. The withdrawal of the money will be of no advantage to many of them, while in many cases a portion at lessi will be squandered in drink, dress or other things the hard eatings of years will to dissipated and les ye no good result, while of those who choose to 'uvest in business, few will do 80 judictonsly. The best thing they can do is to put their money into ome other bank as soon as possible; we understand the State Savings Bank will not receive back what "" been drawn during the run. We are informed that the ore prominent members of the German Working Mon's Association are quite indignant at the charg." made in the Staats Zeitung, that the Association A assed a resoIntion to draw its deposits from the A onk on account of the change of its charter, and on of fear of ultimate loss and swindle on the part of the Bank. The President of the Association donied the truth of this report in an article, published in the Telegraph, and maintained, that, already in November last, a resolution was passed to invest the funds of the Society in 5-20 U. S. Bends, and that the only resolution passed at the meeting in question was an instruction to the Trustees, to carry the November resolution into effect.

5. February 5, 1864 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, February 5, 1864

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FINANCIAL AND COMMERCIAL. # THE MONEY MARKET. THURSDAY EVENING, Feb. 4, 1361. The ease in the money market heretofere noticed seems to be gradually increasing. Generally finan- cial markets are working very smoothly. Holders of produce, provisions, Government contracts]&c., &c. are steadily realizing and with present prospects bor- rowers are likely to have an easy time of it till the next pinch comes. New York exchange opened very dull. Merchants and others buying largely of Boyd below the usual current selling rate, viz: Xc premium. The buying range was par 1-10, very few in the fearly part of the day paying above par. Towards the close the market was firmer, and 36 buying and selling were the figures. Gold opened in New York at 9:30 a. m, $1.58%-100 $1.58:11, 81.575%-18 m., $1.58, closing strong at the same figures. The market here was dull, there being very few transactions on any terms. The rates were $1.564@1.57. Silver $1.45@1.49; for round lots $156. Canada cur- rency $1.55@1.55%. Legal tender notes dull, at buy- ing and 46% premium selling. Very few of the houses would pay any premium owing to the scarcity of currency. THE RUN on the State Savings Bank commenced actively in the morning; but the crowd seelog the currency coming in by the arm's full to meet their de- mands gradually gave way, and by night the excite- ment had completely given out. We think we can safely say that the "run" is ended. The Bank was too strong under honest management, as we belleve It is conceded that it is, to be seriously affected. It has realized over $250,000 of Government 5-20's, a large part of the funds for which it must have on hand ready and willing to meet all further demands of depositors Not many weeks will pass before the problem with the Bank will be how profitably to invest its idle money. The ordeal tbrough which it has passed will make its managers wiser and the bank stronger than ever. THE CINCINNATI MARKET. The Gazette says: There is a continued demand for money, and rates are firm in the open market at 8@10 cent. The outside offerings, however, are not heavy, as bankers are still taking about all the good paper offered by their cus- tomers. Gold opened this morning at 564@57c prem. buying, but deelsed in the afternoon tο 58@564c. Small sales were made by dealers at 58c. We quote silver at 47@50c prem, buying. Orders were in better supply, but there was a good demand for them, and the market ruled firm at 2 cent discount. One year certificates were bought at 21% discount. There is a good demand for 5-20s, November coupons at 101. Ex- change is in very good demand, and firm at par buy- ing and 1-10 prem. selling. Some of the bankers bought from dealers at 50@750 $1,000. ST. LOUIS MARKET. -The Democrat of Wednesday says: "There was a tight money market to-day. The supply of Treasury Notes was light with most of our banks and institutions, and busineas was considerably curtailed on that account. Exchange in fair supply, and the rates ranged from 1-5 per cent discount to par. NATIONAL BANKS.-Two hundred and twenty Na- tional Banks, with an aggregate capital of $29,000,000, and aggregate deposits of bonds to the amount of $15,000,000, have received certificates of authority to commence banking. Sixty more banks, with an ag- gregate capital of $13,000,000, including new banks and with a new capital of $5,100,000, are In process of or- ganization. Circulating notes to the amount of $3,- 234,000 have been supplied in fives or tens to seventy- five banks. The first organized New Orleans Bank receives notes of both denominations. NATIONAL BANKS IN NEW YORK. The Times of Saturday says there is talk of another large National Ernk-ten millions named as the capital-to be estab- lished by the Joint subscriptions of the Associated Banks now in the Clearing House. These banks rep- revent seventy millions of capital, one seventh of which would be invested under such an arrangement, provided all come in pro rata, and the new National made practically to take the place of the Clear- ing House Itself as the common centre for adjusting balances between the Association, besides commanding a large run of deposits from the Nation- al banks of other cities and of the West. That paper is not apprised as to how far such a plan has been ma- tured, or to what extent it will find favor with the Asssociated Banks of large means, who will be looked to to furnish the major part of the New capital; but the very discussion in certain quarters would seem to imply that all thought of making further war upon the National Banking system has been given over. NEW YORK MONEY MARKET. The N. Y. Commer- clal Advertiser of Tuesday says: The bank statement for the past year indicates an Increasing ease of the moncy market. The specie in the banks has increased, and the money returning from the West has raised the deposit line about half a million. The bank statement for the week ending January 30, compares as follow with that for the week ending Jan. 23: Loans. Specie. Circulation. Deposita.: Jan. 23. $162,925,588 821,077,513 85,919,807 $10,135,258

6. February 6, 1864 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, February 6, 1864

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FINANCIAL AND COMMERCIAL. # THE MONEY MARKET. THURSDAY EVENING Feb. 5, 1801. The day has been stormy-the falling snow melting about as fast as it fell rendered the streets exceeding-ly muddy, and hence transactions have been confined to the narrowest possible limits. Customers begin to get what money they want. The market continues to work easier all round. New York exchange is steady at par@¼ buying and ¾ premium as the selling rate. The demand is fair and the supply ample. Gold has been very steady in Wall street-opening at 157¾, and remaining at that till the close, when it reached 158. The brokers here paid 156¼@157. Silver 145@150. Legaltender notes dull at ¾ buying, and ¾@¾ selling. Canada currency 156. As we expected the run on the State Savings' Bank is open. The crowd has all vanished, depositors who have drawn it to count over and wonder what they will do their money, and the bank to consider how it can best re-invest the currency-a large amount of which it must have on hand. Of course it will now be stronger than ever. CINCINNATI MONEY MARKET.-The Gazette says: Most of the bankers reported increased receipts of currency to-day, and the balances at the close were considerably larger than yesterday. As a consequence the loan market was easler, and good paper was placed without difficulty. The range in the open market was $610 per cent., but the bulk of the transactions were at the inside figure. Exchange continued close and very firm, at par buying, and 1-10 premium selling. ST. LOUIS MONEY MARKET. -The Democrat says: "The occupation of street brokers, it seems, is gone, the bankers having agreed henceforth to have no more dealings with them. There was quite a flutter among this class of gold operators yesterday." Exchange in better supply at 1-3 & cent. discount buy-ing; selling at ¾@1-10 per cent premium. NATIONAL BANK AT LAGON ILL.-There is a more on foot for the organization of n National Bank, with a capital of $10,000, in Lacon, Ill. Mr. Phineas Stevens will probably be the President. LATEST COUNTERFEITE. The following is a list of the latest counterfeits sct afloat: Commercial Bank of Burlington, Vt., 5's, imitation, ships, steamers, etc., portrait of Washington on right; portrait of Franklin on left. Newton Bank, Newton, Mass., 5's, spurious, vignette, hunter, Indian, squaw, three cupids and ive gold dollars. N. E. Pacific Bank, R. I., 10's, spurious, vignette, man seated, anvil, sledge, etc.; X and 10 on right; farmer and sheaf on left end. Fairfield County Bank, Norwalk, Conn., 5's, imitation, vignette, steamship and vessels; statue of Justice on left end. New York County Bank, N. Y. City, 5's, photographed, vignette, State arms. Bank of Newark, Newark, N. J., 50's altered from 1's are re-ported in circulation. National Bank, Paterson, N. J., 10's altered from l'e, vignette, ship at sea. Union Bank, Philadelphia, Pa., 5's, imitation, vignette, large spread eagle; female standing with hand on colume on left end. Farmers' and Planters' Bank, Baltimore, Md., 5'e, altered, vignette, female, sheaf, etc., locomotive on left end. Bank of the State of Indiana, 5's, imitation, vignette, female seated; house, ship, etc., male portrait on either side.

7. February 8, 1864 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, February 8, 1864

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FINANCIAL AND COMMERCIAL. THE MONEY MARKET. SATRUDAY Eve., Fcb. 6, 1361. The excitement of the week has been the run on the State Savings' Bank, happily brought to a close on yesterday. In all other respects the Money Market has been quiet, and matters have moved along smooth1y. The demand for money has not been 80 large and so pressing as for many weeks p.st, and the case has gradually increased to the close. Bankers, however, stell have all the calls they want from the best of custemers, and of course no surplus for outsiders; but taken together the market is becoming decidedly comfortable. New York exchange is clocer than yesterday. The rates however remain unchanged, viz., 36 buying and X premium selling. The demand is fully equal to the supply. Gold in New York ruled as follows at 10 A. M., 158 11, 15836 : 1P.M., 1584 : closing firm at 158%. The rate here was 157@15TM. Business dull. Silver buying 149C151. Legal tenders quict-buying 36, selling MOX. SECOND NATIONAL BANK.-By an advertisement inanother column it will be seen that the Second Notional Bank, J.A. Ellis, President, E. I. Tinkham. Cashier, will comm ence business on Monday. It succeeds and will occupy the same reomsas the Traders' Bank, corner of Lake and Clark streets. Its officers are among our best bankers, and we precict for It an abundant success. I: will make collections, receive deposits, &c., &c., and in fact do a general banking business. New York Stock Market-Eeb. R.

8. October 4, 1864 Chicago Tribune Chicago, IL
Article from Chicago Tribune, October 4, 1864

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THE STATE SAVINGS INSTITUT10N. The run cn the State Savings Institution yesterday was a small as well as foolish affair. The bank received as much money during the day from large depositors as it paid out to small ones. The panic was contined exclusively to laboring men and women, who had sums ranging from ten to one or two hundred dollars deposited, and who are unable to discriminate between one bank and another. Like the excited Frenchman, if they car. have their money they don't want it; if they can't have it they want it very much. The majority of them will be coming back before the end of the week to deposit the very money which they drew out in their dright yesterday. The Institution has the right, by virtue of its charter, to require from earings depositors thirty days' notice of their intention to withdraw their money when the amount deposited is less than $100, and sixty days when the amount is over $100. Each depositor is required to sign an agreement to that effect before his money is received, and the following memorandum is printed in each blank book: 'Depositors may become sick, or otherwise want their money. It 18 therefore provided that they may draw it out on the first Monday in each month, on viving one month's notice of such drawing. where the sum is le-s than $100; if over that amount. two months' previous no ice may be required. The resson of this rule is, if the money could be called for at any time, the trustees could not lend it ont or employ it to the advantage of those making the deposits. A sumclent fund, however, will be sept on hand to meet ordinary calle, and this rule will not be enforced unless it &bould become Decessary in order to protect the interests of the depositors." In view of this provision, the Board of Trade yesterday passed the fullo wing resolution, to wit: Resolved. That it is the sense of this Board tbst, in care of panic, savings institutions in a solvent condition shou a avail themselves of their chartered rights by requiring notice of the withdrawal of deposits." We understand that the Directors of the Savings Institution, feeling confident of their ability to stand the run, in its present pro. portions, for an indefinite period, without being obliged to "elaughter" their customers, have determined not to avail themselves of this right, but to meet all calls on demand. The public will commend their purpose, (while holding the Institution justified in enforcing the rule should it become necessary,) because their promptitude in meeting their liabilities tends to allay the panic-bas already allayed it to a great extent. The only difficulty experienced in the affair has been to get enough small notes to make the exact change. The crowd which besieged the bank in the morning, dwindled to small proportions in the afternoon, and many who came in Laste and heat, fully pursuaded that their money was in danger, went away when they found that all hands were belog served as fast as they could get in. There was no unusual demand upon any of the banks after 12 o'clock, and there were no failures.

9. October 6, 1864 The Weekly Ottumwa Courier Ottumwa, IA
Article from The Weekly Ottumwa Courier, October 6, 1864

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News of the Week. The Western Marine & Fire Insurance Company's Bank, Chicago, has suspended, causing considerable excitement, and resulting in a mob, not however, a very violent one. There are also rumors of the failure of P. Palmer, a prominent merchant of Chicago, for a large amount, but we can find nothing in the papers about it. A run commenced on the State Savings Institution, but the Chicago papers speak confidently of the ability of this as well as other principal Banks to sustain themselves. The situation in front of Petersburg is be. coming exceedingly interesting. General Grant is evidently moving on the enemy's works. Gen. Butler is on the right bank north side of the James and has taken a fort near the city and silenced all the works but one opposite Fort Darling. Lee led in person a large force in three attacks on the fort but failed each time. Gen. Meade has been equally successful in a movement southwest of Petersburg. Kauntz with his cavalry penetrated into the suburbs of Richmond. Deserters say that gloom and despondency prevail in the rebel capital, from which many are leaving, and Jeff Davis is looking exceedingly haggard and careworn. Sheridan at last accounts had cornered Early in one of the gaps of the Blue Ridge, where it was thought he would again attack and defeat him. He has destroyed several bridges and the railroad track between Staunton and Waynesboro. The condition of Missouri is lamentable in the extreme. The hell-hounds of treason and rebellion, it will be seen, are again at their work of wholesale murder The horrid butchery perpetrated by the God-forsaken wretch, Bill Anderson and his gang at Centralia, has no parallel for atrocity, con! deviltry, and savage barbarity in this war, eclipsing Fort Pillow and Lawrence even. This is the same Bill Anderson and gang. who drove out Dr. Hood and others from Chappel Hill a short time since. These demons are acting in the name of corservatism and demoeracy, and boast that they have put out of the way so many radical votes ! Price is south of St. Louis with a large force, but what his precise intentions are has not trans pired. There is a report of a battle with him, in which he lost 1600 men and the Federals 5. This may be true, but more likely is not exactly so. A large force is organizing to attend to him, as soon as his plans are developed, and he will be driven out as speedily as he came in. Sherman has not been heard from for several days, Forrest is still moving on, but has not cut the Chattanooga railroad. No fears seem to be entertained as to Shermau's ability to protect his lines of communication. The draft is progressing quietly so far as heard from. The only exception we hear or is in Powesheik co., in this State, where (WO United States Marshals were murdered on Saturday, the particulars of which we print elsewhere.

10. September 14, 1872 The Workingman's Advocate Chicago, Philadelphia, Detroit, Cincinnati, IL
Article from The Workingman's Advocate, September 14, 1872

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The Savings Banks of Chicago.-No.1 The States Savings Institution. There are no institutions of which Chicago has more just reason to be proud, than her Savings Banks, and certainly none which shows the general prosperity of her mechanics and workingmen in so positive a manner-and as a consequence, the growth and general prosperity of her citizens. Experience is the best teacher. A bird in the hand is worth two in the bush. The fiery whirlpool which destroyed the greater portion of the city of Chicago, destroyed also the homes of thousands of her mechanics ; and as many of our western Insurance Companies became involved in the common ruin, those whose foresight, frugality or industry had prompted them to deposit their surplus earnings in our savings banks found to their satisfaction that a friend in need is a friend indeed, and that the best friend in such an emergency was a balance on the right side of the ledger. And thousands to-day, who again occupy their own homes, erected since the fire, would now be the inmates of tenement buildings, paying rent to some vulture, but for this very foresight. In this connection it is gratifying to state that every Savings Bank in Chicago paid its depositors in full after the fire, a fact which speaks volumes in favor of the management of the gentlemen connected with them, whose names are a sufficient guarantee, that the same prudence which has controlled them in the past, will continue to control them in the future. At the head of this list stands the well known STATE SAVINGS INSTITUTION, locatS ed at 281 and 283 East Madison street, incorporated in February 1861, which has steadily grown with the growth of our city, and whose resources now amount to the enormous sum of $5,000,000, while its deposrtors number 15,000, and emt brace all classes, nationalities and professions. The confidence heretofore reposed in it by them, has been won by an unexampled prosperity of eleven years, and its ability, often tested and proven, to meet all liabilities, e under any and all circumstances. r In the memorable panic of 1864 it paid out $400,000 in eight days, and probably did more by such promptness to prevent a general financial crash than any banking instin tution in the city. That our readers can d judge for themselves whether these states ments are warranted by facts, we herewith e append its annual statement for July 1st, 1871 and '72 : e