People's Pilot, Volume 2, Number 51, Rensselaer, Jasper County, 9 June 1893 — STOOD A SEVERE TEST. [ARTICLE]

STOOD A SEVERE TEST.

Chicago Bank* Remain Fins Throughout Heavy Kun»-Belief That the Worst Is Over. Chicago, June 7.— The runs at the various savings banks started in Tuesday morning about where they left off Monday. Before the day was over, however, there was a decided progress toward returning confidence. The crowds of depositors about the savings bank windows grew smaller and at some places disappeared altogether. Probably 2,000 people drew their money out of the savings banks Monday, the amount approximating $750,000, the Illinois trust alone letting go about $500,000. On every SI,OOO drawn down the bank saves sl7 in interest which, in the ordinary course of business, would be credited to the deposits at the end of the half year, June 30. The strictly savings deposits in the several savings banks of the city will approximate $18,000,000, on which interest to the amount of about $300,000 would mature June 80 if the money were left undisturbed until then. By withdrawing the cash before the end of J une the interest is forfeited and a very considerable percentage of the 55,000 small depositors seem bent upon depriving themselves of this suug dividend. The Grant Locomotive works made an assignment in the county court Tuesday afternoon in favor of A. K. Ackerman and J. H. Wilson. The concern was one of the largest manufacturing enterprises in the west, and its failure was not in the least anticipated. Its creditors are confined to the usual trade people, and the amount of indebtedness to any one particular company is not large. The liabilities of the company in total are $410,950.86, $200,000 of which is a mortgxge in favor of the trustees, and this has precedence over the remainder of the claims. The assets are announced to. be $1,151,464. Attorney Lyman, who represents the assignees, said in regard to the failure: “The cause for the failure may undoubtedly be attributed to the strike which has been in progress at the works for nearly four months past. At the present time there are twenty-five locomotives in the shop waiting to be completed which can be readily turned into cash as soon as they are finished. These represent in money about $300,000.”