11931. German Savings Bank (Omaha, NE)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
June 13, 1893
Location
Omaha, Nebraska (41.259, -95.938)

Metadata

Model
gpt-5-mini
Short Digest
d30d444aff3d30d1

Response Measures

None

Description

Multiple contemporary newspapers (June 13-14, 1893) report runs starting on several Omaha savings banks, including the German Savings Bank, precipitated by the failure of the McCague Savings Bank and the forced closing of the American National Bank. None of the articles indicate the German Savings Bank suspended or was closed—reports describe cash paid out and the run ebbing—so this is classified as run_only. Date taken from telegraphed reports dated June 13, 1893.

Events (1)
1. June 13, 1893 Run
Cause
Local Banks
Cause Details
Run precipitated by the failure/suspension of the McCague Savings Bank and the subsequent closing of the American National Bank, which undermined confidence in local banks.
Measures
Cash was paid out as called for; some institutions (e.g., Dime Savings Bank) invoked by-law notice requirements (60 days) though German Savings Bank met withdrawal demands.
Newspaper Excerpt
Runs started on the Globe Loan and Trust Company, the Dime Savings Bank, the German Savings Bank, and Nebraska Savings Bank.
Source
newspapers

Newspaper Articles (10)
1. June 13, 1893 San Antonio Daily Light San Antonio, TX
Article from San Antonio Daily Light, June 13, 1893

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More Busted Banks. OMAHA, June 13.-The American National bank was closed by order of the comptroller of the currency. Runs started on the Globe Loan and Trust company, Dime Savings bank, German Savings bank, and Nebraska Savings bank. No statement of the condition of the American National was made at once, except that the clearing house refused to assist. It is understood that the affairs of the bank are entangled with those of the McCague Savings bank, that closed yesterday afternoon.

2. June 14, 1893 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe Daily New Mexican, June 14, 1893

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More Failures. OMAHA, June 14.-The state bank examiner has closed the doors of the McCague Savings bank. No statement of the bank's condition has yet been issued and it is impossible to estimate the assets and liabilities. John L. McCague, vice president of the suspended bank, said that the suspension was due solely to an inability to realize on securities. He fixed the liabilities at $400,000 and estimated the assets of the bank at from $460,000 to $475,000. He stated positively that the depositors would be paid in full. The American National bank was closed by an order of the comptroller of the currency yesterday. Runs started on the Globe Loan & Trust company, the Dime Savings bank, the German Savings bank and the Nebraska Savings bank. No statement of the condition of the American National was made at once, except the fact that the clearing house refused to assist it. It is understood that its affairs are entangled with those of the McCague Savings bank. The run was of extensive proportions on the Omaha Savings bank, and all the morning the bank was besieged by depositors. Senator Manderson and Vice President Kimball, of the Union Pacific, directors of the bank, made speeches to the excited depositors, guaranteeing them their money, but the run continued. Salt Lake, Utah.-The Park City bank has suspended, assigning to E. Kimball. Liabilities, $130,000; assets as much, and the claim is made that it will shortly resume. The assignee says depositors are to be paid 80 cents on the dollar. Kansas City.-The People's Guarantee Savings bank has made an assignment for the benefit of its creditors. The liabilities are supposed to be about $70,000 and the assets between $50,000 and $65,000.

3. June 14, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, June 14, 1893

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Run on Omaha Banks. OMAHA, NEB., June 13.-The American National Bank was closed by order of the comptroller of the currency this morning. Runs started on the Globe Loan and Trust Company, the Dime Savings Bank, the German Savings Bank and Nebraska Savings Bank. No statement of the condition of the American National is made except the fact that the clearing house refused to aid it. It is understood that the affairs of the bank are entangled with those of the McCague Savings Bank, that closed yesterday afternoon. The run was of extensive proportions on the Omaha Savings bank, and all the morning the bank was beseiged bv depositors. Senator Manderson and Vice President Kimball, of the Union Pacific, directors of the bank, made speeches to the excited depositors, guaranteeing them their money, but the run continued.

4. June 14, 1893 The Morning News Savannah, GA
Article from The Morning News, June 14, 1893

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MORE WILDRUNS ON BANKS A Couple of Failures Start a Rush at Omaha. All the Institutions Except the Two Previously Closed Weather the Storm-Only One Even Takes Advantage of the Sixty Days' Clause. Kansas City the Scene of a Still More Absurd Run. Omaha, Neb., June 13.-There was a run on every savings bank in the city this morning, precipitated by the failure of the McCague Savings Bank yesterday, followed by the downfall this morning of the American National Bank, in which the McCagues are largely interested. It was unofficially stated yesterday that the clearing house association would stand by its members, of which the American National is one, but when the assets of the American National Bank came to be examined they were pronounced not good enough and the aid of the associated banks was withheld. The ominous sign appeared on the door this morning and the crowd which had collected becamegreatly excited. The McCagues tried to reassure the depositors, telling them that every account would be paid in full. At the Omaha Savings Bank, the German Savings Bank, the American Savings Bank, the Globe Loan and Trust Company, and other institutions, there was a steady drain of deposits all day Cash was paid out as long as called for, and there was no apparent limit to the supply. Senator Manderson and Vice President Kimball, of the Union Pacific, directors of the bank, made speeches to the excited depositors, guaranteeing them their money, but the run continued. The Dime Savings Bank compelled its depositors to give sixty days' notice of withdrawal. This action, together with the promptness with which other banks met all demands, is believed, to have stopped what almost promised to be a panic. A CRAZY RUN AT KANSAS CITY. Kansas City, June 13.-As a result of the suspension yesterday of the People's Savings Bank, an insignificant institution with deposits of only $25,000, a run was started this morning on the Kansas City Safe Deposit and Savings Bank. The bank took advantage of the clause of its by-laws requiring depositors to give thirty days' notice of the withdrawal of deposits. That checked the run and at it noon was practically over. None of the other banks experienced a run. Just why the Kansas City Safe Deposit and Savings Bank should have been selected for a run is a mystery. It is the largest and one of the soundest institutions of the kind in the state and has the confidence of the banks and merchants generally. A RUN CHECKED AT DETROIT. Detroit, Mich., June 3.-The State Bank of Crystal Falls, Mich. has suspended as a result of the failure of the Plankington Bank of Milwaukee. The bank is only a year old and its capital is $25,000. The deposits foot up $60,000. The officers of all the savings banks in this city agreed to enforce the time limit upon withdrawals of deposits. A run was started this morning upon the People's Savings Bank, one of the strongest in Detroit, but the sixty-day notice requirement checked it. The officers coneur in a statement that "it was not for want of money that we took this action, for we could have secured enough to have paid every depositor, but we did not think this the wisest plan.' A NASHVILLE BANK SHUT. Nashville, Tenn., June -The Nashville Savings Company, of which Thomas S. Marris is owner and president. filed an assignment to-night. The liabilities are $282,876, and the assets are valued at $ 125,000. The deposits amount to $109,010 22, and the certificates of deposits to $72,911 21. Among the assets are $60,000 on deposit with Arthur, Ketcher & Co., suspended bankers of New York. In an interview President Marr says the failure was due to the shrinkage in values and steady withdrawal of money by depositors since failures have become so frequent. The recent failures of local business houses and the suspension of the Commercial National Bank also caught him for large sums. ASSETS WIPED OUT. Mankoto, Kan. June 3.-The bank of Burr Oak, Jewell county, closed its doors yesterday morning. The bank was owned by Hulbert Bros., and the liabilities are placed at $35,000. The assets are practically nothing. C. D. Hulbert, one of the proprietors of the bank, has fled and his whereabouts are unknown The depositors are greatly excited, and if he should return either of his own accord or to answer a criminal charge, there being some inclination among the depositors to prefer such a charge, he would be roughly dealt with. A BANK FAILS IN UTAIF. Salt Lake, Utah, June 13.-The Park City Bank suspended yesterday. Its liabilities are $130,000, and its assets as much. The claim is made that the bank will shortly resume. The assignee says that depositors are to be paid 80 cents on the dollar.

5. June 14, 1893 Wheeling Register Wheeling, WV
Article from Wheeling Register, June 14, 1893

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DETROIT BANES REQUIRE NOTICE. Savings Cannot be Withdrawn Except Under the Ninety Days Notice-A Run Started and Checked. DETROIT, MICH., Jnne 13.--For some time there has been an uneasy feeling in the banking atmosphere of his city, occasioned the numerous that have the country, espeoccurred saving institutions throughout by failures recently there cially had Although in the been until West. this morning not a decided run on of the banks considersavings has been of Detroit, any able money withdrawn in a to movement to quiet that way, might and result forestall disastrously any them and as an act of mutual protection, the officers of those institutions met last night and adopted the following notice to depositors: "There has recently been developed in our city an uneasiness among saving depositors which has been (without cause) directed against some of our strongest banks. To stop the heedless withdrawal of deposits and the lecking up of currency in a time of financial stringency, the undersigned banks respectfully decide in the event of unusual demands OH them and to ensure equal protection to all their depositors, to require the notice provided fori the by-laws of the several banks. "We would, therefore, ask our depositors to review the situation calmly and accept with patience our action, which is taken in our mutual interest and for the benefit of the country at large. "PEOPLE'S SANINGS BANK, "MICHIGAN SAVINGS BANK, "DETROIT SAVINGS BANK, "CITIZENS' SAVINGS BANK, "HOME SAVINGS BANK, "CITY SAVINGS BANK, "WAYNE COUNTY SAVINGS BANK, "CENTRAL SAVINGS BANK, "DETROIT RIVER SAVINGS BANK, "PENINSULAR SAVINGS BANK, "DIME SAVINGS BANK, "GERMAN-AMERICAN BANK, "AMERICAN BANKING AND SAVINGS AssociTION, "STATE SAVINGS BANK." doors of the SavWhen Bank, the largest Peoples in ings one of the Detroit, opened at 10 o'clock this morning an immense crowd of people flocked in with the intention of their were handed of depossts. foregoing They withdrawing told copies the circular and that their deposits would be paid in full at the end of the specified time-90 days. This seemed to allay the excitement somewhat. M. W. O'Brien, president of the Peoples was interviewed the Associated and had this to Bank Press by say: really no this The is excitement. "There and is the contagion occasion for spreading to stop needless withdrawal of and of currency in a we deposits time taken of financial looking stringency up have this action to allay fear." At the people's Bank things began to quiet no down when for it was seen there was of men to toward the had business occasion much de making alarm. quelling heavy A long deposits line citement and everything is comparatively quiet at the other banks. Deposits in the People's Saving Bank amount to over $6,000,000. State Banking Commissioner Sher. wood pronounces it and the other savings bank in the city in a first class condition and says there is no occasion for alarm. OMAHA, NEB., June 13.-The American National Bank was closed by order of the comptroller of currency this morning. Runs started on the Globe Loan & Trust Co., the Dime Savings Bank, the German Savings Bank and Nebraska Savings Bank. No statement of the condition of of the American National is made at once except the fact that the clearing house refused to assist it. It is understood that the affairs of the bank are entangled with those of the McCague Savings Bank that closed yesterday afternoon. The run was of extensive proportions en the Omaha Savings Bank and all the morning the bank was besieged by depositors. Senator Manderson and Vice President Kimball of the Union Pacific, directors of the bank, made speeches to the excited depositors guaranteeing them their money, but the run continued. COLUMBUS, O., June 13.-The Franklin Buggy Company has been put in the hands of a receiver. It is the smallest and youngest company in this business in Columbus. Liabilities are stated to be about $75,000. Assets will hardly cover that sum. The concern was not making money, and the receivership is said to be intended to wind up a losing business on account of the tightening of the times. CLEVELAND, O., June 13.-At the instance of the National Bank of Commerce, W. M. Reynolds was to-day appointed receiver of the Williams Publishing Company, a company doing a large printing and publishing business. The assets and liabilities are not known. NEW YORK, June 13.-Defalcations ag gregating $70,600 have been discovered in the Irving Savings Institution, 96 Warren street, New York. The shortage was discovered by the State Bank Examiners, who are still at work on the books and will not complete their work of the accounts some as there are accounts to 17,000 bank's individual for time, scrutinizing investigate besides the regular bank books.

6. June 14, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, June 14, 1893

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OMAHA BANKS. Another Failure and Several Runs in Progress. OMAHA, June 14. -There is a run on every savings bank in the city, precipitated by the failure of the McCague Savings bank Monday, followed by the downfall of the American National bank, in which the McCagues are largely interested. It had been unofficially stated that the Clearing House association would stand by its members, of which the American National is one, but when the assets of the bank came to be examined they were pronounced not good enough, and the aid of the associated banks was withheld. The ominous sign appeared on the doors, and the crowd which had collected became greatly excited. The McCagues tried to assure the depositors, telling them that Every Account Would Be Paid in full. At the Omaha Savings bank the German Savings bank, the American Savings bank, the Globe Loan and Trust company and other institutions there was a steady train of depositors all morning. Cash was paid out as soon as called for and there was no apparent limit to it. Toward noon the lines had dwindled till they appeared no larger than upon any day of business. Bank Examiner Griffith, who took charge of the American National bank for the comptroller, could not say much about the assets. A great deal of paper thought not to be first class figures in the resources of the bank. The falling of in deposits amounted to nearly $200,000 since May 4, and this has badly crippled the institution. The Dime Savings bank compelled its depositors to give 60 days notice of withdrawal. This action, together with the promptness with which other banks met all demands, is believed to have stopped what almost promised to be a panic.

7. June 14, 1893 The Sun New York, NY
Article from The Sun, June 14, 1893

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A HARD ROAD FOR THE BANKS. Runs Are In Progress, and Some Institutions Suspend. OMAHA. June 13.-The American National Bank was closed by order of the Comptroller of the Treasury this morning. Runs were started on the Globe Loan and Trust Company. the Dine Savings Bank. the German Savings Bank. and the Nebraska Savings Bank. No statement of the condition of the American National was made except that the Clearing House refused to assist it. It is understood that the affairs of the bank are entangled with those of the McCague Savings Bank, that closed yesterday afternoon. It was said yesterday that the Clearing House Association would stand by its members. of which the American National Bank is one. but when the assets of the American National came to be examined they were pronounced not good enough. and the aid of the Association banks was withheld. The ominous sign appeared on the door this morning. and the crowd which had collected became greatly excited. The McCagues tried to reasoure the depositors. telling them that every account would be paid in full. At the institutions above named there was a steady drain of deposits all morning. Cash was paid out as ROOD as called for. and there was no ap. parent limit to it. Toward noon the lines had dwindled until they appeared no larger than upon any day of business. Bank Examiner Griffth. who took charge of the American National for the Comptroller this morning. could not say much about the assets. A great deal of paper which is thought not to be first class figured in the resources of the bank. The failing off in deposits had amounted to noarly $200,000 since May 4. and this badly crippled the institution. The Dime havings Bank compelled its depositors to give sixty days' notice of withdrawal This action. together with the promptness with which the other banks met all demanda, is believed to have stopped what promised at first to be a panic. The run was of extensive proportions on the Omaha Havings Bank. and all the morning the bank was besieged by depositors. Senafor Man.

8. June 14, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, June 14, 1893

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Savings-Bank Runs. [By telegraph to the Dispatch.) OMAHA, NEB., June 13.-There was P. run on every savings bank in the city this morning, precipitated by the failure of the McCague savings Bank yesterday. followed by the downfall this morning of the American National Bank in which the McCagues are largely interested. it was unofficially stated yesterday that the Clearlog-House Association would stand by its members, of which the American National 18 one, but when the assets of the American National Bank came to be examined they were pronounced not good enough. and the aid of the associated banks was withheld. At the Omaha Savings Bank, the German Savings Bank. the American Savings Bank, the Globe Loan and Trust Company, and other institutions there was a steady drain of deposits all day. Cash was paid out 498000 as called for, and there was no apparent limit to 11. Senator Manderson and Vice-President Kimball, of the Intoa Pacine, directors of some of the banks, made speeches to the excited depositors. guarentering them their money, but the runs continued. The Dinne Savings Bank compelled 118 depositors to give sixty days' notice of withdrawal. This action. together with the promptness with which the other banks met all demands, 13 believed to have stopped what almost promised to be a panic. KANSAS CTTY, Mo., June 13.-As a result of the suspension yesterday of the People's Savings Bank. an insignificant institution with deposits of only $25,000. a run was started this morning on the Kapeas City Safe-Deposit and Savings Bank. The bank took advantage of the clause of its by-laws requiring depositors to give thirty days notice of the withdrawal of deposits. That checked the run. and at BOOD it was practically over. None of the other tanks experienced a run. Just why the Kansas City Sate-Deposit and Savings Bank should have been selected for run is a mystery. It 18 the largest and one of the soundest institutions of the kind iu the State, and has the confidence of banks and merchants generally. DETROIT. June The officers of all the savings banks in this city agreed to enforce the time limit upon withdrawals of deposits A run was started this morning upon the People's Savings Bank one of the strongest in Detroit, but the sixty-day notice requirement checked it. The bank officers concur 111 the statement that "It was not for the want of money that are took this action. for we could have secured enough to have paid every depositor, but we did not think this the wisest plan."

9. June 15, 1893 The Sauk Centre Herald Sauk Centre, MN
Article from The Sauk Centre Herald, June 15, 1893

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OMAHA BANKS. Another Failure and Several Runs in Progress. OMAHA, June 14. -There is a run on every savings bank in the city, precipitated by the failure of the McCague Savings bank Monday, followed by the downfall of the American National bank, in which the McCagues are largely interested. It had been unofficially stated that the Clearing House association would stand by its members, of which the American National is one, but when the assets of the bank came to be examined they were pronounced not good enough, and the aid of the associated banks was withheld. The ominous sign appeared on the doors, and the crowd which had collected became greatly excited. The McCagues tried to assure the depositors, telling them that Every Account Would Be Paid in full. At the Omaha Savings bank the German Savings bank, the American Savings bank, the Globe Loan and Trust company and other institutions there was a steady train of depositors all morning. Cash was paid out as soon as called for and there was no apparent limit to it. Toward noon the lines had dwindled till they appeared no larger than upon any day of busi. ness. Bank Examiner Griffith, who took charge of the American National bank for the comptroller, could not say much about the assets. A great deal of paper thought not to be first class figures in the resources of the bank. The falling of in deposits amounted to nearly $400,000 since May 4, and this has badly crippled the institution. The Dime Savings bank compelled its depositors to give 60 days notice of withdrawal. This action, together with the promptness with which other banks met all demands, is believed to have stopped what almost promised to be a panic.

10. June 15, 1893 The Sauk Centre Herald Sauk Centre, MN
Article from The Sauk Centre Herald, June 15, 1893

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OMAHA BANKS. Another Failure and Several Runs in Progress. OMAHA, June 14. -There is a run on every savings bank in the city, precipitated by the failure of the McCague Savings bank Monday, followed by the downfall of the American National bank, in which the McCagues are largely interested. It had been unofficially stated that the Clearing House association would stand by its members, of which the American National is one, but when the assets of the bank came to be examined they were pronounced not good enough, and the aid of the associated banks was withheld. The ominous sign appeared on the doors, and the crowd which had collected became greatly excited. The McCagues tried to assure the depositors, telling them that Every Account Would Be Paid in full. At the Omaha Savings bank the German Savings bank, the American Savings bank, the Globe Loan and Trust company and other institutions there was a steady train of depositors all morning. Cash was paid out as soon as called for and there was no apparent limit to it. Toward noon the lines had dwindled till they appeared no larger than upon any day of busi. ness. Bank Examiner Griffith, who took charge of the American National bank for the comptroller, could not say much about the assets. A great deal of paper thought not to be first class figures in the resources of the bank. The falling of in deposits amounted to nearly $400,000 since May 4, and this has badly crippled the institution. The Dime Savings bank compelled its depositors to give 60 days notice of withdrawal. This action, together with the promptness with which other banks met all demands, is believed to have stopped what almost promised to be a panic.