11964. Omaha 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
ba301c929b6fc8ad

Response Measures

None

Description

Multiple contemporaneous newspaper reports (June 13–15, 1893) describe an extensive run on the Omaha Savings Bank on June 13 that subsided by June 14. Other Omaha banks (American National, McCague Savings) were closed or suspended, and contagion from those failures appears to have triggered the run on Omaha Savings. The Omaha Savings Bank was besieged by depositors but paid on demand and the run ended quickly; there is no evidence this bank suspended or entered receivership.

Events (1)
1. June 13, 1893 Run
Cause
Local Banks
Cause Details
Runs and closures of nearby Omaha institutions (American National closed by Comptroller; McCague Savings suspended) triggered depositors to demand funds at Omaha Savings.
Measures
Directors (Senator Manderson and Vice‑President Kimball) addressed the crowd, guaranteeing depositors their money; bank paid deposits on demand while other savings banks invoked the 60-day notice.
Newspaper Excerpt
A run of extensive proportions began on the Omaha Savings Bank at the opening this morning and all the morning the bank was besieged by depositors.
Source
newspapers

Newspaper Articles (10)
1. June 13, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, June 13, 1893

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Run on Omabia Banks. OMAHA, Neb., June 13.-The American National bank closed this morning by order of the comptroller of currency. Runs are now in progress on the Globe Loan and Trust company, the Dime Savings bank and Nebraska Savings bank. No statement of the American bank is yet made, but the clearing house has reused to assist it. It is understood that its affairs are entangeled with those of the McCague Savings bank which closed yesterday afternoon. ad omaha bank runs A run of extensive proportions began on the Omaha Savings Bank at the opening this morning and all the morning the bank was besieged by depositore. Senator Manderson, and Vice-President Kimball of the Union Pacific, directors of the bank, made speeches to the crowd, guaranteeing them their money, but the run was continued. The bank examiner is in charge of the A merican National. The clearing house at a meeting last night decided to give it no help and the decision of the comptroller to close it followed. The statement May 4th showed capital stock, $200,000; loans and discounts, $531,690 surplus, $16,000; undivided profits, $5,161; due depositors, $577,526. The American Savings bank and Dime Savings bank took advantage of the clause allowing sixty days on deposits. The run on the Omaha Savings

2. 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.

3. June 14, 1893 The Herald Los Angeles, CA
Article from The Herald, June 14, 1893

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RUNS ON OMAHA BANKS, The Closing of One Causes Others Trouble. Anxious Depositors Clamoring for Their Money. The American National Compelled to Close Its Doors. Runs on Savings Banks in Kensas City and Detroit-Defalcations Discovered in a New York Savings Institution. By the Associated Press. OMAHA, Neb., June 13.-At 4:12 yesterday afternoon the state bank examiner closed the doors of the McCague Savings bank, at Fifteenth and Dodge streets. John L. McCague, vice-president of the bank, said the suspension was due to inability to raise money on securities. He fixed the liabilities at $400,000 and estimated the assets of the bank at $460,000 to $470,000. He stated positively the depositors would be paid in full. The American National bank was closed this morning, by order of the comptroller of the currency. Runs were soon in progress on the Globe Loan and Trust company, the Dime Savings bank and the Nebraska Savings bank. It is understood the affairs of the American national are entangled with those of the McCague Savings bank, which closed yesterday afternoon. A run of extensive proportions began on the Omaha Savings bank at the opening this morning, and the bank was soon besieged by depositore. Senator Manderson and Vice-President Kimball of the Union Pacific, directors of the bank, made speeches to the crowd, guaranteeing them their money, but the run continued. The bank examiner is in charge of the American national. The clearing house, at a meeting last night decided to give it no help, and the decision of the comptroller to close it forthwith. Its statement, May 4th, showed: Capital stock, $200,000: loans and discounts, $531,690; eurplus, $16,000; undivided profits, $5161; due depositore, $577,526. The run on the Omaha Savings bank continues and President Manderson announced to a crowd at 1 p. m. that the bank was ready to pay every dollar. President McCague of the American National said this afternoon his bank closed with almost $100,000 in cash and exchange in the bank, and the mail brought a remittance of $20.000 from New York, He said while adverse circumstances had overtaken the bank, he was positive the depositors would be paid in full. The Dime Savings bank, the American Savings bank and the Globe Loan and Trust company took advantage of the 60-day rule, but the other savings bauks paid depositora in full on demand. NEW York, June 13.-The correspondent here of the American National bank of Omaha, the First National bank, reports a substantial balance to its credit.

4. 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.

5. June 14, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, June 14, 1893

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TIME ALLOWANCE. The Detroit Savings Banks Were Readily Held Up. DETROIT, June 13.-Fourteen savings banks of this city, in view of the tendency among depositors to withdraw their money, have issued a circular saying they will hereafter require the notice provided for according to law. A run of extensive proportions began on the Omaha Savings Bank at the opening this morning, and all morning the bank was besieged by depositors. Senator Henderson and Vice-President Kimball of the Union Pacific, directors of the bank, made speeches to the crowd guaranteeing them their money. but the run continued. One or two runs began at the opening, but business men began to make heavy deposits, and the State Bank Examiner assured depositors that the banks were all in first-class condition, when the excitement 8000 subsided. NEW YORK, June 13. - It has been rumored on the street that the National Lead Company would not declare a dividend on common stock this quarter, but the officers say a dividend will be paid and it will probably be declared before the end of the week. The sales by the company for the month of May are reported to be the largest in its history. Defalcations aggregating $70,800 were discovered in the Irving Savings Institution at 96 Warren street to-day. The shortage was discovered by the State Bank Examiners, who are still at work on the books. The officers implicated are Clarence D. Heaton of Brooklyn, president, who has overdrawn his account $27,100, ex-Secretary W. H. Burton of this city and Paying Teller D. D. Tompkins. After the discovery of the defalcation the resignation of the three officers named were received and accepted, and the facts reported to the District Attorney. Counsel for the institution to-night gave out a statement saying that the deficiency was caused partly by the overdrafts of Clarence D. Heaton and William H. Buxton and the abstraction of funds by D. D. Tompkins. The $25,000 overdraft made by Buxton was at once made good by him by the payment of that much cash and about $1,200 was paid over by President Heaton. The bank is said to have a clear surplus of $675,000. MOBERLY, Mo., June 13.-The Exchange Bank of Moberly made an assignment today for the benefit of creditors. There is no statement yet, but it is believed that payment will be made in full. OMAHA, June 13.-The American National Bank was closed this morning by order of the Comptroller of the Currency. No statement of the American Bank has yet been made, but the Clearing-house has refused to assist it. It is understood its affairs are entangled with those of the MeGague Savings Bank, which closed yesterday afternoon. The Clearing-house, at a meeting last

6. 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.

7. June 15, 1893 New-York Tribune New York, NY
Article from New-York Tribune, June 15, 1893

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RUNS ON SAVINGS BANKS SUBSIDE. Detroit, June 14.-A better feeling prevails on Griswold-st. to day. but there was still a large crowd waiting for admission to the People's Savings Bank when the doors were thrown open for business. It was composed almost entirely of worrel, interspersed with a few laborers. Many Detrolt business men aided in the work of restoring configence, by personally talking with depositors in the bank corridors and advising them to go quietly home and allow matters to assume their normal condition. By noon the fever of excitement had noticeably diminished. Omaha, June 14.-The runs on the Omaha Savings bank subsided this morning almost as quickly as th y began yesterday. Early there were a few depositors at the Omaha Savings Bank demanding their money, but as SOOD as it became apparent that the rusb was over, anxious ones left without taking their cash.

8. June 15, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, June 15, 1893

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Run on Omaha Banks Ended. OMAHA, NED, June 14.-The runs on the Omaha savings banks subsided this morning almost as quickly as they began._ yesterday. Early there were a few depositors at the Omaha Savings Bank demanding their money, but as soon as it became apparent they could get it, the rush was over and they left without taking their cash.

9. June 15, 1893 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, June 15, 1893

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Run on Omaha Banks Over. OMAHA, Neb., June 15.-The runs on the Omaha Savings banks have subsided. Early in the morning there were a few dopositors at the Omaha Savings bank demanding their money, but as soon as it be. came apparent that the rush was over anxious ones left without taking their cash.

10. June 15, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, June 15, 1893

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Quiet at Omaha. OMAHA, June 14.-The - run on the Omaha Savings bank subsided this morning almost as quickly as they began yesterday. A few depositors appeared early, but as soon as it became apparent that the rush was over, the anxious ones left without taking their money. There are no new developments regarding the suspended banks.