13373. City Savings Bank (Omaha, NE)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
December 9, 1901
Location
Omaha, Nebraska (41.259, -95.938)

Metadata

Model
gpt-5-mini
Short Digest
db432452

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Multiple contemporaneous newspaper accounts (Dec 9–19, 1901) report a run on the newly organized City Savings Bank in Omaha caused by a mistaken impression that it was connected with the financially troubled Omaha Loan & Trust Company. The bank met all demands with gold and tellers, depositors returned funds, and there is no report of suspension or closure.

Events (1)
1. December 9, 1901 Run
Cause
Rumor Or Misinformation
Cause Details
Mistaken impression/rumor that City Savings Bank was connected with the Omaha Loan & Trust Company, which was reported in financial difficulty.
Measures
Officials posted four tellers and piled gold and silver on counters to pay depositors; paid demands promptly and many depositors redeposited funds.
Newspaper Excerpt
There was a considerable number of depositors of the City Savings bank present to withdraw their money when the doors opened this morning, owing to a misunderstanding ... that the Savings bank was connected with the Omaha Loan & Trust company, which was reported Saturday to be in financial difficulty.
Source
newspapers

Newspaper Articles (10)
1. December 9, 1901 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, December 9, 1901

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Article Text

DEPOSITORS DRAW THEIR MONEY FROM OMAHA BANK Omaha, Dec. 9.-There was a considerable number of depositers of the City Savings bank present to withdraw their money when the doors opened this morning, owing to a misunderstanding. It was said Vice President Flack, of the savings bank was connected with the Omaha Loan and Trust company, which was reported Saturday to be in financial difficulty. Many depositors on learning the bank was separated from the trust company. redeposited their money. The officials were prepared for a run, and had great piles of gold on the counters with which to pay uneasy depositors.

2. December 9, 1901 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 9, 1901

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PILES OF GOLD. Omaha Savings Bank Prepares to Meet a Run. Omaha, Dec. 9.-There was a considerable number of depositors of the City Savings bank present to withdraw their money when the doors of that institution opened this morning, owing to a misunderstanding, said Vice President Flack, that the Savings bank was connected with the Omaha Loan & Trust company, which was reported Saturday to be in financial difficulty. Four tellers paid the depositors as fast as they presented their books, but many of them on learning that the bank had become segregated from the trust company returned and again deposited their money. The bank officials were prepared for the run and had great piles of gold on the counters with which to pay the uneasy depositors. "The run is, due to the wrong impression that the Savings bank is connected with the Omaha Loan & Trust company," said Vice President Flack. "There is no connection whatever between the two companies but as the owners and officers of the City Savings bank a short time ago bought the savings bank department of the Omaha Loan & Trust company and is occupying the offices formerly held by it, a number of persons do not realize that the two institutions are entirely separate and distinct. "While there is absolutely no occasion for the run," continued Mr. Flack, "the City Savings bank is prepared to meet any demands that may be made and will pay promptly every depositor, who presents his book."

3. December 10, 1901 The St. Louis Republic Saint Louis, MO
Article from The St. Louis Republic, December 10, 1901

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Article Text

BIG RUN ON AN OMAHA BANK. Mistaken Impression Causes Depositors to Withdraw Money. REPUBLIC SPECIAL. Omaha, Neb., Dec. 9.-A mistaken impression that the City Savings Bank of this city was affected by the difficulties of the Omaha Loan and Trust Company led to a heavy run on the former institution to-day, but stacks of gold piled high around the paying teller, and a quick response to every positor's demand to be paid soon restored confidence. Officers of the savings bank declare that they are in no wise affected by the dimculties of the trust company. and that they have the cash on hand to pay 97 per cent of their deposits, and that in ten minutes they could get as much more gold as they needed. Before the day had ended many of the depositors were returning their money to the bank. A statement of the affairs of the Omaha a Loan and Trust Company is promised in short while.

4. December 10, 1901 Ottumwa Semi-Weekly Courier Ottumwa, IA
Article from Ottumwa Semi-Weekly Courier, December 10, 1901

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GOLD CHECKS A RUN UNEASY DEPOSITORS WITHDRAW FUNDS. Officials Pile the Yellow Metal on Coun. ters in Sight of Patrons-Omaha Bank in Danger of Run Start ed by Rumor. Omaha, Dec. 9.-There was a considerable number of depositors of the City Savings bank present to withdraw their money when the doors opened this morning, owing to a misunderstanding, said Vice President Flack, that the Savings bank is connected with the Omaha Loan & Trust company which was reported Saturday to be in financial difficulty. Many depositors on learning that the bank had become seggregated from the Trust company re-deposited their money. The officials are prepared for a run and have great piles of gold on the counters with which to pay uneasy depositors.

5. December 10, 1901 The Washington Times Washington, DC
Article from The Washington Times, December 10, 1901

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HAS PLENTY OF REAL ESTATE. Omaha Loan and Trust Company De. clared to Be Solvent. OMAHA, Dec. 9.-A. U. Wyman, President of the Omaha Loan and Trust Company, for which it was reported Eastern creditors would ask for a receiver, this evening said: "The directors have not discussed the question of a receiver for the affairs of the company. If we can dispose of our real estate at the cost price, the loan and trust company will be entirely solvent." This property, however, was purchased years ago, in boom times, and there is no possibility of its disposal at cost price. It is alleged that almost ten millions' worth of mortgages, the principal and interest of which have been guaranteed by this company, has been sold in the New England States within the last fifteen years. The savings bank adjunct of the Omaha Loan and Trust Company was last week sold to the City Savings Bank, a new institution formed for the purpose of purchasing this department. This morning a run was started on the new ban kby depositors who feared the trouble would extend to that institution. All demands were met with cash and the run soon died out. A feature of the run was an immense pile of gold and silver coin within sight of the depositors who were withdrawing their money. The cashier stated that 75 per cent of its deposits were within reach of the paying teller's hands.

6. December 10, 1901 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, December 10, 1901

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All World Over NEWS IN NUT SHELL FROM EVERY NOOK OF THE EARTH The man who suicided near Winfield Kan., by laying his head on the track was named Edward D. McCoy. The Corean ministry has removed several of its ministers because they were too friendly with China. Cattle show week began yesterday in London. It is a Christmas festival. Two Montana prospectors went to the Philippines a year ago land have only recently been heard from. They went into the mountains and were cut to pieces by Bolomen. Their names were George Hayes and James Brown. Herbert Wallace, a Rough Rider from Wyoming, was killed yesterday by premature explosion of shot in copper mine at Tie Siding, Wyo. Andrew Carnegie proposes to give ten million dollars for university extension in the United States. He has consulted with Roosevelt, who will help him get rid of is by arranging for a national board. The Danish party is making a kick now on the sale of the Danish West Indies, because they say that now is when they want a fine harbor. They've got their eye on that isthmian canal. Father William J. O'Kelly of the Catholic Church of Good Counsel, is dying at New York City from blood poisoning. Dr. Hasse, the Pen-German leader in the reichstag, has been defeated, at least temporarily, in his purpose of bringing the Edinburgh speech of the British colonial secretary, Mr. Chamberlain, before the reichstag by the sudden and possibly diplomatic illness of Dr. Von Thielmann, the secretary of the treasury. Severe snow storms have swept over Scotland and many parts of England. Railroad traffic in the highlands is much interfered with by the storms. American capitalists are examining the pyritiferous lands in Iceland, which belong to Denmark. They may buy them. Rev. Hugh B. Kelly, vicar general of the diocese of Ottumwa, Iowa, is dead. Colonel John Doniphan died yesterday at St. Joseph, Mo. He was a hero in the Mexican and civil wars. The first snow storm of the season struck northern Texas Sunday, Fear for the cattle is felt. Chairman Payne of the ways and means committee has prepared a revenue tariff for the Philippines. A fire at Rhineland, Wis., Sunday night destroyed the Wabash Screen company's plant, with a loss of $200,000. The latest reports are that Miss Stone and her companion are alive and concealed in the vicinity of Rilo, about five miles south of Dubmitza, in Bulgaria. At Omaha, Neb., the City Savings bank had a small run on it just because the depositors thought it was connected with a loan company which went up against the wall Saturday. The president yesterday appointed Cornelius Vancott to be postmaster at New York. A little town in Michigan, called Gobles, twenty miles west of Kalamazoo, was entirely destroyed by fire Sunday. A colored pastor named A. A. Johnson was seriously wounded in his pulpit at Oskaloosa, Iowa, Sunday night by being shot by a colored girl named Anna Nelson. The president has given the names of Benjamin F. Robertson and George B. Bodenck to the senate as nominees for the postmastership at Purcell and Holdenville, I. T., respectively. The Newton county safe at Decatur. Miss., has been rifled by robbers. It contained $4,000 in pension warrants. a large quantity of school teachers' warrants. $2,250 in checks. money orders and stamps, and $900 in cash. Senator Frye yesterday introduced the new subsidy bill. Harness and saddlery manufacturers from Missouri, Iowa, Illinois, Kansas and Nebraska are in session at St. Joseph, Mo. The ostensible object is to organize the Missouri Valley Harness and Saddiery association. simply "for the promotion of good fellowship.' A head end collission between an extra east-bound freight and No. 54. a freight. two miles north of North Yakima. Wash., on the Northern Pacifle at midnight Sunday resulted in the death of two trainmen and the injury of several others. The killed are Engineer Cooper and the fireman, name unknown. It is understood at Washington that the contest over the appointment of pension agent at Topeka, Kan., is almost certain to be closed by the appointment of the incumbent, Mr. Cyrus Leland. Yesterday near Newton, Miss., a tree fell on Manager Johnson of the Postal Telegraph company, his son and a negro driver and crushed them to death. Sybil Sanderson was expected to sing In Kansas City last night, but didn't do it. The songstress had a sore throat. John Randolph, the lawyer and politiclan, died Monday at Pittsburg. Kan. Six men were crushed yesterday at a mill company's plant near Tacoma, Wash., by a fire breaking out in the Try kiln, causing an explosion, which let the roof fall In. None of the men were killed, but were very seriously injured. of William S. Yoke, PL ploneer settler Kansas, is dead. He lived at Leavenworth. James McGll an old soldier at Leaven-

7. December 10, 1901 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, December 10, 1901

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Article Text

PREPARED FOR A RUN. Great Piles of Gold on the Counters of a Savings Bank. OMAHA, Neb., Dec. 9.-There was a considerable number of depositors of the City Savings Bank present to withdraw their money when that institution opened today, "Owing to a misunderstanding," said Vice President Flack, "that the savings bank was connected with the Omaha Loan and Trust Company, which was reported Saturday to be in financial difficulty." Four tellers paid the depositors as fast as they presented their books, but many of them, on learning that the bank had become segregated from the trust company, returned and again deposited their money. The bank officials were prepared for the run and had great piles of gold on the counters with which to pay the uneasy depositors. Mr. Flack stated that the Savings Bank was not connected with the Loan and Trust Company. The line of people waiting for their money began to diminish after 1 o'clock, but a number of anxious people continued to call and inquire into the trouble. Charles E. Bates, treasurer of the bank, stated that there was enough money in the vaults at this time to pay 97 per cent. of the deposits and that the remainder could be secured on ten minutes' notice.

8. December 18, 1901 Vernon County Censor Viroqua, WI
Article from Vernon County Censor, December 18, 1901

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Run on an Omaha Bank. There was a run on the recently organized City Savings Bank in Omaha, the published reports of the Omaha Loan and Trust Company's financial distress having caused a general panie among the bank's depositors. Four tellers were employed, and all demands were paid without question.

9. December 19, 1901 The Hocking Sentinel Logan, OH
Article from The Hocking Sentinel, December 19, 1901

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aux am SI OHM 1010 of fence around the fair grounds. H. A. W. Tabor of Denver. of the former Senator, has been 1 from the most distressing poverty sale of her last mining possession, erty apparently SO worthless that editors made her a present of the of unknown origin destroyed the uilding of the University of Woosio. The loss is estimated at $250,nd the insurance is about $70,000. upposed that an explosion of chemn one of the laboratories was the er, the new gas field in Licking r, Ohio, reports that a well has Irilled on the Fulton farm which , daily output of 3,500,000 cubie This is the biggest well in the Gas was struck at a depth of les W. Bell, of Toledo, Ohio, sufa stroke of paralysis at the conof a football game at Armory Owing to darkness the incident t noticed and he lay where he fell ht exposed to a cold rain. His "y is doubtful. ty Sheriff Patterson, who went in of three robbers who broke into di Wood's store at Galena, S. D., cured $40, met them at Strawberry and after a fusillade of shots one was killed, one was made prisoner e third escaped. Larry Ross staggered into the potion at Sandusky, Ohio, more dead live. She had walked all the way Buffalo. A fire in Buffalo, she lestroyed all her belongings, and rted to walk to the home of her in Bucyrus, Ohio. jury in the case of Miss Agnes Root D T pens oq.n "I nder of the Woodmen of the and others for the publication in iings of an alleged libel, returned et in favor of the plaintiff, allow$14,000 damages in Omaha. y J. Fleishman, for years the cashier of the Farmers and MerBank of Los Angeles, Cal., and the best known of local financiers, opped from sight, and with him e $100,000 of the bank's currency, ng to the officers of that institu-10 the uo una R SUM a City Savings Bank in Omaha. lished reports of the Omaha Loan ust Company's financial distress caused a general panic among the depositors. Four tellers were emand all demands were paid withstion. other evening as the Cincinnati, nd and Muncie construction train ming into Peru, Ind., from work car ahead of the engine left the nd rolled down a steep embankThere were about forty persons car, who were all more or less ijured. mb was thrown by an unknown into the hallway of the public building at Corder, Mo., while the vere practicing for the Christmas s in the second story. An exthat shook the building and tore rtion of the lower floor followed. was injured. bark Pinmore of Greenock, Scotund from Santa Rosalia, Mexico, land, Ore., ran into the surf at ath of Raft river near Gray's : Wash., and went down. The took to the boats. One boat conseven men was stove in and all of 1 were drowned. en Jewett of the Kansas State tiary and the wardens of the Minand South Dakota prisons are exack soon from Yucatan and Mexere they went with $550,000 to the

10. February 11, 1902 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, February 11, 1902

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s e DA3 weC Other Banks Not Affected. There was nothing like a panic at any of the other banks in the city and comparatively few deposits were withdrawn as a result of the excitement. At the Gratlot Avenue branch of the City Savings bank, which drew its deposits (Continued on Fourth Paga.)