City Savings Bank - Omaha, NE

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: October 28, 1907
Location: Omaha, Nebraska (41.259, -95.938)

Metadata

Model: gpt-5-mini
Short Digest: 73e616cc

Response Measures

None

Description

During the October 1907 panic the City Savings Bank invoked the statutory sixty-day notice and refused to pay cash on demand (precautionary suspension-like action). There is no article describing a depositor run on this specific bank; later articles (Dec 1907–Jan 1908) show reserves large, resumed bond-buying and return of deposits, indicating reopening/normalization. Classified as suspension_reopening (suspension without a run, later reopening).

Events (5)

1. October 28, 1907 Suspension

Cause: Macro News
Cause Details: Precautionary invocation of the 60-day withdrawal notice in response to the nationwide financial crisis/panic and clearing house actions in October 1907; banks kept cash and issued certificates instead of paying out currency.
Newspaper Excerpt: The City Savings Bank, the only one in this city this morning took advantage of the sixty days clause and is not paying cash under any consideration.
Source: newspapers

2. October 29, 1907 Other

Newspaper Excerpt: All national banks in Omaha ceased paying currency in more than $100 amounts Monday and on small accounts 20 per cent of the amount on deposit will be paid... The City Savings bank... took advantage of the sixty days clause and is not paying cash under any consideration.
Source: newspapers

3. October 30, 1907 Other

Newspaper Excerpt: The slight inconvenience which depositors in the City Savings bank experienced Monday was relieved by the issuance of certificates for the amounts needed by customers... The certificates are accepted by the larger stores ... President Flack said... he would issue certificates which the big department stores... will accept.
Source: newspapers

4. December 6, 1907 Other

Newspaper Excerpt: Savings Bank Has Large Surplus. ... Many of those who during the opening days of the panic gave notice of their intention to withdraw cash have cancelled the notice and the bank will not be called on to pay out the money December 27, just sixty days after many of the notices were filed.
Source: newspapers

5. January 26, 1908 Reopening

Newspaper Excerpt: Cashier's Checks Are Known Only as Mementoes of Flurry. ... Savings banks have resumed the buying of bonds, suspended for more than sixty days as a result of the panic... 'We have resumed the buying of bonds,' (President J. F. Flack of the City Savings bank said) ... 'Business is now normal.'
Source: newspapers

Newspaper Articles (6)

1. October 29, 1907 Bismarck Daily Tribune Bismarck, ND

Article from Bismarck Daily Tribune, October 29, 1907

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FINANCIAL CONDITIONS IMPROVING--CLEARING HOUSE CITIES ASSUMING NORMAL CONDITION Worst of the Crisis Is Over on Wall Street---Chicago Payrolls Kept Up--Fargo Banks Issue Certificates One Bank Failed in Kansas City Will Issue Certificates Fargo, N. D., Oct. 28-Banks of this city and of Moorhead, Minn., today deNEW RESERVES cided to issue clearing house certificates, beginning with tomorrow. PRESIDENT HAS CREATED FOUR Only One Bank Failed in Kansas City NEW BIRD AND ANIMAL REKansas City, Mo., Oct. 28-Outside SERVES ON PACIFIC COAST. of the failure of the Bankers Trust Company with deposits of $800,000 Washington, Oct. 28-The president there was no real trouble here today. has issued an executive order creatThis bank was considered the weakest institution of its kind here and its ing four new bird and animal reserves on the Pacific coast; one on the Three failure caused no surpise and hand no Arch Rock Reservation in Oregon and apparent effect upon the general situathe other three in Washington, on the tion. No other banks were affected, Flattery Rocks, Quillayute Needles and there were no runs on any of the and Cohalis Rock Reservations. Wardbanks or in Kansas City, Kansas. ens will be appointed by the departThe refusal of banks to restrict the ment of agriculture to supervise these e payments of currency caused but litreserves. The Shasta National Forthe embarrassments. All national banks est in California has been increased by in Omaha ceased paying currency in the adition of 87,000 acres in Siskiyou more than $100 amounts today and on county. 'S small accounts only 20 per cent of the amount on deposit will be paid for amounts above 20 per cent of the deposit for which clearing house certifin cates are issued. ELLENDALE The City Savings Bank, the only one in this city this morning took advantage of the sixty days clause and is not paying cash under any consideraWIPED OUT it tion. All state banks in Omaha have taken similar action to that of national nbanks. eFire Fiend Devastates Another More Reserve Than Required Topeka, Kan., Oct. 28-John Q. Royce, state bank commissioner, in a Dickey County Town statement issued tonight, says that practically every one of the 741 banks $35,000 Worth in Kansas is carrying fifty per cent more reserve than the law requires. Many banks are carrying fifty per Fire in Same Town Six Months Dcent of their deposits in cash. While it is only required that they carry Ago Destroyed $50,000 twenty per cent. It is not the fault of the bankers that reserves are so heavy Worth of Property but deposits within the last few if months have been SO great that it has dbeen impossible to loan money as fast Ellendale, N. D., Oct. 28-Fire broke as it came in. out in Ellendale early Sunday mornId Little Trouble in Windy City ing, and before it could be brought una Chicago, III., Oct. 28-Very little der control the flames had destroyed trouble was caused here today by the twelve business blocks at a total loss paction of the clearing house associaof $35,000. About $15,000 insurance tion in limiting the amount of money was carried on the insured property to be paid out by the banks No lives were lost. n, The flames started in a barn in the Business today was almost entirely rear of the Irwin hotel. The fire on the checking basis and was apparth ently normal in all directions. The spread to the hotel and the structure to was razed to the ground. In turn the banks adopted the rule of not paying 1e out currency in amounts greater than high wind carried burning cinders and Osparks to the livery barn, pool hall, $100 unless funds were required for payrolls. If depositors desired money general store and were only stopped at the office of the North Dakota Recin excess of $100 they were asked to take a cashier's check for the amount. ord at 6 o'clock Sunday morning. The volunteer fire department did In all savings banks the rule requiring legal notice was enforced if the splendid work in fighting the flames depositor wished to withdraw an and were ably assisted by the citizens of the town. The fire was the greatest amount greater than $100. The rule was elastic, however, and the banks disaster in the history of Ellendale P. and will be a hard blow to the town. imposed a hardship upon no one. About six months ago this city was Money desired for the payment of visited by a terrific fire which laid rent, insurance policies, or for neceswaste about $50,000 worth of property sary traveling was paid out promptly. ce and many of the business men had In cases where notes were to be paid, tly just recovered from that loss when the banks usually asked that the notes he their blocks were again destroyed yesbe presented to them for payment. terday. The only semblance of a run during he the day was at the Hibernian Savings Bank, where many depositors gave al notice during the day of their intenrs NO CURRENCY tion to withdraw. These notices in re the aggregate, however, were not of so sufficient amount to constitute a run. a NEBRASKA BANKING BOARD REAt one time the Hibernian Bank beFUSED TO SHIP CURRENCY, BUT came so crowded that it was found MAY HELP BANKS. ge. necessary to call upon the police headny quarters for additional aid in controlling lines of depositors who were inLincoln, Neb., Oct. 28-Secretary tent upon giving notice to the bank. Royce of the state banking board tobut there was no confusion worthy of day sent the following telegram to Nebraska bankers: the name and no excitement at any time. rst "Banks in clearing house cities of At the close of business for the day this state are refusing temporary to its all banks declared themselves at satship currency to outside points owing ent to like action of eastern clearing house isfied with the business of the day and WO were greatly pleased with the manner banks and for the present our city rein which the businessmen of the city banks are paying depositors limited tyhad met changed conditions. The beamounts in cash. The banking board in lief is expressed here that the method will render all possible aid to banks consistent with its duties." (Continued on page 8)

2. October 29, 1907 Omaha Daily Bee Omaha, NE

Article from Omaha Daily Bee, October 29, 1907

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Certificates Simply a New Medium of Exchange in Omaha. NOW $46,000,000 BEHIND CHECKS Resources Increased in Anticipation of Shortage in Money. OMAHA FINANCIERS FORESAW IT Patrons of Banks Demanding Withdrawal of Funds Get Some Cash and Remainder in the Certificates. For the first time in the history of banking in Omaha financial transactions of practically all depositors were made with checks Monday and the city was given a new currency of certified checks or clear ing house certificates, just as sound as the $46,000,000 of resources of the Omaha banks If behind the checks, can make them. any person feared a "run on the bank" he was disappointed. Calmness prevaile. When the first day's business was finished, depositors satisfied, the new medium in circulation and the doors closed, bankers declared the plan of the clearing house to be an admirable one for keeping the actual cash in Omaha, and said they anticipated no trouble or excitement. The demands for payment of cash the first day were light. The total would not exceed by many thousand dollars the average Monday The system adopted by the banks worked satisfactorily for the first day and will be continued at least until Saturday. November 2. Some few depositors who attempted to withdraw their /accounts to the last dollar went out of the banks carrying a little money and some certified checks, convinced that the checks were just as as good to them as silver dollars, gold pieces, or $5 and $10 bills. But little trouble was experienced in explaining the situation to customers and convincing them that they did not need to withdraw the actual money. For the first time hundreds dis. covered that they did not really need metal and paper money with which to pay bills and they decided to use the check books more freely Following the action of the Clearing House association Sunday evening, when banks of Omaha decided to act in accord with other cities and keep the actuat money in the vaults to as great an extent as possible, the banks of Omaha began issuing certified checks and clearing house certificates, instead of paying out the money. Smaller checks were paid in full by some of the banks. Others kept rigidly to the clearing house rule not to pay over $100 in cash to any depositor. or more than 20 per cent on any account of $500 or less At the Savings Banks. When the City Savings bank opened its doors Monday morning depositors were required to give the notice provided by law of sixty days before money could be with drawn. No money was paid over the coun ters of the City Savings bank Monday, it being the first time in the history of the institution that depositors were not paid their accounts in full, though the bank has always had the privilege of requiring notice of sixty days for withdrawing any money. At the commercial state banks, such as those conducted by J. L. Brandeis & Sons and Hayden Bros., the clearing house rule was adhered to and payments made proportionately in cash and certified checks. As both the banks have large deposite in the national banks of Omaha, the Clearing House association issues to them the reg. ular clearing house certificates or recognizes checks certified to by them. In addition to arranging with the clear ing house to handle checks and certificates, the big department stores with which the banks are connected, accept personal checks for merchandise, as well as the certificates. These checks they take at all departments in exchange for merchandise, but without expecting to receive money for them. The department stores, the unlimited resources, do not need with tors money any more than the deposithe and deposit the checks in the banks the amount being placed to the credit of department store. It is likely the larger retail stores deposit only the checks they receive will keep from the barks unusually and cash amounts of money which pour into large customers. registers, for the convenience of their their First Find Needs of Patrons. Arrangements for giving depositors in City ing Savings bank certified checks the lent house certificates which will be or clear made. to their money have not equive find the President Flack said he would yet beer needs needs of his customers first their would be met. Few depositors and the be better savings and bankers believe it off without them for a they make is the intention of the savings time. Bu arise arrangements should bank fore the to week treat ends every customer fair emergencie and a check the bank may be will be or certificate of some kind issuin although legal tender in Omaha for which der the the bank has a perfect a time law to hold all right und days. gave or until December 28, morley if the for sixt wanted notice Monday that funds deposito were the The City official statement of the directors morning Savings bank, who met follows: before the bank opened, reads Monda cago, Owing St. to Louis the fact that New York, other including clearing houses and in actically all Ch clearing house Omaha, have the decided United States clined to pay certificates and to issue to to give quire ings bank its depositors decided out currency that It was the best City have withdrawal October of 28. money on and notice that in this few will only 1907. be The after belleve matters clearing so days that they their will temporary be able and adjud than plenty of house funds. depositors While will class high-grade funds in other banks the bank f to the best yet and n for be the Deople of its deposit deeme taken at this time. general that this action YARN YELLOW DENIE STRONGLY F Evening Pinklet's Tale of Emphatically Repudiated. Live

3. October 30, 1907 Omaha Daily Bee Omaha, NE

Article from Omaha Daily Bee, October 30, 1907

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Every Dollar in Omaha Banks Now Available to Depositors. DIFFERENT MEANS OF PAYMENT Banks Not Wholly Dependent on Precautionary Measures Adopted. CASH RESOURCES ARE ADEQUATE Small Checks and Drafts Are Paid with Coin and New Cashier's Check and Conditions WILL Soon Be Normal. So successful have the banks of Omah been in retaining their cash and the ab solute confidence of depositors and so admirably has the clearing house plan met every need in the local business world, that Omaha banks began Tuesday night shipping their country correspondents bundles of cashier's checks, for use as currency. Evening clearing house meetings, which It was thought would be necessary, have been called off Members of the associa. tion held a brief meeting at 4 o'clock Tuesday evening. to handle routine mat ters, and after the meeting adjourned it was announced that the country banks would now get relief, and not a single one of them, dependent on Omaha for money will have to declare a holiday and suspend payment altogether. When the national banks which have adopted the clearing house payment system opened for business Tuesday morning payment of checks and drafts was made in cash and the new cashier's checks in denominations of $6. $10 and $20, all payable to bearer and good at any store in the city of Omaha and for payment of debts. It is these checks which will be shipped to the country Wednesday as well as con tinue to meet the necessities of banking and trade in Omaha. Four shipments were made by the Merchants National late Tuesday evening, to country banks which were in urgent need of currency The slight inconvenience which depositors in the City Savings bank experienced Mon. day was relieved by the issuance of certificates for the amounts needed by customers The certificates are accepted by the larger stores and places of business, which have resources sufficient to carry them in place of the actual money or deposit them in other banks and receive crédit for them on account. Clearing house certificates will be issued only between banks for the settlement of balances, the situation being so much bet. ter that the banks do not think it necessery to use the certificates for general cireulation. as at first planned. As the cashier's checks are all payable through the clearing house the entire cap ital and resources or the banks of Omaha, amounting to more than $46,360,000 guar antees the payment of the checks Association Approves Policy The Clearing House association approved the issuing of cashier's cheeks in small denominations after reviewing the business of the first day conducted under the new rule to pay nothing but small amounts in cash on a basis of 20 per cent of accounts of $500 or less and not over $100 on any ac. count President Yates of the Clearing House association said that the first day's business demonstrated the need of the small checks to be used the same as $6. $10 and $20 bills and that each individual bank would issue its own checks Within a few days, if the plan continues, the city will be given the novel expérience of having "all colors of money, as some of the banks have some bright looking stationery There will be baby blue $10 checks, some salmon pink fives and chrome yellow twentles. Cashier's checks, with pictures of buildings on them in stone green and crushed strawberry tints, will be almost as common as $6 and $10 bills with buffaloes and portraits of ex-preal dents The new medium of exchange will not be unpopular, according to the bankers, and big piles of them have been signed by cashiers of a number of the banks and are ready to count out the same as the money issued by the United States treas. urer, with silk threads and fine specimens of the engraver's art. No Low Denominations. The action taken by the City Savings bank is similar to the method of pay ment by the national banks, except that the bank will not yet pay checks of low denominations, as it is under 110 obligh tions to pay anything on an account for sixty days President Flack said that he had talked with a number of bank officials and business men, and would issue certificates, which the big depart. ment stores, at least. will accept If depositor has need for a certain amount of money the City Savings bank will issue a certificate payable to the firm or persons to whom the customer desires to pay the money. for the full amount A customer desiring to buy clothing department store, which will cost $34.50 will be given a certificate payable to the department store for $34.50 and he stores have agreed to accept President Flack's certificate Mr. Flack says the first day convinced him that his depositors would be inconvenienced greatly If they could not use their money in way and he decided on a certificate plan. any Later the savings bank may Day in cash1er's checks of small denominations, the national banks are doing Another feature of the financial situation which made things look bright around the banks, was the announcement that rolls would be supplied for meeting Day money Saturday and as large a roll as that of the Union Pacific shops and factories long lists of employes, will be enabled with secure the cash they desire to discharge the obligations to their workers when the week or month is ended No Long Lines at Paying Windows. No long lines appeared at the paying windows of any of the banks in Omaha when the doors were opened Tuesday morning, and if anyone anticipated citement. the disappointment followed. About exusual number of people presented checks, many of them were with the plan and asked for amounts acquainted money less than they could have requesting certified checks or secured checks for the balance. At a cashier's the banks small checks were paid number Tuesday, which surprised those who in full out sented them. People went prebeen counting rooms feeling that others of had the unduly agitated when they had before the windows and presented passed and even larger checks and

4. October 31, 1907 The Mena Weekly Star Mena, AR

Article from The Mena Weekly Star, October 31, 1907

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THE WEST TAKES ACTION Clearing Houses of Various Busi. ness Centers to Issue Certificates to Members. MOVE MADE TO HOLD CURRENCY IN BANKS On Account of efusal of Kansas City and Chicago to Ship Currency to Country, all Banks in Oklahoma are Closed for one Week by Governor's Proclamation. Kansas City, Mo., Oct. 29.-The Kansas City Clearing House association in conference here Sunday night requested the Associated Press to send out the following statement to its country correspondents: "To the Bankers of the Southwest:"In view of the action taken by the clearing houses of New York, Chicago, St. Louis and other cities, in order to protect the business interests of Kansas City and the Southwest, the Kansas City Clearing House association will issue clearing house certificates as needed, and will require all payments to be made through the clearing house. "It suggests that banks make all payments by drafts payable through the clearing house only. "Kansas City Clearing House Ass'n." Bankers say this precautionary action was made necessary for the protection of local financial institutions because the same action had already been taken by the clearing houses of the larger cities of the East. The Bankers' Trust company closed its doors at 10 o'clock Monday morning. W. C. Irwin, assistant secretary of state, took charge and posted a notice on the front door making the announcement. The Bankers' Trust company had taken over the assets of the old City National bank. It has $200,000 in stocks of state banks in Missouri and Kansas and about $300.000 deposits from these banks. Its affairs were in such shape that the secretary of state had been watching it for a month. Chicago, Oct. 29.-Financiers and bankers of Chicago Sunday night looked forward with hopefulness to the probable continuance of the present financial solvency of Chicago banks and trust companies, basing their expectations on the protective measures taken by the clearing house association Saturday night in ordering the issuance of clearing house certificates and the putting in force of the legal notice that may be required for the withdrawal of of savings bank deposits. The Clearing House association neld a long meeting Sunday to discuss the possible developments in the present money stringency and to perfect details of the new plan adopted to ward off a possible scarcity of cash. Oklahoma City, Oct. 28.-On demand Oklahoma City, Oct. 29.-On demand Gov. Filson has issued a proclamation closing the banks of the territory for a week. The action was taken because the banks of Kansas City and St. Louis refused to forward cash to the banks of the southwest. It is said that a consultation of the bankers of Okla homa, Indian Territory, Arkansas and Northern Texas, by means of telephone, took place during the early hours Monday morning, and all have taken a similar action. There had been no uneasiness in this city and the bankers say the deposits last week were greater than at any previous week in the month. The closing is for the purpose of protecting the banks in case of a run. Since the banks here could not get cash Kansas City in case a run, considered the risk they from too carrying great. of The banks of this city are the small banks over have ritory. many of They arraigned to to this carry issue terhouse certificates have of the are clearing them The until banks conditions southwest improved. furbecause to move It was necessary to crop. ther mand embarrassed for cash the of get the cotton cash defrom the east to meet the demands. The refusal of those banks to forward cash caused the banks to take radical steps to protect themselves. Omaha, Neb., Oct. 29.-All national banks in Omaha ceased paying currency in more than $100 amounts Monand on small accounts 20 cent of the will be For only posit day morning per paid. amounts amount on house above de of deposits clearing are issued. satisfied with 20 certificates ness per men cent are Generally the certi- busified but the are over positors cheeck system, uneasy the situation. small only one deThe City Savings bank, the in of the 60 day vantage this city, Monday morning clause considera- took and ad is not paying cash under any tion. All state banks in Omaha have taken similar action to that of the national banks.

5. December 6, 1907 Omaha Daily Bee Omaha, NE

Article from Omaha Daily Bee, December 6, 1907

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Reserves Are Large. By the statement it is noticed that the bank has deposits of $621,042 and a cash reserve or $189,868. The reserve is equal to 30 per cent of its deposits, though the legal reserve for state banks is but 20 per cent. The Brandels bank has $63,660 more cash than is required by law. The statement made Thursday compared with the statement of the bank November 30, 1906, follows: Dec., 1907. Nov., 1906. Deposits $681,042 $666,102 189,868 Cash and exchange 189,056 7,523 Undivided profits 4,623 Loans and discounts 440,995 356,269 Bonds and warrants 107,702 181,899 Hayden Bros. bank, which opened but a year ago and has been paying cash to depositors who presented checks, shows deposits of $344,644, and has on hand in cash $141,874, or a little more than 40 per cent of the deposits, the legal reserve being 20 per cent. The loans and discounts of the bank are $301,648 and the undivided profits $1,319. The deposits of the institution are about on a par with those of the last statement, but the showing is considered particularly good for a new institution. Savings Bank Has Large Surplus. Reserves are heavy in the City Savings bank, which submitted its report to the State Banking board Thursday, and the deposits have grown. Many of those who during the opening days of the panic gave notice of their intention to withdraw cash have cancelled the notice and the bank will not be called on to pay out the money December 27, just sixty days after many of the notices were filed. Savings banks, forced to provide for the withdrawals by cashing securities, now have large surplus and have begun to deposit them in the national banks The report of the City Savings bank shows that four to five times the legal reserve is being carried in cash. The statement made Thursday, compared to the one made a year ago; follows: on Nose 106 1907

6. January 26, 1908 Omaha Daily Bee Omaha, NE

Article from Omaha Daily Bee, January 26, 1908

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Cashier's Checks Are Known Only as Mementoes of Flurry. BOND BUYING IS NOW RESUMED One Depositor Places Eleven Thousand Dollars to His Credit. MONEY HE AND WIFE SLEPT ON Old Couple Sell Sarpy County Land and Take Proceeds in Curreney to an Omaha Bank. As a result or renewed confidence in the banks of the west, deposits are pouring in and It is anticipated the next statement of the national banks will be strong. unless it is called late in March, when there is a large demand for money and deposits are unusually low. Savings banks have resumed the buying of bonds, suspended for more than sixty days as a result of the panic and the large number of notices of depositors who desired to withdraw accounts after sixty days. The amounts withdrawn from Omaha banks will never be known, so well have bankers guarded the information. but in some of the banks it is known that 20 per cent of the deposits were withdrawn in early November. With the savings banks the secret is even more jealously guarded. It is supposed that 25 to 35 per cent of the deposits were withdrawn. But the daily statements to cashiers made Saturday showed a steady increase. At the savings banks the number of depositors was the same as before the socalled panic. The deposits were creeping up at a rate which will place them at a point almost normal before the next statement. Christmas Swelled Demands. President J. F. Flack of the City Savings bank said: "Most of the money withdrawn was needed for the necessities of the timeChristmas time. Few closed accounts and the number of new customers has far over balanced those who quit doing business at the banks. "We have resumed the buying of bonds, (and he held up $5,000 of Washington county, Neb., bonds which had just been received). I have placed orders for $20,000 of eastern bonds today, and shall continue to order those which we need and feel confident of our position in resuming at this time. Business is now normal. As compared with last year can see no differ ence. The savings bank is naturally the first bank to receive the notices of withdrawal as many accounts are small, but the percentage of deposits actually with drawn was small and the money is coming back with some new business." Officers of the national banks tell the same story. The teapot savings bank is not getting along half as well as the banks which never advertise. Some very large sums withdrawn are being taken back to the banks. These amounts ranged in importance to the bank from $100 to $15,000. One $11,000 account was withdrawn and the amount is supposed to have been hoarded or hid in a cellar. It has returned and is subject to the check of the depositor. Cashier's Cheeks Oddities. Cashiers' checks are at a premium. Three of the banks have closed their accounts with the Clearing house and the books kept by the bank to account for the cashiers' checks. Two of the Omaha institutions still have a small amount out. During the last of December one bank sent a large amount of checks with currency to Wyoming to make up the payrolls of several large mining companies. These checks have been slow to return. but so far as known no one is conspicuously hoarding cashier's checks. and they are practically out of existence, as scarce as the rarer pieces of the numismatic. One of the bankers relates a little incident that transpired under his observation the other day which fits into the story of good times. An old man and his wife from Sarpy county came to the bank one day with $11,500 in currency and placed it on deposit. The money was the proceds of a Sarpy county land sale they had made. But they didn't take the money to the bank as soon as they received it. Rather, they placed it in their shack and slept on it of nights. This became too trying on their nerves, this bed of money, so they trudged into Omaha burdened under their $11,500 load one day and turned it into the stream of currency flowing back to the banks.