13390. Globe Loan & Trust Company (Omaha, NE)

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: trust company
Start Date: June 13, 1893
Location: Omaha, Nebraska (41.259, -95.938)

Metadata

Model: gpt-5-mini
Short Digest: 8aa760e0

Response Measures

Accommodated withdrawals, Books examined

Description

Multiple contemporary articles (dated June 13, 1893) report runs in progress on the Globe Loan & Trust Company in Omaha precipitated by the failure/suspension of McCague Savings Bank and the closing of the American National Bank. The Globe is reported to have taken advantage of the sixty-day rule or to have paid off 50 per cent of the deposits and held the balance under their rules, indicating a partial suspension/withdrawal-limiting measure enacted in response to runs. The sources do not state whether the Globe later fully reopened or permanently closed, so I classify as run_suspension_unsure.

Events (2)

1. June 13, 1893 Run

Cause: Local Banks
Cause Details: Run precipitated by failure/suspension of McCague Savings Bank and the closing of the American National Bank, which were closely connected.
Measures: Paid 50% of deposits and held the balance under company rules; took advantage of the sixty-day notice rule to limit withdrawals.
Newspaper Excerpt: Runs are now in progress on the Globe Loan and Trust company
Source: newspapers

2. June 13, 1893 Suspension

Cause: Local Banks
Cause Details: The suspension/withdrawal-limiting action was taken in reaction to runs triggered by failure of McCague Savings Bank and the American National's closure; Globe limited payout to 50% and held remainder under rules.
Newspaper Excerpt: The Dime Savings bank, American Savings bank and Globe Loan and Trust company took advantage of the sixty-day rule
Source: newspapers

Newspaper Articles (12)

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 13, 1893 The Waco Evening News Waco, TX

Article from The Waco Evening News, June 13, 1893

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BANKS CLOSED Which Causes Runs on a Number of Banks in Omaha By Associated Prese to The News: OMAHA. Neb. June 13. The American National bank was closed by order of the comptroller of currency this morning. The runs have started on the Globe Loan and Trust company, the Dime Savings band, the German Savings and the Nebraska Savings bank. No state. ment of the condition of the Ameri. can National was made, except that the clearing house refused to asstst. It is understood that the affairs of the bank are entangled with those of the McCague Savings bank that closed yesterday afternoon.

3. June 14, 1893 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, June 14, 1893

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MILD PANIC AT OMAHA. Suspension of a Savings Bank Leads to the Failure of the American National. OMAHA, Neb., June 18.-Omaba passed through a mild financial panic, to-day, as the result of the failure of the McCague Savings Bank, last evening. The news of the suspension of the savings bank, last night, was ground for the belief that any run this morning would be made upon the American National Bank, as that and the McCague Savings Bank were closely connected. To meet this emergency a request was made by the American Na. tional upon the Clearing House Association for funds to meet demands. The Clearing House Association was in session until 11 o'clock this morning. It was found that $160,000 would be needed. and the association decided not to advance this amount, as it was feared the securities of the bank could not be realized upon promptly enough to relieve the bank's wants. Accordingly President John L. McCague decided not to open the doors of the bank this morning. This morning depositors, alarmed by reports, began a run on the savings banks of the city, the other national banks not being affected. The heaviest run was on the Omaha Savings Bank, acknowledged to be the soundest concern in the city, where all depositors were paid in cash. At 3 o'clock the bank closed and notified depositors that it would open at 9 A. M. and continue to pay in full. The Dime Savings Bank, the American Savings Bank and the Globe Loan and Trust Company took advantage

4. June 14, 1893 New-York Tribune New York, NY

Article from New-York Tribune, June 14, 1893

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WESTERN CITIES-FINANCIAL FLURRIES IN OMAHA. KANSAS CITY AND DETROIT. Omaha, Neb., June 13.-There was a run on every savings bank in the city this morning cipitated 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 became greatly 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 morning. Cash was paid out as soon as called for, and there was no apparent limit to it Toward noon the lines had dwindled until they appeared no larger than upon any day of business. Bank Examiner Griffith. who took charge of the American National for the Controller this morning, could not say much about the assets. A great deal of paper, which is thought not to be first-class, figures in the resources of the bank. The talling of in deposits amounted to nearly $200,000 since May 4. and this has badly crippled the institution. The Dime Savings Bank compellid its depositors to give sixty days' notice of withdrawal. This action. together with the promittness with which the other banks met all demands, is believed to have stopped what almost promised to be a panic. The last statement of the American National Bank, on May 4. showed a capital stock of $200,000: loans and discounts, $531,690: surplus, $16,000; undivided profits, $5,161 : due depositors. 8577,526. The American Savings Bank took advantage of the sixty-day rule and refused to pay depositors. The Globe and Trust Company paid off 50 per cent of the deposits and held the balance under their rules. The run on the Omaha Savings Bank continued in force this afternoon. and hundreds of depositors crowded the bank and the street in front Senator Manderson and Vice-President Kimball. of the Union Pacific. directors of the bank. made extended speeches to the crowd, and announced that the bank was prepared to pay every dollar, but the run continued Kansos City, JULC 16.-As a result of the aus. pension vesterday of the People's Savings Bank, an insignificant institution with deposits of only $25,000. a run was started this morning on the Kansas Safe Deposit and Savings Bank. The bank took advantage of that clause of its bylaws requiring depositors to give thirty days' notice of the withdrawal of deposits. That checked the run, and at noon it was practically a over. None of the other banks experienced run. Just why the Kansas City Safe Deposit and Savings Bank should have been selected for a run is a mystery. If is the largest and one of the soundest institutions of the kind in the whole State, and has the confidence of the banks and merchants generally Nankato. Kan., June 15.--The Bank of Bur Oak. Jewell County. closed its doors yesterday merning. The bank was owned by Halbert Brothers. and the liabilities are placed at $35,000 The assets are practically nothing. C. D. Hulbert. one of the proprietors of the institution, has fled The depositors are greatly incensed, and if he should return. either of his own accord or to answer to a criminal charge, there being some inclination among the depositors of preferring such a charge. he would be roughly dealt with Lansing, Mich., June 3.-State Bank Commissioner Sherwood yesterday applied to the Circuit Court for the appointment of a receiver for the Ingham County Savings Bank, which failed several weeks ago. An order was made to show cause why such action should not be taken. returnable June 24. The bank officers yet hope to obtain necessary subscriptions to the capital to warrant a reopening Advices have been received by Mr. Sherwood from Crystal Falls, Upper Michigan, that the State Bank of Crystal Falls has suspended payment. The bank was organized about a year ago with a capital of $25,000. it had deposits of $60,000. The cause of the failure was the suspension of the Plankinton Bank of Milwaukee Detroit, June 13.-For some time there has been an uneasy feeling in the banking atmosphere of this city occasioned by the numerous failures in savings institutions that have recently occurred throughout the country, especially in the West. Although until this morning there had not been a decided run on any of the savings banks of Detroit, considerable money has been withdrawn in a quiet way. and to forestall any movement that might result disastrously to them. and as an act of mutual protection, the officers of these institu. tions met last night and adopted the following notice to depositors: There has recently been developed in our city an un. easiness among savings de positors. which has been (without cause) directed against some of our -trongest banks To stop the needless withdrawal of deposit. and the lock. ing ⑉2 of currency in time of financial stringency. the undersigned banks respectfully decide. in the event of unusual demands upon them, and to insure equal protection to all their depositors, to require the notice provided for in the by-laws of the several banks We would, there. fore, 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 this community at large. PEOPLE'S SAVINGS 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 BANKA PENINSULAR SAVINGS BANK. DIME SAVINGS BANK. GERMANAMERICAN BANK. AMERICAN BANKING AND SAVINGS ASSOCIATION STATE SAVINGS BANK. When the doors of the People's Savings Bank,

5. June 14, 1893 The Herald Los Angeles, CA

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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.

6. 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.

7. 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.

8. June 14, 1893 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, June 14, 1893

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BUSINESS TROUBLES. Runs on Several Banks in Omaha and Detroit-A Nachville Bana Faile. NASHVILLE, June 13.-The Nashville Savings Company, of which Thomas S. Marr is president, the oldest financial institution in Nashville, filed articles of assignment tonight. The liabilities are placed at $220,000 and the assets, accord. ing to the president's estimate, will pay not more than 25 or 30 per cent. KANSAS CITY, Mo. June 13.-As a result of the suspension yesterday of the Peopie's Savings bank a run was started on the Kansas City Safe Deposit and Savings bank this morning, but the bank took advantage of the thirty-day clause and at noon the run was practically over. None of the other banks experienced any run. MOBERLY. Mo., June 13.-The Exchange bank. of Moberly. made an assignment today for the benefit of its creditors. No statement is yet obtainable, but it is believed that payments will be made in full. -OMAHA, June 13-The American National bank was closed this morning by order of the comptroller of the currency. and runs are now in progress on the Globe Loan and Trust Company, the Dime Savings bank and the Nebraska Savings bank No statement of the American bank has been made but the clearing house refused to assist it. It is understood that its affairs are entangled with those of Mc. Cague's Savings bank. which closed yesterday afternoon. A run of extensive proportions began on the Omaha Savings bank at opening this morning, and all morning the bank was besieged by depositors. Senator Manderson and Vice President Kimbali, of the Union Pacific, who are directors of the bank. made speeches to the crowd, guaranteeing them their money, but the run continued. A bank examiner is in charge of the American National. The clearing house. at its meeting'la night, decided to give it no help. and the decision of the comptroller to close it followed. The statement made on May 4 showed: Capital stock $200,000 Lease and discounts 571,699 Surplus 16.000 Undivided profits 5,161 Due depositors 577,326 President McCague, of the bank said this afternoon that his bank closed with almost $100,000 in cash and exchange in the bank and the mail brought remittances of $20,000 from New York. He said that while adverse circumstances had overtaken the bank he was positive the depositors would to be paid in full, The Dime Savings bank, American Sav. ings bank and Globe Loan and Trust Company took advantage of the sixty-day rule, but the other savings banks paid depositors in full on demand. NEW YORK, June 1&-The correspondent here of the American National bank. of Omaha, is the First National bank. which reports a substantial balance to its credit. LANSING, Mich June 13.-The commis sioner of banking has received notice that the state bank at Crystal Falls has made an assignment. The capital stock is $250.000 and deposits $60,000. The bank is involved in the failure of the Plankinton bank at Milwaukee. DETROIT, June 13-Fourteen savings banks in this city, in view of the ten-

9. 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."

10. June 14, 1893 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, June 14, 1893

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Savings bank took advantage of the clause allowing sixty days' grace on deposits. 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 M. Anderson, and Vice-President Kimball of the Union Pacific and directors of the bank made speeches to the crowd, guaranteeing them their money but the run continued. A run is now in progress on the Globe Loan and Trust company. President McCague of the American National said this afternoon that 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, American Savings bank and Globe Loan and Trust company took advantage of the sixty day rule, but other savings banks paid depositors in full on demand.

11. June 14, 1893 Fort Worth Gazette Fort Worth, TX

Article from Fort Worth Gazette, June 14, 1893

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BANK TROUBLES. OMAHA BANK. 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 the Nobraska Savings bank. No statements 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. The run was of extensive proportions on the savings bank of Omaha, and all day the bank was beseiged. 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. Manderson announced the bank was ready to pay every dollar. Bank Examiner J. M Griffith is in charge of the American National The last statement of the bank. on May 4. showed the capital stock to be $200.000, loans and discounts 531.690, surplus $16,000. undivided profits $5161. The American Savings bank and the Dime savings bank took advantage of the sixty days' rule and refused to pay any depositors. The Globe and Trust company paid off 50 per cent of their deposits and held the balance under the rule.

12. 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.