13396. Mccague Savings Bank (Omaha, NE)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: June 12, 1893
Location: Omaha, Nebraska (41.259, -95.938)

Metadata

Model: gpt-5-mini
Short Digest: f26320de

Response Measures

None

Description

State examiner closed McCague Savings Bank June 12, 1893 due to inability to raise money on securities and heavy withdrawals during the national money stringency. The bank later re-opened after nearly four months (reported Sept 29, 1893). Events concern McCague itself (suspension and reopening); many articles describe runs on other Omaha savings banks triggered by the McCague failure.

Events (2)

1. June 12, 1893 Suspension

Cause: Macro News
Cause Details: Closed by state bank examiner after inability to raise money on securities amid heavy withdrawals and national monetary stringency; withdrawals of deposits about $115,000 cited; examiner took charge and doors were closed on advice of examiner.
Newspaper Excerpt: At 4:12 this afternoon the state bank examiner closed the doors of the McCague Savings bank.
Source: newspapers

2. September 29, 1893 Reopening

Newspaper Excerpt: The McCague Savings bank at Omaha, Neb., has re-opened after nearly four months with closed doors.
Source: newspapers

Newspaper Articles (24)

1. June 13, 1893 The Helena Independent Helena, MT

Article from The Helena Independent, June 13, 1893

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THEY'RE AFTER MR. MILLS. The Harvey World's Fair Enterprises in n Receiver's Hands. CHICAGO, June 12.-A receiver has been appointed for the Harvey World's Fair hotel and the Harvey Home Improvement company. The assets of the former are $85,000; liabilities, $90,000; assets of the latter. $141,500; liabilisies, $99,000. The failure is the result of an article in the Union Signal, the Woman's Christian Temperance Union organ. charging Walter Thomas Mills, the principal creditor. with irregularities in conducting the hotel. which was built with subscriptions to profit-sharing certificates. subscribed chiefly by temperance people. The improvement company was closely allied to the hotel for the purpose of furmishing accommodations, home supplies, entertainments, etc., for persons of email means. There was a stormy indignation meeting of 200 or more guests of the hotel company to-day. Numerous women prominent in W. C. T. U. circles denounced Milla. Mrs. Woodbridge and Mrs. Clara Hoffman explained how they came to invest in Mills' enterprise and naked forgiveness of those whom they induced to secure stock in the hotel. After many more speeches of the same sort the meeting broke np with the adoption of a resolution exonerating the W. C. T. U. members from all blame and stating they were deceived and misled by Mills. OMAHA. June 12.-At 4:12 this afternoon the state bank examiner closed the doors of the McCague Savings bank. No statement of the bank's condition has yet been issued and It is impossible to-night to estimate the liabilities and aggets. John L. McCague, vice president of the bank. said the auspension was due to inability to raise on securities. He fixed the liabilities at $400,000 and estimated the assets of the bank at from $460,000 to $475,000. He states positively the depositors will be paid in full. When asked whether or not the American National. which the McCagues own. would be effected by the suspension of the McCague Savings bank, he replied: "I cannot certainly see why it should." The McCagne brothers are also engaged in real estate business and their affairs ase said to be quite largely extended, although full particulars cannot be given to-night. SALT LAKE. Utah. June 12.-The Park City bank suspended to-day, assigning to Edward Kimball. Liabilities, $140,000. The assets are as much, and the claim is made that the bank will shortly resaine. TEXARKANA, Tex., June 12.-The Sulphnr Lumber company, at Sulphur, was placed in the hands of a receiver tc-day. Assets, $300,000; liabilities, $100,000. CHICAGO, June 12.-Butler Lowrey. real estate, tailed to-day. Liabilities, $80,000; assets estimated in excess of that sum.

2. June 13, 1893 Asheville Daily Citizen Asheville, NC

Article from Asheville Daily Citizen, June 13, 1893

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Runs ou Savings Banks. OMAHA, Neb, June 13.-The American National bank is in the hands of the comptroller. J.L. McCague, is president and it is supposed that the American National connection with McCague's savings bank, which failed yesterday, caused its downfall. There were heavy runs on all the savings banks here this morning.

3. 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

4. June 13, 1893 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, June 13, 1893

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An Omaha Savings Bank Closed. OMAHA. June 12-At 4:12 o'clock this afternoon the state bank examiner closed the doors of McCague's Savings bank at Fifteenth and Dodge streets. No statements of the bank's condition have yet been issued and it is impossible tonight to estimate the liabilities and assets. John L. McCague, vice president of the bank, says the suspension is due to inability to raise money on securities. He fixed the liabilities at $400,000 and the assets of the bank at $460,000 to $475,000. He states positively that depositors will be paid in full. When asked whether or not the American National would be affected by the suspension of McCague's Savings bank, he said he could not certainly see why it would. McCague Bros. were also engaged in the real estate business. and their affairs are said to be largely extended, although the full particulars cannot be given tonight.

5. June 13, 1893 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, June 13, 1893

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TELEGRAPHIC BREVITIES. The State Bank of Crystal Falls, Mich., has suspended payment. S.G. Love, a lineman of a St. Louis electric light company, was roasted to death while at work yesterday evening on a pole. Seven more deaths occured yesterday from the choleraic disease that is prevailing at the town of Alais, in southern France. This is a total of 16 deaths for two days this week. There was a run on every savings bank in Omaha this morning, precitated 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. Frank Dillingham sneaked into the house of Mrs. Wolcott, in New York this morning and stole a lot of jewelry valued at $1,600, but his noise attracted the attention of Miss Wolcott and her mother, who seized Dillingham, when he threw away his plunder and escaped. He was subsequently caught by an officer. The jewelry was recovered. Excitement was caused inJeremia and Jacmel a few days ago by a false report that Manigat had landed in Hayti with a large following and was marching towards Port au Prince, but the prompt action of the commandants of both towns mentioned prevented any uprising. It is reported that Gens. Morales and Manigat have come to some understanding and it is likely that a joint attempt will be made to overthrow Heureaux, of San Domingo, and Hyppolyte, of Hayti. In the Borden trial at New Bedford, Mass., to-day Dr. Dolan said that the blows were made by a sharp instrument and some on Mrs. Bordon by an assailant astride the body. Dr. Wood stated that examination showed no blood on the claw-hammered hatchet or axe or on the blue dress. The hair found on this hatchet was not human. The white skirt showed a small blood spot which probably came from outside and was human blood. The shoes and stockings and dining room door casing had no blood spots. The handieless hatchet had no blood. The break in its handle had no dust. The handleless hatchet had dust like ashes on the blade tightly adhering. While Mrs. Patterson's sixteen-year-old son was cleaning his rifle at Morava, Iowa, to-day it was accidentally discharged, the bullet piercing his mother's heart, causing inst nt death. Young Patterson had to be restrained from committing suicide, so great was his grief. The mangled body of Gustave Koenig. a well known young business man of St. Joseph, Mo., was found beside the railroad tracks yesterday morning. He had been murdered and robbed, after which the body was laid on the track to cover up the cause of death, George Williams, colored, charged with an assault on 2n eight-year-old negro girl near Waco, Tex., was captured yesterday by negroes who say Williams afterward escaped. It is believed the negroes lynched Williams. The fight between Billy Woods, of Coloraand "Buffalo" Costello, of Australia, at

6. June 13, 1893 Evening Star Washington, DC

Article from Evening Star, June 13, 1893

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OMAHA BANKS STAND A RUN. Closing of American National Caused by the McCague Failure. 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 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 and other was a of all was out as soon as was no to it. institutions called Globe morning. for Loan and there and there Cash Trust steady Company paid apparent drain limit deposits Toward noon the lines had dwindled till they appeared no larger than upon any day of business. Bank Examiner Griffith. who took charge of the American National for the controller. this morning could not say much about the assets. A great deal of paper, thought not to be firstclass, figures in the resources of the bank. The falling off in deposits amounted to nearly $200,000 since May 4, and this has badly crippled the institution. The Dime Savings Bank compelled its depositors to givesixty days' notice of withdrawal. This action, together with the promptness with which the other banks met all demands. is believed to have stopped what almost promised to be a panic. Caused by the Plankinton Failure. LANSING, MICH., June 13.-Advices have been received from Bank Commissioner Sherwood from Crsytal 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 is the suspension of the Plankinton Bank of Milwaukee. Taking Precautions at Detroit. DETROIT, June 13.-For some time there has been 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 all act of self-preservation the officers of these institutions met last night and decided to require the notice allowed by law in case of unusual demands. This morning depositors were handed copies of the foregoing circular and told that their deposits would be paid in full at the end of the specified time-sixty days. This seemed to allay the excitement.

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

Article from New-York Tribune, June 14, 1893

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# MONEY PRESSURE UNABATED THE HEAVY INTERIOR MOVEMENT CONTINUES. CALL LOANS GROWING DEARER-UNIMPORTANT CHANGES IN STOCKS. Bankers yesterday reported a renewal of the pressure for rediscounts from country banks all over the country. The demand for money through loans and the withdrawal of deposits from the interior banks and savings banks has sprung up again with a vigor almost as great as when the financial crisis at Chicago was most severe. It had been hoped that the monetary stringency might suffer a relaxation, but the indications now are that the New-York banks must meet a demand for cash and credits fully up to the extent of a couple of weeks ago. Where some localities have apparently completed liquidation others have developed evidence of a new pressure, and while some of the city banks reported a subsidence of the calls upon the others say that yesterday's requests for rediscounts were more numerous than at any time since the financial disturbances became acute. The wave of business distrust and distress reached Omaha for the first time yesterday. A large National bank was closed in consequence of the suspension of the McCague Favings Bank on Monday, and runs on some of the savings banks followed. Bankers here expect that these developments will lead to a draft of New-York funds by Omaha, and demands are expected to increase from Detroit, where the savings banks have availed themselves of the time notice required for the withdrawal of deposits. Dispatches from Chicago say that New-York exchange is practically unsalable, and some round lots of money were in consequence reluctantly ordered to be shipped to the World's Fair city. Stringency is also felt in Boston, where the rate of interest between banks was 7 per cent, and New-York funds were at a discount of 30733 cents per $1,000. Attempts were made to borrow money here for Boston at 6 per cent and the currency movement yesterday included shipments to New-England points. At the Sub-Treasury $200,000 of gold certificates were turned in to secure a transfer of currency at the San Francisco Sub-Treasury. The New-York Sub-Treasury also exchanged small hills for large ones to the amount of $700,000 for shipment West. The total movement to the interior was estimated at from $1,000,000 to $1,200,000. Since last Friday the less in funds to the city banks by reason of the in erior demands is believed to have been from $4,000,000 to $5,000,000, and if the movement keeps up the banks will suffer a loss in currency this week as large as that suffered last week. In addition to the shipments of money cut of the city, the banks are said to have lost some deposits through local withdrawals. A prominent bank officer said that it would not be surprising if Saturday's bank statement should show deposits smaller than the amount of the loans. The local cali loan market is beginning to suffer from the loss of deposits by the city banks. To meet the mercantile demand the banks have been forced to curtail their accommodations on call. At the Stock Exchange new business was generally done at 8 per cent, and the rate rose as high as 10 per cent. Although there were higher rates made temporarily on call money last week, the business done yesterday was at a higher average than on any previous day in a long time. The stock market showed some effect of the hardening rates for money, but in the main it exhibited no sign of distress. The prospect of tighter money considered, the speculation behaved well. Bear aggression caused numerous declines in the early trading, but in the afternoon prices were bid up on the shorts in the hope of inducing covering and also on the theory that the satisfactory completion of the fortnightly settlement at the London Stock Exchange, now under way, would bring London speculators into the American market as buyers. There were some sharp recoveries from the lowest prices made yesterday, but fractional losses were sustained by St. Paul, Rock Island, Atchison, Northern Pacific preferred, Reading, Erie, American Sugar Refining, Chicago Gas, General Electric and some minor properties. The only important stocks which made small final gains were Louisville and Nashville, New-York and New-England, Unton Pacific and Distilling and Cattle Feeding. The total dealings for the day were light.

8. June 14, 1893 Grand Rapids Herald Grand Rapids, MI

Article from Grand Rapids Herald, June 14, 1893

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RUN ON OMAHA BANKS. American National Was Closed by the McCague Failure. OMAHA, June 13. The runs made on most of the savings banks in the city today as a result of the failure of the Mc. Cague Savings bank yesterday and the closing of the American National this morning were without serious results to any of the institutions concerned. All paid out freely, except the Dime, which demanded the sixty days' notice. The Globe paid until noon and then required the sixty days' notice. The heaviest run was on the Omaha. of which Senator Manderson is president. Its loby was packed all day, but depos itors were paid as fast as they could be accommodated. Senator Manderson made a reassuring speech from the counter to the crowd this afternoon and at the closing hour said that the bank was as stable as the hills. The hope in financial circles is that the worst is over and there is little fear that disaster awaits any other bank in the city. The books of the McCague Savings and the American National are being examined, but no statement can be made before tomorrow or Thurs day. The McCague brothers. who practically owned both institutions announced today that their securities were good and that the depositors in both banks would be paid in full. The prompt manner in which the banks have met the runs today has allayed the alarm perceptibly and, though the rune may continue tomorrow, no serious apprehension is felt.

9. June 14, 1893 The Times Richmond, VA

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BETTER FINANCIAL OUTLOOK. A General Feeling That the Worst is Over, Few Small Failures. WASHINGTON, June 13.-The financial condition of the country as viewed from a Treasury standpoint shows general improvement. Bank and commercial failures are fewer, Europe is buying our grain in greater quantities, gold shipments have ceased, at least for the present, confidence is being restored and money is not so tight. The Treasury net gold has increased from $89,000,000 to $91,300,000. and the demand for small money in the West will have the effect to further increase the Treasury gold. The rate of exchange is sufficiently high to warrant the shipment of gold abroad. but the fact that commercial paper is for sale in London has a deterrent effect. There is a general feeling that the worst is passed. the weaker financial institutions and business firms having suecumbed, while those that passed through so far unseathed are the stronger for having weathered the financial storm. More Bank Troubles, SALT LAKE. UTAH, June 13.-The Park City Bank suspended yesterday. The liabilities are $130,000; assets as much. A claim is made that the bank will shortly resume. The assignee says that the depositors are to be paid 80 cents on the dollar. OMAHA, NEB. June 13.-The American National Bank is in the hands of the comptroller. J. L. McCague is president, and the supposed American National's connection with the McCague Savings Bank, which falled yesterday, caused its downfall. There are heavy runs on all the savings banks here this morning, WASHINGTON June 13.-The Comp= troller of the Currency has appointed Joseph W. Bennett receiver of the Oglethorpe National Bank of Brunswick, Ga.

10. June 14, 1893 The World Martinsburg, WV

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Omaha Banks in Trouble. OMAHA, Neb., June 13. The American national bank is in the hands of the controller. J. L. McCague is president, and it is supposed that the American national's connection with the McCague saving bank, which failed Monday, caused its downfall. There were heavy runs on all savings banks here Tuesday morning.

11. 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.

12. June 14, 1893 The State Chronicle Raleigh, NC

Article from The State Chronicle, June 14, 1893

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Another Bank Fails. By Southern Associated Press. OMAHA, Neb., June 13.-The American National Bank is in the hands of the Comptroller. J. L. McCague is President and it is supposed that the American Nationals connected with the McCague Savings Bank which failed yesterday caused its downfall. There are heavy runs on all Savings Banks here this morning.

13. June 14, 1893 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, June 14, 1893

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

14. June 14, 1893 Morning Journal and Courier New Haven, CT

Article from Morning Journal and Courier, June 14, 1893

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THE BUSINESS TROUBLES. The American National Bank of Omaha Closed-A Run Started on Several Savings Banks and a Trust Company. 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 Dime 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 assiat it. It is understood that the affairs of the bank are entangled with those of the McCague Savings bank that closed yesterday afternoon.

15. June 14, 1893 Rock Island Daily Argus Rock Island, IL

Article from Rock Island Daily Argus, June 14, 1893

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MORE SAVINGS BANKS RUNS. Detroit Officials Put on the BrakesTrouble at Omaha. CHICAGO, June 14.- The savings bank run seems epidemic. At Detroit a run was threatened and the officers of all the banks met and agreed to require the time limit of all depositors. The run was started, but every depositor was required to give the legal notice, and confidence was partly restored. At Omaha there was a run on every savings bank in the city caused by the failure of the McCague bank and American National. McCague says he will pay every depositor. All the banks met the run with cash, and the run was greatly abated by night. The Nashville Savings company has made an assignment with liabilities of $282,000 and assets of $125,000. The Irving Savings institution at New York is short $70,000, due to the rascality of its president, secretary, and paying teller.

16. 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.

17. June 14, 1893 The Representative Saint Paul, Minneapolis, MN

Article from The Representative, June 14, 1893

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NO SERIOUS RESULTS. Omaha Savings Banks Experience a General Run. OMAHA, June 14.-The runs made on most of the savings banks in the city during the day as a result of the failure of the McCague Savings bank Monday and the closing of the American National bank were without serious results to any of the institutions concerned. All paid out freely except the Dime, which demanded the 60 days' notice. The Globe paid until noon and then required the 60 days' notice. The heaviest run was on the Omaha, of which Senator Manderson is president. Its lobby was packed all day, but depositors were paid as fast as they could be accommodated. Senator Manderson made a reassuring speech from the counter to the crowd and at the closing hour said the bank was as stable as the hills. The manner in which the banks met the run has strengthened public opinion.

18. 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.

19. June 15, 1893 The Sauk Centre Herald Sauk Centre, MN

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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.

20. June 16, 1893 Union County Courier Elk Point, SD

Article from Union County Courier, June 16, 1893

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OMAHA BANK CLOSED. The McCague Savings in the Bank Exam. iner's Hands. Omaha special: Just befrre closing time State Bank Examiner McGrew took charge of the McCague Savings Bank. The institution had been in trouble for some time, but the announcement of the failure caused considerable comment, as there were fears that a stampede might follow. Other banks are well fortified against a possible run. Wm. L. McCague. president of the embarrassed bank. expressed himself us follows: "The withdrawal of deposit has been extensive during the last few weeks. amountImg to about E15 000. With the present stringency in monetary affairs it has been Impossible to obtain money to any great extent on the securities, which are mostly first mortgages on Omaha real estate. The bank has been carrying as a usual thing between 10 and 15 per cept. of the available cash resources, while the requirements of the state only make it necessary for savings banks to Carry 5 per cent. This withdrawal of deposits continued so that finding ourselves confronted to-day with a ehottuge in cash, by the advice of the State Bank Examiner we closed the doors. Depositors will be paid in full as rapidly as the state authorities can realize from the collections or sale of securities. The assets are: Mortgage loans, $250,000; collateral loans, $71,000; stocks and bonds. $94,000; warrants, city, county, etc., 86,000: real estate, $13,000, which with cash and other securities will make a total of $477,000. Deposits are $420,000.

21. June 16, 1893 Hot Springs Weekly Star Hot Springs, SD

Article from Hot Springs Weekly Star, June 16, 1893

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SPARKS FROM THE WIRES. Ex-president Harrieon is enjoying the World's fair. Geo. C. Casler has been appointed postinaster at Hill City. Princess Eulalia is disgusted over the manner in which some Americans are worshiping her. The American National bank of Omaha has closed its doors, and there is is very panicky feeling in banking circles. The McCague Savings bank of Omaha has succumbed to the financial stringency of the times with liabilities amounting to about $100,000. Wm. Hammer and Miss Gay Pye were drowned Saturday while boating on lake Madison, S. Dak. Both had just graduated from the Normal school. The state supreme court has decided that laws passed by the legislature without the emergency clause do not go into effect until ninety days after the adjournment of the legislature. The Great Northern R'y has made a cut in passenger rates from Seattle to St. Paul. making the rate $25, and it is expected that the Northern Pacific will go still farther and cut through to Chicago. World's fair rates are going down. At the inquest over the bodies of the government clerks who were killed by the falling in of the old Ford theatre, Col. Aineworth, chief of the record and pension division, came near being mobbed by clerks who blaine him for the fatal accident.

22. June 21, 1893 The Columbus Journal Columbus, NE

Article from The Columbus Journal, June 21, 1893

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THE failure of the McCague Savings bank and the closing of the doors of the American National bank at Omaha last Monday caused a run on a number of the banks in that city, but all demands were met with such promptness that nothing serious resulted.

23. July 6, 1893 The Herald Los Angeles, CA

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FAILURES AT OMAHA. Many Big Concerns Dragged Down One After Another. OMAHA, Neb., July 5.-The American Savings bank has gone into voluntary liquidation and asked the state banking board to wind up its affairs. The action is due to the failure of the American Loan and Trust company, which was placed in the hands of a receiver this afternoon, at the instance of the directors of the concern, the company being the principal stockholder in the savings bank. The failure of the investment company is attributed to the failure of the Omaha and South Texas Land company and the American Loan company. The first of the concerns embarraesed had a paid up capital of $400,000. The savings bank was an offshoot, with a capital stock of $400,000, of which $100,000 was paid up. O.M. Garter is president of both institutions. Since the failure of the McCague bank, the American Savings bank's deposits were reduced to $9000; the remaining securities, amounting to $250,000, are of the best. The total liabilities amount to but $153,000. Garter gave a mortgage on his regidence yesterday for $50,000 to protect one of the eastern creditore from whom money was secured. No statement of the bank's exact condition can be obtained tonight.

24. September 29, 1893 Rock Island Daily Argus Rock Island, IL

Article from Rock Island Daily Argus, September 29, 1893

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ABBREVIATED TELEGRAMS. Bill Dalton and his gang are now reported at Wagoner, I. T. A Chicago and Northwestern passenger train and a work train collided near Crescent City, la., and two workmen-Bert Jackson and Loren Peterson--were killed. An incendiary fire caused $100,000 damage to the Santa Fe hotel at Emporia, Kan. Philadelphia manufacturers are preparing a circular to be sent to the silver advocates in the United States senate proposing a compromise for mutual protection. The Cigarmakers' International union, in session at Milwaukee, has passed resolutions indorsing Governor Altgeld's action in pardoning the Chicago anarchists. Judge Jenkins, at Milwaukee, has appointed Henry F. Whitcomb and Howard Morris as receivers for the Wisconsin Central railroad. The action is the result of the cancellation of the lease to the Northern Pacific. Obituary: At Buffalo, Charles G. Curtiss. At Hillsboro, III., Rev. W. R. Thompson, aged 85. The McCague Savings bank at Omaha, Neb., has re-opened after nearly four months with closed doors. Connecticut's new anti-oleomargarine law is so strict that only two licenses to sell oleomargarine have been taken out in the entire state. Diphtheria has again appeared in Terre Haute, Ind., and the citizens fear a recurrence of last year's deadly epidemic. In a personal encounter over a lawsuit between them at Roodhouse, Ills., Chas. Hopkins stabbed Elijad Arrindell, who died in ten minutes. By a prairie fire in the western part of the Cherokee strip several hundred settlers lost wagons, tents and horses and a number lost their lives. By order of Mayor Mosby the police have made a canvass of Cincinnatiand find that employment is being given to nearly the full standard capacity of establishments in that city. John H. McBride has begun suit in the United States court at Des Moines, La., to recover royalties aggregating $500,000 on an attachment to a sulky plow, for which, he says, he was granted a patent in 1875. Robt. E. Preston. an old employe of the treasmyat Washin ton has been appointed director of the mint. A prairie fire five miles south of Belvidere, Boone county. Ills., started on the farm of Louis Shirley from burning brush and spread over farm lands for four or five miles, destroying farm buildings and hay and straw stacks. The latest reported attempt at train robbery was near McKeesport, Pa., on the B. and O. There was $62,000 on the train, but the officials had word and let the robbers know it and the latter got away. The grand jury at Chicago has found thirteen indictments against F. W. Smith, Oscar C. Churchill and D. Brown, for an alleged wholesale system of arson.