Omaha Savings Bank (Omaha, NE)

Episode Information

Episode UID
134430391122
Episode Type
Run Only
Bank Type
savings
Bank ID
13443039 hash
Start Date
June 13, 1893
Location
Omaha, Nebraska (41.259, -95.938)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ab5e4607292c5a4f

Response Measures

None

Events (1)
1. June 13, 1893 Run
Cause
Local Banks
Cause Details
Run precipitated by failure of the McCague Savings Bank and the closing of the American National Bank, triggering withdrawals at Omaha institutions.
Measures
Directors (Senator Manderson and Vice-President Kimball) addressed depositors guaranteeing funds; cash paid out as long as called for; some banks invoked 60-day notice but Omaha paid on demand.
Newspaper Excerpt
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.
Source
newspapers

Newspaper Articles (10)
1. June 14, 1893 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe Daily New Mexican, June 14, 1893

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More Failures. OMAHA, June 14.-The state bank examiner has closed the doors of the McCague Savings bank. No statement of the bank's condition has yet been issued and it is impossible to estimate the assets and liabilities. John L. McCague, vice president of the suspended bank, said that the suspension was due solely to an inability to realize on securities. He fixed the liabilities at $400,000 and estimated the assets of the bank at from $460,000 to $475,000. He stated positively that the depositors would be paid in full. The American National bank was closed by an order of the comptroller of the currency yesterday. Runs started on the Globe Loan & 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 at once, except the fact that the clearing house refused to assist it. It is understood that its affairs are entangled with those of the McCague Savings bank. The run was of extensive proportions on 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. Salt Lake, Utah.-The Park City bank has suspended, assigning to E. Kimball. Liabilities, $130,000; assets as much, and the claim is made that it will shortly resume. The assignee says depositors are to be paid 80 cents on the dollar. Kansas City.-The People's Guarantee Savings bank has made an assignment for the benefit of its creditors. The liabilities are supposed to be about $70,000 and the assets between $50,000 and $65,000.

2. 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.

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

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

4. June 14, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, June 14, 1893

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BANK FAILURES. Yesterday Contributes a Formidable List of Suspensions. Omaha, Neb., June 13.-The American National Bank was closed this morning by the order of the comptroller of currency. Runs are now in progress on the Globe Loan & Trust Company, the Dime Savings Bank and the Nebraska Savings Bank. No statement of the American bank has yet been made, but the clearing house refused to assist it. A. run of extensive proportions began on the Omaha Savings bank at the opening this morning, and all the morning the bank was besieged with depositors. Senator Manderson and VicePresident Kimball, of the Union Pacific, directors of the bank, made speeches to the crowd, guaranteeing them their money, but the run continued. The American Savings bank and the Dime Savings bank took advantage of the clause allowing sixty days grace on deposites. President McCague of the American National said this afternoon that his bank closed with almost $100,000 in cash, and the 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 depositors would be paid in full. The Dime Savings Bank, American Savings Bank and the Globe Loan and Trust Company took advantage of the sixtyday rule, but the other savings banks paid their depositors in full on demand. Kansas City, June 13.-As a result of the suspension yesterday, of the Peoples' Savings Bank, a run was started on the Kansas City Safe Deposit, and the Savings Bank this morning. The bank took advantage of the thirtyday clause, and at noon the run was practically over. None of the other banks experienced a run. Nashville, Tenn., June 13.-The Nashville Savings Bank Company, of which Thomas Semarr is president, and the oldest financial institution in Nashvile, filed articles of assignment tonight. The liabilities are placed at $220,000 and the assets, according to the president's estimate, will pay not more than 25 or 30 per cent. Moberly, Mo., June 13.-The Exchange Bank of Moberly made an assignment today for the benefit of its creditors. No statement has been made yet, but it is believed payments will be made in full.

5. June 14, 1893 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, June 14, 1893

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The Omaha savings bank runs have entirely ceased.

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

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

7. 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.

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

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

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

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

10. June 16, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, June 16, 1893

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RUNS ON BANKS ENDED. The Omaha Savings and Irvings savings, of New York, Stand Solid. OMAHA, June 15.-The run on the Omaha banks is practically over, the Omaha Savings bank, which caught it the hardest, having passed through a two days' siege apparently without inconvenience, and today there was no indication at any of the banks of the strain of the past fortyeight hours. NEW YORK, June 15.-A run on the Irv. ing Savings institution, which started yesterday, continued until this afternoon, and all the depositors were paid promptly and in full. The run eased off this afternoon, and is believed to be ended.