15015. Dime Savings & Banking Company (Cleveland, OH)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
January 2, 1902
Location
Cleveland, Ohio (41.499, -81.695)

Metadata

Model
gpt-5-mini
Short Digest
0a0c38ec9451ebb0

Response Measures

None

Description

Multiple contemporaneous articles (Jan 2–3, 1902) report a run on the Dime Savings & Banking Company triggered by the announced financial embarrassment of the Everett-Moore syndicate (directors of the bank were affiliated). Officers met demands, invoked the 60-day notice rule on savings accounts, received large infusions of specie and correspondent funds, and the run stopped. I classify the invocation of the 60-day rule as a partial suspension resulting from the run; the bank did not fail and operations resumed.

Events (1)
1. January 2, 1902 Run
Cause
Local Shock
Cause Details
Run triggered by announcement of financial embarrassment of the Everett-Moore syndicate (directors of the bank were involved), which made depositors nervous
Measures
Paid all demands as presented; officers handed out notices invoking the 60-day rule on savings accounts; obtained large shipments of specie and correspondent funds to meet withdrawals
Newspaper Excerpt
As a result of the announcement of the financial embarrassment of the Everett-Moore syndicate, a run was started on the Dime Savings and Banking Company
Source
newspapers

Newspaper Articles (11)
1. January 3, 1902 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, January 3, 1902

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Article Text

Run on a Savings Bank. CLEVELAND, O., Jan. 2.-As a result of the announcement of the financial embarrassment of the Everett-Moore syndicate, a run was started on the Dime Savings and Banking Company, of which Messrs. Everett and Moore are directors, late this afternoon. All demands were promptly met and President Watterson said the bank had ample funds on hand to pay all depositors who desired their money. The institution is one of the city depositories. When its last report was issued in October the bank's total resources were placed at $5,762,007, including a surplus fund of $335,000.

2. January 3, 1902 Arizona Republican Phoenix, AZ
Article from Arizona Republican, January 3, 1902

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THE RUN ON BANK WAS EASILY MET Cleveland, Ohio., Jan. 2.-The financial affairs of the Everett-Moore syndicate, owning or controlling a number of urban and interurban electric rail ways and an extensive system of local and long distance telephone lines in Ohio and Michigan, passed into the control of a committee composed of seven prominent bankers of this city today. This action was taken, it is stated, as a result of temporary financial embarrassment on the part of the syndicate, which has for some time past been affected by the stringency in the money market. The committee chosen has been at work investigating the affairs of the syndicate and expresses a firm belief that the concern is entirely solvent and that its embarrassment wild be only temporary. Th Everett-Moore syndicate is accredited with controlling more than 1.200 miles of urban and interurban electric lines in Ohio and Michigan, with many new extensions still in course of construction. The aggregate capitalization of all the various properties owned or controlled by the syndicate is said to be about $130,000,000. Expert accountants have been employed by the committee in charge to examine and report upon the condition of all the constituent, companies. No statement has yet been given cut indicating the liabilities of the syndicate. As a résult of the announcement of the financial embarrassment of the Everett-Moore syndicate a run was started on the Dime Savings and Banking company, of which Messrs. Everett and Moore are directors, late today. All demands were promptly met. and President Watterson said the bank had

3. January 3, 1902 The Billings Gazette Billings, MT
Article from The Billings Gazette, January 3, 1902

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Article Text

Started Run on Bank. Cleveland, Jan. 2.-As a result of the announcement of the financial embarrassment of the Everett-Moore syndicate, a run was started on the Dime Savings & Banking company, of which Messrs, Everett and Moore are directors, late this afternoon. All demands were promptly met and President Watterson said the bank had ample funds on hand to pay all depositors who desired their money. The institution is one of the city depositories. When its last report was issued in October the bank's total resources were placed at $5,762,007. including a surplus fund of $335,000.

4. January 3, 1902 The Denison Review Denison, Dow City, IA
Article from The Denison Review, January 3, 1902

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Article Text

BIG COMPANY IN STRAITS Everett-Moore Syndicate Financially Embarrassed. CONTROLLED $130,000,000 CAPITAL Concern Operates Electric Railways and Telephone Lines in Ohio and Michigan-Depositors Make Run on Dime Savings Bank. Cleveland, Jan. 3.-The financial affairs of the Everett-Moore syndicate, owning or controlling a number of urban and interurban electric railways and an extensive system of local and long distance telephone lines in Ohio and Michigan, passed into the control of a committee composed of seven prominent bankers of this city yesterday. This action was taken, it is stated, as a result of temporary financial embarrassment on the part of the syndicate, which has for some time past been affected by the stringency in the money market. The aggregate capitalization of all the various properties owned and controlled by the syndicate is said to be about $130,000,000. As a result of the announcement of the financial embarrassment of the Everett-Moore syndicate a run was started on the Dime Savings and Banking company, of which Messrs. Everett and Moore are directors, late yesterday. All demands were promptly met.

5. January 3, 1902 The Seattle Star Seattle, WA
Article from The Seattle Star, January 3, 1902

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Article Text

CLEVELAND, O., Jan. 3.-The - impression having got abroad that the Dime Savings bank of this city was involved in the Everett - Moore trouble, a run began this morning when the bank opened. The president announced that everybody would be paid, but this seemed to have no effect on the crowd of depositors that had lined up in the street for. several hours before the bank opened. Great quantities of gold were stacked up at the paying tellers' windows, and as rapidly as a demand was made, the money was forthcoming. This had the effect of checking the rush, but not until several hundred depositors had been given their money in full. There will be no attempt to force

6. January 3, 1902 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, January 3, 1902

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Article Text

Run on a Cleveland Bank. CLEVELAND O., Jan. 3.-As a result of the announcement of the financlal embarrassment of the EverettMoore syndicate a run was started on the Dime Savings and Banking company. of which Messrs. Everett and Moore are directors. All demands were promptly met, and President Watterson said the bank had ample funds on hand to pay all depositors who destred their money. The institution is one of the city depositories. When its last report was issued in October. the bank's total resources were placed at $5,762,007. including a surplus fund of $335,000.

7. January 3, 1902 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, January 3, 1902

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STARTED RUN ON BANK. Depositors Get Nervous Over Everett and Moore's Embarrassment. Cleveland, O., Jan. 2.-As a result of the announcement of the financial embarrassment of the Everett-Moore syndicate, a run was started on the Dime Savings and Banking Company, of which Messrs. Everett and Moore are directors, late this afternoon. All demands were promptly met, and President Watterson said the bank had ample funds on hand to pay all depositors who desired their money. The institution is one of the city depositories. When its last report was issued in October the bank's total resources were placed at $5,762,007, including a surplus. fund of $35,000. Given Plenty of Time. At the meeting held, at which Messrs. Everett and Moore were present, more than five-sixths of all the Cleveland indebtedness was represented. The parties attending the meeting of the committee expressed themselves unanimously in recommending to their institutions that they should extend the indebtedness of the EverettMoore Syndicate, and its allied interests for a period of not exceeding 18 months conditioned upon the committee named having entire charge of all the affairs connected with the syndicate and their various interests. Papers have been drawn looking toward such extension and the empowering of the committee to act, and they have been executed by the members of the Everett-Moore Syndicate, and are now being executed by the Cleveland banks as rapidly as possible. All other creditors are to be asked to unite with the Cleveland creditors in granting the extension. Expert accounts have been employed to examine and report upon the condition of all the various companies. The committee organized by electing H. R. Newcomb as chairman, and E. G. Tollotson secretary.

8. January 3, 1902 The Waxahachie Daily Light Waxahachie, TX
Article from The Waxahachie Daily Light, January 3, 1902

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Article Text

FINANCIAL DISTRESS. BIG Firm Forced to Easlevel Cleveland, 0., Jan. 2-The financial effairs of the Everett-Moore syndicate, owning or controlling & number of urban and Interurban electric railways and an extensive system of local long distance telephone lines in Ohio and Michigan passed into the control of a committee composed of seven prominent bankers of this city Thursday. This action was taken, it is stated, as the result of temporary financlal embarrassment on the part of the syndicate which has for some time past been affected by the stringency of the money market. The committee chosen is at work investigating the affairs of the syndicate and express the firm belief that the concern is entirely solvent and that its embarassment will be only temporary. The Everett-Moore syndicate is accredited with controlling more than 1200 miles of electric railroad lines in Ohio and Michigan, with many new extensions still in course of construction. The aggregate capitalization of all the various properties owned or eontrolled by the syndicate, is said to be about $130,000,000. Expert accountants have been employed by the committee in charge to examine and report upon the condition of all constituent companies. No statement indicating the liabilities has yet been given out. As a result of the announcement of the financial embarrassment of the Everett-Moore syndicate a run was started on the Dime Savings and Banking company, of which Messrs. Everett and Moore are directors. All demands were promptly met and President Watterson said the bank had ample funds on hand to pay all depositors who desired their money.

9. January 3, 1902 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, January 3, 1902

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RUN ON SAVINGS BANK As a Result of Embarrassment of Directors. CLEVELAND, Jan, 2.-As a result of the announcement of the financial embarrassment of the Everett-Moore syndicate, a run was started on the Dime Savings and Banking company, of which Messrs. Everett and Moore are directors, late this afternoon. All demands were promptly met, and President Watterson said the bank had ample funds on hand to pay all depositors who desired their money. The institution is one of the city depositories. When its last report was issued, in October, the bank's total resources were placed at $5,762,007, including a surplus fund of $335,000.

10. January 4, 1902 New-York Tribune New York, NY
Article from New-York Tribune, January 4, 1902

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EVERETT-MOORE AFFAIRS. LESS ALARM IN CLEVELAND OVER THE SYNDICATE'S DIFFICULTIES-THE RUN ON THE DIME BANK STOPPED. [BY TELEGRAPH TO THE TRIBUNE.] Cleveland, Ohio, Jan. 3.-Business interests have quieted down from the alarm felt yesterday when the announcement was made of the Everett-Moore syndicate trouble, and the run was started on the Dime Savings and Banking Company, in which leading members of the syndicate are interested. The bankers, business men and the public generally are showing splendid faith in the safety of the syndicate's affairs and the soundness of the Dime bank. The expected run on the bank occurred this morning, but came to a sudden stop when the officers handed out printed notices to the effect that the bank had decided to take advantage of the rule requiring sixty days' notice on the payment of all savings accounts. When the doors opened this morning a crowd of three hundred depositors was waiting. They gave formal notice that they desired to withdraw their accounts, and went away. In the mean time in the commercial department prominent business men opened new and big accounts. just to show their confidence in the institution, and big real estate dealers offered to take depositors' accounts and give dollar for dollar in gilt edged real estate for them. Then, too, money began to come in from all sections. By the Adams Express Company $50,000 in gold came from Chicago, $24,000 in currency from Pittsburg and $24,000 from the bank's Detroit correspondents, also large sums from several city banks. Stephen Baker, president of the Bank of the Manhattan Company, of New-York City, telegraphed: "Can we loan you any money or help in any way?" The bank replied that it had all the money it needed. The bank holds $1,200,000 of city money, and Mayor Johnson declared he was perfectly satisfied with the condition of the institution. All this had a marked effect, and the crowd quickly melted away. The bankers' committee in charge of the Everett-Moore Syndicate's affairs began work early to-day. There are thirty-three corporations included in the interests of the syndicate. The committee will ascertain which ones, if any, need an expert accounting and then order the work done. E. W. Sells, junior member of the firm of Haskins & Sells, of New-York, with an assistant, reached Cleveland to-day, and will have charge of the work. The committee believes that it will require a week or two to get all the creditors here and secure their assent to the plan of procedure. Then the investigation of all the interests will be made, and when the results are known the committee, with the members of the syndicate, will decide on just what course will be pursued generally, and also what plan specifically for each corporation. The general purpose is to complete all enterprises as nearly along the original lines as can be done, getting the new enterprises on their feet as quickly as possible, and thus improving the general condition of the syndicate's interests. All the affairs of the syndicate and its projects are said to be well financed except the Lake Shore Electric Railway system.

11. January 8, 1902 The Vermont Watchman Montpelier, VT
Article from The Vermont Watchman, January 8, 1902

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When discovered by the police the husband and four other children were found crouched on the floor. The baby was sent to a hospital and the children are now being cared for by the children's society. Chicago, Jan. 3.-The Crane company has distributed among its employees the sum of $125,000 as a Christmas gift in recognition of the service rendered the firm during the prosperous year enjoyed by the company just closed. Every person in the employ of the company from office boys to the treasurer-3,500 men and women in all-received a sum equivalent to five per cent of the money each has earned in 1901. No limit was put on length of service, men only a month at work got five per cent of that month's wages. Rochester, N. Y., Jan. 3.-A message from Medina says a passenger train and freight train came together head on at 8:15 this morning on the New York Central. Both engines were smashed. The wreck caught fire and the trains are now burning. The fire communicated to the depot which was burned. Two persons were injured. Cleveland, Ohio, Jan. 3.-Fearing the Dime Savings Bank of this city was involved in the Everett-Moore syndicate trouble, a run was started on the bank. Four hundred people were at its doors at nine o'clock. The bank gave notice that everybody would be paid, but that it would take advantage of the sixty days' law.