15040. Society For Savings (Cleveland, OH)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
March 9, 1910
Location
Cleveland, Ohio (41.499, -81.695)

Metadata

Model
gpt-5-mini
Short Digest
0279f9e3a9530209

Response Measures

None

Description

Multiple contemporary newspapers (March 1910) report a run on the Society for Savings in Cleveland triggered by groundless rumors. The bank remained open (extended hours), paid withdrawals, brought in coin from New York, and the run ended within a few days; no suspension or receivership is reported. The institution is repeatedly described as a mutual savings association (no capital stock), so classified as private.

Events (1)
1. March 9, 1910 Run
Cause
Rumor Or Misinformation
Cause Details
Unfounded rumors circulated that the bank was in trouble; articles state the run was 'started by rumors' and origin unknown; bank offered rewards to find rumor-monger.
Measures
Bank kept doors open beyond regular hours, paid out large cash (millions visible on counters), brought sacks of gold coin by express from New York under police guard, employed police and detectives, issued public statements by president Herrick and state banking examiner reassuring depositors.
Newspaper Excerpt
Rumors started a week ago and developed into a run on the bank yesterday afternoon.
Source
newspapers

Newspaper Articles (15)
1. March 10, 1910 The Detroit Times Detroit, MI
Article from The Detroit Times, March 10, 1910

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CLEVELAND BANK ASSURES CLIENTS President Herrick Says Society of Savings Institution Is in Fine Shape and Run Is Checked. CLEVELAND, O., March 10.-The Society of Savings opened its doors at 9 a m. today with an announcement by former Gov. Myron T. Herrick, president, that it was prepared to pay all demands made upon it. This had a reassuring effect on the 1,500 depositors lined up, passbooks in hand, and some left the line to return to their homes. Chief Kohler was in personal charge of a force of 60 uniformed men and 20 detectives, distributed through the crowd. Rumors started a week ago and developed into a run on the bank yesterday afternoon. Just before the bank opened an automobile drew up to the side entrance and several sacks of gold coin were taken into the bank under police guard. This had come by express from New York, where the Society for Savings maintained deposits, and was added to the $6,539,656 in available cash which the bank held within its vaults and has on deposit in other Cleveland banks to pay any demand. The opening of the bank followed also this reassuring statement by B. B. Seymour, state superintendent of banks: "The recent examination of the affairs of the Society for Savings was made by examiners from this department. This examination was careful and thorough, covering all securities of every kind and cash on hand. Every security was examined and all cash was counted. It was found to be in perfect condition; entirely within the law in every respect and with abundance of means to protect every depositor. "We are able to positively state that the bank is in position to meet every demand upon it, and no depositors have any cause for alarm." Added to this was a formal statement by President Herrick after a meeting of the trustees last night, called upon Herrick's arrival from an eastern trip. Herrick said the bank would pay every depositor's demand, but urged the people not to withdraw their savings. losing interest for the present quarter year, amounting to 1 per cent and suffering probable loss by robbery. In this later point he was joined by Chief of Police Kohler. The society's available cash assets yesterday totalled $6,539,656. Besides this cash the bank has on hand government bonds worth $1,000,000; state, county, city and steam railroad bonds worth $30,000,000 and loans on real estate, worth at least twice the amount of the loans of $12,000,000.

2. March 10, 1910 The Washington Herald Washington, DC
Article from The Washington Herald, March 10, 1910

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RUN ON HERRICK'S BANK. Big Cleveland Institution WithStands Shock Well. Cleveland, March 9.-Unusual assurances of their bank safety were given the depositors of the Society for Savings, the only mutual bank in Ohio, to-night, following a run on the institution this afternoon which continued till 6 o'clock, when the bank closed its doors for the day, after remaining open three hours after banking hours. B. B. Seymour, State banking superintendent from Columbus, addressed a signed statement to the depositors to the effect that the bank's condition was excellent. Myron T. Herrick, former governor of Ohio, president of the society, to-night issued a statement in which he declared reports involving the bank had been circulated in some unaccountable manner. and added that the bank was in perfect condition.

3. March 10, 1910 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, March 10, 1910

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SIX MILLIONS IN CASH In Sight on Counters During Run on Cleveland Bank. Cleveland, March 9.-A run upon the Society for Savings, a mutual savings association, with deposits of more than $43,000,000, startled the 70,000 depositors of the Society today. The run began early this morning and though the bank kept its doors open until several hours after the regular closing time, a. great crowd remained outside tonight. The origin of the run is unknown. Former Governor Myron T. Herrick, president of the bank, the auditing company and state bank examiner, B. B. Seymour, issued statements late tonight announcing that the institution is in excellent condition. Six million dollars in currency was on the counters of the bank during the run. The Society for Savings is an institution without capital stock, organized under special charter as a mutual savings society.

4. March 10, 1910 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, March 10, 1910

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RUN STARTED BY A RUMOR Cleveland Society For Saving Well Able to Pay all Depositors on Demand. MANY SEEM SATISFIED Special by United Press Wire. Cleveland, O., Mar. 10:-The Society for Savings opened its door today with the announcement by former Governor Herrick, its president, that it was prepared to pay all demands made upon it. This had a reassuring effect on 1,500 depositors lined up, and some left without making withdrawals. Just before the bank opened several sacks of gold coin were taken into the bank from New York and added to the $6,539,656 in cash which the bank holds in its vault and on deposit with other Cleveland banks. The society's available cash assets yesterday totaled $6,535,556, besides having on hand government bonds worth $1,000,000, other bonds worth $30,000,000 and loans on real estate amounting to $12,000,000. The run developed yesterday at noon when about 100 depositors lined up at the paying teller's window. By three o'clock the crowd had increased to a thousand. It was started by rumors. Secretary-Treasurer Dexter ordered that any who wish should receive their savings. The bank was kept open until 5 o'clock when announcement was made that the remaining depositors could come this morning.

5. March 10, 1910 The Paducah Evening Sun Paducah, KY
Article from The Paducah Evening Sun, March 10, 1910

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HERRICK'S BANK OPENS WITH PLENTY OF GOLD Oleveland, O., March 1').-The Society for Savings opened its doors at 9 o'clock this morning with announce ments by former Governor Mvron T. Herrick, the president, that it was prepared to pay all demands made upon it, This had a reassuring effect on 15,000 depositors lined up, pass book in hand, and they left the line to return home. Chief of Police Kohler was in charge of the special force of 60 uniformed men and 20 detectives, distributed through the crowd, attracted by rumors starting last week and developing into a Tun on the bank yesterday afternoon. Just before the bank opened a big auto drew up to the side entrance and several big sacks of gold were taken in under police guard.

6. March 11, 1910 The Detroit Times Detroit, MI
Article from The Detroit Times, March 11, 1910

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CLEVELAND BANK ASSURES CLIENTS President Herrick Says Society of Savings Institution Is in Fine Shape and Run Is Checked. CLEVELAND, O., March@10.-The Society of Savings opened its doors at 9 a m, today with an announcement by former Gov. Myron T. Herrick. president, that it was prepared to pay all demands made upon it. This had a reassuring effect on the 1,500 deposttors lined up, passbooks in hand, and come left the line to return to their homes. Chief Kohler was in personal charge of a force of 60 uniformed men and 20 detectives, distributed through the crowd. Rumors started a week ago and developed into a run on the bank yesterday afternoon. Just before the bank opened an automobile drew up to the side entran and several sacks of gold coin were taken into the bank under police guard. This had come by express from New York, where the Society for Savings maintained deposits, and was added to the $6,539,656 in available cash which the bank held within its vaults and has on deposit in other Cleveland banks to pay any demand. The opening of the bank followed also this reassuring statement by B. B. Seymour, state superintendent of banks: "The recent examination of the affairs of the Society for Savings was made by examiners from this depart. ment. This examination was careful and thorough. covering all securities of every kind and cash on hand. Every security was examined and all cash was counted. It was found to be in perfect condition; entirely within the law in every respect and with abundance of means to protect every depositor. "We are able to positively state that the bank is in position to meet every demand upon it, and no depositors have any cause for alarm." Added to this was a formal statement by President Herrick after a meeting of the trustees last night, called upon Herrick's arrival from an eastern trip. Herrick said the bank would pay every depositor's demand, but urged the people not to withdraw their savings, losing interest for the present quarter year. amounting to 1 per cent and suffering probable loss by robbery. In this later point he was joined by Chief of Police Kohler. The society's available cash assets yesterday totalled $6,539,656. Besides this cash the bank has on hand government bonds worth $1,000,000: state, county, city and steam railroad bonds worth $30,000,000 and loans on real estate, worth at least twice the amount of the loans of $12,000,000.

7. March 11, 1910 The Bridgeport Evening Farmer Bridgeport, CT
Article from The Bridgeport Evening Farmer, March 11, 1910

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BANK HAS MILLIONS (Special from United Press.) Cleveland, March 11.-There was scarcely a seniblance of the two days' run on the Society for Savings when the bank opened today. There were but about 100 people in line when the doors opened. As soon as the rur started every depositor was assure that the bank's vaults still contained millions in gold and silver coins. WANT ADS. CENT A WORD

8. March 11, 1910 Dziennik Chicagoski Chicago, IL
Article from Dziennik Chicagoski, March 11, 1910

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W Colorado potozonej do rozlosowania pomiedzy pragnacych sie osiedlic. Ziemie te byly przez po" przedniego sekretarza Garfielda wyjete Z pod osiedlenia, bo mia ly miec donioste znaczenie dla od wodnienia, teraz sie jednak okazalo, ze tylko nieznaczna czesc tej przestrzeni bo 12,392 akrów moglaby miec powysze znaczenie. Cleveland, 0.,11 marca, Wczo raj powstal tu run na bank ,So ciety for Savings". Z powodu rozpuszczenia wiadomosci, ze bank jest bliski bankructwa rzu"

9. March 11, 1910 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, March 11, 1910

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News of the Day. Dr. Frederick A. Oo k srrived at Rio Janeiro Wednesday under a fictitious name. He will leave for New York on March 18. A sharp 'earthquake was felt in San Francisco about 10:55 clock last night. Telephone and selegraph companies report it was felt in other parts of the state. Dol. Alexander Robert Chisolm, formerly lieutenant colonel on the staff of General G. T. Beauregard, of the armies of the Confederacy, died yesterday at his home in New York. The United States Military Academy bill, appropriating $1,700,000, was pass. ed by the House yesterday. The Indian appropriation bill, carrying about ten million dollars, passed the Senate. The engagement announced of Miss Louise Dolin Goldsborough, daughter of Dr. and Mrs. Brice Worthington Goldsborough, of Oambridge, Md., to Mr. Barr Powell Harrison, son of the late Powell Harrison and Mrs. Harrison of Leesburg. The wedding will take place on April 21. The run on the Society for Savings Et Oleveland, Ohio, is believed at an end. Assurances took the form of offers of many local bond houses and other con. cerns to accept bank books at face value, with intmest, and of heavy deposits by big concerns. The dispute between the Baltimore and Ohio Company and its conductors and trainmen was not settled by the mediatory conferences conducted by Dr. Charles P. Neill. The outlook is brighter, however, and an agreement may be reached today. Collector Stone's name has not been withdrawn by President Tait. His nomination for collector of the port of Baltimore has simply been held in abeyance by the Senate, pending an investigation of the charges laid against him. Representative James B. Perkins, of New York, died at Garfield Hospital at 1:15 this morning after a month's illness, aged 63 years. Present at his bedside when the end came were his wife and the nurse who had been attending him during his illness. His death was due to intestinal troubles, from which he had been suffering for several months, In a decision rendered yesterday Attorney General Wickersham held that all foreign stgamship companies whose vessels ply between the ports of this and other counties are subject to the provisions of the corporation tax and must furnish an accounting and pay into the United States treasury a tax of 1 per cent upon their net incomes from business transacted and capital invested in the United States. Deputy Chiesa, yesterday in Rome, fought the second of a series of duels, the outcome of allegations which he rerecently made in the chamber against the Baroness Siemens and the Duchess Di Litta. The deputy, on this occasion, crossed swords with General Fecladi Cossato. After twenty-four assaults, the general was wounded in the cheek and the duel ended by his shaking the hand of his adversary and embracing him. The Dudley pearl, which was imported by Dreiscer & Co., of New York has been sold for 8 little more than $200,000. The name of the purchaser was not divalged. "The Dudley pearl is the finest specimen of the collection of the Earl of Dadley, who was famous as an amateur collector of these gems," said a member of the firm. "It weight more than 200 grains. It is from the Indian fisheries, and Is of exquisite luster, he- we ing 8 pinkish white.". Mrs. Jack Oudshy, of Kansas City, whose husband attacked Banker Jere F. Lillis, has refused offers to go on the etage, Lillis is quoted as saying that Mrs. Cudshy had been unjustly accused of misconduct, He is said to be rapidly

10. March 11, 1910 Arizona Republican Phoenix, AZ
Article from Arizona Republican, March 11, 1910

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THE SECOND DAY OF A FIERCE RUN But the Foundations of a Cleveland Bank Remain Unshaken. Cleveland, March 10.-With thousands of panic stricken depositors clamoring at the doors of the bank. the Society for Savings faced this morning the second day of a run that apparently has a basis only on vague rumors. Ninety per cent of the throng surrounding the building were women and nearly all of them foreigners. The bank officials are unwilling to make any éstimate of the money paid out. but they reiterate, that the bank will be able to meet all demands and this assertion is supported By B.B. Seymour, the state bank examiner. The scenes about the bank today were picturesque. Outside a long line of depositors, herded by a hundred policemen, chattered volubly in a half dozen languages. Every now and then a hysterical woman would make a break for the bank entrance only to be led back weeping to her place. A space about the bank had been hastity roped off and no one was permitto d' inside the enclosure save depositors. Inside the bank the scene was even of greater interest. The cashier's assistants were literally ladling out gold, silver and bills to the excited men and women who jostled each other around the paying desks. Conspicuously displayed behind the clerks was a table on which was piled a mitlion and a half in gold and currency. Bags bulging with coin and bundles of bills were visible representations to the mob of the wealth which they had only realized in dreams. Beyond the visible wealth statements were

11. March 11, 1910 East Oregonian : E.O Pendleton, OR
Article from East Oregonian : E.O, March 11, 1910

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Run on Bank Stops. Clevelond, Ohio, May 11.-The run on the Society of Savings association is practically ended today. It is estimated that a million and a half dollars were drawn out by timid depositors. The bank has offered a reward of five thousand dollars and President Herrick has made an additional offer of a thousand dollars for the apprehension of the person responsible for the rumor which started the run.

12. March 12, 1910 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, March 12, 1910

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BANK RUN ENDED. Business of Society of Savings at Cleveland, 0., Normal Again. Cleveland, 0., March 12.-Noon yesterday saw the end of the run on the bank of the Society for Savings, which started late Wednesday and caused a panic among the thousands of depositors, who had put thefr savings in the institution. The promptness with which the bank officials met the crisis had its effect yesterday in stopping the run. About $1,200,000 was withdrawn. Three hours after the bank had opened its doors yesterday, business had once again resumed its normal aspect. Following the cessation of the run, Myron T. Herrick, the president of the bank, issued a statement declaring that "the Society for Savings was never in a sounder financial position in its history." The offers of help by other banks were all declined.

13. March 17, 1910 Audubon Republican Audubon, IA
Article from Audubon Republican, March 17, 1910

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turning from a year's hunt in the wilds of Africa and appearing fit, hard and strong. Former Senator William D. Edwards appeared in the court of general sessions in Jersey City and pleaded not guilty to the indictments found against the National Packing Company, Armour & Co., Swift & Co., and Nelson Morris & Co. The Hammond Packing Company and the G. H. Hammond Company were not represented Pupils of the McKeesport, Pa., schools have smashed their slates against the walls of buildings following a health order barring their use because they were germ breeders. Benjamin Bundy, a negro of Cincinnati, who passed an examination for the consular service, has relieved the state department at Washington of an embarrassing situation by his agreement to accept a secretaryship. Depositors gathered before the doors of the Society for Savings bank at Cleveland, O., and demanded their money, but the run on the institution is believed to be over. Barney Oldfield, driving his 200horsepower Hemmery Benz, covered a mile over the Daytona (Fla.) beach in :28 flat, one-fifth of a second faster than the world's record made by a freak steamer on the beach four years ago. Announcement was made at New York that Putnam's Magazine had been incorporated with the Atlantic Monthly and that the number for April will constitute the final separate issue of Putnam's George A. Capron, the absconding cashier of the United States Express Company's Englewood branch office, Chicago, was sentenced to an indeterminate term of imprisonment. Capron pleaded guilty to charges of embezzlement and the sentence, which implies one to ten years in Joliet, was pronounced. According to a report received at Erie, Pa., the wrecked Marquette car ferry No. 2 of the Bessemer & Lake Erie railroad, which went down in a storm on Lake Erie the night of December 7, 1909, with 32 men on board, has been located under the ice off Port Bruce, Ont., 14 miles from Port Stanley Peace in the street car strike declared at Trenton, N. J., was only restored, after a day of continuous violence, when the company ceased their attempt to run cars at nightfall. All day long the strike-breakers were jeered at, cars were torn and tracks Four witnesses, who have turned state's evidence, gave sensational testimony in the case of John C. Mabray and others at Council Bluffs, Ia., charged with conspiracy to defraud by unlawful use of the United States mail. James R. Garfield concluded his tes. timony before the Ballinger-Pinchot inquiry committee by charging that Richard A. Ballinger had deceived him after the Patter had relinquished the post of commissioner of general land office. Furthermore, the former secretary of the interior asserted that he did not believe the $30,000,000 bond issue, recommended by President Taft to congress, was necessary for the proper forwarding of irrigation work in the west. Left to care for his two-year-old sister, the five-year-old son of Louis Washington, farmer, living near Fernwood, Miss., decided that the child was sick, and tried to give her medicine. He administered rat poison with fatal effect Fire caused by crossing electric wires destroyed the storage battery department of the Westinghouse Machine Company's plant, at East Pittsburg, Pa., causing a loss of $75,000. Edward McCann, paymaster and Charles H. Pommering, assistant paymaster of the Dexter Coal Company of Pittsburg, were attacked by highwaymen while carrying a $4,000 payroll in a buggy near the company's mines at Brilliant, O. Both men are seriously injured. The bandits escaped with the money. Riot sticks freely used by the police at Philadelphia checked a parade of more than 10,000 persons who were marching to the city hall to make a demonstration in connection with the general strike. The parade started from the National league ball park, where the strikers' attempt to hold an open air meeting had been frustrated by a guard of policemen at the gate. Several persons were quite badthe & The interstate commerce commission was substituted for the proposed court of commerce in the administration railroad bill by the house committee on interstate commerce. Prof. W. E. Castle of Harvard announced to the Boston Scientific SOciety that he expects that soon the breeding of the human species can be accomplished along scientific lines and that characteristics may be deter mined in advance. Thomas Farrell is in Flower hospital, New York. with a dislocated shoulder and internal injuries as a result of being run down by two baby carriages. On his brother's complaint Joseph Miller of Sturgis, S. D., was arrested for a murder at Toledo, O., committed 30 years ago. Miller declares he has paid his brother "hush" money and that his refusal to continue caused his

14. March 17, 1910 The Port Gibson Reveille Port Gibson, MS
Article from The Port Gibson Reveille, March 17, 1910

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# BANK TIDES OVER RUN. Pays Off Depositors at Rate of $1225 a Minute. Cleveland, O. - After as vigorous a run upon a banking house as has even been known in Cleveland, the stampeded depositors of the Society for Savings regained their equilibrium and the panic is over. In the two days and a half that the run lasted, $1,250,000 was withdrawn at the rate of $1225 a minute. As the majority of the deposits affected were small ones, hundreds amounting to less than $100, the record made by the bank in handling the withdrawals is regarded as remarkable. Spurred on by the offer of $6000 in rewards, $1000 of which is personally offered by former Gov. Myron T. Herrick, president of the bank thousands of amateur detectives are searching for the originators of the groundless rumors on which the run was based. In addition, several detective agencies have been employed by the bank in the quest, as the offense is a criminal one in this state.

15. May 16, 1933 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, May 16, 1933

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# Bell Methods By Another Bell Employe. I want to thank "Bell Employe" for his letter of May 12. I hope the company doesn't find out his identity—nor mine, for the company does a lot of "pussyfooting" on the employes. It has to do this to protect its methods toward its workers. What the company may mistake for loyalty on the part of its employes is simply their helpless obedience because the company holds the whiphand as jobs no longer exist for the dissatisfied. Our company organization meetings for the workers are a grim joke because company officials have an ironclad power of veto on any suggestions to their disliking. We sit at these meetings and listen to "hooey" and we are supposed to believe that the company decisions we are forced to accept are in ac- times readers are invited to express views in these columns. Make your letters short, so all can have a chance. Limit them to 250 words or less.) E. Garnett. May I express my sentiments in regard to an item that I saw published in your paper, stating that Indiana bakers are intending to raise the price of bread 1 to 10 cents a loaf? I think that 10 cents for a pound quality bread is a fair price. Here are a few of the things that it takes to manufacture bread and put it on the market: It takes the money, building, machinery, electricity, fuel and wa-ter. It takes the ingredients for the bread. In the bakery there are several departments, maintenance, stockroom, bakers, wrapping, check-out, order clerk, garage, trucks, sales and office. Figure how much it costs to operate the departments and see how much it would cost for them to manufacture a loaf of bread. confidence, sacrificing months of interest on their original deposits. Many years ago, raw rumor started a great "run" on the Society for Saving, one of the oldest and best banks of Cleveland, of which my comparatively young friends, Myron T. Herrick, later the famous ambassador to France, was the head. There were lines of anxious depositors from the bank's entrance for four blocks, mostly wage-earners, house-help and others of moderate means. My meeting Herrick led to this little dialog, which yours truly never forgot after he became able to make a bank deposit: "Cousin Myron, they seem to be seriously raiding your bank." "Cousin Paine, they are. We are paying and will pay every dollar demanded." They, with a smile, Herrick added: "It looks as if our bank would gain something like $50,000 through interest sacrificed by those depositors you see in line there." Verily, 'tis an ill wind that blows no sound bank good.