Article Text
Run on a Bank. Cleveland, Ohio, Jan. 2.-Late this afternoon a run was started on the Dime Savings and Banking company, of which Everett & Moore are directors. All demands were promptly met.
17341. 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
49dfcceb
Response Measures
Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Partial suspension
Other: Bankers and correspondents sent specie and funds; printed notices posted; large local bankers' committee handled Everett-Moore but not a formal clearinghouse action.
Description
Multiple wires (Jan 2–3, 1902) report a run on the Dime Savings & Banking Company triggered by the announced financial embarrassment of the Everett-Moore syndicate. The bank met demands but invoked the 60-day notice rule (partial suspension of immediate payment). The run stopped and the bank remained open; additional funds were shipped in and confidence restored. I treat the 60-day notice as a suspension (partial) followed by continuation of operations, thus run_suspension_reopening.
Events (2)
1.
January 2, 1902
Run
- Cause
- Local Shock
- Cause Details
- Announcement of the financial embarrassment/assignment of the Everett-Moore syndicate (not the bank itself) triggered depositor fears and withdrawals.
- Measures
- Tellers handed out printed slips; bank announced it would take advantage of the sixty-day notice rule; paid depositors who gave notice. Additional funds/gold/correspondent remittances were sent to the bank to bolster reserves.
- Newspaper Excerpt
- Run on a Bank. Cleveland, Ohio, Jan. 2.-Late this afternoon a run was started on the Dime Savings and Banking company...
- Source
- newspapers
2.
January 3, 1902
Suspension
- Cause
- Local Shock
- Cause Details
- Directors invoked the 60-day notice rule in response to the run caused by the Everett-Moore syndicate's announced financial embarrassment.
- Newspaper Excerpt
- In order to best serve the interests of all depositors, the directors have instructed the officers to require a notice of sixty days from each depositor of the amount to be withdrawn.
- Source
- newspapers
Newspaper Articles (11)
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Article Text
RUN ON A BANK. Starts as the Result of the Everett-Moore Failure. Cleveland, O., Jan. 3.-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. 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. When the doors of the Dime Savings and Banking company were opened today a big crowd of depositors were in waiting to draw out deposits. Each person was handed a printed slip by the tellers, bearing the following notice: "In order to best serve the interests of all depositors, the directors have instructed the officers to require a notice of sixty days from each depositor of the amount to be withdrawn. This action is in accordance with the rule printed in all savings pass books. The assets of this bank are more than suificient to pay all liabilities and leave the stock of the bank intact. "By order of the board of directors. ((Signed) The Dime Savings and Banking company, "M. G. WATTERSON, President. "F. H. TOWNSEND, Treasurer." A run was started on the bank yesterday afternoon as a result of the announcement of the financial troubles of Messrs. Everett and Moore, who are members of the board of directors of the institution.
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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.
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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.
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St. Paul Trust Company Goes Into Liquidation. TROUBLE CLEVELAND Everett-Moore Syndicate Finds It Hard to Obtain Finances. St. Paul, Jan. 3.-The St. Paul Trust company, with capital of $200,000 has voted to go into liquidation. The chief cause is the supreme court decision making the trust company liable for judgment of $100,000 in the estate of C.D. Strong, which has been in charge of the company the last decade. Creditors will probably be paid in full, but stockholders will receive an amount. is made by a ment uncertain public The has announce- examiner. been The company's business very extensive. Jan. 3.-When the doors Cleveland, the Saving Banking of Dime and comwhich the run was started as a result pany, yesterday upon of troubles the annoancement of the financial of Everett & Moore, who are members of the board of directors of the institution, opened today, there was a big crowd of depositors waiting. Each person was presented with a slip saying the bank would require GO days' notice of all withdrawals, in accordance with the by-laws. The assets of the bank are more than sufficient to pay all liabilities. O., Jan. 3.-The financial of the Everett-Moore affairs Cleveland, number syndicate, of uror controlling a interurban electric and extensive system of owning ban an and local railways and long-distance telephone lines in Ohio and Michigan, passed Into the control of a committee composed of seven prominent bankers of this city yester- it Vis This action was taken, as the result of embarrassment on stated, day. financial temporary the part of which time been affected by the past syndicate, has the The for string- some comency in the money market. mittee chosen has been at work investigating the affairs of the syndicate, and expresses the firm belief that and the concern is entirely solvent, that its embarrassment will be only temporary. Properties Controlled by the Syndicate. The Everett-Moore syndicate is accredited with controlling more than 1.200 miles of urban and interurban electric lines in Ohio and Michigan, in with many new extensions still course of construction. Among the telephone properties owned outright or controlled by the syndicate are the Cuyahoga Telephone company, of this city, with upward of 10,000 subscribthe United States Telephone comers: (long distance), the Federal Telepany phone company, the Stark County (O.) Telephone company, the Columbiana the County (O.) Telephone company; DePeople's Telephone company, of troit: the Wood County (O.) Telephone in company, and a number of others which the Federal Telephone company is the controlling factor. Street Railway Property Solvent. Among the more important electric the street railroad properties in which syndicate is largely interested are the Cleveland Electric Railway company, the Detroit United Railway company, the Toledo Railway and Light comthe Northern Ohio Traction com- and pany, the Cleveland. Painesville Eastern pany, Railway company, the Detroit and Toledo Shore Line Railroad comand the Lake Shore Electric pany, Railroad company. All of these lines be. are declared by the committee to with scarcely an exception, in good physical condition. perfectly solvent agand in no wise embarrassed. The gregate capitalization of all the various properties owned or controlled $130.- by the syndicate is said to be about 000,000. Expert accountants have been employed by the committee in charge conto examine and report upon the dition of all the constituent companies. No statement has as yet been given the out. indicating the liabilities of syndicate.
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Depositors Frightened by Everett-Moore Crash. SIXTY-DAY RULE PUT INTO FORCE The Financial Distress of the Syndicate Has Created Uneasiness in Bioomington and Other Central 11. Tinois Points, and Projected Trolley Lines Will Be Abandoned. CLEVELAND, Ohio, Jan." 3.-The impression has got abroad that the Dime Savings Bank, of this city, was involved in the Everett-Moore syndicate trouble, and a decided run on this bank began this morning. At 9 o'clock 400 people were in double lines before the bank building. The bank notified the people that everybody would be paid, but it would take advantage of the sixty-day notice rule. BLOOMINGTON, III., Jan. 3.-The financial distress of the Everett-Moore syndicate of Cleveland has created consternation in this city, and at other places in central Illinois, which have been agitating the construction of interurban roads under the control of the Cleveland firm. For the past six months agents of the syndicate have been engaged in securing the right of way between Bloomington and adjacent cities, and numerous meetings have been held in this city concerning franchise, frontage rights, etc. Nearly all the preliminaries had been arranged for the construction of some hundreds of miles of road which will now have to be abandoned at least temporarily. NEW YORK, Jan. 3.-The EverettMoore Company has brought suit to enjoin the payment of assessments of Toledo Railroad, which was recently acquired by the syndicate. The judgments are three for $4,678, $13,360 and $18,528 respectively. King & Tracy, the Detwellers, George Metzger, Mayor Jones and others of the former owners of the read are made defendants. The petitions say the stockholders conspired to issue a cognovit note. Attorney King says judgments were taken because of the financial condition of the syndicate. The injunction has been issued. The final deal for the Maumee Valley property was closed a few days ago by the payment of $3,280,000 in cash.
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TELEGRAPHIC BREVITIES. The Blue Valley Bank at Bellwood, Neb., was robbed last night. The burglars blew open the safe and escaped with $2,000. Bloodhounds are on the track. John W. Griggs, former Governor of New Jersey, and more recently United States Attorney General, is an vowed candidate for U. S. Senator to succeed the late General Sewell. The impression has got abroad that the Dime Savings Bank of Cleveland, Ohio, was involved in the EverettMoore syndicate trouble, and a decided run on this bank began this morning. After thirty-two years, the trustees of the Northwestern University at Chicago say women are not a success as doctors, and that there is no demand for women physicians. The school is to be abolished and the property sold. George Brumemer, of Indianapolis, pronounced by his physicians to be incurably insane, has recovered as the result of a blow on the head. During a fight with a stranger be was struck with a butt of a whip and now enjoys a rational mind. Mrs. Spencer B. Newberry, until lately a resident of Sandusky O.. and who was recently divorced from Prof. Newberry formerly instructor of Ohemistry at Cornell University, has been placed in a hospital at Syracuse, N. Y., her mind having given way under the strain of family trouble. She is a daughter of Hoo. Andrew D. White, U.S. Ambassador to Germany. A westbound passenger train which left Rochester, N. Y., at 8:15 o'clock this morning collided headon with an eastbound frelght on the Falls division of the New York Central Railroad at Fancher this morning. The locomotives were smashed and several cars reduced to splinters. The wreck took fire and the filmes communicated to the Fancher depot which was destroyed. It is understood that two persons were injured. The tele. graph wires are down. Thomas Reaney and John Moran were accidentally asphyxiated by gas in a lodging house in Brooklyn this morning.
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RUN ON SAVINGS BANK IN OHIO Assignment of a Big Syndicate Was the Cause. ALL DEMANDS MET AT ONCE COMMITTEE OF BANKERS HAS CHARGE OF PROPERTIES. 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 & Banking company, of which Messrs. Everett and Moore are di. rectors, late today. 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. It is stated that the aggregate capitalization of all the Everett-Moore companies is not less than $125,000,000. A committee of Cleveland bankers has taken charge of the various properties controlled by the Everett-Moore syndicate. The Everett-Moore syndicate own or control many trolley and telephone lines throughout Ohio and Michigan. These are the more important stree* car companies controlled by them: The Cleveland Electric Railway company, the Detroit United Railroad com. pany, the Cleveland, Pennsville & Eastern Railway company, the Detroit & Toledo Short Line Railway company and the Lake Shore Electric Railway company and the Northern Ohio Traction company. The committee say that all these properties were found, hardly without exception, in good condition, perfectly solvent and in no wise embarrassed. Among the telephone properties are the United States Long Distance Telephone company, the Cuyahoga Telephone company of Cleveland, the Clark County (0.) Telephone company and the People's Telephone company of Detroit. Unable to Meet Expenses. A statement issued by the committee this afternoon says, in part: "It became apparent some time ago to some of the members of the EverettMoore syndicate, SO called, that on account of the tight money situation in the different centers where they were financing some of their enterprises, that although in their opinion they owned several million dollars' worth of property over and above their liabilities, that they would be unable without temporary assistance to meet their obligations which were controlled by them. "Many of these obligations arose from the fact that the syndicate was engaged in the construction of a number of enterprises which were not yet fully completed, requiring large amounts of money to pay for labor and materials in the construction. "The syndicate was also recently disappointed in being unable to complete the negotiations for the raising of a large sum of money on certain bonds and stocks belonging to them, which would have furnished them with ready funds, and which negotiations they had reason to believe, until ten days ago, would result favorably. Thirty Banks Their Creditors. "They found that there were in Cleveland upward of thirty banks that were their creditors, and that these banks held the choicest of the securities. "Messrs. Everett and Moore stated that they were perfectly willing to turn all of their matters and properties over to a committee that should be appointed to handle them in connection with themselves to preserve the most equities, with the belief that when their properties were developed and creditors paid there will be a substantial amount to return to them. The personnel of the committee is as fol-lows: R. R. Newcomb, Myron T. Her. rick, J. J. Sullivan, Calvary Morris, Kauffman Hays, E. G. Tillotson and W. C. Mather. These gentlemen were sef lected, not especially on account of any interest directly involved, but because of their well known ability and integrity. "At the meeting held. at which Messrs. Everett and Moore were present, more than five-sixths of all of the Cleveland indebtedness was represented. The parties attending the meeting expressed themselves unanimously in regard to their institutions, that they should extend the indebtedness of the Everett-Moore syndicate and its allied interests for a period of not ex-
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WILL TAKE THE LIMIT. A Savings Bank in Cleveland Served Notice to Depositors to That Effect. Cleveland, Ohio, January 3.-When the doors of the Dime Savings and Banking company were opened today a blg crowd of depositors were in waiting to draw out deposits. Each person was handed a printed slip by the tellers bearing the following notice: "In order to best serve the Interests of all depositors. the directors have instructed the officers to require a notice of sixty days from each depesitor of the amount to be withdrawn. This action is in accordance with the printed information in all savings passbooks. The assets of this bank are more than sufficient to pay all liabilities and leave the stock of the bank intact. By order of the board of directors. "The Dime Savings and Banking Company: M. G. Watterson, President: F. G. Townsend. Treasurer." A run was started on the bank yesterday afternoon as a result of the announcement of the financial troubles of Messrs. Everett and Moore, who are members of the board of directors of the institution. Shortly after noon the crowd around the bank entrance gradually melted away, and the excitement came to an end. Cleveland, Ohio, January 3.-H. P. Newcom. chairman of the committee of bankers chosen to take charge of the financial affairs of the Everett-Moore syndicate, stated today that telegrams were being reeelved from many out-of-town creditors approving the steps taken. and agreeing to the proposition to give an extension of eighteen months to the paper on the syndicate. He added that the committee felt confident that the affairs of the syndiente would be speedity placed on a solid financial basis, and that the various constituent properties would not suffer in the least.
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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.
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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.