17370. 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
f117facc

Response Measures

Accommodated withdrawals, Public signal of financial health, Books examined

Description

Multiple articles (Mar 9–12, 1910) describe a heavy run on the Society for Savings in Cleveland triggered by vague rumors originating in foreign/immigrant sections. The bank remained open, paid out large withdrawals (about $1.2–1.25M) and statements by officials and examiners reassured depositors; no suspension or receivership is reported. The institution is described as a mutual savings association (state-chartered), so classified as a state bank.

Events (1)

1. March 9, 1910 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors or vague reports (said to originate in the foreign section of the city) sparked the run; press accounts call them vague rumors or groundless rumors.
Measures
Bank kept doors open, paid depositors as presented; large cash on hand (~$6.5M) and incoming gold from New York under police guard; police and detectives maintained order; public assurances by president and state examiner; committee escorted through vaults to reassure public.
Newspaper Excerpt
A run on the Society for Savings, which began yesterday was renewed this morning. Hundreds of depositors...were held in a block-long line by a squad of policemen.
Source
newspapers

Newspaper Articles (15)

Article from The Topeka State Journal, March 10, 1910

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MILLIONS IN SIGHT. But Not Enough to Stop a Bank Run in Cleveland. Cleveland, O., March 10.-A run on the Society for Savings, which began yesterday was renewed this morning. Hundreds of depositors. while waiting to withdraw their savings, were held in a block-long line by a squad of policemen. Thousands of persons, attracted by the report of a run, thronged the public square. When the bank opened today, the officers announced that there was on hand and ready for the depositors $6,539,656 in currency. Depositors are being paid off as rapidly as they present their books. In addition to the available cash the bank has government and other bonds as security for loans to the value of $30,000,000 and it holds real estate security for loans amounting to $10.000,000. The run was started by rumors origiLating in the foreign section of the city sc far as the officials are able to learn. Another theory was that, like a run on a Chicago bank it was started by thieves who expected to reap a rich harvest in the excited throng.


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.


Article from The Daily Missoulian, March 10, 1910

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RUN MADE ON BANK. Cleveland, March 9.-A run upon the Society for Savings, a mutual savings association with deposits of more than $40,000,000, 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.


Article from Santa Fe New Mexican, March 10, 1910

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RUN ON BIG BANK AT CLEVELAND. Hundreds of Depositors Held in Line By Police $6,500,000 in Cash Available. Cleveland, March 10.-The run on the Society for Savings, one of the big banking institutions of Cleveland which began yesterday was resumed this morning. Hundreds of depositors were held in line a block long by the police, and thousands of persons crowded the public square near the institution. Officers announced this morning that the bank had more than $6,500,000 in currency ready. The run was started by rumors originating in the foreign section of the city according to one report. Another report was like the run on the Chicago bank. It was started by thieves who expected to reap a rich harvest in the excited throng.


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.


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.


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


Article from Los Angeles Herald, March 11, 1910

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$30,000,000 RESTS IN BANK VAULT RUN ON CLEVELAND INSTITUTION STAYED Panic Is Reported to Have Been Start. ed by Vague Rumors-Run Believed to Have Ended [Associated Press] CLEVELAND, Ohio, March 10.-In an effort to reassure the 70,000 depositors of the Society for Savings, which has been subjected to a heavy run for the last two days, former Governor Herrick, president of the society, escorted a committee representing the public through the bank's vaults tonight. The editors and others who composed the committee found the more than $30,000,000 in securities represented an actual value hugely in excess of that amount. As no depositor is permitted to deposit in excess of $5000 in one account, it will take two weeks of steady work to pay out the currency now on hand. President Herrick announced tonight, however, that he believed the panica to be practically over. The run was caused by vague rumors.


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


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.


Article from New-York Tribune, March 13, 1910

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BANK DEPOSITORS PAUPERS. Savings Bank Run in Cleveland Showed Means of City's Wards. Cleveland, March 12.-The recent run on the bank of the Society for Savings developed the fact to-day that some of the bank's depositors are supported by the city as paupers. Standing in the long line of frightened depositors, seven of these supposed paupers were discovered. One of them was a woman who, investigation showed, had been a public charge for twenty years. Another had $1,000 to her credit. A man who had that day applied to the city for a ton of coal had an account of $900.


Article from The Birmingham Age-Herald, March 13, 1910

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BANK DEPOSITORS ARE CITY PAUPERS Cleveland, O., March 12.-The recent run on the bank of the Society of Savings developed the fact today that some of the bank's depositors are supported by the city as paupers. Standing in the long line of frightened savings owners clutching their pass books in their hands seven of these supposed paupers were discovered. One of them was a woman who investigation showed had been a public charge for 20 years. Another had $1000 to his credit. A man who had that day applied to the city for a ton of coal had an account of $900. Further assistance to the city will be given by the police.


Article from The Enterprise, March 16, 1910

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GENERAL NEWS. The roar of a dynamite explosion marked the climax of a most eventful day in the Philadelphia street car strike situation. A stick of the explosive with a percussion cap attached to it was placed just after nightfall on the track of the Germantown avenue car line at Logan street. A car carrying ten or twelve persons, besides its crew and police guardian, ran over it. There was a terrific detonation and the car was lifted a full foot off the tracks. No one was hurt badly enough to go to a hospital. An automobile trust is the latest combination of capital, and J. Pierpont Morgan is the moving spirit in the new combine, although his firm insists that it has no personal interest in the matter and is merely acting as a broker in bringing the various competing firms into line and securing an amalgamation of interests. President Taft, actuated by criticism of the Association of Manufacturers directed at his anti-injunction bill now before congress, gave out a reply embodied in the White House correspondence with Representative Moon, sponsor for the bill in the house. Mr. Moon answers recent criticism leveled against the bill by the association and specifically charges that organization with having adopted an "unfair and pernicious method of manufacturing public sentiment." An explosion of dry starch powder In the plant of the American Maize Products Company at Roby, Ind., killed two men, injured 28 others, two probably fatally, wrecked a three-story building and broke windows in South Chicago and in Hammond, Ind., three and five miles away. A run upon the Society for Savings, a mutual savings association of Cleveland, O., with deposits of more than $49,000,000, startled the 70,000 depositors of the society. Though the bank kept its doors open until several hours after closing time, a great crowd remained outside. The origin of the run is unknown. Since President Taft's election the Unitarian church which he attends in Washington has suffered from the depredations of visitors who have twice carried away cushions, books, etc., while service actually was in progress. The American Tobacco Company, which is now fighting the federal suit for its dissolution before the United States supreme court, made public its annual report for 1909, which showed that the so-called tobacco trust earned 501/2 per cent. on its $40,000,000 common stock. All the large Sumatra tobacco companies in Florida have been merged into a $7,000,000 corporation-the American Sumatra Tobacco Company. One child was drowned as the result of a flood which filled the basements in eight blocks near the southern Milwaukes city limits.


Article from The Fulton County News, March 17, 1910

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THE NEWS. Domestic United States Commissioner Mark A. Foote, of Chicago, ordered the deportation of Bob Leong, of El Paso, Texas, convicted last summer before Judge Landis of smuggling Chinese from Mexico. Thomas Thorne, an actor, well known in Baltimore, committed suicide in Chicago where he was playing the poet-reporter in "The Fourth Estate." Cold weather and beavy snowfalls cheeked to a considerable extent building operations in the principal cities of the United States during February. The trolley strike in Trenton. N. J., was settled when the Trenton Street Railway Company granted the men the wages they asked-23 cents an hour. The Far Eastern Association Medical Conference accepts the theory that beri-beri has its origin in the polishing of rice. John J. Showalter a Pennsylvania oil producer. 60 years old. dropped dead in the lobby of a hotel at Long Beach. Cal. Peter Strikis, said to be a diccouraged lover. was arrested, charged with dynamiting the home of Mrs. John Shokus, a widow, of WilkesBarre. Pa. A tablet has been placed in the University of Pennsylvania, in honor of John Nixon. who first read the Declaration of Independence in pnblic. The body of Thomas Collier Platt was interred on the heights of Evergreen Cemetery, overlooking Oswego. the city of his birth. Rare Sevres ware, lent by the French government. will be exhibited at the French Hospital Bazar, to be held in New York. Women both in favor of and opposing votes for women, visited the General Assembly at Albany, N. Y. A. W Shirey, who was assassinated at Little Rock, Ark., bequeths $200, 000 to the Odd Fellows. Jefferson M. Andrews, secretary of the American Sunday School Union, died in Philadelphia. Charged with embezzling $100,000 of the funds of the First National Bank of Tipton, Ind., William H. Marker, formerly cashier of the bank, was placed on trial. Bloodhounds and detectives are searching for Miss Helen Bloodgood, who eluded her nurses and disappeared from Lakewood, N. J. Logan M. Bullitt, the civic reformer, who was arrested by order of Mayor Reyburn, of Philadelphia, was fined ten dollars. Mrs. Jack Cudahy, of Kansas City, whose husband attacked Banker Jere F. Lillis, has refused offers to go on the stage. Edward McGann. paymaster of the Dexter Coal Company, of Pittsburg, was held up by highwaymen and robbed of $4,000. Crossed electric wires caused a fire loss of $75,000 at the Westinghouse Machine Company's plant at Pittsburg. Robbers dynamited a safe in the bank at Edna, Kan., and escaped on a handcar with $4.000. Excited foreigners caused a run on the Society of Savings Bank, of Cleveland. O. Three persons were killed and 25 injured by the collapse of fire ruins in Pittsburg. The police force of Rutherford, N. II., has gone on a strike. P: tsburg plants have orders for 10,000 steel railroad cars.


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.