17371. Society For Savings (Cleveland, OH)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
ea02ecf0

Response Measures

Accommodated withdrawals

Description

Article recounts a historical run on the Society for Savings in Cleveland driven by raw rumor. It's an anecdote (no specific date given) describing depositors lining up and the bank choosing to pay everyone. No suspension, reopening, or receivership is mentioned.

Events (1)

1. * Run
Cause
Rumor Or Misinformation
Cause Details
A raw/unfounded rumor triggered heavy withdrawals and long lines of depositors.
Measures
Bank paid out deposits; management publicly stated 'We are paying and will pay every dollar demanded.'
Newspaper Excerpt
Many years ago, raw rumor started a great run on the Society for Saving, one of the oldest and best banks of Cleveland... There were lines of anxious depositors from the bank's entrance for four blocks... 'We are paying and will pay every dollar demanded.'
Source
newspapers

Newspaper Articles (2)

Article from The Indianapolis Times, May 16, 1933

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Article Text

# 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.


Article from The Indianapolis Times, May 16, 1933

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Article Text

The Message Center invited them May express my sentiments in regard to an item that saw published your paper, stating that Indiana bakers are intending raise the price of bread 10 cents think that 10 cents for pound quality bread fair price. Here few the things that takes manufacture bread and put on the market: takes money, machinery, electricity. fuel and ter. It takes the ingredients the bread. In the bakery there are several departments, maintenance, stockroom, bakers. wrapping. checkoffice. how much operate the much cost loaf Some people you open dump out, and there your bread. Paine bank depositors took on confidence easily as they over hearsay, bank operation would smooth and comfortable right time, there would necessity the folks to buy; and you will feel uplift proswhen the folks deposits buying spirit. Nothing the sheepiness many folks as does month, with of the big banks padlock the Cleveland Trust his lobby became pretty well filled with bank's nounced that the bank would open for withdrawals hours longer. Next day Cleveland business But the withdrew had three deposits fectly During of twenty Methods Another thank Employe" for his letter of May 12. hope the find out his mine, for the comdoes lot "pussyfooting" on the employes. has to do this protect its toward its workers. What the company may mistake for loyalty on the part its simply their helpless because the company holds the whiphand as jobs no longer exist for the dissatisfied. Our company organization meetings for the workers grim joke because company officials have an ironclad power veto on any suggestions to We sit these listen and believe that forced are in fairly "cans" employe than reduce The "better than the wage earnThere of difference reducing the income stockholders and cutting off entirely means of support. But company promises to do forced instead know lucky my friends discharged for the sake dividends. read in magazines where Socialists speak "exploitation workers. understand the meaning this phrase. years baseless rumors started depositors their money Cincinnati bank Hundreds street five and drawals branch bank in which they had confidence, sacrificing months of deposits. Many rumor started great the ciety Saving, one the oldest best banks Myron later famous ambassador to France, was There lines of anxious bank's entrance means My meeting Herrick this became bank deposit "Cousin Paine, We pay every dollar demanded smile, Herrick added looks if bank would something like $50,000 through interest sacrificed those depositors you in line Verily. 'tis an wind that blows no sound bank good.