17583. Marion Savings Bank (Marion, OH)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
savings bank
Start Date
November 11, 1907
Location
Marion, Ohio (40.589, -83.129)

Metadata

Model
gpt-5-mini
Short Digest
a8fc146c

Response Measures

Accommodated withdrawals, Partial suspension

Description

A night run on Marion Savings Bank occurred Nov. 11, 1907 due to unfounded/local rumors. Bank paid checking withdrawals and invoked sixty days' notice on savings (partial restriction). The disturbance was brief and the bank resumed normal operations by Nov. 13, 1907.

Events (3)
1. November 11, 1907 Run
Cause
Rumor Or Misinformation
Cause Details
Unfounded local rumors (including a report from Mt. Gilead and a refusal to cash a script presented by an Erie Railroad employee) sparked a late-evening flurry of small depositors.
Measures
Officials paid out on checking accounts and handled withdrawals; later the bank used sixty days' notice on savings accounts to restrict payouts.
Newspaper Excerpt
False rumors ... created an agitation among some of the depositors of the Marion Savings bank, and between 7 and 8 o'clock in the evening probably 50 people sought to draw out their deposits.
Source
newspapers
2. November 11, 1907 Suspension
Cause
Rumor Or Misinformation
Cause Details
Partial suspension/restriction (invoked 60 days' notice on savings) implemented in response to the run caused by unfounded rumors.
Newspaper Excerpt
The officials opened the bank and paid out money on checking accounts, but took advantage of the sixty days' notice upon savings accounts.
Source
newspapers
3. November 13, 1907 Reopening
Newspaper Excerpt
The little flurry ... lasted only a few hours. A few small depositors withdrew their deposits because of a wild rumor ... The brevity of the flurry, a great deal of credit can be given to the business men of the city. Banking circles are pursuing the even tenor of their way, and the people are satisfied in be confidence which has not been broken.
Source
newspapers

Newspaper Articles (6)
1. November 12, 1907 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, November 12, 1907

Click image to open full size in new tab

Article Text

Out Money. MARION SAVINGS BANK Stands Ready to Pay all Dissatisfied Depositors. No Truth What.Ever in the Reports Circvlated Monday-Insti uti n is Safe in Every Way. False rumors which became circulated in the local factories. Monlay. created an agitation among omo OL the depositors of the Marion Savings bank. and between 7 and 8 o'clock in the evening probably 50 people sought to draw out their deposits. This flurry came oractically without warning to the bank officials but they were ble to handle the situation most admirably and as a result affairs it the bank are running as smoothy as ever. The Marion Savings' bank, which is the you.gest financial institution in the city and at the same time is one of the strongest, was never in better condition than it is tolay. There was absolutely no founlation for the reports which causrd the excitement of Monday evening and the officials of the bank tand ready to assure all of their !epositors that their money is are Not only do they give this asurance. but the officials of all the other local banks stand prepared to help out the Savings' bank in any emergency. The money of Maron bank depositors was never safr than it is today. A crowd of about 200 people ingered about the bank until closing up time Monday evening but the vast majority were not deositors and had been drawn there ourely out of curiosity. Tuesday norning a few depositors sought to draw out their money. but the majority left satisfied that the intitution is safe in every way. It is believed that the reports egarding the bank were started as 1 result of the bank having re"used to cash script presented by in Erie railroad company's em. bloye. and by a false report which eminated from Mt. Gilead. The banks in other cities are endeavoring to shoulder off some of their burdens by having checks on Marion banks cashed and having the currency expressed to them. To guard against this. all business houses and factories have been provided with stamps with which to mark their checks with the information that the check is payable in exchange or currency at the option of the bank. This step has been taken in order to prevent banks in other cities from draining the currency out of Marion The flurry at the Savings' bank has not in any way affected other

2. November 12, 1907 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, November 12, 1907

Click image to open full size in new tab

Article Text

TUESDAY, NOVEMBER 12, 1907. THE FINANCIAL SITUATION Notwithstanding the fact that Marion banks (and when we say Marion banks we mean every banking institution in the city) are perfectly solvent and really in better condition, so far as ready cash is conecrned, than they have been for months, a flurry was started by small depositors, Monday evening and it was demonstrated that even Marion people will sometimes lose their heads and do rash things. The flurry last evening was participated in by only small depositors. The amounts withdrawn varied from three to twenty-five dollars. The larger depositors, men who had money in any sums on deposit went quietly home and lost no sleep. There is no question but that the banks of the city are in better condition so far as ready cash is concerned than they have been for months. More money is lying in the vaults than is normal. The reason for this is the inability to invest it profitably. One banker is authority for the statement that there is more currency in Marion today than there has been in six months previously. The Marion banks are about the only ones in the central part of Ohio which have not placed a restriction upon the amount of money any depositor may ?withdraw in any day. The banks of some cities have placed a limit of ten dollars per day, but in Marion, no limit has been placed, and none will be placed unless the people get wild eyed and make demands which are unreasonable. One feature which is extremely gratifying when considering the Marion banks is the fact that the best of god feeling exists between the bankers of Marion. Every bank has every other bank back of it. The reason for this is the fact that each banker knows that every other bank has securities which are gilt edged and are more than sufficient to meet any and all demands which can be made upon it. All of the banks of the city stand back of the Marion Savings bank. the one which was singled out by the scared citizens Monday evening. The peculiar thing in connection with last night's flurry is the fact that the Savings Bank had more cash in its vaults when it ended than when it began. Marion Banks are all as solid as Gibraltar, they are standing together and unless the people insist in taking financial affairs in their own hands, the banking business in Marion will proceed in the same channels it has pursued for years.

3. November 13, 1907 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, November 13, 1907

Click image to open full size in new tab

Article Text

RECOVERY IS COMPLETE A few Marion people demonstrated, Monday evening, that they can lose their heads when unfounded rumors are circulated. and on Tuesday morning they demonstrated that they are capable of taking a second and better thought and repenting hasty action. The little flurry which was begun at the Marion Savings Bank, Monday evening, 'asted only a few hours. A few small depositors withdrew their deposits because of a wild rumor which was started by a man who probably had not a dollar in the bank. This much is certain, that persons who were not interested financially were making the most fuss about it. For the brevity of the flurry, a great deal of credit can be given to the business men of the city. Not a penny was withdrawn by a business man, no matter how large a sum he had on deposit. In fact some, while the flurry was on, made deposits which more than covered the whole amount withdrawn by the small depositors. The business men of Marion have demonstrated that they possess that cool headedness and good sound business sense, which is the first principle and paramount qualification of success. They know that Marion's bankers are all conservative men and that every bank is thoroughly solvent and with this knowledge and this confidence they are content. Marion's business men are known for their serenity and farsightedness, and in this instance they have given further evidence that this judgment of them is warranted. Banking circles are pursuing the even tenor of their way, and the people are satisfied in be confidence which has not been broken.

4. November 19, 1907 Wausau Pilot Wausau, WI
Article from Wausau Pilot, November 19, 1907

Click image to open full size in new tab

Article Text

CUT DOWN PAY ROLLS BUSINESS CONCERNS ALL OVER COUNTRY RETRENCH. Large Numbers of Men Are Being Laid Off in All Lines of Industry Because of Financial Stringency. Reports flow into New York from all parts of the country indicating the execution of retrenchment plans by business interests. On Monday two banks in California suspended, and depositors of Marion (Ohio) savings bank started a night run on the institution. Financial unrest in United States caused suspension of Rome (Italy) stock exchange. Receivership was asked for Consolidated Smelting Company and Arizona Smelting Company, with combined capital of $17,000,000. New York and Chicago banks Increased gold engagement in London. From the Pittsburg district, which at present seems to be bearing the brunt of the curtailment movement, it was reported that the Jones & Laughlin Steel Company had laid off 1,000 men Monday. This makes M total of no fewer than 45,000 men who have been laid off within the last three weeks. Retrenchments announced in the Pittsburg district during this period are as follows: 20,000 United States Steel Corporation 10,000 Westinghouse interests 1,000 Jones & Laughlin Steel Company 5,000 Pressed Steel Car Company 2,500 H. C. Frick Coke Company 2,500 Pittsburg Coal Company (mines) 1,000 Various railroads Small mills, factories and depart3,000 ment stores 45,000 Total These figures show the returenchment made in the district, which includes a radius of fifty miles from the center of the city. Some of these concerns have laid off men at other plants, which are not included in the above figures. Among the Pittsburg concerns which have laid off large numbers of men outside of that district is the American Sheet and Tin Plate Company, which is operating not more than 25 per cent of its full capacity. The Shenango, Greer, Sharon, Amerlcan, and several other plants have shut down entirely, while some of the others are operating with a greatly reduced capacity. From Amsterdam, N. Y., came the announcement that the knitting mills there have shut down, and that 4,500 men are out of employment. The factories which closed are A. B. Morris & Son, Yunds, Kennedy & Yunds, and Gardiner, Waring & Co. The suspension is ordered, the dispatch says, because salesmen who have been out on the road for four weeks have been unable to make sales. More than 600 men employed by the Peter Cooper glue works in Williamsburg, N. Y., have been laid off. The plant has not been closed down, but the working force has been reduced nearly 85 per cent. The effect of the crisis has reached the lumber business, according to a dispatch from Washburn, Wis., which says that the large mill of the Edward Hines Lumber Company has been closed down, and operations in the woods contributory to the mill have been stopped. More than 1,500 men are out of employment. The 2,200 employes of the three shoe factories of Rice & Hutchins, of Marlboro, Mass., were notified at closing time to-night that a half-time working schedule will be inaugurated to-morrow, and will continue for an indefinite time. Charles W. Curtis, manager of the company, said that the reduction is máde necessary by market conditions and uncertainty regarding the future. The General Electric Company of Schenectady, N. Y., is planning extensive retrenchments. At the present time the company employs between 24,000 and 25,000 men, or about 5,000 fewer than were employed at the high point in 1906. By the 1st of January the number of employes will be cut down by another 5,000-a reduction of 30 per cent from 1906. This reduction in the pay roll is being made because the officials of the company do not expect as large a business next year by $20,000,000 as it has had this year. Gross business for 1907 will not fall for he

5. November 19, 1907 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, November 19, 1907

Click image to open full size in new tab

Article Text

OHIO FINDLAY, Ohio, Nov. 18.-J. W. Zeller, superintendent of the public schools in this city for thirty years, announced his candidacy for the office of state commissioner of county schools. Mr. Zeller was a candidate four years ago, but because of a political deal he was sidetracked to make room for some one else. He has been quietly working for the office ever since and his chances for securing the nomination are said to be good. SANDUSKY-Dr. John S. McClelland. who, when he mysteriously disappeared from this city last April, was coroner of Erie county, has returned. He says he was discouraged when he went away and decided to go west and begin life anew, although he was over 50 years old. KENTON-With cries of "Help! help! I'm not guilty!" C. J. Bower, 33. a painter, ran about in a residence section of the city carrying a large knife in his hand. When the police arrived Bower started to run. Near the high school building he stopped, and in view of a number of students and others deliberately cut his throat. He again started to run, but soon dropped to the ground and was hurried to the hospital. MARION-A run was made upon the Marion Savings bank as the result of an idle rumor. Depositors went to the bank late in the evening and demanded their money. The officials opened the bank and paid out money on checking accounts, but took advantage of the sixty days' notice upon savings accounts. The bank is capitalized for $50,000, and its officials say it is in good condition.

6. November 21, 1907 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, November 21, 1907

Click image to open full size in new tab

Article Text

CUT DOWN PAY ROLLS BUSINESS CONCERNS ALL OVER COUNTRY RETRENCH. Large Numbers of Men Are Being Laid Off in All Lines of Industry Because of Financial Stringency. Reports flow into New York from all parts of the country indicating the execution of retrenchment plans by business interests. On Monday two banks In California suspended, and depositors of Marion (Ohio) savings bank started a night run on the institution. Financial unrest in United States caused suspension of Rome (Italy) stock exchange. Receivership was asked for Consolidated Smelting Company and Arizona Smelting Company, with combined capital of $17,000,000. New York and Chicago banks increased gold enagement in London. From the Pittsburg district, which at present seems to be bearing the brunt of the curtailment movement, it was reported that the Jones & Laughlin Steel Company had laid off 1,000 men Monday. This makes M total of no fewer than 45,000 men who have been laid off within the last three weeks. Retrenchments announced in the Pittsburg district during this period are as follows: 20,000 United States Steel Corporation 10,000 Westinghouse interests 1,000 Jones & Laughlin Steel Company. 5,000 Pressed Steel Car Company 2,500 H. C. Frick Coke Company Pittsburg Coal Company (mines) 2,500 Various railroads 1,000 Small mills, factories and department stores 3,000