State Central Savings Bank

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: August 14, 1913
Location: Keokuk, Iowa (40.397, -91.385)

Metadata

Model: gpt-5-mini
Short Digest: 4aacee8c

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Newspaper describes a discrete run driven by a report that the bank was not safe. The bank paid out depositors in full, obtained large shipments of coin, and the run ended next morning. No suspension or receivership is mentioned.

Events (1)

1. August 14, 1913 Run

Cause: Rumor Or Misinformation
Cause Details: A report (rumor) circulated that the bank was not safe, prompting depositors to rush to withdraw funds.
Measures: Paid depositors in full that day ($55,000 to small depositors), refused unsolicited outside offers of funds, ordered $100,000 in silver dollars from Chicago and $100,000 from St. Louis; coins arrived next morning and panic subsided.
Newspaper Excerpt: started a report that the bank was not safe. That was sufficient for our impulsive American blood and without giving the matter sane consideration they rushed to the bank and demanded their money. Everyone who came to the counter that day was paid in full, and before the door closed, which was after five o'clock, the bank had paid out to its small depositors $55,000.00.
Source: newspapers

Newspaper Articles (1)

1. August 15, 1913 The Daily Gate City Keokuk, IA

Article from The Daily Gate City, August 15, 1913

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Article Text

started a report that the bank was not safe. That was sufficient for our impulsive American blood and without giving the matter sane consideration they rushed to the bank and demanded their money. Everyone who came to the counter that day was paid in full, and before the door closed, which was after five o'clock, the bank had paid out to its small depositors $55,000.00. Mr. Logan had offers that day, by wire, by phone and by word of mouth from his friends of more money than would have been paid all depositors twice over. He did not accept them, he did not need them. But the offers coming as they did unsolicited and from so many unexpected sources, caused the eye to moisten and the heart to throb. What he did do, although suffering from rheumatism, was to crawl to the telephone and order from Chicago $100,000.00 silver dollars and $100,000.00 from St. Louis. The next morning these silver dollars arrived and the bank run was over. Out of what seemed to be certain ruin to the bank came unending success. The officers of the State Central Savings bank are all men who have been connected with the institution for many years. They have given to the bank the best of their ability, and to them in no small measure the bank's constantly increasing business is due. They are as follows: William Logan, president; Geo, E. Rix and Wells M. Irwin, vice presidents; C. J. Bode, cashier: H. T. Graham and H. Boyden Blood, assistant cashiers. The bank is also very fortunate in having an unusually strong list of directors, as the names given below indicate: William Logan, W. N. Sage, t C. A. McNamara, C. J. Bode, Jas W. Huiskamp, Wells M. Irwin, Geo. E. Rix and H. Boyden Blood. With the completion of the dam it behooves all wide awake people to look a little into the future, There is no question in the minds of thinking men and women but that Keokuk is on the threshhold of a great awakening. Money will be needed for all kind of investments. Now 18 the time if you have not done it before to start to accumulate. The State Central Savings bank prepared itself some three years ago to be able to handle the increased business which follows the opening of the power plant. It invites all, large and small to come in and make use of its plant for transacting business. The very best asset that any city, town, village or hamlet can have is a good bank. The daily routine of the bank's activities records with