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Bank Stood the Shock. Porland, Me., Dec. 22.-The Portland Savings Bank sustained a heavy run today, paying as fast as depositors called with their books.
Portland Savings Bank (Portland, ME)
Episode Information
- Episode UID
52000971200- Episode Type
- Run Only
- Bank Type
- savings
- Bank ID
-
5200097routing - Routing Number
52-0009- Start Date
- December 22, 1899
- Location
- Portland, Maine (43.661, -70.255)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
95279f836060f42e
Response Measures
None
Events (1)
1.
December 22, 1899
Run
- Cause
- Rumor Or Misinformation
- Cause Details
- Rumor of unknown origin about the bank's solvency, possibly linked in reports to the failure of Woodbury & Moulton.
- Measures
- Paid out about $125,000; closed doors late in day to avoid running short of cash; obtained currency shipments from Boston and received offers of private funds.
- Newspaper Excerpt
- A rumor of unknown origin concerning the solvency of the Portland Savings Bank started a run on the bank to-day.
- Source
- newspapers
Newspaper Articles (15)
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Which Issued Three Million and a Half in Certificates and Gave the Globe Bank Three Millions. FOR DEPOSITORS RELIEF . NATIONAL SHAWMUTT BANK PROVIDES CHRISTMAS MONEY. . Sensation at Meeting of Squire Company's Creditors-Run on a Portland (Me.) Savings Bank. . BOSTON, Dec. -Another day of unrest withBoston's financial circles went by The in incidents of a startling nature. Bank receivership out for the Globe National by nearly every banker and broker surprise, took and before business in the money But market began forebodings were dire. and fears were not situation to-night was, prophesying for the not conserva- realized, slightly tively considered, as good, if better, than at any time for a fortnight. the Not a failure was announced when was closed, and money The key of the the seemed Stock Exchange easy. action whole of situabelieved to be in the association in tion clearing-house is issuing $3.worth of certificates for this amount it is Bank received $3,000,000 it is currently 500,000 relief. Yesterday, the Globe From reported, understood temporary in cash. give the house committee to Bank further clearing the Globe assistance, declined to and this fact is attributed the quick appointment of a receiver. There is some interest in the value of the to worth of collateral turned over house by the Globe $4,500,000 the clearing Bank, impaired and whether the latter's failure has value. nothing at about the dealings of that present Officially, will the be if Globe said the with the clearing house, and held by the latter desecurities Bank safety have the preciated below the margin of individual banks will nave to bear the loss pro rata. The loan of $3,000,000 to the Globe Bank relieved the financial tension on numerous brokers and bankers. Firms that had thouon when the Globe of trouble have showed sands signs deposit since Bank with- paid first their accounts, and the money from the The bank paid out from its drawn out came clearing-house deposits loan. the month $2,042,000. On in the bank reached past between $10,175,000, the for months was eight and up to the amount average nine millions, time May of during 6, and the the the recent troubles. Three-fourths of bank's stock, or $750,000, is held by Massabanks, all are for the 100 per cent. imchusetts good savings liabilities of which law on individual would-be customers appeared posed When by early stockholders. Globe Bank they found Receiver in and the at customed at Wing There was no but as business on grew for to its height the bank was of and many said it and the market the usual mirror of finance, hardly a was created. Stocks went and ripple down, Boston brokers maintained that New York. attraction, the a downs against time, itself, charge places. clerks harsh officials. Coppers words excitement of good quotations the the their the did In center street sized were ups but not ac- the as predicted, here slump followed away their weakness and hardly touching the low-priced ones being on an average scarcely more noticeable than for weeks past. During the forenoon the National Shawmutt Bank made public the following notice: "That there may be as little inconvenience as possible to the depositors of National Bank and others the Shawmutt Bank offers to National the Globe Globe advance Bank to-day to all depositors in the against their deposits 50 per cent. of the net amount of the same." The Broadway National Bank's affairs would have been lost sight for the time being had not the creditors of the Squires the fortunes of which are company, gled those of the bank, met and to form a of After the meeting it denial of that line action. Mr. Chaplin's the developed reported of the firm to the a as he caused indebtedness than the was represented as owing more a dollars through the firm the of the bank. This was explained, by charging million books their with sensation, plans stated falsifying Globe committee firm the done, that to with- Bank notes min- out- Mr. of loans against the Chaplin and collateral that out crediting the collateral, so every loan was made to appear twice as large it should. At first it was not considas ered wise to give publicity to the condition of the bank's affairs, but the assignment is thought to make it prudent to do so now. Some demand for ready cash was made the market here by a Portland bank on on which a run was made, but it did not disturb conditions.
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RUMOR STARTS A RUN. Depositors Raid n Maine Savings Institution. / PORTLAND, Me., Dec. 22.-A rumor of unknown origin concerning the solvency of the Portland Savings Bank started a run on the bank to-day. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law. The statement issued says the bank has a surplus of one and a quarter millions invested in good securities. About $125,000 was paid out to-day and the bank will reopen in the morning prepared to meet any and every demand. State Bank Examiner Timberlake gave a statement for publication, saying that a great deal of this disturbance grew out of the failure of Woodbury & Moulton and the alleged connection of the bank with that firm. While the bank had loaned money to Woodbury & Moulton, it had collateral nearly sufficient to secure it from any loss. The last examination showed a surplus of about a million and a quarter dollars and the condition of the bank has not materially changed since that time.
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RUN ON A PORTLAND, ME., BANK. Caused by Rumor of Unknown OriginThe Bank Solvent. Portland, Me., Dec. 22.-A rumor of unknown origin concerning the solvency of the Portland Savings bank started a run on the bank to-day. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law. The statement issued says the bank has a surplus of one and a quarter millions, invested in government securities. About $125,000 was paid out to-day and the bank will reopen in the morning,
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RUN ON A BANK Depositors of Portland Savings Bank Draw Out Their Deposits Portland, Me., Dec. 22.-A rumor of unknown origin concerning the solvency of the Portland Savings bank started a run on the bank today. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law. The statement issued says the bank has a surplus of one and a quarter million dollars invested in government securities. About $125,000 was paid out today, and the bank will reopen in the morning, prepared to meet any and every demand. State Bank Examiner Timberlake gave a statement for publication, saying that a great deal of this disturbance grew out of the failure of Woodbury & Moulton and the alleged connection of the bank with that firm. While the bank had loaned money to Woodbury & Moulton it had collateral nearly sufficient to secure it from any loss.
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Run on a Portland Bank. Portland, Me., Dec. 23.-A rumor of unknown origin concerning the solvency of the Portland Savings bank started a run on the bank yesterday. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law, and the doors were closed.
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Run on Portland Savings Bank. PORTLAND, ME., December 22.-A rumor of unknown origin concerning the solvency of the Portland Savings Bank started a run on the bank to-day. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law, About $125,000 was paid out to-day, and the bank will reopen in the morning, prepared to meet any and every demand.
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Run on a Portland Bank. Portland, Me., Dec. 23.-A rumor of unknown origin concerning the solvency of the Portland Savings bank started a run on the bank yesterday. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law, and the doors were closed.
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was paid. If the bank had lost its entire loan to Woodbury and Moulton It would not have effected to solvency in any degree, this loan being but a small part of a year's earnings." While the excitement among the depositors was at Its height a New York banker who is in the city for the Christmas holidays heard of the run and visited the bank. He said to one of the officials: "How are you off for currency?' We have plenty for our present needs I think, replied the bank official, "and will have all we can possibly need when some money we ordered from Boston reaches here tonight." "I was going to offer you any sum you might name from one million up to five if you wanted It. I can telegraph New York and have It on the way here by tonight's express If you say so." The bank official thanked the New York millionaire who sat down to smoke a cigar in the office with some of his old friends. This offer was heard by many people out in the bank who were awaiting their turn to draw our their money and as many of them knew the New York man and his well known conservatism in financial matters the offer allayed the fears of many of them. A well known judge who was standing in the crowd before the bank was approached by an elderly lady who was tremulous with excitement and almost in tears. "All I have in the world is in that bank," she oried. "Is it going to fail?" "My dear Mrs. replied the judge, "I have trust funds in that bank to the amount of $:00,000. It is the only property of widows and orphans. I also have a great deal of my own money there and my only regret is that I haven't twice as much. If you will take my ad. vice madam you will go home and not let this thing worry you at all. Or I tell you what I will do If you still feel uneasy. I will take your bank book as security and give you my personal check for the full amount drawn on , Boston bank. If you feel on Tuesday morning that you would rather continue your deposit at the Portland Savings bank you can bring back my check and I will give you back your bank book." The woman did not think she wanted to draw out any money after this offer was made and she did not take advantage of it but went off smiling. Only eighty four bank books were turned in to the Portland Savings bank yesterday after all and about $14,000 was paid out. Some of this was in gold and silver towards the clore of the afternoon as the bank ran short of small bills. There was a ludiorous side to this run on the bank, although it was a very serious matter to the people who expected this bank to go up, and were in great haste to get out their money before she end which they believed was surely coming. One woman was given about $2000 in gold at the bank before noon. She could only carry it with the greatest difficulty. but managed to reach an uptown store with it. Here she had a friend, an old and conservative business man. "Oh what am I to do with all this money," she cried. "I can't carry it home and am afraid to have it in the house. I can't carry it around with me because it is so heavy. What shall I do." "Where did you get it?" asked the merchant. "I drew it out of the Portland Savings bank," replied the woman. "Well the best thing you can do is to carry it back there," said the merchant. The woman had not sufficiently recovered from her panic to do this. She was afraid of ev ery other bank and undoubtedly passed a very anxious night with this money in the house fearing burglars at every noise. By the withdrawal of all of this money yesterday from the Portland Savings bank the depositors lost two months interest money and will probably regret their folly this morning. It was a bad time to draw out money from a bank aocount any way, because Christmas is not yet over. The run probably ended yesterday afternoon when the bank closed, and by this morning the tide will have turned and the deposits will come back again as fast as they were withdrawn yesterday. Santa Claus biraself at Shaw's
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RUN ON A PORTLAND BANK. DEPOSITORS WERE FRIGHTENED BY APPARENTLY GROUNDLESS RUMORS. Portland, Me., Dec. 22.-A rumor of unknown origin concerning the solvency of the Portland Savings Bank, started a run on the bank to-day. Deposits were turned over as fast as the books were presented. most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that officials of the bank decided to guard against running short of ready cash by taking refuge behind the means provided by law. The statement issued says the bank has a surplus of $1,250,000 invested in Government securities. About $125,000 was paid out to-day, and the bank will reopen in the morning prepared to meet any and every demand. State Bank Examiner Timberlake gave a statement for publication, saying that a great deal of this disturbance grew out of the failure of Woodbury & Moulton, and the alleged connection of the bank with that firm. While the bank had loaned money to Woodbury & Moulton, it had collateral sufficient to secure it from any loss. The last examination showed a surplus of about $1,250,000, and the condition of the bank has not materially changed since that time.
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The Run on Bank Continues Portland, Me., December 23.-The run on the Portland Savings bank, which began yesterday, continued today in a mild form, a few out-of-town depositors having decided to draw out their savings. Otherwise the situation was much quieter. The bank received $50,000 in bills from Boston today, and with this amount it was believed all demands could be met. The affairs of the bank are in good condition, and it is expected the excitement will soon subside.
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Run on the Portland Bank. PORTLAND, Me., Dec. 23.-The run on the Portland Savings bank, which began yesterday, continued today in a mild form. a few out of town depositors having decided to draw out their savings. Otherwise the situation was much quieter. The bank received $50,00G in bills from Boston today, and with this amount it was believed all demands could be met. The affairs of the bank are in good condition, and it is said that the excitement will soon subside.
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A RUN ON A BANK. Portland, Me., December 22.-A rumor of unknown origin concerning the solvency of the Portland savings bank started a run on the bank today. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that the officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law. About $125,000 were paid out today, and the bank will re-open in the morning prepared to meet any and every demand.
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A joker asked an acquaintance in Portland, Me., a few days ago, "Have you heard the news about the Portland Savings bank?" "No." "It closed its doors at 3 yesterday." This remark was repeated in different forms until people became alarmed, and the result was a run on the back, about $50,000 being withdrawn by depositors. The bank is solid as a rock, and has $125,000 surplus invested in government bonds.
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cago English cabbies, fought over the boer war, and Cook, the boer champion, was knocked out in one round. Cornelius N. Bliss, formerly secretary of the interior, is talked of as a vice presidential probability. So are Root, De Young, and Woodruff. Among nominations for postmasters sent by the president to the senate were Eugene L. Hote, Milford, Ill., and N. H. Ingersoll, Brainerd, Minn. Tod Sloan, the American jockey, and E. C. Bald, the professional bicycle rider, arrived on board the Cunard liner Campania, from Liverpool. Severe earthquake shocks were felt Christmas in southern California; buildings were wrecked at San Jacinto and Hermit and six squaws killed. At Reading, Pa., General Miles inspected the big Brown segmental tube wire gun now approaching completion and was favorably impressed. Mayor Gorman has forwarded a formal invitation to the officers of the 1st Wisconsin cavalry to hold their regimental reunion in Kenosha in 1900. F. M. Etheridge, a prominent lawyer of Dallas, fatally shot Attorney Edwin 0. Harrel four times in a crowded elevator in the North Texas building. Captain Louis Schneeberger cashier of the Baltimore postoffice, committed suicide by shooting himself. Unfortunate speculations were the cause. At Bay City, Mich., the saw mill and salt block of McEwen Bros. & Co., together with 6,300 barrels of salt, were burned. Loss, $78,000; insurance, $24,*000 The withdrawal of the three White Star liners, used now as British army transports, greatly interferred with the Christmas mails to and from New York. The University of Pennsylvania's free museum of science and art has been formally opened. A bronze statue of the late Dr. William Pepper was unveiled. At Gilliopolis, Ohio, the home of Luke Darst was burned and a 10-yearold son perished in the fire. Darst and eight children were rescued with difficulty. There was a run on the Portland (Me.) Savings Bank and about $125,000 in gold was paid out. The officials say the bank is prepared to meet all demands. Charles McKinney of Mount Pleasant, Mich., was selected as president of the Milwaukee Normal school to succeed L. D. Harvey, the state superintendent. At Marshall, Mich., the jury acquitted Mrs. Sanderson, the Baraboo woman, of the charge of murdering her husband by placing powdered glass in his food. W. Seward Webb has been elected a director of the Lake Shore & Michigan Southern railraod, to fill the vacancy caused by the death of Cornelius Vanderbilt. The decision of Judge White in the case of the city of Pittsburg against State Senator William Flynn and others, for $200,000 damages, acquits the defendant. At the Founders' day banquet in Detroit General Alger eulogized General Lawton, after which the entire assemblage arose and drank a toast to his memory. At Natick, Mass., Lewis Perry, aged 33. a Spanish war soldier, was shot and killed by Miss Lizzie Morse, while he was attempting to force an entrance to her dwelling. At Binghamton, N. Y., John Edgar Gardiner, in order to get his picture in print, shot his young wife and then killed himself. Gardiner was 60 years of age, his wife 29. The American Express company gave $5 to each of its employes Christmas. The Clevland City railway company made similar gifts to those who were loyal during the strike. At Ridgeland, S. C., Mormon elders have established a church at which The