Article Text
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 Type
- Run → Suspension → Reopening
- Start Date
- December 22, 1899
- Location
- Portland, Maine (43.661, -70.255)
- Bank Type
- savings
- Routing Number
52-0009
Metadata
Events (3)
1.
December 22, 1899
Run
- Cause
- Rumor Or Misinformation
- Cause Details
- Rumor of unknown origin about the bank's solvency (alleged connection with Woodbury & Moulton mentioned).
- Measures
- Paid out deposits as presented (about $125,000); obtained cash shipments (e.g., $50,000 from Boston); guarded against shortage by invoking statutory measures to limit payments.
- Newspaper Excerpt
- 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.
- Source
- newspapers
2.
December 22, 1899
Suspension
- Cause
- Rumor Or Misinformation
- Cause Details
- Bank officials closed doors and invoked legal protections to avoid running short of cash in response to the rumor-driven run.
- Newspaper Excerpt
- The crowd reached such proportions ... officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law. ... the doors were closed.
- Source
- newspapers
3.
December 23, 1899
Reopening
- Newspaper Excerpt
- About $125,000 was paid out to-day and the bank will reopen in the morning prepared to meet any and every demand. ... confidence was soon restored and at noon the run had subsided.
- Source
- newspapers
Newspaper Articles (16)
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Article Text
Run on a Bank
Portland, Me., Dec. 22.-A run was started this morning on the Portland Savings bank. It was caused by rumor that the institution was in straitened circumstances. The bank officials declare that the concern is absolutely sound and that they are paying depositors as fast as they present their books.
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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 A BANK
& Rumor Frightens Depositors in a Portland, Me., Institution. 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
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Run on a Portland Bank, 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. 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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Article Text
Run on Portland Bank
I Portland, Me., Dec. 22.-A rumor of unknown origin concerning the solvency of the Portland Savings bank, caused a run on the bank today. The 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. how. ever. 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 today and the bank will reopen in the morning prepared to meet any and every demand.
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Article Text
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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Article Text
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 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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Portland, Me., Bank Run Ended. PORTLAND. Me., Dec. 23.-There was another crush of depositors at the Portland Savings Bank this morning. but confidence was soon restored and at noon the run had subsided. Florida and Cuba. Southern Ry. Perfect Dining and Sleeping Car Service. New York Office, 271 Broadway.-Adv.
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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.