Society For Savings (Cleveland, OH)

Episode Information

Episode UID
6005171323
Episode Type
Run Only
Bank Type
state
Bank ID
600517 routing
Routing Number
6-0051
Start Date
March 9, 1910
Location
Cleveland, Ohio (41.499, -81.695)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2448fd0e1c96d7dc

Response Measures

None

Events (1)
1. March 9, 1910 Run
Cause
Rumor Or Misinformation
Cause Details
Groundless rumors circulating (not a specific mistaken communication), reportedly originating in the foreign section of the city; officials called them groundless.
Measures
Offered to pay all demands; kept bank open extended hours; brought in sacks of gold by express under police guard; deployed police and detectives; offered rewards and hired detectives to trace rumor origin.
Newspaper Excerpt
Rumors started a week ago and developed into a run on the bank yesterday afternoon.
Source
newspapers

Newspaper Articles (15)
1. March 10, 1910 The Detroit Times Detroit, MI
Article from The Detroit Times, March 10, 1910

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Article Text

CLEVELAND BANK ASSURES CLIENTS President Herrick Says Society of Savings Institution Is in Fine Shape and Run Is Checked. CLEVELAND, O., March 10.-The Society of Savings opened its doors at 9 a m. today with an announcement by former Gov. Myron T. Herrick, president, that it was prepared to pay all demands made upon it. This had a reassuring effect on the 1,500 depositors lined up, passbooks in hand, and some left the line to return to their homes. Chief Kohler was in personal charge of a force of 60 uniformed men and 20 detectives, distributed through the crowd. Rumors started a week ago and developed into a run on the bank yesterday afternoon. Just before the bank opened an automobile drew up to the side entrance and several sacks of gold coin were taken into the bank under police guard. This had come by express from New York, where the Society for Savings maintained deposits, and was added to the $6,539,656 in available cash which the bank held within its vaults and has on deposit in other Cleveland banks to pay any demand. The opening of the bank followed also this reassuring statement by B. B. Seymour, state superintendent of banks: "The recent examination of the affairs of the Society for Savings was made by examiners from this department. This examination was careful and thorough, covering all securities of every kind and cash on hand. Every security was examined and all cash was counted. It was found to be in perfect condition; entirely within the law in every respect and with abundance of means to protect every depositor. "We are able to positively state that the bank is in position to meet every demand upon it, and no depositors have any cause for alarm." Added to this was a formal statement by President Herrick after a meeting of the trustees last night, called upon Herrick's arrival from an eastern trip. Herrick said the bank would pay every depositor's demand, but urged the people not to withdraw their savings. losing interest for the present quarter year, amounting to 1 per cent and suffering probable loss by robbery. In this later point he was joined by Chief of Police Kohler. The society's available cash assets yesterday totalled $6,539,656. Besides this cash the bank has on hand government bonds worth $1,000,000; state, county, city and steam railroad bonds worth $30,000,000 and loans on real estate, worth at least twice the amount of the loans of $12,000,000.

2. March 10, 1910 The Daily Missoulian Missoula, MT
Article from The Daily Missoulian, March 10, 1910

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RUN MADE ON BANK. Cleveland, March 9.-A run upon the Society for Savings, a mutual savings association with deposits of more than $40,000,000, startled the 70,000 depositors of the society today. The run began early this morning, and though the bank kept its doors open until several hours after the regular closing time, a great crowd remained outside tonight. The origin of the run is unknown.

3. March 10, 1910 The Washington Herald Washington, DC
Article from The Washington Herald, March 10, 1910

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RUN ON HERRICK'S BANK. Big Cleveland Institution WithStands Shock Well. Cleveland, March 9.-Unusual assurances of their bank safety were given the depositors of the Society for Savings, the only mutual bank in Ohio, to-night, following a run on the institution this afternoon which continued till 6 o'clock, when the bank closed its doors for the day, after remaining open three hours after banking hours. B. B. Seymour, State banking superintendent from Columbus, addressed a signed statement to the depositors to the effect that the bank's condition was excellent. Myron T. Herrick, former governor of Ohio, president of the society, to-night issued a statement in which he declared reports involving the bank had been circulated in some unaccountable manner. and added that the bank was in perfect condition.

4. March 10, 1910 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, March 10, 1910

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RUN STARTED BY A RUMOR Cleveland Society For Saving Well Able to Pay all Depositors on Demand. MANY SEEM SATISFIED Special by United Press Wire. Cleveland, O., Mar. 10:-The Society for Savings opened its door today with the announcement by former Governor Herrick, its president, that it was prepared to pay all demands made upon it. This had a reassuring effect on 1,500 depositors lined up, and some left without making withdrawals. Just before the bank opened several sacks of gold coin were taken into the bank from New York and added to the $6,539,656 in cash which the bank holds in its vault and on deposit with other Cleveland banks. The society's available cash assets yesterday totaled $6,535,556, besides having on hand government bonds worth $1,000,000, other bonds worth $30,000,000 and loans on real estate amounting to $12,000,000. The run developed yesterday at noon when about 100 depositors lined up at the paying teller's window. By three o'clock the crowd had increased to a thousand. It was started by rumors. Secretary-Treasurer Dexter ordered that any who wish should receive their savings. The bank was kept open until 5 o'clock when announcement was made that the remaining depositors could come this morning.

5. March 10, 1910 The Paducah Evening Sun Paducah, KY
Article from The Paducah Evening Sun, March 10, 1910

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HERRICK'S BANK OPENS WITH PLENTY OF GOLD Oleveland, O., March 1').-The Society for Savings opened its doors at 9 o'clock this morning with announce ments by former Governor Mvron T. Herrick, the president, that it was prepared to pay all demands made upon it, This had a reassuring effect on 15,000 depositors lined up, pass book in hand, and they left the line to return home. Chief of Police Kohler was in charge of the special force of 60 uniformed men and 20 detectives, distributed through the crowd, attracted by rumors starting last week and developing into a Tun on the bank yesterday afternoon. Just before the bank opened a big auto drew up to the side entrance and several big sacks of gold were taken in under police guard.

6. March 11, 1910 The Detroit Times Detroit, MI
Article from The Detroit Times, March 11, 1910

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Article Text

CLEVELAND BANK ASSURES CLIENTS President Herrick Says Society of Savings Institution Is in Fine Shape and Run Is Checked. CLEVELAND, O., March@10.-The Society of Savings opened its doors at 9 a m, today with an announcement by former Gov. Myron T. Herrick. president, that it was prepared to pay all demands made upon it. This had a reassuring effect on the 1,500 deposttors lined up, passbooks in hand, and come left the line to return to their homes. Chief Kohler was in personal charge of a force of 60 uniformed men and 20 detectives, distributed through the crowd. Rumors started a week ago and developed into a run on the bank yesterday afternoon. Just before the bank opened an automobile drew up to the side entran and several sacks of gold coin were taken into the bank under police guard. This had come by express from New York, where the Society for Savings maintained deposits, and was added to the $6,539,656 in available cash which the bank held within its vaults and has on deposit in other Cleveland banks to pay any demand. The opening of the bank followed also this reassuring statement by B. B. Seymour, state superintendent of banks: "The recent examination of the affairs of the Society for Savings was made by examiners from this depart. ment. This examination was careful and thorough. covering all securities of every kind and cash on hand. Every security was examined and all cash was counted. It was found to be in perfect condition; entirely within the law in every respect and with abundance of means to protect every depositor. "We are able to positively state that the bank is in position to meet every demand upon it, and no depositors have any cause for alarm." Added to this was a formal statement by President Herrick after a meeting of the trustees last night, called upon Herrick's arrival from an eastern trip. Herrick said the bank would pay every depositor's demand, but urged the people not to withdraw their savings, losing interest for the present quarter year. amounting to 1 per cent and suffering probable loss by robbery. In this later point he was joined by Chief of Police Kohler. The society's available cash assets yesterday totalled $6,539,656. Besides this cash the bank has on hand government bonds worth $1,000,000: state, county, city and steam railroad bonds worth $30,000,000 and loans on real estate, worth at least twice the amount of the loans of $12,000,000.

7. March 11, 1910 The Bridgeport Evening Farmer Bridgeport, CT
Article from The Bridgeport Evening Farmer, March 11, 1910

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BANK HAS MILLIONS (Special from United Press.) Cleveland, March 11.-There was scarcely a seniblance of the two days' run on the Society for Savings when the bank opened today. There were but about 100 people in line when the doors opened. As soon as the rur started every depositor was assure that the bank's vaults still contained millions in gold and silver coins. WANT ADS. CENT A WORD

8. March 11, 1910 Watertown Leader Watertown, WI
Article from Watertown Leader, March 11, 1910

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BANK RUN CONTINUED. Cleveland (0.) Institution Places $6,539,656 on Hand to Pay Long Line of Depositors. CLEVELAND. O., March 10.-The run on the Society for Savings which began Wednesday was renewed this morning. Hundreds of depositors, while waiting to withdraw their savings, were held in a block-long line by a squad of policemen. Thousands of persons attracted by the report of a run. thronged the public square. When the bank opened today the officers announced that there was on hand and ready for depositors $6,539,656 in currency. Depotsitors are being paid off as rapidly as they present their books. The run was started by rumors that originated in the foreign section of the city, SO far as the officials are able to learn. Another theory was that, like a run on a Chicago bank, it was started by thieves who expected to reap a harvest in the excited throng.

9. March 11, 1910 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, March 11, 1910

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News of the Day. Dr. Frederick A. Oo k srrived at Rio Janeiro Wednesday under a fictitious name. He will leave for New York on March 18. A sharp 'earthquake was felt in San Francisco about 10:55 clock last night. Telephone and selegraph companies report it was felt in other parts of the state. Dol. Alexander Robert Chisolm, formerly lieutenant colonel on the staff of General G. T. Beauregard, of the armies of the Confederacy, died yesterday at his home in New York. The United States Military Academy bill, appropriating $1,700,000, was pass. ed by the House yesterday. The Indian appropriation bill, carrying about ten million dollars, passed the Senate. The engagement announced of Miss Louise Dolin Goldsborough, daughter of Dr. and Mrs. Brice Worthington Goldsborough, of Oambridge, Md., to Mr. Barr Powell Harrison, son of the late Powell Harrison and Mrs. Harrison of Leesburg. The wedding will take place on April 21. The run on the Society for Savings Et Oleveland, Ohio, is believed at an end. Assurances took the form of offers of many local bond houses and other con. cerns to accept bank books at face value, with intmest, and of heavy deposits by big concerns. The dispute between the Baltimore and Ohio Company and its conductors and trainmen was not settled by the mediatory conferences conducted by Dr. Charles P. Neill. The outlook is brighter, however, and an agreement may be reached today. Collector Stone's name has not been withdrawn by President Tait. His nomination for collector of the port of Baltimore has simply been held in abeyance by the Senate, pending an investigation of the charges laid against him. Representative James B. Perkins, of New York, died at Garfield Hospital at 1:15 this morning after a month's illness, aged 63 years. Present at his bedside when the end came were his wife and the nurse who had been attending him during his illness. His death was due to intestinal troubles, from which he had been suffering for several months, In a decision rendered yesterday Attorney General Wickersham held that all foreign stgamship companies whose vessels ply between the ports of this and other counties are subject to the provisions of the corporation tax and must furnish an accounting and pay into the United States treasury a tax of 1 per cent upon their net incomes from business transacted and capital invested in the United States. Deputy Chiesa, yesterday in Rome, fought the second of a series of duels, the outcome of allegations which he rerecently made in the chamber against the Baroness Siemens and the Duchess Di Litta. The deputy, on this occasion, crossed swords with General Fecladi Cossato. After twenty-four assaults, the general was wounded in the cheek and the duel ended by his shaking the hand of his adversary and embracing him. The Dudley pearl, which was imported by Dreiscer & Co., of New York has been sold for 8 little more than $200,000. The name of the purchaser was not divalged. "The Dudley pearl is the finest specimen of the collection of the Earl of Dadley, who was famous as an amateur collector of these gems," said a member of the firm. "It weight more than 200 grains. It is from the Indian fisheries, and Is of exquisite luster, he- we ing 8 pinkish white.". Mrs. Jack Oudshy, of Kansas City, whose husband attacked Banker Jere F. Lillis, has refused offers to go on the etage, Lillis is quoted as saying that Mrs. Cudshy had been unjustly accused of misconduct, He is said to be rapidly

10. March 12, 1910 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, March 12, 1910

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"PANIC" IN CLEVELAND IS NOW ANCIENT HISTORY CLEVELAND. March 11.-After as vigorous a run on a banking house as has ever been known in Ceveland, the stampeded depositors of the Society for Savings today regained their equilibrium and this afternoon the panic was over. In the two days and a half that the run lasted. $1,250,000 was withdrawn, at the rate $1225 a minute. Spurred by the offer of $6000 in rewards, $1000 of which is personally offered by former Governor Myron T. Herrick. president of the bank. thousands of amateur detectives are tonight searching for the originators of the groundless rumors on which the run was based. The offense is a criminal one in this state. It is said that the bank officers have practically located the source of the canard.

11. March 12, 1910 Arizona Republican Phoenix, AZ
Article from Arizona Republican, March 12, 1910

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CLEVELAND BANK RUN A THING OF THE PAST Search For the Men Who Started the Alarming Rumor. Cleveland, O., March 11.-After as vigorous a run on a banking house as was ever known in Cleveiand, the stampeded depositors of the Society for Savings company, regained their equanimity this afternoon and the panic was over. In the two days the run lasted, money was withdrawn at the rate of $1255 per minute. Spurred by an offer of $6000 reward, $1000 of which was personally offered by former Governor Herrick, president of the bank, a thousand amateur detectives are tonight searching for the originators of the rumors on which the run was based.

12. March 13, 1910 New-York Tribune New York, NY
Article from New-York Tribune, March 13, 1910

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BANK DEPOSITORS PAUPERS. Savings Bank Run in Cleveland Showed Means of City's Wards. Cleveland, March 12.-The recent run on the bank of the Society for Savings developed the fact to-day that some of the bank's depositors are supported by the city as paupers. Standing in the long line of frightened depositors, seven of these supposed paupers were discovered. One of them was a woman who, investigation showed, had been a public charge for twenty years. Another had $1,000 to her credit. A man who had that day applied to the city for a ton of coal had an account of $900.

13. March 17, 1910 River Falls Journal River Falls, WI
Article from River Falls Journal, March 17, 1910

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Run on Bank Renewed. Cleveland, O.-The run on the Society for Savings bank was renewed Thursday. The officers announced that $6,539,656 awaited depositors, who were paid off as rapidly as they presented books.

14. March 17, 1910 The Port Gibson Reveille Port Gibson, MS
Article from The Port Gibson Reveille, March 17, 1910

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# BANK TIDES OVER RUN. Pays Off Depositors at Rate of $1225 a Minute. Cleveland, O. - After as vigorous a run upon a banking house as has even been known in Cleveland, the stampeded depositors of the Society for Savings regained their equilibrium and the panic is over. In the two days and a half that the run lasted, $1,250,000 was withdrawn at the rate of $1225 a minute. As the majority of the deposits affected were small ones, hundreds amounting to less than $100, the record made by the bank in handling the withdrawals is regarded as remarkable. Spurred on by the offer of $6000 in rewards, $1000 of which is personally offered by former Gov. Myron T. Herrick, president of the bank thousands of amateur detectives are searching for the originators of the groundless rumors on which the run was based. In addition, several detective agencies have been employed by the bank in the quest, as the offense is a criminal one in this state.

15. May 16, 1933 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, May 16, 1933

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# 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.