7291. Baltimore Savings Bank (Baltimore, MD)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
December 17, 1853
Location
Baltimore, Maryland (39.290, -76.612)

Metadata

Model
gpt-5-mini
Short Digest
060d99421f1bd17f

Response Measures

None

Description

Multiple contemporaneous newspaper reports (Dec 17–19, 1853) describe a heavy run on the Baltimore Savings (Savings' Institution) provoked by unfounded rumors of railroad-stock speculation. The bank paid all demands, kept open late, employed extra clerks, and confidence was gradually restored; there is no mention of a suspension, receivership, or permanent closure. OCR variants (Savings' Institution / Saving's Bank) corrected to Baltimore Savings Bank/Institution.

Events (1)
1. December 17, 1853 Run
Cause
Rumor Or Misinformation
Cause Details
Unfounded rumors that the bank was involved in railroad-stock speculations and thus unsafe; rumors circulated among mechanics and poorer classes (especially Germans).
Measures
Bank paid all demands, employed about twenty extra clerks, kept open late (until 9–12 PM), invited uneasy depositors to return Monday; refused redeposits in some cases and noted forfeiture of extra dividends for those who withdrew.
Newspaper Excerpt
There has been quite an excitement ... by a rumor that the Baltimore Savings Bank ... was in a doubtful condition ... causing a run on the bank
Source
newspapers

Newspaper Articles (10)
1. December 18, 1853 The Daily Union Washington, DC
Article from The Daily Union, December 18, 1853

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Article Text

BANK EXCITEMENT BALTIMORE, Dec. 17 .-There - has been quite an excite. ment to-day among our mechanics and poorer classes, es. pecially the Germans, by a rainor that the Baltimore Savings' Bank, which holds deposites to the extent of about $3,500,000, was in a donbtful condition on account of certain railroad-stock speculations. These rumors are of course unfounded, but have had the intended effect of causing a run on the bank, and they have had about twenty extra clerks employed all day in paying off the depositors, and will keep open for the purpose till 12 o'clock tonight. Many of the excited depositors have sacrificed their deposites to greedy shavers at 50 cents on the dollar.

2. December 18, 1853 Washington Sentinel Washington, DC
Article from Washington Sentinel, December 18, 1853

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Article Text

Bank Excitement. BALTIMORE, Dec. 17.-There has been quite an excitement to-day among our mechanies and poorer classes, especially the Germans, by a rumor that the Baltimore Savings Bank, which holds deposits to the extent of about $3,500,000, was in a doubtful condition, on account of certain railroad stock speculations. These rumors are of course unfounded, but has had the intended effect of causing a run on the bank, and they have had about twenty extra clerks employed all day in paying off the depositors, and will keep open for that purpose till 12 o'clock to-night. Many of the excited depositors have sacrificed their deposits to greedy shavers at 50 cents on the dollar.

3. December 19, 1853 The New York Herald New York, NY
Article from The New York Herald, December 19, 1853

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Article Text

Items from Baltimore. RUN ON A SAVINGS BANK-JUDGE MASON-MEXICAN NEWS, ETC. BALTIMORE, Dec. 18, 1853. There was a heavy run yesterday on the Baltimore Savings Bank, owing to the unfounded rumors that it was engaged in stock speculation. About one thousand depositors withdrew their funds the bank keeping open until nine o'clock, P.M. to accommodate them. It has deposits to the amount of over three millions of dollars. Judge Mason, Minister to France, will sail from New York in the steamer of the 24th December. The New Orleans mail of Monday is received. The pa. pers contain details of the Mexican news up to the 8th instant. The only item of interest is the statement that the plan of Guadalajara relative to the prolongation of Santa Anna's powers had been seconded by the capital and other important cities A proclamatio a to this effect, issued by the government of the city of Mexloo, was received with great demonstrations of joy by the people.

4. December 19, 1853 Daily Evening Star Washington, DC
Article from Daily Evening Star, December 19, 1853

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Baltimore Correspondence. BALTIMORE, December 18, 1853. Preitement about the Baltimore Saving's Bank-The Italian Opera, No. The foolish run on the Baltimore Saving's Institu tion, situate in south Gay street, near the Exchange, caused some excitement yesterday. There are various suruises as to how the report of weakness in that old established and perfectly sound Institution gained currency. Some say the report first started in Washington-that persons there circulated a rumor, stating the bank had made heavy loans to the Baltimore and Ohio Railroad Company-that said Company was unable to meet its engagements and the bank was on the eve of breaking. This rumor was transmitted to Baltimore where it was spread amongst the poorer classes, who not understanding the modus operandi of breaking, went upon the maximi-"a bird in hand is worth two in the bush," and withdrew their funds. A German paper here is also said to have published an inflamatory article against the Institution, exciting many Germans to withdraw their deposits. Some of the knowing police say it was a cunning scheme gotten up by rogues, whose policy was to induce personato transfer their money from their banks to their houses, where it could be the more easily stolen from them. There would seem to be some plausibility for this, as several known thieves, pickpockets and persons of that class, were seen amongst the crowd taking observations, and watching very closely those who carried off money. A good many house robberies have recently been perpetrated in our city, and the rogues finding it successful, were probably desirous of having houses better supplied with "material aid." One thing is certainly true, that money is more secure deposited in this Institution, than in the dwellings of those who own it. I would therefore advise them to return it again to the bank as soon as possible. It is also surmised that some of the Bears. in stock operations had an agency in getting up the excitement The run continued during all of Satfurday until the bank, after paying out about $150, 000, closed its doors at the regular hour and invited all who felt uneasy to come back on Monday and withdraw their deposits, if desirable. Towards the close, however, the excitement and uneasiness was considerably allayed. Messrs. Columbus O'Dounell, Johns Hopkins, John S. Gittings, Robert Garrett, and others of our wealthy citizens came forward and assured the people that the Institution was perfectly sound, but pledged their private fortunes toredeem every dollar of its liabilities if necessary. I have no doubt that on to-morrow many who with. drew their funds, will feel ashamed of themselves and ask the privilege of re-depositing, which will probably be refused by the bank. By the regulations of the Institution, I am told, that those who withdrew their deposits, have forfeited their claims to an extra dividend which was due 111 a few days. ! may say that there is no sounder Institution in the State of Maryland than this. The run upon it was entirely without cause, but when once started spread like wild tire. People did not stop to inquire for causes. They were in a position beyond the control of reason. Allow me to bespeak for the Italian Operato morrow night in your city, a full and brilliant house. If Signora DeVries does not give satisfaction. I am much mistaken in the musical taste of your Washingionians. RODERICK.

5. December 19, 1853 Daily Evening Star Washington, DC
Article from Daily Evening Star, December 19, 1853

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BALTIMORE, Dec. 19, 12 M.--The run on the Baltimore Savings' Institution continues. A large crowd is inside and outside the Bank, which continues to pay all demands. The Institution is as ffrm as Gibraltar. Many of the alarmists are getting ashamed. The excitement is abating.

6. December 19, 1853 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, December 19, 1853

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Article Text

BANK EXCITEMENT. BALTIMORE, Dec. 17.-There has been quite an excitement to-day among our mechanics and poorer classes, especially the Germans, by a rumor that the Baltimore Savings' Bank, which holds deposites to the extent of about $3,500,000, was in a doubtful condition on account of certain railroadstock speculations. These rumors are of course unfounded, but have had the intended effect of causing a run on the bank, and they have had abouttwenty extraclerks employed all day in paying off the depositors, and will keep open for the purpose till 12 o'clock to-night. Many of the excited depositors have sacrificed their deposites to greedy shavers at 50 cents on the dollar.

7. December 20, 1853 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, December 20, 1853

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Article Text

BALTIMORE, Dec. 18.--There was a heavy run of on the Balamore Savings Bank, in consequence About one an unfounded rumor of speculations. thousand depositors withdrew-their funds, the bank keeping onen until 9 o'clock. Its deposits amounted to over three millions.

8. December 20, 1853 Daily Evening Star Washington, DC
Article from Daily Evening Star, December 20, 1853

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Baltimore Correspondence. BALTIMORE, December 19, 1853. The Irish Social Benevolent Society, held a meeting to-night, at Rechabite Hall, where there was a very full attendance. The Hon. T. Y. Walsh delivered a lecture on the occasion. He acquitted himself admirably, and drew forth thun ders of applause. The Committee who went to New York to read the address of welcome to John Mitchell, the Irish patriot, were present. and reported that they had performed their duty, and that the distinguished exile had promised to meet his friends in Baltimore, and partake of their hospitalities, at the earliest practicable opportunity. The run upon the Baltimore Savings Institution was continued to some extent during this morning. Confidence, however, became gradually restored, and about two o'clock, P. M., the anxious and excited crowd had entirely dispersed, having become perfeetly convinced that the bank was good. Very many who foolishly drew out their money on Saturday, thereby forfeiting their extra dividend, endeavored to deposite their fundsagain to day, but the bank refused to receive them. Quite a number of poor, ignorant persons, sold their certificates or deposite, at a large sacrifice. There were numerous sharps upon the qui vive to pick up such customers. I learn that some thieves entered Mount Calvery Church, in this city, last night, and stole the robes, vestments, &c., belonging to Bishop Whittingham. Their portion will be in a hot place for this sacreligious offence. To rob 2 poor preacher of his garments, must require hardened consciences. RODERICK.

9. December 21, 1853 Daily Evening Star Washington, DC
Article from Daily Evening Star, December 21, 1853

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PROGRESS or BUSINESS BEFORE CONTRESS The Committee of Ways and Means have reported their leading bills with more primptitude at this session than ever before since the organization of Congress. This businessllike Fail to of discharging their duties cannot work way great influence in expediting the have before Congress. It will enable all themem- that bers to digest every recommendation so the when they come to vote on them most of time usually devoted to their explanation over again will be served. The promptand ness over manifested by the Committee on Naval Affairs also, deserves due credit. CONSUL CLAYTON'S ALLEGED RESIGNATION. It is presumed here, that if Judge Clayton, U.S Consul at Havana, has resigned that post as alleged this morning in the newspa his act has resulted from the death with of pers. his favorite nephew, whom he carried out gentlehim as his private Secretary. That man died shortly after the Judge arrived out. MR. J. Y. MASON. U.S. Minister to France, arrived here this morning and left for New York this afternoon. to embark there, on Sat- his post. furday next, for Liverpool, on his way to AN IMPORTANT COMMERCIAL Move-Mr. Waiker, of New York city yesterday presented memorial from the Chamber of Commerce of a York, asking the Government to take acNew to procure the abolishment of the sound the tion the Baltic, which was referred to duties in on Commerce. Mr. W. also introCommittee resolution calling on the President for duced information a on this subject, which was agreed to. Dean yesterday went in for a little buncombe in the way of getting a snap judgment of the House resolu- in faof his Ingraham thanks and sword it tion. vor He moved the previous question on ero it could be discussed Mr. Smith, of Alabama. the original anti Kossuth man, moved to lay it on the table, calling for the yeas and nays on that motion; which were not ordered, and his motion was agreed to. Mr. Cerritt Smith asked but leave the not debate the proposition of Mr. Dean, Dean's to ruled him out of order. Mr. also Speaker was evidently for Buneombe-so move of the anti-Kossuth Mr. Smith, as well as a that the pro-Kossuth Mr. Smith's effort to make speech. So we go, in Washington, already A HEAVY DAY'S BUSINESS.-The money transactions of the Treasury Department were remarkably heavy yesterday the U.S. stocks redeemed being larger in the aggregate amount than ever before in a single day. than $300,000 of such stocks were redeemed More on account of the Baltimore Saving's been a Bank upon which there has recently severe run. it will be recollected. JAMES COLLIER, THE DEFAULTING Ex-ColLECTOR.-We understand that the Secretary of the Treasury has instructed the District Court Atof Ohio to appeal to the Supreme terney State against the decision of the judge Exof who that recently discharged James Collier, from of the port of San Francisco The Collector under a writ of habeas corpus. cases. custody laws of Ohio authorise such an appeal in such THE WHEEL WITHIN A WHEELto be thought that the proposition seems allow the public lands (House) to a clerk. was conceived with the committee to make a place for Mr. F. J. Grund, the talented view newspaper man. It is certainly a place wherein there will be "little to do," and. it may be, much to get." however, will depend upon whether himThat. to be elected to it shall busy offer the person in grinding axes." or not. It will indeed. self charming facilities for a lobby man, THE CURRENT OPERATIONS OF THE TREASURY DeDEPARTMENT.-On yesterday, the 20th of cember, there were of Treasury Warrants entered on the books of the Department$409,437 33 For the redemption of stocks For Treasury Department, exclusive of stocks 5,788 37 For the Customs 18,051 79 Covered into the Treasury from 1,610 97 miscellaneous sources 25.418 61 For the War Department 25.603 86 For the Navy Department For re-paying for the Navy De389 00 27,627 97 For partment the laterior Department

10. December 22, 1853 The New York Herald New York, NY
Article from The New York Herald, December 22, 1853

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The Run on the Baltimore Savings Bank. We stated OR Saturday, says the Baltimore Patrint of the 19th instant, that a run had been made on the Savings Bask of Baltimore, in consequence of some fool ish reports which had been started relative to the selven. cy of that institution. The directors. instead of closing at 1 o'clock, as usual, or of refusing, according to the terms of their charter, to refund without a week's notice, met promptly every depositor, asking no questions, and continued until a late hour in the evening to settle up and balance accounts with all applicants who presented themselves The American has the following in reference to the subject:The amount of deposits held by it are over $3,000,000, and we have never seen & stronger exemplification of its widespread usefulness than in the character of some of is depositors, as assembled around the bank on Saturday. Many of them to outward appearances, might be supposed to be almost pennilees, but their deposit books showed that they had formed the nucleus of a fund that will doubtles, with the habits of industry and economy ac. quired by ite accumulation, lead them to substantial prosperity. Thousands of our citizens, many of whom are now in affluent circumstiness, trace their success to their early savings accumulated under the auspices of the institution, which is now, asit always has been, under the control of precent, efficient, and upright officers During the panis on Saturday a number of the more telligent depositors came to the counter to make de posita, but the officers refused to receive them, and some of those who had drawn their deposits in the morning endeavored to replace them in the evening, but they were also refused. Those who drew their money not only lose their accruing interest. but also forfeit claims to the extra dividend to be declared in April next. Hence the originators of these unfounded rumors have perpetrated most serieus injury on these worthy people, independent of the excitement into -hich they were thrown by the fear of the less of their hard earned money, slo aly accamulated from the wages of labor. Many of them. also, under the excitement to which they were subjected sold their deposits to shavers, who were prowling about, at from fifty to se enty-five cents on the dollar. We were pleased, however, to see & number of our most prominent and wealthy citiz-n mixing in the throng of deposit rs. and quieting their fears, as well as saving them from fraud, b offers to take their books at the full amounts. One depositor was offering his book with deposits to the amount of $310. for $125, and was saved from loss by a responsible II erchant, who gave him the amount a ked; and then giving him his business carc, told him hat when he want +c to redeem his ok he could do 80 by refunding the money advanced on it. One of the original causes of this excitement was an imprudent publication made some weeks since relative to the new bu Icing being erected for the bank. on the cor per of Second and Gav streets, accompanied with charges against its officer and directors of wasting the fands o' the institution. We have heard of one instance of & poor man who had accumulated over $300, on the strength of this publication drew it out, and under the exsitement took to drink, entirely squandering in three weeks the savings of three years. With regard to this new banking house, we happen to know that it is being built from & surplus fund which has been accumulating for many years, having been originally set aside (or this object, and that it can in no way interfere with the regular dividend of the bank, as has been supposed by its depositors The Times of the 20th inst. skys:-It seems that the movement on Saturday was & preconcerted arrangement of adroit scan pa. Parties outside were as busy almost as the clerks inside, buying up at great deductions the earning that months and years of toil had accumulated. Some sold at fifty cents on the dollar. while others were more fortunate and negotiated at a discount of twenty. five per cent. Many o' our most prominent and wealthy citizens were in the midst of the crowd. and offering to take their books for the tull amount of their deposites, thus quieting and satisfying a great number. The back held deposits over $3,000,000, and its great usefulness to the community is, ther fore, portrayed in the strongest ligh An institution conducted upon the principles that this one is. we think a blessing to any community. Its character is unapproachable, and the invidious standers of corrupt and designing parties, must, sooner or later. recoil upon the authors of 80 base an act.