7328. Eutaw Savings Bank (Baltimore, MD)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
December 5, 1878
Location
Baltimore, Maryland (39.290, -76.612)

Metadata

Model
gpt-5-mini
Short Digest
ce350540b19b7a6e

Response Measures

None

Description

Multiple December 1878 newspaper reports describe a brief run on the Eutaw Savings Bank (Dec 5–7, 1878). The bank paid depositors promptly, did not suspend payments or invoke the 30/60/90 rule, and the run ended; no receivership or permanent closure is reported. Causes cited include rumor about the bank holding paper of Canfield Brothers & Co. and general distrust following the suspension of the United German Savings Bank. OCR errors in some articles (e.g., 'Entaw' or 'Euta') corrected to Eutaw.

Events (1)
1. December 5, 1878 Run
Cause
Local Banks
Cause Details
A general feeling of distrust following the recent suspension of the United German Savings Bank, compounded by a rumor that Eutaw held paper of the failed Canfield Brothers & Co.
Measures
Bank kept open beyond usual hours to pay depositors; paid out promptly (approx. $250,000 over three days); declined outside assistance; called in about $200,000 overdue loans; refused redeposits and limited receipts from single depositors.
Newspaper Excerpt
There was a continuation to-day of the run began by depositors yesterday on the Eutaw Savings Bank.
Source
newspapers

Newspaper Articles (10)
1. December 6, 1878 The New York Herald New York, NY
Article from The New York Herald, December 6, 1878

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Article Text

RUN ON A SAVINGS BANK. DEPOSITORS DRAWING OUT THEIR ACCOUNTS FROM A SOUND INSTITUTION-NO FEAR OF A FAILURE. [BY TELEGRAPH TO THE HEBALD.) BALTIMORE, Dec. 5, 1878. There was a continuation to-day of the run began by depositors yesterday on the Eutaw Savings Bank. The institution is one of the soundest in Baltimore and no apprehensions whatever are felt by its officers as to the result of the present demand made by depositors. There are some 1,500 depositors, aggregating a fund of nearly $6,000,000. A rumor prevailed a day or two ago that the bank held a considerable amount of the paper of Canfield Brothers & Co., who failed recently, and a few persons withdrew their deposits, caus ing the present. rud. President Burns: expresses himself as rather gratified at the demand for money by depositors, as it will enable the bank to get rid of a surplus fund for which they had no use. He displayed to depositors to-day about $2,000,000 of government bonds and other collaterals, on which the cash can be realized at a moment's notice. The paying teller was furnished with two assistants and the depositors paid eff as rapidly as possible. the bank being kept open two hours later than usual to accommodate them. Only about $50,000 were withdrawn. Many, after securing their funds, were anxious to redeposit them, but all such were refused. Several large deposits were offered and refused. as the bank will not accept more than $80 a month from a single depositor. Proffers of aid to any amount were made, but President Burns declined them. The larger depositors made no effort to withdraw their funds, and it is expected that the run will run itself out to-morrow.

2. December 7, 1878 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, December 7, 1878

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Article Text

Run on a Savings Bank. BALTIMORE, December 6.-A run on the Eutaw Savings Bank, which began two days since, was continued to-day. Yesterday $67,000 and to-day $50,000 were drawn ont by small depositors The bank yesterday was kept open two hours after ths usual time of closing to pay those presenting checks, and to-day was kept open until 5 o'clock. It is one of the most solid banking institutions in the city and fully able to pay all depositors. The deposits in the bank amount to over $5,000,000. The run was caused by a feeling of distrust which followed the recent suspension of the United German Savings Bank.

3. December 7, 1878 New-York Tribune New York, NY
Article from New-York Tribune, December 7, 1878

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Article Text

A RUN ON A BALTIMORE BANK. BALTIMORE, Dec. 6.-A run on the Eutaw Savings Bank, which began two days ago, was continued to-day. Sixty-seven thousand dollars were drawn out yesterday, and $50,000 to-day, by small depositors. The bank yesterday was kept open two hours after the usual time of closing, and to-day it was kept open until 5 o'clock. It is one of the most solid banking institutions in the city, and is fully able to pay all its depositors. It has declined any outside assistance. The deposits amount to over $5,000,000. The run was caused by a feeling of distrust which followed the recent suspension of the United German Savings Bank. The depositors drawing to-day were mostly women having small accounts.

4. December 7, 1878 Evening Star Washington, DC
Article from Evening Star, December 7, 1878

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Article Text

Baltimore is having another savings bank panie in the shape of a run upon the Eutaw Savings Bank. but that concern holds its own S0 stanchly that the run upon It will probably not only speedily exhaust itself, but leave the bank more firmly established in public confidence than ever. The depositors are paid promptly without the enforcement of the usual notice, and the bank is kept open beyond the usual hours to accommodate the crowd. The result is that some of those who have drawn out their money are anxious to return it, but the bank declines to receive it. Some shrewd speculators, who are aware of the ability of the bank to pay all its depositors off-hand, have been making a good thing of it by buying the deposit books of the people outside. at the face value of the accounts; the purchaser getting all back interest due and having the book transferred to his name. These runs on savings banks in different cities, though affecting business interests unpleasantly for a time, serve at least the purpose of weeding out the unsound banks, and causing the people to learn which are trustworthy.

5. December 7, 1878 The New York Herald New York, NY
Article from The New York Herald, December 7, 1878

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Article Text

THE EUTAW SAVINGS BANK. THE RUN CONTINUED-PLENTY OF MONEY AND MORE OFFERED. [BY TELEGRAPH TO THE HERALD.] BALTIMORE, Md., Dec. 6, 1878. The run on the Entaw Savings Bank continued today, and a squad of police was found necessary to preserve order among the excited depositors, who were anxious to secure their funds. PLENTY OF MONEY. President Burns stated that he did not propose to take advantage of the thirty-day privilege, because there was not the slightest necessity for it. As a matter of precaution, however, he had called in some $200,000 of overdue loans, and sums of money were being deposited as rapidly as the paying teller could accept them. AMOUNT PAID. As on yesterday the bank was kept open until three o'clock, during all which time the clerks were kept constantly engaged. The amounts withdrawn were principally small sums and not aggregating more than $60,000, or about onethird the amount received during the day. The promptness with which the bank has met the run, the well known solvency of the institution, the prudent management of the concern for nearly twenty years, and the tenders of aid to any amount, has had the effect of restoring confidence even among the ignorant classes of depositors, and many of them withdrew without asking for their funds.

6. December 8, 1878 The New York Herald New York, NY
Article from The New York Herald, December 8, 1878

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Article Text

BANK RUN ENDED. [BY TELEGRAPH TO THE HERALD.] BALTIMORE, Md., Dec. 7. 1878. The run on the Eutaw Savings Bank ended tou day. There was a considerabe number of depositors present when the bank opened, all of whom were promptly paid. The applicants steadily diminished in numbers and at one o'clock, the usual hour for closing. there was no one present. The bank was kept open until three o'clock, but there were no more demands for funds The total amount drawn out during the three days of the run was only about $250,000.

7. December 9, 1878 Daily Republican Wilmington, DE
Article from Daily Republican, December 9, 1878

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Article Text

Heavy run on the Eutaw Having Bank. There has been a run on the Enta Savings Bank in Baltimore for the last three days. On Thursday and yesterday $117,000 were paid out, mostly to small depositors, and each day the bank was kept open until about five o'clock in the afternoon to meet the demands upon it. It is regarded as one of the most solid banks in Baiti more, and its officers have declined outside assistance, saying they are able to meet all demands. The deposits aggregate over $5,000,000, invested mostly in Government bonds and other securities readily convertible. T. e only reason for therun is a feeling of distrust caused by the recent suspension of the United German Savings Bank.

8. December 18, 1878 The New Orleans Daily Democrat New Orleans, LA
Article from The New Orleans Daily Democrat, December 18, 1878

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Article Text

The officers of the Eutaw Savings Bank of Baltimore deserve a medal. A run was recently made upon the institution. Instead of following the prevailing custom and enforcing the sixty days' notice clause, the depositors were paid as fast as the money could be counted out and no signs of a lack of funds appeared. At last the frightened depositors concluded that the bank was really solid, and could not be broken. Then the run came to 11. sudden end. It is unnecessary to state that the officers of this bank did not learn their business in Chicago or St. Louis.

9. December 21, 1878 Frostburg Mining Journal Frostburg, MD
Article from Frostburg Mining Journal, December 21, 1878

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OUR CORRESPONDENCE. Baltimore Letter. Run on a Bank-Street Music and Beggars-Fashions. [Special correspondence to the JOURNAL.] BALTIMORE, Dec. 11, 1878. One of the most unaccountable and unreasonable things that ever occurred here was the run on the Eutaw Savings Bank last week. The officers were at extra of work surprised the payingteller the had to amount perform and the on a receiver; the unemployed and inquiry condition found that of rumor had gotten abroad that the bank was unsound. The books of the bank showing its good condition were open for the inspection of all interested, but even this and the frankness of the officers failed to restore the lost confidence until two or three days of constant draining were over. The bank stood the ordeal bravely but could not have existed through many more such days. The rumor was entirely unfounded and it is as yet unknown with whom and how it originated. Street-musicians are in Baltimore things of the past. Three or four was a common OC+ currence to ears years ago it have your very saluted ten or twelve times per day with the most distracting music from wornout weresome hand-organs, few beautiful harps organs and and music violins. harps which and There these really gave were known, waited for and welcomed all over the city, while those who were not so fortunate as to possess good instruments were driven from street to street by the distracted citizens. Now, however, it is different; they are all gone, the good bad and indifferent"The harp that once thro' Baltimore; The soul of music shed, Now keeps as mute in Baltimore As if that soul were don'd." This scarcity of musicians is perhaps due to the fact that as most of them were Italian children the law is now 80 very strict in regard to this class that are peron forming they the prohibited street in any from way. is direction it not respect But if the certainly law is strict in in this be to beggars. It is known to the law, that is, people remember when it was made (they never remember of it no was to on of being be enforced) indulged in that penalty begging imprisonment or fine, and yet there are hundreds and hundreds of people who are out every day and all day going from door to door begging money, food and clothing. It is right to overlook this law in such times and weather as we are having now, for although there are many unworthy ones who receive succor in this way yet it also needy reaches poor people many who deserving would other- and wise starve. There are thousands of men out of employment and many of them this winter miss their kind was some continually employer, Thomas making Winans, who improve= ments, or contriving machines and work simply, it is said, for the purpose of giving work to the poor men. The fashions for ladies seem to have now become stationary and will remain SO for some weeks. The hats worn are particularly becoming to most ladies and are exactly like the gentleman's stiff felts and are even trimmed in the same plain style; some, however, have a bright colored scarf twisted around the crown. Among the soft felts for ladies the Davenport is by far the prettiest shape. It has a tolerably high crown, a rolling rim on one with a a fastened gay up plaid scarf side and and trimmed wing. Both hats and bonnets this season are remarkable for their plain trimmings and quiet shapes. The skirts of street dresses are still short while trains are worn in the house. The popular way of making dresses is with a trimmed skirt and a basque. An entire cambric skirt is first made and a deep pleating or two or three ruffles put on the bottom then the overskirt is made and sewed down to the on one at was binding cambric the skirt waist. and all This put formerly confined to silk, velvet or other

10. September 10, 1887 The Republican Oakland, MD
Article from The Republican, September 10, 1887

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# Hon. Walter B. Brooks. Mr. Walter Booth Brooks, the Republican nominee for governor, whose candidacy for that office has brought forth the unanimous assent of the party throughout the state, is well fitted for the position for which he has been chosen. A staunch Republican in politics, yet no partisan; of thorough business capacity and unblemished reputation; closely identified with the interests of the city, the county and the State, the convention could not have named a better man to become the standard-bearer of the party in the approaching campaign. Mr. Brooks is a son of Chauncey Brooks, well known for many years in the community, was born, as was his father before him, in Burlington, Hartford county, Ct. On the paternal side the family is English, and were settlers in New Haven, Ct., prior to the Revolution. On the maternal side the descent is from Captain Aaron Gaylord, who was killed while defending his family and fireside at the famous massacre of Wyoming in 1778. Walter Brooks' mother was Marilla Phelps, who was the daughter of Louisa Gaylord, daughter of Captain Gaylord. The father, Chauncey Brooks, who came to Baltimore in or about 1812, was an old-line Whig in politics, and later a Republican. The nominee for governor is of good stock. The name, Walter Booth, comes from General Walter Booth, the partner of Chauncey Brooks when he first entered mercantile life. As is well known, Mr. Chauncey Brooks was from 1845 until his death, some few years since, the president of the Western National Bank, and his son, Walter B., is a director of the same institution. He is also the president of the Canton Company and a director of the Eutaw Savings Bank. As executive officer of the Canton Company, his management has been of such a sound and discretionary character as to raise the stock from a valuation of $14 per share to beyond $60. Mr. Brooks has also administered many important trusts, those of Stirling, Ahrens & Co., Howard, Cole & Co., and Kirkland, Chas & Co. standing as monuments of his business energy and capacity. Recently, when the affairs of the Merchants' Club were at a particularly low ebb, and it was thought the enterprise would have to be utterly abandoned, Mr. Brooks was called upon to help it out of its difficulties. He, with other able and interested members, went to work, and the result is the club is now in a prosperous condition. It is given as an incident of his business career, and as an evidence also of his charitable disposition, that when a run was threatened upon the Eutaw Savings Bank some years ago, Mr. Brooks at once called upon the president, Mr. Wm. F, Burns, and offered him all the available funds necessary, to prevent any anxiety among the poor depositors, who were afraid of losing what they had put in the bank. In