8344. City Savings Bank (Baltimore, MD)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
December 27, 1900
Location
Baltimore, Maryland (39.290, -76.612)

Metadata

Model
gpt-5-mini
Short Digest
516c04e4

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous newspaper accounts (Dec 27–28, 1900) report runs on several Baltimore savings banks, including the City Savings Bank, following the failure/suspension of the Old Town Bank. The City Savings Bank met all withdrawals promptly; there is no report that it suspended or closed. Cause assigned as runs provoked by failure of a local bank (Old Town Bank).

Events (1)
1. December 27, 1900 Run
Cause
Local Banks
Cause Details
Runs were triggered by the failure/embarrassment and receivership of the Old Town Bank, which alarmed depositors of other local savings banks.
Measures
Bank waived right to require thirty days' notice and extended banking hours; paid out withdrawals promptly.
Newspaper Excerpt
The City Savings Bank is another solid institution upon which a run was Inaugurated...The excited Poles, forming a line 200 yards long, waited their turn.
Source
newspapers

Newspaper Articles (10)
1. December 27, 1900 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 27, 1900

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Article Text

# ALEXANDRIA GAZETTE AND VIRGINIA ADVERTISER NGTON. [Alexandria Gazette.] December 27. se government to comply with ers, as set forth ded to Prince question that Senator Platt joining in the recommen- dation. Senator Lodge, of Massachusetts, called at the White House this morning to introduce to the President George Van L. Meyer, the newly appointed Ambassador to Italy. In the answer to the notice of contest for his seat, Representative Rhea of the Abing- don Virginia district, denies specifically # VIRGINIA NEWS. Colonel Robert H. Logar, a promi- nent lawyer of Salem, died suddenly yesterday. S. G. Jamison, of Marlboro, Fred- erick county, died suddenly yesterday from heart disease. Rev. Henry Grady Ferguson, former- # TO-DAY'S TELEGRAPHIC NEWS Foreign News. London, Dec. 27.-Lord Armstrong, the distinguished engineer and inven- tor of the Armstrong gun, is dead, aged 80 years. A company of 200 Catholic priests and distinguished members of the Cath- being made on the Savings Bank of Baltimore, the oldest and most solid in- stitution of the kind in the city. De- positors will all be satisfied. A run is a so being made on the City Savings Bank. These runs are results of the failure of the American National Bank, the Old Town Bank and the closing of the Economy Savings Bank.

2. December 28, 1900 The St. Louis Republic Saint Louis, MO
Article from The St. Louis Republic, December 28, 1900

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Article Text

Failure of the Old Town Bank Caused Depositors to Become Wildly Alarmed. DREW OUT $250,000 IN A DAY. Three Strongest Savings Institutions in City Were the Most Importuned-Had No Trouble in Meeting the Demands. REPUBLIC SPECIAL Baltimore, Md., Dec. 27.-Bank failures. of which there have been three in rapid succession in this city within a week. culminating yesterday In the suspension of the Old Town Bank, had an alarming effect upon depositors to-day. Long before 9 this morning hundreds of depositors gathered at the doors of three of the leading savings banks of the city and clamored for their money. The officers of the banks were apprised of the fact that runs were imminent. and were prepared for the rush when it came. Those alarmed for the safety of their funds were nearly all working people whose deposits, while not large individually, amounted to a large sum in the aggregate. Most of them were Poles. who live in the section in which the defunct banks are 10cated. Wildly excited they flocked to the banks. where they had deposited their surplus earning : are when the doors opened. scrambled for places at the paying tellers' window They would not listen to the advice of friends, who pleaded with them not to sacrifice their interest for the year ending April 1. From 9 this morning until 6 this evening, there was a steady run. All of the banks waived the right to ask for thirty days' notice and extended the banking hours in order that all might be accommodated. Speculators Cashed Bank Books. Singularly enough, the three strongest savings institutions in the city were most importuned. Leading these is the Savings Bank of Baltimore, which has $23,000,000 in its vault, more than $5,000,000 of which is represented by Government bonds. There was no necessity for converting any securities into cash, more than enough money being in the safe to meet a run of a week's duration. Unlike the others, this bank paid all who withdrew their deposits interest up to December 1. Some sharp speculators, who heard of this, cashed all books of those who were far back in the line at their face value bank. and then collected the interest in the The City Savings Bank is another solid institution upon which a run was Inaugurated. which extended throughout the day. Offers of assistance came from everywhere, but It was not needed. Here the excited Poles, forming a line 200 yards long, waited their turn. At the Hopkins Place Savings Bank, the rush did not last SO long. By 4 the run petered out. The amount drawn from all three banks was about $250,000. There were runs on other savings banks, but these did not last. The alacrity with which the money was paid out had the desired effect and by 3 they all closed. The excitement has died out now and the indications are that there will be no further withdrawals. All sorts of rumors are flying about concerning other banks that are in trouble, but apparently there is no foundation for such stories, and the four banks that have suspended will, It is stated, pay creditors in full.

3. December 28, 1900 The Billings Gazette Billings, MT
Article from The Billings Gazette, December 28, 1900

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Article Text

DEPOSITORS WERE SCARED. Baltimore Failure Caused Runs on Other Banks. Baltimore, Dec. 27-A scare among the timid depositors of several savings banks of the city was the only noticeable result of the failure on Wednesday of the Old Town bank. Runs occurred on nearly all. savings institutions, but the most notable were upon the Savings Bank of Baltimore, City Savings bank and Hopkins Place Savings bank. Crowds of persons were assembled upon the sidewalks in the vicinity of these banks long before banking hours this morning and in each case the doors were opened long before the usual hours in order to accommodate those who wished to withdraw their deposits. In every case claims were promptly satisfied, and in a few instances before the doors were closed late in the afternoon some of those who had received their money had with returning confidence replaced their savings and began new accounts.

4. December 28, 1900 The Times Richmond, VA
Article from The Times, December 28, 1900

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Article Text

SCARE AMONG DEPOSITORS. Runs Made on Several Banks In Baltimore. (By Associated Press.) BALTIMORE, Dec. 27.-A scare among timid depositors of the several savings banks of the city resulted to-day from the failure, on Wednesday. of the Old Town Bank. Runs occurred on nearly all the savings institutions, but the most noticeable were upon the Savings Bank of Baltimore, the City Savings Bank, and the Hopkins Place Savings Banks. Crowds of persons were assembled upon the sidewalks in the vicinity of these banks long before "bank hours" this morning, and the doors were opened before the usual hour.

5. December 28, 1900 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 28, 1900

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Article Text

NEWS OF THE DAY. There were 4,804 41 miles of new railroad completed in the United States the past year. Capt. Alfred Dreyfus demands an investigation of the report that Emperor William holds proof of his guilt. In the West Point. N.Y. bazing inquiry pesterday H. O. Booz defended bis brother, the ex-cadet who recently died. The First National Bank of White Pigeon, Mich., was closed last night by order of the Comptroller of the Currency. Twenty maddened female prisoners in the Raymond street jail, Brooklyn, rioted yesterday and fiercely assaulted Matron Fannie Handy and Warden McGrath. There was no attempt to escape. The riot was the consequence of nothing but Ill-feeling. The inquest into the death of Louis H. Hilliard, in the insane pavilion of Bellevue Hospital, New York, on December 12, was begun before Coroner Fitzpatrick yesterday. Horrible brutality in the treatment of insane patients was alleged in the testimony. The last surviving member of the famous Suicide Club that had its origin in Bridgeport, Conn., died yesterday by his own hand. The victim, Gustave Wolf, a jeweler's clerk, blew out his brains in the bed chamber in the rear of the store where he was employed. The news of the Old Town Bank's embarrassment, in Baltimore, resulted in considerable excitement among the smaller depositors of savings banks, but nothing like a panic was general in the city, Runs were made on the Savings Bank of Baltimore, the City Savings Bank and the Hopkins Place Savings Bank, the demands of depositors being met. The British War Office has begun the promised reform of the army in a sensational manner. It has demanded the resignation of Maj.-Gen. Sir Henry Colle,commanding an infantry brigade at Gibraltar and recently commanding the Ninth division of the South Africa field force. General Colville refuses to resign, and he is now on bis way to Eogland, One of the most serious fires which have occurred in the East End of London during the last 10 years broke out yesterday at the East India docks. Five immense sheds filled with goods, including a thousand bales of hemp and quantities of jute, were consumed. The shipping in the neighborhood and other warehouses were only saved by the great exertions of the firemen.

6. December 28, 1900 The News & Observer Raleigh, NC
Article from The News & Observer, December 28, 1900

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Article Text

SCARE AMONG DEPOSITORS. Much Money Withdrawn From Banks Because of the Old Town's Failure. (By the Associated Press.) Baltimore, Dec. 27.-A scare among timid depositors of the several savings banks of the city resulted today from the failure of the Old Town Bank. Crowds of persons were assembled upon the sidewalks in the vicinity of several banks long before "bank hours" this morning, and in each case the doors were opened before the usual hour, in order to accommodate those who wished to withdraw their deposits. In every case the claims were promptly satisfied. President Conkling, of the Savings Bank of Baltimore, said tonight that 617 payments had been made during the day; 330 accounts closed, and the bank paid out $141,521. Deposits amounted to about $20,000. One hundred and thirty accounts amounting to $44,855.40 were closed at the City. Savings Bank. At the Hopkins, which remained open for business until nearly nightfall $50,000 in round numbers were paid to depositors. In no case were the doors closed until all had been accommodated. It is possible that the excitement among the smaller depositors will be continued tomorrow, but bank officials assert that they are prepared for a continued draft upon their treasuries. Judge Stockbridge today appointed J. B. Ramsay co-receiver, to represent the court, of the Old Town Bank. A third receiver will be named on Monday. Neither the American nor Old Town Bank receivers have completed a statement of the condition of the property they represent.

7. December 28, 1900 Waterbury Democrat Waterbury, CT
Article from Waterbury Democrat, December 28, 1900

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Article Text

Baltimore Banks Sustain Runs. BALTIMORE, Dec. 28. - A scare among timid depositors of the several savings banks of the city was the only noticeable result of the failure on Wednesday of the Old Town bank. Runs occurred on nearly all the savings institutions, but the most notable were upon the Savings Bank of Baltimore, the City Savings bank and the Hopkins Place Savings bank. Crowds of persons were assembled upon the sidewalks in the vicipity of these banks long before "bank hours" yesterday morning, and in each case the doors were opened before the usual hour in order to accommodate those who wished to withdraw their deposits. In every case the claims were promptly satisfied, and in a few instances before the doors were closed late in the afternoon some of those who had received their money had. with returning confidence, replaced their savings and begun a new account.

8. December 28, 1900 The Denison Review Denison, Dow City, IA
Article from The Denison Review, December 28, 1900

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Article Text

Runs on Baltimore banks. Baltimore, Dec. 28.-A scare among the timid depositors of the several savings banks of the city was the only noticeable result of the failure Wednesday of the Old Town bank. Runs occurred on nearly all the savings institutions, but the most notable were upon the Savings Bank of Baltimore, the City Savings bank and the Hopkins Place Savings bank. In every case the claims were promptly satisfied.

9. December 28, 1900 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, December 28, 1900

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Article Text

Runs. on Savings Banks. BALTIMORE, Dec. 27.-The effect of the embarrassment of the Old Town Bank for which a receiver was appointed late yesterday, was felt in all the savings banks of the city to-day. Throngs of depositors were lined up before the doors. The demands in all cases were promptly complied with. By noon the crowds that had surrounded the banks in the early morning hours, had been accommodated and left and thereafter the banks took on apparently their every day business appearance. President Conkling. of the Savings Bank of Baltimore, said to-night that 617 payments had been made during the day, 330 accounts closed and the bank paid out $141,521. Deposits amounted to about $20,000. One hundred and thirty accounts, amounting to $44,855.40, were closed at the City Savings Bank. At the Hopkins, which remained open for business until nearly nightfall, $50,000, in round numbers, was paid to depositors.

10. December 28, 1900 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, December 28, 1900

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Article Text

RUN ON BALTIMORE'S BANKS. Bank Depositors, Seared by Recent Failures, Withdraw Their Money From Savings Banks. Bakimore, Dec. 27.-A scare among timid depositors of the several savings banks of the city resulted to-day from the failure on Wednesday of the Old Town Bank. Runs occurred on nearly all the savings institutions, but the most noticeable were upon the Savings Bank of Baltimore, the City Savings Bank and the Hopkins Place Savings Bank. Crows of people were assembled upon the sidewalks in the vicinity of these banks long before bank hours this morning, and in each case the doors were opened before the usual hour, in order to accommodate those who wished to withdraw their deposits. In every case the claims were promptly 801isfied. President Conkling of the Savings Bank of Baltimore said that 617 payments had been made during the day: 330 accounts closed. and the bank paid out $141,521. Deposits amounted to about $20,000. One hundred and thirty accounts amounting to $44,855 were closed at the City Savings Bank. At the Hopkins, which remained open for business until nearly nightfall, $50.(hri) in round numbers were paid to depositors. In no case were the doors closed until all had been accommodated. It is possible that the excitement among the smaller depositors will be continued tomorrow, but bank officials assert that they are prepared for a continued draft upon their treasuries. Judge Stockbridge to-day appointed J. B. Ramsey co-receiver, to represent the court, of the Old Town Bank. A third receiver will be named on Monday. Neither the American nor Old Town Bank receivers have completed a statement of the condition of the property they represent.