8553. Lonaconing Savings Bank (Lonaconing, MD)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
May 15, 1906
Location
Lonaconing, Maryland (39.566, -78.980)

Metadata

Model
gpt-5-mini
Short Digest
84ef957a

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions

Description

Multiple contemporaneous newspapers report a single-day spectacular run (mid-May 1906) driven by rumors about the president's illness and malicious false reports. The bank met all demands, stayed open after hours, received funds from other banks, and did not suspend or close in the coverage provided.

Events (1)
1. May 15, 1906 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors and false reports (fear about illness/death of President David Sloan and alleged malicious fabrications) prompted small depositors to withdraw funds.
Measures
Bank met all demands, kept open after hours; money sent from two banks in Cumberland; business men made large deposits to reassure patrons.
Newspaper Excerpt
Several hundred excited women caused a spectacular run on the Lonaconing Savings Bank ... The bank met all demands, keeping open after hours.
Source
newspapers

Newspaper Articles (7)
1. May 16, 1906 New-York Tribune New York, NY
Article from New-York Tribune, May 16, 1906

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Article Text

MINERS' WIVES RAID BANK. Spectacular Run on Savings Institution When They Hear President Is Ill. [By Telegraph to The Tribune.] Cumberland, Md., May 15.-Several hundred excited women caused a spectacular run on the Lonaconing Savings Bank at Lonaconing today. The bank met all demands, keeping open after hours. Business men paid no attention to the alarm of the small depositors, one man depositing $1,750 when the run was at its height. It is thought the run was caused by the illness of its president, David Sloan. also president of the Maryland Bankers' Association, who is in Baltimore being treated for diabetes. The small depositors feared that his death might interfere with the bank The women largely attend to business, their husbands being employed during the day in the mines.

2. May 17, 1906 The Republican Oakland, MD
Article from The Republican, May 17, 1906

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Article Text

GAVE HEED TO FALSE REPORTS Two Hundred Depositors Cause Run on Lonaconing Savings Bank. Rumor, that messenger of defamation which travels with the speed of lightning and is as destructive as an earthquake, because heedless persons will harken to its false and hypocritical cry occasioned much concern in Lonaconing yesterday where a run was begun by some two hundred small depositors on the Lonaconing Savings Bank, an institution that is solvent as any similar concern in Allegany county, and has been repeatedly complimented by official bank examiners for fits manifest financial strength and excellent management. During the morning hours excited men and women having small deposits in the bank, pushed their way to the tellers window, to receive their deposits promptly on demand, while at their very elbow, merchants and business men, with far greater sums at stake tried to allay the unwarranted but none the less apparent feeling of apprehension of others by heavily increasing the amounts already intrusted by them to the bank for safe keeping. One of the heaviest depositors of the day was G. D. Marshall of Midland who added $1,750 to his account, while others made deposits almost as large. There is a strong reason for the belief that this difficulty has been occasioned by malicious spite. An individual whose identity is sufficiently well established with the management of the bank as to lead to his probable presentment before the next grand jury is said to have making a house to house carvass framing and circulating fabrications reflecting upon the solvency of the institution A person who would engage in such a despicable work as this is a menace to the community and his prompt punishment is in keeping with the demands of justice. The Lonaconing Savings Bank was founded in 1889. In the seventeen years of its existence it has prospered greatly through efficient administration. Its surplus and undivided profits are double its capital stock and its deposits of nearly $700,000, if the bank desired to liquidate, would be paid dollar for dollar, with a princely sum remaining to reward the stockholders for their investment. A knowledge of the personnel of its management, should preclude the possibility of just what happened yesterday, but there are those who willingly give credence to rumor that a moment's consideration would teach the falsity of. The bank is officered as fclows: President, David Sloan; vice president, Isaac Bradburn; secretary and treasurer, Duncan Sloan; directors, David Sloan, Isaac Bradburn, Jas. M. Sloan, Dr. M. Gibson Porter, Dr. J. O. Bullock, Lloyd Dnrst, John McAlpine, Jas. R. Anderson, and Clarence Shipley. -Yesterday's Cumberland News.

3. May 17, 1906 The Fairmont West Virginian Fairmont, WV
Article from The Fairmont West Virginian, May 17, 1906

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Article Text

EXCITED WOMEN START RUN ON MARYLAND BANK. Institution Meets All Demands. Keeping Open After Hours to Pay Depositors. CUMBERLAND, Md., May 16.-Several hundred women caused a spectacular run on the Lonaconing Savings Bank at Lonaconing vesterday. The bank met all demands. Money was sent from two banks is Cumberland and the Lonaconing institution kept open after hours to permit any depositor to withdraw his deposits. A novelty in connection with the run, which caused the greatest excitement, was the presence of business men of the town at the bank making deposits as the excited patrons withdrew their money. The bank is one of the strongest in Western Maryland and has deposits of $750,000 and assets of nearly $1.000. 000. It is thought the run was caused by the illness of its president. David Sloan. The small depositors feared that his death might in some way interfere with the bank.

4. May 19, 1906 Frostburg Mining Journal Frostburg, MD
Article from Frostburg Mining Journal, May 19, 1906

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Article Text

COUNTY. Brevities. Visit the Frostburg Opera House Monday evening, next, 21st mst., and see the destruction of San Francisco and what a burning city looks like in Lyman H. Howe's Lifeorama. A run Tuesday on the Lonaconing Savings Bank was a foolish manifestation of wholly ungrounded mistrust.

5. May 22, 1906 The Morris County Chronicle Morristown, NJ
Article from The Morris County Chronicle, May 22, 1906

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Article Text

MINERS' WIVES RAID BANK. Spectacular Run on Savings Institution When They Hear President is Ill. Cumberland, Md.-Several hundred excited women caused a spectacular run on the Lonaconing Savings Bank at Lonaconing. The bank met all demands, keeping open after hours. Business men paid no attention to the alarm of the small depositors, one man depositing $1700 when the run was at its height. It is thought the run was caused by the illness of its President, David Sloan, also President of the Maryland Bankers' Association, who is in Baltimore being treated for diabetes. The small depositors feared that his death might interfere with the bank. The women largely attend to business, their husbands being employed during the day in the mines.

6. May 24, 1906 The French Broad Hustler Hendersonville, NC
Article from The French Broad Hustler, May 24, 1906

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Article Text

MINERS' WIVES RAID-BANK. Spectacular Run on Savings Institution When They Hear President is Ill. Cumberland, Md.-Several hundred excited women caused a spectacular run on the Lonaconing Savings Bank at Lonaconing. The bank met all demands, keeping open after hours. Business men paid no attention to the alarm of the small depositors, one man depositing $1700 when the run was at its height. It is thought the run was caused by the illness of its President, David Sloan, also President of the Maryland Bankers' Association, who is in Baltimore being treated for diabetes. The small depositors feared that his death might interfere with the bank. The women largely attend to business, their husbands being employed during the day in the mines.

7. June 13, 1906 The Abbeville Press and Banner Abbeville, SC
Article from The Abbeville Press and Banner, June 13, 1906

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Article Text

MINERS' WIVES RAID BANK. Spectacular Run on Savings Institution When They Hear President is Ill. Cumberland, Md.-Several hundred excited women caused a spectacular run on the Lonaconing Savings Bank at Lonaconing. The bank met all demands, keeping open after hours. Business men paid no attention to the alarm of the small depositors, one man depositing $1700 when the run was at its height. It is thought the run was caused by the illness of its President, David Sloan, also President of the Maryland Bankers' Association, who is in Baltimore being treated for diabetes. The small depositors feared that his death might interfere with the bank. The women largely attend to business, their husbands being employed during the day in the mines.