Article Text
Bank Stood the Shock. Porland, Me., Dec. 22.-The Portland Savings Bank sustained a heavy run today, paying as fast as depositors called with their books.
8786. Portland Savings Bank (Portland, ME)
Bank Information
- Episode Type
- Run → Suspension → Reopening
- Bank Type
- savings bank
- Start Date
- December 22, 1899
- Location
- Portland, Maine (43.661, -70.255)
Metadata
- Model
- gpt-5-mini
- Short Digest
9aa286bf
Response Measures
Accommodated withdrawals
Description
Multiple contemporaneous newspaper accounts (Dec 22–24, 1899) report a run triggered by a rumor of unknown origin. Officials paid out deposits, briefly closed/took refuge behind the means provided by law to avoid running short of cash, and stated the bank would reopen the next morning. This is therefore a run leading to a temporary suspension with reopening.
Events (3)
1.
December 22, 1899
Run
- Cause
- Rumor Or Misinformation
- Cause Details
- A groundless rumor of unknown origin about the bank's solvency (linked in reports to failure of Woodbury & Moulton but bank officials said collateral and surplus secured loans).
- Measures
- Paid out deposits as books were presented; officials later took refuge behind the means provided by law to avoid running short of cash; received $50,000 from Boston to meet demands.
- Newspaper Excerpt
- A rumor of unknown origin concerning the solvency of the Portland Savings Bank started a run on the bank to-day. Deposits were turned over as fast as the books were presented.
- Source
- newspapers
2.
December 22, 1899
Suspension
- Cause
- Rumor Or Misinformation
- Cause Details
- Officials closed doors / invoked legal means to avoid depleting cash after heavy withdrawals driven by the rumor; closure was precautionary and temporary.
- Newspaper Excerpt
- The crowd reached such proportions early in the afternoon, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law. ... and the doors were closed.
- Source
- newspapers
3.
December 23, 1899
Reopening
- Newspaper Excerpt
- About $125,000 was paid out to-day, and the bank will reopen in the morning, prepared to meet any and every demand.; the bank will reopen in the morning prepared to meet any and every demand.
- Source
- newspapers
Newspaper Articles (13)
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Article Text
Run on a Bank. Portland, Me., Dec. 22.-A run was started this morning on the Portland Savings bank. It was caused by rumor that the institution was in straitened circumstances. The bank officials declare that the concern is absolutely sound and that they are paying depositors as fast as they present their books.
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RUMOR STARTS A RUN. Depositors Raid n Maine Savings Institution. / PORTLAND, Me., Dec. 22.-A rumor of unknown origin concerning the solvency of the Portland Savings Bank started a run on the bank to-day. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law. The statement issued says the bank has a surplus of one and a quarter millions invested in good securities. About $125,000 was paid out to-day and the bank will reopen in the morning prepared to meet any and every demand. State Bank Examiner Timberlake gave a statement for publication, saying that a great deal of this disturbance grew out of the failure of Woodbury & Moulton and the alleged connection of the bank with that firm. While the bank had loaned money to Woodbury & Moulton, it had collateral nearly sufficient to secure it from any loss. The last examination showed a surplus of about a million and a quarter dollars and the condition of the bank has not materially changed since that time.
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RUN ON A PORTLAND, ME., BANK. Caused by Rumor of Unknown OriginThe Bank Solvent. Portland, Me., Dec. 22.-A rumor of unknown origin concerning the solvency of the Portland Savings bank started a run on the bank to-day. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law. The statement issued says the bank has a surplus of one and a quarter millions, invested in government securities. About $125,000 was paid out to-day and the bank will reopen in the morning,
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RUN ON A BANK Depositors of Portland Savings Bank Draw Out Their Deposits Portland, Me., Dec. 22.-A rumor of unknown origin concerning the solvency of the Portland Savings bank started a run on the bank today. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law. The statement issued says the bank has a surplus of one and a quarter million dollars invested in government securities. About $125,000 was paid out today, and the bank will reopen in the morning, prepared to meet any and every demand. State Bank Examiner Timberlake gave a statement for publication, saying that a great deal of this disturbance grew out of the failure of Woodbury & Moulton and the alleged connection of the bank with that firm. While the bank had loaned money to Woodbury & Moulton it had collateral nearly sufficient to secure it from any loss.
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Article Text
Run on a Portland Bank. Portland, Me., Dec. 23.-A rumor of unknown origin concerning the solvency of the Portland Savings bank started a run on the bank yesterday. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law, and the doors were closed.
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Article Text
RUN ON PORTLAND SAVINGS BANK CONTINUED TODAY. Portland, Me., Dec. 23.-The run on the Portland Savings bank continues today in a mild form. A few out-oftown depositors are drawing out their $100, but otherwise than this the situation is much quieter. The bank received this morning from Boston $50.000 in bills and with this amount they will be able to meet all demands. The affairs of the bank are in good shape. and it is expected the excitement will soon cool down. The excitement of yesterday extended to some of the other institutions and about $15,000 was drawn from the Maine Savings bank. It is estimated that about $45,000 was taken from the Portland Savings bank during the run.
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Run on a Portland Bank, PORTLAND, ME., Dec. 22.-A rumor of unknown origin, concerning the solvency of the Portland Savings Bank, started a run on the bank to-day. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law. About $125,000 was paid out to-day, and the bank will reopen in the morning prepared to meet any and every demand.
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Article Text
Run on Portland Savings Bank. PORTLAND, ME., December 22.-A rumor of unknown origin concerning the solvency of the Portland Savings Bank started a run on the bank to-day. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law, About $125,000 was paid out to-day, and the bank will reopen in the morning, prepared to meet any and every demand.
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Article Text
Run on a Portland Bank. Portland, Me., Dec. 23.-A rumor of unknown origin concerning the solvency of the Portland Savings bank started a run on the bank yesterday. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law, and the doors were closed.
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Article Text
RUN ON A PORTLAND BANK. DEPOSITORS WERE FRIGHTENED BY APPARENTLY GROUNDLESS RUMORS. Portland, Me., Dec. 22.-A rumor of unknown origin concerning the solvency of the Portland Savings Bank, started a run on the bank to-day. Deposits were turned over as fast as the books were presented. most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that officials of the bank decided to guard against running short of ready cash by taking refuge behind the means provided by law. The statement issued says the bank has a surplus of $1,250,000 invested in Government securities. About $125,000 was paid out to-day, and the bank will reopen in the morning prepared to meet any and every demand. State Bank Examiner Timberlake gave a statement for publication, saying that a great deal of this disturbance grew out of the failure of Woodbury & Moulton, and the alleged connection of the bank with that firm. While the bank had loaned money to Woodbury & Moulton, it had collateral sufficient to secure it from any loss. The last examination showed a surplus of about $1,250,000, and the condition of the bank has not materially changed since that time.
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COMING TO SENSES. The Foolish Run on Rortland Savings Bank Is About Over. Portland, Me., Dec. 24.-The run on the Portland Savings Bank continued, Saturday, in a mild form. A few outof-town depositors are drawing out their $100, but otherwise than this the situation is much quieter. The company received, Saturday morning, from Boston. $50,000 in bills, and with this amount they will be able to meet all demands. The affairs of the bank are in good shape, and it is expected that the excitement will soon cool down. Excitement of Friday extended to some of the other institutions, and about $15,000 was drawn from the Maine Savings Bank. It is estimated that about $45,000 was taken from the Portland Savings Bank during the run.
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Article Text
A RUN ON A BANK. Portland, Me., December 22.-A rumor of unknown origin concerning the solvency of the Portland savings bank started a run on the bank today. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that the officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law. About $125,000 were paid out today, and the bank will re-open in the morning prepared to meet any and every demand.