898. Oakland Bank of Savings (Oakland, CA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
February 6, 1904
Location
Oakland, California (37.804, -122.271)

Metadata

Model
gpt-5-mini
Short Digest
aba50a7c

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

A run occurred Feb 6–8, 1904 caused by malicious/false telephonic messages (rumor). The bank had ample cash and offers of outside funds; it met withdrawals and remained open. Articles report the run ended and business normalized.

Events (1)
1. February 6, 1904 Run
Cause
Rumor Or Misinformation
Cause Details
Untrue telephonic messages (malicious rumor) sent through Oakland alleging issues at the bank; evidence against instigator turned over to police.
Random Run
Yes
Random Run Snippet
Untrue telephonic messages sent broadcast through Oakland; malicious rumor.
Measures
Paid out cash (more than $150,000 by noon; ~ $200,000 total). Bank officials emphasized large coin and government bonds on hand; received offers of cash from San Francisco banks to cover liabilities.
Newspaper Excerpt
SCENE DURING THE RUN WHICH WAS CAUSED BY MALICIOUS RUMOR. OAKLAND, Feb. 6.-The damage that can be done by one maliciously inclined person was shown to-day when a run was started on the Oakland Bank of Savings. Untrue telephonic messages, which have been sent broadcast through Oakland within the last two days, caused the run.
Source
newspapers

Newspaper Articles (4)
1. February 7, 1904 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, February 7, 1904

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Article Text

SCENE DURING THE RUN WHICH WAS CAUSED BY MALICIOUS RUMOR. OAKLAND, Feb. 6.-The damage that can be done by one maliciously inclined person was shown to-day when a run was started on the Oakland Bank of Savings. Untrue telephonic messages, which have been sent broadcast through Oakland within the last two days, caused the run. The injury was chiefly done to depositors of the bank, who sold their books to scalpers or withdrew their savings, sacrificing interest. The bank had plenty of cash on hand to meet all demands, and, as a matter of fact, owing to the unusual prosperity of Alameda County, there was more money in the vaults of the bank than they have held for years. Not only was the bank in this condition, but in less than an hour after the run started the Oakland institution had received offers of cash from San Francisco banking houses that would have paid off, dollar for dollar, every liability of the Oakland institution. But in the face of these conditions hundreds of people stood in line in the rain before the doors of the Oakland Bank of Savings, waiting to draw out their money. The run that started mildly yesterday grew into large proportions to-day and by the time the doors closed at noon more than $150,000 had been paid out. It was given out by the bank officials to-night that about 400 depositors had closed their accounts and a little less than $200,000 had been paid out. Coupled with this statement the bank officials added that they had in coin in their vaults more than two and a quarter millions of dollars, with another $2,000.000 worth of United States Government bonds, which can be converted into cash at a moment's notice.

2. February 9, 1904 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, February 9, 1904

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Article Text

RUN ON BANK CAUSES DEATH Aged Patrick Collins, Excited by the Fear of Losing His Savings, Suddenly Expires DIES IN BROADWAY DEPOT First Man to Teach Chinese to Make American Shoes Passes Away From Peculiar Cause Oakland Office San Francisco Call, 1118 Broadway, Feb. 8. Exhausted by the excitement of the run on the Oakland Bank of Savings, where all the money he possessed was deposited, Patrick M. Collins, one of the best known characters of this city, died suddenly this afternoon while seated in the Southern Pacific waiting-room at Seventh street and Broadway. A few moments before his death Collins had entered the waiting-room, complaining that he felt ill. As it was plain that the aged man was sick, Police Officer McSorley was notified and the patrol wagon was called to take the sufferer to the Receiving Hospital. Before the wagon arrived Collins put his hand to his heart as if in pain and expired. The deceased was a shoemaker by trade and was formerly employed by the Wentworth Boot and Shoe Company at the old factory near the Sixteenth-street depot. He had resided in Oakland for nearly thirty years and was well known as "the whistler," from the peculiar habit he had of keeping his lips puckered as if whistling. Collins was the first man on the Pacific Coast to teach 'the Chinese to make shoes and from his teachings the great Chinese shoe factories in San Francisco and other cities on the coast have sprung. For a number of years the deceased had resided at 822 Linden street with his wife, Mrs. Catherine Collins; his son, Thomas A. Collins, and a daughter, Mary E. Collins. Another son, Edward A. Collins, is an expressman, residing at 953 Thirty-seventh street. A married daughter, Mrs. M. Muntz, also resides in this city. The remains were removed to the Morgue and an inquest will be held to determine the cause of death.

3. February 9, 1904 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, February 9, 1904

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Article Text

RUN ON OAKLAND BANK OF SAVINGS IS ENDED Evidence Against Author of False Rumor Is Turned Over to Police and Prosecution Will Follow. OAKLAND, Feb. 8.-There was no indication to-day of any further run on the Oakland Bank of Savings and the bank officials are confident that the public is thoroughly satisfied as to the ability of the bank to meet all demands at short notice. To-day the business in all departments was normal and deposits far exceeded withdrawals. All the evidence in possession" of the officials of the bank against the instigator of the malicious rumor that caused the run on the institution has been turned over to the police and a vigorous prosecution of the guilty person will follow.

4. February 13, 1904 The Morning Astorian Astoria, OR
Article from The Morning Astorian, February 13, 1904

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Article Text

DIES FROM EXCITEMENT. Run on Bank Causes Aged Deposito to Fall Dead. Oakland, Feb. 12.-Exhausted by the excitement of the run on the Oakland Bank of Savings, where all the money he possessed was deposited. Patrick M Collins, one of the best known char acters of this city, died suddenly thi afternoon while seated in the Southern Pacific waiting room at Seventh street and Broadway. A few moments before his death Collins had entered the waiting room, complaining that he felt ill. As it was plain that the aged man was sick, Police Officer McCorley was notified and the patrol wagon was called to take the sufferer to the receiving hospital. Before the wagon ar rived Collins put his hand to his heart as if in pain and expired. The deceased was a shoemaker by trade and was formerly employed by the Wentworth Boot & Shoe Company at the old factory near the Sixteenth street depot. He had resided in Oakland for nearly 30 years and was well known as "the whistler," from the pe culiar habit he had of keeping his lips puckered as if whistling. Collins was the first man on the Pa cific coast to teach the Chinese to mak shoes and from his teachings the grea Chinese shoe factories in San Fran cisco and other cities on the coast have sprung. For a number of years the deceased had resided at 822 Linden street with his wife, Mrs. Catherine Collins; his son, Thomas A. Collins and a daughter, Mary E. Collins. An other son, Edward A. Collins, is an expressman, residing at 953 Thirty seventh street. A married daughter Mrs. M. Muntz, also resides in this city. The remains were removed to the morgue and an inquest will be held to determine the cause of death.