State Savings Bank - St Paul, MN

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: January 5, 1897
Location: St Paul, Minnesota (44.944, -93.093)

Metadata

Model: gpt-5-mini
Short Digest: 53889894

Response Measures

Accommodated withdrawals, Partial suspension

Other: Board of trustees invoked the bank's bylaws requiring 60- and 90-day withdrawal notices.

Description

Article (Jan 5, 1897) describes depositors drawing funds after suspensions of Germania and Allemannia banks; State Savings Bank invoked its 60/90 day withdrawal notice but did not suspend or close. Classified as a run triggered by distress of other local banks.

Events (1)

1. January 5, 1897 Run

Cause: Local Banks
Cause Details: Run prompted by suspension of the Germania and Allemannia banks, creating public alarm and withdrawals from savings banks.
Measures: Allowed withdrawals until close of business; board then required 60- and 90-day notice of withdrawals per bylaws.
Newspaper Excerpt: the board of trustees of the State Savings bank of St. Paul deems it expedient ... to require the sixty and ninety days' notice of withdrawals of deposits provided in section 24 of the bylaws.
Source: newspapers

Newspaper Articles (1)

1. January 5, 1897 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, January 5, 1897

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Article Text

SAVINGS BANKS SAFE. Protect All Depositors by Requiring Withdrawal Notices. The suspension of the Germania and Allemannia banks caused something of a run, as it is always the case, on the savings banks. It is a needless alarm. At the State Savings Bank of St. Paul those desiring their money were allowed to draw until after 3 o'clock, the close of banking hours. The board of trustees then held a meeting and passed the following resolution: Resolved, That the state of public feeling is such that the board of trustees of the State Savings bank of St. Paul deems it expedient and in the true interests of the depositors of the bank to and it does hereby require the sixty and ninety days' notice of withdrawals of deposits provided in section 24 of the bylaws. The Savings Bank of St. Paul, at Sixth and Cedar streets, paid all depositors until 2 o'clock, but while the institution is in shape to stand a run, the bank officials thought it wise to take advantage of the sixty and ninety days' clause of the by-laws, and informed depositors that the notice of withdrawals would have to be given. The Minnesota Savings bank at Seventh and Wabasha streets, also served depositors with the same notice. The officers of each of the three institutions, said there was no need of alarm on the part of depositors, but in the state of the public feeling, it was thought wise, if not necessary, to require the notice to be given.