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A BANK RUN. SANDUSKY, O., March 2-There was a ruu on the Sandusky Savings Bank this afternoon, and $50,000 was withdrawn. The larger banks stood by it and pulled the bank through.
Sandusky Savings Bank (Sandusky, OH)
Episode Information
- Episode UID
22353191119- Episode Type
- Run → Suspension → Closure
- Bank Type
- savings
- Bank ID
-
2235319hash - Start Date
- March 2, 1893
- Location
- Sandusky, Ohio (41.449, -82.708)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
088186a32c622b54
Response Measures
None
Description
Contemporary reports tie the June assignment directly to drain from an earlier groundless run.
Events (3)
1.
March 2, 1893
Run
- Cause
- Rumor Or Misinformation
- Cause Details
- A heavy, apparently groundless run by small depositors withdrew about $50,000–$60,000, described in reports as groundless/nervousness.
- Measures
- The National bank and business men stood by it and paid/assisted to meet withdrawals.
- Newspaper Excerpt
- There was a run on the Sandusky Savings Bank this afternoon, and $50,000 was withdrawn.
- Source
- newspapers
2.
June 5, 1893
Receivership
- Newspaper Excerpt
- The Sandusky Savings bank was placed in the hands of a receiver today.
- Source
- newspapers
3.
June 5, 1893
Suspension
- Cause
- Rumor Or Misinformation
- Cause Details
- Assignment/closure attributed to being weakened by a prior heavy (described as groundless) run which drained immediate resources.
- Newspaper Excerpt
- The Sandusky Savings Bank closed its doors and made an assignment this morning, giving as a reason inability to realize on assets.
- Source
- newspapers
Newspaper Articles (22)
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Hun on 10 Bank SANDUSKY. Ohio, March 2.-A run was made on the Sandusky Savings bank today. about $50,000 being drawn out by small depositors. The national bank and business men stood by the threatened bank. and before the bank closed the exeitement was ended. The bank is perfeetly sound and no trouble is anticipated for to-morrow.
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SMALL DEPOSITORS. Making a Run on a Bank That Is Perfectly Sound. SANDUSKY, Ohio, March 2-There was a rum on the Sandusky Savings Bank to-day, about $50,000 being dräwn out by small depositors. The National Bank and the basiness men stood by the threatened bank, and before the bank closed the excitement had ended: The bank is perfectly sound, and no trouble anticipated for to-morrow.
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Run on is Hank. SANDUSKY, O., March -There was & run on the Sandusky Sayings bank today, about $50,000 being TOTAWO by amail depositors The National bank and business men stood by the threat. ened bank, and before the bank closed the excitement had ended. The bank is perfectly sound and no trouble is anticipated for tomorrow.
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Business Troubles. A receiver has been appointed for the firm of Laughlin & McManus, Philadelphia. The liabilities are scattered, but the aggregate is not vet known. There was a run on the Sanduky savings bank, of Sandusky, 0.. Thursday, and $50,000 was withdrawn. It is still maintained that the institution is perfectly safe.
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Run on a Savings Bank. SANDUSKY, O., March 2.-There was a run on the Sandusky Savings bank today, about $50,000 being drawn out by small depositors. The National bank and business men stood by the threatened bank and before the bank closed the excitement had ended. The bank is perfectly sound and no trouble is anticipated for tomorrow.
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OHIO NEWS NOTES. Gathered from Various Parts of the Buckeye State. Editcr John B. Fromm of Chillicothe, O., attempted suicide by shooting himself. Heart disease prompted the act. B. F. Pierce, a blacksmith of Spring Valley, O., was killed at a crossing, his buggy being struck by the engine. Myrtle B. Watkins of Felicity, O., suicided with poison at Withamsville, O., where she was attending school. No cause known. Mrs. Elizabeth Nye, 70, struck by a train at a crossing at Springfield, O., and killed. James Bird, the Toledo bunkoist, only got $50 and 30 days. There was a run Thursday on the Sandusky Savings bank, but every depositor got his money. Near Xenia, O., Elisha Seward died from blood poisoning caused by running a splinter into one of his fingers. Mrs. Mary J. Bigger, mother of Rev. I. D. Bigger of Tiffin, O., was burned to death at Chicago by the explosion of an oil stove.
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Telegraphic Brevities. NEW YORK, June 5. - Lazard Freres will ship one million in gold by tomorrow's steamer. NEW YORK, June 5.-The Infanta and her party, started for Chicago today. SANDUSKY, Ohio, June 5.-The Sundusky Savings bank was placed in the hands of a receiver today.
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Sandusky Savings Bank Assigns. SANDESKY, Ohio.June 5.-The Sanku-ky Savings Bank assigned today. Available assets, $300,000; liabilities, $205,000.
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SANDUSKY, O., June 5.-The Sandusky Savings Bank assigned today. Its available assets are $300,000; liabilities, $205,OOC.
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Other Failures SANDUSKY. Ohio, June 5.-The San dusky Savings bank closed its doors this morning and posted the following notice: "Owing to its inability to realize upon its securities, this bank has been compelled to make as assignment for the benefit of its creditors. The depositors will be paid in full without loss to any one." Following upon the stoppage of the bank comes the news that the Hospital Supply company has assigned to George Barney and Charles Mack. It is re ported that the savings bank has been carrying the Hospital Supply company. which made the assignment and gave power to take possession at any time. WASHINGTON, June 5. Comptroller Eckels was informed today that the Merchants' National bank of Fort Worth. Texas, capita! $250,000 failed to day. The bank was closed on an order from the directors, and Bank Examiner Stone was placed in charge.
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one of Welsebach's stores on a bill of sale. E. A. Armstrong & Co., dealers in uniforms, made a voluntary assignment this morning; assets are stated to be $275,000; liabilities $105,000. The firm for twenty years has been manufacturer and dealer in uniforms, regalla, society and church goods In this city and Detroit. The assignment was precipitated by an attachment suit filed in the superior court by E. Sawyer for $5,000 for merchandise claim. In the absence of the members of the firm Saturday evening the sheriff took possession of the store and held it till this morning, when the attachment suit was satisfied and a stipulation to that effect filed in the superior court. The news of the filing of the suit had gone abroad, and attachments were threatened from all the creditors. To avoid that contingency and to save themselves and all their creditors they made a voluntary assignment, which they expect will be temporary only. A Savings Bank Assigns. SANDUSKY, O., June 5.--The doors of the Sandusky Savings Bank, which closed Saturday upon what was generally supposed to be one of the soundest and safest institutions of the city, were not opened this morning, but displayed the following announcement: "Owing to inability to realize upon assets at this time, this bank has been compelled to assign. All depositors will be paid in full." The present trouble is ascribed directly to the heavy, though groundless, run that was made on the bank about ten weeks ago, and which it withstood successfully at that time, paying out $60,000 within two days, when the run ceased as suddenIy as it had begun. This drain upon its immediate available resources handicapped the bank seriously, although it has been doing as much or more business since the flurry than before, such confidence did the people, especially the business community, have in its stability. Some heavy demands upon it during the closing days of last week, however, precipitated the crisis this time. Runs on Milwaukee Banks. MILWAUKEE, June 5.-Runs were started to-day on the Second Ward Bank and Southside Savings Bank, but neither of them assumed very serious proportions. The failure of F. T. Day Plankington Bank seems to have increased the nervous fears of small depositors. Business men are not in the leat alarmed at the situation, and predict that the flurry will end in a day or two unless it is aggravated by more failures. This, however, did not allay the apprehensions of those outside, and for a while the crush was intensified. The bank officials did not seem to be in the least alarmed The officers and directors of the bank are all wealthy Germans. Herman Felsenthal is president and Jacob Gross vice-president. It has a capital of half a million dollars. Its table report made to the State auditor on May 10th showed deposits of $1,200,000. The appearance of the crowd during the run indicated that the depositors were largely of small or limited means. Fully 20 per cent. were women. A run was also started on the Dime Savings Bank, at 104 Washington street, this afternoon. This institution has deposits aggregating $600,000, and among its directors are Colonel Robert C. Clowry, vice-president of the Western Union Telegraph Company and ex-Senator C. B. Farwell. President Bailey of the bank says he has a dollar and a half for every dollar deposited, but the greater part of the money is tied up in securities. He does not know how long the bank can stand the run, but expects to pull through The bank has a capital stock of $100,000 and a surplus of $50,000. There was a run on the Hibernian Bank, one of the largest saving institutions in the country. Depositors were paid off at the rate of three a minute. The deposits amount to $3,500,000 and the officers of the bank believe they can stand the run. A run on the Prairie State Savings Bank, which started Saturday, was resumed this morning. The officers are confident that they have ample means available to meet all demands from depositors. The bank's business is practically confined to the west side.
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SANDUSKY. O., June 5. - The doors of the Sandusky Savings Bank, which closed Saturday upon what was generally supposed to be one of the soundest and safest institutions of the city, were not opened this morning, but displayed the following announcement: "Owing to inability to realize upon assets at this time, this bank has been compelled to assign. All depositors will be paid in full." The present trouble is ascribed directly to a heavy. though groundless, run that was made on the bank about ten weeks ago, and which it withstood successfully at that time, paying out $60,000 within two days. when the run ceased as suddenly as it had be. gun.
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DOORS SHUT AT SANDUSKY. A Savings Bank Unable to Realize But Depositors Won't Lose. Sandusky, O., June .-The doors of the Sandusky Savings Bank which closed Saturday night upon what was generally supposed to be one of the soundest and safest institutions of the city, were not opened this morning, but displayed. the following announcement "Owing to inability to realize upon our assets at this time this bank has been compelled to assign. All depositors will be paid in full." The present trouble is ascribable directly to a heavy though groundless run that was made on the bank about ten weeks ago and which it withstood successfully at the time, paying out upward of $60,000 within two days, when the run ceased as suddenly as it had begun. The drain upon its immediately available resources handicapped the bank seriously, although it had been doing as much or more business since the flurry than before, such confidence did the people, especially the business community, have in its stability. Some heavy demands upon it during the closing days of last week, however, precip. ated a crisis this time.
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A Sandusky, O., Bank Assigna SANDUSKY, O., June 5.-The Sandusky Savings bank, supposed to be one of the safest in the city, closed its doors.and made an assignment this morning, giving as the reason its inability to realize on assets and saying that all depositors would be paid in full. A heavy run was made on the bank six weeks ago, which it withstood. The drain, however, is believed to have weakened it. The available assets are estimated at $300,000 and the liabilities $205,000. WARRINGTON CITY, June 5.-Comptroller Eckies has received information that the Merchants' National Bank of Fort Worth, Tex., with a capital of $25,000, failed today. It was closed on an order from the directors and Bank Examiner Stone IS in charge.
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An Ohio Savings Bank Collapses. SANDUSKY, O., June 5.-The Sanducky Savings bank, supposed to be one of the safest in the city, closed doors and made an assignment this morning, giving as a reason inability to realize on assets, and saying all depositors would be paid in full. A heavy run was made on the bank last week, which it withstood, but the drain weakened it. The available assets are estimated at $300,000; liabilities, $205,000.
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SAVINGS BANK ASSIGNS. A Sandusky Bank Is Forced to Close Its Doors. SANDUSKY, O., June 4.-The Sandusky savings bank, supposed to be one of the safest in the city, closed its doors and made an assignment this morning, giving as a reason inability to realize on assets, and saying all depositors would be paid in full. A heavy run was made on the bank six weeks ago which it withstood, but the drain was believed to have weakened it. Available assets are estimated at $300,000; liabilities, $205,000.
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The Intelligencer. WHEELING, JUNE 7, 1893. Bank Runs Without Reason. It must be very discouraging to croakers when a run is made on a bank and the bank, instead of closing its doors, keeps open iate and opens earlier than usual to give the frightened a chance to draw their money. The chief idea if a run is that the money is wanted of it cannot be had; and if it is ready on demand it is not wanted. With one exception the Chicago savinge benks on which runs have been started have waived their right to thirty, sixty or ninety days' notice as the case may be, and paid on domand as fast as the money could be handed out. The one bank which insisted on the notice, and probably wisely, has the money ready for its depositors but did not think it necessary to waive its right for the more sake of being rushed. For an instance of the other kind we have the Sandusky Savings Bank, a perfectly solvent concern, which has been obliged to suspend because of a persistent run without reason. This bank's liabilities are about two-thirds of its available assets, but of course the assets could not at once be converted into cash to pay over the counter. It would seem a waste of time to explain that a bank cannot keep all of its deposits in its vaults and pay interest on them. Before it can pay interest the interest must be earned, and this is done by lending the money on sufficient security and becoming responsible to the depositor. Experience tells the bank about how much cash it must keep on hand to satisfy checks. When the demand for cash goes beyond this normal level the bank must borrow on its securities or sell them tn realize immediately. If this cannot be done because of stringency in the money market, or for any other reason, the bank must close its doors. Every bank in Wheeling is known to be solvent and solid. There is not one of them that is not good for very much more than its total liabilities. If there were to be a run on one beyond its ability to take care of itself on the instant, all the others would go to its rescue. Yet if all the depositors in all the banks were to want all their money at the same time, giving the banks no chance to withdraw their balances in New York, or to realize on their securities, the banks would have to close in spite of their decided strength and absolute solvency. Depositors have a right to demand that the banks shall be conducted with great conservatism, as the banks of Wheeling are known to be conducted: but depositors should be conservative and thoughtful, always careful not to demand unreasonable things and not to put on unnecessary pressure. People who know their money is safe should be careful not to place the business of a whole community in jeopardy by putting on unnecessary strain; for in the end it is not the solvent banks, but the manifold business interests that depend on them, that suffer. When the general business interests suffer, every private interest, big or little, suffere with them. Wheeling has passed unharmed through many flurries, largely because the banks are accorded the confidence to which they are entitled, because the business of the city is on a solid basis and conducted SO conservatively as to give our business men almost exceptional standing in the great markets, because the people have and a very liberal endowment of common sense fortified by reassuring experience.
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Merchant's National bank of Fort Worth, capital $250,000, failed to-day. The bank was closed on an order from the directors and Bank Examiner Stone was placed in charge. SANDUSKY, O., June 5.-The Sandusky Savings banks closed its doors this morning, owing to its inability to realize upon its securities. The depositors will be paid in full. PORTLAND, ORE., June 5.-Private advices from Spokane, Wash., state that the Bank of Spokane has suspended. It is one of the smaller banks of Spokane.
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NUMBER 10. NEARLY A PANIC. Chicago Banks Experience an Exciting and Busy Day. All Demands Promptly Met. One Institution Keeping Open All Night -One Failure Announced-Business Troubles Elsewhere. FACED HEAVY RUNS. CHICAGO,June6 -The opening of the banks in Chicago was characterized by strong symptoms of a panic. Much un easiness existed since Saturday, and the doubts and fears among depositors had become so far augmented, even long before 10 o'clock, that crowds, including men and women and working girls, found their way to the bank doors and were ready to improve the first possible opportunity to withdraw what money they had on deposit. As the day wore on the crowds increased, and by noon a fullfledged panic of no mean magnitude was inaugura ted. PAID ALL WHO CAME. Savings banks which experienced a run Monday kept their tellers at work until all who had been line up to the hour of ordinary closing were paid, and notices were posted on the doors that the banks would be open for business at the regular hour this morning. The panic did not extend beyond the owners of small savings accounts, but there was an intense strain in financial affairs. It is to the rumor mongers that the day is indebted for its worst phase. PRIVATE BANKERS FAIL CHICAGO, June The private banking house of Meadoweroft Bros., 100 Washington street. at the northeast corner of Washington and Dearborn streets, has been placed in the hands of a receiver. being forced to suspend because of the prevailing monetary stringeney. Lyman E. Crandall has been appointed receiver. Eddy & Walker, attorneys for the firm. have given an approximate estimate of the bank's assets and liabilities. They place the liabilities at $250,000, and the assets at $460,000. STOOD THE STORM. The depositors began a run on the Illinois Trust and Savings bank in the Rookery building early in the morning and clamored for their money all day long. The bank made every effort to pay promptly and the officials expressed no fear for the result of the demand for deposits. This bank kept its dears open until after midnight in order that everyone who wanted his money might have it. The last depositor in the line got his money at 3a. m. then the bank closed until 10 o'clock. The assets when the bank opened Monday morning figured up $28,000,000. The stockholders are estimated as beinc worth $150,000,000. The bank has not called a loan in nine years. Shortly after edoors of the Bank of Commerce were opened a run was started which continued for hours. President Felsenthal says rumors are responsible for the run: the bank was conducted on soundest financial principles, its officers do not speculate, and there was plenty of cash in its vaults to meet all demands. There was a heavy run upon the Prairie State national bank and the Prairie State Savings and Trust company all day. Both institutions are located at the southwest corner of Desplaines and Washington streets and are patronized largely by west side business men and mechanics. The bank officials appear to take the matter easily and met all the demands made upon them. In the general excitement that'struck the public the Hibernian bankidid not escape. but the result thus far is not alarming to the officials. A run was made on the Union Trust bank, of which Stephen W. Rawson is president. The run began about noon and was kept up during the afternoon. At the Globe savings bank the run keptup all day. At 3 p. m. it was decided to take advantage of the thirty day notice provided for savings accounts. Vice President Hayes said this | would not have been done had the run been on that bank alone. There was a slight run at the Milwaukee avenue state bank, but the crowds began to diminish by the close of the business day. President Paul Stensland said there would be no trouble in paying all demands. Some of the depositors after receiving their money redeposited it MANY FAILURES The Sandusky (O.) Savings bank failed to open its doors Monday Its trouble is due to run experienced ten wee ago and some heavy demands made within the last few days. Its assets are placed at about $300.000; liabilities. $205,000 The firm of Washington Butchers Sons provision dealers of Philadelphia, has failed but no statement of its condition is made. The firmis rated as good for $200,000. Potter & Potter of Boston publishers of the New England Magazine, Yankee Blade Woman'sHomeJournal, American Vehicle and the Amesbury Daily, have made an assignment The liabilities are about $100,000 Morris Sewerin trunk valise and bag manufacturer of New York and Newark, N.J., has assigned. The liabilities are about $250,000; actual assets. 8200.000 Campbell & Co. wholesale dealers in woolens and tailors' trimmings: at St. Louis, have made an assignment Assets, $23,000; li: bilities not stated The schedules of William L Patton & Co. New York bankers and brokers. show $688,037 liabilities nominal assets. $853,925 actual assets, $27,500. The Bank of Spokane Falls suspended payments Monday. Its paid-up capital is $150,000,
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Sandusky Savings Bank Closes. SANDUSKY, June 6.-The Sandusky Savings bank closed its doors Monday and posted the following notice: "Owing to its inability to realize upon its securities, this bank has been compelled to make an assignment for the benefit of its creditors. The depositors will be paid in full without loss to anyone." Following upon the stoppage of the bank comes the news that the hospital supply company has assigned to George Barney and Charles Mack. It is re ported that the savings bank has been carrying the hospital supply company, which made the assignment and gave power to take possession at any time.
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South and West. THE Old Kentucky Home at the Chicago Fair Grounds was dedicated. It is the Blue Grass State Building and one of the most attractive in the grounds. Miss Enid Yandel's statue of Daniel Boone was unveiled. AT the Sisseton Agency, South Dakota, Miss Cynthia Rockwell, an Illinois teacher at Coodwill Mission. has married Richard King, an Indian, studying for the Presbyterian ministry. THE Plankinton Bank in Milwaukee, Wis., closed its doors. The bank had loaned $200,000 to F. A. Lappen & Co. and the Lappen Furniture Company, and this was the principal cause of its suspension. THE Victoria Cordage Company, Cincinnati, Ohio, members of the Cordage Trust, has assigned. Assets, $500,000 liabilities, $400,000. TORNADOES did great damage to property in Mississippi, Tennessee, Arkarcas and Kentucky. At Rosedale, Miss., W. L. Bawdre and wife were killed. IOWA Prohibitionists nominated a full State ticket. THE members of the graduating class at Annapolis (Md.) Naval Academy, forty-four in number, received their diplomas at the hands of Secretary Herbert. W. V. N. Powelson, of New York, received the honors of his class graduating No. 1. A RECEIVER was appointed at Charleston, W. Va., for the Norfolk and Western Railroad. DURING a heavy rain storm fire was discovered in a block on Farnumstreet, Omaha, Neb. The entire city Fire Department was called to the scene. A high wind was blowing. One of the walls fell on seven firemen. Five of them were instantly killed. WHILE a primary election was held in Bell County, Kentucky, by the Democratic party, excitement ran high, and in a fight at Pineville, the county seat, John Jones and Levi Hoskins were killed and two others were fatally injured. OWING to a storm less than 60,000 persons visited the World's Fair on the second Sunday opening. TWENTY-FIVE men walked into Decatur, Ill., a city of 22,000 people, and lynched Samuel Bush on the principal street without opposition. Bush was a colored man accused of assaulting two white women. AT Chicago, Ill., Herman Schaffner & Co., private bankers, made an assignment. Schaffner & Co. have been the largest private bankers in the Northwest, dealing exclusively in commercial paper. JOHN C. MINING, Town Treasurer of Fort Jennings, Ohio, has disappeared with $5000 cash. and an additional shortage of $10,000 has been discovered. WILD and unfounded rumors of impending financial disaster caused a senseless run on many of the banks in Chicago. Those chiefly affected were the Prairie State National Bank, the State Bank of Commerce, the Hibernian Savings Bank, the Dime Savings Bank, the Union Trust Company's Bank and the Illinois Trust and Savings Bank. Meadowcroft Brothers, private bankers of Chicago, failed with liabilities estimated at $450000. THE Bank of Spokane, Washington, has failed. It is a private institution, owned by A. M. Cannon, who is reported to be worth $3,000,000. The Sandusky (Ohio) Savings Bank assigned, The Merchants' National Bank, of Fort Worth, Texas, capital $250,000, has failed.