German Savings Bank (Omaha, NE)

Episode Information

Episode UID
4199589891122
Episode Type
Run Only
Bank Type
savings
Bank ID
419958989 hash
Start Date
June 13, 1893
Location
Omaha, Nebraska (41.259, -95.938)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
91a0bfb478eb347c

Response Measures

None

Events (1)
1. June 13, 1893 Run
Cause
Local Banks
Cause Details
Run precipitated by the failure of the McCague Savings Bank and the subsequent closure of the American National Bank.
Measures
Paid out cash to depositors as called for; other savings banks invoked 60-day notice rule.
Newspaper Excerpt
Runs started on the Globe Loan and Trust company, Dime Savings bank, German Savings bank, and Nebraska Savings bank.
Source
newspapers

Newspaper Articles (10)
1. June 13, 1893 San Antonio Daily Light San Antonio, TX
Article from San Antonio Daily Light, June 13, 1893

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Article Text

More Busted Banks. OMAHA, June 13.-The American National bank was closed by order of the comptroller of the currency. Runs started on the Globe Loan and Trust company, Dime Savings bank, German Savings bank, and Nebraska Savings bank. No statement of the condition of the American National was made at once, except that the clearing house refused to assist. It is understood that the affairs of the bank are entangled with those of the McCague Savings bank, that closed yesterday afternoon.

2. June 14, 1893 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe Daily New Mexican, June 14, 1893

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Article Text

More Failures. OMAHA, June 14.-The state bank examiner has closed the doors of the McCague Savings bank. No statement of the bank's condition has yet been issued and it is impossible to estimate the assets and liabilities. John L. McCague, vice president of the suspended bank, said that the suspension was due solely to an inability to realize on securities. He fixed the liabilities at $400,000 and estimated the assets of the bank at from $460,000 to $475,000. He stated positively that the depositors would be paid in full. The American National bank was closed by an order of the comptroller of the currency yesterday. Runs started on the Globe Loan & Trust company, the Dime Savings bank, the German Savings bank and the Nebraska Savings bank. No statement of the condition of the American National was made at once, except the fact that the clearing house refused to assist it. It is understood that its affairs are entangled with those of the McCague Savings bank. The run was of extensive proportions on the Omaha Savings bank, and all the morning the bank was besieged by depositors. Senator Manderson and Vice President Kimball, of the Union Pacific, directors of the bank, made speeches to the excited depositors, guaranteeing them their money, but the run continued. Salt Lake, Utah.-The Park City bank has suspended, assigning to E. Kimball. Liabilities, $130,000; assets as much, and the claim is made that it will shortly resume. The assignee says depositors are to be paid 80 cents on the dollar. Kansas City.-The People's Guarantee Savings bank has made an assignment for the benefit of its creditors. The liabilities are supposed to be about $70,000 and the assets between $50,000 and $65,000.

3. June 14, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, June 14, 1893

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Article Text

Run on Omaha Banks. OMAHA, NEB., June 13.-The American National Bank was closed by order of the comptroller of the currency this morning. Runs started on the Globe Loan and Trust Company, the Dime Savings Bank, the German Savings Bank and Nebraska Savings Bank. No statement of the condition of the American National is made except the fact that the clearing house refused to aid it. It is understood that the affairs of the bank are entangled with those of the McCague Savings Bank, that closed yesterday afternoon. The run was of extensive proportions on the Omaha Savings bank, and all the morning the bank was beseiged bv depositors. Senator Manderson and Vice President Kimball, of the Union Pacific, directors of the bank, made speeches to the excited depositors, guaranteeing them their money, but the run continued.

4. June 14, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, June 14, 1893

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Article Text

OMAHA BANKS. Another Failure and Several Runs in Progress. OMAHA, June 14. -There is a run on every savings bank in the city, precipitated by the failure of the McCague Savings bank Monday, followed by the downfall of the American National bank, in which the McCagues are largely interested. It had been unofficially stated that the Clearing House association would stand by its members, of which the American National is one, but when the assets of the bank came to be examined they were pronounced not good enough, and the aid of the associated banks was withheld. The ominous sign appeared on the doors, and the crowd which had collected became greatly excited. The McCagues tried to assure the depositors, telling them that Every Account Would Be Paid in full. At the Omaha Savings bank the German Savings bank, the American Savings bank, the Globe Loan and Trust company and other institutions there was a steady train of depositors all morning. Cash was paid out as soon as called for and there was no apparent limit to it. Toward noon the lines had dwindled till they appeared no larger than upon any day of business. Bank Examiner Griffith, who took charge of the American National bank for the comptroller, could not say much about the assets. A great deal of paper thought not to be first class figures in the resources of the bank. The falling of in deposits amounted to nearly $200,000 since May 4, and this has badly crippled the institution. The Dime Savings bank compelled its depositors to give 60 days notice of withdrawal. This action, together with the promptness with which other banks met all demands, is believed to have stopped what almost promised to be a panic.

5. June 14, 1893 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, June 14, 1893

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Article Text

THE BUSINESS TROUBLES. The American National Bank of Omaha Closed-A Run Started on Several Savings Banks and a Trust Company. OMAHA, June 13.-The American National bank was closed by order of the comptroller of the treasury this morning. Runs were started on the Globe Loan and Trust company, the Dime Savings bank, the German Savings bank and the Nebraska Savings bank. No statement of the condition of the American National was made except that the clearing house refused to assiat it. It is understood that the affairs of the bank are entangled with those of the McCague Savings bank that closed yesterday afternoon.

6. June 14, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, June 14, 1893

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Article Text

BANK TROUBLES. OMAHA BANK. Omaha, Neb., June 13.-The American National bank was closed by order of the comptroller of the currency this morning. Runs started on the Globe Loan and Trust company, the Dime Savings bank, the German Savings bank and the Nobraska Savings bank. No statements of the condition of the American National was made at once except that the clearing house refused to assist. It is understood that the affairs of the bank are entangled with those of the McCague Savings bank that closed yesterday afternoon. The run was of extensive proportions on the savings bank of Omaha, and all day the bank was beseiged. Senator Manderson and Vice-President Kimball of the Union Pacific, directors of the bank. made speeches to the excited depositors, guaranteeing them their money, but the run continued. Manderson announced the bank was ready to pay every dollar. Bank Examiner J. M Griffith is in charge of the American National The last statement of the bank. on May 4. showed the capital stock to be $200.000, loans and discounts 531.690, surplus $16,000. undivided profits $5161. The American Savings bank and the Dime savings bank took advantage of the sixty days' rule and refused to pay any depositors. The Globe and Trust company paid off 50 per cent of their deposits and held the balance under the rule.

7. June 14, 1893 The Providence News Providence, RI
Article from The Providence News, June 14, 1893

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Article Text

DEPOSITORS EXCITED. Vallure of the McCague Savings Bank Pre. cipitates a Run on Others. OMAHA, June 14.-There was a run on every savings bank in the city, precipitated by the failure of the McCague Savings bank Monday, followed by the down. fall yesterday of the A merican National bank, in which the McCagues are largely Interested. The ominous sign appeared on the door yesterday morning, and the crowd which had collected became greatly excited. The McCagues tried to reassure the depostors, telling them that every account would be paid in full. At the Omaha Savings bank, the German Savings bank, the American Savings bank, the Globe Loan and Trust company and other institutions there was a steady rain of deposits all the morning. Bank Examiner Griffith, who took charge of the American National for the comptroller, said the falling off in deposits of the national amounted to nearly $20,000 since May 4, and this had badly crippled the institution.

8. June 15, 1893 The Sauk Centre Herald Sauk Centre, MN
Article from The Sauk Centre Herald, June 15, 1893

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Article Text

OMAHA BANKS. Another Failure and Several Runs in Progress. OMAHA, June 14. -There is a run on every savings bank in the city, precipitated by the failure of the McCague Savings bank Monday, followed by the downfall of the American National bank, in which the McCagues are largely interested. It had been unofficially stated that the Clearing House association would stand by its members, of which the American National is one, but when the assets of the bank came to be examined they were pronounced not good enough, and the aid of the associated banks was withheld. The ominous sign appeared on the doors, and the crowd which had collected became greatly excited. The McCagues tried to assure the depositors, telling them that Every Account Would Be Paid in full. At the Omaha Savings bank the German Savings bank, the American Savings bank, the Globe Loan and Trust company and other institutions there was a steady train of depositors all morning. Cash was paid out as soon as called for and there was no apparent limit to it. Toward noon the lines had dwindled till they appeared no larger than upon any day of busi. ness. Bank Examiner Griffith, who took charge of the American National bank for the comptroller, could not say much about the assets. A great deal of paper thought not to be first class figures in the resources of the bank. The falling of in deposits amounted to nearly $400,000 since May 4, and this has badly crippled the institution. The Dime Savings bank compelled its depositors to give 60 days notice of withdrawal. This action, together with the promptness with which other banks met all demands, is believed to have stopped what almost promised to be a panic.

9. June 15, 1893 The Sauk Centre Herald Sauk Centre, MN
Article from The Sauk Centre Herald, June 15, 1893

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Article Text

OMAHA BANKS. Another Failure and Several Runs in Progress. OMAHA, June 14. -There is a run on every savings bank in the city, precipitated by the failure of the McCague Savings bank Monday, followed by the downfall of the American National bank, in which the McCagues are largely interested. It had been unofficially stated that the Clearing House association would stand by its members, of which the American National is one, but when the assets of the bank came to be examined they were pronounced not good enough, and the aid of the associated banks was withheld. The ominous sign appeared on the doors, and the crowd which had collected became greatly excited. The McCagues tried to assure the depositors, telling them that Every Account Would Be Paid in full. At the Omaha Savings bank the German Savings bank, the American Savings bank, the Globe Loan and Trust company and other institutions there was a steady train of depositors all morning. Cash was paid out as soon as called for and there was no apparent limit to it. Toward noon the lines had dwindled till they appeared no larger than upon any day of busi. ness. Bank Examiner Griffith, who took charge of the American National bank for the comptroller, could not say much about the assets. A great deal of paper thought not to be first class figures in the resources of the bank. The falling of in deposits amounted to nearly $400,000 since May 4, and this has badly crippled the institution. The Dime Savings bank compelled its depositors to give 60 days notice of withdrawal. This action, together with the promptness with which other banks met all demands, is believed to have stopped what almost promised to be a panic.

10. June 17, 1893 Red Lodge Picket Red Lodge, MT
Article from Red Lodge Picket, June 17, 1893

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Article Text

OMAHA BANKS. Another Failure and Several Runs in Progress. OMAHA. June 14.-There is a run on every savings bank in the city, precipitated by the failure of the McCague Savings bank Monday, followed by the downfall of the American National bank, in which the McCagues are largely interested. It had been unofficiaily stated that the Clearing House association would stand by its meinbers, of which the American National is one, but when the assets of the bank came to be examined they were pronounced not good enough, and the aid of the associated banks was withheld. The ominous sign appeared on the doors, and the crowd which had collected became greatly excited. The McCagues tried to assure the depositors, telling them that Every Account Would Be Paid in full. At the Omaha Savings bank the German Savings bank. the American Savings bank, the Globe Loan and Trust company and other institutions there was a steady train of depositors all morning. Cash was paid out as soon as called for and there was no apparent limit to it. Toward noon the lines had dwindled till they appeared no larger than upon any day of business. Bank Examiner Griffith. who took charge of the American National bank for the comptroller. could not say much about the assets. A great deal of paper thought not to be first class figures in the resources of the bank. The falling of in deposits amounted to nearly $200,000 since May 4, and this has badly crippled the institution. The Dime Savings bank compelled its depositors to give 60 days notice of withdrawal. This action, together with the promptness with which other banks met all demands, is believed to h.ve stopped what almost promised to be a panic.