gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f7d704bc00542dea
Response Measures
None
Description
The bank suspended following heavy withdrawals and reopened nearly four months later.
Events (3)
1.June 12, 1893Run
Cause
Macro News
Cause Details
Heavy withdrawals over several weeks due to general financial stringency and inability to realize on securities.
Measures
The bank attempted to realize on securities but found it impossible due to market stringency.
Newspaper Excerpt
The withdrawal of deposit has been extensive during the last few weeks. amountImg to about E15 000. ... finding ourselves confronted to-day with a ehottuge in cash, by the advice of the State Bank Examiner we closed the doors.
Source
newspapers
2.June 12, 1893Suspension
Cause
Macro News
Cause Details
Inability to raise money on securities to meet withdrawals during the Panic of 1893.
Newspaper Excerpt
At 4:12 o'clock this afternoon the state bank examiner closed the doors of McCague's Savings bank at Fifteenth and Dodge streets.
Source
newspapers
3.September 28, 1893Reopening
Newspaper Excerpt
The McCague Savings bank at Omaha, Neb., has re-opened after nearly four months with closed doors. (Reported Sept 29, 1893). balance of evidence suggests reopening occurred just before publication date of Sept 29th article.
Source
newspapers
Newspaper Articles (24)
1.June 13, 1893San Antonio Daily LightSan Antonio, TX
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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.
Runs ou Savings Banks. OMAHA, Neb, June 13.-The American National bank is in the hands of the comptroller. J.L. McCague, is president and it is supposed that the American National connection with McCague's savings bank, which failed yesterday, caused its downfall. There were heavy runs on all the savings banks here this morning.
3.June 13, 1893The Seattle Post-IntelligencerSeattle, WA
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An Omaha Savings Bank Closed. OMAHA. June 12-At 4:12 o'clock this afternoon the state bank examiner closed the doors of McCague's Savings bank at Fifteenth and Dodge streets. No statements of the bank's condition have yet been issued and it is impossible tonight to estimate the liabilities and assets. John L. McCague, vice president of the bank, says the suspension is due to inability to raise money on securities. He fixed the liabilities at $400,000 and the assets of the bank at $460,000 to $475,000. He states positively that depositors will be paid in full. When asked whether or not the American National would be affected by the suspension of McCague's Savings bank, he said he could not certainly see why it would. McCague Bros. were also engaged in the real estate business. and their affairs are said to be largely extended, although the full particulars cannot be given tonight.
4.June 13, 1893The Waco Evening NewsWaco, TX
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BANKS CLOSED Which Causes Runs on a Number of Banks in Omaha By Associated Prese to The News: OMAHA. Neb. June 13. The American National bank was closed by order of the comptroller of currency this morning. The runs have started on the Globe Loan and Trust company, the Dime Savings band, the German Savings and the Nebraska Savings bank. No state. ment of the condition of the Ameri. can National was made, except that the clearing house refused to asstst. It is understood that the affairs of the bank are entangled with those of the McCague Savings bank that closed yesterday afternoon.
5.June 13, 1893Deseret Evening NewsSalt Lake City, UT
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Article Text
An Omaha Bank Closed. OMAHA, Neb., June 12.-At 4:12 this afternoon the state bank ex. aminer closed the doors of the Mo. Cague bank at Fifteenth and Dodge streets. No statements of the bank's condition has yet been issued and it is impossible tonight to estimate the liabilities and assets. John L. McCague, Vice president of the bank, said the suspension was due to the inability to raise on securities. He fixed the liabilities at $400,000 and estimated the assets of the bank at $450,000 to $475,000. Hestates positively that de. positors will be paid in full.
6.June 13, 1893Evening StarWashington, DC
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OMAHA BANKS STAND A RUN. Closing of American National Caused by the McCague Failure. OMAHA, NEB., June 13.-There WAS a run on every savings bank in the city this morning, precipitated by the failure of the McCague Savings Bank yesterday, followed by the downfall this morning of the American National Bank, in which the McCagues are largely interested. It was unofficially stated yesterday that the Clearing House Association would stand by its members. of which the American National is one, but when the assets of the American National 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 door this morning and the crowd which had collected became greatly excited. The McCagues tried to reassure 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 and other was a of all was out as soon as was no to it. institutions called Globe morning. for Loan and there and there Cash Trust steady Company paid apparent drain limit deposits 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 for the controller. this morning could not say much about the assets. A great deal of paper, thought not to be firstclass, figures in the resources of the bank. The falling off 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 givesixty days' notice of withdrawal. This action, together with the promptness with which the other banks met all demands. is believed to have stopped what almost promised to be a panic. Caused by the Plankinton Failure. LANSING, MICH., June 13.-Advices have been received from Bank Commissioner Sherwood from Crsytal Falls. Upper Michigan, that the State Bank of Crystal Falls has suspended payment. The bank WAS organized about a year ago with a capital of $25,000. It had deposits of $60,000. The cause of the failure is the suspension of the Plankinton Bank of Milwaukee. Taking Precautions at Detroit. DETROIT, June 13.-For some time there has been uneasy feeling in the banking atmosphere of this city occasioned by the numerous failures in savings institutions that have recently occurred throughout the country, especially in the west. Although until this morning there had not been a decided run on any of the savings banks of Detroit, considerable money has been withdrawn in a quiet way. and to forestall any movement that might result disastrously to them and as all act of self-preservation the officers of these institutions met last night and decided to require the notice allowed by law in case of unusual demands. This morning depositors were handed copies of the foregoing circular and told that their deposits would be paid in full at the end of the specified time-sixty days. This seemed to allay the excitement.
7.June 14, 1893Grand Rapids HeraldGrand Rapids, MI
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RUN ON OMAHA BANKS. American National Was Closed by the McCague Failure. OMAHA, June 13. The runs made on most of the savings banks in the city today as a result of the failure of the Mc. Cague Savings bank yesterday and the closing of the American National this morning were without serious results to any of the institutions concerned. All paid out freely, except the Dime, which demanded the sixty days' notice. The Globe paid until noon and then required the sixty days' notice. The heaviest run was on the Omaha. of which Senator Manderson is president. Its loby was packed all day, but depos itors were paid as fast as they could be accommodated. Senator Manderson made a reassuring speech from the counter to the crowd this afternoon and at the closing hour said that the bank was as stable as the hills. The hope in financial circles is that the worst is over and there is little fear that disaster awaits any other bank in the city. The books of the McCague Savings and the American National are being examined, but no statement can be made before tomorrow or Thurs day. The McCague brothers. who practically owned both institutions announced today that their securities were good and that the depositors in both banks would be paid in full. The prompt manner in which the banks have met the runs today has allayed the alarm perceptibly and, though the rune may continue tomorrow, no serious apprehension is felt.
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.
9.June 14, 1893The TimesRichmond, VA
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BETTER FINANCIAL OUTLOOK. A General Feeling That the Worst is Over, Few Small Failures. WASHINGTON, June 13.-The financial condition of the country as viewed from a Treasury standpoint shows general improvement. Bank and commercial failures are fewer, Europe is buying our grain in greater quantities, gold shipments have ceased, at least for the present, confidence is being restored and money is not so tight. The Treasury net gold has increased from $89,000,000 to $91,300,000. and the demand for small money in the West will have the effect to further increase the Treasury gold. The rate of exchange is sufficiently high to warrant the shipment of gold abroad. but the fact that commercial paper is for sale in London has a deterrent effect. There is a general feeling that the worst is passed. the weaker financial institutions and business firms having suecumbed, while those that passed through so far unseathed are the stronger for having weathered the financial storm. More Bank Troubles, SALT LAKE. UTAH, June 13.-The Park City Bank suspended yesterday. The liabilities are $130,000; assets as much. A claim is made that the bank will shortly resume. The assignee says that the depositors are to be paid 80 cents on the dollar. OMAHA, NEB. June 13.-The American National Bank is in the hands of the comptroller. J. L. McCague is president, and the supposed American National's connection with the McCague Savings Bank, which falled yesterday, caused its downfall. There are heavy runs on all the savings banks here this morning, WASHINGTON June 13.-The Comp= troller of the Currency has appointed Joseph W. Bennett receiver of the Oglethorpe National Bank of Brunswick, Ga.
10.June 14, 1893The WorldMartinsburg, WV
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Omaha Banks in Trouble. OMAHA, Neb., June 13. The American national bank is in the hands of the controller. J. L. McCague is president, and it is supposed that the American national's connection with the McCague saving bank, which failed Monday, caused its downfall. There were heavy runs on all savings banks here Tuesday morning.
11.June 14, 1893The State ChronicleRaleigh, NC
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Another Bank Fails. By Southern Associated Press. OMAHA, Neb., June 13.-The American National Bank is in the hands of the Comptroller. J. L. McCague is President and it is supposed that the American Nationals connected with the McCague Savings Bank which failed yesterday caused its downfall. There are heavy runs on all Savings Banks here this morning.
12.June 14, 1893The Madison Daily LeaderMadison, SD
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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.
13.June 14, 1893Morning Journal and CourierNew Haven, CT
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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.
14.June 14, 1893Rock Island Daily ArgusRock Island, IL
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MORE SAVINGS BANKS RUNS. Detroit Officials Put on the BrakesTrouble at Omaha. CHICAGO, June 14.- The savings bank run seems epidemic. At Detroit a run was threatened and the officers of all the banks met and agreed to require the time limit of all depositors. The run was started, but every depositor was required to give the legal notice, and confidence was partly restored. At Omaha there was a run on every savings bank in the city caused by the failure of the McCague bank and American National. McCague says he will pay every depositor. All the banks met the run with cash, and the run was greatly abated by night. The Nashville Savings company has made an assignment with liabilities of $282,000 and assets of $125,000. The Irving Savings institution at New York is short $70,000, due to the rascality of its president, secretary, and paying teller.
15.June 14, 1893St. Paul Daily GlobeSaint Paul, MN
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BURST BANKS. American National of Omaha Closes Its Doors. OMAHA, Neb., June 13. - Omaha passed through a mild financial panic today. as tne result of the failure of the McCague Savings bank last evening. The news of the suspension of the savings bank last night was ground for the belief that any run this morning would be made upon the American National bank, as that and the McCague savings banks were closely connected.
16.June 14, 1893The Providence NewsProvidence, RI
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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.
NO SERIOUS RESULTS. Omaha Savings Banks Experience a General Run. OMAHA, June 14.-The runs made on most of the savings banks in the city during the day as a result of the failure of the McCague Savings bank Monday and the closing of the American National bank were without serious results to any of the institutions concerned. All paid out freely except the Dime, which demanded the 60 days' notice. The Globe paid until noon and then required the 60 days' notice. The heaviest run was on the Omaha, of which Senator Manderson is president. Its lobby was packed all day, but depositors were paid as fast as they could be accommodated. Senator Manderson made a reassuring speech from the counter to the crowd and at the closing hour said the bank was as stable as the hills. The manner in which the banks met the run has strengthened public opinion.
18.June 16, 1893Union County CourierElk Point, SD
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OMAHA BANK CLOSED. The McCague Savings in the Bank Exam. iner's Hands. Omaha special: Just befrre closing time State Bank Examiner McGrew took charge of the McCague Savings Bank. The institution had been in trouble for some time, but the announcement of the failure caused considerable comment, as there were fears that a stampede might follow. Other banks are well fortified against a possible run. Wm. L. McCague. president of the embarrassed bank. expressed himself us follows: "The withdrawal of deposit has been extensive during the last few weeks. amountImg to about E15 000. With the present stringency in monetary affairs it has been Impossible to obtain money to any great extent on the securities, which are mostly first mortgages on Omaha real estate. The bank has been carrying as a usual thing between 10 and 15 per cept. of the available cash resources, while the requirements of the state only make it necessary for savings banks to Carry 5 per cent. This withdrawal of deposits continued so that finding ourselves confronted to-day with a ehottuge in cash, by the advice of the State Bank Examiner we closed the doors. Depositors will be paid in full as rapidly as the state authorities can realize from the collections or sale of securities. The assets are: Mortgage loans, $250,000; collateral loans, $71,000; stocks and bonds. $94,000; warrants, city, county, etc., 86,000: real estate, $13,000, which with cash and other securities will make a total of $477,000. Deposits are $420,000.
19.June 16, 1893Hot Springs Weekly StarHot Springs, SD
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SPARKS FROM THE WIRES. Ex-president Harrieon is enjoying the World's fair. Geo. C. Casler has been appointed postinaster at Hill City. Princess Eulalia is disgusted over the manner in which some Americans are worshiping her. The American National bank of Omaha has closed its doors, and there is is very panicky feeling in banking circles. The McCague Savings bank of Omaha has succumbed to the financial stringency of the times with liabilities amounting to about $100,000. Wm. Hammer and Miss Gay Pye were drowned Saturday while boating on lake Madison, S. Dak. Both had just graduated from the Normal school. The state supreme court has decided that laws passed by the legislature without the emergency clause do not go into effect until ninety days after the adjournment of the legislature. The Great Northern R'y has made a cut in passenger rates from Seattle to St. Paul. making the rate $25, and it is expected that the Northern Pacific will go still farther and cut through to Chicago. World's fair rates are going down. At the inquest over the bodies of the government clerks who were killed by the falling in of the old Ford theatre, Col. Aineworth, chief of the record and pension division, came near being mobbed by clerks who blaine him for the fatal accident.
20.June 17, 1893Red Lodge PicketRed Lodge, MT
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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.
NEBRASKA BANKS. A Run on Savings Institutions in Omaha. OMAHA, Neb.. June 13.-There is a run on every savings bank in the city this morning, precipitated by the failure of the McCague Savings Bank yesterday, followed by the downfall this morning of the American National Bank, in which the McCagues are
22.June 21, 1893The Columbus JournalColumbus, NE
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THE failure of the McCague Savings bank and the closing of the doors of the American National bank at Omaha last Monday caused a run on a number of the banks in that city, but all demands were met with such promptness that nothing serious resulted.
23.July 6, 1893The HeraldLos Angeles, CA
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FAILURES AT OMAHA. Many Big Concerns Dragged Down One After Another. OMAHA, Neb., July 5.-The American Savings bank has gone into voluntary liquidation and asked the state banking board to wind up its affairs. The action is due to the failure of the American Loan and Trust company, which was placed in the hands of a receiver this afternoon, at the instance of the directors of the concern, the company being the principal stockholder in the savings bank. The failure of the investment company is attributed to the failure of the Omaha and South Texas Land company and the American Loan company. The first of the concerns embarraesed had a paid up capital of $400,000. The savings bank was an offshoot, with a capital stock of $400,000, of which $100,000 was paid up. O.M. Garter is president of both institutions. Since the failure of the McCague bank, the American Savings bank's deposits were reduced to $9000; the remaining securities, amounting to $250,000, are of the best. The total liabilities amount to but $153,000. Garter gave a mortgage on his regidence yesterday for $50,000 to protect one of the eastern creditore from whom money was secured. No statement of the bank's exact condition can be obtained tonight.
24.September 29, 1893Rock Island Daily ArgusRock Island, IL
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ABBREVIATED TELEGRAMS. Bill Dalton and his gang are now reported at Wagoner, I. T. A Chicago and Northwestern passenger train and a work train collided near Crescent City, la., and two workmen-Bert Jackson and Loren Peterson--were killed. An incendiary fire caused $100,000 damage to the Santa Fe hotel at Emporia, Kan. Philadelphia manufacturers are preparing a circular to be sent to the silver advocates in the United States senate proposing a compromise for mutual protection. The Cigarmakers' International union, in session at Milwaukee, has passed resolutions indorsing Governor Altgeld's action in pardoning the Chicago anarchists. Judge Jenkins, at Milwaukee, has appointed Henry F. Whitcomb and Howard Morris as receivers for the Wisconsin Central railroad. The action is the result of the cancellation of the lease to the Northern Pacific. Obituary: At Buffalo, Charles G. Curtiss. At Hillsboro, III., Rev. W. R. Thompson, aged 85. The McCague Savings bank at Omaha, Neb., has re-opened after nearly four months with closed doors. Connecticut's new anti-oleomargarine law is so strict that only two licenses to sell oleomargarine have been taken out in the entire state. Diphtheria has again appeared in Terre Haute, Ind., and the citizens fear a recurrence of last year's deadly epidemic. In a personal encounter over a lawsuit between them at Roodhouse, Ills., Chas. Hopkins stabbed Elijad Arrindell, who died in ten minutes. By a prairie fire in the western part of the Cherokee strip several hundred settlers lost wagons, tents and horses and a number lost their lives. By order of Mayor Mosby the police have made a canvass of Cincinnatiand find that employment is being given to nearly the full standard capacity of establishments in that city. John H. McBride has begun suit in the United States court at Des Moines, La., to recover royalties aggregating $500,000 on an attachment to a sulky plow, for which, he says, he was granted a patent in 1875. Robt. E. Preston. an old employe of the treasmyat Washin ton has been appointed director of the mint. A prairie fire five miles south of Belvidere, Boone county. Ills., started on the farm of Louis Shirley from burning brush and spread over farm lands for four or five miles, destroying farm buildings and hay and straw stacks. The latest reported attempt at train robbery was near McKeesport, Pa., on the B. and O. There was $62,000 on the train, but the officials had word and let the robbers know it and the latter got away. The grand jury at Chicago has found thirteen indictments against F. W. Smith, Oscar C. Churchill and D. Brown, for an alleged wholesale system of arson.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
