Society For Savings (Cleveland, OH)

Episode Information

Episode UID
6005171323
Episode Type
Run Only
Bank Type
state
Bank ID
600517 routing
Routing Number
6-0051
Start Date
March 9, 1910
Location
Cleveland, Ohio (41.499, -81.695)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
417232ae8391dcb0

Response Measures

None

Events (1)
1. March 9, 1910 Run
Cause
Rumor Or Misinformation
Cause Details
Vague/false rumors circulating among depositors (investigation reported to apprehend author of false rumors).
Random Run
Yes
Random Run Snippet
False story/rumors started run; detectives investigating author.
Measures
Bank publicly assured depositors, brought gold by express from New York, had police protection and paid demands promptly.
Newspaper Excerpt
Rumors started a week ago and developed into a run on the bank yesterday afternoon.
Source
newspapers

Newspaper Articles (14)
1. March 10, 1910 The Detroit Times Detroit, MI
Article from The Detroit Times, March 10, 1910

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Article Text

CLEVELAND BANK ASSURES CLIENTS President Herrick Says Society of Savings Institution Is in Fine Shape and Run Is Checked. CLEVELAND, O., March 10.-The Society of Savings opened its doors at 9 a m. today with an announcement by former Gov. Myron T. Herrick, president, that it was prepared to pay all demands made upon it. This had a reassuring effect on the 1,500 depositors lined up, passbooks in hand, and some left the line to return to their homes. Chief Kohler was in personal charge of a force of 60 uniformed men and 20 detectives, distributed through the crowd. Rumors started a week ago and developed into a run on the bank yesterday afternoon. Just before the bank opened an automobile drew up to the side entrance and several sacks of gold coin were taken into the bank under police guard. This had come by express from New York, where the Society for Savings maintained deposits, and was added to the $6,539,656 in available cash which the bank held within its vaults and has on deposit in other Cleveland banks to pay any demand. The opening of the bank followed also this reassuring statement by B. B. Seymour, state superintendent of banks: "The recent examination of the affairs of the Society for Savings was made by examiners from this department. This examination was careful and thorough, covering all securities of every kind and cash on hand. Every security was examined and all cash was counted. It was found to be in perfect condition; entirely within the law in every respect and with abundance of means to protect every depositor. "We are able to positively state that the bank is in position to meet every demand upon it, and no depositors have any cause for alarm." Added to this was a formal statement by President Herrick after a meeting of the trustees last night, called upon Herrick's arrival from an eastern trip. Herrick said the bank would pay every depositor's demand, but urged the people not to withdraw their savings. losing interest for the present quarter year, amounting to 1 per cent and suffering probable loss by robbery. In this later point he was joined by Chief of Police Kohler. The society's available cash assets yesterday totalled $6,539,656. Besides this cash the bank has on hand government bonds worth $1,000,000; state, county, city and steam railroad bonds worth $30,000,000 and loans on real estate, worth at least twice the amount of the loans of $12,000,000.

2. March 10, 1910 The Daily Missoulian Missoula, MT
Article from The Daily Missoulian, March 10, 1910

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Article Text

RUN MADE ON BANK. Cleveland, March 9.-A run upon the Society for Savings, a mutual savings association with deposits of more than $40,000,000, startled the 70,000 depositors of the society today. The run began early this morning, and though the bank kept its doors open until several hours after the regular closing time, a great crowd remained outside tonight. The origin of the run is unknown.

3. March 10, 1910 East Oregonian : E.O Pendleton, OR
Article from East Oregonian : E.O, March 10, 1910

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Article Text

Big Run on Bank. Cleveland, Ohio, Mar. 10.-The run on the Society of Savings, a mutual saving association, started yesterday, was continued today. The institution has deposits of forty nine million of dollars and seventy thousand depositors. Former Governor Herrick is president. Bank examiners say the institution is in excellent condition, and able to meet every demand.

4. March 10, 1910 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, March 10, 1910

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Article Text

BANK RUN AT CLEVELAND Savings Association, Big Mutual Concern, is Endangered. DEPOSITS $40,000,000 Rumor Starting Among Foreigners Believed Cause of Demand for Cash. Cleveland, Ohio, March 10.-The run on the Society for Savings was re,newed and when the doors opened this morning hundreds of depositors were in line waiting to withdraw their money. Officers of the bank announc-

5. March 10, 1910 The Paducah Evening Sun Paducah, KY
Article from The Paducah Evening Sun, March 10, 1910

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Article Text

HERRICK'S BANK OPENS WITH PLENTY OF GOLD Oleveland, O., March 1').-The Society for Savings opened its doors at 9 o'clock this morning with announce ments by former Governor Mvron T. Herrick, the president, that it was prepared to pay all demands made upon it, This had a reassuring effect on 15,000 depositors lined up, pass book in hand, and they left the line to return home. Chief of Police Kohler was in charge of the special force of 60 uniformed men and 20 detectives, distributed through the crowd, attracted by rumors starting last week and developing into a Tun on the bank yesterday afternoon. Just before the bank opened a big auto drew up to the side entrance and several big sacks of gold were taken in under police guard.

6. March 11, 1910 The Detroit Times Detroit, MI
Article from The Detroit Times, March 11, 1910

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Article Text

CLEVELAND BANK ASSURES CLIENTS President Herrick Says Society of Savings Institution Is in Fine Shape and Run Is Checked. CLEVELAND, O., March@10.-The Society of Savings opened its doors at 9 a m, today with an announcement by former Gov. Myron T. Herrick. president, that it was prepared to pay all demands made upon it. This had a reassuring effect on the 1,500 deposttors lined up, passbooks in hand, and come left the line to return to their homes. Chief Kohler was in personal charge of a force of 60 uniformed men and 20 detectives, distributed through the crowd. Rumors started a week ago and developed into a run on the bank yesterday afternoon. Just before the bank opened an automobile drew up to the side entran and several sacks of gold coin were taken into the bank under police guard. This had come by express from New York, where the Society for Savings maintained deposits, and was added to the $6,539,656 in available cash which the bank held within its vaults and has on deposit in other Cleveland banks to pay any demand. The opening of the bank followed also this reassuring statement by B. B. Seymour, state superintendent of banks: "The recent examination of the affairs of the Society for Savings was made by examiners from this depart. ment. This examination was careful and thorough. covering all securities of every kind and cash on hand. Every security was examined and all cash was counted. It was found to be in perfect condition; entirely within the law in every respect and with abundance of means to protect every depositor. "We are able to positively state that the bank is in position to meet every demand upon it, and no depositors have any cause for alarm." Added to this was a formal statement by President Herrick after a meeting of the trustees last night, called upon Herrick's arrival from an eastern trip. Herrick said the bank would pay every depositor's demand, but urged the people not to withdraw their savings, losing interest for the present quarter year. amounting to 1 per cent and suffering probable loss by robbery. In this later point he was joined by Chief of Police Kohler. The society's available cash assets yesterday totalled $6,539,656. Besides this cash the bank has on hand government bonds worth $1,000,000: state, county, city and steam railroad bonds worth $30,000,000 and loans on real estate, worth at least twice the amount of the loans of $12,000,000.

7. March 11, 1910 The Bridgeport Evening Farmer Bridgeport, CT
Article from The Bridgeport Evening Farmer, March 11, 1910

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Article Text

BANK HAS MILLIONS (Special from United Press.) Cleveland, March 11.-There was scarcely a seniblance of the two days' run on the Society for Savings when the bank opened today. There were but about 100 people in line when the doors opened. As soon as the rur started every depositor was assure that the bank's vaults still contained millions in gold and silver coins. WANT ADS. CENT A WORD

8. March 11, 1910 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, March 11, 1910

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Article Text

/ RUN ON CLEVELAND BANK ENDS AT NOON Cleveland, Ohio, March 11.-Noon today saw the end of the run on the bank of the Society for Savings, which started late Wednesday and caused a panic among the depositors. About $1,200,000 was withdrawn.

9. March 11, 1910 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, March 11, 1910

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Article Text

News of the Day. Dr. Frederick A. Oo k srrived at Rio Janeiro Wednesday under a fictitious name. He will leave for New York on March 18. A sharp 'earthquake was felt in San Francisco about 10:55 clock last night. Telephone and selegraph companies report it was felt in other parts of the state. Dol. Alexander Robert Chisolm, formerly lieutenant colonel on the staff of General G. T. Beauregard, of the armies of the Confederacy, died yesterday at his home in New York. The United States Military Academy bill, appropriating $1,700,000, was pass. ed by the House yesterday. The Indian appropriation bill, carrying about ten million dollars, passed the Senate. The engagement announced of Miss Louise Dolin Goldsborough, daughter of Dr. and Mrs. Brice Worthington Goldsborough, of Oambridge, Md., to Mr. Barr Powell Harrison, son of the late Powell Harrison and Mrs. Harrison of Leesburg. The wedding will take place on April 21. The run on the Society for Savings Et Oleveland, Ohio, is believed at an end. Assurances took the form of offers of many local bond houses and other con. cerns to accept bank books at face value, with intmest, and of heavy deposits by big concerns. The dispute between the Baltimore and Ohio Company and its conductors and trainmen was not settled by the mediatory conferences conducted by Dr. Charles P. Neill. The outlook is brighter, however, and an agreement may be reached today. Collector Stone's name has not been withdrawn by President Tait. His nomination for collector of the port of Baltimore has simply been held in abeyance by the Senate, pending an investigation of the charges laid against him. Representative James B. Perkins, of New York, died at Garfield Hospital at 1:15 this morning after a month's illness, aged 63 years. Present at his bedside when the end came were his wife and the nurse who had been attending him during his illness. His death was due to intestinal troubles, from which he had been suffering for several months, In a decision rendered yesterday Attorney General Wickersham held that all foreign stgamship companies whose vessels ply between the ports of this and other counties are subject to the provisions of the corporation tax and must furnish an accounting and pay into the United States treasury a tax of 1 per cent upon their net incomes from business transacted and capital invested in the United States. Deputy Chiesa, yesterday in Rome, fought the second of a series of duels, the outcome of allegations which he rerecently made in the chamber against the Baroness Siemens and the Duchess Di Litta. The deputy, on this occasion, crossed swords with General Fecladi Cossato. After twenty-four assaults, the general was wounded in the cheek and the duel ended by his shaking the hand of his adversary and embracing him. The Dudley pearl, which was imported by Dreiscer & Co., of New York has been sold for 8 little more than $200,000. The name of the purchaser was not divalged. "The Dudley pearl is the finest specimen of the collection of the Earl of Dadley, who was famous as an amateur collector of these gems," said a member of the firm. "It weight more than 200 grains. It is from the Indian fisheries, and Is of exquisite luster, he- we ing 8 pinkish white.". Mrs. Jack Oudshy, of Kansas City, whose husband attacked Banker Jere F. Lillis, has refused offers to go on the etage, Lillis is quoted as saying that Mrs. Cudshy had been unjustly accused of misconduct, He is said to be rapidly

10. March 11, 1910 The Seattle Star Seattle, WA
Article from The Seattle Star, March 11, 1910

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Article Text

CLEVELAND BANK RUN SUBSIDING (By United Press.) CLEVELAND, Ohto, March 11.The run on the Society of Savings

11. March 12, 1910 The Ogden Standard Ogden, UT
Article from The Ogden Standard, March 12, 1910

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Article Text

BANK PANIC REACHES QUICK CONCLUSION Cleveland, Mar. 11.-After a vigorous run on a banking house as has ever been known In Cleveland, the stampeded depositors of the Society for Savings today regained their equilibrium and this afternoon the panic was over. In the two days and a half that the run lasted $1,250,000 was withdrawn at the rate of 1,225 a minute.

12. March 12, 1910 The Paducah Evening Sun Paducah, KY
Article from The Paducah Evening Sun, March 12, 1910

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Article Text

False Story Starts Run. Cleveland. O., March 12.-An investigation by the Society for Savings to apprehend the author of false rumors starting a run on the big bank has developed several clews. Detectives reported today that they have information that soon will result in an arrest.

13. March 17, 1910 River Falls Journal River Falls, WI
Article from River Falls Journal, March 17, 1910

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Article Text

Run on Bank Renewed. Cleveland, O.-The run on the Society for Savings bank was renewed Thursday. The officers announced that $6,539,656 awaited depositors, who were paid off as rapidly as they presented books.

14. March 18, 1910 Washington Standard Olympia, WA
Article from Washington Standard, March 18, 1910

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Article Text

RECENTLY at Cleveland, Ohio, by reason of a vague rumor, a run was started on the Society Savings Bank of which there were seventy thousand depositors, and from the counters of this institution over one million dollars was disbursed.