gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
767f4bd53a47aa40
Response Measures
None
Description
The bank suspended because its cash was tied up in the failed American National Bank; a crowd gathered after the suspension.
Events (3)
1.December 22, 1900Run
Cause Details
Depositors gathered and agitated after the bank failed to open its doors due to the suspension.
Measures
Police dispersed the crowd.
Newspaper Excerpt
At one time the crowd numbered between 500 and 600, and necessitated a dispersing by the police.
Source
newspapers
2.December 22, 1900Suspension
Cause
Correspondent
Cause Details
The bank's cash reserves were deposited in the American National Bank, which had failed.
Newspaper Excerpt
Economy Savings Bank... also failed to open its doors this morning. The directors made the following statement: 'Owing to the fact that our cash funds are deposited in the American National Bank, we have been compelled to suspend payment.'
Source
newspapers
3.December 24, 1900Receivership
Newspaper Excerpt
Judge Stockbridge, in circuit court No. 2, appointed Daniel L. Brinton, receiver for the Economy Savings Bank
Source
newspapers
Newspaper Articles (18)
1.December 23, 1900The Savannah Morning NewsSavannah, GA
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THE BALTIMORE BANKS. Economy Savings Bank Also Closed Its Doors Yesterday. Baltimore, Dec. 22.-In financial circles little surprise was expressed to-day that the American National Bank of this city had suspended. It Is said that the Baltfmore Clearing House Association has pactically carried the institution since last December. Upon the report of a recent examination into its affairs, it was decided by the association yesterday to notify the Controller of Currency of its condition. The Associated Banks of Baltimore have advanced the embarrassed inscitution $30,000. which, It is said, is well secured. During the administration of ex-Mayor Malster, who was then a director of the bank. the American National was one of the city's depositories, the municipality at one time having $600,000 on deposit with 11. Upon assuming office In succession to Mr. Malster, Mayor Hughes withdrew the $200,000 due the city, The directors of the bank held a meeting to-day. but declined to make a statement for publication. This is the first failure of a national bank in Beltimore since the national banking law wgnt into effect. As a direct result of the embarrassment of the American National Bank the Economy Savings Bank, which occupies offices in the eame building. and whose directorate is largely drawn from the ialter's stockholders, also failed to open its doors this morning. The directors made the following statement: "Owing to the fact that our cash funds are deposited in the American National Bank, we have been compelled to suspend payment. We expect as soon as its offairs are straightened out, to pay our depositors in full, and hope that they will only suffer e slight inconvenience from a possible shortness of Christmas money." The depositors are for the most part Russian Hebrews, and a large crowd of these stood about the doors of the bank during the day. At one time the crowd numbered between 500 and 600, and necessitated a dispersing by the police.
2.December 23, 1900The TimesRichmond, VA
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ANOTHER BANK CLOSED. Depositors Had to Be Dispersed by the Police. (By Associated Press.) BALTIMORE, Dec. 22.-As a direct result of the embarrassment of the American National Bank, the Economy Saving Bank, which occupies offices in the same building. and whose directorate is largely drawn from the latter's stockholders, also failed to open its doors this morning. The directors make the following statement: "Owing to the fact that our cash funds are deposited in the American National Bank, we have been compelled to suspend payment. We expect as soon as its affairs are straightened out, to pay our depositors in full, and hope that they will only suffer a slight inconvenience from a possible shortness of Christmas money." A large crowd gathered about the doors of the bank during the day. At one time the crowd numbered between 500 and 600 and necessitated a dispersal by the police.
3.December 23, 1900The TimesWashington, DC
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LOANS POORLY SECURED The Baltimore Bank Failure Due to Bad Management. The Stockholders to Be Asked to Vote Upon an Assessment of 25 Per Cent-A Savings Institution Sus. pends on Account of Cash Being Tied Up in the American National. BALTIMORE, Dec, 22.-The failure of the American National Bank of this city occasioned no surprise in financial circles, the institution having been regarded as shaky for some time. Bad management is alleged to be the cause of the bank's present embarrassment. It is estimated that one-half of the capital stock of $200,000 has been impaired by reason of loans made on paper without sufficient collateral. Under the national banking laws the stockholders are responsible for a bank's indebtedness to any amount double the face value of stock held in their name. Acting under this authority the directors have called a special meeting of the stockholders for January 22 to vote upon a call of the Comptroller for an assessment of 25 per cent upon the stock, also to consider a proposition to increase the capital stock from $200,000 to $300,000. The Economy Savings Bank, which conducts its business in the basement of the American National Bank building, and whose directorate is largely drawn from the latter's stockholders, also failed to open its doors this morning. The directors held a meeting of several hours' duration about noon. At its conclusion D. L. Brinton, of the directorate, made the following statement: "Owing to the fact that our cash funds are deposited in the American National Bank, we have been compelled to suspend payment. We expect as soon as its affairs are straightened out to pay our depositors in full, and hope that they will only suffer a slight inconvenience from a possible shortness of Christmas money." In reply to a question Mr. Brinton said be could not tell for how long a period the suspension would be forced, nor how the suspension would affect the savings bank. The directors will meet again on Monday. The depositors are for the most part Russian Hebrews, and large crowds of these stood about the doors of the bank during the day. At one time the crowd numbered between 500 and 600, and
4.December 23, 1900The SunNew York, NY
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BALTIMORE BANK WRECKS, the ECONOMY SAVINGS GOES DOWN WITH THE AMERICAN NATIONAL. The Institutions Were Allied and the National Bank Had the Savings Bank's Money-The City's Money Drawn From the American National by Mayor Hayes's Request. BALTIMORE, Dec. 22.-The failure of the American National Bank of this city occasioned no surprise in financial circles. the Institution having been regarded as shaky for some time. Bad management is alleged to be the cause of the bank's present embarrassment It is estimated that one-half of the capital stock of $200,000 has been impaired by reason of loans made on paper without sufficient collateral. Under the National Banking laws the stockholders are responsible for a bank's indebtedness to an amount double the face value of stock held in their name. Acting under this authority the directors have called a special meeting of the stockholders for Jan. 22, to vote upon a call of the Comptroller for an assessment of 25 per cent. upon the stock, also to consider a proposition to Increase the capital stock from $200,000 to $300,000 The Economy Savings Bank, which conducts its business in the basement of the American National Bank building, and whose directorate is largely drawn from the latter's stockholders, also failed to open its doors this morning. The directors held a meeting of several hours' duration. At its conclusion D. I Brinton made the following statement "Owing to the fact that our cash funds are deposited in the American National Bank, we have been compelled to suspend payment We expect, as soon as its affairs are straightened out, to pay our depositors in full, and hope that they will only suffer a slight inconvenience from a possible shortness of Christmas money. In reply to a question, Mr. Brinton said he could not tell for how long a period the national bank suspension would be forced, nor how the suspension would affect the savings bank. When asked if a receivership would be forced upon it. he said he could not forecast how the thing would turn out. The directors will meet again on Monday The depositors are for the most part Russian Hebrews and large crowds of these stood about the doors of the bank during the day. At one time the crowd numbered between 500 and 600 and was dispersed by the police. There was no disorder and the men discussed the situation in groups The Clearing House Association has been carrying the American National Bank practically ever since December a year ago. Vice-President Ramsay of the Clearing House Association said that the associated banks of Baltimore had done everything in their power to save it, but an examination recently made showed that it would be une iss to continue lending money to that institution. Mr. Ramsay also said that in his opinion the depositors would lose nothing. Deposits in the American National Bank reached their maximum in 1890, when they amounted to nearly $850,000. Since then they have dwindled ranidly. and on Oct. 25, when the last statement of the institution's condition was submitted, in compliance to the call of the Comptroller. the deposits amounted to only $388,209 During the Administration of v-Mayor Malsier the American National
A Receiver Appointed. BALTIMORE, Md., Dec. 24.-Judge Stockbridge, in circuit court No. 2, appointed Daniel L. Brinton, receiver for the Economy Savings Bank, which closed its doors on Saturday. Mr. Brinton furnished bond In $250.000. While believing that its assets are amply sufficient to pay all its depositors in full, the board of directors authorized the president, George Hortman, to give his consent to the appointment of a recelver. President Hortman says the bank has 3,063 depositors. The deposits amount to $343,000.
6.December 25, 1900The TimesRichmond, VA
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UNABLE TO PAY. Economy Savings Bank, Baltimore, in Receiver's Hands. (By Associated Press.) BALTIMORE, Dec. 24.-Judge Stockbridge to-day appointed Daniel L. Brinton receiver for the Economy Savings Bank, which closed its doors on, Saturday. Mr. Brinton furnished bond in $25,000. The bank officers say they are unable to pay the claims. President Hartman says the bank has 3,063 depositors, with deposits amounting to $343,000.
7.December 25, 1900The Morning AstorianAstoria, OR
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BANK RECEIVER APPOINTED. BALTIMORE, Dec. 24.-Judge Stockbridge today appointed Daniel L. Brinton receiver for the Economy Savings Bank. which closed its doors Saturday.
8.December 25, 1900Wheeling RegisterWheeling, WV
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RECEIVER APPOINTED For the Economy Savings Bank. of Baltimore. BALTIMORE. Md., December 24.Judge Stockbridge in the Circuit Court No. 2 appointed Daniel L. Brinton, receiver for the Economy Savings Bank, which closed its doors on Saturday. Mr. Brinton furnished bond in $250,000. In its answer to a bill of complaint filed by depositors officials of this bank made a statement admitting the justness of the claim that it was unable to pay to depositors the amounts due them. but denies that it is insolvent and aileged that the failure of the American National Bank, of it which it was a heávy depositor, has rendered it unable to realize on the money it had there. For this reason the bank officials say it is unable to pay claims. While believing that its assets are amply sufficient to pay all its depositors in full, the board of directors authorized the president, George Hortman. to give his consent to the appointment of a receiver. President Hartman says the bank has 3,063 depositors. The deposits amount to $343,000. Until the affairs of the American National are straightened out, it is impossible to state the condition of the savings bank.
THE FIRST BANK FAILURE In Baltimore Since the Enactment o the National Banking Act Baltimore, Md., December 22.-In financial circles little surprise was expressed today that the American National bank of this city had suspended. It is said that the Baltimore Clearing House Association had practically carried the institution since last December. Upon the report of a recent examination into its affairs it was decided by the association yesterday to notify the comptroller of the currency of its condition. The associated banks of Baltimore have advanced the embarrassed institution $30,000 which, it is said, is well secured. During the administration of former Mayor Malster, who was then a director of the bank, the American National was one of the city's depositories, the municipality at one time having $600,000 on deposit with it. Upon assuming office in succession to Mr. Malster, Mayor Hayes withdrew the $200,000 due the city. The directors of the bank held a meeting today, but declined to make a statement for publication. This is the first failure of a national bank in Baltimore since the national banking law went into effect. As a direct result of the embarrassment of the American national bank of this city, the Economy savings bank, which occupies offices in the same building and whose directorate is largely drawn from the latter's stockholders, also failed to open its doors this morning. The directors made the following statement: "Owing to the fact that our cash funds are deposited in the American national bank, we have been compelled to suspend payment. We expect as soon as its affairs are straghtened out, to pay our depositors in full, and hope
10.December 25, 1900Evening StarWashington, DC
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DEPOSITORS AND DEPOSITS. Condition of the Closed Baltimore Savings Bank. At Baltimore yesterday Judge Stockbridge, in circuit court No. 2, appointed Daniel L. Brinton receiver for the Economic Savings Bank, which closed its doors on Saturday. Mr. Brinton furnished bond in $250,000. In their answer to a bill of complaint filed by depositors, the officials of the bank yesterday admitted the justness of and correctness of the claim that it was unable to pay to depositors the amounts due them, but denying that it is insolvent, and alleging that the failure of the American National Bank, in which it was a heavy depositor, had rendered it unable to realize on the money it had there. For this reason, the bank officials say, it is unable to pay claims. While believing that its assets are amply sufficient to pay all its depositors in full, the board of directors authorized the president, Dr. George A. Hartman, to give his consent to the appointment of a receiver. President Hartman says the bank has 3,063 depositors. The deposits amount to $343,000. Until the affairs of the American National are straightened out it is impossible to state the condition of the savings bank.
11.December 25, 1900The Savannah Morning NewsSavannah, GA
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BRINTON MADE RECEIVER. Court Puts Him in Charge of Economy Savings Bank. Baltimore, Dec. 24-Judge Stockbridge, in Circuit Court No. 2, to-day appointed Daniel L. Brinton receiver of the Economy Savings Bank, which closed its doors on Saturday. Mr. Brinton furnished bond in $250,000. In its answer to a bill of complaint, filed by depositors, officials of the bank to-day admit the justness and correctness of the claim, that It was unable to pay to depositors the amounts due them. They deny that It was insolvent, and allege that the failure of the American National Bank, of which it was a heavy depositor, has rendered it unable to realize on the money It had there. For this reason the bank officials say It is unable to pay claims. President Hartman says the bank has 3,063 depositors. Deposits amount to $343,000.
12.December 25, 1900The Washington Weekly PostWashington, DC
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ANOTHER BALTIMORE BANK CLOSED. Savings Institution Carried Down with the American National. Baltimore, Dec. 22.-In financial circles little surprise was expressed to-day that the American National Bank of this city had suspended. It is said that the Baltimore Clearing-house Association had practically carried the institution since last December. Upon the report of a recent examination into its affairs it was decided by the association yesterday to notify the Comptroller of the Currency of its condition. The associated banks of Baltimore have advanced the embarrassed institution $20,000, which, it is said, is well secured. During the administration of former Mayor Malster, who was then a director of the bank, the American National was one of the city's depositories, the municipality at one time having $600,000 on deposit with it. Upon assuming office in succession to Mr. Malster, Mayor Hayes' withdrew the $200,000 due the € ty, The directors of the bank held a meeting today, but declined to make a statement for publication. This is the first failure of a national bank in Baltimore since the national banking law went into effect. As a direct result of the embarrassment of the American National Bank of this city, the Economy Savings Bank, which occupies offices in the same building, and whose directorate is largely drawn from the latter's stockholders, also failed to open its doors this morning. The directors held a meeting of several hours' duration about noon. At its conclusion, D. L. Brinton made the following statement: "Owing to the fact that our cash funds are deposited in the American National Bank, we have been compelled to suspend payment. We expect, as soon as its affairs are straightened out, to pay our depositors in full, and hope that they will only suffer a slight inconvenience from a possible shortness of Christmas money." The depositors are for the most part Russian Hebrews, and a large crowd of these stood about the doors of the bank during the day. At one time the crowd numbered between 500 and 600, and necessitated a dispersing by the police. There was no disorder.
Receiver Appointed. By Associated Press. Baltimore, Md., Dec. 24.-Judge Stockbridge today appointed Daniel L. Brinton receiver for the Economy Savings Bank, which closed its doors on Saturday. Brinton furnished bond in $250,000.
14.December 28, 1900Alma RecordAlma, MI
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Receiver for n Bank. Baltinore, Md., Dec. 25. - Judge Stockbridge has appointed Daniel L. Brinton receiver for the Economy savings bank, which closed its doors on Saturday. Mr. Brinton furnished bond in $250,000. In its answer to a bill of complaint filed by depositors the bank denies that it is insolvent and alleges that the failure of the American national bank, in which it was a heavy depositor, has rendered a receivership necessary.
15.December 31, 1900Evening JournalWilmington, DE
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BANK FAILURE AFFECTS DENTON Community Has Had Recordbreaking Matrimonial Run Special to the Evening Journal. Denton, Md., Dec. 29.-The recent bank failures in Baltimore, which have caused so much consternation in that city, are reaching individuls in this county. The failure of the American National Bank carried with it the Economy Savings Bank, which was a heavy depositor in the American. and both were compelled to close their doors. The American is now in the hands of the Comptroller of the Curroney and it is said that the cashier of one of the banks of this town, who is a stockholder, has been drafted on for an assessment of 25 por cent. on his stock. Charles V. Clark. a well-to-do farmer, died suddenly yesterday at a store in Williston, four miles from here. He was sitting on a counter smoking a cigar when the fell backward, his cigar dropping from his mouth. Friends rushed to his aid. but he did not show the slightest signs of life afterward. He left several children, all of them grown, and was about seventy years of age. This week has been a record-breaker in the matrimonial line in this county. The clerk of the court has issued twelve licenses to marry and several couples living near the line of Queen Anne's county have secured licenses from that county. In addition to the Kerr-Burchard and of other weddings, recently the marriage of George M. Towers and Miss Mollie E. West was the leading social event at Harmony M. E. Church. Rev. T. F. Beauchamp officiated and Miss Bertha L. West, of Baltimore, played the wedding march. are The young couple the popular honeymoon in the community an after will reside near their old homes. Suit has been brought in the Circuit court here by James R. Price against the Baltimore, Chespeake and Atlantic Railway Company, now controlled by the Pennsylvania Railroad Company, for $10,0000 damages. The declaration states that the plaintiff was a passenger on the defendant's railroad between Hurlock's and Salisbury, and while being such, on acount of the and unskilled conduct of dereceived negligence fendant, plaintiff painful lose valua- injuries an was compelled to ble time from his business. Hon. Alof ond Former fred the plaintiff Constable, Elkton, Judge represents George M. Russum, an attorney for the Pennsylvania Company, resides here, and will aid in defending the suit. The mext term of the Caroline court will be held in April.
"MILKED" THE BANK FOR $750,000. Milk Producers' Association Touches Balti. more Institution for Huge Sum. Baltimore, Md., December 28.The Old Town Bank, which went into the hands of a receiver late yesterday, was surrounded by a orowd howling for their money until & late hour last night. The bill for a receiver charges that Cashier Theodoro F. Wilcox, without authority and without the knowledge of the directors, allowed the United Milk Producers' Association to draw large sums from the bank. The bank has been the depository of many retail merchants. It has been regarded as a safe institution and the failure was a surprise. Receiver R. L. Gill gave a bond of $1,500,000, indicating a loss of $750,000. The bank is not national. A run is being made on the Savings Bank of Baltimore, the oldest and most solid institution of the kind in the city. The depositors will all be satisfied. A run is also being made on the City Savings Bank. These are the results of the failure of the American National Bank, the Old Town Bank, and the closing of the Economy Savings Bank.
17.January 3, 1901The Butler Weekly TimesButler, MO
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A PANIC IN BALTIMORE. Three Bank Failures Caused Runs on Other Institutions. Baltimore, Md., Dec. 27.-Baltimore saving bank depositors are in the throes of a financial panic as a result of the failure of three banks, the American National, the Old Town bank and the Economy Savings bank. The Old Town bank, the last of the three to go down. went into the hands of a receiver yesterday. When the news got around, a mob surrounded the bank buildingand howled for their money. They kept it up till a late hour, but finally dispersed. This morning the uneasiness which the failures have caused developed into a run on several banks The Savings bank of Baltimore, one of the oldest and most solid institutions of the kind in the city, and the City Savings bank were thronged with depositors, who withdrew their money. All demands were met, and depositors, it is said, will all be satisfied. The panicky feeling isalmostentirely confined to depositors in savings banks.
18.January 4, 1901Virginia CitizenIrvington, VA
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SOME BANKS. Last week news reached us that the American National Bank of Baltimore had been closed by the Government and its affairs put into hands to be settled up. The reports are that even if the assets of the institution are insufficient to pay dollar for dollar to depositors the liability which the Government places upon the stockholders will prevent the loss of anything to the depositors and they will be paid in full. The case of the American is the first in which any national bank has gone under in Baltimore. A few days later news came that Old Town Bank, one of the strongest State institutions in the country, and the Economy Savings Bank, both of Baltimore, went into receivers' hands. The depositors may in time get their money from these institutions, or they may have to be satisfied with a
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.
