gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
923e64d5ab4afb6f
Response Measures
None
Events (1)
1.July 3, 1893Run
Cause
Rumor Or Misinformation
Cause Details
False rumor circulated about the bank's financial standing that caused depositors to crowd and attempt withdrawals.
Measures
Opened extra paying windows, put entire force of officials and clerks on duty, paid out demanded funds and management publicly assured depositors.
Newspaper Excerpt
A Crowd Gathers ... in consequence of a False Rumor. ... the rumor had no foundation.
Source
newspapers
Newspaper Articles (9)
1.July 2, 1893The SunNew York, NY
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Article Text
A SCARE AT A SAVINGS BANK. A Crowd Gathers 118 Its, Doors in Conse. quence of a False Rumor. Because sixty or seventy depositors stood in a line on the sidewalk in front of the Williamsburgh Savings Bank. at Driggs avenue and Broadway. before 9 o'clock yesterday morning. waiting for the doors to open so that they could draw their semi-annual interest. some people thought there was a run on the bank. Many car lines pass the bank, and the rumor spread rapidly. By o'clock there were at least a thousand persons there. eager to draw out their money when the bank should open for the day. When the doors were opened the crowd made a rush for the paying teller's window. The special policemen employed in the bank had all they could do to preserva order. Finally the people were made to understand that the rumor had no foundation. and nearly all went away. About one hundred depositors drew their savings. and some of these returned later in the day to redeposit the money. Gen. J. V. Meserole. the President of the bank. arrived during the excitement. and assured all that the bank was in no financial trouble. To a reporter Mr. Meserole said: "The bank has a surplus of over $5,000,000. To-day three things contribute to make the scene unusual. It is the last day for depositing money that will draw interest for the next three months. and there is a rush to get the money in. It is dividend day. and persons come to draw their interest. Then people who want to go out of town over the Fourth of July come to us to draw money to pay expenses. It being a half holiday the attempt is made to do in two hours' work what on other days we would do in five hours. We have about 70,000 depositors, and R small percentage of them makes a big crowd."
2.July 3, 1893Evening StarWashington, DC
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Article Text
Able to Satisfy All Demands. BROOKLYN, N. Y., July 3.-There was a light run on the Williamsburg Savings Bank at 10 o'clock this morning. Nearly 1,000 persons crowded to get into the bank as it opened, and until noon hundreds of anxious inquirito were made. Gen. A. V. Meserole, president of the bank, said: "We are prepared for any demands that can be made and are willing and anxious to meet them."
THEMONETARY STRINGENCY Hard Lines in IndianapolisBank Trouble. INDIANAPOLIS, Ind., July 3.-As a result of the continued stringency in the money market, nearly 5,000 men employed in various manufacturing industries in this city are out of work Nearly every factory in the city is discharging some of its men, and many of them say that they are collecting barely enough money to keep up their pavroils. BROOKLYN, July 3. - There was a slight run on the Williamsburg Savings Bank at 10 o'clock this morning. Nearly 10,000 persons crowded to get into the bank. In most cases the inquirers went away satisfied.
4.July 4, 1893The SunNew York, NY
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Article Text
DEPOSITORS ALARMED. But the Willlamsburgh Savings Bank Meets the Run, and Is Ready for Another. The false rumortouching the financialstanding of the Williamsburgh Savings Rank circulated on Faturday. and which caused about one hundred depositors to withdraw their savings. was followed iy another run on the bank yesterdar. everal hundred depositors crowded around the doors. and. when the bank was opened. made a rush to withdraw their money. They were m stly Hebrews and Germans. women pr-dominating an before noon all of them were served. After that time the business of the bank went on as usual until 3 P. M., when the ank closed until 4 o'clock. a d reopened until 7 P.M. when it closed for the day. I order to provide for the rush which was expected. six wi dows were opened instead ( Las r. and the entire force of officials and clerks was pl ced on du y. Gen. Meserole. the President of the bank. said last evening that th. bank's surplus of -5,000,000, was vailabl at all times. "As a matte of fact." he added. 0.8 money was withdrawn on S. ur ay than on the simi ar days. July 1. of the two preceding years. Ju y 1891. there being 401,000 withdrawn. and on July 1. 1892. $430,000 was withdrawn. while on Sat rday only $256,000 was taken out. We do not anticipate any further rush, but if it comes we are prepared for it."
CONDENSED TELEGRAMS. Johnson, the famous California outlaw, died in jail at Fresno yesterday. General Warner denies the story that there has been a secret conference of the free silver congressmen. Edward McCarthy jumped from the Brooklyn bridge last night and sustained fatal injuries. Ho wanted to emulate the example of Steve Brodie. A run on the Carbonato and American banks at Leadville, Col., was instituted yesterday. The bank meets all demands, and depositors are being paid in full. Fifteen hundred miners at Long Run, Dillonvale and Laurelton mines on the Wheeling & Lake Erio are out on strike because of the discharge of the check weighman. A dispatch from Hong Kong reports another fanatical outbreak against mis. sionaries in China. The dispatch says that a mob of natives attacked two Swedish missionaries at Macheng and killed them. The militia were withdrawn from Tonawanda, N. Y., yesterday atternoon. The situation has become such that deputy sheriffs can take the place of the soldiers in guarding the property of tho lumbermon. There wns a slight run on the Will. iamsburg (N. Y,) Savings Bank yesterday morning. Nearly n thousand porsons crowded to got into the bank as it opened and at noon hundreds of anxlous inquiries were made. The bank is in no danger.
6.July 4, 1893The Morning NewsSavannah, GA
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Article Text
A Run on a Savings Bank. Brooklyn, N. Y., July 3.-There was a slight run on the Williamsburg Savings bank at 10 o'clock this morning. Nearly 1000 persons crowded to get into the bank as it opened and until noon, hundreds of anxious inquiries were made. In most cases the inquirers went away satisfied. The proportion of those withdrawing their ing. deposits was five to one of those deposit-
7.July 4, 1893The Daily Morning AstorianAstoria, OR
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Article Text
PREPARED FOR THE (RUN. Brooklyn, N. Y., July 3.-There was a slight run on the Williamsburg Savings bank this morning. Nearly 1,000 people crowded into the bank as it opened, and until noon anxious inquiries were made. The proportion of those withdrawing deposits was as five to one of those depositing. The president of the bank said: "We paid out $230,000 on Saturday, and took in $140,000, mostly from new depositors. We were doing business fast and were prefor a run, should it come."
8.July 4, 1893The Salt Lake HeraldSalt Lake City, UT
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Article Text
RUN ON A BANK. Nearly 1,000 Persons Crowd Into the Williamsburg Savings Bank. BROOKLYN, July 3.-There was a slight run on the Williamsburg Savings bank this morning. Nearly 1,000 persons were crowded into the bank as it opened and until noon anxious inquiries were made. The proportion of those withdrawing deposits were 08 five to one of those depositing. General A. V. Meserole, president of the bank said "We paid out $230,000 on Saturday and took in $140,000, mostly from new depositors. We are
9.July 8, 1893Mineral Point TribuneMineral Point, WI
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Article Text
NEWS AFTERMATH. The Brazilian cabinet has resigned. Gov. Altigeld's mother is dead in Mansfield, Ohio. Edward McOarthy, aged 22, a bartender, jumped from the Brooklyn bridge and will die The Albuquerque National bank has closed its doors. Its liabilities are $175,000 and assets $425,000. The New Mexico Savings Bank and Trust company also closed but depositors will be paid in full. The American National bank at Leadville has closed. Its resources are $536,134 and liabilities $342,625. The Williamsburg Savings bank of Brooklyn enjoyed a harmless run. Two Swedish missionaries, named Wickholm and Johannsen, were killed by the Chinese. Fire cansed $150,000 loss in the dry goods store of Fish, Joseph & Co. The clerks got out after a violent scramble. The store is located in Chicago.
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.
