gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
01ea9c7fe306103d
Response Measures
None
Events (1)
1.October 23, 1907Run
Cause
Local Banks
Cause Details
Alarm started by the run on the nearby Knickerbocker Trust Company branch and wider runs on other New York institutions during the 1907 panic.
Measures
Police called to control crowds; bank able to meet withdrawals and stood the run without serious injury.
Newspaper Excerpt
More than 1,500 persons, mostly Italians, stormed the doors of the Dollar Savings Bank when that institution opened to-day. Police were called to control the half frenzied crowd.
Source
newspapers
Newspaper Articles (11)
1.October 23, 1907The Richmond Palladium and Sun-TelegramRichmond, IN
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Article Text
FINANCIAL DEVELOPMENTS. Knickerbocker Trust Company, New York, in hands state banking department. Sensational runs on Trust Company of North America, Colonial Trust Company, Star Savings Bank and Dollar Savings Bank. Slump on New York stock market ranged eleven points throughout. Pittsburg stock exchange closed on request of clearing house. London and Paris affected. Mayer & Co., members of the New York Stock Exchange, make an assignment, with liabilities of $6,000,000. Secretary of the Treasury George B. Cortelyou arrived in Gotham, Tuesday night. and issued statement declaring that all other New York banks are in a safe condition. Before leaving Washington, Secretary Cortelyou directs that millions be placed with New York banks as soon as the necessary collateral is furnished. Fourth vice president of the Knickerbocker Trust Company says that one man is responsible for the recent flurries in Gotham and intimates that the man he means is Roosevelt. President Roosevelt, in speech at Nashville, unconsciously replies to the charges of the Knickerbocker official and says that there will be no change in his policy.
2.October 23, 1907The Richmond Palladium and Sun-TelegramRichmond, IN
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Article Text
New York, Oct. 23.-The money panfe extended all over New York today and extended to other cities. The Knickerbocker Trust company is in the hands of the state banking department and lines of depositors at all branches of the institution were disappointed. Sensational runs were begun on the Trust company of North America, the Colonial Trust company the Star Savings bank and the Dollar Savings bank. The slump in the stock market ranged eleven points throughout. In Pittsburg the stock exchange was closed on request of the clearing house. London and Paris are affected by the panic.
3.October 24, 1907The Times DispatchRichmond, VA
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Article Text
DOLLAR SAVINGS BANK Mob of 1,500 Itallans and Others Clamorous for Their Deposits. NEW YORK, October 23.-A petition in bankruptcy was filed in the United States Court to-day against the Stock Exchange firm of Mayer & Co., which made an assignment yesterday with liabilities of $6,000,000. E. C. Benedict was appointed receiver with a bond of $100,000. 1. More than 1,500 persons, mostly Italians, stormed the doors of the Dollar Savings Bank when that institution opened to-day. Police were called to control the half frenzied crowd. The Dollar Savings Bank I near the Bronx branch of the Knickerbocker Trust Company, and the alarm was started by the run yesterday on the Trust Company's branch.
4.October 25, 1907The Richmond Palladium and Sun-TelegramRichmond, IN
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Article Text
New York, Oct. ...Two more banks were added to the lengthening list of financial institutions forced to close under the terrible financial pressure in the last three days. The United States Exchange bank, One Hundred and Twenty-fifth street, posted a notice announcing a temporary suspension. The police were called out to handle the crowds in front of the Borough bank of Brooklyn, which also printed a notice of suspension. Three banks that suspended yesterday remained closed today. These are the Hamilton, Twelfth Ward and Empire Savings. All are declared solvent and depositors will lose nothing. Notwithstanding Secretary Cortelyou, Morgan and Rockefeller poured one hundred and ten millions into the banks yesterday, the run continued today at the Trust Company of America, the Colonial Trust, the Lincoln Trust, and the Dollar Bank. Financiers are optimistic and declare every run will be met. Position of the clearing house banks is strong and the stock market strongly supported.
5.October 25, 1907The Fairmont West VirginianFairmont, WV
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Article Text
NEW YORK, Oct. 25. - Financial New York is convalescent, but still shaky on its pins. It will be many days before the stock exchange and business are normal. It is confidently asserted that the worst is over. Advices from Baltimore say the run on the Eastern Branch House bank continues, but all demands are being met. Here rans continue on the Trust Company of America, Lincoln Trust Company, Fifth Avenue Trust Com pany, Harlem Savings Bank and Dollar Savings Bank, but deposits now exceed withdrawals, so the end is in sight. Cortelyou said to the United Press to-day: "Am very hopeful that the trouble is past and regard the situation much improved. I will in the meantime render any possible service during the day. Suspension of small banks is not an unfavorable sign."
6.October 25, 1907East Oregonian : E.OPendleton, OR
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Article Text
New York, Oct. 25.-Financial New York is convalescent but shaky. The hardest blow today was the suspension of the Union Trust of Providence and failure of the Brooklyn banks. The runs on the Trust Company of America, Fifth Avenue Trust, the Harlem Savings and 'Dollar Savings continue, but are decreasing steadily as confidence is restored. Run on Union Trust Co. A run developed on the Union Trust company bank late yesterday afternoon but it was thought that the company had sufficient funds to stand the emergency. All of these banks are believed to be solvent and able to pay dollar for dollar.
7.October 30, 1907New-York TribuneNew York, NY
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Article Text
HARLEM BANKS MAY SOON REOPEN. The announcement was made yesterday that the Harlem banks that suspended last week would open in a few days. Attorney General Jackson said that he would give them every opportunity to resume business and would take no steps against them If their condition justifled their resumption. William Montgomery, president of the Hamilton Bank, in 125th street, speaking for that institution, said that it would reopen not later than next Monday, The same was said of the Twelfth Ward Bank. The run on the Harlem Savings Bank was ended yesterday. Many patrons returned to deposit the money they drew out last week. The conditions at the Empire City Savings Bank also were normal. There was none of the unusual activity of the last few days at the Dollar Savings Bank, in The Bronx. The run on the Broadway Trust Company had also abated.
8.October 31, 1907The Kemper HeraldScooba, MS
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Article Text
Cortelyou Helps. Secretary Cortelyou deposits $25,000,000 in New York banks. Hamilton bank, with deposits cf $7,000,000, suspends payment, claiming solvency. Twelfth Ward bank, with deposits of $3,000,000, suspends payment. Empire City Savings bank, with deposits of $2,300,000, suspends for 30 days, under banking laws. Run continues on Tust Company of America. Run continues on Dollar Savings bank. Pittsburg receives $5,000,000 from government to aid in meeting payrolls, if necessary. Pittsburg exchange*remains closed.
9.October 31, 1907The Alaska ProspectorValdez, AK
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Article Text
Washington. Oct. 25-Comptrol- ler Ridgly has received advices from the principal cities that the banks are in splendid condition, and that the New York situation is now well in hand. New York, Oct. 25-The Dollar Savings bank experienced a tremendous run yesterday, but was able to stand it without serious injury.
10.October 31, 1907The Alaska ProspectorValdez, AK
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Article Text
Washington, Oct. 25-Comptroller Ridgly has received advices from the principal cities that the banks are in splendid condition, and that the New York situation is now well in hand. New York, Oct. 25-The Dollar Savings, bank experienced a tremendous run yesterday, but was able to stand it without serious injury.
11.November 1, 1907Greene County HeraldLeakesville, MS
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Article Text
Cortelyou Helps. Secretary Cortelyou deposits $25,Q00,000 in New York banks. Hamilton bank, with deposits of $7,000,000, suspends payment, claiming solvency. Twelfth Ward bank, with deposits of $3,000,000, suspends payment. Empire City Savings bank, with deposits of $2,300,000, suspends for 30 days, under banking laws. Run continues on Tust Company of America. Run continues on Dollar Savings bank. Pittsburg receives $5,000,000 from government to aid in meeting payrolls, if necessary. Pittsburg exchange- remains closed.
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.
