gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b86ac40c9a60af9b
Response Measures
None
Events (1)
1.January 31, 1917Run
Cause
Local Banks
Cause Details
Run triggered by failure of the Northern Bank and Trust Company, producing runs on other Seattle banks.
Measures
Seattle Clearing House guaranteed support for banks; Federal Reserve (San Francisco) offered aid and clearing house stood behind banks; Scandinavian-American reported paying off in full.
Newspaper Excerpt
A large run was commenced also on the Scandinavian American bank. The trouble was caused by the failure of the Northern Bank and Trust company yesterday.
Source
newspapers
Newspaper Articles (10)
1.January 31, 1917The Alaska Daily EmpireJuneau, AK
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Article Text
BANKS ARE SOUND SEATTLE Jan. 31. - Persistent runs kept up until closing time this afternoon on the Peoples Savings Bank and the Scandinevion-AAmeri can bank. At the latter bank the line of those wishing to withdraw extended from the paying teller's window into Second Avenue and down to James street. The majority of those in line are foreigners. Both institutions are regarded as absolutely sound. T here have been no runs on the Seattle National, Union Savings & Trust and Bank of California and very slight runs on the Bank of Commerce and the Dexter-Horton bank.
2.January 31, 1917Elko IndependentElko, NV
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Article Text
SEATTLE BANK FAILS LARGE RUN ON ANOTHER SEATTLE, Jan. 31.-The GermanAmerican Mercantile bank went into the hands of the state bank examiner following a heavy run on the institution today. A large run was commenced also on the Scandinavian American bank. The trouble was caused by the failure of the Northern Bank and Trust company yesterday. All the banks of Seattle are hard pressed. The federal reserve bank of San Francisco has offered aid to the banks which are members of the reserve.
3.February 1, 1917The Daily AlaskanSkagway, AK
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Article Text
RUNS SUBSIDE SEATTLE BANKS guarantee Seattle, Feb. 1-The made by the Seattle Clearing House to stand behind all banks during the unsettled period which now exists in this city has had the effect of practically stopping the further the withdrawal of deposits from banks, and the runs experienced by all banks save the Scandinavian Am erican. have practically been stopped, and the run on that bank today hag not been nearly so heavy as yesterday.
4.February 1, 1917The Alaska Daily EmpireJuneau, AK
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Article Text
BANK TROUBLES OVER SEATTLE, Feb. 1. - The Clearing House Association announced this morning that it will "stand behind every bank open for business in w Seattle today," which means there will not be another closing regardless of runs. The Clearing House guarantees had the effect of stop. ping all runs save on the Scandinavian - American and the withdrawals from that institution are not nearly as great as yesterday.
5.February 1, 1917The Seward Gateway and the Alaska Evening PostSeward, AK
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Article Text
SEATTLE'S QUEER PANIC COMES TO QUICK END SEATTLE, Thursday, Feb. 1.-This city's freak panic stopped today with the suddeness that it started, when the clearing house announced this morning that it would "stand behind every bank open for business in Seattle today." The guarantee stopped all runs save the one at the Scandinavian-American and the withdrawals from that institution are not nearly so heavy as yesterday. The guarantee by the Federal reserve bank at San Francisco, to ship all money needed up to $68,000,000 in gold enabled the clearing house to take a firm stand and the people finding that their money was safe were satisfied.
6.February 1, 1917The Daily Progressive-MinerKetchikan, AK
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Article Text
SEATTLE BANKS ARE REPORTED FINANCIALLY SOUND Clearing House Announces This Morning Will Stand Behind Every Bank in City. SEATTLE, Feb. 1.-The announce_ ment of the Clearing House this morning that it will stand behind every bank opened for business in the city today, has had the effect of checking the run that was anticipated yester_ day. The announcement is taken to mean that none of these will be a)lowed to close regardless of the runs. For those which have already clos_ ed, time alone will tell what the result will be. LATER-The Clearing House guar_ antee to stand behind every bank opened for business today, had the ef. fect of stopping all runs except on the Scandinavian-American bank, land,with drawals from that institution are not near as great as yesterday,
7.February 1, 1917The Wrangell SentinelWrangell, AK
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Article Text
THREE BANKS ARE CLOSED IN SEATTLE Special Cable to Sentinel SEATTLE, Thursday Afternoon The Seattle Clearing House this morning gave flat notice that it would stand behind every bank in Seattle with the result that there is no longer a run, save only on the Scandinavian American which is regarded as absolutely sound.
8.February 1, 1917The Wrangell SentinelWrangell, AK
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Article Text
BANKS ARE SOUND SEATTLE. Jan. 31.-Persistent runs kept up until closing time this afternoon on the Peoples Savings Bank, and the ScandinaAt the vian-American bank. latter bank the line of those wishing to withdraw extended from the paying teller's window into Second avenue and down to James street. The majority of those in line are foreigners. Both institutions are regarded as absolutely sound. There have been no runs on the Seattle Na. tional. Union Savings & Trust and Bank of California, and very slight runs on the Bank of Commerce and the Dexter-Horton bank.
9.February 3, 1917The Nenana NewsNenana, AK
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Article Text
Friday Seattle: Runs on all banks in this city had ceased this morning, with the exception of the Scandinavian-American, and as that institution is paying off in full and is being supported by the clearing house, the run there is rapidly abating.
10.February 5, 1917The Alaska CitizenFairbanks, AK
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Article Text
BIG BANK RUN OVER. SEATTLE, Feb. 1.-The bank run of yesterday is practically over, as far as the Scandinavian-American bank is concerned. The Seattle clearing house has agreed to provide funds to keep any more banks from closing their doors.
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.
