gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7ae3a8ab207469ad
Response Measures
Accommodated withdrawals, Fed/other loan, Public signal of financial health, Books examined
Other: Offered a public reward for arrest/conviction of persons spreading rumors (to deter further panic).
Events (2)
1.April 9, 1883Chartered
Source
historical_nic
2.December 13, 1930Run
Cause
Rumor Or Misinformation
Cause Details
Wild rumors spread among depositors alleging bank difficulties; officials called the rumors unfounded.
Measures
Paid all depositor demands without question; Federal Reserve armored trucks brought large amounts of cash; rewards offered for arrests of rumor-spreaders.
Newspaper Excerpt
Withdrawals Entirely Without Cause, President Says— Federal Reserve Aids
Source
newspapers
Newspaper Articles (10)
1.December 13, 1930Evening CourierCamden, NJ
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Article Text
Withdrawals Entirely Without Cause, President Says— Federal Reserve Aids
By Staff Correspondent Vineland. Dec. Depositors in the Vineland National Bank today made on the bank and in three hours withdrew thousands of dollars. According the the bank the "run" had no and caused by wild rumors by not get loans Shortly after the run started at m. heavily armored motor truck under police guard arrived at the bank from the Federal Reserve Bank Philadelphia with thousands of dollars the Gus president of the and Landis township. the run is entirely without cause Smith said the bank had plenty money pay off but the was pelled its noon today Smith said would open again Monday "There absolutely no cause for alarm,' We are paying out depositor wants We gone farther the day Any having an the department will not have give the notice but walk right up and get his Federal Reserve Bank of Phila delphia money of the situation and they will send down load money 15 minutes want them too regret that we cannot keep the open this Many the who have deposits our no and they not intend do 80 they will open the with plenty money hand Rumors Landis avenue the the last the officials placed other Vineland vicinity tightened up eral disgruntled fused idle that the difficulty this morning was They were mostly from the the city and ing When the armored trucks arrived from Philadelphia and bags of money under into the number the dewaiting to their the Federal Reserve Bank in Fhiladelphia that the Vine. land National Bank in excellent condition
2.December 14, 1930The TimesTrenton, NJ
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Article Text
RUMOR STARTS RUN ON VINELAND BANK
TRENTON LODGEMEN AT SHORE TONIGHT
More than hundred members of Royal Oak No. Lodge No attend the Long M Third and Avenues, Long Branch, tonight The Rev. William R. Blackman. pastor of the church and grand chaplain the Grand Lodge Jersey, will preach. Herbert Nichol Royal and Mercer the musical program. Press) the George *VINELAND Dec. small Glee Club Christmas carols started Vineland Na. tional Bank and Trust Company Odd Fellows' East State what officials declared o'clock this afternoon. rumors were spread among depositors. About 75 depositors mostly of the STORE IS RAIDED foreign town, Federal Reserve Philadelphia sent $100,000 to Police last night raided the store the meet Joseph Natale, order depositors and seized quantity of Natale arrested sale and was no will be arraigned suspended the police court tomorrow afternoon. to and paid depositors tain their money without requiring them give the usual notice Guy president of the STEP OUT said it would reopen as usual Monday
3.December 15, 1930Gloucester County TimesWoodbury, NJ
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Article Text
MADE BY VINELAND BANK
Vineland, Dec. by the VineNational Bank for the arrest the person persons started the rumors that started bank beginning Saturday and today. Officials described the as stupid and
4.December 15, 1930The Evening JournalWilmington, DE
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RUN ON VINELAND BANK IS CHECKED
Det. 15 run on the Vineland National Bank, said by officials to have been started on rumors by persons to the institution, was checked before noon today after about 600 depositors had been paid off and new accounts began to exceed the number of old accounts closed The run began Saturday line of about 250 persons was the bank doors today the opening and were paid off promptly. Federal Reserve Bank truck from Philadelphia, four guards, brought about $150,000 to the institution in two trips Saturday and one trip today statement issued by Gus Smith, president, and Edgar Ale, cashier, said that the bank was never in better financial condition, and statement by said that the bank could pay off every depositor dollar for dollar and still have $450,000 balance to do business.
For
Officers of Vineland Vineland National Bank today $10,000 for the fered reward and conviction of the arrest for the persons their Saturday. How rumor that bank difficulties started, no knows. began continued until the closing hour. Today there were 250 depositors withdrew their money. Other in the refused accept and directed depositors return to the Bank. Officials the Reserve Bank said that the bank up most of those withdrew money from the National Bank.
Bridgeton Pierson Reed, of the defunct Vineland Trust Charles Barraclough, treasurer. will be tenced Friday after pleading guilty some the bank's funds making false reports the State examiner. They guilty today. When Banking Frank H. Smith closed the bank June 11, there $500,000 shortSpeculations on the Stock Market responsible. Frank Smith, the defunct not similar today his trial set for tomorrow.
VINELAND
Ridiculous Rumors Start to Withdrawing Deposits.
DEMANDS MET WITH
Inia statement today noon, Gus of the Vinepresident land National Bank, stated that "every depositor having money in the Vineland National Bank may have it dollar for dollar. We feel that the peak of the run has been passed today depositors are ex: ceeding those withdrawing their feel, The accounts. well in hand and we will not at. tempt to argue with anyone of the depositors keeping their account with us they do not so desire." Every account. whether checking or saving, being paid without question. There no disorder and the bank's business is ing carried usual with the exception of permitting only certain number persons within the institution Federal Rerserve officials. who are the bank assisting the staff. scoff at the state that "the Vineland National is of the strongest bank in New Jersey and more than capable meeting the demand minor percentage of its deposit-
The bank member the Féderal Reserve Banks and believed that action of the Institution in paying all deposits demanded without question will completequiet the unfounded rumors before the usual closing time this afternoon third armored car. carrying huge sum of to the banking institution. arrived at the bank shortly today. Dec. 15. Rumors, said by bank officials to be ridiculous, are for run on the Vineland National Bank, which began Saturday morning. are of rumors on There any all of them which the street, given the cause of the anxiely the depositors and great number flocked to the bank to with people draw their money the bank is meeting each arguments are being request for money deposited Therein receives an answer in cold cash. convince that attempt they doing the wrong ing made and depositor his money, can have The officials believe that the best method they are backed by the Federal Gus president of the offered reward of in gold the arrest conviction of persons responsible rumors that started the run. The reward posted this morning the names of James and muel Mayor of The guaranteed by the Vineland National Bank and the Tradesmen tional Bank is approved by the (Continued on Page Two)
7.December 15, 1930Courier-PostCamden, NJ
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Article Text
RUMOR STARTS RUN ON VINELAND BANK; ALL DEMANDS MET
Depositors Form Line as Trial Nears for Officers of Another Institution
N. Y. FAILURE BLAMED
Vineland, Dec. Collapse of the of the United States in New York was today held for a run on the Vineland Na tional Bank alomst on the eve of the of three officers the defunct Vineland Trust Company charges of making illegal loans. J. Pierson Reed, president: Charles J. Barriclough, treasurer. and Frank morrow Judge Francis Stanger, Jr. Bridgeton and their trial to begin Tuesday Action being brought against them the State Department Banking and Insurance As Prosecufor Benjamin Stevens direcfor defunct bank Duane E Minard named special assistant attorney general to prosecute the The Cumberland county grand has returned five Reed. He charged making total of worth of loans himself charged in ten counts with and Smith three him self The was closed by the state alleged of in affecting 16,500 depositors Fearing bank failure in the town depositors staged on here New York bank had closed its doors
Farmers Start Run Of the hundreds of this dealing had drawn the Bank of the United Some these checks but came back marked Immediately the bank on the Bank that persons to of in gold was Guy F. of bank Landis for information leading the arrest sponsible for the rumor that started Saturday morning the bank crowded 150 and 300 400 more line The bank paid every those having accounts waived have require
All Paid Off
Although remained open an the last person in the had been paid an armored the Federal Bank arrived under machine gun guard to been about Philadelphia bank audited the week ported the perfect been and that excessive examiners this Federal similar
8.December 15, 1930Evening CourierCamden, NJ
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Article Text
LEADERS
Rush to Make Deposits Exceeds 000 Reward Offered
Correspondent Dec. fidence the soundness sources, citizens munity the run the Bank, by rush deposits on the bank virtually had been when the which appeared with the dwindled issued by Gus that more deposits had made today the bank than year Edgar issued that dollar dollar the depositors still with which business. His was by the the bank who agreed and sound. the had never since its es tablishment Rewards today offered for the arrest and conviction the person persons responsible spreading that the bank was without sufficient funds
Rewards Offered At the same circulars section bearing the James Florentino, chief and Samuel GasThe $5000 reward offered for the arrest any persons maliciously spreading reports against Vineland tional $5000 reward the Vineland National Bank and approved Cumberland County Bankers' Association Smith confirmed the report he had made personal of for arrest (Continued Page Two)
For
Vineland Officers of the Vineland National Bank have offered reward of $10,000 for the arrest and conviction of the perfor the their bank Saturday. How rumor that the bank in difficulties started, no one knows. began continued until the closing Today there were 250 their money. Other banks the town refused accept however, directed the depositors to return to the Vineland Bank. Officials the Federal Reserve Bank of Philadelphia that the bank is in sound condition. Farmers made up of money from the National Bank.
Bridgeton Pierson Reed, the Trust and will be tenced Friday after some the bank's funds false the State They guilty today. Banking Commissioner Frank H. Smith closed the bank last 11, State mated there $500,000 Speculations Stock Market held responsible. Frank Smith, secretary of the defunct pleaded guilty today his trial set for
BREAK BACK
No Depositors of Vineland National Bank Are Askfor Their Money.
USUAL BUSINESS AGAIN dents, who had entire confidence Vineland National Bank, are gratulating Edgar Ale, cashier of the bank, and other officials and directwho have watched the progress alarming run the bank that be on Friday small way until day afternoon. The run then diminished until there were only few manding their money actually more money deposited yesterday than taken number depositors withdrew their money and placed safety deposit boxes in the bank until the scare was when will turned to the time of Most of the people who were ones who lost withdrew Trust Company and had taker the their funds to the National Bank, practically all of the old depositors were staunch in their support. that the Vineland National The fact Bank has half million assets which to do busness after every Reserve Bank of Philadelphia by caused strong wave standing bank is now offering confidence. The those who their mone) interraption of that there will no The Vineland merchants interest. profited more less the run. withdrawn has an uncanny money be. and no demanding to way its into the doubt cash found way merchants that would the mained unspent the run on the bank that which shows had not wind but blows some"there is no ill body
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.
