gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
22caba59635d19b5
Response Measures
Accommodated withdrawals
Receivership Details
Depositor recovery rate
53.5%
Date receivership started
1931-10-07
OCC cause of failure
Economic conditions
Share of assets assessed as good
19.4%
Share of assets assessed as doubtful
70.5%
Share of assets assessed as worthless
10.0%
Events (3)
1.January 4, 1884Chartered
Source
historical_nic
2.November 12, 1900Run
Cause
Rumor Or Misinformation
Cause Details
Cashier D. S. McGrath's three-day absence due to illness sparked false reports he had absconded or committed suicide, prompting withdrawals.
Random Run
Yes
Random Run Snippet
False rumors cashier had absconded or committed suicide; bank solvent.
Measures
Bank paid depositors in line; paid out nearly $30,000 (reports vary up to $70,000) during three-hour run.
Newspaper Excerpt
Three days' enforced absence from his post of duty on the part of D. S. McGrath, cashier of the Calumet National Bank, at South Chicago, started false rumors as to the Institution's solvency and culminated in a run on the bank today.
Source
newspapers
3.October 7, 1931Receivership
Source
historical_nic
Newspaper Articles (10)
1.November 13, 1900The St. Louis RepublicSaint Louis, MO
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Article Text
RUN ON A CHICAGO BANK. Cashier's Enforced Absence Started Sensational Rumors. Chicago, Nov. 12-Three days' enforced absence from his post of duty on the part of D. S. McGrath, cashier of the Calumet National Bank, at South Chicago, started false rumors as to the Institution's solveney and culminated in a run on the bank today. The run lasted three hours. It began at 9a. m., but before noon nearly every one of the 500 or 600 anxious depositors who had formed in line in front of the bank had been paid. At the close of the day's business Cashier McGrath said nearly $70.000 had been paid out, most of It going to holders of demand certificates. McGrath was compelled to remain at his home because of Illness, and the report became current that he had absconded and then that he had committed suicide. He first became informed of the rumors by the arrival of a Deputy Coroner, who came to hold an inquest upon him. The bank is solvent.
2.November 13, 1900The TimesRichmond, VA
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Article Text
RUN ON THE BANK. Absence of Cashier Caused Much Uneasiness. (By Associated Press.) CHICAGO, November 12.-Three days enforced absence from his post of duty on account of illness on the part of D. S. McGrath, cashier of the Calumet National Bank, of South Chicago, started false rumors as to the institution's solvency, and eulminated to-day in a run on the bank. The run lasted three hours. At the close of the day's business Cashite McGath said nearly $30,000 had been paid out, most of it going to holders of demand certificates. The bank is entirely solvent.
3.November 13, 1900Evening Times-RepublicanMarshalltown, IA
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Article Text
Causes Big Run on the Bank. Chicago, Nov. 13.-Three days of enforced absence from his post of duty on the-part of-D.. S. McGrath, cashier of the Calumet National Bank of South Chicago started false rumors as to the institution's solvency, and culminated yesterday in a run on the bank. The run began at 9 a. m., and by noon nearly every one of the 500 or 600 anxious depositors who formed in line in front of the bank had been paid. At the close of the day's business Cashier McGrath said nearly $30,000 had been paid out. McGrath was compelled to remain at home because of illness, and the report became current that he had absconded and then that he had committed suicide. He first became informed of the rumors by the arrival of the deputy coroner, who came to hold an inquest upon him.
4.November 13, 1900The Savannah Morning NewsSavannah, GA
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Article Text
STARTED A RUN ON A BANK. False Report Got Out About a Cashier in Chicago. Chicago, Nov. 12.-Three days' enforced absence from his post of duty on the part of D. S. McGrath, cashier of the Calumet National Bank at South Chicago, started false rumors as to the Institution's solvency and culminated to-day in . a run on the bank. The run lasted three hours. At the close of the day's business Cashier McGrath said nearly $30,000 had been paid out, most of it going to holders of demand certificates. Mr. McGrath was compelled to remain at his home because of Illness and the report became current that he had abseconded and that he had committed sulcide. He first became informed of the rumors by the arrival of a deputy coroner who came to hold an inquest upon him. The bank is entirely solvent.
5.November 13, 1900The Denison ReviewDenison, Dow City, IA
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Article Text
RUN ON A CHICAGO BANK* Cashier's Enforced Absence Starts False Rumors as to Calumet's Solvency. Chicago, Nov. 13.-Three days' enforced absence from his post of duty on the part of D. S. McGrath, cashier of the Calumet National bank at South Chicago, started false rumors as to the institution's solvency and culminated in a run on the bank yesterday. The run lasted three hours. It began at 9 H. m., but by noon nearly every one of the 500 or 600 anxious depositors who had formed in line in front of the bank had been paid. At the close of the day's business Cashier McGrath said nearly $30,000 had been paid out. Mr. McGrath was compelled to remain at his home because of illness and the report became current that he had absconded and then that he had committed suicide. He first became informed of the rumors by the arrival of a deputy coroner, who came to hold an inquest upon him. The bank is entirely solvent.
6.November 14, 1900Rock Island ArgusRock Island, IL
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Article Text
THREE HOURS' RUN ON A BANK. Cashier Was III and a False Report Became Current. Chicago, Nov. 14.-Three days' enforced absence from his post of duty on the part of D. S. McGrath, cashier of the Calumet National bank, at South Chicago, started false rumors as to the institution's solvency, and eulminated yesterday in a run on the bank. The run lasted three hours. It began at 9 a. m., but by noon nearly every one of the 500 or 600 anxious depositors who had formed in line in front of the bank had been paid. At the close of the day's business Cashier McGrath said nearly $30,000 had been paid out, most of it going to holders of demand certificates. McGrath was compelled to remain at his home because of illness, and the report became current that he had absconded and then that he had committed suicide.
7.November 15, 1900Connecticut Western NewsNorth Canaan, Salisbury, Canaan, CT
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Article Text
Cashier's Illness Causes a Run. Absence from his post of duty on the part of D. S. McGrath, cashier of the Calumet National bank at South Chicago, started false rumors as to the institution's solvency and culminated in a run on the bank. The run lasted three hours. It began at 9 a. m., but by noon nearly every one of the 500 or 600 anxious depositors who had formed in line in front of the bank had been paid. At the close of the day's business Cashier McGrath said nearly $30,000 had been paid out, most of it going to holders of demand certificates. Mr. McGrath was compelled to remain at his home because of illness, and the report became current that he had absconded and then that he had committed suicide. He first became informed of the rumors by the arrival of a deputy coroner, who came to hold an inquest upon him. The bank is solvent.
A Run on a Chicago Bank. Chicago, Nov. 13.-Three days' enforced absence from his post of duty on the part of D. S. McGrath, cashier of the Calumet national bank at South Chicago, started false rumors as to the institution's solvency, and culminated in a run on the bank yesterday. The run lasted three hours. At the close of the day's business Cashier McGrath said nearly $30,000 had been paid out, most of it going to holders of demand certificates. Mr. McGrath was compelled to remain at his home because of illness and the report became current that he had absconded and then that he had committed suicide. He first became informed of the rumors by the arrival of a deputy coroner who came to hold an inquest upon him. The bank is entirely solvent.
A RUN ON A BANK Caused by False Rumors of the Absconding of the Cashier Chicago, November 12.-Three days' enforced absence from his post of duty on the part of D. S. McGrath, cashier of the Calumet bank, of South Chicago, started false rumors as to the institution's solvency and culminated today in a run on the bank. The run lasted three hours. At the close of the day's business Cashier McGrath said nearly $30,000 had been paid out, most of it going to holders of demand certificates. Mr. McGrath was compelled to remain at his home because of illness and the report became current that he had absconded, and that he had committed suicide. The bank is entirely solvent.
10.November 23, 1900The McCook TribuneMcCook, NE
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Article Text
Rumors Start Run on Bank. CHICAGO, Nev. 14.-Three days enforced absence from his post of duty on the part of D. S. McGrath, cashier of the Calumet National bank at South Chicago, started false rumors as to the institution's solvency and culminated in a run on the bank today. The run lasted three hours. It began at 9 a. m., but by noon nearly everyone of the 500 or 600 anxious depositors who had formed in line in front of the bank had been paid. At the close of the day's business Cashier McGrath said nearly $30,000 had been paid out, most of 1: going to the holders.
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.
