gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
104eecf6f59ad064
Response Measures
None
Events (1)
1.January 8, 1903Run
Cause
Rumor Or Misinformation
Cause Details
Misapprehension regarding a recently issued report of the state superintendent of banks (rumor among foreign-speaking depositors)
Measures
Bank prepared overnight, promptly paid withdrawals; officials explained situation and funds were largely redeposited
Newspaper Excerpt
Because of a misapprehension regarding the recently issued report of State Superintendent Banks there was a run today on the Schenectady Savings Bank
Source
newspapers
Newspaper Articles (11)
1.January 8, 1903Evening Times-RepublicanMarshalltown, IA
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Article Text
RUN ON A BANK. Rumor Starts a Serious Run on a Schenectady Bank. Schenectady, N. Y., Jan. -Because of a misapprehension regarding the recently issued report of State Superintendent Banks there was a run today on the Schenectady Savings Bank, one of the oldest and most conservative institutions in the state. The demonstration was confined almost entirely to foreign-speaking persons. At noon every one had received what was demanded. The true situation was explained to the foreigners and gradually the run decreased.
2.January 8, 1903Ottumwa Semi-Weekly CourierOttumwa, IA
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Article Text
Friend of St. Louis Exposition. Concord, N. H., Jan. 8.-Governor Bacheldor today was formally installed in office. In his inaugural address he advised an intelligent presentation of the state's advantages at the St. Louis exposition. START A RUN ON A BANK. Report of State Officers Starts Drain on Finances. Schenectady, N. Y., Jan. 8.-Because of a misapprehension regarding the recently issued report of the state superintendent of banks, there was a run today on the Schenectady Savings bank, one of the oldest and most conservative institutions in the state. The demonstration was confined almost exclusively to foreign speaking persons. At noon every one had received what was demanded. The true situation was explained to the foreigners and gradually the run decreased.
3.January 8, 1903Rock Island ArgusRock Island, IL
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Article Text
RUN ON SAVINGS BANK DUE TO A MISAPPREHENSION Schenectady, N. Y., Jan. 8.-There was à run today on the Schenectady Savings bank due to a misapprehen+ sion regarding the recently issued report of the state superintendent of banks by foreign speaking persons. The true situation was explained to the foreigners and the run gradually decreased. All demands were met promptly.
FALSE RUN ON A SAVINGS bank. Schenectady, N. Y., Jan. 8.-Because of a misapprehension regarding the recently issued report of the state superintendent of banks, Kilburn, there was a run to-day on the Schenectady Savings bank, one of the oldest and most conservative banking institutions in the state. The demonstration was confined almost entirely to foreigners. Scores of them withdrew their money from the bauk yesterday, and to-day, when the doors of the institution were opened, there was a large crowd of excited foreigners who demanded their deposits. The bank was prepared and they were promptly paid. At noon every one had received what was demanded. The true situation was explained to the foreigners and gradually the run decreased.
5.January 9, 1903Waterbury DemocratWaterbury, CT
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Article Text
EXCITEMENT OVER. Schenectady, N. Y., Jan 9.-The excitement caused by the run on the Schenectady Savings bank has subsided. The institution opened to-day quietly. An official said that about all the money withdrawn has been redeposited and that, therefore, instead of having lost anything by the run the bank is ahead the amount of the interest which would have accrued to those of the depositors who became panic-stricken and drew out their money.
6.January 9, 1903The Savannah Morning NewsSavannah, GA
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Article Text
A RUN ON A BANK Caused by the Report of the State Superintendent of Banks. Schnectady, N. Y., Jan. 8.-Because of a misapprehension regarding the recently issued report of State Superintendent of Banks Kilburn, there was a run to-day on the Schenectady Savings Bank, one of the oldest and most conservative banking institutions in the state. The demonstration was confined almost entirely to foreign speaking persons. They were promptly paid, the bank officers, in anticipation of a run, having prepared for it over night. The true situation was explained to the foreigners and gradually the run decreased.
7.January 9, 1903Daily Kennebec JournalAugusta, ME
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Article Text
FOOLISH RUN ON BANK. Foreigners at Schenectady Misunderstand and Want Money. Schenectady, N. Y., Jan. S.--Because of a misapprehension regarding the recent report of State Superintendent of Banks Kilbura, a "run" on the Schenectady Savings Bank, one of the oldest and most conservative banking institutions in the state, is in progress. The demonstration. is confined practically to foreigners. Efforts are being made by their fellow countrymen to show them the groundlessness of their fears and to induce them to leave their money in the bank. The publication, this afternoon, by the director or the Schenectady Savings Bank of statement of the bank's sound financial condition has had the effect of relieving apprehension and the officials are confident that today's run will not be continued. tomorrow.
8.January 10, 1903New-York TribuneNew York, NY
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Article Text
RUN ON SCHENECTADY BANK ENDS. Schenectady, N. Y.,-Jan. 9. - -The excitement caused by the run on the Schenectady Savings Bank has subsided, and the institution opened this morning as usual. It is stated by an official of the bank that about all the money withdrawn has been redeposited, and that, therefore, instead of having lost anything through the occurrence, the bank is ahead the amount of the interest which would have accrued to those of the depositors who became panicstricken at what they feared was the weakness of the institution. There was a run on the same bank, semewhat similar in its cause, several years ago, but it was stemmed by prompt ac tion on the part of local business men. who showed their confidence in the institution. The statement of Superintendent Kilburn, that the bank in queation is one of the most conservative and substantial in the State, has done much to quiet a situation that is now universally admitted to have had no real cause in fact
9.January 10, 1903Daily Kennebec JournalAugusta, ME
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Article Text
Schenectady Bank Run Is Over. Schenectady. N. Y., Jan. 9.-The excitement caused by the run on the Schenectady Savings Bank has subsided. The institution opened, today, quietly. An official said that about all the money withdrawn had been re-deposited and that, therefore, instead of having lost anything by the "run" the bank is ahead the amount of the interest which would have accrued to those of the depositors who became panic-stricken and drew out their money.
10.January 14, 1903The Forest RepublicanTionesta, PA
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Article Text
Saturday. An ice bridge has formed in the gorge below Niagara Falls. People at South Bend, Ind., are said to be buying beans at $1.50 a bushe and burning them for fuel, as coal cannot be had. The excitement caused by the run on the Schenectady Savings bank has subsided, and about all the money withdrawn has been redeposited. President Roosevelt's appointment of a negro to be collector of the port of Charleston, S. C., was vigorously criticised by Southern newspapers. Le Roy suffered a fire loss of $75,000 Friday morning. The blaze was caused by a gas explosion in the rooms of the Oatka hose company. The post. office and Lampson House block were burned.
11.January 16, 1903The Black Hills UnionRapid City, SD
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Article Text
RUN ON SAVINGS BANK. Was Due to a Misapprehension and Quickly Subsided. Schenectady, N. Y., Jan. 10.-Because of misapprehension regarding the recently issued report of the state superintendent of banks, there was a run today on the Schenectady Savings bank, one of the oldest and most conservative institutions in the state. The demonstration was confined almost entirely to foreign-speaking persons. At noon every one had received what was demanded. The true situation was explained to the foreigners and gradually the run decreased.
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.
