gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a8d0fdbd91a0ba3b
Response Measures
None
Description
Contemporary accounts describe a maliciously engineered rumor/propaganda campaign rather than insolvency.
Events (1)
1.July 29, 1921Run
Cause
Rumor Or Misinformation
Cause Details
Malicious propaganda and false statements/rumors prompted depositors to withdraw funds; officials and bank commissioner repeatedly declared the bank sound.
Measures
Bank publicly reassured depositors; maintained large cash and liquid securities and paid out withdrawals.
Newspaper Excerpt
Several hundred persons, influenced by malicious propaganda, were in line to withdraw their deposits from the Boston Five Cents Savings Bank when the doors opened today, continuing the run which began in mild form yesterday.
Source
newspapers
Newspaper Articles (10)
1.July 30, 1921The Ocala Evening StarOcala, FL
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Article Text
BEANTOWN BANK HAD PLENTY OF BONES Boston, July 30.-Several hundred persons, influenced by malicious propaganda, the police said, were in line to withdraw their deposits from the Boston Five Cents. Savings Bank when the doors opened today, continuing the run which began in mild form yesterday. Bank officials said they were not disturbed by the prospect of a run as there was two million dollars in cash in the vaults and over $22,000,000 in securities which could be converted into cash immediately.
Run on Boston Bank. BOSTON, July 30. .-Several - hundred persons influenced, the police say, by malicious propoganda, were in line to withdraw deposits from the Boston five cents savings bank. Continuing a run which began in mild form yesterday some depositors had been in front of the bank since 1 a. m. A statement by bank officials declared the bank absolutely sound.
3.July 30, 1921Grand Forks HeraldGrand Forks, ND
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Article Text
FALSE STATEMENTS START RUN ON BANKS Boston, July 30.-Several hundred persons influenced, the police say, by malicious propaganda, were in line to withdraw their deposits from the Boston Five Cents Savings Bank when the doors of that institution opened today, continuing a run which began in a mild form yesterday, notwithstanding reassuring statements, issued by the bank commissioner declaring the bank absolutely sound.
4.July 31, 1921Omaha Daily BeeOmaha, NE
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Article Text
Philadelphia-Boston Banks Weather Run Boston, July 30.-Several persons influenced, the police say by malicious propaganda, were in line to withdraw their deposits from the Boston Five Cents Savings bank, when the doors of that institution
PROPAGANDA STARTS RUN ON BOSTON BANK (By The Associated Press.) Boston, Mass., July 30.-Several hundred persons, influenced, the police say, by malicious propaganda, were in line to withdraw their deposits from the Boston Five Cents Savings bank when the doors of that institution opened today. Bank commissioners declared the bank absolutely sound. Philadelphia, July 30-The Northwestern Trust company, an uptown institution today weathered a run that began yesterday. A false rumor of the trust company's condition started a line of timid depositors yesterday and caused many to withdraw funds today. When the bank opened this morning $1,000,000 in cash was on hand to pay all demands.
6.August 1, 1921The Bridgeport Times and Evening FarmerBridgeport, CT
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Article Text
Run On Bank Continues Boston, Aug. 1-Despite reassuring statements by bank officials and the state bank commissioner, the run on the Boston Five Cents Savings Bank which began Friday continued unabated today. A big squad of patrolmen and mounted police kept the crowd of anxious depositors in a line which extended rom the bank entrance on School street or a considerable distance. W. R. Evans, president o the bank, said that the institution would continue to pay indefinitely. "We have in quick assets more than $30,000,000 which can be converted within three days," he said, adding that the bank was absolutely sound and there was no valid reason or the run.
7.August 2, 1921Richmond Times-DispatchRichmond, VA
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Article Text
Believe Run on Bank III End. BOSTON. Aug. 1.-Bellef that the run on the Boston Five Cents Savings Bank, which began Friday, was nearing an end. was expressed 10night by officials of the company When the bank closed at the regular hour only 250 persons were in line waiting to make withdrawals. Jos. eph Holmes, treasurer of the bank. said the total withdrawals today were less than those of Saturday, when nearly $700,000 was paid out. and that deposits were approximately $25,000. a considerable increase over Saturday.
8.August 2, 1921Bisbee Daily ReviewBisbee, AZ
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Article Text
BELIEVE RUN ENDED Belief that the BOSTON, Aug. 1. run on the Boston Five Cents Savings Bank which began Friday, was nearing an end was expressed tonight by officials of the company. When the bank closed at the regular hour only 250 persons were in line waiting to make withdrawals.
9.August 3, 1921The Washington TimesWashington, DC
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Article Text
TO PUNISH PLOTTERS IN RUN ON BOSTON BANK BOSTON, Aug. 3.-The rush to withdraw savings from the Boston Five Cents Savings Bank ended yesterday after more than $1,400,000 had been paid out since Friday Bank, city and Government officials here say the "run" was carefully engineered by interests inimical to the bank, which was known to have been absolutely sound. Governor Cox today said those responsible for the "run" would be held answerable.
Meanwhile the enemies of labor in Massachusetts are doing their best to discredit the defense of the two men. Friends of Sacco and Vanzetti were blamed in the newspapers here "by a high state official" for starting a run on the Boston Five Cents Savings Bank, the theory being that the rush was inspired for revenge. This has, of course, been shown to be false and preposterous.
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.
