gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
12c500e2ad204055
Response Measures
None
Events (1)
1.February 2, 1907Run
Cause
Rumor Or Misinformation
Cause Details
False rumor (started by a joker) among foreign/Polish depositors that the bank was failing.
Random Run
Yes
Random Run Snippet
false rumor started by a joker; panic later quelled
Measures
Kept doors open late, paid out depositors, displayed large amounts of cash and accepted aid from New York
Newspaper Excerpt
As a result of unsubstantiated rumors among the foreign element of its depositors, a run on the Mechanics' Trust company occurred yesterday.
Source
newspapers
Newspaper Articles (10)
1.February 2, 1907The Topeka State JournalTopeka, KS
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Article Text
RUMORS CAUSE A RUN. Depositors in Bayonne, N. J., Bank Clamor for Their Money. Bayonne, N. J., Feb. 2.-As a result of unsubstantiated rumors among the foreign element of its depositors, a run on the Mechanics' Trust company occurred yesterday. Several hundred men and women gathered about the bank and were paid off as fast as the money could be counted out. Several thousand dollars were withdrawn. The bank officials assured the crowd, made up chiefly of small depositors, that the institution was perfectly solvent and that there were ample funds on hand to pay every depositor in full. Merchants of the city showed their faith in the bank by making deposits in the face of the run, while aid from New York, amounting, it was said, to a million dollars, was received.
Bank her Open .... Night. BAYONNE, N. J., Feb. 2.-Alarmed by a report that the Mechanics' Trust company, one of the largest banking institutions in New Jersey, was on the verge of collapse, small depositors in Constable Hook started a run, which became so serious that the doors of the bank were reopened last night at 6 o'clock and remained.orgen all night.
3.February 2, 1907The Washington TimesWashington, DC
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Article Text
RUN ON BANK STARTED BY POLISH DEPOSITORS NEW YORK. Feb. 2-The Mechanics' Trust Company, of Bayonne, N. J., had its doors open yesterday not only in regular banking hours, but also from 6 o'clock on until almost midnight. The cause was a run on the savings department, started on Thursday by rumors which frightened some Poles and other foreigners, who are depositors. Confidence was restored in part by the readiness with which the money was paid out, but Charles F. Noe, chairman of the board of directors. said that the bank would bè kept open as long as a single person was there to ask for his money.
4.February 3, 1907The Times DispatchRichmond, VA
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Article Text
RUN ON BANK. People Still Swarm Around New Jersey Bank. NEW YORK, Feb. 2.-The run on the Mechanics Trust Company of Bayonne, N. J., which was started yesterday by a false rumor regarding the institution's solvency, continued to-day. There were none of the scenes which marked the early stages of the run, however, where hundreds stood in line yesterday waiting to withdraw their savings, there were only seventy-five on hand when business was resumed to-day. Officials of the trust company announced that more than a million dollars in cash had been awaiting the pleasure of the depositors.
5.February 3, 1907Omaha Daily BeeOmaha, NE
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Article Text
Run on New Jersey Bank. NEW YORK, Feb. 2.-The run on the Mechanics' Trust company at Bayonne, N. J., which was started yesterday by a false rumor regarding the institutions' solvency, continued today. There were none of the scenes which marked the early stages of the run. Where hundreds stood in line yesterday there were only seventy-five on hand today. Officials of the company announced that more than $1,000,000 had been awaiting the pleasure of the depositors.
6.February 3, 1907The Washington HeraldWashington, DC
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Article Text
Bayonne Bank Run Ends. New York, Feb. 2.-The run on the savings department of the Mechanics' Trust Company, of West Eighth street, Bayonne, petered out to-day, after about $300,000 of the deposits had been withdrawn. This was only a fifth part of the bank's deposits of that kind, so that after all there was little real excitement on the part of the directors,
7.February 3, 1907The Montgomery AdvertiserMontgomery, AL
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Article Text
/ BANK RUN CONTINUES. Depositors are Not So Anxious to Draw Money, However. New York, Feb. 2.-The run on the Mechanics Trust Company of Bayonne, N. J., which was started yesterday by a false rumor regarding the institution's solvency, continued today. There were none of the scenes which
8.February 3, 1907The San Francisco CallSan Francisco, CA
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Article Text
FALSE RUMOR STARTS RUN NEW YORK, Feb. 2.-A run on the Mechanics' Trust Company of Bayonne, N. J., which was started yesterday by a false rumor regarding the institution's solvency, continued today. Officials of the company announced that more than a million dollars had been awaiting the pleasure of the depositors.
9.February 3, 1907The Salt Lake HeraldSalt Lake City, UT
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Article Text
NO LACK OF FUNDS. New York, Feb. 2.-The run on the Mechanics' Trust company of Bayonne, N. J., which was started yesterday by a false rumor regarding the institution's solvency, continued today. There were none of the scenes which marked the early stages of the run, however. Officials of the company announced that more than $1,000,000 had been awaiting the pleasure of the depositors.
10.March 7, 1907Evening BulletinHonolulu, HI
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Article Text
A recent run on the Mechanics' Trust Company of Bayonne was started by-a joker. 16 became quite serious for a time. The panic was stopped by a big display of bills and money on the counter in sight of the depositors.
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.
