gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e2378088bb550455
Response Measures
None
Description
Run was triggered by discovery of defalcation at the First National Bank; Savings bank reported heavy withdrawals but not a confirmed suspension.
Events (1)
1.May 3, 1898Run
Cause
Local Banks
Cause Details
Discovery that the president of the First National Bank (E. H. Myers) absconded after a $110,000 defalcation, prompting depositor panic at the local savings bank.
Newspaper Excerpt
The news of the defalcation ... caused a run on the Carthage Savings Bank, which may be obliged to close its doors
Source
newspapers
Newspaper Articles (10)
1.May 4, 1898The Indianapolis JournalIndianapolis, IN
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Article Text
BANKER ABSCONDS. E. H. Meyers Charged with Stealing $110,000 in Eight Years. CARTHAGE, N. Y., May 3.-A notice to depositors appeared on the doors of the First National Bank this morning, informing them that "The president of this bank, E. H. Myers, has absconded, and as the directors ascertained last night that his accounts are short they have ordered the bank closed for a more thorough examination. Depositors will doubtless be paid at an early date." The news of the defalcation of Myers, who was a leading citizen, caused a run on the Carthage Savings Bank, which may be obliged to close its doors, although that institution is unquestionably sound. Mr. Myers has been defrauding the bank for eight years, it is discovered on investigation. The amount of the defalcation is estimated at $110,000. Myers's whereabouts are unknown.
2.May 4, 1898The Morning NewsSavannah, GA
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Article Text
BANK PRESIDENT ABSCONDS. Shortage in His Accounts Supposed to Be $110,000. Watertown, N. Y., May 3.-A special to the Standard from Carthage says: "The following notice appeared on the doors of the First National Bank this morning: "Notice: To depositors: The president of this bank, E. H. Myers, has absconded and the directors ascertained last night that his accounts are short. They have ordered the bank closed for a more thorough examination. Depositors will doubtless be paid at an early date. " By order of the board of directors.' "The news of the defalcation of Myers, who was a leading citizen, caused a run on the Carthage Savings Bank, which may be obliged to close its doors, although that institution is unquestionably sound. "Myers had been defrauding the bank for eight years, it is discovered on investigation. The amount of the defalcation is estimated at $110,000. Myers' whereabouts are unknown."
3.May 4, 1898The Age-HeraldBirmingham, AL
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Article Text
ANOTHER BANK THIEF Has Been Doing Crooked Work for Eight Years. Got $110,000. Watertown, N. Y., May 3.-A special to the Standard from Carthage says: The following notice appeared on the door of the First National bank this morning: "Notice to Depositors-The president of this bank, E. H. Meyers, has absconded, and the directors ascertained last night that his accounts are short. They have ordered the bank closed for a more thorough examination. Depositors will doubtless be paid at an early date. "By order of the board of directors." The news of the defalcation of Meyers, who was a leading citizen, caused a run on the Carthage Savings bank, which may be obliged to close its doors, although that institution is unquestionably sound. Mr. Meyers had been defrauding the bank for eight years, it is discovered on investigation. The amount of the defalcation is estimated at $110,000. Meyers' whereabouts are unknown.
4.May 4, 1898The HeraldLos Angeles, CA
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Article Text
A Bank Broken WATERTOWN, N. Y., May 3.-The First National bank at Carthage closed its doors this morning, when the directors posted a note stating that President E. H. Myers had absconded. The defalcation is estimated at $110,000, and is said to cover a period of eight years. Myers' whereabouts are unknown. This suspension caused heavy run on the Carthage Savings bahl
5.May 4, 1898The Saint Paul GlobeSaint Paul, MN
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Article Text
BANK PRESIDENT MISSING. Alleged He Is Short One Hundred Thousand Dollars. CARTHAGE, N. Y., May 3.-The following notice appeared on the doors of the First National bank this morning: "Notice to Depositors-The president of this bank, E. H. Myers, has absconded; and the directors ascertained last night that his accounts are short. They have ordered the bank closed for a more thorough examination. Depositors will doubtless be paid at an early Cate." The news of the defalcation of Myers, who was a leading citizen, caused a run on the Carthage Savings bank, which may be obliged to close its doors, although that institution is unquestionably sound. The amount of the defalcation is estimat ed at $110,000. Myers' whereabouts are unknown.
6.May 4, 1898The TimesRichmond, VA
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Article Text
BANK PRESIDENT ABSCONDS. He Left a Shortage in His Accounts of $110,000, WATERTOWN N. Y., May 3.-A special to the Standard from Carthage says: The following notice appeared on doors of the First National Bank this morning: "Notice to depositors: The president of this bank, E. H. Myers, has absconded and the directors ascertained last night that his accounts are short. They have ordered the bank closed for a more thorough examination. Depositors will doubtless be paid at an early date." The news of the defalcation of Myers, who was a leading citizen, caused a run on the Carthage Savings Bank, which may be obliged to close its doors, although that institution is unquestionably sound. Myers had been defrauding the bank for eight years, it is discovered on investigation. His whereabouts is unknown. The amount of the defalcation is estimated at $110,000.
7.May 4, 1898Richmond DispatchRichmond, VA
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Article Text
BANK PRESIDENT ABSCONDS. He Had Been Defrauding Institution for Years. WATERTOWN, N. Y., May 3.-A special to the Standard from Carthage says: The following notice appeared on doors of the First National Bank this morning: "Notice to Depositors,- The president of this bank, E. H. Myers, has absconded, and the directors ascertained last night that his accounts are short. They have ordered the bank closed for a more thorough examination. Depositors will doubtless be paid at an early date. "By order of the Board of Directors." The news of the defalcation of Myers, who was a leading citizen, caused a run on the Carthage Savings Bank, which may be obliged to close its doors, although that institution is unquestionably sound. Myers had been defrauding the bank for eight years, it is discovered on investigation. The amount of the defalcation is estimated at $110,000. Myers's whereabouts are unknown.
8.May 7, 1898Perrysburg JournalPerrysburg, OH
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Article Text
WRECKED THE BANK. President of a Concern at Carthage, N.Y., Disappears After Stealing $110,000. Carthage, N. Y., May 4.-The following notice appeared on the doors of the First national bank yesterday: "Notice to depositors-The president of this bank, E. H. Myers, has absconded and as the directors ascertained last night that his accounts are short they have ordered the bank closed for a more thorough examination. Depositors will doubtless be paid at an early date." The news of the defalcation of Myers, who was a leading citizen, caused a run on the Carthage Savings bank, which may be obliged to close its doors, although that institution is unquestionably sound. Mr. Myers had been defrauding the bank for eight years. The amount of the defalcation is estimated at $110,000. Myers' whereabouts are unknown.
9.May 12, 1898The News-HeraldHillsboro, OH
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Article Text
WRECKED THE BANK. President of a Concern at Carthage, N. Y., Disappears After Stealing $110,000. Carthage, N. Y., May 4.-The following notice appeared on the doors of the First national bank yesterday: "Notice to depositors-The president of this bank, E. H. Myers, has absconded and as the directors ascertained last night that his accounts are short they have ordered the bank closed for a more thorough examination. Depositors will doubtless be paid at an early date." The news of the defalcation of Myers, who was a leading citizen, caused a run on the Carthage Savings bank, which may be obliged to close its doors, although that institution is unquestionably sound. Mr. Myers had been defrauding the bank for eight years. The amount of the defalcation is estimated at $110,000. Myers' whereabouts are said to be unknown.
10.May 12, 1898Cameron County PressEmporium, PA
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Article Text
WRECKED THE BANK. President of a Concern at Carthage, N. Y., Disappears After Stealing $110,000. Carthage, N. Y., May 4.-The following notice appeared on the doors of the First national bank yesterday: "Notice to depositors-The president of this bank, E. H. Myers, has absconded and as the directors ascertained last night that his accounts are short they have ordered the bank closed for a more thorough examination. Depositors will doubtless be paid at an early date." The news of the defalcation of Myers, who was a leading citizen, caused a run on the Carthage Savings bank, which may be obliged to close its doors, although that institution is unquestionably sound. Mr. Myers had been defrauding the bank for eight years. The amount of the defalcation is estimated at $110,000. Myers' whereabouts are said to be unknown.
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.
