Dime Savings Bank (Detroit, MI)

Episode Information

Episode UID
9002171226
Episode Type
Run Only
Bank Type
savings
Bank ID
900217 routing
Routing Number
9-0021
Start Date
February 24, 1902
Location
Detroit, Michigan (42.331, -83.046)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ea9ef7827d3b0d25

Response Measures

None

Description

Run driven by circulating/false rumors; bank paid depositors and remained open.

Events (1)
1. February 24, 1902 Run
Cause
Rumor Or Misinformation
Cause Details
Circulating report/false rumor that the bank held large amounts of C.F. (F.C.) Andrews paper; described as a wild/false rumor.
Measures
Paid depositors as fast as accounts could be checked and currency counted; kept open late; other banks offered help but was declined.
Newspaper Excerpt
A run was started today on the Dime Savings bank of this city. . . . report became circulated . . . that the institution held considerable of C. F. Andrews paper and the run started.
Source
newspapers

Newspaper Articles (8)
1. February 24, 1902 The Butte Inter Mountain Butte, MT
Article from The Butte Inter Mountain, February 24, 1902

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Article Text

Run on Detroit Bank. (By Associated Press.) Detroit, Mich., Feb. 24.-A run was started today on the Dime Savings bank of this city. Ae report became circulated in the vicinity of the banks on Jefferson avenue that the institution held considerable of C. F. Andrews paper and the run started. This afternoon depositors began withdrawing accounts.

2. February 25, 1902 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, February 25, 1902

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Article Text

Run on Bank Continues. Detroit. Feb. 25.-The run on the dime savings bank was resumed today, but the line of waiting depositors gradually dwindled down during the morning. Accounts were paid as fast as possible. The nervousness was not communicated to any of the other banks.

3. February 26, 1902 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, February 26, 1902

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Article Text

Run Ends on the Detroit Bank. Detroit. Feb. 26.-The run on the Dime Savings bank was resumed when the bank opened for business, but the line of waiting depositors gradually dwindled down during the morning, and was broken at 2 p. m. There was no resumption of the run at the Jefferson Avenue branch,

4. February 26, 1902 Bryan Morning Eagle Bryan, TX
Article from Bryan Morning Eagle, February 26, 1902

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Article Text

Run on Savings Bank. Detroit, Feb. 25.-A run was started Monday on the Dime Savings bank of this city, a report becoming circulated in the vicinity of the bank's Jefferson avenue branch that the institution had considerable of F. C. Andrews' paper. President Livingston says the bank will pay every depositor as fast as the money can be counted out.

5. February 28, 1902 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, February 28, 1902

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Article Text

RUN ON THE BANK. People Waiting in Line. (News-Democrat Leased Wire Service.) Detroit, Feb. 25.-The run on the Dime savings bank continued all this morning. About 300 people were in line. The bank is apparently in good condition. The officers say the bank has $700,000 in cash.

6. February 28, 1902 The Yale Expositor Yale, MI
Article from The Yale Expositor, February 28, 1902

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Article Text

A Foolish Run. Monday afternoon a crowd of depositors surrounded the doors of the down-town office of the Dime Savings bank. Detroit, a needless run having been started by some wild rumor. The eashier stated that he had $695,000 in cash on hand and was in readiness to meet any emergency that could possibly arise. The bank was kept open till 6 D. m, and all who called for their deposits were promptly paid.

7. March 7, 1902 The Independent Honolulu, HI
Article from The Independent, March 7, 1902

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Article Text

Run on a Dime Savings Bank. DETROIT, Feb. 24-A run was started on the Jefferson-avanue branch of the Dime Savings Bank about noon and soon after 2 o'clock it spread to the bank itself, at the corner of Griswold and Fort streets. Depositors were paid as fast as the accounts could be checked and the currency could be counted out. It is impossible to learn what was the direct cause of the run. Help was offered by the other local banks, but was declined.)

8. March 22, 1902 The Intermountain Catholic Salt Lake City, Denver, UT
Article from The Intermountain Catholic, March 22, 1902

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Article Text

Bishop Saved Bank. Bishop Foley of Detroit has just saved a bank from suspending. The Dime bank of that city had paid out over $100,000, owing to a false rumor, and the storm increased. At noon yesterday Bishop Foley of the Catholic church appeared at the bank and advised the depositors to retire and leave their money, saying it was perfectly safe. Then the alarmed depositors departed.