gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
91f1600b58c1580e
Response Measures
None
Events (1)
1.July 29, 1921Run
Cause
Rumor Or Misinformation
Cause Details
An angry customer's complaint about an attached deposit and subsequent malicious propaganda/rumors triggered mass withdrawals.
Measures
Bank remained open, paid out large withdrawals; mounted police/patrolmen kept crowd in line; officials issued reassuring statements; large cash and marketable securities available.
Newspaper Excerpt
The run on the bank began yesterday following circulation of a rumor that the bank was in difficulty.
Source
newspapers
Newspaper Articles (10)
1.July 30, 1921The Washington TimesWashington, DC
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Article Text
RIOTING MOB STORMS DOORS OF BOSTON BANK BOSTON, July 30.-In probably the most riotous scene witnessed here since Charles Ponzi's crash, depositors of the Boston Five Cent Savings Bank today ran wild in the streets outside the institution. Screams, curses and demands in broken English and several foreign tongues rent the air as hundreds of frenzied men and women struggled to enter the bank to withdraw their savings. The "run" on the bank began yesterday following circulation of a rumor that the bank was in difficulty. This has been denied both by bank and Government officials.
SAVINGS BANK AT BOSTON SUBJECTED TO RUN ON ITS FUNDS BEGINNING YESTERDAY Boston, Mass., July 30.-Several hundred persons influenced by malicieus propaganda, the police said, were in line to withdraw their deposits from the Boston Five Cent Savings bank when the doors opened today, continuing the run which began in a mild form yesterday. Bank ofletals said they were not disturbed by the prospect of a run, as there were two million dollars in cash in the vaults and twenty two million doilars in securities which could be converted into cash immediately.
3.July 31, 1921The Washington HeraldWashington, DC
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Article Text
ANGER OF WOMAN STARTS BANK RUN BOSTON, July 30.-An angry woman's tongue started a run Friday on the Boston Five Cent Savings Bank, regarded as one of the soundest financial institutions in the country. This woman found that her deposit had been attached. She protested angrily. Within two hours after she reached her home in the West End hundreds of foreign residents were storming the bank. The bank stayed open until its usual closing time, and it was asserted that it would open in the morning.
CONTINUE RUN ON BOSTON BANK Foreign Depositors Not Assured By Statements Concerning Safety of Bank. BOSTON, Aug. 1. - Despite reassuring statements issued by bank officials and the state bank commissioner a run on the Boston Five-Cent Savings bank which began Friday continued unabated today. A big squad of patrolmen and mounted police kept the crowd of depositors in line, Depositors, mostly of foreign extraction. gathered near the bank entrance on School street long before the time for opening
5.August 1, 1921The Birmingham Age-HeraldBirmingham, AL
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Article Text
Heavy Run on a Bank Due to False Rumors NLY the financial strength of the Boston Five Cent Savings bank and the confidence of its depositors who were not panicstricken apparently saved that institution from being forced out of business by a run which was started
6.August 2, 1921Alexandria GazetteAlexandria, VA
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Article Text
RUN ON BANK NEARING END. Boston, Aug. 2.-Belief - that the run on the Boston Five Cent Savings Bank, which began Friday, was enaring an end was expressed last night by officials of the company. When the bank closed at the regular hour only 25 persons were in line to make withdrawals. Joseph 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 ap proximately ($25,000 a considerable increase over Saturday.
7.August 3, 1921New-York TribuneNew York, NY
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Article Text
Boston Bank Run Ended BOSTON, Aug. 2.--- More than $2,000,000 was withdrawn by depositors from the Boston Five-Cent Savings Bank during a run which began last Friday and which appeared to have ended to-day, according to Joseph C. Holmes, treasurer of the institution.
8.August 3, 1921The Washington TimesWashington, DC
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Article Text
RUN ON BOSTON BANK ENDS; $700,000 PAID OUT BOSTON, Aug. 2.-Belief that the run on the Boston Five-Cent Savings Bank, which began Friday, was nearing an end was expressed today by officials of the company. When the bank closed at the regular hour only 250 persons were in line waiting to make withdrawals. Joseph 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 ever Saturday.
9.August 4, 1921South Bend News-TimesSouth Bend, IN
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Article Text
BANK REPORTS BIG MONEY RUN BOSTON, Aug. 3.- More than $2.000,000 was withdrawn by depositors from the Boston Five Cent Savings bank during a run which began last Friday and which appeared to have ended today, according to Joseph C. Holmes, treasurer of the institution A line of 500 persons who were on hand earlier in the day had been paid and there were no depositors waiting when the bank closed at the usual hour.
10.August 9, 1921Atlanta Tri-Weekly JournalAtlanta, GA
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Article Text
Around the World Tri-Weekly News Flashes From All Over the Earth. Bank Run Ended More than $2,000,000 was withdrawn by depositors from the Boston Five-Cent Savings Bank during a run which began last Friday and which now appeared to have ended, according to Joseph C. Holmes, treasurer of the institution.
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.
