Metals Bank & Trust Company (Butte, MT)

Episode Information

Episode UID
93000371490
Episode Type
Run Only
Bank Type
trust
Bank ID
9300037 routing
Routing Number
93-0003
Start Date
February 12, 1924
Location
Butte, Montana (46.004, -112.535)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6e80850345c179fa

Response Measures

None

Events (1)
1. February 12, 1924 Run
Cause
Rumor Or Misinformation
Cause Details
Groundless rumors/joke that Anaconda Copper had withdrawn its account and that directors had resigned; rumors later denied as false.
Random Run
Yes
Random Run Snippet
joke/groundless rumor claimed Anaconda withdrew account; false
Measures
Kept bank open four hours after closing, waived 60-day notice for savings depositors and paid those who asked.
Newspaper Excerpt
A run on the Metals Bank and Trust company yesterday developed not the weakness but the strength of that institution...
Source
newspapers

Newspaper Articles (11)
1. February 12, 1924 The Butte Miner Butte, MT
Article from The Butte Miner, February 12, 1924

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RUN ON METALS BANK DEVELOPS STRENGTH OF INSTITUTION OF OVER TEN MILLIONS RESOURCES Statement by J. R. Hobbins In connection with the affairs of the Metals Bank and Trust company of Butte, I have been informed that rumors have been circulated that the Anaconda Copper Mining company has withdrawn its account from, or has otherwise changed relations with this bank; also that the report has been circulated that Mr. John D. Ryan and Mr. C. F. Kelley have withdrawn as directors of the Metals bank. These rumors are absolutely false and unfounded. The Anaconda company has never had and has now no intention of making any change whatever in its banking relation in Montana. It will continue to make the Metals Bank and Trust company of Butte its principal depository in the west. The officials of the Anaconda company have every confidence in this bank and its management. Neither Mr. Ryan nor Mr. Kelley intends to retire from the board of directors of the bank, but on the other hand will continue to give it their active support. J. R. HOBBINS, Vice President Anaconda Copper Mining Company.

2. February 12, 1924 The Butte Miner Butte, MT
Article from The Butte Miner, February 12, 1924

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Metals Bank Meets Run by Remaining Open Four Hours After Usual Closing Time A run on the Metals Bank and Trust company yesterday developed not the weakness but the strength of that institution, for the officers of the bank, when they realized that a number of depositors were seeking to withdraw their money, kept open four hours after the regular closing time and only ceased payments to depositors when darkness made it unsafe for people to carry away their money. Officers of the bank announced that they are prepared on Wednesday morning to pay all other depositors who desire their money and those who made withdrawals yesterday were told to inform their friends that the money of all depositors awaits them at the bank. Never in the history of banking in Montana or in the west was an institution in better financial shape to meet unexpected demands than the Metals bank. Over and above all other securities it has, more than $5,000,000 in money, government and other first class bonds. In Butte's business circles the fact that there could be a run on the Metals bank not only surprised, but astounded local merchants and professional men, who completely ignored the uneasiness. The bank waived its privilege to demand 60 days notice from its savings depositors and promptly paid those who asked for their money. Back of the bank, they point, are men who stand at the top in the nation's financial circles and who have the direction and control of some of the largest industrial enterprises in the world. The Metals bank is not only the largest institution in Montana, but one of the biggest and strongest in the entire west. Officers of the bank are investigating the source of the rumor that started the uneasiness and opinions last night varied as to whether it originated in malice or in jest. Several stories are told of practi- (Continued on Page 2—Column 2)

3. February 12, 1924 The Butte Daily Post Butte, MT
Article from The Butte Daily Post, February 12, 1924

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METALS BANK IS SAFE AS ROCK OF GIBRALTAR ITSELF (Continued From Page One). surprising that rumors could have gained sufficient headway to cause a run. Not taken Seriously. Those withdrawing their accounts yesterday afternoon were almost exclusively the small depositors. There was no general scramble to get to the windows with their withdrawal slips and the crowd that filled the foyer of the bank and the spectators that lined the street were most orderly and joked and passed pleasantries as though some sort of celebration was going on and not a run on a bank. Despite the fact that the bank could have closed at 3 o'clock the officials ordered the doors left open so all who came could be given their money. This continued until dusk, when it became unsafe for depositors to carry away their savings. What few who were left on the streets after the banks closed quickly dispersed. Many of the spectators in the crowd during the afternoon merely laughed at the absurdity of the entire situation. As today was a holiday none of the banking houses in Butte was open. The directors of the Metals bank, in their official statement, called attention to the fact that the bank will be open again at 10 o'clock tomorrow morning, as usual, for business.

4. February 14, 1924 The Daily Inter Lake Kalispell, MT
Article from The Daily Inter Lake, February 14, 1924

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BUTTE BANK EASILY WEATHERS A RUN (By Associated Press) Butte, Feb. 14.—The slight flurry, fanned into a small flame yesterday afternoon by groundless rumors which caused a run on the Metals Bank & Trust company, not only the strongest financial institution in the state, but one of the most substantial in the entire west from the Twin Cities to the coast, had subsided today and spent its force. The fact that the bank remained open long after hours yesterday to accommodate a number of depositors seeking to withdraw their money and also the invitation extended by the bank officials, who urged all those who felt the least ill at ease over the safety of their deposits to call for their savings, seemed to act like a soothing tonic on disquieted nerves. Today the talk about the street was to the effect that everyone is satisfied that the rumors which caused the sudden run were entirely without foundation, that not only the Metals Bank & Trust company, but also every other bank in the city is sound from cellar to ceiling and that Butte, in a financial way, is in a condition which portends one of the most prosperous years in its history. The run yesterday came up as quickly and almost as quietly as a spring zephyr. Its passing found today those who had felt its touch completely satisfied that their fear of a financial squall was only a product of their own imagination.

5. February 14, 1924 The Big Timber Pioneer Big Timber, MT
Article from The Big Timber Pioneer, February 14, 1924

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Joke Starts Big Run On Well Known Bank Butte Miner: A run on the Metals Bank and Trust company yesterday developed not the weakness but the strength of that institution, for the officers of the bank, when they realized that a number of depositors were seeking to withdraw their money, kept open four hours after the regular closing time and only ceased payments to depositors when darkness made it unsafe for people to carry away their money. Officers of the bank announced that they are prepared on Wednesday morning to pay all other depositors who desire their money and those who made withdrawals yesterday were told to inform their friends that the money of all depositors awaits them at the bank. Never in the history of banking in Montana or in the west was an institution in better financial shape to meet unexpected demands than the Metals bank. Over and above all other securities it has, more than $5,000,000 in money, government and other first class bonds. In Butte's business circles the fact that there could be a run on the Metals bank not only surprised, but astounded local merchants and professional men, who completely ignored the uneasiness. The bank waived its privilege to demand 60 days notice from its savings depositors and promptly paid those who asked for their money. Back of the bank, they point, are men who stand at the top in the nation's financial circles and who have the direction and control of some of the largest industrial enterprises in the world. The Metals bank is not only the largest institution in Montana, but one of the biggest and strongest in the entire west. Officers of the bank are investigating the source of the rumor that started the uneasiness and opinions last night varied as to whether it originated in malice or in jest. Several stories are told of practical jokers who had no intention of creating the situation which later developed.

6. February 15, 1924 The Havre Daily News Havre, MT
Article from The Havre Daily News, February 15, 1924

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THE CURSE OF RUMOR The run on the Metals Bank and Trust company of Butte this week furnishes an excellent illustration of the danger that lies in rumor and the evil that may come from spreading false reports. Fortunately the victim picked by rumor this time was one of the strongest financial institutions in Montana, a bank with about eleven millions in assets and about two millions in real coin of the realm. It withstood the assault of rumor, but had it been a less substantial institution, idle gossip might have claimed another victim. Tuesday was Lincoln's birthday; a legal holiday in the state of Montana, observed by the closing of public buildings and offices, banks, etc. One man met another on one of the principal streets of the Copper Camp. "I'll bet you the Metal bank doesn't open in the morning," he remarked. His hearer took the bet. He lost when it was discovered that "the morning" came on Lincoln's birthday, a legal holiday which all banks observed. A bystander heard the report and immediately he spread the news on the wings of gossip, declaring the bank would not open in the morning. Men and women flocked to the institution and for hours after banking hours the employes were kept busy. Idle gossip had started a run. The bystander who repeated something without investigating, struck at the morale of the whole community. The Butte experience illustrates how terrible it is to gossip, to repeat something without knowing it to be true. In times such as these the greatest care should be exercised to guard one's remarks and comments. If ever there was a time for observing the motto "Stop, Look, Listen," it is now.

7. February 16, 1924 The Daily Missoulian Missoula, MT
Article from The Daily Missoulian, February 16, 1924

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GOOD ADVICE, HEED IT. We commend to our readers this gem of hard, practical sense expressed in a talk to the Rotary club of Butte by Alderman Herman Blank of that city. "Politics is the medium of self-expression at the polls. No organization should sidestep it. 'Getting into politics' should be an honorable proceeding, and no one should apologize for it. Organizations that avoid, or dodge getting into politics play into the hands of those who play the game from morning until night, for all that there is in it." Within a few weeks an election will be held to vote upon a proposition to bond this city for $900,000 to establish another and a competitive water system to be owned by the municipality. Mayor Beacom, the father of the scheme, will run for re-election on that issue. Now, we ask, what are the Chamber of Commerce, Rotary and Kiwanis clubs, the Missoula Woman's club and all other civic organizations doing to inform their members and all others of the merits and weaknesses of the mayor's pet plan? This is a big, important public matter of the deepest interest to every taxpayer who is asked to put a mortgage on his property to provide a municipal water system. We want to know all about it and we rely upon committees of the various public organizations to dig out the facts and recommend procedure. Please cut these words of Alderman Blank from this comment and paste them inside your watch, "Organizations that avoid or dodge getting into politics play into the hands of those who play the game from morning until night for all there is in it." Regularly, once a year on February 11, the Associated Press informs us that Thomas A. Edison celebrated his birthday by working. A lot of us celebrate that way without getting our names into the papers. Fred Bonfils once ran a lottery in Kansas City. It is hard to improve on the lottery as a sure thing game but a blackjack on the head of an oil company is the next surest thing. After the run on the Metals bank in Butte we may look for a run on the Bank of England or the United States treasury.

8. February 21, 1924 The Montana Record-Herald Helena, MT
Article from The Montana Record-Herald, February 21, 1924

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and the wild mob which joins the rush. Every depositor in a bank should be its staunch friend, and demand the protection of its credit. Last Monday at Butte the mob mind got in motion and made a run on the Metals Bank and Trust company, the largest bank from Minneapolis to the coast, and tried to destroy it. But the bank, with its ten millions of resources and five millions of liquid assets defied the mob, and kept the bank open until 7:00 p. m. urging the mob to come and get its money. A man, who has been carrying $2,000 in currency around with him, was recently caught in a burning hotel at Thompson Falls and lost it in the flames. A woman lost $600 in the same conflagration. Robberies and hold-ups are going on all over the country, all because a few lovers of the filthy lucre are enemies of the race, of the country, and of themselves. Our banks are safe, but the mob mind is unsafe. Good citizens are made to suffer by the acts of the mercenary and selfish. It would be better to let the hogs keep their money in their pockets rather than allow them to bring suffering and sorrow on the community by disrupting our banking institutions. The remedy for these evils is community co-operation, a feeling of good will, concert of action and confidence. The Belgrade community has set the example by getting acquainted and the cultivation of citizenship.

9. February 21, 1924 The Montana Record-Herald Helena, MT
Article from The Montana Record-Herald, February 21, 1924

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and the wild mob which joins the rush. Every depositor in a bank should be its staunch friend, and demand the protection of its credit. Last Monday at Butte the mob mind got in motion and made a run on the Metals Bank and Trust company, the largest bank from Minneapolis to the coast, and tried to destroy it. But the bank, with its ten millions of resources and five millions of liquid assets defied the mob, and kept the bank open until 7:00 p. m. urging the mob to come and get its money. A man, who has been carrying $2,000 in currency around with him, was recently caught in a burning hotel at Thompson Falls and lost it in the flames. A woman lost $600 in the same conflagration. Robberies and hold-ups are going on all over the country, all because a few lovers of the filthy lucre are enemies of the race, of the country, and of themselves. Our banks are safe, but the mob mind is unsafe. Good citizens are made to suffer by the acts of the mercenary and selfish. It would be better to let the hogs keep their money in their pockets rather than allow them to bring suffering and sorrow on the community by disrupting our banking institutions. The remedy for these evils is community co-operation, a feeling of good will, concert of action and confidence. The Belgrade community has set the example by getting acquainted and the cultivation of citizenship.

10. February 22, 1924 The Terry Tribune Terry, MT
Article from The Terry Tribune, February 22, 1924

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THE MOB MIND Have the people reached a stage of infected mental contagion? Are they swiftly bent on self destruction? These thoughts dominate our mind as we see the clamorous mobs destroying the banks of our country. There has hardly been a bank failure that cannot be traced to the prevailing contagion of distrust. This results from a lack of organization, mutual understanding and public-mindedness. When a community loses a bank all the people are injured, and business paralysis ensues. No man wins anything, not even the man who starts the run on the bank, and the wild mob which joins the rush. Every depositor in a bank should be its staunch friend, and demand the protection of its credit. Last Monday at Butte the mob mind got in motion and made a run on the Metals Bank and Trust company, the largest bank from Minneapolis to the coast, and tried to destroy it. But the bank, with its ten millions of resources and five millions of liquid assets defied the mob, and

11. February 28, 1924 The Silver State Post Deer Lodge, MT
Article from The Silver State Post, February 28, 1924

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WHAT IS DOING IN INDUSTRIAL CIRCLES The recent disclosures of fraud or inefficiency in high governmental positions simply emphasize the necessity for recognition of faithful public service and for tax reduction. Unlimited tax funds cause careless or crooked public expenditures. Culbertson—Corn acreage in Roosevelt county developed to very high degree. Butte—Metals Bank & Trust Co. gains large deposits since doors reopened for business. Montana is to get $64,889 Federal aid, for road construction. Helena—The Industrial Resource booklet of Montana, consisting of 171 pages, well illustrated, which was compiled by Charles D. Greenfield, Jr., now being distributed. Havre — Great Northern railway will spend approximately $1,000,000 on the Montana division, which extends from Williston, N. D., to Cut Bank, this coming summer. During the month of December, 1923, 148,859.75 bbls. of oil were received by pipe line companies operating in Cat Creek and Kevin-Sunburst fields, while shipments from those two fields during the month aggregated 182,901.83 bbls. Butte — Anaconda Copper Mining company launches enlarged development program that involves sinking more than 4,000 feet, new and additional shafts in six largest mines on Butte hill. Site on Flathead river where dam 350 feet high would create a reservoir with capacity of 1,320,000 acre feet, and produce 90,000 horsepower has been surveyed by U. S. geological survey. Hardin — Carload shipments for year 1923, totaled 1,300 cars—Beets 564 cars; cattle 389 cars; wheat 285 cars; miscellaneous 30 cars. Ten cars alfalfa seed grown in Big Horn county shipped from other points. Lewistown — Government receives $281,193.18 royalty in oil receipts from operations in Cat Creek for 1923. West Great Falls—All Sunburst gasoline now steam distilled, according to H. H. Rathvon, superintendent of new refinery of Sunburst Co. An increase of 100 per cent in corn acreage is anticipated this year in Simms district. Lewistown—Beef cattle shipments from Montana to marketing points outside state during 1923 greatly in excess of normal yearly shipments and nearly 100,000 head in excess of shipments for year 1922. Lewistown—First Cat Creek crude oil to go to Salt Lake plant. During the last six years, Great Northern trains carried 47,022,858 passengers an average of 85 miles each, without single fatality. This is an aggregate passenger movement of 4,012,023,277 miles. Dillon—Bean raising to be given a trial on Beaverhead valley and bench lands during summer. Neihart—Vein carrying ore up to 622.2 ounces silver and $459.20 in gold to ton, uncovered in 50-foot winze being sunk in lower tunnel of Leyson-Skero lease on the Big Seven group. Ringling—Meagher is second of all counties of state in number of sheep within its borders, being credited with 128,689 head. Livingston—Plans for expenditure of $300,000 in Livingston by the Northern Pacific railway company in construction of new boiler shop and enlargement of machine shop announced. $2,500,000 expended in Montana last year on highway construction. Great Falls—Rock for wearing surface and sand for body of Larrenite bitulithic paving on Central avenue will be shipped from Tintinger ranch near Hardy. Baker—New business firm—Golden Rule Store—to locate here. Troy—Great Northern to build roundhouse here as soon as work of doubletracking road between here and Kootenai Falls, is completed. Company also plans to viaduct its Third street crossing and erect modern brick depot on Second street. Whitehall — What Montana land will produce is illustrated in experience of local farmer whose production of vegetables netted him $285.95 from single acre garden during season of 1923. Great Falls—Total of 11,975 tourists, representing most of states of Union and some foreign countries, made use of camp on King's Hill pass during 1923. Plentywood—Farmers and Merchants Mutual Publishing Company, is name of new company organized here, which has purchased Sheridan County Farmer and Antelope Independent. Harlem—Plans revived for sugar factory in Milk River valley. Reduction ranging from 6 cents to $1.09 a ton on coal shipments from Kirby and Sheridan, Wyo., to Great Northern points in Northern Montana were recently announced. Belt—Belt Valley in 1923 raised 500,000 bushels wheat oats, barley, corn and hay. Belt—180 cars fat cattle and 30 cars sheep shipped from here during 1923 season.