10550. Mechanics Dime Savings Bank (Raleigh, NC)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
March 4, 1901
Location
Raleigh, North Carolina (35.772, -78.639)

Metadata

Model
gpt-5-mini
Short Digest
c1ddd841488769d6

Response Measures

None

Description

Newspaper accounts (News & Observer, 1901-03-05) describe a small run caused by vague/wild rumors. The bank was not embarrassed, posted a notice, and continued operations, so this is a run-only episode. OCR/typography: articles use both 'Mechanics Dime' and 'Mechanic's Dime' — same institution.

Events (1)
1. March 4, 1901 Run
Cause
Rumor Or Misinformation
Cause Details
Started by vague/wild rumors among railroad employees; described as a small scare and wild rumors in the paper.
Measures
Notice posted at closing; bank reassured public and remained open; president stated bank was in good condition.
Newspaper Excerpt
There was a small run on the Mechanic's Dime Savings Bank yesterday. It began soon after the bank opened for business and continued until about noon, when the number and amount of the withdrawals began to fall off.
Source
newspapers

Newspaper Articles (2)
1. March 5, 1901 The News & Observer Raleigh, NC
Article from The News & Observer, March 5, 1901

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Article Text

The people of Raleigh who know their true condition are proud of its banking institutions. Not one is better bottomed in resources and popular confidence than the Mechanics Dime Savings Bank. A small run on it yesterday, started by vague rumors, served to show its strength. Its stock is way above par and its as solid as any institution in North Carolina.

2. March 5, 1901 The News & Observer Raleigh, NC
Article from The News & Observer, March 5, 1901

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Article Text

# A FOOLISH RUN # ON A FINE BANK Railroad Employes Took a Small Scare. # WILD RUMORS CAUSED IT The Bank Was Not Embarrassed by the Withdrawa's. # ITS STOCK IN DEMAND AT A PREMIUM President Johnson Says the Bank is in Better Condition Than Ever Before, and Its Business Record Shows a Steady Growth. There was a small "run" on the Mechanic's Dime Savings Bank yesterday. It began soon after the bank opened for business and continued until about noon, when the number and amount of the withdrawals began to fall off. When closing hour arrived the following notice was posted.