14370. Vineland National Bank (Vineland, NJ)

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 2918
Charter Number: 2918
Start Date: December 13, 1930
Location: Vineland, New Jersey (39.486, -75.026)

Metadata

Model: gpt-5-mini
Short Digest: 4ea0852a

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Books examined

Description

A depositor run began Saturday (Dec 13, 1930) driven by malicious rumors. The bank met all demands with cash from the Federal Reserve, waived notice requirements, and continued operating; it did not suspend or close. OCR errors in articles corrected (e.g., dates and some garbled names).

Events (2)

1. April 9, 1883 Chartered

Source: historical_nic

2. December 13, 1930 Run

Cause: Rumor Or Misinformation
Cause Details: Malicious/unfounded rumors circulated in town (persons spreading false rumors), leading depositors to withdraw funds.
Measures: Waived customary notice for savings withdrawals; Federal Reserve armored cars/truck brought large sums from Philadelphia; bank paid every depositor dollar for dollar; offered reward for arrest of rumor spreaders.
Newspaper Excerpt: run on the Vineland National Bank, said by officials to have been started on rumors by persons to the institution, was checked before noon today after about 600 depositors had been paid off
Source: newspapers

Newspaper Articles (11)

1. December 13, 1930 Evening Courier Camden, NJ

Article from Evening Courier, December 13, 1930

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Withdrawals Entirely Without Cause, President Says— Federal Reserve Aids By Staff Correspondent Vineland. Dec. Depositors in the Vineland National Bank today made on the bank and in three hours withdrew thousands of dollars. According the the bank the "run" had no and caused by wild rumors by not get loans Shortly after the run started at m. heavily armored motor truck under police guard arrived at the bank from the Federal Reserve Bank Philadelphia with thousands of dollars the Gus president of the and Landis township. the run is entirely without cause Smith said the bank had plenty money pay off but the was pelled its noon today Smith said would open again Monday "There absolutely no cause for alarm,' We are paying out depositor wants We gone farther the day Any having an the department will not have give the notice but walk right up and get his Federal Reserve Bank of Phila delphia money of the situation and they will send down load money 15 minutes want them too regret that we cannot keep the open this Many the who have deposits our no and they not intend do 80 they will open the with plenty money hand Rumors Landis avenue the the last the officials placed other Vineland vicinity tightened up eral disgruntled fused idle that the difficulty this morning was They were mostly from the the city and ing When the armored trucks arrived from Philadelphia and bags of money under into the number the dewaiting to their the Federal Reserve Bank in Fhiladelphia that the Vine. land National Bank in excellent condition

2. December 15, 1930 The News of Cumberland County Bridgeton, NJ

Article from The News of Cumberland County, December 15, 1930

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SATISFYING DEPOSITORS VINELAND BANK MEETS EVERY DEMAND ON IT Reported Leading Spanish Revolution Run On Vineland National Bank Started Saturday, and Continued Throughout the Day and Into Today. Adequate Cash Reserve Secured to Meet All Occured Before Noon Today. Vineland, December report that the Vineland National Bank insecure made malicious intent, institution, through its president, Gus E. Smith, with the co-operation Tradesmen's Bank, of Vineland, has post$5,000 the Vineland police the arrest of The National Bank prepared depositors they ask for That the gist statement made public Gus Smith, president of the bank, early this morning. "We are expecting the run continue this morning, said, are ready for them." Confident of their ability the situation, bank officials let known that the bank waiving customary days' notice deposits. Individuals wish withdraw to their money may do at once, they Run Started Saturday The bank started Saturday morning. There number depositors waiting bank when the doors the institution opened for business Saturday morning, the line the rumor, started by some malicious perabout town. the for the officers of the money grew, hurried meeting arrangements made the transfer than $100,000 the Federal Reserve Bank Philadelphia Vineland. This supplemented morning and the bank ready all comers. Farmers Start Run Of the hundreds small fruit and truck raisers this section dealing commission many received checks drawn on the Bank of the United States. Some these checks were cashed came back marked sufficient funds. Immediately the local bank fused honor further checks the Bank United States. Disappointment rapidly rumor many bank withdraw their All Saturday the bank crowded about 150 and 300 to more in outside. The paid one. those having saving counts, bank waived "tenday clause' which would have permitted require notice withdrawal. All Paid Off Although the bank closes noon Saturday, mained hour until the last person the line had armored Federal Reserve rived under machine with money said to have about $500,000. Cecil Company, Philadelphia, examiners, audited bank's week reported was fect stronger and that books "not one excessive loan.' The examiners made this report disinterested persons. Federal Reserve Bank officials Philadelphia made similar statement Bank Well Managed Manifesting Bank's ability every demand made upon bankers from sections county say that harried competently aged any bank New Jersey and their statements lished quarterly show position banking does justify attitude taken the who are the The failure of Vineland Trust Co. doubt made the depositors fearful bank naturally called upon take over part business the community heretofore handled the continued Vineland National the Banks come the Vineland business support farmers poultrymen but not departed from methods and practices the days. This morning the situation trifle changed from Saturday there feeling confidence that meet through substantial before. The line anxious and and looked as if the run was

3. December 15, 1930 Gloucester County Times Woodbury, NJ

Article from Gloucester County Times, December 15, 1930

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MADE BY VINELAND BANK Vineland, Dec. by the VineNational Bank for the arrest the person persons started the rumors that started bank beginning Saturday and today. Officials described the as stupid and

4. December 15, 1930 The Evening Journal Wilmington, DE

Article from The Evening Journal, December 15, 1930

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RUN ON VINELAND BANK IS CHECKED Det. 15 run on the Vineland National Bank, said by officials to have been started on rumors by persons to the institution, was checked before noon today after about 600 depositors had been paid off and new accounts began to exceed the number of old accounts closed The run began Saturday line of about 250 persons was the bank doors today the opening and were paid off promptly. Federal Reserve Bank truck from Philadelphia, four guards, brought about $150,000 to the institution in two trips Saturday and one trip today statement issued by Gus Smith, president, and Edgar Ale, cashier, said that the bank was never in better financial condition, and statement by said that the bank could pay off every depositor dollar for dollar and still have $450,000 balance to do business.

5. December 15, 1930 The Courier-News Bridgewater, NJ

Article from The Courier-News, December 15, 1930

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For Officers of Vineland Vineland National Bank today $10,000 for the fered reward and conviction of the arrest for the persons their Saturday. How rumor that bank difficulties started, no knows. began continued until the closing hour. Today there were 250 depositors withdrew their money. Other in the refused accept and directed depositors return to the Bank. Officials the Reserve Bank said that the bank up most of those withdrew money from the National Bank. Bridgeton Pierson Reed, of the defunct Vineland Trust Charles Barraclough, treasurer. will be tenced Friday after pleading guilty some the bank's funds making false reports the State examiner. They guilty today. When Banking Frank H. Smith closed the bank June 11, there $500,000 shortSpeculations on the Stock Market responsible. Frank Smith, the defunct not similar today his trial set for tomorrow.

6. December 15, 1930 The Daily Journal Vineland, NJ

Article from The Daily Journal, December 15, 1930

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Keeping With Up the Times When the herd stampedes, let them run until they they all out of wind, and then round them up. Right now, many people thrown reason to the have winds and are in stampede and distrust. of are their own worst They and do not even beenemies to realize For almost century the National Bank has Vineland been looked upon as model in which you place savings with could place your complete assurance would be officers and keeping. have always been directors men of conservative methods and who have made their mark the business world. They in have applied these principles business to the bank. of good what was the result? and The Vineland National Bank today considered one of the safest banks of its size throughout this country. There has been absolutely nothing to warrant the spectaon. In that now going through undermanner. hand whispers or just plain fear. panicky depositors, who care nothing for certified bank statements or the assurance of honest but who are men, promptly stampeded by anybody more tongue than brains, have rushed to the bank withdraw their Have they been with resistance of kind? Have any they been persuaded by the bank's officials or others to home? Only when they have sought advice have they been given and always with the final answer that "your money is here if you want is to the everlastisg honor of these directors of the Vineland tional they have ealmly met the situation. not much to the honor of this community that people are SO thoughtless to the very existence imperil Vineland. Look over the names of the officers and directors of the Vineland National Bank. Consider them carefully. Smith, of the Smith Printing House: Eugene M. Kimball, of the Kimball Prince Lumber Company; John Ackley, of John A. Son; John Ackley Carew, of the Garden State Ira Sharp, of Sharp Son: George H. Blizzard, of Jersey Package Bayard, retired manufaeturer: Howard Branson, retired manufacturer; Edgar cashier, and Creamer, assistant cashier. There is body of able men, successful and of trust. They have kept Vineland National Bank the high position that was also of their predeeessors. With but one exception, Mr. Bayard, each of these resides in Vineland. Practically every one is life resident. They stand as most representative body fully qualified for the positions of trust which theirs. There are underhand storabout crookedness in this Not word against the integrity of the administration. FEAR There only blinding which out reason and which stroys in short time the work has taken many years. time for every man to consider these things.

7. December 15, 1930 The Daily Journal Vineland, NJ

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Absolute Safety Of Bank Assured Depositors Of Vineland National Bank In statement issued today officers and directors of the Vineland National Bank, depositors are assured the absolute safety the bank, which has the reputation of being one of the strongest banks its size in the entire attention to the fact that if every dollar The deposit paid, there would still remain to half million dolwhich continue business. The statement follows: the Depositors of the Vincland National the Vineland National Bank, The onicers directors their to the depositors and to the public large, responsibility to this statement: Bank absolutely and solvent. In The National its of existence, has never been more strong sound years The Vinetand today. National Bank considered one the strongest banks this comparable its size. After paying every positor dollar for dollar, this bank would have over directors of this bank believe that the "run" The officers and fear and through the spreading Saturday was caused We find that by far the greatest majority of withfalse rumors. drawals made by depositors who lost their money by the closing and became depositors this bank. another bank, There for this "run," than unwarranted fear. The books of the Vineland National Bank audited twice yearly Cecil Company, Jefferson Building, in addition to the conducted by the United States examiners. auditors, after completing their audit week ago, complimented officers and directors this bank the manner in which being managed, for the sound line of investments it has made in the interest of its depositors and the fact that not single overloan carried the these facts mind, the public should stop consider the effects to themselves before allowing themselves to become groundless fears. Vineland National Bank can pay, and will pay, every dollar its depositors. Forty-seven years confidence cannot and will not destroyed over night. Therefore, we invite those of our depositors who withdrew funds during the past week to disregard fear rumor, and, acting according to common sense, return their funds this institution, that we may continue to serve them and this community. Signed: Smith, President Kimball, Vice President Edgar Ale, Cashier Creamer, Ass't. Cashier. John Ackley Edgar Ale Howard Branson Bayard George H. Blizzard Carew Eugene Kimball

8. December 15, 1930 The Daily Journal Vineland, NJ

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Many Depositors Funds To Bank After Confidence Restored Vineland National Bank Stands Firm As Rock, Paying Dollar For Dollar Without Delay; Given Full Support By Federal Reserve Bank, Proving Equal To The Emergency. $5000 REWARD POSTED FOR CONVICTION OF RUMOR SPREADERS Standing solid rock, the Vineiand National Bank today smashed the back of the depositors' vindicating its reputation as one of the strongest and best conducted banks in this country Promptly at the doors swung open to receive fear-stricken depositors, were lined up on the sidewalk an hour earlier. There was no loud talking or confusion. As on Saturday, every depositor who wanted his money got for no quibble, no arguments any kind. If they wanted their money, it of thousands of dollars. But it wasn needed. Along about eleven was all but certain that the was over. Many depositors withdrew their funds on Saturday back came smilingly and re-deposited their accounts. It was great tribute to banking institution against which of never any emergency. been pointed and which proved finger itself to suspicion be equal has to Federal Backing The presence of the Federal Bank again in evidence. All morning, the Government's truck stood the pavement, symbol of the confidence reposed the Vineland National Bank by the Federal Reserve Bank officials. The branch of the Federal Reserve Bank, through its officers, placed full confidence the in Vineland National Bank, placing funds disposal to the full legal limit. Assurance of the entire support of the Federal Reserve Bank given to the National Bank's offiand directors Saturday, and reaffirmed yesterday, when brief meeting was held at one of the director's home and conference was held. Offer $5000 Reward In an effort to ferret out the person persons guilty of maliciously spreading rumors against the Vineland National Bank, both the National Bank and the Trades mens Bank today offered reward $5000 such person are arrested and convicted. This action has the approval of the Cumberland County Bankers ciation. At various times, false rumors have been started against different banks in this county and is hoped that this action the local banks will stop this maliciousness. Many thousands of dollars deposited in the Vineland National Bank today by business men and private individuals. These people flashed their before deposits line-up waiting withdraw their money and tried to dissuade them proving their own confidence bank. At o'elock this afternoon, only few depositors withdrawing their funds, and business was fast resuming its normal The special Federal Reserve Bank police stationed outside the bank had nothing to do except pass the time of day. At this time, was practically definite that the "run" had been stopped. action of the Vineland National Bank in promptly meeting all demands and not voking any time restrictions withdrawal of savings accounts, though they would have been justified in doing so, did more than any one thing to instill confidence instead of fear. great many of the withdrawwere by persons who had lost money in the closing of the Vineland Trust Company and who were their savings. Officers of bank this after noon declared themselves being grateful to the many depositors returned their funds day, after having withdrawn their money Saturday. They also pressed the belief that the had beeen broken and that tomorrow would see the resuming normal Record Of Integrity In the first flush of fear, many persons have overlooked the record of the Vineland Nation record of integrity tending over 47 years. single instance has there been depositor who could valid give reason for withdrawing their funds, excepting they "afraid". When one considers the record this bank, its financial standing over period of nearly tury, the business are serving officers and directors, nothing short foolhardy for people endanger their own community starting the bank. The fact that has been met promptly speaks volumes for the ability officers and directors who have helped make the Vineland tional Bank the outstanding tution today. fully pected that the great majority those who their deposits today will back in the bank again short order, their confi dence fully restored and certainly misplaced. The reason the Vineland NationBank has been able to withstand all demands because of the fact assets were in such shape almost immediately liquid. The bank was able to command ample funds and to its officers and directors must the thanks of this community for their ability to meet this crisis.

9. December 15, 1930 The Millville Daily Millville, NJ

Article from The Millville Daily, December 15, 1930

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VINELAND Ridiculous Rumors Start to Withdrawing Deposits. DEMANDS MET WITH Inia statement today noon, Gus of the Vinepresident land National Bank, stated that "every depositor having money in the Vineland National Bank may have it dollar for dollar. We feel that the peak of the run has been passed today depositors are ex: ceeding those withdrawing their feel, The accounts. well in hand and we will not at. tempt to argue with anyone of the depositors keeping their account with us they do not so desire." Every account. whether checking or saving, being paid without question. There no disorder and the bank's business is ing carried usual with the exception of permitting only certain number persons within the institution Federal Rerserve officials. who are the bank assisting the staff. scoff at the state that "the Vineland National is of the strongest bank in New Jersey and more than capable meeting the demand minor percentage of its deposit- The bank member the Féderal Reserve Banks and believed that action of the Institution in paying all deposits demanded without question will completequiet the unfounded rumors before the usual closing time this afternoon third armored car. carrying huge sum of to the banking institution. arrived at the bank shortly today. Dec. 15. Rumors, said by bank officials to be ridiculous, are for run on the Vineland National Bank, which began Saturday morning. are of rumors on There any all of them which the street, given the cause of the anxiely the depositors and great number flocked to the bank to with people draw their money the bank is meeting each arguments are being request for money deposited Therein receives an answer in cold cash. convince that attempt they doing the wrong ing made and depositor his money, can have The officials believe that the best method they are backed by the Federal Gus president of the offered reward of in gold the arrest conviction of persons responsible rumors that started the run. The reward posted this morning the names of James and muel Mayor of The guaranteed by the Vineland National Bank and the Tradesmen tional Bank is approved by the (Continued on Page Two)

10. December 15, 1930 Courier-Post Camden, NJ

Article from Courier-Post, December 15, 1930

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RUMOR STARTS RUN ON VINELAND BANK; ALL DEMANDS MET Depositors Form Line as Trial Nears for Officers of Another Institution N. Y. FAILURE BLAMED Vineland, Dec. Collapse of the of the United States in New York was today held for a run on the Vineland Na tional Bank alomst on the eve of the of three officers the defunct Vineland Trust Company charges of making illegal loans. J. Pierson Reed, president: Charles J. Barriclough, treasurer. and Frank morrow Judge Francis Stanger, Jr. Bridgeton and their trial to begin Tuesday Action being brought against them the State Department Banking and Insurance As Prosecufor Benjamin Stevens direcfor defunct bank Duane E Minard named special assistant attorney general to prosecute the The Cumberland county grand has returned five Reed. He charged making total of worth of loans himself charged in ten counts with and Smith three him self The was closed by the state alleged of in affecting 16,500 depositors Fearing bank failure in the town depositors staged on here New York bank had closed its doors Farmers Start Run Of the hundreds of this dealing had drawn the Bank of the United Some these checks but came back marked Immediately the bank on the Bank that persons to of in gold was Guy F. of bank Landis for information leading the arrest sponsible for the rumor that started Saturday morning the bank crowded 150 and 300 400 more line The bank paid every those having accounts waived have require All Paid Off Although remained open an the last person in the had been paid an armored the Federal Bank arrived under machine gun guard to been about Philadelphia bank audited the week ported the perfect been and that excessive examiners this Federal similar

11. December 16, 1930 The Millville Daily Millville, NJ

Article from The Millville Daily, December 16, 1930

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BREAK BACK No Depositors of Vineland National Bank Are Askfor Their Money. USUAL BUSINESS AGAIN dents, who had entire confidence Vineland National Bank, are gratulating Edgar Ale, cashier of the bank, and other officials and directwho have watched the progress alarming run the bank that be on Friday small way until day afternoon. The run then diminished until there were only few manding their money actually more money deposited yesterday than taken number depositors withdrew their money and placed safety deposit boxes in the bank until the scare was when will turned to the time of Most of the people who were ones who lost withdrew Trust Company and had taker the their funds to the National Bank, practically all of the old depositors were staunch in their support. that the Vineland National The fact Bank has half million assets which to do busness after every Reserve Bank of Philadelphia by caused strong wave standing bank is now offering confidence. The those who their mone) interraption of that there will no The Vineland merchants interest. profited more less the run. withdrawn has an uncanny money be. and no demanding to way its into the doubt cash found way merchants that would the mained unspent the run on the bank that which shows had not wind but blows some"there is no ill body