Multiple contemporaneous newspapers report a short-lived run on Jan 8, 1903 caused by a misapprehension/false construction of the State Superintendent of Banks report among foreign-speaking depositors. Bank met demands, explained situation, and reopened; no suspension or receivership reported.
Events (1)
1.January 8, 1903Run
Cause
Rumor Or Misinformation
Cause Details
Foreign-speaking depositors misinterpreted/translated the State Superintendent of Banks' report (criticisms of trust companies and legislative recommendations) as indicating weakness at the savings bank.
Random Run
Yes
Random Run Snippet
Misapprehension of superintendent's report; explanation corrected fears
Measures
Officers prepared cash overnight and promptly paid depositors; explained report to depositors; bank reopened next day with most funds redeposited.
Newspaper Excerpt
Because of a misapprehension regarding the recently issued report of the state superintendent of banks, there was a run today on the Schenectady Savings Bank ... The demonstration was confined almost entirely to foreign-speaking persons. They were promptly paid, the bank officers in anticipation of a run having prepared for it over night. At noon every one had received what was demanded. The true situation was explained to the foreigners and gradually the run decreased.
Source
newspapers
Newspaper Articles (11)
1.January 8, 1903The Topeka State JournalTopeka, KS
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Article Text
RUN ON A BANK. It Grew Out of a Misapprehen sion of Report. Schenectady, N. Y., Jan. 8-Because of a misapprehension regarding the recently issued report of the state superintendent of banks, there was a run today on the Schenectady Savingsbanks one of the oldest and most conservative institutions in the state. The demonstration was confined almost entirely to foreign speaking persons. When the report of the banking department appeared it was translated by volunteer interpretors into the language spoken by the various foreigners working in this city. The criticism of trust companies and recmendations regarding legislation affecting them, produced a bad effect upon these people as they did not understand the matter and in a mysterious manner feigned that all was not well with the savings bank here in which thousands of them deposit their savings. Scores of them withdrew their money from the bank yesterday and today, when doors of the institution were opened there was a large crowd of excited foreigners who demanded their deposits. They were promptly paid, the bank officers in anticipation of a run having prepared for it over night. At noon every one had received what was demanded. The true situation was explained to the foreign= ers and gradually the run decreased.
2.January 8, 1903Evening StarWashington, DC
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RUN ON SAVINGS BANK. Foreign Depositors at Schenectady Misunderstood a Report. SCHENECTADY, N. Y., January 8.-Because of misapprehension regarding the recently issued report of State Superintendent of Banks Kilburn there was a run today on the Schenectady Savings Bank, one of the oldest and most conservative banking institutions in the state. The demonstration was confined almost entirely to foreignspeaking persons. When the report of the banking department appeared it was translated by volunteer interpreters into the language spoken by the various foreigners working in this city. The criticism of trust companies and recommendations regarding legislation affecting them produced a bad effect upon these people, as they did not understand the matter, and in a mysterious manner a fear gained ground that all was not well with the savings bank here, in which thousands of them deposit their savings. Scores of them withdrew their money from the bank yesterday, and today when the doors of the institution were opened there was a large crowd of excited foreigners who demanded their deposits. They were promptly paid, the bank officers, in anticipation of a run, having prepared for it over night. At noon every one had received what was demanded. The true situation was explained to the foreigners, and gradually the run decreased.
3.January 8, 1903Evening Times-RepublicanMarshalltown, IA
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Article Text
RUN ON A BANK. Rumor Starts a Serious Run on a Schenectady Bank. Schenectady, N. Y., Jan. -Because of a misapprehension regarding the recently issued report of State Superintendent Banks there was a run today on the Schenectady Savings Bank, one of the oldest and most conservative institutions in the state. The demonstration was confined almost entirely to foreign-speaking persons. At noon every one had received what was demanded. The true situation was explained to the foreigners and gradually the run decreased.
4.January 8, 1903Ottumwa Semi-Weekly CourierOttumwa, IA
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Article Text
Friend of St. Louis Exposition. Concord, N. H., Jan. 8.-Governor Bacheldor today was formally installed in office. In his inaugural address he advised an intelligent presentation of the state's advantages at the St. Louis exposition. START A RUN ON A BANK. Report of State Officers Starts Drain on Finances. Schenectady, N. Y., Jan. 8.-Because of a misapprehension regarding the recently issued report of the state superintendent of banks, there was a run today on the Schenectady Savings bank, one of the oldest and most conservative institutions in the state. The demonstration was confined almost exclusively to foreign speaking persons. At noon every one had received what was demanded. The true situation was explained to the foreigners and gradually the run decreased.
5.January 8, 1903Rock Island ArgusRock Island, IL
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RUN ON SAVINGS BANK DUE TO A MISAPPREHENSION Schenectady, N. Y., Jan. 8.-There was à run today on the Schenectady Savings bank due to a misapprehen+ sion regarding the recently issued report of the state superintendent of banks by foreign speaking persons. The true situation was explained to the foreigners and the run gradually decreased. All demands were met promptly.
6.January 8, 1903Waterbury DemocratWaterbury, CT
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RUN ON OLD BANKING HOUSE Schenectady Savings Bank Passing Out the Cash. Run Was Caused by a Wrong Construction Being Placed on Report of Bank Examiner Kilburn-The Bank Is One of the Oldest and Most Conservative in the State: Schenectady, N. Y., Jan 8.-Because of a misapprehension regarding the recent report of State Superintendent of Banks Kilburn, a run on the Schenectady Savings bank, one of the oldest and most conservative banking institutions in the state, is in progress. The demonstration is confined chiefly to foreigners. Criticism of trust companies and a recommendation regarding legislation affecting them, produced a bad effect on the foreigners because they did not understand the matter. Many people drew from the bank yesterday and a large amount of money was brought from New York last night in preparation for the run to-day.
7.January 9, 1903The St. Louis RepublicSaint Louis, MO
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MISTAKE BY FOREIGNERS STARTS RUN ON A BANK. Depositors Misinterpret Report of State Official on Laws Affecting Financial Institutions. Schenectady, N. Y., Jan. 8.-Because of a misapprehension regarding the recently issued report of State Superintendent of Banks Kilburn, there was a run to-day on the Schenectady. Savings Bank, one of the oldest and most conservative institutions in the State. The demonstration was confined almost entirely to foreign-speaking persons. When the report of the banking department appeared it was translated by voluntear interpreters into the language spoken by the various foreigners working in this city. The criticism of trust companies and recommendations regarding legislation affecting them produced a bad effect on these people, as they did not understand the matter, and in a mysterious manner a fear gained ground that all was not well with the savings bank here in which thousands of them deposit their savings. Scores of them withdrew their money from the bank yesterday, and to-day, when the doors of the institution were opened, there was a large crowd of excited foreigners who demanded their deposits. They were promptly paid, the bank officers, in anticipation of a run, having prepared for it over night. At noon every one had received what was demanded. The true situation was explained to the foreigners, and gradually the run decreased.
8.January 9, 1903Waterbury DemocratWaterbury, CT
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EXCITEMENT OVER. Schenectady, N. Y., Jan 9.-The excitement caused by the run on the Schenectady Savings bank has subsided. The institution opened to-day quietly. An official said that about all the money withdrawn has been redeposited and that, therefore, instead of having lost anything by the run the bank is ahead the amount of the interest which would have accrued to those of the depositors who became panic-stricken and drew out their money.
9.January 10, 1903New-York TribuneNew York, NY
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RUN ON SCHENECTADY BANK ENDS. Schenectady, N. Y.,-Jan. 9. - -The excitement caused by the run on the Schenectady Savings Bank has subsided, and the institution opened this morning as usual. It is stated by an official of the bank that about all the money withdrawn has been redeposited, and that, therefore, instead of having lost anything through the occurrence, the bank is ahead the amount of the interest which would have accrued to those of the depositors who became panicstricken at what they feared was the weakness of the institution. There was a run on the same bank, semewhat similar in its cause, several years ago, but it was stemmed by prompt ac tion on the part of local business men. who showed their confidence in the institution. The statement of Superintendent Kilburn, that the bank in queation is one of the most conservative and substantial in the State, has done much to quiet a situation that is now universally admitted to have had no real cause in fact
10.January 10, 1903Daily Kennebec JournalAugusta, ME
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Schenectady Bank Run Is Over. Schenectady. N. Y., Jan. 9.-The excitement caused by the run on the Schenectady Savings Bank has subsided. The institution opened, today, quietly. An official said that about all the money withdrawn had been re-deposited and that, therefore, instead of having lost anything by the "run" the bank is ahead the amount of the interest which would have accrued to those of the depositors who became panic-stricken and drew out their money.
11.January 14, 1903The Forest RepublicanTionesta, PA
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Saturday. An ice bridge has formed in the gorge below Niagara Falls. People at South Bend, Ind., are said to be buying beans at $1.50 a bushe and burning them for fuel, as coal cannot be had. The excitement caused by the run on the Schenectady Savings bank has subsided, and about all the money withdrawn has been redeposited. President Roosevelt's appointment of a negro to be collector of the port of Charleston, S. C., was vigorously criticised by Southern newspapers. Le Roy suffered a fire loss of $75,000 Friday morning. The blaze was caused by a gas explosion in the rooms of the Oatka hose company. The post. office and Lampson House block were burned.
