Accommodated withdrawals, Public signal of financial health, Capital injected
Description
Multiple contemporary newspaper reports (Dec 30–31, 1913 / early Jan 1914) describe a run triggered by a practical joker who posted a notice that the bank would close Jan 1. Directors reassured depositors and many redeposited funds; no suspension or closure is reported. Date assigned to initial run: 1913-12-30 (reports Dec. 30–31, 1913).
Events (2)
1.August 26, 1901Chartered
Source
historical_nic
2.December 30, 1913Run
Cause
Rumor Or Misinformation
Cause Details
A practical joker posted a notice/said the bank would close on Jan 1 (false), prompting mass withdrawals.
Random Run
Yes
Random Run Snippet
Notice 'bank will close Jan 1' posted by practical joker; false
Measures
Directors issued a statement affirming the bank's soundness; local businessmen banked heavily to inspire confidence; many depositors later redeposited funds.
Newspaper Excerpt
The Ridgway National Bank will close its doors on January First. ...started a run on the bank which caused the withdrawal of more than $10,000 within an hour.
Source
newspapers
Newspaper Articles (8)
1.December 30, 1913The Daily Gate CityKeokuk, IA
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Article Text
SILLY REMARK ABOUT BANK STARTED RUN BY DEPOSITORS doors on January first." This statement made, it is said. by a practical joker, started a run on More Than $10,000 Drawn Out the bank which caused withdrawal of Within First Hour After more than $10,000 within the first hour after its opening. Doors Were Opened. The "foke" is said to have started in Johnsonburg, ten miles from here, and the first train from that place brought more than sixty depositors [United Press Leased Wire Service. RIDGWAY, Pa., Dec. 30.-"The living there. An investigation was Ridgway National bank will close its started,
2.December 30, 1913Evening JournalWilmington, DE
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Article Text
JOKE STARTS BANK RUN. By the United Press. RIDGWAY, Pa., Dec. 30. "The Ridgway National Bank will close itz doors on January First." This statement, made it is said by a practical joker. today started a run on the bank which caused the with dawal of more than $10.000 within an hour. The depositors were reassured and angry when their attention was called to the date.
A sign, reading, "This bank will close its doors January 1," and placed Bank on the Ridgeway (Pa.) National Bank/ by a practical joker caused a run.
4.December 31, 1913The Detroit TimesDetroit, MI
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Article Text
PRACTICAL "JOKE" STARTS RUN ON NATIONAL BANK RIDGEWAY Pa. Dec., 30 The Ridgeway National bank will close its doors on Jan. 1. This statement made, It is said, by a practical Joker. today started a run on the bank which caused the withdrawal of more than $10,000 within the first hour after its opening. Business men then inspired faith among small depositors by banking heavily and the directors issued a statement to the effect that the bank is able to meet the claims of all depositors. The "joke" is said to have started in Johnsonburg' 10 miles from here and the first train from that place brought more than GO depositors Iiving there An investigation was started.
5.January 1, 1914Norwich BulletinNorwich, CT
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Article Text
A Sign, Reading, "This Bank Will Close Its Doors January 1," and placed on the Ridgeway (Pa.) National bank by a practical joker caused a run.
6.January 1, 1914New-York TribuneNew York, NY
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Article Text
JOKE CAUSES BANK RUN Police Hunt Man Who Said Institution Was Unsafe. [By Telegraph to The Tribune. Ridgeway, Penn., Dec. 31.-A joke, said to have been started at Johnsonburg, that the Ridgeway National Bank was unsafe. caused a run on that institution. and it is estimated $50,000 was withdrawn yesterday. Today sixty depositors arrived on the first train and withdrew their money. After a statement had been issued by the directors of the bank that the bank was never in better condition, many of the depositors who had withdrawn their money redeposited it. The police are investigating the case.
7.January 2, 1914Milford ChronicleMilford, DE
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Article Text
"JOKE" STARTS RUN ON BANK Notice Said Institution Would "Close Doors" on Jan. 1. "The Ridgeway National bank will cloe it doors on Jan. 1." This notice, posted on the bank's door, in Ridgeway, Pa., it is said, by a practical joker, started a run on the bank which caused the withdrawal of more than $10,000 within an hour. The depositors were angry when their attention was called to the fact that Jan. 1 is a holiday.
8.January 8, 1914Connecticut Western NewsNorth Canaan, Salisbury, Canaan, CT
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Article Text
A joke. said to have been started at Johnsonburg. that the Ridgway (Pa., National bank was unsafe caused a run on that institution. and it is esti mated $50,000 was withdrawn.
