17679. Piqua Savings Bank (Piqua, OH)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
August 23, 1905
Location
Piqua, Ohio (40.145, -84.242)

Metadata

Model
gpt-5-mini
Short Digest
41c79ac9

Response Measures

Public signal of financial health

Description

Small run among savings depositors in late Aug 1905 driven by rumors and withdrawals after a mutual benefit association failure; directors issued statement and pledged personal fortunes. No suspension or closure mentioned.

Events (1)
1. August 23, 1905 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors prompted withdrawals; stove works employees withdrew after a mutual benefit association went to pieces and its funds were removed, provoking alarm among depositors.
Measures
Directors issued a public statement that the bank was solvent and pledged their individual fortunes to reassure depositors.
Newspaper Excerpt
Small Run on Bank. Piqua, O., Aug. 23.-The Piqua Savings bank experienced a small run today among savings depositors. The directors issued a statement that the bank was solvent and supported this by a pledge of their individual fortunes.
Source
newspapers

Newspaper Articles (2)
1. August 25, 1905 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, August 25, 1905

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Article Text

Small Run on Bank. Piqua, O., Aug. 23.-The Piqua Savings bank experienced a small run today among savings depositors. The directors issued a statement that the bank was solvent and supported this by a pledge of their individual fortunes.

2. August 31, 1905 The News-Herald Hillsboro, OH
Article from The News-Herald, August 31, 1905

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Article Text

CONTINUED TWO DAYS. Fright Started a Run on the Piqua Savings Bank. Piqua, O., Aug. 25.-Rumors started a run on the Piqua Savings bank, which is patronized largely by the working classes, who intrust their small surplus earnings to its keeping and who can ill afford to lose. The run developed Tuesday, when stove works employes began withdrawing their deposits. A mutual benefit association among them recently went to pieces and its money was withdrawn from the savings bank. But a comparatively small number became alarmed the first day, only about $5,000 being withdrawn. Wednesday the run continued and a larger number demanded their money. When the bank first opened its doors Thursday morning the run promised to continue with unabated force, as the lobby was quickly filled with patrons with bank books in their hands. They proved, however, amenable to reason, and many left without taking out their money.