First National Bank

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 12
Charter Number: 12
Start Date: December 7, 1905
Location: Erie, Pennsylvania (42.129, -80.085)

Metadata

Model: gpt-5-mini
Short Digest: 4ff5a7d6

Response Measures

Accommodated withdrawals

Description

Single-day run on First National Bank (Erie) driven by an unfounded rumor/misconstruction. Bank opened early, directors reassured depositors, and all applicants were paid promptly. No suspension or closure mentioned.

Events (2)

1. June 22, 1863 Chartered

Source: historical_nic

2. December 7, 1905 Run

Cause: Rumor Or Misinformation
Cause Details: A passer-by mistakenly said the art store across from the bank had failed; this was misreported and spread as 'The First National Bank had failed,' an unfounded rumor.
Random Run: Yes
Random Run Snippet: The First National Bank had failed false rumor from misreported remark
Measures: Opened early to accommodate depositors; directors mingled with crowd to allay fears; bank paid off applicants promptly.
Newspaper Excerpt: A run on the First National Bank of this city caused by a false report... The rumors spread rapidly. Long before the regular time for the opening of the bank today a large crowd of depositors had gathered... hundreds were presenting their books and withdrawing their money. All applicants were paid off promptly.
Source: newspapers

Newspaper Articles (1)

1. December 8, 1905 The Montgomery Advertiser Montgomery, AL

Article from The Montgomery Advertiser, December 8, 1905

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Article Text

RUN ON BANK. Misconstruction of a Chance Remark Causes Excitement. Erie, Pa., Dec. 7.-A run on the First National Bank of this city caused by a false report was inaugurated today and hundreds of small depositors withdrew their deposits. The run was caused bv an unfounded rumor that gained circulation yesterday. An art store on the opposite side of the street has been seized by the sheriff. A passer-by remarked to a friend that "the art store across from the Girst National Bank had failed." of the sentence and told his friends that he had heard "The First National Bank had failed." The rumors spread rapidly. Long before the regular time for the opening of the bank today a large crowd of depositors had gathered in front of the institution. To accommodate the people the bank opened its doors before 9 o'clock. By 10 o'clock the large crowd of depositors extended into the street in front of the bank. Directors of the bank mingled in the crowd and succeeded in allaying the fears of many, but in the meantime hundreds were presenting their books and withdrawing their money. All applicants were paid off promptly. While the withdrawals were