Article Text
Drunkard Starts Bank Run. PHILADELPHIA, Oct. 28.-More than $100,000 was withdrawn from the Kensingten Trust Company by excited depositors because of false rumors circulated by a drunkard who had overdrawn his account.
19080. Kensington Trust Company (Philadelphia, PA)
Bank Information
- Episode Type
- Run Only
- Bank Type
- trust company
- Start Date
- October 27, 1913
- Location
- Philadelphia, Pennsylvania (39.952, -75.164)
Metadata
- Model
- gpt-5-mini
- Short Digest
9ba9f72f
Response Measures
Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Capital injected, Books examined
Description
Multiple contemporary articles (Oct 27-28, 1913) report a depositor run triggered by false rumors and misunderstandings (a drunken man who had overdrawn his account and a foreign-born woman with an improperly endorsed check). The bank was paid out large sums but officials and other banks quickly supplied cash; no suspension or closure is reported — the episode is a run that did not lead to suspension.
Events (1)
1.
October 27, 1913
Run
- Cause
- Rumor Or Misinformation
- Cause Details
- False rumors and misunderstandings: a drunken depositor who had overdrawn his account circulated rumors, and a foreign-born woman with an improperly endorsed check spread alarm; ambiguous newspaper item also contributed.
- Random Run
- Yes
- Random Run Snippet
- false rumors circulated by a drunkard who had overdrawn his account
- Measures
- Bank officers publicly attested solvency; state bank examiner telephoned assurances; other banks and businessmen deposited large sums and Union National Bank sent cash (reports of $500,000 placed on counter); bank paid out over $100,000 (reported up to $165,000) to depositors.
- Newspaper Excerpt
- false rumors circulated by a drunkard who had overdrawn his account
- Source
- newspapers
Newspaper Articles (6)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
DRUNK. HE STARTS BANK RUN. More Than $100,000 Withdrawn by Philadelphia Depositors. PHILADELPHIA. Oct. 27.-A run started on the Kensington Trust Company here to-day as a result of false rumors circulated by a drunken mari who had overdrawn his account and the tale of a foreign born woman who misunderstood the cashier's instructions when she presented a check improperly signed. Before the bank. which is perfectly solvent. closed at 9 o'clock to-night more than $100,000 was withdrawn by depositors with savings accounts Business men of the district, proving they had all confidence in the institution. made deposits of $180,000. Other banks poured money into the besieged institution. More than $1,000,000 was placed on a table in piew of the clamoring depositors.
Click image to open full size in new tab
Article Text
3.000PERSONSIN ARUN ON LABANK Drunken Man in Philadelphia Causes All the Excitement. CALLS FOR THE POLICE Million Dollars Rushed to Institution-Nearly Quarter of a Million is Paid Out. Philadelphia. Pa., Oct. 28-Rumors of insolvency started by a drunken man who tried to overdraw a petty account. by a foreign-born woman whose unindorsed check was rejected and by an ambiguous newspaper item caused a run yesterday on the Kensington Trust Company that continued from 11 o'clock in the morning until 9 p. m. During that time a million dollars in currency to the institution at nearly was rushed Avenues Ken- to sington and Alleghany meet the clamorous depositors and upwards of $200,000 was paid out to more that 3,000 men and women. For more than ten hours a moh of excited men and hysterical women surged about the doors of the bank. Most of them were mill workers whose savings averaged about $50. Three calls were sent to City Hall for police to marshal the lines of and to waiting depositors accounts. guard those who had drawn their It was a common sight for a woman whose face were the lines of care and on poverty. and about whose skirts were clinging a brood of dirty chilto leave the bank with a roll of in her hand. too of her to dren. greenbacks the possession savings dazed hide at them from the gaze of the mob. George S. Cox. president of the institution, made two statements attesting the solvency of his bank. His statements were backed up by another one made by Joseph Riley, a State Bank examiner. Riley hap pened to pass the bank in the afterwhen the run was at its height. the noon. He immediately conferred with officers of the institution and telephoned assurances of the bank's so!vency to the State Banking Depart- eviment at Harrisburg. Further by dences of the confidence enjoyed the institution came in the form of huge deposits by depositors. directors the and other banks. Shortly after stream of men and women began to into the bank $500,000 in cur pour was dispatched to the Kensingrency institutions by the Union National This ton Bank, Third and Arch streets. S with $200,000 more withdrawn . from sum. the bank's vaults. was heape view If about the paying tellers in full A v of the panic-stricken depositors. f of a million dollars was hurf quarter ried to the place by the Philadeiphia af National Bank and later in the ternoon deposits aggregating $93,000 the were placed is the institution by treasurers of three Kensington manur facturing concerns. The excitement was finally allayed when conditions became normal.
Click image to open full size in new tab
Article Text
False Report Starts Bank Run. Philadelphia, Oct. 27.-A false report that the Kensington Trust Company of this city was embarrassed financially started a run on that institution this afternoon. Several thousand persons gathered outside the building, but bank officials had no difficulty in satisfying the depositors who desired to withdraw their money.
Click image to open full size in new tab
Article Text
DRUNKEN BANK RUN PHILADELPHIA - More than $100,000 was withdrawn from the Kensington Trust company by excited depositors because of false rumors circulated by a drunkard, who had overdrawn his account.
Click image to open full size in new tab
Article Text
Bank Run Begins as Clerk Fails in Yiddish Foreigner Unable to Cash Wrongly Indorsed Check Alarms Depositors and Causes Trouble. PHILADELPHIA, Nov. 8.-A foreigner to-day attempted to get an incorrectly indorsed check cashed at the Kensington Trust Company. Because the paying teller was unable to talk Yiddish and explain why he could not cash the check, the foreigner circulated a rumor that the trust company had failed. Within two hours a thousand depositors had congregated to demand their money. As fast as possible depositors were paid, and before evening about $165,000 had been paid out, with about 1,600 accounts withdrawn. While the foolish run was at its height, $500,000 in cash sent to the Kensington by\ the Union National Bank was piled on the counter, but it seemed to have little effect in stopping the run.