19150. Philadelphia Bank (Philadelphia, PA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
December 26, 1930
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
e199136e

Response Measures

Public signal of financial health

Description

Newspapers describe a run on the Philadelphia Bank in late December 1930 that was halted after Mayor Harry Mackey publicly deposited $1,000 and made a speech. Article 1 references other bank closings (Chelsea Bank) and general panic; likely contagion from other bank closures prompted withdrawals. No suspension or closure of the Philadelphia Bank is reported.

Events (1)
1. December 26, 1930 Run
Cause
Local Banks
Cause Details
Withdrawals appear driven by contagion/suspicions after other nearby bank closures (article mentions Chelsea Bank closing and general panic).
Measures
Mayor Harry Mackey deposited $1,000 publicly and made a speech assuring depositors the bank was sound; this action ended the run.
Newspaper Excerpt
AYOR HARRY MACKEY took spectacular but effective method of stopping run on Philadelphia bank... deposited his own check for thousand dollars, then mounted desk and made speech assuring depositors the bank was sound. The run ended.
Source
newspapers

Newspaper Articles (2)
1. December 24, 1930 The Daily Worker Chicago, IL
Article from The Daily Worker, December 24, 1930

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Article Text

PHILA. BANK CRASH MANY FROM PAGE ONE) against lawyers and polidepositors who are attempting to betray bank officials of Philadelphia to hand out the bunk that trying of this institution closing not effect" other banks in The same story in New when the Bank peddled Within two weeks closed. the Chelsea Bank and afterwards in deposits Trust depositors matter the closing fact of the Bankers must neceseffect on the entire have an of the country. structure the banks. Huge president of the Samuel Barker. bank issued money was handed statements, no many of whom the depositors. their Thouwithout and had sands them denied food while they could when out worked they are tied deposits with no given them of their

2. December 26, 1930 The Pittsburgh Press Pittsburgh, PA
Article from The Pittsburgh Press, December 26, 1930

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Article Text

Inspiring Confidence AYOR HARRY MACKEY took spectacular but effective method of stopping run on Philadelphia bank. Learning of the increasing withdrawals Mackey went to the bank, with necessary ostentation deposited his own check for thousand dollars, then mounted desk and made speech assuring depositors the bank was sound. The run ended. The banking system of this country is inherently sound, backed by investments in the However, there are occasions country. when people become feverish, usually when some individual bank is closed. Then it is that banks with intelligent financial direction and with management whose integrity is unquestioned must meet the repercussions of suspicion. In the majority of cases they do this unaided by anything such as the dramatic action of Mayor Mackey. But often gesture such as that of the Philadelphia mayor, an assurance of stability from some trusted public citizen, expression of confidence from newspaper, is of material assistance in allaying unrest. Fortunately Pittsburgh has not suffered the necessity of "vote of confiany dence' as that of Mayor Mackey. Its banks in the depression have maintained relation with their depositors of mutual regard.