Bank of Bay Biscayne

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: July 11, 1907
Location: Miami, Florida (25.774, -80.194)

Metadata

Model: gpt-5-mini
Short Digest: 3247402f

Response Measures

Accommodated withdrawals, Capital injected

Description

Article (The Ocala Banner, 1907-07-12) describes a threatened run on Bank of Bay Biscayne immediately after the suspension of the Fort Dallas National Bank; citizens deposited funds and 'fortified' the bank so it remained open and able to meet drafts. No suspension or closure of Bay Biscayne is reported.

Events (1)

1. July 11, 1907 Run

Cause: Local Banks
Cause Details: Threatened run followed the suspension of the Fort Dallas National Bank; depositors feared contagion and might withdraw funds.
Measures: Local merchants, citizens and depositors placed large deposits and transferred funds to the bank; the bank was fortified and could have paid every draft.
Newspaper Excerpt: As soon as the suspension of the Fort Dallas National Bank became known, ... the heaviest strain, if any came, would be on the bank of Bay Biscayne ... Men who had never carried accounts there before rushed off to gather up their receipts ... and place them there. while regular depositors added more to their accounts.
Source: newspapers

Newspaper Articles (1)

1. July 12, 1907 The Ocala Banner Ocala, FL

Article from The Ocala Banner, July 12, 1907

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Article Text

A BEAUTIFUL OBJECT LESSON The manner in which the people of Miami and vicinity rallied to the support of the two solvent banks yesterday immediately following the suspension of the Fort Dallas National Bank. and at a time when a heavy run was threatened. teaches the world a beautiful object lesson and what noble and patriotic men can do. It will be the means of restoring confidence in local financial conditions. As soon as the suspension of the Fort Dallas National Bank became known, the cooler and wise business heads of merchants and citizens in general realized that the heaviest strain, if any came, would be on the bank of Bay Biscayne, because of President W. M. Brown of the Fort Dallas. being also president of the Bank of Bay Biscayne, and expressions were common: "We must save that bank. and now is the time to do it." Men who had never carried accounts there before rushed off to gather up their receipts of the two days before and place them there. while regular depositors added more to their accounts. Even savings banks were robbed and the contents dumped into the funds of the institution. Every dollar would help, and they knew it. They were willing to take their chance against loss, and took it bravely and fearlessly. For every dollar that was drawn out by the smaller depositors five were placed against it. The bank has fortified itself against a possible run and could have paid every draft without a deposit being made that day, but that was not the question. The institution must be saved. and the public manfully. cheerfully and heroically did their part with all their heart. They cared not how much money the bank had. It must have more, they must do their duty, and they did it. No more beautiful tribute than this can go out to the world. In the 1 face of possible loss, financial ruin, and even poverty, if the bank went I under, they took their chance, fearon lessly, willingly. and helped save the day. The excitement is over. ConfiI dence has been restored among the et few who were fearful of the result, and a day or two hence the business of Miami will be rocking along in its a even tenor. Its people have demonstrated their worth as citizens. Too I t much credit and praise cannot be given them.-Miami Metropolis. u