2419. Bank of Biscayne (Miami, FL)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
February 2, 1928
Location
Miami, Florida (25.774, -80.194)

Metadata

Model
gpt-5-mini
Short Digest
235fb2d7

Response Measures

Accommodated withdrawals

Description

Several contemporaneous articles (Feb 1928) report anonymous notes (signed 'Hiram') warning depositors and causing runs that forced three Miami banks to close. The Bank of Biscayne experienced only some withdrawals by penny savers but remained open and was reported to have reserves in excellent shape. Event date taken as early February 1928 (articles reference Feb 2).

Events (1)
1. February 2, 1928 Run
Cause
Rumor Or Misinformation
Cause Details
Anonymous warning notes (signed 'Hiram') circulated, warning against depositing money and triggering runs on several Miami banks.
Newspaper Excerpt
There were some withdrawals from the Bank of Biscayne, but officials said that those were by penny savers with small accounts and that their reserve was in excellent shape.
Source
newspapers

Newspaper Articles (5)
1. February 8, 1928 New Britain Herald New Britain, CT
Article from New Britain Herald, February 8, 1928

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Article Text

MIAMI POLICE HUNTING MYSTERIOUS NOTE WRITER Believe Anonymous Notes Caused Run or Bank-Situation is Easter Miami, Fla., Feb 2 (UP)-As police sought the mysterious note writer, who warned against depositing money in several Miami banks and thereby caused runs that forced them to close. other banks today reporte1 the tense financial situation had eased There were some withdrawals from the Bank of Biscayne but officials said that those were by "penny savers with small accounts and that their reserve was in excellent shape Officials of the First National Bank-who had more than six million dollars brought in from the federal reserve bank at Jacksonville --said their accounts were in excellent shape They said the crowd in the lobby yesterday was no greater than at any other day of a midseason rush and there probably would be no need of the additional cash brought in The Southern Bank and Trust Company had closed Monday after notes signed "Hiram" had been passed around. warning of the bank's condition. Runs forced the Citizens Bank of Miami and the Bank of Allapattah to close All three institutions were taken over by the state banking department and the Southern Bank probably will be re-opened about March 15. State examiners said the Citizens Bank and the Bank of Allapattah were in good shape but in no condition to stand a run

2. February 8, 1928 Courier-Post Camden, NJ
Article from Courier-Post, February 8, 1928

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Article Text

MIAMI BANK RUNS SUBSIDING QUIETLY Outside Funds Rushed to City; Officials Are Optimistic Miami, Fla., Feb. Runs on Miami banks, which began when three closed yesterday, were subsiding today, although small depositors had not recovered fully from their fright. Many people were reopening their counts in the First National Bank of Miami, an official of the institution said today but few small savings accounts were being closed today The First National had received $5, 500,000 in cash early today by train from the Jacksonville branch of the Sixth Federal Reserve bank, and another $1,500,000 had come by airplane Monday No banks had closed since the Southern Bank and Trust Company, the Citizens Bank of Miami and the Bank of Allapattah were taken over by State Comptroller Ernest Amos Monday Amos announced he expected to have the Southern Bank and Trust Company in condition to reopen March 15. Officials of the First National Bank of Miami and the Bank of Biscayne were optimistic about the situation. Long lines before their windows today were not indicative of a run, they The Bank of Bay Biscayne was losing only "penny savers with small savings accounts," an officer of that institution said. He added that their reserve was in splendid shape. GOOD TRADE Two Scots were coming out of vaudeville show. "Well, that was grand juggler," Jock remarked. "He 'What exclaimed the other. vas the worst ever saw "Weel, maybe he wasna verra clever, but gave him a bad ten-shillin' note for trick and he gave me back a guid one.

3. February 8, 1928 Republican and Herald Pottsville, PA
Article from Republican and Herald, February 8, 1928

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Article Text

THE FINANCIAL SCARE AT MIAMI HAS EASED UP Miami, Fla., Feb. 8. (U.P)-As police sought the mysterious note writer who warned against depositing money in several Miami banks and thereby caused runs that forced three to close other banks today reported the tense financial situation had eased. There were some withdrawals from the Bank of Biscayne, but officials said these were by "penny savers with small accounts" and that their reserve was in excell nt shape Officials of the First National Bank had more than six million dollars brought in from the Federal Reserve Bank at Jaeksonville-said their accounts were in excellent shape They said the crowd in the lobby yes. terday was no greater than at any other day of mid-season rush and there probably would be no need of the additional cash brought in. The Southern Bank and Trust Company had closed Monday after notes signed "Hiram" had been passed around. warning of the bank's condition Runs forced the Citizens Bank of Miami and the Bank of Allapattah to All three institutions were taken over by the State Banking Department and the Southern Bank probably will be reopened about March 15. The State Examiners said the Citizens Bank and the Bank of Allapattah were in good shape, but in no condition to stand run.

4. February 8, 1928 Evening Courier Camden, NJ
Article from Evening Courier, February 8, 1928

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Article Text

CRISIS Police Renew Search for NoteWriter Who Brought Needless Run Miami, Fla., Feb. 8, polsought who in several Miami and thereby money runs that forced close, other banks today reported the tense financial situation had eased. There were withdrawals the Bank of Biscayne, but officials said these by "penny with and that their reOfficials the First shape. Bank had than $6,000,000 brought in from the Federal Reserve at their acThey said the in the was no greater any other day rush and probably would be no need of the additional cash brought The Southern Bank and Trust Comclosed Monday after signed "Hiram" had been passed the bank's condition. the of Miami and the Bank of Allapattas to close. All three institutions were taken over by banking department and Southern will be March 15. State said the Citizens and the Bank of in good shape, but in no condition to stand run.

5. February 8, 1928 The Brooklyn Citizen Brooklyn, NY
Article from The Brooklyn Citizen, February 8, 1928

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Article Text

RESERVES OF MIAMI BANKS EASE TENSION Three Banks Forced to Close by Sudden Run Will Reopen MIAMI, Fla., Feb. 8 (United Prese). police sought the mysterious note writer, who warned against depositing money in several Miami banks and thereby caused runs that forced three to close, other banks to-day reported the tense financial situation had eased. There were some withdrawals from the Bank of Biscayne but officials said that these were by "penny savers with small accounts and that their reserve was in excellent shape. Officials of the First National Bank who had more than six million dollars brought in from the Federal Reserve Bank at Jacksonville-sa their ac counts were in excellent shape They said the crowd in the lobby yesterday was no greater than at any other day of a mid-season rush and there probably would be no need of the additional cash brought in. The Southern Bank and Trust Com pany had closed Monday after notes signed "Hiram" had been passed around. warning of the bank's condition. Runs forced the Citizens' Bank of Miami and the Bank of Allapattah to close. All three institutions were taken over by the State Benking Department. and the Southern Bank probably will be 10. opened about March 15. State exam iners said the Citizens' Bank and the Bank of Allapattah were in good shape. but in no condition to stand a run.