3397. German Trust & Savings Bank (Dubuque, IA)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
February 24, 1893
Location
Dubuque, Iowa (42.501, -90.665)

Metadata

Model
gpt-5-mini
Short Digest
05a78749

Response Measures

Accommodated withdrawals, Capital injected

Description

Multiple articles report a run in Dubuque triggered by a woman's mistaken report that the building & loan association and the bank had failed. Directors placed cash and paid depositors; there is no mention of suspension or closure. Dates in press range Feb 24–27, 1893; I use Feb 24, 1893 as the start.

Events (1)
1. February 24, 1893 Run
Cause
Rumor Or Misinformation
Cause Details
A woman misunderstood being told the offices had closed for the day and spread a report that the bank (and association) had failed, triggering withdrawals.
Random Run
Yes
Random Run Snippet
Woman's mistaken report that the bank had failed; rumor spread
Measures
Directors placed $10,000 (reported also as $100,000 in one paper) cash in the bank and paid off depositors as fast as they came; association required 30 days' notice for withdrawals.
Newspaper Excerpt
She got the impression that the association and the German Trust and Savings bank across the way had failed, and spread this report among her neighbors. The run on both institutions began yesterday in a mild way.
Source
newspapers

Newspaper Articles (3)
1. February 25, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, February 25, 1893

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Article Text

STARTED A RUN. Dabuque Banks Caused Trouble by a Misunderstanding DUBUQUE, Io., Feb. 24.-A woman who called at the office of the Iowa Mutual Building and Loan association last Wednesday afternoon to cash in $18 of stock was informed that the association and the banks had closed business for the day. She got the impression that the association and the German Trust and Savings bank across the way had failed, and spread this report among her neighbors. The run on both institutions began yesterday in a mild way. The creditors placed $10,000 cash in bank this morning and paid off depositors as fast as they came. The association exacted thirty days' notice from stockholders desiring to withdraw. The bank and association have no business relations whatever and both are sound.

2. February 26, 1893 New-York Tribune New York, NY
Article from New-York Tribune, February 26, 1893

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Article Text

HER CHATTER CAUSED A RUN ON THE BANKS. Dubuque, Iowa, Feb. 25.-A woman who called at the office of the Iowa Mutual Building and Loan Association late on Wednesday afternoon to get cash for $18 of stock was informed that the association and the banks had closed business for the day. She got the impression that the association and the German Trust and Savings Bank, across the way, had failed, and spread this report among her nelglibors. The run on both Institutions began on Thursday in a mild way, and yesterday became a panic. The directors placed $100.000 cash In the bank vesterday morning and paid off depositors as fast as they came. The association exacted thirty days' notice from the stockholders destring to withdraw. The bank and association have no business relations whatever, and both are sound.

3. February 27, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, February 27, 1893

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Article Text

BY A WRONG IMPRESSION. A Dubuque Woman Starts a Run on a Bank. DUBUQUE, Ia., Feb. 27.-A woman who called at the office of the Iowa Mutual Building and Loan association Wednesday afternoon to cash in $18 of stock. was informed that the association and the banks had closed business for the day. She got the impression that the association and the German Trust and Savings bank across the way had failed and spread this report among her neighbors. The run on both institutions began in the morning in a mild way. The creditors placed $10,000 cash in the bank and paid off depositors as fast as the came. The association exacted 30 days' notice from stockholders desiring to withdraw. The bank and association have no business relations whatever and both are sound.