gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
da142e456d4de54a
Response Measures
None
Events (1)
1.April 27, 1933Run
Cause
Rumor Or Misinformation
Cause Details
Three-day run initiated by unfounded/malicious rumors about the bank's condition.
Measures
President Harris Creech publicly addressed depositors, displayed cash in the lobby, kept the bank open extra hours; Federal Reserve issued statement and federal authorities backed licensed banks and sent investigators.
Newspaper Excerpt
the three-day run on the Cleveland Trust Company was halted by prompt action ... started by unfounded rumors.
CLEVELAND IS READY
To Do Business In Scrip Following Bank Approval.
Cleveland, March cials of the Cleveland Clearing House tonight definiteannounced their plan for issuance Clearing House Certificates ready to be into effect morrow. The announcement followed proval the plan group business leaders savings and officials. Forty industrialists and business men, representing than score of largest stores industries the city, voted using the certificates for the the banking The the Cuyahoga County Savings Loan League, 44 voted of using the certificates payments of The Clearing House Association decided late Saturday issue secured by collateral deposited trustee the sociation. The Cleveland Trust Company was named trustee today. The plan calls for industries wishing use certificates for meeting pay rolls to posit receive the tificates. bank deposits, however, will not be acceptable collateral. Almost the Cleveland of nounced the of committee to aid in obtaining full cooperation of civic in meeting Cleveland tonight said they would close their with Presidential proclamation but would request immediate under the exceptions noted document. They interpreted the proclamaapply all Ohio banks, whether already operating under restriction They they said, would tie the deposits made the under state requiring their segregation new unrestricted
DEPOSITORS
Granted Major Voice
On Reorganization Committee or Cleveland Bank-Two Pay Off Loans.
Cleveland, Ohio, March President Harold H. Burton, of the Reorganization Committee of the Guardian Trust Company, today announced that depositors of the bank had given majority representation on the committee. committee's membership was increased from six eight the additions today of Auxiliary Bishop James A. McFadden, of the Catholic Diocese Cleveland, George W. Grill, Assistant School Superintendent of Lakewood, suburb. Five of the committeemen represent depositors, represent Directors and stockholders and one represents the stockholders The Union Trust Company and the Guardian Trust Company, neiof which been operating normal basis since national bank crisis, both have been cutting expenses drastically in anticipation of arrangement for has dismissed 200 of its 957 employees recently, and cut deeply In tion announced today that the Union Trust was closing 10 Meanwhile, the Cleveland Trust Company, which reopened Federal license after the crisis, announced today it had repaid of $15,800,000 Finance Corporation. Simultaneously the Central United National Bank. 100 per cent operative, said had repaid obligation to the corporation of $1,100,000 This repayment wiped out the indebtedness of both banks corporation.
DEPOSITORS
Granted Major Voice
On Reorganization Committee Of Cleveland Bank-Two Pay Off R. C. Loans.
Cleveland, Ohio, March -President Harold H. Burton, the Reorganization Committee of the Guardian Trust Company, today announced that depositors of the bank had been majority on the committee. The committee's membership was increased from six eight the additions today of Auxiliary Bishop James A. McFadden, of the Catholic Diocese of Cleveland, George W. Grill, Assistant School Superintendent of Lakewood, suburb. Five of the committeemen represent depositors, two represent Directors and stockholders, one represents the stockholders. Union Trust Company and the Guardian Trust Company, neither of which has been operating normal basis the national crisis, both been cutting expenses drastically in anticipation of reorganization arrangement shortly. The Union Trust has dismissed of its 957 employees recently, cut salaries deeply. tion announced today that Union Trust closing branches. Meanwhile, the Cleveland Trust Company, which reopened with eral other banks Federal license after the crisis, announced today repaid loan of 800,000 Finance Corporation. Simultaneously the Central National Bank, 100 cent operative, said repaid obligation to the corporation of $1,100,000. This repayment wiped out the total indebtedness of both banks the corporation.
4.April 27, 1933The RepublicanSpringfield, MA
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Article Text
RUN ON BANK IN IS AVERTED
Federal Reserve Halts Trust Co Depositors by Statement as to Condition
Cleveland, O., April 27-The first serious bank crisia since the recent holiday was averted day when run Cleveland Trust was halted by prompt action the backing licensed banks the limit." Normal banking sumed by the Trust and its 58 branches today after three-day run, started by unfounded rumors. formal statement by the CleveFederal Reserve bank to the effect Cleveland Trust company would been allowed to open had not been perfectly sound, the appearance of President Creech before depositors with announcement that everyone would be paid in full, took the starch out of the run.
31 DEAD IN CYCLONE perkilled and hundreds of cattle destroyed. by cyclone that devastated the of Unao the United Provinces, an Exchange Telegraph dispatch from Simla, India, reported today. The message said property and crops suffered tremendous damages.
5.April 27, 1933The Dayton HeraldDayton, OH
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Article Text
GOVERNMENT IN AND PUTS STOP TO 'RUN' ON BANK
Depositors at Cleveland Are Quieted After False Rumors Precipitate Flurry.
FEDERAL AUTHORITIES
GO AFTER CRIMINALS
Perpetrators of Unfounded Reports Sought After All Demands Are Met.
CLEVELAND. O., April
-Cleveland's licensed banks were "backed the limit" today by the federal government.
Aroused three-day run the Cleveland Trust company, the city's largest bank, federal authoriannounced that secret service ties in the city in operatives were attempt to trace down perperators of malicious rumors which caused the withdrawals. the Cleveland Simultaneously, Federal Reserve bank issued formal statement, signed by Gov. Fancher of this Federal Reserve out that the district, pointing Cleveland Trust and other licensed banks were allowed to reopen "only after careful determination of their condition proved them to be sound. DRAMATIC CLIMAX.
The run on the Cleveland Trust its 59 branches came to dramatic climax late yesterday when Harris Creech. president, appeared in lobby crowded with depositors, announced that every person would be paid in full, and that the bank would be kept open two extra hours to accommodate anyone wishing withdraw money. The Cleveland Trust company one of the first in this vicinity to obtain license to reopen after the recent banking holiday. Just prior to the closing of all banks, the trust company had placed bales of money in plain view in the lobby, assuring all depositors there was plenty of cash to pay everyone in full.
FEARS ALLAYED.
President Creech's dramatic appearance before the depositors yesterday had the effect of restoring confidence among depositors, and only handfull were in the lobby when the bank finally closed The statement of Gov. Fancher of the Federal Reserve, said: "Anxiety concerning deposits licensed banks in Cleveland is warranted. These banks were censed and reopened after careful determination of their condition. They are sound and they have and will continue to have the full support of the Federal Reserve bank.' The run on the Cleveland Trust and its branches came while officials of the Union Trust and Guardian Trust, the city's second and third largest were working reorganization plans which will allow the institutions to reopen. Sale of common stock in new tional bank to succeed both Union and Guardian now underway.
6.April 27, 1933The NewsPaterson, NJ
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Article Text
Run on Cleveland Bank Stopped by Quick Action
Cleveland. April 27 (U.P.)-The first serious bank crisis since recent nationwide holiday was averted today when run on the Cleveland Trust Company was halted by-prompt action of the Federal government in backing licensed the limit Normal banking operations were resumed by the Cleveland Trust and its fifty-eight branches today after three-day run, started by unfounded rumors. formal statement by the Cleveland Federal Reserve Bank the effect that the Cleveland Trust Company would have been allowed reopen had not been perfectly sound. coupled with the dramatic appearance President depositors with the announcement that everyone would be paid in full took starch out of the run. At noon. Creech announced that deposits today had equalled withdrawals. Small crowds of curious spectators who gathered at the bank when opened had dispersed. Large depositors of the bank had become alarmed. being more fully informed of the gov ernment's Cleveland Trust deposits total more than
7.April 27, 1933The Daily AdvocateGreenville, OH
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Article Text
PROBE TO FOLLOW "RUN" ON OHIO BANK
Cleveland, O., April 27.- Cleveland s'licensed banks were "backed to the limit" today by the federal government. Arcused by a three-day run on the Cleveland Trust Company, the city's largest bank. federal authorities announced that secret service operators were in the city in an attempt to trace down perpetrators rf malicious rumors which caused the withdrawals. Simultaneously, the Cleveland Federal Reserve bank issued a formal statement, signed by Governor E. R. Fancher of this reserve dis- trict. pointing out that the Cleveland Trust and other licensed banks were allowed to reopen "only after careful determination of their condition proved them to be sound. The run on the Cleveland Trust and its 59 branches came to a dramatic climax late yesterday when Harris Creech. president, appeared in lobby crowded with depositors. announced that every person would be paid in full. and that the bank would be kept open two extra hours to accommodate anyone wishing to withdraw money. The Cleveland Trust Company was one of the first in this vicinity to obtain license to reopen after the recent banking holiday. Just prior to the closing of all banks, the Trust Company had placed bales of money in plain view in the lebby, assuring all depositors there was plenty of cash to pay everyone in full.
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8.April 28, 1933The Plain DealerCleveland, OH
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Article Text
CASH ENDED; FLOWING
Cleveland Trust Depositors Set Pace in Afternoon,
Returning Money.
NO BIG CROWDS ALL DAY
Total of *Funds Brought in Exceeds Withdrawals.
Cleveland Trust depositors ran to the bank Wednesday to withdraw money, the result of whispering campaign which appeared to have been planned. yesterday began run back the bank again deposit the same money Thus ended in less than 24 hours the city run since the banking troubles began months ago more than it began. Deposits the main office at Street and Euclid Avenue, focal point of Wednesday's trouble, mornAt noon they began creep ahead. In the afternoon, bank officials the movement had definitely changed and deposits exceeding which those of normal business less. confidence placed in the Cleveland Trust Co. by informed opinion shown by the fact that the large deposits in the bank wavered officials said. Confined
Authorities the institution also confirmed observations had in. dicated the disturbances Wednesday confined almost exclusiveto the East Side and the nearer eastern suburbs. Branches the West Side the city and in other suburbs reported no unusual mands The phenomenal cessation of the run was ascribed two things, the supporting action the federal ernment through Fancher governor of the Federal Reserve Bank of Cleveland, and the personal initiative Harris Creech. president of the Cleveland twice mounted lobby tables to tell the crowd it could its money whenever wanted it and kept the bank open after normal hours to prove meant One result of this coup appeared yesterday, large basket of flowers the accounts desk in the main lobby. sent by the Jones-Russell Co., and bearing card which May these ers express our admiration for your courage. The other and more important that the lobby crowd alim throughout the day and the (Continued Page Column
9.April 28, 1933Evening StarWashington, DC
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Article Text
U. S. TO INVESTIGATE FALSE BANK RUMORS Treasury Details Special Corps to Cleveland, Reserve Official Announces. By the Associated Press. CLEVELAND, April 28.-E. R. Fancher. governor of the Cleveland Federal Reserve Bank, has announced the United States Treasury Department had advised him it has detailed a special corps of Federal investigators to this city to "investigate false and malicious rumors about Cleveland banks." In another statement Fancher said all Cleveland banks which have been licensed since the national banking holiday "are sound" and "will have the full support of the Federal Reserve Bank." His announcement followed a dramatic action taken Wednesday by Harris Creech. president of the Cleveland Trust Co., largest Cleveland bank, when a number of depositors started withdrawing their money. Creech clambered to the top of a counter and told those in the lobby of the main office they could have two extra hours after the regular closing time to withdraw their money if they wanted it. The depositors greeted his remarks with applause and some of their numbers departed. Later Fancher issued a public statement concerning the Federal investiga. tion of malicious rumors and added: "Anxiety concerning deposits in licensed banks in Cleveland is unwarranted. These banks were licensed and reopened for full operation after careful determination of their condition."
10.April 28, 1933Daily NewsNew York, NY
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Article Text
GOVERNMENT STOPS RUN ON OHIO BANK
Cleveland, April 27 (U.P.).-The first serious bank crisis since the nation-wide holiday was averted today when a run on the Cleveland Trust Company was halted by prompt action of the Government in backing licensed banks to the limit.
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11.April 28, 1933Daily NewsNew York, NY
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Article Text
GOVERNMENT STOPS RUN ON OHIO BANK
Cleveland, April 27 (U.P.).-The first serious bank crisis since the nation-wide holiday was averted today when a run on the Cleveland Trust Company was halted by prompt action of the Government in backing licensed banks to the limit.
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12.April 28, 1933Daily NewsNew York, NY
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Article Text
GOVERNMENT STOPS RUN ON OHIO BANK
Cleveland, April 27 (U.P.).-The first serious bank crisis since the nation-wide holiday was averted today when a run on the Cleveland Trust Company was halted by prompt action of the Government in backing licensed banks to the limit.
ASK Wynn to send your Horoscope FREE!
13.April 28, 1933Daily NewsNew York, NY
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Article Text
GOVERNMENT STOPS RUN ON OHIO BANK
Cleveland, April 27 (U.P.)-The first serious bank crisis since the nation-wide holiday was averted today when a run on the Cleveland Trust Company was halted by prompt action of the Government in backing licensed banks to the limit.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
