gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
69d58f8dd2eed102
Response Measures
None
Events (1)
1.July 29, 1921Run
Cause
Rumor Or Misinformation
Cause Details
Malicious propaganda/false rumors (described as circulated by radicals) prompted depositors to withdraw funds.
Measures
Bank kept large cash on hand and extra hours; officials refused outside financial aid; bank commissioner issued reassuring statements.
Newspaper Excerpt
Several hundred persons, influenced, the police say, by malicious propaganda, were in line to withdraw their deposits from the Boston Five Cents Savings bank when the doors of that institution opened today, continuing a run which began in a mild form yesterday.
Source
newspapers
Newspaper Articles (10)
1.July 30, 1921Capital JournalSalem, OR
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Article Text
False Rumor Blamed For Run On Bank Boston, July 30.-Several hundred persons influenced, the police say, by malicious propaganda, were in line to withdraw their deposits from the Boston Five Cents Savings bank when the doors of that institution opened today, continuing a run which began in a mild form yesterday. Some of the depositors had been in front of the bank since 1 a. m. waiting to take out their money notwithstanding reassuring statements issued by the bank commissioner declaring the bank absolutely sound. The Northwestern Trust company, an uptown institution, today weathered a run that began yesterday. A false rumor of the trust company's condition started a line of timid depositors yesterday and caused many to withdraw funds today. When the bank opened this morning $1,000,000 in cash was on hand to pay all demands.
2.July 30, 1921Evening StarWashington, DC
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Article Text
5-CENT BANK "RUN." Women Faint in Crowd at Boston Institution. BOSTON, July 30.-Several hundred persons. influenced, the police say, by malicious propaganda, were in line to withdraw their deposits from the Boston Five Cents Savings Bank when the doors of that institution opened today, continuing a run which began in mild form yesterday. Some of the depositors hail been in front of the bank since 1 a.m. waiting to take out their money. notwithstanding reassuring statements issued by the bank commissioner declaring the bank absolutely sound. Five women fainted and others became hysterical when mounted policemen turned back a score of persons who broke through the police guard at the door. No one was seriously hurt. Officials of the bank said they were not disturbed by the prospect of a run. as there was $2,000,000 in cash in the vaults and $22,000,000 in other securities which could be converted into cash within twenty-four hours.
3.July 30, 1921The Ocala Evening StarOcala, FL
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Article Text
BEANTOWN BANK HAD PLENTY OF BONES Boston, July 30.-Several hundred persons, influenced by malicious propaganda, the police said, were in line to withdraw their deposits from the Boston Five Cents. Savings Bank when the doors opened today, continuing the run which began in mild form yesterday. Bank officials said they were not disturbed by the prospect of a run as there was two million dollars in cash in the vaults and over $22,000,000 in securities which could be converted into cash immediately.
4.July 30, 1921The Daily TimesWilson, NC
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Article Text
PROPAGANDA CAUSE OF RUN ON BANKS PLENTY OF FUNDS HUNDREDS STORM BANKS The Northwestern Trust Company of Philadelphia Has Offered a Reward of Ten Thousand for Information Leading to Arrest of Person Starting False Rumors. Boston, July 30.-Several hundred persons influenced, the police say, by malicious propaganda, were in line to withdraw deposits from the Boston Five Cents Savings bank when the doors of that institution opened today continuing a run which began in mild form yesterday. Some of the depositors had been in front of the bank since 1 a. m. waiting to take out their money, notwithstanding reassuring statements by the bank commissioner. Five women fainted and others became hysterical when mounted policemen turned back a score who broke through the police guard. No one was injured. Officials of the bank said they were not disturbed by the prospect of a run as there was two million in cas hin the vaults and 22 millions in other securities which could be converted into cash at once.
PROPAGANDA STARTS RUN ON BOSTON BANK (By The Associated Press.) Boston, Mass., July 30.-Several hundred persons, influenced, the police say, by malicious propaganda, were in line to withdraw their deposits from the Boston Five Cents Savings bank when the doors of that institution opened today. Bank commissioners declared the bank absolutely sound. Philadelphia, July 30-The Northwestern Trust company, an uptown institution today weathered a run that began yesterday. A false rumor of the trust company's condition started a line of timid depositors yesterday and caused many to withdraw funds today. When the bank opened this morning $1,000,000 in cash was on hand to pay all demands.
6.July 31, 1921New-York TribuneNew York, NY
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Article Text
Bank Declines 5 Million Aid In Frenzied Run Boston Five Cents Savings Institution Keeps Extra Hours to Pay Throngs of Excited Depositors Crowds Clash With Police Rush Blamed on Radical Plot; Offers Made to Buy Accounts at Discount Special Dispatch to The Tribune BOSTON, July 30.-Financial assistance amounting to $5,000,000 was refused to-day by the Boston Five Cent Savings Bank, while a second run was in progress and a large detachment of police was having difficulty restraining thousands of panicstricken depositors. Statements issued by officials of the Five Cent Savings Bank, by officials of other banks, and by Bank Commissioner Joseph C. Allen, testified to the strength of the Five Cent Bank, but these statements failed to reassure the depositors who stormed the bank to withdrawals. Police officials were working throughout the day to trace rumors, declared to have been circulated by radicals, which were responsible for the big run. Policeman Trampled by Crowd Women became hysterical as the disorderly crowd struggled before the bank doors, a policeman was swept off his feet by the rush, and another was punched on the nose by an excited woman depositor. Early to-day other banks in Boston offered support to the savings bank, volunteering to supply large sums to assist in paying depositors. Officials of the bank on which there has been a run for two days, refused the offer, declaring the bank was well able to pay all depositors as fast as bankbooks were presented. Furthermore,
7.August 2, 1921Bisbee Daily ReviewBisbee, AZ
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Article Text
BELIEVE RUN ENDED Belief that the BOSTON, Aug. 1. run on the Boston Five Cents Savings Bank which began Friday, was nearing an end was expressed tonight by officials of the company. When the bank closed at the regular hour only 250 persons were in line waiting to make withdrawals.
8.August 3, 1921Daily Kennebec JournalAugusta, ME
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Article Text
RUN ON BOSTON BANK NEAR END Boston, Aug. 2.-More than $2,000,000 was withdrawn by depositors from the Boston Five Cents Savings Bank during a run which began last Friday and which appeared to have ended today according to Joseph C. Holmes, treasurer of the institution. A line of five hundred persons who were on hand earlier in the day had been paid and there were no depositors waiting when the bank closed at the usual hour today. Mr. Holmes said he anticipated some depositors from out-of-town might call for their money during the next few days but he looked for virtually normal conditions from now. Deposits had shown an increase each day, he said. An investigation to determine responsibility for the run during which thousands of people withdrew their savings, was announced by Gov. Cox, who said evidence produced at a conference at the state house clearly indicated that it was the result of a well laid plan. The investigation will be made jointly by state, city and banking authorities.
9.August 3, 1921The Washington TimesWashington, DC
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Article Text
TO PUNISH PLOTTERS IN RUN ON BOSTON BANK BOSTON, Aug. 3.-The rush to withdraw savings from the Boston Five Cents Savings Bank ended yesterday after more than $1,400,000 had been paid out since Friday Bank, city and Government officials here say the "run" was carefully engineered by interests inimical to the bank, which was known to have been absolutely sound. Governor Cox today said those responsible for the "run" would be held answerable.
Meanwhile the enemies of labor in Massachusetts are doing their best to discredit the defense of the two men. Friends of Sacco and Vanzetti were blamed in the newspapers here "by a high state official" for starting a run on the Boston Five Cents Savings Bank, the theory being that the rush was inspired for revenge. This has, of course, been shown to be false and preposterous.
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.
