5692. First National Bank (Gas City, IN)

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
4825
Charter Number
4825
Start Date
June 10, 1902
Location
Gas City, Indiana (40.487, -85.613)

Metadata

Model
gpt-5-mini
Short Digest
e5c0a36f

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

A single, abortive run occurred June 10, 1902. Depositors were paid in full, funds largely redeposited, and the bank did not suspend. The run was triggered by a disappointed borrower spreading a (false) rumor; bank displayed $75,000 in specie to reassure depositors.

Events (3)

1. December 9, 1892 Chartered
Source
historical_nic
2. June 10, 1902 Run
Cause
Rumor Or Misinformation
Cause Details
Run started by a disappointed borrower who, after being refused a loan, spread a report that the bank was short of funds; rumor proved unfounded.
Random Run
Yes
Random Run Snippet
Disappointed borrower spread rumor bank short of funds; false
Measures
Officials paid depositors in full and displayed $75,000 in gold and silver in full view to reassure the public; most money later redeposited.
Newspaper Excerpt
The First National Bank of Gas City ... had the first run in its history this morning. ... A steady stream of people checked out their accounts. All were paid in full and the run soon ceased.
Source
newspapers
3. September 26, 1906 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)

Article from The Indianapolis Journal, June 11, 1902

Click image to open full size in new tab

Article Text

Abortive Run on a Bank. Special to the Indianapolis Journal. MARION, Ind., June 10.-The First National Bank of Gas City, six miles south of Marion, had the first run in its history this morning. The run was started by a disappointed borrower, who was refused a loan because the security he offered was not first class. Soon after the report got out that the bank was short of funds and could no longer make loans. This created a panic among the glassworkers, who are the principal depositors. and this morning the run was started. A steady stream of people checked out their accounts. All were paid in full and the run soon ceased. Later most of the money was again deposited, and the bank came out of its crisis with its solidity even more firmly than before established in the public mind.


Article from Omaha Daily Bee, June 15, 1902

Click image to open full size in new tab

Article Text

OUT OF THE ORDINARY. The death out in Michigan of a man named Smith and aged 111 years leaves a sad perplexity whether he owed his long life to letting whisky alone or to chewing tobacco eighteen hours a day. It has been discovered that the building in Richmond, Va., wherein Poe edited the Southern Literary Messenger is still in existence and it is proposed to place a suitable commemorative tablet on its walls. Hon. R. E. Bobo of Bobo, Miss., who will accompany President Roosevelt on a bear hunt during the latter's contemplated southern trip, killed forty-eight bear last 2,000. year and has a total to his credit of over Prof. W. J. McGee of the government geological survey declares that the Great Salt lake of Utah may disappear entirely in the near future because contributing streams are used for irrigating the lands around the lake. The Pennsylvania road is to pay New York $1,382,500 for the privilege of constructing a tunnel under Manhattan island. And all of which reminds us of what a change there has been in railroad building during the last decade. A run was started on the First National bank at Gas City, Ind., last week. While the depositors were lined up the bank officials placed in full view $75,000 in gold and silver as an evidence of the bank's strength and the run soon ceased. A queer bit of testimony to the prosperity of the times comes from a Connecticut town, where two express employes gave up their position because they found the avalanche of wedding presents descending on the office more than they could handle. In the temple of Karnak on the site of ancient Thebes the remains of a large colonnade, erected by King Sessostris L, 2000 B. C., has been laid bare by excavators; here were also found no less than thirteen colossal statues of Egyptian SOVempire. ereigns, most of them rulers of the middle Preliminary steps are being taken for the observance of the tricentennial of Hendrik Hudson's appearance at the mouth of the river which bears his name, though the event is not due until seven years from next September. A bowling match with schnapps on the side would be an appropriate feature of the celebration.