Indiana Harbor State Bank - Indiana Harbor, IN

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: February 16, 1907
Location: Indiana Harbor, Indiana (41.641, -87.445)

Metadata

Model: gpt-5-mini
Short Digest: 88538f27

Response Measures

Accommodated withdrawals

Description

Small, rumor-driven withdrawals occurred on 1907-02-16; the bank paid depositors and remained open. No suspension or closure mentioned.

Events (1)

1. February 16, 1907 Run

Cause: Rumor Or Misinformation
Cause Details: Idle rumor among foreign depositors caused about 25 withdrawals; panic subsided once depositors realized mistake.
Measures: Bank kept open all afternoon and paid withdrawals; cashier reassured public.
Newspaper Excerpt: Several of the foreign depositors of the Indiana Harbor State bank became frightened at an idle rumor ... about twenty-five of them withdrew their deposits. ... there was plenty of money in hand and they were all paid. ... the run was stopped early in the afternoon.
Source: newspapers

Newspaper Articles (1)

1. February 16, 1907 The Lake County Times Hammond, IN

Article from The Lake County Times, February 16, 1907

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Article Text

RUMORED INSOLVENCY CAUSES BANK RUN Some One Sneezes and Ignorant Race for Their Savings. Several of the foreign depositors of the Indiana Harbor State bank became frightened at an idle rumor regarding that institution and this morning about twenty-five of them withdrew their deposits. During the day a few more depositors called and withdrew their savings, but there was plenty of money in hand and they were all paid. It was not long before these foreigners saw that they had made a mistake and the run was stopped early in the afternoon. The more intelligent of the depositors do not question the stability of Indiana Harbor's progressive institution, but every once in a while a rumor is started among the foreign element and deposits are temporarily withdrawn. When interviewed over the phone this afternoon, Mr. Erickson, the cashier, said that a slight run had taken place but that these are expected every once in a while as the foreign element is ready to be stampeded into withdrawing their savings by the slightest rumor. This is the regular pay day at the steel mills and to further assure the depositors that everything is all right the bank will be kept open all afternoon.