gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
addcd1b568fe9ae6
Response Measures
None
Events (1)
1.November 17, 1903Run
Cause
Rumor Or Misinformation
Cause Details
Officers ascribe withdrawals to malicious persons trying to injure the institution's credit; no insolvency reported.
Measures
Paid all depositors promptly; received $200,000 from Philadelphia and clearing house agreed to extend assistance.
Newspaper Excerpt
For some unexplained cause a run started today on the Pennsylvania Trust company, especially in its savings department.
Source
newspapers
Newspaper Articles (10)
1.November 17, 1903Rock Island ArgusRock Island, IL
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Article Text
MORE TROUBLE IN BANKING CIRCLES Failure in Iowa and Run Made on Reading, Pa., Institution. Reading, Pa.. Nov. 17.-For some unexplained cause a run started today on the Pennsylvania Trust company, especially in its savings department. All depositors were paid off promptly. The bank officials state the institution is in sound financial condition and will be able to meet all demands. Ireten, Iowa, Nov. 17.-The bank of Ireton, a private institution, has closed its doors "for liquidation." The failure of the Sheldon State bank is said to be responsible for the closing.
2.November 18, 1903The Times DispatchRichmond, VA
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Article Text
RUN ON BANK WITHOUT EXPLANATION (By Associated Press.) READING, PA., Nov. 17.-A serious run was started to-day on the Pennsylvania Trust Company, the cause for which the company's officials say they cannot understand. There had been a number of withdrawals of deposits during the past few days, and when the bank opened to-day a long line of depositors pressed forward for their money. All were paid. as rapidly as possible. The officers ascribe to maliciou persons the efforts to injure the credit of the Institution. The run continued all day in spite of efforts of bank officers to reassure depositors, but it is thought the worst is over.
3.November 18, 1903The Saint Paul GlobeSaint Paul, MN
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Article Text
Malice Starts a Bank Run. READING, Pa., Nov. 17.-A serious run was started today on the Pennsylvania Trust company, the cause for which the company's officials say they cannot understand. The bank paid all demands promptly. The officers ascribe to malicious persons the efforts to injure the credit of the institution.
4.November 18, 1903The Salt Lake HeraldSalt Lake City, UT
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Article Text
CLAMORED FOR MONEY Depositors of Reading Trust Company Start a Run on That Bank. Reading, Pa., Nov. 17.-For some unexplained cause a run was started today on the Pennsylvania Trust company, especially in its savings department. A continuous line of depositors pressed forward and were. rapidly paid off. President Brooke and several directors endeavored to restore confidence among the depositors by assuring them that the mstitution was in sound financial condition. In. addition to the funds on hand the company received $200,000 today from Phis adélphia. The officers ascribe the effort to break the credit of the institution to malicious persons. With the view of allaying the fears of depositors the company yesterday published a statement which covers a period of nine years. During that time the assets have increased from $896,858 to $2,782,281; the deposits from $376,355 to $1,770,851. and the capital, surplus and undivided profits from $332,655 to $521,460. Clamors by cash depositors continued throughout the afternoon. The building was packed and a big crowd stood in the rain. The following notice was posted in front of the building: "The Pennsylvania Trust company is not only solvent, but strong financially tnd able to pay to all demanding the amounts of their deposits, and will de SO as fast as the clerks can pay out. There is absolutely no reason for any alarm on the part of the company's patrons. Late today the Reading clearing house met and decided to extend to the Pennsylvania Trust company all financial assistance needed.
5.November 18, 1903The Seattle StarSeattle, WA
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Article Text
CLAMOR FOR MONEY READING, Pa., Nov. 17.-A run is in progress today on the Pennsylvania Trust company. All are being paid, and the institution is regarded as perfectly sound.
6.November 18, 1903The Topeka State JournalTopeka, KS
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Article Text
RUN CONTINUES. The Pressure Is Less Violent Than It Was Yesterday. Reading, Pa., Nov. 18.-The run on the Pennsylvania Trust company continued today but there was a diminution in the number of withdrawals. Most of the callers were from the country district and all were promptly paid their money. Several drove home with $1,000 to $2,000 and they were warned to look out for robbers. Many came to - withdraw their deposits, but when they saw the great piles of cash and the officials ready to accommodate them they left entirely satisfied. It is believed that by tomorrow the excitement among depositors will have entirely subsided.
7.November 19, 1903Americus Times-RecorderAmericus, GA
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Article Text
Big Rui: on Bank. Reading, Pa., Nov. 17.-For some unexplained cause a run was started to day on the Pennsylvania Trust company, especially in its savings department. A continuous line of depositors pressed forward and were rapidly paid. off. The drain on the bank's funds President began a few days ago. Booke, of Birdsborough, endeavored to restore confidence among the depositors by assuring them that the institution was in a sound financial condition. In addition to the funds on hand the company received $200,000 today from Philadelphia. The officers ascribe the efforts to break the credit of the institution to malicious persons.
8.November 19, 1903The Daily PioneerBemidji, MN
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Article Text
Money Promptly Paid Out. Reading, Pa., Nov. 19.-The run on the Pennsylvania Trust company continued during the day, but there was a diminution in the number of withdrawals. All were promptly paid their money. Many came to withdraw their deposits, but when they saw the great piles of cash and the officials ready to accommodate them they left satisfied.
A serious run was started by depositors on the Pennsylvania Trust company at Reading, Pa., yesterday. The officers declare the institution can pay every dollar.
10.November 20, 1903The Forrest City TimesForrest City, AR
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Article Text
JUST LIKE ST. LOUIS. An Unaccouutable Run Cu the PennSylvania Trust Co., at Reading, Pa. Reading, Pa., Nov. 18.-For some unexplained cause a run was started, Tuesday, on the Pennsylvania Trust Co., especially in its savings department. A continuous line of depositors pressed forward, and were rapidly paid off. President Brooke and several directors endeavored to restore confidence among the depositors by assuring then that the institution was in a sound financial condition. In addition to the funds on hand, the company received $200,0000 from Philadelphia. The officers ascribe the efforts to break the credit of the institution to malicious persons.
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.
