First National Bank - Douglas, AZ

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 6633
Charter Number: 6633
Start Date: February 7, 1928
Location: Douglas, Arizona (31.345, -109.545)

Metadata

Model: gpt-5-mini
Short Digest: 503fb9a6

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

A run occurred on First National Bank (Douglas, AZ) on 1928-02-07 driven by circulation of anonymous letters (rumors). The bank paid out about $350,000 from $1,750,000 cash and remained open and able to meet demands; no suspension is mentioned.

Events (1)

1. February 7, 1928 Run

Cause: Rumor Or Misinformation
Cause Details: Circulation of anonymous letters that prompted fear of bank failures; other two local banks were closed by authorities fearing runs.
Measures: Officials mingled with the crowd to spread encouragement and publicly announced they could meet every demand; reassurances of available cash.
Newspaper Excerpt: the run quietly was begun at the First National. Until closing time the tellers were rapidly handing out money to every depositor demanding it ... Officials estimated that the day began with $1,750,000, cash and that only about $350,000 was paid out during the day.
Source: newspapers

Newspaper Articles (1)

1. February 7, 1928 Douglas Daily Dispatch Douglas, AZ

Article from Douglas Daily Dispatch, February 7, 1928

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Article Text

circulation of the anonymous letters, Amos said he ordered the other two banks closed through fear they might not be able to weather possible runs. He made a plea for "a cool and collected public spirit," declaring that the banks would have been able to remain open under normal conditions. Meanwhile the reverberation was felt in an unexpected quarter when the run quietly was begun at the First National. Until closing time the tellers were rapidly handing out money to every depositor demanding it while officials of the institution mingled with the crowd to spread encouragement. At no time was the lobby of the bank, holding about 250 persons, crowded beyond its capacity. Officials estimated that the day began with $1,750,000, cash and that only about $350,000 was paid out during the day. When the bank closed for the day's business at the regular closing time of 2 o'clock, officials calmly announced that, in event the run was renewed tomorrow, they would have more than $7,000,000 in cash and would meet every demand. No other banks in the city were affected. o Dispatch Telephones- and 82.