6497. South Louisville Savings & Deposit Bank (Louisville, KY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
August 11, 1910
Location
Louisville, Kentucky (38.254, -85.759)

Metadata

Model
gpt-5-mini
Short Digest
d26ba2fc2afe7403

Response Measures

None

Description

Short, six-to-eight hour depositor run triggered by a rumor after a check was stopped on a mule purchase; bank paid out $63,540 and remained open with ample resources.

Events (1)
1. August 11, 1910 Run
Cause
Rumor Or Misinformation
Cause Details
A check for $75 on a mule purchase was stopped; the holder then spread a remark that the bank was not equal to its obligations, producing a rumor that triggered withdrawals.
Random Run
Yes
Random Run Snippet
rumor 'bank not equal to its obligations'; bank paid promptly
Measures
Bank paid depositors promptly during the six-to-eight hour run; $63,540 withdrawn; officers reassured public and honored withdrawals.
Newspaper Excerpt
the holder of the check ... casually remarked ... that the bank was not equal to its obligations.
Source
newspapers

Newspaper Articles (3)
1. August 12, 1910 Atlanta Semi-Weekly Journal Atlanta, GA
Article from Atlanta Semi-Weekly Journal, August 12, 1910

Click image to open full size in new tab

Article Text

RUN ON BANK CAUSED BY DEATH OF MULE But Louisville Institution Has Ample Resources and Depositors Get Money (By Associated Press.) LOUISVILLE, Ky., Aug. 11.-The death of a mule in South Louisville Monday subjected the South Louisville Savings and Deposit bank, at Fourth and Central avenues, to more than its share of inconvenience and was directly responsible for a run on that institution yesterday that lasted for six or eight hours. From early morning up to noon yesterday the depositors from all over the southern section clamored for their money. Dr. W. H. Netherland, president of the bank, announced yesterday when order had been restored in some measure, that $63,540 had been drawn out of the bank. The stampede of the depositors came about in a most unusual manner. A few days ago John Colgazier purchased a mule. Mr. Colgazier gave his check for $75 in payment and when the mule died suddenly he stopped payment on the check at the South Louisville bank. Mr. Colgazier's action, of course, prevented the officers of the bank from honoring the check and consequently when It was presented for payment. it was turned down. The holder of the check, according to Dr. Netherland, casually remarked at the general store and blacksmith shop in the vicinity that the bank was not equal to its obligations. The rumor spread like wild fire and yesterday when the bank opened a large crowd, all depositors, had collected. All wishing their money were paid promptly, as the bank has ample resources.

2. August 12, 1910 The Hattiesburg News Hattiesburg, MS
Article from The Hattiesburg News, August 12, 1910

Click image to open full size in new tab

Article Text

MULE RESPONSIBLE FOR RUN ON BANK Animal Died And Purchaser Stopped Paymen of a Check Which He Had Given For It. (By Associated Press.) Louisville, Ky., Aug. 12.-The death of a mule in South Louisville Monday subjected the South Louisville Savings and Deposit Bank at Fourth and Central avenues to more than its share of inconvenience and was directly responsible for a run on that institution yesterday that lasted for six or eight hours. From early morning up to noon Wednesday the depositors from all over the southern section clamored for their money. Dr. W. H. Netherland, president of the bank, announced yesterday when order had been restored in some measure, that $63,540 had been drawn out of the bank. The stampede of the depositors came about in a most unusual manner; a few days ago John Colglazier purchased a mule. Mr. Colglazier gave his check for $75 in payment and when the mule died suddenly he stopped payment on the check at the South Louisville Bank. Mr. Colglazier's action of course, prevented the officers of the bank from honoring the check and consequently when it was presented for payment it was turned down. The holder of the check, according to Dr. Netherland, casually remarked at the general store and blacksmith shop rn the vicinity that the bank was not equal to its obligations. The rumor spread like wild fire and yesterday when the bank opened a large crowd, all depositors, had collected, all wishing their money which was paid promptly as the bank has ample resources.

3. August 12, 1910 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, August 12, 1910

Click image to open full size in new tab

Article Text

DEATH OF MULE CAUSES BRIEF RUN ON BANK Louisville, Ky., August 11.-The death of a mule in South Louisville Monday subjected the South Louisville Savings and Deposit bank, at Fourth and Central avenues, to more than its share of inconvenience, and was directly responsible for a run on that institution yesterday that lasted for six or eight hours. From early morning to noon yesterday the depositors from all over the southern section clambered for their money. Dr. W. H. Netherland, president of the bank, announced yesterday when order had been restored in some measure, that $63,540 had been drawn out of the bank. The stampede of the depositors came about in a most unusual manner. A few days ago John Colglazier purchased a mule. Mr. Colglazier gave his check for $75 in payment, and when the mule died suddenly he stopped payment on the check at the South Louisville bank. Mr. Colglazier's action, of course, prevented the officers of the bank from honoring the check, and consequently when it was presented for payment it was turned down. The holder of the check, according to Dr. Netherland, casually remarked at the general store and blacksmith shop in the vicinity that the bank was not equal to its obligations. The rumor spread like wildfire and yesterday when the bank opened a large crowd, all depositors, had collected. All wishing their money were paid promptly, as the bank has ample resources.