gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0765da75d3c3a6fc
Response Measures
None
Events (1)
1.January 6, 1921Run
Cause
Rumor Or Misinformation
Cause Details
Rumors that the bank was overloaded with tobacco notes and had loaned so much on tobacco it could not pay depositors.
Measures
Clearing-house committee examined books and issued statement of solvency; heavy deposits by business men and transfers of cash from other banks to support the institution.
Newspaper Excerpt
Frightened by rumors that the Bank of Commerce, of Lexington ... depositors started a run on that institution this morning.
Source
newspapers
Newspaper Articles (10)
1.January 6, 1921Evening Public LedgerPhiladelphia, PA
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Article Text
RUN ON KENTUCKY BANK Depositors Frightened by Report It Is Overloaded With Tobacco Notes Lexington. Ky., Jan. 6.-(By A. -Frightened by rumors that the Bank of Commerce, of Lexington, an institution with a capital stock of $300.000, was overloaded with tobacco notes and paper, depositors started a run on that institution this morning. A crowd of several hundred persons was in front of the bank at noon. and tellers were paying out money as fast as they could count it. Cashier F. G. Stilz said all the paper held by the bank was amply secured. A statement signed by a Lexington clearing house committee also said the bank was solvent. Tobacco growers throughout the burley tobacco belt of Kentucky met today at the various county seats to select delegates to a mass-meeting here tomorrow. The meeting was called with the intention of seeking favorable action on a proposal to do away with the crop in 1921 and to find some solution of the problem of marketing the 1920 crop at a satisfactory price. Most markets in central Kentucky closed Tuesday for a week because of low prices offered. which ranged from $1 to $30 per 100 pounds. Sales continued at Cynthia, Richmond and Eminence, where prices were more satisfactory to growers. At Eminence better grades brought $30 to $45 per 100 pounds.
2.January 6, 1921The Guthrie Daily LeaderGuthrie, OK
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Article Text
Wild Report Starts Bank Run Lexington, Ky., Jan. 6.-A run on the Bank of Commerce, Capital $300,000. was started today when re port became current that the bank was overloaded with tobacco notes and other plantation paper. The depositor were being paid by perspiring tellers as fast as they reached the several windows. Oth. er banking houses are aiding by furnishing currency.
3.January 6, 1921Richmond Daily RegisterRichmond, KY
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Article Text
Richmond Helps Some Richmond stockholders and depositors in the Bank of Commerce above referred to. showed their loyalty to it and their confidence in its. integrity in no uncertain way Quite a sum of money was sent ever from here to help meet any demands that might be made upon the bank by timid fillks. News came here that all of the banks of Lexington rallied to the assistance of the Bank of Commerce after an examination of its books and paper had shown` that it is in good shape and not invelved in any way. C.H. Berryman president of the Phoenix Hotel Company. is said to have personaliv deposited $20,000 to 'i's accounty in the bank. The Phoenix Amusement Company. which operates the big show houses in Lexington and the theatres here. dropped in the neat little sum of $90,000. Several people prominent in this company are directors and stockholders in the bank and they know il is safe and sound. The "run" is said to have dwindled to small proportions with such a showing Many business men who had not been pat rons of the bank before are said to have placed deposits with it. to show their confidence in the men who are at its head.
4.January 6, 1921The Rock Island Argus and Daily UnionRock Island, IL
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Article Text
STARTBANK RUN IN LEXINGTON Frightened by Ramor of Financial Overlead of Tobacco Notes De positers Claim Cash. Lexington, Ky., Jan. 6.-Frightened by rumors that the Bank of Commerce of Lexington, an institution with a capital stock of $300,000, was overloaded with tobacco notes and paper, depositors started a run on that institution this morning. A crowd of several hundred persons was in front of the bank at noon and tellers were paying out money as fast as they could count it.
5.January 6, 1921Every Evening, Wilmington Daily CommercialWilmington, DE
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Article Text
RUN ON "TOBACCO" BANK. Scared Depositors Hastily Withdrawing Money at Lexington, Ky. By Associated Press to Every Evening. Lexington, Ky., Jan. 6.-Frightened by rumors that the Bank of Commerce of Lexington, an institution with a capital stock of $500,000 was over loaded with tobacco notes and paper, depositors started a run on the institution this morning. A crowd of several hundred persons was in front of the bank at noon and tellers were paying out money as fast as they could count it.
6.January 7, 1921The Bridgeport Times and Evening FarmerBridgeport, CT
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Article Text
Depositors started a run on the Bank of Commerce, of Lexington, Ky. an institution with a capitol stock of $300,000, when rumors were current that the institution had been overloaded with tobacco notes and paper.
7.January 7, 1921Norwich BulletinNorwich, CT
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TOBACCO PRICES CAUSE OF RUN ON EXINGTON KY ⑉9 BANK Run Was Caused by Rumors That the Bank Had Loaned So Much Money on Tobacco That It Could Not Pay Its Depositors-A General Mass Meeting is to Be Held Today to Decide Whether or Not Tobacco Shall Be Planted in 1921. The Bank of Commerce of Lexington Lexington, Ky., Jan. 6.-A four hour was the object of the run today, which run on a Lexington bank, together with for several hours threatened to gain the starting of a grand jury investigation dangerous proportions. Rumors that the of rumors that caused the run, and news bank had loaned so much money on tothat Governor Edwin P. Morrow had bacco that it could not pay depositors, under consideration a series of conferwere alleged to have been responsible. ences to bring about the settlement of the A statement from a clearing house totobacco situation, were the chief degether with heavy deposits by business men and transfers of large sums of cash velopments in the central Kentucky tofrom other institutions to the threatened bacco district today. bank apparently had the effect of quietCounty mass meetings of growers who ing the nerves of the frightened deposiforced closing of most tobacco markets tors before closing time this afternoon in the state early this week when they when withdrawals slackened considerab refused to accept prices offered by the biy. buyers, this afternoon selected delegates Markets throughout the burley tobacco to 3. central mass meeting here tomorrow to decide whether or not tobacco shall district remained closed today with the exception of a few of the smaller ones be pianted in 1921 and to attempt to dewhich did not close when the large warevise means of marketing the 1920 crop houses suspended sales. at a satisfactory price.
8.January 7, 1921Richmond Times-DispatchRichmond, VA
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Article Text
KENTUCKY GROWERS WILL CONVENE TODAY Tobacco Raisers Will Discuss Advisability of Not Planting Crop This Year. BANK HAS FOUR-HOUR RUN Rumors That Slump in Weed Prices Rendered the Institution Shaky Cause Uneasiness Among Depositors-Grand Jury to Probe. [By Associated Press.] LEXINGTON KY. Jan. 6.-A fourhour run on a Lexington bank. together with the starting of a grand jury investigation of rumors that caused the run. and news that Governor Edwin P. Morrow had under consideration a series of conferences to bring about a settlement of the tobacco situation, were the chief developments today in the Central Kentucky tobacco district. A county mass-meeting of growers who forced closing of most tobacco markets in the State early this week. when they refused to accept prices offered by buyers. this afternoon selected delegates to a general massmeeting to be held here tomorrow morning. The meeting is to decide whether or not tobacco shall be planted in 1921. and to attempt to devise means of marketing the 1920 crop at a satisfactory price. Run on - Bank Unsuccessful. The Bank of Commerce of Lexington was the object of the run today. which for several hours threatened to gain dangerous proportions. Rumors that the bank had loaned so much money on tobacco that it could not pay depositors, were alleged to have been responsible. The rumors reached the ears of the bank officials last night. it was said, and Cashier F. G. Stilz asked that a clearing-house committee examine the books. This committee issued a statement today that the bank was thoroughly solvent. Mr. Stilz supplemented this with the statement that all of the bank's paper was fully secured. These statements, together with heavy deposits by business men and transfers of large sums of cash from other institutions to the threatened bank. apparently had the effect of quieting the nerves of the frightened depositors before closing time this afternoon, when withdrawals slackened considerably. Investigation of the run by the (Continued on Second Page.)
9.January 7, 1921South Bend News-TimesSouth Bend, IN
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RUN ON BANK RESULTS FROM TOBACCO DROP Grand Jury Investigation Follows Financial Scare in Tobacco Market. GOV. MORROW MAY ACT All Kentucky Tobacco Markets Closed Following Big Drop in Prices. By Associated Press: LEXINGTON, Ky., Jan 6.-A four hour run on a Lexington bank, together with the starting of a grand jury investigation of rumors that caused the run, and news that Gov. Edwin P. Morrow had under consideration a series of conferences to bring about the settlement of the tobacco situation, were the chief developments in the central Kentucky tobacco district Thursday. County meetings of growers who forced closing of most tobacco markets in the state early this week when they refused to accept prices offered by buyers Thursday afternoon selected the delegates to a general mass meeting to be held here tomorrow morning. The meeting is to decide whether or not tobacco shall be planted in 1921 and to attempt to devise means of marketing the 1920 crop at a satisfactory price. Rumors Start Run. The Bank of Commerce of Lexington was the object of the run Thursday, which for several hours threatened to gain dangerous proportions. Rumors that the bank had loaned 90 much money on tobacco that it could not pay depositors, were alleged to have been responsible. The rumers reached the ears of the bank officials last night. it was said, and Cashier F. G. Stilz asked that a clearing house committee examine the books. This committee issued a statement today that the bank was thoroughly solvent. Mr. Stilz supplemented this with the statement that all of the bank's paper was fully secured. These statements. together with heavy deposits by business men and transfers of large sums of cash from other institutions to the threatened nerves quieting bank apparently the had of the the effect threat- of ened depositors before closing time this afternoon when withdrawals slackened considerably One bank ordered its correspondent in Cincinnati to forward $100,000 in cash to the Bank of Commerce at once, it was stated. Jury Probe Ordered. The Bank of Commerce in its fi(CONTINUED ON PAGE FOUR.)
10.January 7, 1921New-York TribuneNew York, NY
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Tobacco War Causes 4-Hour Run on Bank Heavy Deposits by Business Men and Transfers of Cash Save Lexington Institution From Disaster Investigation Is Ordered Governor Plans Parleys to End Fight Over Prices; Growers to Meet To-day LEXINGTON, Ky., Jan. 6.-- A fourhour run on a Lexington bank, together with the starting of a grand jury investigation of rumors that caused the run, and news that Gevenior Edwin P. Morrow had under consideration a 01. ries conferences to bring about the settlement of the tobacco situation were the chief developments in the central Kentucky tobacco district to-day. County mass meetings of growers who forced closing of most tobacco markets in the state early this week when they refused to accept prices offered by buyers, this afternoon selected delegates to a general mass meeting to be held here Lo-norrow morning. The meeting is to decide whether or not tobacco shall be planted in 1921 and to attempt to devise means of marketing the 1920 crop at a satisfactory price. The Bank of Commerce of Lexington was the object of the run to-day which for several hours threatened to gain dangerous proportions. Rumors that the bank had loaned so much money on tobacco that it could not pay depositors, were alleged to have been responsible. Bank Declared Solvent The rumors reached the ears of the bank officials last night, it was
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.
