gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
502cbbc94b59c21e
Response Measures
None
Events (1)
1.August 30, 1909Run
Cause
Local Shock
Cause Details
Failure of the Hardy Grain Company (a major local firm and borrower) prompted depositors to withdraw funds.
Measures
First and Third National banks aided the trust company; directors and citizens signed statements personally guaranteeing deposits and depositors were paid on presentation of claims.
Newspaper Excerpt
Because of the failure today of the Hardy Grain Company of this city a run was started on the Union City Bank and Trust Company when that institution opened its doors.
Source
newspapers
Newspaper Articles (10)
1.August 30, 1909Evening StarWashington, DC
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Article Text
CAUSES RUN ON BANK. Failure of Hardy Grain Company in Union City, Tenn. UNION CITY, Tenn., August 30.-Because of the failure today of the Hardy Grain Company of this city d. run was started on the Union City Bank and Trust Company when that institution opened its doors. The First and Third National banks of this city went to the rescue of the trust company, along with private citizens, and all depositors were paid on presenting their claims. George Hardy, president of the Grain Company accidentally killed himself a few days ago.
2.August 31, 1909The Daily MissoulianMissoula, MT
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Article Text
BANK SUSTAINS SELF AGAINST HEAVY RUN Union City, Tenn., Aug. 30.-Because of the failure today of the Hardy Grain company of this city, a run was started on the Union City Bank & Trust company when that institution opened its doors. The First and Third National banks of this city went to the rescue of the trust company, along with private citizens, and all depositors were paid on presenting their claims. George Hardy. president of the grain company. accidenttily killed himself a few days ago.
3.August 31, 1909Daily PressNewport News, VA
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Article Text
Bank Failure Averted. (By Associated Press). UNION CITY, TENN., Aug. 30.because of the failure today of the Hardy Grain Company, of this city, a run started on the Union City Bank and Trust Company when that institution opened its doors. The First and the Third National banks of this city went to the rescue of the trust company, along with private citizens, and all depositors Were paid on presenting their claims. George Hardy. president of the grain company, accidentally killed himself a few days ago.
4.August 31, 1909Ottumwa Tri-Weekly CourierOttumwa, IA
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Article Text
Run on Tennessee Bank. Union City, Tenn., Aug. 30.-Because of the failure today of the Hardy Grain company of this city a run was started on the Union Bank and Trust company. The other banks went to the rescue of the trust company. All depositors were paid on presenting claims. George Hardy, president of the Grain company, accidently killed himself a few days ago.
5.August 31, 1909Omaha Daily BeeOmaha, NE
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Article Text
ALL DEPOSITORS ARE PAID Banks Rush to Aid of Trust Company at Union City, Tenn., and Save Day. UNION CITY, Tenn., Aug. 30.-Because of the failure today of the Hardy Grain company of this city, a run was started on the Union City bank and Trust company when that institution opened its doors. The First and Third National banks of this city went to the rescue of the trust company, along with private citizens, and all depositors were paid on presenting their claims. George Hardy, president of the grain company, accidentally killed himself a few days ago.
6.August 31, 1909The Salt Lake Herald-RepublicanSalt Lake City, UT
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Article Text
GRAIN COMPANY FAILURE RESULTS IN RUN ON BANK Union City, Tenn., Aug. 30.-Because of the failure today of the Hardy Grain company of this city, a run was started on the Union City Bank & Trust company, when that institution opened its doors. The First and Third National banks of this city went to the rescue of the trust company, along with private citizens, and all depositors were paid on presenting their claims. George Hardy, president of the grain company, accidentally killed himself a few days ago.
7.August 31, 1909Los Angeles HeraldLos Angeles, CA
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Article Text
Make Run on Bank UNION CITY, Tenn., Aug. 30.-Be- cause of the failure today of the Hardy Grain company of this city, a run was started on the Union City Bank & Trust company when that institution opened its doors. The First and Third national banks of this city went to the rescue of the trust company, along with private citizens, and all depositors were paid on presenting their claims. George Hardy, president of the grain company, accidentally killed himself a few days ago.
8.September 2, 1909The Bon Homme County IndependentTabor, SD
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Article Text
TENNESSEE BANK GOES SAFELY THROUGH A RUN Union City, Tenn., Sept. 1.--Because of the failure today of the Hardy Grain company of this city, a run was started on the Union City Bank & Trust company, when that institution opened its doors. The First and Third National banks of this city went to the rescue of the trust along with private citizens, and all depositors were paid on presenting their claims. George Hardy, president of the grain company, accidentally killed himself a few days ago.
TENNESSEE BANK GOES SAFELY THROUGH A RUN Union City, Tenn., Sept. 1.--Because of the failure today of the Hardy Grain company of this city, a run was started on the Union City Bank & Trust company, when that institution opened its doors. The First and Third National banks of this city went to the rescue of the trust along with private citizens, and all depositors were paid on presenting their claims. George Hardy, president of the grain company, accidentally killed himself a few days ago.
10.September 3, 1909The CommercialUnion City, TN
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Article Text
Came to the Rescue. On account of the failure of the Hardy Grain Company a great many people were in town Monday, and among other things an effort was made to damage the credit of the Union City Bank & Trust Company by the withdrawal of deposits. The bank had made a loan to the Hardy Grain Company, which can be seen in the schedule of assignment, not enough of course to prevent any depositor from getting all the deposit in the usual run of business. But a number of small depositors got frightened and came in to make a run on the bank. Soon after the bank opened Monday morning Mr. Hefley and Mr. Garth were kept busy for a few minutes paying some small accounts. The directors, some of them, had issued and signed a statement that they would be personally responsible for every dollar of deposits in the bank provided the depositors withdrew their deposits in the usual way. L. S. Parks and John T. Walker also signed the statement and announced publicly that they would each be responsible for the deposits in the Union City Bank & Trust Co. This satisfied a large majority of the depositors and prevented any further trouble, and before noon the bank had a larger deposit than it had on hand at the opening hour. Several good customers came in and deposited large sums. The following is the statement signed by L. S. Parks, John T. Walker and the directors mentioned:
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.
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Union City Bank & Trust Company · UID 7338727291316
