Lee Brothers. & Company

Episode Information

Episode UID: 74025771222
Episode Type: Run Only
Bank Type: private
Bank ID: 7402577 routing
Routing Number: 74-0257
Start Date: October 25, 1901
Location: Dowagiac, Michigan (41.984, -86.109)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 68dd21b75c934b7a

Response Measures

None

Events (2)

1. October 25, 1901 Run

Cause: Rumor Or Misinformation
Cause Details: Run at Dowagiac bank was started by rumor (linked to Niles failure) leading to heavy withdrawals.
Measures: Paid out $22,000; received large deposits (e.g., $40,000 from Round Oak works) and reported vaults contained $125,000.
Newspaper Excerpt: On last Friday a run was started on our Dowagiac bank and we paid out $22,000 that day.
Source: newspapers

2. October 30, 1901 Run

Cause: Rumor Or Misinformation
Cause Details: Run at Buchanan branch started from vague rumors and anxiety after the recent failure of the First National Bank of Niles.
Measures: Paid out $17,000; bank officials reassured public they could pay every depositor.
Newspaper Excerpt: As the result of vague rumors concerning the private banks of Lee Bros. & Co., people flocked to the company's bank at Buchanan yesterday and $17,000 was paid out before night.
Source: newspapers

Newspaper Articles (1)

1. October 30, 1901 Evening Times-Republican Marshalltown, IA

Article from Evening Times-Republican, October 30, 1901

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Article Text

Run on Michigan Bank. Niles, Mich., Oct. 30.-As the result of vague rumors concerning the private banks of Lee Bros. & Co., people flocked to the company's bank at Buchanan yesterday and $17,000 was paid out before night. The Buchanan bank is a branch of the company's bank at Dowaglac; also a private institution with a capital of $40,000. The principal owners of both banks are C. T. Lee and sons, Fred E. and Henry M. Lee, all being numbered among the richest men in southwestern Michigan. The Buchanan bank has deposits of $90,000. C. T. Lee, who Is in charge of the Buchanan bank, says: "The run started yesterday as the result of a rumor. After the First National bank of Niles recently failed disastrously some Niles citizens deposited their money here. Naturally the people of Niles are mightily excited by a rumor that a bank in which they have deposits is in trouble. Yesterday we paid out $17,000, and some of this money was returned to the bank today. "We are fully prepared to pay every depositor and are not in the least uneasy. On last Friday a run was started on our Dowagiac bank and we paid out $22,000 that day. On the same day the Round Oak stove works of Dowaigiac deposited $40,000 in the bank. The bank vaults contained $125,000. Everything is now quiet at Dowagiac, and we anticipate no further run here."

Episode Information

Metadata

Response Measures

Events (2)

Newspaper Articles (1)

Article Text

Bank runs are almost always and everywhere a deterioration of bank fundamentals.

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