7811. Peoples Savings Bank (Bay City, MI)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
November 22, 1892
Location
Bay City, Michigan (43.594, -83.889)

Metadata

Model
gpt-5-mini
Short Digest
56eb005be0468015

Response Measures

None

Description

Multiple contemporaneous newspapers (Nov 22–24, 1892) report a run on the Peoples Savings Bank in Bay City triggered by a false rumor the bank had closed. Wealthy local Albert Mosher brought cash and the bank paid depositors; confidence was restored and the run ended with no suspension reported. OCR variants in articles show the name as People's Saving Bank or Peoples' Savings bank; normalized to provided name.

Events (1)
1. November 22, 1892 Run
Cause
Rumor Or Misinformation
Cause Details
A false rumor circulated that the bank had closed its doors; newspapers explicitly call the story a fake/erroneous.
Random Run
Yes
Random Run Snippet
False rumor bank had closed; story was a fake, corrected
Measures
Albert Mosher (local millionaire) gathered available cash, paid depositors and the bank stayed open (offered to remain open until midnight) so withdrawals could be made.
Newspaper Excerpt
The rumor got around this morning that the People's Saving Bank had closed its doors ... The story was a fake.
Source
newspapers

Newspaper Articles (3)
1. November 23, 1892 The State Chronicle Raleigh, NC
Article from The State Chronicle, November 23, 1892

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Article Text

A Fake Story About a Bank Closing. By Telegraph to State Chronicle. BAY CITY, Mich., Nov. 22.-The ru mor got around this morning that the People's Saving Bank had closed its doors and conse quently at 11 o'clock the street was thronged by people who were anxious to get their money. The story was a fake. Everything was in a state of excitement and the bank was jammed with excited men and women. The bank is in a perfectly safe condition and is in better shape than ever. When the people began to crowd and make a run on the cashier, Albert Mosher, the millionaire lumberman, was sent for, and after gath ering all available cash he came to the scene at once. He told the depositors that the bank would be open until midnight, if necessary, so as to allow all those who wished to get their money. This partly restored confidence, but the run is still on, and thousands of dollars are being drawn.

2. November 23, 1892 The Times Richmond, VA
Article from The Times, November 23, 1892

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Article Text

Big Run on a Bank. BAY CITY, MICH., Nov. 22.-The rumor got around this morning that the People's Savings Bank had closed its doors, and consequently at 11 o'clock the street was thronged by people, who were anxious to get their money. The story was a fake. Everything was in a state of excitement, and the bank was jammed with excited men and women. The ank is in a perfectly safe condition, and is in better shape than ever. When the people began to pour in and the run started, Albert Mosher, the millionaire lumberman, was sent for, and after gathering all available cash he came to the scene at once. He told the depositors that the bank would be open until midnight, if necessary, so as to allow all those who wished to get their money. This partly restored confidence, but the run is still on, and thousands of dollars are being drawn.

3. November 26, 1892 The Kootenai Herald Bonners Ferry, Kootenai, ID
Article from The Kootenai Herald, November 26, 1892

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Article Text

Run on a Michigan Bank. BAY CITY, Nov. 24.-A rumor was started during the morning that the Peoples' Savings bank had closed its doors and consequently by 11 o'clock the street was thronged by persons anxions to get their money. The story was erroneous and when the run started Albert Mosher, the millionaire lum. berman was sent for. Standing behind the counter with a big pile of bills before him he paid off all who wished to draw their deposits. This restored confidence and the run ended.