7937. Dime Savings Bank (Detroit, MI)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
February 24, 1902
Location
Detroit, Michigan (42.331, -83.046)

Metadata

Model
gpt-5-mini
Short Digest
b8d1fec68db2aa66

Response Measures

None

Description

Multiple contemporary newspaper dispatches (Feb 24-25, 1902) report a run on the Dime Savings Bank in Detroit. Depositors were paid, the bank stayed open extended hours to meet withdrawals, and there is no mention of a suspension, receivership, or permanent closure. The run appears to have been triggered by groundless rumors/misunderstanding (reports the bank held Andrews' paper and a depositor misreading a holiday sign), so classified as rumor_or_misinformation. OCR in some articles slightly varies initials (C.F./F.S./F.C. Andrews); I preserved the bank name and Detroit location.

Events (1)

1. February 24, 1902 Run
Cause
Rumor Or Misinformation
Cause Details
Groundless reports that the bank held considerable paper of (C./F.) Andrews; also a depositor misread a holiday closure sign at the Jefferson Avenue branch and spread that the bank had closed.
Random Run
Yes
Random Run Snippet
Polish depositor misread holiday sign; rumor spread and was groundless
Measures
Bank paid depositors as fast as possible, held open extended hours (until 6pm, and offered to remain open until midnight) and directors assured depositors it would reopen next day and could pay all in full.
Newspaper Excerpt
A run was started today on the Dime Savings bank of this city. The report became circulated in the vicinity of the banks on Jefferson avenue that the institution held considerable of C. F. Andrews paper and the run started.
Source
newspapers

Newspaper Articles (10)

Article from The Butte Inter Mountain, February 24, 1902

Click image to open full size in new tab

Article Text

Run on Detroit Bank. (By Associated Press.) Detroit, Mich., Feb. 24.-A run was started today on the Dime Savings bank of this city. Ae report became circulated in the vicinity of the banks on Jefferson avenue that the institution held considerable of C. F. Andrews paper and the run started. This afternoon depositors began withdrawing accounts.


Article from Rock Island Argus, February 24, 1902

Click image to open full size in new tab

Article Text

RUN ON DIME BANK Detroit Still Experiencing Excitement Over Andrews' Escapade. Detroit, Feb. 24.-1 run was started today on the Dime savings bank. The report became in circulation that the institution held considerable of F. S. Andrews' paper and the run started on the strength of this. Depositors are being paid as fast as possible. President Livingston said the bank will be held open till midnight, if necessary, in order to pay all depositors who wish to withdraw their accounts.


Article from Arizona Republican, February 25, 1902

Click image to open full size in new tab

Article Text

A RUN ON A BANK FOOL FOREIGNER Who Thought Washington's Birthday Meant Financial Disaster. Detroit, Mich Feb. 24.-A run was started on the Jefferson Avenue branch of the Dime Savings bank about noon today, and soon after 2 o'clock it spread to the bank itself, at the cornerof Griswold and Fort streets. Depositors were paid as fast as their accounts could be checked up and the currency could be counted out. At 3 o'clock, the regular hour for closing the bank, it was crowded with anxious depositors, and the line of people who wanted to close their accounts extended through the door and some distance down the street. Instead of closing the bank the directors decided to hold open until 6 o'clock. Until 6 o'clock accounts were closed as rapidly as possible. At that hour the line of people waiting for ad-


Article from The Billings Gazette, February 25, 1902

Click image to open full size in new tab

Article Text

STARTED RUN ON BANK POLANDER DID NOT UNDERSTAND THE SIGN. Bank Closed on Account of Legal Holiday-Washington's Birthday. Detroit, Mich., Feb. 24.-A run was started on the Jefferson avenue branch of the Dime Savings bank about noon today. and soon after 2 o'clock it spread to the bank itself, at the corner of Griswold and Fort streets. Depositors were paid as fast as accounts could be checked up and currnecy counted out. At 3 o'clock, the regular hour for closing the bank. it was crowded with anxious depositors and the line of people who wanted to close their accounts extended through the door and some distance down Fort street. Instead of colsing the bank, the directors decided to hold open until 6 o'clock. Receiving teller and his assistant dropped their usual work and assisted in paying depositors. Until 6 o'clock accounts were closed as rapidly as possible. At that hour the line of people waiting for admission to the bank extended down Fort street for almost a block. President Livingston addressed them from the steps of the bank and said that while the bank would now close it would open at 9 o'clock tomorrow morning and every depositor would be paid in full. It is impossible to learn what was the direct cause of the run. It is said that a Polish depositor at the Jefferson avenue branch saw a sign on the door Saturday announcing that the bank was closed because of its being Washington birthday and a legal holiday. He is said to have spread the report that the bank had closed and thereby frightened depositors at the branch. News of the run there gradually spread down town and started a run on the bank itself.


Article from Evening Times-Republican, February 25, 1902

Click image to open full size in new tab

Article Text

Run on Bank Continues. Detroit. Feb. 25.-The run on the dime savings bank was resumed today, but the line of waiting depositors gradually dwindled down during the morning. Accounts were paid as fast as possible. The nervousness was not communicated to any of the other banks.


Article from Ottumwa Semi-Weekly Courier, February 25, 1902

Click image to open full size in new tab

Article Text

tion. RUN ON A BANI Detroit Institution Is Menaced - Depositors Want Money. Detroit, Feb. 24.--A run was started today on the Dime Savings bank, as the report became circulated that the institution held considerable of F. C. Andrews' paper and the run started on the strength of this. Depositors are being paid as fast as possible. President Livingston says the bank will be held open until midnight if necessary in order to pay all depositors who wish to withdraw their accounts.


Article from Evening Star, February 25, 1902

Click image to open full size in new tab

Article Text

Run on Detroit Bank. DETROIT, February ..The run on the Dime Savings Bank was resumed when the bank opened for business today, but the line of waiting depositors gradually dwindled down during the morning. Accounts were paid as fast as possible during the morning. There was no resumption today O the run at the Jefferson avenue branch, where the runstarted yesterday. The commercial deposits of the bank have not been affected by the run, which was entirely confined to savings depositors. The nervousness has not communicated to the depositors of any of the other local banks.


Article from The Topeka State Journal, February 25, 1902

Click image to open full size in new tab

Article Text

GOT THEIR MONEY. Line of Anxious Depositors Dwindle Down at Detroit, Detroit, Mich., Feb. 25.-The run on the Dime Savings bank was resumed when the bank opened for business today, but the line of waiting depositors gradually dwindled down during the morning. The bank officials said they expected the run would be broken by 2 o'clock. Accounts were paid as fast as possible. There was no resumption today of the run at the Jefferson avenue branch where the run started yesterday. The commercial deposits of the bank have not been affected by the run which was entirely confined to savings depositors. The nervousness has not communicated to the depositors of any of the other local banks.


Article from The Montgomery Advertiser, February 25, 1902

Click image to open full size in new tab

Article Text

RUN ON DETROIT BANK IT WAS STARTED ABOUT NOON YESTERDAY. Jefferson Avenue Branch of Dime Savings Bank Will Pay Depositors in Full-Kept Open Until 6 O'clock. Detroit, Mich., Feb. 24.-A run was started on the Jefferson Avenue branch of the Dime Savings Bank about noon today, and soon after 2 o'elock it spread to the bank itself, at the corner of Griswold and Fort Streets. Depositors were paid as fast as the account could be closed up and the currency could be counted out. At 3 o'clock the regular hour for closing the bank, it was crowded with anxious depositors and the line of people who wanted to close their accounts extended through the door and some distance down Fort Street. Instead of clesing the bank, the directors decided to hold open until 6 o'clock. The receiving teller and his assistant dropped their usual work and assisted in paying the depositors. Until 6 o'clock accounts were closed as rapidly as possible. At that hour the line of people waiting for admission to the bank extended down Fort Street for almost a block. President Livingston addressed them from the steps of the bank and said that while the bank would now close, it would open at 9 o'clock tomorrow and every depositor would be paid in full. It is impossible to learn what was the direct cause of the run. It is said that a Polish depositor at the Jefferson Avenue branch saw a sign on, the door Saturday announcing that the bank was closed because of its being Washington's birthday and a legal holiday. He is said to have spread the report that the bank had closed, and thereby frightened the depositors at the branch. The news of the run there gradually spread down town and started the run on the bank itself. Help was immediately offered by the 10cal banks. It was declined, however, the dime bank having plenty of funds In their own vaults. Tonight President Livingston said to the Associated Press: "I expect that the run will be resumed tomorrow, but I hope that we can break it by tomorrow night. We have ample funds on hand; and if necessary could have sufficient money in the bank in forty-eight hours to pay every depositor In full. None of our commercial accounts have been withdrawn, the nervousness being confined entirely to the savings depositors."


Article from Vilas County News, March 3, 1902

Click image to open full size in new tab

Article Text

DOMESTIC. Secretary Long will resign this year. Justice Gray suffered a stroke of paralysis. Leo XIII. began his twenty-fifth year as pope. Paul Kruger, of Chicago, whose stomach was removed last April, is dead. Alaska Indians buried alive a boy who had been converted to Christianity. Josie Grimley, 16 and pretty, left her Jersey City home to become an actress. Theodore Roosevelt Jr. arrived in Washington from Groton, Mass., much improved. Miss Beatrice Goelet, of New York, although under 17, left an estate exceeding $1,000,000. Three trainmen were killed in a Northwestern freight collision near Summit Lake, Wis. The trustees of Wooster university raised $140,000 and thereby secured a $100,000 Carnegie gift. Justice Cochrane, in the New York supreme court, held it is no slander to say a man cheats at cards. A run on the Dime Savings bank at Detroit was caused by a groundless rumor that it had failed. The United States Brewers' association will hold its annual meeting in Saratoga June 10, 11 and 12. At Crystal Falls, Mich., the jury in the Bennett manslaughter case brought in a verdict of acquittal. Dave Sullivan knocked out by Terry McGovern at Louisville after fifteen rounds of plucky fighting. The British naval estimates for the present year provide for an expenditure of $75,000,000 for new warships. Clyde Blair, a Chicago university freshman, set a new world's record of four seconds in the thirty-five yard dash. The Iowa senate passed a bill debarring murderers from inheriting the property of relatives killed by them. Rollin Houdyshell of Ottumwa, Iowa, is dead as the result of a gunshot wound received in a lodging-house. Marconi says messages can now be sent secretly by his system. He will soon attempt to send words across the ocean. Richard Gilliam of Mount Vernon, Ill., was waylaid by three boys and killed while on his way home from church. Sixty-four were killed and wounded in a battle between Turkish troops and Albanians on the Montenegrin frontier. In New York Judge Foster ignored the "unwritten law" and sentenced a woman acid-thrower to the penitentiary. Miss Alice, daughter of Levi P. Morton, was married to Winthrop Rutherfurd, Peter Stuyvesant's descendant. Senator Mason will try to secure a favorable report on a bill providing for letter carriers in towns of 5,000 population. The vicinity of Joplin, Mo., experienced the heaviest snow storm in years. Over six inches of snow fell in 12 hours. Maxwell of Englewood high school made new state interscholastic record of 44 feet 7ยฝ inches with a twelve-pound shot. Squads of minute men have been ordered to Wetumka, Oklahoma, to protect the town from the crazy Snake Indians. H. H. Matheson, cashier of a Great Falls (Mont.) bank, who confessed to embezzling $75,000, seems to have taken $178,000. Five students of Wabash college were arrested for rioting. Cayenne pepper was thrown in the eyes of freshmen in a class fight. E. H. Kirkham, aged 70 years, proprietor of a general store in Coal-gate, I. T., and wealthy, committed suicide in Kansas City, Mo. The situation in Barcelona riots is far from assuring to the government and the work of Don Carlos and of the anarchists is suspected. Paris is enthusiastically celebrating the Victor Hugo centennial by publishing every possible scrap of information about the great author. A dozen students of Princetin uni-