Articles report a rumor-driven run that was contained by prompt payments and public reassurance.
Events (1)
1.February 24, 1902Run
Cause
Rumor Or Misinformation
Cause Details
False/ circulating report that the bank held considerable of C.F. (F.C.) Andrews' paper; described as a false rumor in later reports.
Random Run
Yes
Random Run Snippet
false rumor that bank held considerable of Andrews' paper; proved false
Measures
Paid depositors as fast as possible; bank stayed open (held open until midnight if necessary); public reassurance (Bishop Foley advised depositors).
Newspaper Excerpt
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.
Source
newspapers
Newspaper Articles (9)
1.February 24, 1902The Butte Inter MountainButte, MT
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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.
2.February 24, 1902Evening Times-RepublicanMarshalltown, IA
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Article Text
RUN ON A BANK. Dime Savings Bank Depositors at Dea troit Become Alarmed. Detroit, Feb. 24.-A run was started today on the Dime Savings Bank. The report became circulated that the institution held considerable T. W. Andrews paper and a run was started on the strength of this. The depositors are being paid as fast as possible. President Livingstone says the bank will be held open until midnight, if necessary, in order to pay all depositors who wish to withdraw their accounts.
3.February 24, 1902Rock Island ArgusRock Island, IL
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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.
4.February 25, 1902Evening Times-RepublicanMarshalltown, IA
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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.
5.February 25, 1902Ottumwa Semi-Weekly CourierOttumwa, IA
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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.
6.February 26, 1902Rock Island ArgusRock Island, IL
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Article Text
Run Ends on the Detroit Bank. Detroit. Feb. 26.-The run on the Dime Savings bank was resumed when the bank opened for business, but the line of waiting depositors gradually dwindled down during the morning, and was broken at 2 p. m. There was no resumption of the run at the Jefferson Avenue branch,
7.February 26, 1902Bryan Morning EagleBryan, TX
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Run on Savings Bank. Detroit, Feb. 25.-A run was started Monday on the Dime Savings bank of this city, a report becoming circulated in the vicinity of the bank's Jefferson avenue branch that the institution had considerable of F. C. Andrews' paper. President Livingston says the bank will pay every depositor as fast as the money can be counted out.
8.February 28, 1902The Stark County DemocratCanton, OH
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RUN ON THE BANK. People Waiting in Line. (News-Democrat Leased Wire Service.) Detroit, Feb. 25.-The run on the Dime savings bank continued all this morning. About 300 people were in line. The bank is apparently in good condition. The officers say the bank has $700,000 in cash.
9.March 22, 1902The Intermountain CatholicSalt Lake City, Denver, UT
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Article Text
Bishop Saved Bank. Bishop Foley of Detroit has just saved a bank from suspending. The Dime bank of that city had paid out over $100,000, owing to a false rumor, and the storm increased. At noon yesterday Bishop Foley of the Catholic church appeared at the bank and advised the depositors to retire and leave their money, saying it was perfectly safe. Then the alarmed depositors departed.
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.