gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1d1bdd7f87846c6f
Response Measures
None
Events (1)
1.January 2, 1902Run
Cause
Bank Specific Adverse Info
Cause Details
Run triggered by announcement of financial embarrassment of Everett and Moore, who were directors of the bank.
Measures
Bank required sixty days' notice for withdrawals (invoked passbook rule).
Newspaper Excerpt
A run was started on the Dime Savings and Banking Company ... the run was started yesterday afternoon as the result of an announcement of the financial troubles of Everett and Moore, directors of the institution.
Source
newspapers
Newspaper Articles (11)
1.January 3, 1902Santa Fe New MexicanSanta Fe., Santa Fe, NM
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Article Text
A RUN s ON A CLEVELAND BANK The Depositors Are Told That They Must Give Sixty Days' Notice Before They Can Withdraw Their Funds. THE RUN WAS STARTED BY A RUMOR ABOUT TWO DIRECTORS Cleveland, O., Jan. 3.-When the Dime Savings and Banking Company opened today a big crowd was in waiting to draw out deposits. They were informed that a notice of sixty days from each depositor of the amount to be withdrawn would be required. The run was started yesterday afternoon as the result of an announcement of the financial troubles of Everett and Moore, directors of the institution.
2.January 3, 1902The Montgomery AdvertiserMontgomery, AL
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Article Text
Run on a Bank Cleveland, O., Jan. 2.-As the result of the financial embarrassment of the Everett-Moore syndicate a run was started on the Dime Savings and Banking Company of which Messrs. Everett and Moore are directors, late this afternoon. All demands were promptly met and President Watterson said the bank had ample funds on hand to pay all depositors who desired their "money. Th K institution is one of the city depositories. When its last report was issued in October the bank's total resources were placed at $5,762,007. including a surplus fund of $335.000.
3.January 3, 1902The Denison ReviewDenison, Dow City, IA
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Article Text
BIG COMPANY IN STRAITS Everett-Moore Syndicate Financially Embarrassed. CONTROLLED $130,000,000 CAPITAL Concern Operates Electric Railways and Telephone Lines in Ohio and Michigan-Depositors Make Run on Dime Savings Bank. Cleveland, Jan. 3.-The financial affairs of the Everett-Moore syndicate, owning or controlling a number of urban and interurban electric railways and an extensive system of local and long distance telephone lines in Ohio and Michigan, passed into the control of a committee composed of seven prominent bankers of this city yesterday. This action was taken, it is stated, as a result of temporary financial embarrassment on the part of the syndicate, which has for some time past been affected by the stringency in the money market. The aggregate capitalization of all the various properties owned and controlled by the syndicate is said to be about $130,000,000. As a result of the announcement of the financial embarrassment of the Everett-Moore syndicate a run was started on the Dime Savings and Banking company, of which Messrs. Everett and Moore are directors, late yesterday. All demands were promptly met.
4.January 3, 1902The News & ObserverRaleigh, NC
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Article Text
Run on Dime Savings Bank. (By the Associated Press.) Cleveland, Jan. 2.-As a result of the announcement o fthe financial embarrassment of the Everett-Moore Syndicate, a run was started on the Dime Savings and Banking Company, of which Messrs. Everett and Moore are directors, late this afternoon. All demands were promptly met and President Wattersen said the bank had ample funds on hand to pay all depositors who desired their money. The institution is one of the city depositories. When its last report was issued in October, the bank's total resources were placed at $5,762,007, including a surplus fund of $335,000.
5.January 3, 1902The Wilmington Daily RepublicanWilmington, DE
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Article Text
Run on a Cleveland Bank. CLEVELAND O., Jan. 3.-As a result of the announcement of the financlal embarrassment of the EverettMoore syndicate a run was started on the Dime Savings and Banking company. of which Messrs. Everett and Moore are directors. All demands were promptly met, and President Watterson said the bank had ample funds on hand to pay all depositors who destred their money. The institution is one of the city depositories. When its last report was issued in October. the bank's total resources were placed at $5,762,007. including a surplus fund of $335,000.
6.January 3, 1902Waterbury DemocratWaterbury, CT
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Article Text
STOPPED RUN ON BANK. Directors Required That Sixty Days Notice Be Given. Run Was Caused on This Cleveland Bank by the Financial Difficulties of Two Members of the Board of Directors-Bank Officials Say They Have Money Enough to Meet All Demands but Will Insist Upon the Sixty Days' Notice Being Given. Cleveland, O., Jan 3.-When the doors of the Dime Savings and Banking company were opened to-day a big crowd of depositors were in waiting to draw out deposits. Each person was nanded a printed slip by the tellers, bearing the following notice: "In order to best serve the interests of all depositors, the directors have instructed the officers to require a notice of sixty days from each depositor of the amount to be withdrawn. This action is in accordance with the rule printed in all savings passbooks. The assets of this bank are more than sufficient to pay all liabilities and leave the stock of the bank intact. By order of the board of directors, The Dime Savings and Banking Company. M. G. WATTERSON, President, F. H. TOWNSEND, Treasurer." A run was started on the bank yesterday afternoon as a result of an, announcement of the financial troubles of Messrs Everett and Moore, who are members of the board of directors of the institution.
FINANCIAL DISTRESS. BIG Firm Forced to Easlevel Cleveland, 0., Jan. 2-The financial effairs of the Everett-Moore syndicate, owning or controlling & number of urban and Interurban electric railways and an extensive system of local long distance telephone lines in Ohio and Michigan passed into the control of a committee composed of seven prominent bankers of this city Thursday. This action was taken, it is stated, as the result of temporary financlal embarrassment on the part of the syndicate which has for some time past been affected by the stringency of the money market. The committee chosen is at work investigating the affairs of the syndicate and express the firm belief that the concern is entirely solvent and that its embarassment will be only temporary. The Everett-Moore syndicate is accredited with controlling more than 1200 miles of electric railroad lines in Ohio and Michigan, with many new extensions still in course of construction. The aggregate capitalization of all the various properties owned or eontrolled by the syndicate, is said to be about $130,000,000. Expert accountants have been employed by the committee in charge to examine and report upon the condition of all constituent companies. No statement indicating the liabilities has yet been given out. As a result of the announcement of the financial embarrassment of the Everett-Moore syndicate a run was started on the Dime Savings and Banking company, of which Messrs. Everett and Moore are directors. All demands were promptly met and President Watterson said the bank had ample funds on hand to pay all depositors who desired their money.
8.January 3, 1902Richmond Daily PalladiumRichmond, IN
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Article Text
Heating stoves at reduced prices at Jones Hardware Cr. Run on Savings Bank Stopped. Cleveland. O., Jan. 3.-The run on the Dime Savings and Banking company started yesterday and caused the embarrassment of the EverettMoore syndicate was checked today by the bank taking advantage of the provision that sixty days notice of withdrawal must be given the directors. They state that the assets are more than sufficient to pay all liabilities and leave the stock intact. Heating stoves at reduced prices at Jones Hardware Co.
9.January 4, 1902The TimesRichmond, VA
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Article Text
Run on Bank. CLEVELAND, O., January 3:-The officers and others interested in the Dime Savings and Banking Company, have authorized the following statement regarding the run on that institution growing out of the fact that members of the Everett-Moore syndicate are isterested in the management of the bank: "There is no questic as to the soundness of the bank and that every depositor will be paid. The bank carries abundant securities for all deposits, and if unusual demand is made the bank will enforce the rule requiring sixty days' notice."
WILL TAKE THE LIMIT. A Savings Bank in Cleveland Served Notice to Depositors to That Effect. Cleveland, Ohio, January 3.-When the doors of the Dime Savings and Banking company were opened today a blg crowd of depositors were in waiting to draw out deposits. Each person was handed a printed slip by the tellers bearing the following notice: "In order to best serve the Interests of all depositors. the directors have instructed the officers to require a notice of sixty days from each depesitor of the amount to be withdrawn. This action is in accordance with the printed information in all savings passbooks. The assets of this bank are more than sufficient to pay all liabilities and leave the stock of the bank intact. By order of the board of directors. "The Dime Savings and Banking Company: M. G. Watterson, President: F. G. Townsend. Treasurer." A run was started on the bank yesterday afternoon as a result of the announcement of the financial troubles of Messrs. Everett and Moore, who are members of the board of directors of the institution. Shortly after noon the crowd around the bank entrance gradually melted away, and the excitement came to an end. Cleveland, Ohio, January 3.-H. P. Newcom. chairman of the committee of bankers chosen to take charge of the financial affairs of the Everett-Moore syndicate, stated today that telegrams were being reeelved from many out-of-town creditors approving the steps taken. and agreeing to the proposition to give an extension of eighteen months to the paper on the syndicate. He added that the committee felt confident that the affairs of the syndiente would be speedity placed on a solid financial basis, and that the various constituent properties would not suffer in the least.
When discovered by the police the husband and four other children were found crouched on the floor. The baby was sent to a hospital and the children are now being cared for by the children's society. Chicago, Jan. 3.-The Crane company has distributed among its employees the sum of $125,000 as a Christmas gift in recognition of the service rendered the firm during the prosperous year enjoyed by the company just closed. Every person in the employ of the company from office boys to the treasurer-3,500 men and women in all-received a sum equivalent to five per cent of the money each has earned in 1901. No limit was put on length of service, men only a month at work got five per cent of that month's wages. Rochester, N. Y., Jan. 3.-A message from Medina says a passenger train and freight train came together head on at 8:15 this morning on the New York Central. Both engines were smashed. The wreck caught fire and the trains are now burning. The fire communicated to the depot which was burned. Two persons were injured. Cleveland, Ohio, Jan. 3.-Fearing the Dime Savings Bank of this city was involved in the Everett-Moore syndicate trouble, a run was started on the bank. Four hundred people were at its doors at nine o'clock. The bank gave notice that everybody would be paid, but that it would take advantage of the sixty days' law.
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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Dime Savings & Banking Company · UID 9267202791225
