gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2a5ea4d5403684d4
Response Measures
None
Description
Articles describe a precautionary suspension of specie payments by New York, Chicago and Boston national banks in early August 1914.
Events (3)
1.April 6, 1865Chartered
Source
historical_nic
2.August 3, 1914Suspension
Cause
Macro News
Cause Details
Collective suspension of specie payments by major city national banks to conserve gold amid international financial strain (early WWI); clearing house certificates issued and 60-day notice on time deposits.
Newspaper Excerpt
In order to conserve the American supply of gold and to maintain the credit of the national banks of New York, Chicago and Boston Monday decided to suspend the payment of specie and issue clearing house certificates instead.
MEASURES TAKEN TO CONSERFE READY CASH This Action Believed Best In Order to Assure Stability of Business. In order to conserve the American supply of gold and to maintain the credit of the national banks of New York, Chicago and Boston Monday decided to suspend the payment of specie and issue clearing house certificates instead. Other cities throughout the country are expected to follow the lead of these big financial centers. Depositors also will be required to give 60 days notice to banks before withdrawing funds on time deposit. The situation is not regarded as grave by any means and reassuring statements have been issued in every quarter. The measures being taken are purely of a precautionary nature.
2.August 6, 1914The Tabor IndependentTabor, SD
Click image to open full size in new tab
Article Text
MEASURES TAKEN TO CONSERFE READY CASH This Action Believed Best In Order to Assure Stability of Business. In order to conserve the American supply of gold and to maintain the credit of the national banks of New York, Chicago and Boston Monday decided to suspend the payment of specie and issue clearing house certificates instead. Other cities throughout the country are expected to follow the lead of these big financial centers. DeposItors also will be required to give 60 days notice to banks before withdrawing funds on time deposit. The situation is not regarded as grave by any means and reassuring statements have been issued in every quarter. The measures being taken are purely of a precautionary nature.
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.
