Multiple contemporaneous newspaper reports (Mar 12–13, 1903) describe a same-day run on the State Savings Bank in Butte caused by a false report/canard that John A. Creighton had withdrawn support. Wealthy citizens and the bank's backers rushed in large deposits (reports of $500,000 from Creighton and local deposits $5,000–$50,000), the panic subsided and the bank continued open. One article notes officials might invoke the 30-day notice law if the run continued, but it ended quickly. OCR tidied (e.g., 'canard'/'rumor' descriptions).
Events (1)
1.March 12, 1903Run
Cause
Rumor Or Misinformation
Cause Details
Malicious/false reports (canard) that John A. Creighton and other backers had withdrawn support; widely reported as unfounded and later denied by bank officers.
Measures
Payments made on presentation; wealthy backers and local businessmen deposited large sums (reports of $500,000 from Creighton and local deposits $5,000–$50,000) to stem the run; offers of outside assistance.
Newspaper Excerpt
Run Caused by Rumor to Effect that Directors Had Withdrawn. ... inflamed by the false reports ... a run was started this morning on that institution.
Source
newspapers
Newspaper Articles (11)
1.March 12, 1903The Butte Inter MountainButte, MT
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Run Caused by Rumor to Effect that Directors Had Withdrawn. SOUND AS A DOLLAR Moneyed Men Show Confidence in Institution by Depositing. Inflamed by the false reports which have been set afloat for several days to the effect that the Largey estate and John A. Creighton had withdrawn from the State Savings bank, a run was started this morning on that institution. Before the doors were opened this morning a number of the small depositors, men and women, had assembled in front of the bank at the corner of Park and Main. With the beginning of the banking day they rushed in and pressed and crowded about the counter, all demanding their money. For a time they were wildly excited. Then, finding that there was absolutely no cause for the panic, their excitement subsided. Nevertheless, crowds swarmed about the bank and within it all day.
2.March 12, 1903The Spokane PressSpokane, WA
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START RUN ON BUTTE STATE SAVINGS BANK Said to Have Begun Through Malicious Rumor Having Origin in Politics---Payments Are Being Made. BUTTE, Mont., March 12.-A run bank officials say they will have to take refuge in the 30-day notice law was started on the Slate Savings bank if the run continues. this morning and a panic exists It is supposed to have started from among the depositors of the bank. malicious rumors, having their origin The street is crowded with excited in politics, the report being that the people. bank was such a heavy backer of Payments are being made on checks Heinze in his recent war that it is fast as presented, although the heavily embarrassed,
3.March 13, 1903The Butte Inter MountainButte, MT
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ALL TROUBLE IS OVER Run on State Savings Bank Is Very Quickly Ended. MANY OFFERS OFHELP Bankers in New York and Omaha Ready With Money. WIRE TO BUTTE MEN No Sign of Yesterday's Flurry Was in Sight Today. J. O. Hodgens, assistant cashier of the State Savings bank and now in charge of that institution, and Judge G. W. Stapleton, vice-president of the bank, made the following statement this morning: "Please publish in the Inter Mountain this evening our unqualified denial of the rumors that have been afloat that the Amalgamated Copper company or any of its interests had anything to do with starting the run on our bank. These stories are among those put in circulation by some designing or irresponsible persons, and no doubt had their effect in frightening depositors. So far from these stories being true, we have every reason to know that they are baseless fabrications. The officers and the institutions allied with the Amalgamated Copper company were the first to tender their services. The action of Mr. HennesSV of Mr. Ryan, of Mr. Wood, of Mr. Carroll and others is ample evidence that their desire was to protect and help rather than injure us. In this connection we want to testify our appreciation of the splendid manner in which the financial and commercial interests of Butte have stood by us. It was a remarkable exhibition of friendliness and one which we appreciate fully."
4.March 13, 1903The Kalispell BeeKalispell, MT
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Run is Made Upon the State Savings Bank at Butte Yesterday. THE INSTITUTION WAS IN PERIL All Day, But the Backers of the Concern Made Themselves Busy Rustling New Depositors and Finally Succeeded in Stemming the Tide. Butte, March 12.-On account of depositors withdrew their funds, rumors said to have been absolutely many others made new and large deunfounded. a run was started on the posits, and many business men, to State Savings bank in Butte yestershow their thorough confidence in day morning. and was continued unthe institution and its stability. til the bank closed for the day at 3 placed thousands and thousands of o'clock in the afternoon. After that dollars with the bank while the run hour it seemed to have about spent was in progress. When the bank itself, and the bank was reported by closed for the day. an official anits managers to be in quite as good nouncement was made that it would condition as it was in the morning open as usual at 10 o'clock this mornwhen the run started. While many ing, ready to meet all demands on it.
5.March 13, 1903Daily New DominionMorgantown, WV
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Business Men Stop Run on Bank. Butte, Mont., March 13.-A run on the State Savings bank caused no little sensation in financial circles. The run was caused by a report to the effect that John A. Creighton, an Omaha millionaire, president of the bank, had withdrawn his support. He is said to have sent a half million dollars to the bank. In addition, local men of wealth rushed in deposits of from $5,000 to $50,000, and at this the excitement subsided. The bank is one of the strongest in the state.
6.March 13, 1903Evening StarWashington, DC
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A run on the State Savings Bank at Butte, Mont., was stopped by wealthy citizens coming to the rescue with heavy deposits.
7.March 13, 1903Evening JournalWilmington, DE
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Run On Montana Bank. Butte, Mont., March 13.-A run on the State Savings Bank yesterday caused no little sensation in financial circles. The run was caused by a report to the effect that John A. Creighton, an Omaha millionaire, president of the bank, had withdrawn his support. He is said to have sent $500,000 to the bank. In addition, local men of wealth rushed in deposits of from $5,000 to $50,000, and at this the excitement subsided.
8.March 13, 1903The Salt Lake HeraldSalt Lake City, UT
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HEAVY RUN ON BUTTE SAVINGS INSTITUTION Butte, Mont., March 12.-A run on the State Savings bank today caused no little sensation in financial circles. A number of prominent men have come to the aid of the institution and it is out of danger. The run was caused by a canard to the effect that John A. Creighton, the Omaha millionaire, who is president of the bank, had withdrawn his support. He is said to have sent $500,000 to the bank. In addition, local men of wealth rushed in deposits of from $5,000 to $50,000, and at this the excitement subsided.
9.March 14, 1903The Denison ReviewDenison, Dow City, IA
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Canard Causes Run on Butte Bank. Butte, Mont., March 13.-A run on the State Savings bank caused no little sensation in financial circles. The run was caused by a canard, to the effect that John A. Creighton, the Omaha millionaire, who is president of the bank, had withdrawn his support. He is said to have sent $500,000 to the bank. In addition, local men of wealth rushed in deposits of from $5,000 to $50,000, and the excitement subsided. The bank is one of the wealthiest in the state. Eight Killed in Florida Battle. Norwalk, Fla., March 13.-Assessor Bullard of McMeekin reports a deshatmoon the hands Orange Springs, in which eight men were killed and a large number wounded. A contention arose about a matter of little importance between some of the negro-laborers of Meggs' camp and those of Law's camp. This aroused the frue of the entire crowd and preciritated a fight, which ended in a general battle,
10.March 14, 1903The News & ObserverRaleigh, NC
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Run on a Bank at Butte. I (By the Associated Press.) Butte, Mon., March 12.-A run on the State Savings Bank today caused no little sensation in financial circles. The run was caused by a report to the effect that John A. Creighton, an Omaha millionaire, president of the bank, had withdrawn his support. He is said to have sent a half million dollars to the bank. In addition, local men of wealth rushed in deposits of from $5,000 to $50,000 and at this excitement subsided. The bank is one of the strongest in the State.
A CANARD RESPONSIBLE. Run on Butte Bank Does Not Injure It Much. Butte, Mont. March 12-A run on the State Savings bank today caused no litthe sensation in financial circles. The run was caused by 8 canard to the effect that John A Crighton. the Omaha millionaire, who is president of the bank, had had withdrawn his support. He is said to have sent half a million dollars to the bank. In addition. local men of wealth rushed in deposits of from $5,000 to $50,000 and at this excitement subsided. The bank is one of the wealthiest in the state.
