Society For Savings - Hartford, CT

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: October 1, 1907*
Location: Hartford, Connecticut (41.764, -72.685)

Metadata

Model: gpt-5-mini
Short Digest: 1ea90613

Response Measures

Accommodated withdrawals

Description

Article (Dec 27, 1907) describes heavy withdrawals from October through December during the broader money crisis; the bank limited cash withdrawals to $100 and paid balances by check but remained open and able to pay, so this is a run without suspension.

Events (1)

1. October 1, 1907* Run

Cause: Macro News
Cause Details: Withdrawals began with the money crisis starting in October 1907; foreign laborers also withdrew deposits and left the country.
Measures: Limited cash withdrawals to $100; paid remaining amounts by check.
Newspaper Excerpt: withdrawal without notice since the beof financial troubles in the in October. ... When currency was tightest the bank fixed the limit at $100, paying the balance of the withdrawal by check.
Source: newspapers

Newspaper Articles (1)

1. December 28, 1907 The Morning Journal-Courier New Haven, CT

Article from The Morning Journal-Courier, December 28, 1907

Click image to open full size in new tab

Article Text

BANK CONTROL artford Institutions of ngs Ride Easily Over the Money Crisis. FOREIGN LABORERS ve Withdrawn Their Deposits Left the Country With Them for Home. al to the Journal-Courie:, d, Dec. 27.-The doors of gs banks in Hartford have of daily for the withdrawal without notice since the beof financial troubles in the in October. Back in October retary-treasurer of the Society ngs, A. Elijah Hart, was askBridgeport Savings banks to the enforcement of the ninety ice, that can be required of rs. Treasurer Hart took the that enforcement of the rule determined by local circumeach savings bank deciding elf. He declined to attend a ag of savings bank men in report to consider the course to ken. ae Society for Savings had assets regating $32,350,476 on the first of ne this year. The number of desitors was 63,886. It is the largest ings bank in the State and the st wavering in regard to its course uld have been disastrous from one I of the State to the other. From first of June until the first of Denber the withdrawals by depositors jounted to $3,000,000 in round numrs. The deposits during the same period reached a total of $2,000,000. This leaves the bank shy of $1,000,amount six months. at all times to pay when the money 000 been its positors, for of ready the the normal The of bank has its depos- been has de- the asked for. When currency was tightest the bank fixed the limit at $100, paying the balance of the withdrawal by check. The officers and trustees for the Society of Savings comprise some of the ablest business men and financiers in Hartford. The secretary-treasurer, Mr. Hart had his training under Judge Zalmon A. Storrs, and was Judge Storr's successor. Sidney W. Crofut, the assistant treasurer has held the office of bank commissioner. Jonathan B. Bruce, president of the institution. has held the presidency of the Phoenix Life Insurance company. President Fire President George the Mutual of pany, the trustees, National Insurance James L. Chase William Nichols com- Of of the Hartford and President B. Clark of the Aetna, Colonel William C. Skiner, Senator John R. Hills, Charles E. Gross, Lyman B. Brainerd, Sylvester C. Dunham and Charles P. in Cooley are distinguished figures business and finance in Hartford. The Mechanics Savings bank had and surplus It Is an Ereding deposits $6,700,000. April, 1907, institution exin which Hartford takes solid pride. Ward W. Jacobs is the secretary-treas-