Peoples Savings Institution

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: January 4, 1895
Location: North East, Pennsylvania (41.814, -77.076)

Metadata

Model: gpt-5-mini
Short Digest: d383ccb932962c22

Response Measures

None

Description

Article reports a run on the bank about a year earlier triggered by the failure of the Ridgeway Bank (local banks). On Jan 4, 1895 the People's Savings Institution made an assignment to E. A. Davis (receiver/assignee) and thus effectively closed; assignee states it will pay in full. Sequence: earlier run, then assignment/closure.

Events (2)

1. January 4, 1895 Receivership

Newspaper Excerpt: The People's Savings Institution of Northeast ... has made an assignment to E. A. Davis, the cashier. ... The assignee says that the People's Savings Bank will pay 100 cents on the dollar. (Evening Star, Jan 24, 1895, reporting assignment dated Jan 4.)
Source: newspapers

2. * Run

Cause: Local Banks
Cause Details: Run triggered by the failure of the Ridgeway Bank, in which a local officer (Alfred Short) was a stockholder.
Measures: Bank officers claim assets and the bank 'survived the shock' (no specific measures described).
Newspaper Excerpt: The failure of the Ridgeway Bank a year ago ... caused a run on the Northeast bank, but it survived the shock.
Source: newspapers

Newspaper Articles (1)

1. January 24, 1895 Evening Star Washington, DC

Article from Evening Star, January 24, 1895

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Article Text

WILL PAY IN FULL. Assignment of a Savings Bank at Northeast, Pa. ERIE, Pa., January 4.-The - People's Savings Institution of Northeast, a suburb cf Erie, has made an assignment to E. A. Davis, the cashier. The bank was incorporated twenty-five years ago, and its president was Sampson Short and its treasurer Alfred Short. The deposits are about $193,000 and other liabilities make a total of $359,000. The bank officers claim assets of half a million. The failure of the Ridgeway Bank a year ago, in which Alfred Short was a stockholder, caused a run on the Northeast bank, but it survived the shock. Sampson Short has announced that he will open a private bank on Monday. The assignee says that the People's Savings Bank will pay 100 cents on the dollar.