Dime Savings Bank - Waterbury, CT

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: November 2, 1898
Location: Waterbury, Connecticut (41.558, -73.051)

Metadata

Model: gpt-5-mini
Short Digest: 30463e95

Response Measures

Accommodated withdrawals

Description

Newspaper reports from Nov 4–5, 1898 describe a short run that began Wednesday and ended within a day or two, with depositors paid and many returning funds. Rumors of insolvency sparked withdrawals; the bank paid depositors in full and remained open.

Events (1)

1. November 2, 1898 Run

Cause: Rumor Or Misinformation
Cause Details: Rumors circulated that the Dime Savings Bank was on the verge of bankruptcy (panic tied to rumors about a neighboring Parsons banking house), prompting depositors to withdraw funds.
Measures: Bank paid depositors in full; many withdrawals were subsequently returned; police were used to keep order during the rush.
Newspaper Excerpt: The run on the Dime Savings Bank at Waterbury, Conn., that started, Wednesday, continued in a mild way...; The run on the Dime Savings Bank, which began shortly after 1 o'clock Wednesday afternoon, came to an end today.
Source: newspapers

Newspaper Articles (4)

1. November 4, 1898 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, November 4, 1898

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Article Text

NEWS NUGGETS. Brought by the Wires from North, East, South and West. Miss Florence Healey died, at her home, in Hampton Falls, N. H., Thursday, as a result of her clothing becoming ignited from the flames in the kitchen stove, Wednesday. Her age was 22 years. The run on the Dime Savings Bank at Waterbury, Conn., that started, Wednesday, continued in a mild way, Thursday. All depositors are being paid in full and it is stated that the bank will meet all obligations. The loss on Dunn & Wiseman's woolen mills at Pascoag, R. I., which were burned, at midnight, Tuesday, is estimated at $40,000. The plant consisted of a large woolen building 120x40 feet, a picker house, dye houes and boiler house, all of which were burned. The plant was owned by the Providence Stiles Co., and was valued at $25,000. The stock and machinery were valued at $15,000. The owners carried insurance. Adam Hammer, who shot nine men at the Rowell Manufacturing Co. shops, at Beaver Dam, Wis., denies all recollection of the affair. He said to his wife, who visited him in his cell, that he was very sorry such a thing should have happened, but he knew nothing of it. With the exception of J. E. Lyons, who was shot in the eye, no serious consequences have resulted. Wilbur Bennett, the man alleged to have quarrelled with Hammer, had been discharged from the Rowell company.

2. November 5, 1898 The Worcester Spy Worcester, MA

Article from The Worcester Spy, November 5, 1898

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Article Text

RUN IS OVER. Many Depositors Return Their Money to Dime Savings Bank at Waterbury. Waterbury, Ct., Nov. 4.-The run on the Dime Savings Bank, which began shortly after 1 o'clock Wednesday afternoon, came to an end today. During the run on the bank, 275 depositors withdrew the largest part of their deposits, and quite a number of those who were anxious to get their money out on Wednesday and Thursday, were equally anxious to get it back today. On Oct. 1 the number of depositors was 11,723, so that the number who withdrew their savings made a very small showing compared with the number of those whose money is retained by the bank. The amount withdrawn is conservatively estimated by the officials of the bank at $70,000. Of this, quite a large sum has been returned. The deposits today amounted to almost as much as the withdrawals, many of those who made deposits being men and women who withdrew on Wednesday and Thursday.

3. November 5, 1898 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, November 5, 1898

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Article Text

Waterbury. Ct.. Bank Run Ended. Waterbury, Conn., Nov. 4.-The run on the Dime Savings Bank. which began shoruy after 1 o'clock Wednesday afternoon, came to an end, today. During the run on the bank. 275 depositors withdrew the largest part of their deposits, and quite a number of these who were anxious to get their money out, Wednesday anu Thursday, were equally anxious to get it back, today.

4. May 2, 1902 Waterbury Democrat Waterbury, CT

Article from Waterbury Democrat, May 2, 1902

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Article Text

$16,693.68 This report was presented by Attorney Cole. Receiver H. S. Chase was put on the stand and examined as to the above after which the court accepted the report and ordered his decision be recorded by the clerk. This order of the court winds up the business of the G. S. Parsons banking house legally. Nothing now remains to be done but to distribute the balance on hand among the depositors and the bank is no more. On October 2, 1898, receivers were appointed by Judge Wheeler to take possession of the bank. Rumors began to spread about this time that the Dime bank, situated in the same building was on the verge of bankruptcy. There was a wild rush of depositors to get their money and a force of policemen were necessary to keep order around the doors of the bank. Those who were depositors in the Parsons bank have already received forty-two per cent of their money. Three per cent more will be added to this making in all forty-five per cent which depositors will receive of their full amount in the bank when the receivers took possession on October 2, 1898. The following cases were set down for hearing by the court next week: Tuesday, Elisha Leavenworth vs Martin P. Lawlor. Wednesday, The Eagle Lock company vs Carl O. Noak. Amon J. Scovill's appeal from probate was taken off the docket. The case of Gotfried Gerou against the Consolidated Railroad company is in process of settlement. The case of Brown against the city may be heard week after next. All of the cases in which Senator Kennedy is interested in went over until his return from the west.