19048. First Penny Savings Bank (Philadelphia, PA)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
May 20, 1931
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
c200745c

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health

Description

Newspaper reports (May 20–22, 1931) describe a run on the First Penny Savings Bank caused by unjustified rumors. The Philadelphia Clearing House pledged/advanced $15,000,000 to meet withdrawals and halted the run; there is no mention of suspension, receivership, or permanent closure. OCR errors in articles corrected (e.g., fragmented sentences).

Events (1)
1. May 20, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Withdrawals resulted from 'unjustified rumors' about the bank's condition, according to clearing house statement.
Measures
Philadelphia Clearing House set aside/advanced $15,000,000 and other financial institutions pledged unlimited funds to meet withdrawals, halting the run.
Newspaper Excerpt
run on First Penny Savings Bank ... brought forth statement from Joseph Wayne, president of the Philadelphia clearing house, that the clearing house committee ranged advance funds ... to meet the present unusual demands.
Source
newspapers

Newspaper Articles (4)
1. May 21, 1931 The Patriot-News Harrisburg, PA
Article from The Patriot-News, May 21, 1931

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Article Text

ADVANCE 15 MILLIONS TO HALT RUN ON BANK Philadelphia May 20 PhilHouse announced to. day has as an First Penny ings Bank sual and The has two branch statement from the Clearing House unwarranted and the meet the Both the Clearing and declared it is in LANCASTER LIVESTOCK beef slaughter 1300 550 and and and 800 good choice 160 and 220 and and 275 good. 500 New and September York and quoted: Dull: yellow No. 3 No. Poultry Live Poultry Steady Steady white extras brown hennery fresh fresh Coast wholesale 100 pounds milk within mil LOCAL PRODUCE MARKETS in 1929 quart in green. 15@ country. dozen glass 100 but quitting bushel and bulk 1300 and pound and and bulk pan beef pound Poultry dressed. Fish Butter pound pound

2. May 21, 1931 Press of Atlantic City Atlantic City, NJ
Article from Press of Atlantic City, May 21, 1931

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Article Text

Meet Savings Bank In Phila. Clearing House Board Sets Aside $15,000,000 to Cope Emergency PHILADELPHIA May run on First Penny Savings Bank, of this city. today. brought forth statement from Joseph Wayne, president of the Philadelphia clearing house. that the clearing house committee ranged advance funds bank the extent meet the present unusual opinion the clearing house committee." statement present among depositors the First Bank not justified and the arrangement than sufficient meet the presnt situa- Fire Phila. Leading Opera Warehouse Sergeant Aloise Cifelli. of Roxborough police liquor the Philadelphia Grand Opera 1205 March summarily dismissed today by the Civil Service commission Charles member special raiding unit. who signed which seizure warrant issued the direction Cifelli, Sergeant Cifelli criticised commisduring the hearing departsince agents expect police their president the Civil Service commission during the hearing Resumes Control Philadelphia Polities Tonight What regarded political circles William return Philadelphia political Penn Athletic Club night when dinner Magistrate Thomas Connor which already accepted. Senator James Davis listed speaker with State Senator Frank Pittsburgh Hazlett. chairman of the City Committee and Recorder Deeds, will preside. and Edwin Cox, president council, expected deliver address Mr. Vare "the Philadelphia leader champion the Up-state politicians expected speak. Elect Ward Committee Heads Philadelphia, June Recorder Deeds James Hazchairman the republican city committee announced today the annual elections held Monday, June days later the ward gather the Committee and Chestnut streets, to elect officers According Hazlett. harmony in the ranks will the elections and result city they the place the who during the last End Court Fight Over The battle will Mrs. Margaret president Turner and ended today. Relatives had grounds that Roland official comhad influenced her in writing Lawrinson agreed interests neices and nephews the

3. May 21, 1931 Press of Atlantic City Atlantic City, NJ
Article from Press of Atlantic City, May 21, 1931

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Article Text

Penny Savings Clearing House Board Sets Aside to Cope With Emergency PHILADELPHIA, May run on the First Penny Savings Bank, city, today, brought forth statement from Joseph Wayne, president of the delphia clearing house, that the clearing house committee ranged advance funds the bank the extent of to meet the present unusual mands. the opinion of the clearing house the statement present among the the First Penny ings Bank not justified and the will more than sufficient to meet the present situation." Fire Phila Leading Opera Aloise Cifelli, the police the raid liquor the Grand Opera Fourth March dismissed today the Civil Service Charles member special raiding who signed the and seizure issued direction of Cifelli, Sergeant Cifelli and the sion the the depart. 1925 the their Kreider the commission said during the hearing Vare Resumes Control Politics What political William political pace Penn night dinner given Magistrate Connor which 2000 already been Senator James listed speaker State Frank of Pittsburgh James chairman the Republican Committee and Recorder Deeds preside, Edwin Cox, president council, expected deliver address designating Vare Philadelphia leader champion Up-state politicians also expected speak. Elect Ward Committee Heads Philadelphia, June Recorder Deeds James Hazthe republican committee announced today the annual elections will held Monday, June Two days the will gather Committee and Chestnut streets, to elect officers. According to "the harmony the ranks will the elections and the city died during the year End Court Fight Over the of Mrs. Margaret president ended today had the grounds Roland official influenced her in writing Lawrinson agreed today to and nephews

4. May 22, 1931 The Evening News Harrisburg, PA
Article from The Evening News, May 22, 1931

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Article Text

Run on Bank Halted When Aid Is Pledged Service May 22. Practically all vestiges of on the First Penny Savings Bank had here today four fund societies their pledge of unlimited funds to the advance of cash ready made by the Philadelphia Clearing House Association to halt withdrawals which officials said resulted from unjustified rumors. The manner in which the other financial institutions the quickly to the aid the bank, affirming soundness funds was believed stemmed the