Article Text
The Providence Savings Bank, R. L, suspended January 31. The Mercantile Savings Bank, Boston, Mass., suspended on the 5th.
19773. Providence Institution For Savings (Providence, RI)
Bank Information
- Episode Type
- Run Only
- Bank Type
- savings bank
- Start Date
- March 15, 1878
- Location
- Providence, Rhode Island (41.824, -71.413)
Metadata
- Model
- gpt-5-mini
- Short Digest
4dd7b5f0
Response Measures
None
Other: Some articles mention a separate 'Providence Savings Bank' suspension (Jan 31) which appears distinct from the Providence Institution for Savings discussed in the run reports.
Description
Articles (Feb–May 1878) describe a run on Providence savings banks. The Providence Institution for Savings is explicitly named (May 2) as a target of a run. A Jan 31 suspension reference names The Providence Savings Bank, which appears to be a different institution; no article says the Providence Institution for Savings suspended. Measures cited: banks undertook to wear out the run; Franklin required sixty-days' notice. Classified as run_only because the Institution was run on but no suspension or permanent closure is reported.
Events (2)
1.
March 15, 1878
Run
- Cause
- Local Banks
- Cause Details
- Run originated on Dime Savings Bank in Boston and extended to Providence savings banks; contagion from runs on other banks.
- Measures
- Banks 'undertook to wear out the run'; Franklin required sixty-days' notice.
- Newspaper Excerpt
- A heavy run began on the 15th on the Dime Savings bank, Boston, Mass., and extended to the Franklin Savings bank, the Providence Savings bank, and the Suffolk Savings bank.
- Source
- newspapers
2.
May 2, 1878
Run
- Cause
- Local Banks
- Cause Details
- Persistent impression (possibly due to runs elsewhere and fears of unsoundness) directed at major Providence savings banks including the Providence Institution for Savings.
- Measures
- Not specified for this institution in the articles; general comment that banks followed the usual custom of investing in mortgages.
- Newspaper Excerpt
- The old and wealthy city of Providence, R. I., is agitated at present by a run upon savings banks...the Mechanics' Savings Bank and the Providence Institution for Savings each hold over six millions of dollars, and against them the run has been chiefly directed.
- Source
- newspapers
Newspaper Articles (3)
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Article Text
The Newburyport, Mass., five cent savings bank suspended on the 14th. A heavy run began on the 15th on the Dime Savings bank, Boston, Mass., and extended to the FrankJin Savings bank, the Providence Savings bank, and the Suffolk Savings bank. The Franklin bank required sixty-days notice; the other banks undertook to wear out the run.
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Article Text
The old and wealthy city of Providence, R. I.. is agitated at present by a run upon savings banks. The Mechanics' Savings Bank and the Providence Institution for Savings each hold over six millions of dollars. and against them the run has been chiefly directed. It seems impossible to remove the impression that these institutions are unsound and ill managed. In accordance with the usual custom of New England savings banks, their deposits are largely invested in mortgages. Indeed. the high rate of interest paid to depositors has made it necessary for the banks to seek some other investment than United States bonds and other high-class securities bearing low interest. The result is that the Mechanics' Savings Bank has not less than $5,000,000 in mortgages. the foreclosure of which would cause widespread ruin and distress.