21954. Quarry Savings Bank & Trust Company (Barre, VT)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: trust company
Start Date: July 19, 1921
Location: Barre, Vermont (44.197, -72.502)

Metadata

Model: gpt-5-mini
Short Digest: 220e0880

Response Measures

Partial suspension, Books examined

Other: Bank and other local banks publicly reassured depositors; $1,000 reward offered to find rumor originators.

Description

A rumor started (reports traceable to persons in an ice-cream parlor) triggered a run July 18–19, 1921. Bank paid out about $25,000 and then invoked the 60-day notice provision for savings withdrawals to halt further immediate payments. Other banks, the municipality, and the state bank commissioner publicly affirmed the bank's solvency and business resumed by July 20–21. Classified as run → invocation of 60-day suspension → reopening.

Events (3)

1. July 19, 1921 Run

Cause: Rumor Or Misinformation
Cause Details: A baseless rumor (traced to persons in an ice-cream parlor) circulated and prompted depositors to demand withdrawals.
Measures: Paid out approximately $25,000 in currency to depositors; invoked the 60-day notice provision for savings withdrawals to stop immediate payouts.
Newspaper Excerpt: some of the depositors of the Quarry Savings Bank & Trust Co. ... applied at the bank last night for withdrawal of their funds; and their actions had alarmed other depositors ... when the bank opened for business at 9 o'clock this morning there was a considerable line of depositors waiting their turn.
Source: newspapers

2. July 19, 1921 Suspension

Cause: Rumor Or Misinformation
Cause Details: Bank officials invoked the statutory 60-day notice for savings withdrawals to halt a run sparked by an unfounded rumor.
Newspaper Excerpt: the Quarry bank ... decided that ... it was better to invoke 60-day clause by which 60 days precede notification into effect at 10 o'clock ... and does not apply to commercial accounts.
Source: newspapers

3. July 20, 1921 Reopening

Newspaper Excerpt: Business was being carried on at the bank to-day, and many deposits were being made both in the savings and commercial departments; only one application for withdrawal under the 60-day clause had been made during the morning banking hours. Many who withdrew redeposited yesterday.
Source: newspapers

Newspaper Articles (8)

1. July 19, 1921 The Barre Daily Times Barre, VT

Article from The Barre Daily Times, July 19, 1921

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Confidence Generally Expressed in Quarry Savings Bank BASELESS RUMOR STARTED RUN To Protect All erests Bank Invoked be 60Cline Day Apparently actu by a story, which has since run down and found to be with foundation, some of the depositors of the Quarry Savings Bank & Trust Co. in the Howland block applied at the bank last night for withdrawal of their funds; and their actions had alarmed other depositors 60 much that when the bank opened for business at 9 o'clock this morning there was a considerable line of depositors waiting their turn. However, as the banking day wore on, a calmer attitude was was the disstrengthened taken by by the depositors firm confidence which played in the bank's stability by all the business and banking circles of the city. The story, which started the run, was an unfortunate and ill-advised reof a rumor no in fact. whatever peating This that story had has basis been traced out and laid bare as entirely false. Nevertheless, the Quarry bank, after out to decided that was depositore, paying approximately it $25,000 better to the renotice of desire to to actual payment quires invoke 60-day clause by withdraw which 60 days. precede notification into effect at This went 10 o'clock and does not apply to commercial accounts. In the meantime other business inof the unrelated to the had taken alterests bank in question city public steps to lay fears which the might have to the stability Absolute confidence was in any as of expressed bank the is bank. all that the Quarry enand the other went so far as out tirely the circles solvent, to two put banks a of statement, city expressing that belief. The statement is as follows: the and "We, Granite Peoples Savings National Bank & Trust bank the Co. of wish to assure depositors Savings Co. believe in the of Barre, the that Quarry we Bank the absolute & Trust solof the Quarry & and have full in vency Trust Co., Savings confidence Bank its condition, and advise its to keep their money depositors financial will where it is. By so doing you help yourselves better. "Peoples National bank, W. C. Johnson. jr. cashier. "Granite Savings Bank & Trust Co., John Trow, president." of the bank was muQuarry Further proof furnished confidence by the in of Barre, not an account with the prohaving nicipality which. of though bank, by ceeded to a sum money the of the forenoon. middle of deposit followed That evidence confidence was by similar nature. one in the early hours day others man who of back In of fact, and the deout $900 went $2,000, conthe story was had posited taken that having become entirely foundation. woman took out $500, went itor, vinced without who À depos- back with the a little later. sides were heard that the Quarry all On belief all money bank expressions is and that belief is statement of right; the of last the borne company, 1, out 1921. by was issued as of shows which This statement deposits July of $100,000 of $1.capital stock of In it has $18,000 addition and 560,461.89. undivided profits accrued $28,254.82. interest not credited in the statement. The loans of the bank amounted to $1,328,739.04. The bank had $235,306.18 bonds. Its account its cash on was invested $14,500; in fixture hand $70,181.10. $39. 990.39; its due from banks The directors of the bank are Ben A. Eastman. H. J. M. Jones. W G. Revholde, James M. Boutwell, B. W. Hooker, E. L. Scott and H. F. Cutler. Ben A. Eastman is president, H.J.M. Jones and C. M. bank was rrer. ce-president The established Willey in treas- 1913 the nd is recognized as having some of est business men in Barre and Montelier back of it.

2. July 20, 1921 The Barre Daily Times Barre, VT

Article from The Barre Daily Times, July 20, 1921

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Flurry Ove False Runni Had Cor etely Subsideu To-day the Quarry Savings Bank sound" & That company is "absolutely to-day Trust the unqualified statement bank was George B. Carpenter, state was commissioner. by This statement "regretin connection with the made affair" of yesterday and Monday excited table when some depositors, on the by night a false rumor, started a run bank. Commissioner Carpenter's statement is as follows: Yesterday's disturbance & at Trust the Savings Blank based Quarry a regrettable affair, Co. wholly was on street talk having no foundation. Quarry Savings sound, Bank as & The Co. is absolutely examination. shown Trust by my recent is composed board of directors who are Its leading business men the bank's of close touch with is well in very The institution bank men affairs. officered by experienced officers and the bank and its the con. and entitled to ing directors fidence and are respect of the depositpublic. ought not be any of concern any There to the solvency state of relative bank in Barre or in the Vermont. George Carpenter. Bank Commissioner. full restored at car- the Normaley was Business was being bank to-day. and many deposits on as both the and were the being commercial for withdrawal ried made usual in departments, savings while made only one application clause had been during under the the 60-day early morning banking hours. Good executive expression ability, of supported confidence shown by the splendid soundness of the bank, as Washin the banking interests the of state, Barre, and supby ington county and public opinion, those had trying ported by the calmer bank through one of may be carried times which any without bank any real called upon to face many and sources came expressions cause. From of confidence, by accompanied offers of in not a few instances cope with any situmoney to develop. ready that might occasion tion Many individuals and took to-day the to make yesterday in order to give in the confidence in leposits during expression to their bank while others who the ank's stability, money in the tempo- advanwithdrew their were taking accept the ary excitement the bank's offer to of interage eposits of again without The loss first womst to the depositors. her money yesterday she n to withdraw the bank account. to-day while that anelephoned ould renew her large sum, inther, who took cents, out a deposited the mount uding a few to the few cents. Statement even by Directors. old depositors was conbank The offer to following statement, in ined in the expressed its apprehich the of the loyalty shown: We want pubour ation "To Our Depositors: appreciation for of ly loyalty to express of the great and majority their bank. r depositors to well our as we, that the is hey know. as Bank & Trust Co. stronger safe und narry and Savings is depositor's growing money dollar: is every but in the bank a d can Every be paid dollar state can for call in con- its satisfy ans quick enough its liquid to funds. The are uued run started upon last Saturday mors thout foundation. few who withdrew in eir We deposits solicit the to the re-deposit loss of them interest, By is bank without already have done. a number will do their part gos to they tales of the ers. ute doing the We unfounded will continue for years to to do come, busiour bank receive d our their at customers for will always deposits. protection "B. A. Eastman, "H. J. M. Jones, G. Reynolds, "W. James M. Boutwell, "B. W. Hooker, "E. L. Scott, "H. F. Cutler. Savings Directors of the Trust Quarry company." Bank & are being made to Meanwhile the blame efforts for the bank spreading yesterday of posted an for information rnoon ten false $1,000 rumor. reward The announcement. arrest and con of inY lead to the responsible for the party previously ion would of story. As definite not ting the false are some rather ret sufto nt ed. es of there warrant the rumor. action. but it is believed d Concert To-night (Wednesday)

3. July 20, 1921 The Brattleboro Daily Reformer Brattleboro, VT

Article from The Brattleboro Daily Reformer, July 20, 1921

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RUN ON BARRE BANK IS STOPPED Officials Take Advantage of 60-Day Notice-City Deposits Funds There to Restore Confidence. in BARRE, July 20.-After $25,000 currency had been paid out to frenzied depositors in the Quarry Savings Bank and Trust company, the run on the bank, which began Monday night and continued for an hour yesterday morning, was stopped when bank officials took advantage of the provision in the banking laws whereby a 60 days' notice is required before withdrawals from savings bank accounts can be made. Other Barre banks yesterday issued a statement in which they assured the depositors of the Quarry Savings Bank and Trust company that they believe in the absolute solvency of that institution, and they advised depositors to let their money remain there. The run is blamed on a rumor said to have been started by one of three persons in an ice cream parlor. Proof of confidence in the bank was furnished by the municipality of Barre which, not having an account in the bank, deposited a sum of money there during the forenoon. During the early morning one man drew out $900, but later in the day deposited $2,000. while a woman who had drawn out $500 e-deposited it a little later. On all sides expressions of confidence in the Quarry bank are heard, and it is believed that these are borne out by the last statement of the company isoned July 1. showing deposits of over $1,500,000, undivided profits of over $28.000, and that its investments and other securities are good The list of directors includes promnent men in Barre and Montpelier. The bank was organized in 1913.

4. July 21, 1921 The Bennington Evening Banner Bennington, VT

Article from The Bennington Evening Banner, July 21, 1921

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RUN ON BARRE BANK IS ENDED BY PUBLIC EFFORT / Officials Take Advantage of 60-Day No. tice-City Deposits Funds There to Restore Confidence. Barre, July 20. - -After $25,000 in currency had been paid out to frenzied depositors in the Quarry Savings Bank and Trust company, the run on the bank. which began Monday night and continued for an hour yesterday morning, was stopped when bank officials took advantage of the provision in the banking laws whereby a 60 days' notice is required before withdrawals from savings bank accounts can be made. Other Barre banks yesterday issued a statement in which they assured the depositors of the Quarry Savings Bank and Trust company that they believe in the absolute solvency of that institution. and they advised depositors to let their money remain there. The run is blamed on a rumor said to have been started by one of three persons in an ice cream parlor. Proof of confidence in the bank was furnished by the municipality of Barre which, not having an account in the bank, deposited a sum of money there during the afternoon. During early morning one man drew out $900. but later in the day deposited $2,000, while a woman who had drawn out $500 re-deposited it a little late: On all sides expressions of conf dence in the Quarry bank are heard. and it is believed that these are borne out by the last statement of the company issued July 1, showing deposits of over $1,500,000. undivided profits of over $28,000, and that its investments and other securities are good. The list of directors includes prominent men in Barre and Montpelier. The bank was organized in 1913.

5. July 21, 1921 The Brattleboro Daily Reformer Brattleboro, VT

Article from The Brattleboro Daily Reformer, July 21, 1921

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BANK OFFERS $1,000 REWARD. Wants to Find Who Started Run-Doing Business as Usual. MONTPELIER, July 21.-State Bank Commissioner George B. Carpenter yesterday issued the following statement in regard to the Quarry Savings Bank & Trust company of Barre, on which a run was recently made by depositors: "The Quarry Savings Bank & Trust company is absolutely sound. as shown by my recent examination. The board of directors is composed of the leading business men, who are in very close touch with the bank's affairs. The institution is well officered by experienced bank men, and the bank and its officers and directors are entitled to the confidence and respect of the depositing public. "There ought not to be any concern relative to the solvency of any bank in Barre, or in the state of Vermont." Business was carried on at the bank yesterday about as usual, many deposits being made both in the savings and commercial accounts. Only one application for withdrawal under the 60-day clause was made during the morning banking hours. Many individuals took occasion to deposit money to show their confidence, and many who withdrew Tuesday redeposited yesterday. A reward of $1,000 has been offered for information that will lead to the prosecution of the persons responsible for the run.

6. July 23, 1921 The Bennington Evening Banner Bennington, VT

Article from The Bennington Evening Banner, July 23, 1921

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fact about Poirer is that he is an habitual cigarette smoker, and he is said to be a "great talker." BANK OFFERS $1,000 REWARD Wants to Find Who Started Run-Doing Business ao Usual. Montpeller, July 21. State Bank Commissioner George B. Carpenter yesterday issued the following state. ment in regard to the Quarry Savings Bank & Trust Co., of Barre, on which a run was recently made by deposit_ ors. "The Quarry Savings Bank & Trust company is absolutely sound, as shown by my recent examination. The board of directors is composed of the lead. ing business men, who are in very close touch with the bank's affairs. The institution is well officered by ex. perienced bank men. and the bank and its officers and directors are entitled to the confidence and respect of the depositing public. "There ought not to be any concern relative to the solvency of any bank in Barre, or in the 'state of Vermont." Business was carried on at the bank yesterday about as usual, many deposits being made both in the savings and commercial accounts. Only one application for withdrawal under the 60-day clause was made during the morning banking hours. Many individuals took occasion to deposit money to show their confidence and many who withdrew Tuesday redeposited yesterday. A reward of $1,000 has been offered for information that will lead to the prosecution of the persons responsible for the run.

7. July 29, 1921 The United Opinion Bradford, VT

Article from The United Opinion, July 29, 1921

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STATE NEWS. United States Marshal Athur P Carpenter arrested Frank O Carpenter of Brattleboro, a well known farmer, July 20 on a warrent charghim with violating ing the intoxicat- federal prohibition law by selling ing cider April 12, the claim of the government being that he sold the cider to Archie Mellen of Guilford, who is a one-legged man more than 80 years old. The respondent was taken before United States Commissioner C Menzies Miller, who fixed bail at $500 and ordered respondent to appear at the October term of the United States District Court at Rutland. The body of Brigadier-General Benjamin Gearney Roberts, U. S. A., retired, who died Saturday, July 18 while visiting in Ossining, N. Y., was taken to Manchester and buried there in the Dellwood cemetery on Monday, July 18. General Roberts was 75. years old and the son of General Benjamin Roberts, a veteran of the Civil War. His father and grandfather were in the American army, the latter fighting under General Ethan Allen in the Revolutionary War. General Roberts served during the last years of the Civil War and was in charge of the Sandy Hook fortifications during the SpanishAmerican War. He was born in Memphis, Tenn.; but secured the greater part of his higher education in Vermont, being at one time a student at the Vermont Episcopal Institute in Burlington. He finished his education at Norwich University. At the time of his retirement he was ranking artillery officer in the regular army. Roberts Post, G.A.R. of Rutland, was named after Colonel George Roberts, an uncle of the deceased. Because a merchant, a boy and a woman discussed the solvency of the Quarry Savings Bank and Trust Company of Barre, a run occurred Monday evening and Tuesday morning, July 18 and 19. And until about $25,000 had been distributed among the depositors, the bank did not take advantage of the 60 days' provisions given under the bank laws of Vertherefore; stop The news mont, on the and, institution. the of run the run came out of a clear sky and was of a surprise to the bank it was to the officials as much as bank public official in general. A well-known characterized the Quarry Bank as one of the most conservative and one of the strongest in the State today. In this connection it is interesting to note that the bank not having local use for idle funds, sent $30,000 to Boston for investment Saturday, July 16. Tuesday morning all the available currency in the county was brought to Barre which for a time stemmed the call. but in the end it was considered the wisest course to make use. of the 60-day rule. But the bank is considered entirely solvent and no further trouble is expected from this idle rumor. Judge Seneca Haselton, prominent Vermont jurist, and one of Burlington's most distinguished citizens, died of acute dilatation of the heart at his home there July 21. at the age of 73 years. He was United States minister to Venezuela under

8. July 29, 1921 The United Opinion Bradford, VT

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NEW ENGLAND NEWS IN TABLOID FORM Items of Interest From All Sections of Yankeeland E. MacKenzie of Bethel, Ct., has appointed Harry been prohibition Stramlau, director, succeeding Julius C. with headquarters at Hartford. President Harding will have as body guard at the Pilgrim Tercentenary celebration at Plymouth, Mass., Aug. 1, Troop C of the 10th Cavalry, stationed at Fort Ethan Allen, Vt. Thirty-four educational institutions in the United States were named by the war department as the "distinguished colleges and honor military schools, respectively, for the year 1921." Secretary of Labor Davis will visit R. I., Sunday, 11, to union men secNewport, address from September members this tion of the country and of the Order of Moose, of which he is director general. The Rev. Phillip S. Irwin. who was tarred and feathered at Miami, Fla., was rector of Christ church in Pomabout five years ago and known in the cese of was fret, well Conn., Connecticut. Episcopal DioM. Norcross of Charlhas geneaton, Mrs. Mass., George discovered old her dilogical papers which prove a rect descendant of Mary Chilton, the first woman from the Mayflower to step on American soil. 1, Maine has in automobile $895,680 Since Jan. registration received fees, an increase of $181,666 over the corresponding period of last year. There have been 84,803 licenses issued to operators of cars. Former Gov. W. L. Douglas of Brockton, sent a telegram to Chairman J. W. Fordney of the ways and n means committee Washington, voicing his strong disapproval of a tariff on hides, and predicting that it will t mean an increase in the retail price of o footwear. l H. S. Weagle of Marlboro, Mass., I Island Red hens which a have beaten all F since n laying has he says 15 Rhode steadily records. March, contin- After they started seven weeks ago on In the seven weeks they E an average of a a produced ous laying. 105. 97 eggs week out of a possible f New England milk producers will g receive nine cents a quart for milk A the month of August, the New b Milk during England Producers' association C announced. This is an increase of B one cent over the July quotation. Dry si pastures that force the farmer to feed ta grain to cows was given as the reason p for the increase. Police of Spencer, Mass., are workse on clues which they hoped W the ti who removed tr would thieves ing today reveal identity from the of Pleas- Rich- the ard Sugden Public Library on J ant street $20,000 worth of rare of oriental vases, relics and curios. The b authorities say the robbery was comth mitted in the daytime. se ju Massachusetts Department ComJames T. Duane of = asked post mander can Legion commanders the of Ameri- their to make a thorough survey communities and to prosecute all men found illegally wearing the legion insignia. He points out acts of the national Congress and state Legislature protect the legion emblem. James J. Phelan, chairman of the Massachusetts committee for relief in Ireland, said that up to date the total receipts from the campaign recently conducted in Massachusetts by the American committee for relief in Ireland are $753,252. as compared with the Massachusetts quota, set by the national committee, of $500,000 Miss Anna Brown, 17 year old Taftsville, Conn., girl, who attempted suicide by drinking carbolic acid, is recovering. James A. Barret, a sailor at the submarine base, who was with her when she attempted her life, will be tried before a military tribunal on the charge of desertion. His arrest followed the attempt of Miss Brown. Plans for the construction of 200 for workers to meet the housin Worcester, by homes been ing crisis announced Richard Mass., H. Long have Katz. Katz will erect 100 the Elwell ,he houses says, end Isador and-Long on intends property, erecting the the R same number of dwellings on H. Long Company's land on Millbrook street. The Quarry Savings Bank and Trust Company, Barre, Vt., after a run which caused the bank to invoke the notice law of was said to 60-day drawal funds, regarding reward be with- back of to normal the same day. A $1000 was announced for evidence leading to conviction of the person . ho started what was said to be an unfounded rumor. Judge Wm. T. Forbes, after cona hearing in the in court ducting language probate Manoog Worcester, Turkish H. dismissed charges against