Willimantic Savings Institution (Willimantic, CT)

Episode Information

Episode UID
3700539291162
Episode Type
Run β†’ Suspension β†’ Reopening
Bank Type
savings
Bank ID
370053929 hash
Start Date
October 16, 1896
Location
Willimantic, Connecticut (41.711, -72.208)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cba9afad2b03e2c2

Response Measures

None

Description

Cause of the initial run is reported as unknown in contemporary dispatches.

Events (4)

1. October 16, 1896 Run
Cause Details
Article states cause of the run is not known; large withdrawals ($70,000) since Oct 1
Measures
Directors issued a statement and later invoked the legal four months' notice to suspend payments
Newspaper Excerpt
Owing to a run on the Willimantic Savings Institution during which $70,000 has been withdrawn
Source
newspapers
2. October 16, 1896 Suspension
Cause Details
Bank voluntarily suspended payments using the statutory four months' notice following heavy withdrawals
Newspaper Excerpt
The Willimantic Savings institution suspended payment of deposits today, requiring the four months' notice allowed by law.
Source
newspapers
3. February 8, 1897 Suspension
Cause Details
Court injunction limited payments while applications by depositors were on file; bank had previously closed doors
Newspaper Excerpt
Judge Prentice ... granted an injunction restraining the officers of the Willimantic savings institution ... from paying out any money except for expenses of running.
Source
newspapers
4. November 1, 1897* Reopening
Newspaper Excerpt
The officers ... issued a statement showing the bank to be solvent ... when the time for paying depositors arrives confidence ... will be fully restored and ... depositors ... will have no difficulty to get the amounts they have to their credit. (resume payments next November.)
Source
newspapers

Newspaper Articles (6)

Article from The News & Observer, October 17, 1896

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Article Text

TELEGRAPHIC BRIEFS. Fredericksburg, Va., Oct. 16.-The American Towing Company's tug Dupont, Capt. Chas. Ellinghouse, while towing a float of barges to this city, took fire about twenty miles below here last night and was totally destroyed. w Louis, Oct. 16.-A special to the Post-Despatch from Huntsville, Texas, says: A pitched battle occurred a few miles west of this town between several negroes. There were three on each side, and shot guns and pistols were used. Two sons of Ham Lacey on one side, and Reddick Stephenson on the other side, were killed. Willmantic, Conn., Oct. 16.-Owing to a run on the Willimantic Savings Institution during which $70,000 has been withdrawn, the directors of the bank to-day issued a statement in which they announced their intention of taking advantage of the "four months' notice" law. The cause of the run is not known. Nashville, Tenn., Oct. 16.-A special to the Banner from Cattanooga, Tenn., says: The county work house prisoners at work near Soddy mutinied last night and twenty-eight of them made a rush on the guards, who opened fire on them with shot guns, wounding half of the men, all negroes, seriously and quelling all except four, who made their escape. Philadelphia, Pa., Oct. 16.-The summer residence of Craig Lippincott, in Montgomery county, just across the Philadelphia city line, was robbed last night of diamonds and other valuables amounting to about $5,000. The robbery was not discovered until this morning. The police officials were at once notified, but no arrest have been made. Chattanooga, Tenn., Oct. 16.-A special to the News from Dayton, Tenn., says: About 1 o'clock this morning 225 pounds of dynamite, stored in the Dayton Coal and Iron Company's supply house, exploded, causing much destruction. Every business house in the city, including the court house and school buildings, as well Γ s residences, had their windows shattered. No one was killed. The explosion was of incendiary origin. The company's loss will exceed $10,000, and other damages in the city are heavy. New York, Oict. 16.-Total bank clearings $993,325,904, percent decrease 14.7. Exclusive of New York, $434,333,50% 17 per cent decrease. Xenia, Ohio, Oct. 16.-Ten thousand people were in Xenia to-day, and a monster procession from all parts of the country as a greeting to the soldier speakers, Generals Alger, Sickles, Sigel, Corporal Tanner and Waltir Howard. Montreal, October 16.-Three firemen were killed and six badly injured at a stubborn fire to-day at the chemical warehouse of Gilmour & Company. The dead firemen are: Edmund Lapp, Harry King, Silvan Charpentir. Atlanta, Ga., Oct. 16-The merchants Bank, one of the oldest, and for many years one of the soundest of the city closed its doors this morning, having made an assibnment for the benfit of its creditors. The failure of the bank was due to withdrawals of deposits within the last few days caused by a rumor to the effect that Tax Collector A. P. Stewart, who has $49,000 on deposit there, has been asked by the bank officials not to check any of this money out. The amount owed depositors is $275,000. There is no run on any other bank.


Article from Birmingham State Herald, October 17, 1896

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Article Text

Suspended Payment of Deposits. Willimantic. Conn., Oct. 16.-The Willimantic Savings institution suspended payment of deposits today, requiring the four months' notice allowed by law. Withdrawals of deposits from the bank since October 1 have been $70,000. The bank is believed to be solvent.


Article from Richmond Dispatch, October 17, 1896

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Article Text

Telegraphic Tersities. Holland, Mich. The Michigan Furniture-Factory caught fire, and is a total loss. Wilmington, Del.-The Bay State Gas Company was placed in the hands of receivers by the United States Court. Washington.-The Mercantile National Bank, of New Orleans, La., capital $200.000, has been authorized to begin business. Washington.-The arrival of the Yorktown at Cheefoo and the Michigan at Erie were reported to the Navy Department. Houghton, Mich.-The Sturgeon-River Lumber Company, the largest concern in the upper district, has been placed in charge of trustees. Washington.-The President to-day appointed U. L. Brown, of Rhode Island, United States District Judge for the District of Rhode Island. New York.-The total registration was 71,421, against 69,658 in 1892. The total for the three days is 279,168, against 272,172 in 1892, and 233,688 last year. Little Falls, N. Y.-Freeman Ives & Co., produce dealers, have assigned. Their capital was rated at from $150,000 to $300,000. Assets and liabilities unknown. Willimantic, Conn.-The Willimantic Savings Institution suspended payment of depositors, requiring the four months' notice allowed by law. It is believed to be solvent. Boulogne.-P. J. P. Tynan, the alleged Irish-American dynamiter, started for Paris. He will sail from Cherbourg for New York to-morrow on board the steamer Saale. Columbia. S. C.-The South Carolina Railroad Commission has begun a rigid investigation into the cause of the recent fearful wreck on the Florida Central and Peninsula system. Van Buren, Ark.-Four men were killed and several seriously hurt by the premature explosion of a dynamite blast at Kennedy's camp, on the Kansas City and Pittsburg and Gulf road, Atlanta, Ga.-J. S. Turner, principal keeper of the State penitentiary, says that the reported mutiny of convicts at the Bainbridge camp has evidently been quelled without serious trouble. Washington.-Medical-Director George W. Woods has been assigned to represent the marine department of the navy at the Pan-American Medical Congress, to be held in the City of Mexico November 16th next. London.-A dispatch from Rio de Janelro says that the Chamber of Deputies have made a request of the President that he expel the Rio de Janeiro corrèspondent of the London Times from Brazil. New Orleans.-The Republicans of LouIsland have harmonized. There will be only one ticket out. The sugar-planters have agreed to take down their electors and the regulars to withdraw their congressional candidates. Gioversville, N. Y.-A sensation was created by the arrest of City-Clerk Frank


Article from The Portland Daily Press, February 9, 1897

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Article Text

Bank Depositors Want Their Money, Hartford, Conn., February 8.-Judge Prentice this afternoon in the superior court, granted an injunction restraining the officers of the Willimantic bavings institution of Millimantic from paying out any money except for expesses of running. The talk is considered solveut, but $200,00 was paid out last October and applications by depositors for $125,000 more are on file. They cannot be paid without sacrificing the bank's assets, forelosing mortgages, etc.


Article from The Daily Morning Journal and Courier, September 1, 1897

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Article Text

IT IS NOW SOLVENT. Willimantic Savings Institution Will Pay Depositors in Full. Willimantic, Conn., Aug. 31.-The officers of the Willimantic Savings Institution, which closed its doors last February, to-day issued a statement showing the bank to be solvent. Owing to a run on the bank last February advantage was taken of the new state law, which gives banks the privilege of stopping payments without a notice of nine months. In anticipation of a possible run when the bank will have to resume payments next November a statement was given out today which shows the banks assets to be $556,513.57; amount due depositors, $565,228.59. It is claimed that the assets are shaved down to the closest possible figure and do not represent any more than what they could be disposed of readily. The officials feel confident with the solvent condition of the bank that when the time for paying depositors arrives confidence in the institution will be fully restored and by conservative action all the depositors who desire to withdraw their money will have no difficulty to get the amounts they have to their credit.


Article from The Providence News, September 1, 1897

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Article Text

BANK SOLVENT. Willimantic, Conn., Sept. 1.-The officers of the Willimantic Savings Institution, which closed its doors last February, to prevent a run, thave issued a statement showing the bank to be Isolvent. The statement shows the bank's assets to be $566, 513. 57;: amount due depositors $565, 228. 59.