Boston Bank (Boston, MA)

Episode Information

Episode Type
Run → Suspension → Unsure
Start Date
September 27, 1920
Location
Boston, Massachusetts (42.358, -71.060)
Bank Type
state

Metadata

Notes

Articles refer to runs and withdrawal restrictions on Boston banks generally; no specific institution named.

Events (2)

1. September 27, 1920 Run
Cause
Local Banks
Cause Details
Contagion/weakness among Boston banks and reports of runs on other local banks prompted withdrawals.
Newspaper Excerpt
Run on Boston bank begins again.
Source
newspapers
2. September 27, 1920 Suspension
Cause Details
Banks imposed 90-day notice requirement for savings withdrawals (partial suspension/withdrawal restriction).
Newspaper Excerpt
some Boston banks were requiring ninety days' notice for withdrawals from savings deposits.
Source
newspapers

Newspaper Articles (2)

Article from Evening Star, September 27, 1920

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Article Text

Today's News in Paragraphs Harding greeted by crowds on way to Baltimore. Page 1 League funds dwindling as nations Page 1 wrangle. Far west showing little enthusiasm in either nominee. Page 1 Senator Kenyon predicts drastic action by Congress to stop rent profiteering Page 1 in Washington. Poles capture Grodno, taking prisoners and war material. Page 1 Idaho is for Harding, says David Lawrence. Page 1 Explosion in Cork wrecks department store front. Page 1 Envoys from communist party reported to have aided reds at Baku. Page 2 New Jersey to hold primaries tomorrow. Page 2 Baltimore mecca for local G. O. P. Page 2 Page 3 Racing balloons forced to land. Air leaders abroad charge foul tricks in Bennett race. Page 3 Sixty-four American students awarded Rhodes scholarship honors. Page 3 Gov. Milliken of Maine tells anti-alcohol congress "dry" law has proved immense saving to U. S. Page 4 More Army appointments. Page 4 Run on Boston bank begins again. Page 7 Bituminous operators seek to avert famine by increasing output. Page 12 Pennsylvania motorists in license Page 12 tangle. Cox discusses league and farming. Page 13 Coolidge advises against vindictiveness. Page 13 Cox for progress, Gompers writes. Page 14 White denies Baruch is "democratic angel." Page 14 U. S. gets no new ideas from captured German subs. Page 16 is Great interest shown as debate opens at world financial conference in Brussels. Page 16 Reports Jews are outraged. Page 17


Article from The Chattanooga News, September 27, 1920

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Article Text

# RENEWAL OF ACTIVITY # IN COTTON SELLING New York, Sept. 27. There was a renewal of active general selling in the cotton market at the opening today, and all months made new low records. The selling for southern account was practically active, leading to rumors of further weakness in the southern spot markets, while there apeared to be very litle demand, aside from the profit taking of shorts. First prices were steady, unchanged to 27 points lower, and the active months soon showed net losses of 35 to 70 points, with October selling at 24.97c and January, 22.18c. London reported a more optimistic tone in the stock market there on the prospects for a settlement of the coal dispute, but Liverpool showed no improvement, and bearish sentiment here was promoted by reports of further price cutting and a run on another Boston bank. # CHICAGO GRAIN OPENING. Wheat December, $2.19½@$2.17½; March, $2.12½@2.11 Corn-September, $1.22@1.21; December, 94¾@93¾c; May, 97½@97c. Oats December, 58@57¾c; May, 60% @%c. Lard October, $19.57@19.50; January, $17.72@17.60. Ribs October, $16.50. Potatoes weak; northern white $1,50@60c. # NEW ORLEANS COTTON. New Orleans, Sept. 27.-Wide declines were made by cotton today under selling stimulated by Secretary Houston's statement regarding the financing of commodities for owners who desired to keep them off the market, which was considered highly unfavorable to the holding movement inaugurated by cotton growers. Cables were poor and increased the offerings. At the end of the first hour of trading prices were 75 to 127 points under the close of Saturday. October traded down to 22.50c and March to 20.64c. Reports of much lower prices for spots in the interior swelled offerings still further and the market turned very weak under the report that some Boston banks were requiring ninety days' notice for withdrawals from savings deposits. The trading months were sent to levels 111 to 172 points under the close of last week, October touching 22.05c and March 20,32c. Late in the morning the decline was checkea by the storm warning because of a disturbance in the east central Gulf of Mexico and because of reports from Texas that many farmers were discharging their pickers. # NEW ORLEANS COTTON FUTURES OPENING. New Orleans, Sept. 27.-Cotton opened: October, 23.20c; December, 21.60c bid; January, 21.15c; March, 20.99c; May, 20.65@70c. Market easy. # NEW ORLEANS COTTON FUTURES CLOSING. New Orleans, Sept. 27. Cotton closed steady at a decline of 190 to 200 points: October, 21.77c; December, 20.30c; January, 19.74c; March, 19.43c; May, 19.08c. # NEW YORK COTTON FUTURES OPENING. New York, Sept. 27. Cotton futures opened Steady: October, 25.40c; December, 23.00c; January, 22.50c; March, 22.10c; May, 21.90c. # NEW YORK COTTON FUTURES CLOSING. New York, Sept. 27. Cotton closed weak: October, 23.65c; December, 21.40c; January, 20.80c; March, 20.40c; May, 20.25c. # LIVERPOOL COTTON. Liverpool, Sept. 27. Cotton spot in fair demand; prices lower; good mid-dling, 2433d; fully midling, 22.58d; middling, 20.83d; low middling, 17.03d; good ordinary, 13.58d; ordinary, 12.58d; sales, 4,000 bales, including 3,600 American; receipts, 9,000 bales, including 4,400 American. Futures closed easy: September, 18.09d; October, 17.71d; January, 17.01d; March, 16.67d; May, 16.40d; July, 16.11d. # COTTONSEED OIL. New York, Sept. 27. The cottonseed oil market closed weak. Prime summer yellow, $13.00@14.00; prime crude, $10.50. September, $13.00; October, $13.15; November, $12.94; December, $12.96; January, $12.98; February, $13.00; March and April, $13.10. Sales, 12,300 barrels. # BAR SILVER New York, Sept. 27. Bar silver domestic, 99½c; foreign, 93c; Mexican dollars, 71c.