Provident Institution For Savings (Boston, MA)

Episode Information

Episode UID
5010270939
Episode Type
Run Only
Bank Type
savings
Bank ID
501027 routing
Routing Number
5-0102
Start Date
March 15, 1878
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
92a6eb28f61cfe11

Response Measures

None

Events (1)
1. March 15, 1878 Run
Cause
Local Banks
Cause Details
A run on the Boston Five-Cent Savings Bank developed into a general panic among savings-bank depositors, prompting many at the Provident to withdraw funds
Measures
Paid out large sums (about $80,000 per day) to meet withdrawal requests
Newspaper Excerpt
The Provident Savings Institution had a considerable number of visitors, mostly ladies, waiting to withdraw their funds. This bank paid out about $80,000 yesterday
Source
newspapers

Newspaper Articles (10)
1. March 15, 1878 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, March 15, 1878

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Article Text

MASSACHUSETTS. GLOUCESTER, Mass., March 15.-The schooner Carrie P. Morton and crew, fourteen men, have not been heard from since Jany. 3d, and they are believed to be lost. BOSTON, March 15.-A run, now causeless,is being made,on the Five'Cent Savings bank, one of the largest savings banks in the city. The state detectives at Tewksbury yesterday arrested a number of men on charge of living in open polygamy; an attempt is being made to establish a polygamous colony at Tewksbury." BOSTON. March 15,-A run on the Boston five cent. savings bank, began yesterday, has developed into a general panic. School street. where the bank is located, has been blockaded by the crowd to-day and the excitement has been intense. The committee examining the securities state that after Ideducting all depreciation which the assets, embracing stock, bonds. &c., have suffered, and allowing $167,000 with which to pay the interest falling due the 1st April. the bank will still have a surplus of upward of $429,000. The uneasiness has spread to the Franklin bank in Boylston street, one of the strongest aving institutions in the country; the managers of the Franklin have limited the amount to be paid to depositors on demand to twenty-five dollars, and sixty days notice is required for all sums over that amount; this action reduces to three. the number of banks in Boston paying in full on demand. An unusual number of depositors in the Provident institution for savings, partaking of the general score, applied for and obtained their money

2. March 16, 1878 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, March 16, 1878

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HARD-PAN. Financial Florry in Boston. BOSTON, March 15.-The run on the Boston Five-Cent Savings Bank, begun yesterday, has developed into a general panic. School street, where the bank is located, has been blockaded all morn. ing, and the excitement is intense. The committee examining the securities state that after deducting all the depreciatian which the assets, en.bracing stocks, bonds, etc. have suffered, and allowing $167,000 with which to pay interest falling due on the first of April, the bank will still have a surplus of upwards of $429,000. The uneasiness has spread to the Franklin bank, in Boyleston, one of the largest savings banks in the country. The managers of the Franklin have limited the amount paid to depositors on demand to twenty-five dollars, and sixty days' notice is required for all sums over that amount. This action reduces to three the number of banks in Boston paying in full on demand. An unusually large number of depositors in the Provident Institution for Savings, partaking of the general scare applied for and obtained their money to-day, and the same is true of the Suffolk, although these banks are as far as known solvent to the last degree.

3. March 16, 1878 Daily Globe Saint Paul, MN
Article from Daily Globe, March 16, 1878

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SAVINGS BANK PANIC. Wild Rush of: Reared Depositors on the Boston Institutions--A Cincinnasi Concern Closes its Doors. BOSTON, March 15.-The run on the Boston five cent savings bank, begun yesterday, has developed into a general panic. School street, where the bank is located, has been blockaded by a crowd to-day, and the excitecitement has been intense. The committee examining the securities state that after deducting all the depreciation which the assets, embracing stock, bonds, &c., have suffered, and allowing $157,000 with which to pay the interest falling due the first of April, the bank will still have a surplus of upward of $429,000. The uneasiness has spread to the Franklin bank in Boyleston street, one of the strongest savings institutions in the country. The managers of the Franklin have limited the amount paid to depositors on demand to twenty-flve dollars, and sixty days notice is required for all sums over that amount. This action reduces to three the number of banks in Boston paying in full on demand. An unusually large number of depositors in the Provident Institution for savings are partaking of the general scare, and applied for and obtained their money to-day, and the same is true of the Suffolk, although these banks are as far as known solvent to the last degree. SOUND BUT SUSPENDED. CINCINNATI, Ohio March 15.-The examiners appointed by Judge Burnett to investigate the affairs of the Cincinnati savings bank, which recently suspended, report to-day that the assets are $480,000 and the liabilities $437,000. The examiners declare that affairs in the bank have been prudently managed and that the security on hand for payment of obligations is more than ample.

4. March 16, 1878 The New York Herald New York, NY
Article from The New York Herald, March 16, 1878

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Article Text

RUN ON SAVINGS BANKS. BOSTON, Mass., March 15, 1878. The run on the Boston Five Cent Savings Bank, which commenced yesterday, has developed to a general panic among savings bank depositors. School street, where the Five Cent Bank is located, bas been blockaded by a crowd to-day, and the excitement has been intense. The committee, which have been engaged in examining the securities of this bank for the past two weeks, state that the bank, after making all proper deductions, will still have a surplus of $429,000. The uneasiness has spread to the Franklin Bank in Boylston street, one of the strongest savings institutions in the country, the managers of which have applied the brakes in season to prevent the calamity which has overtaken some other banks. The amount paid to depositors on demand has been limited to $25, and sixty days' notice is required for all sums over that amount. An unusually large number of depositors in the Provident Institution for Savings, partaking of the general scare, applied for and obtained their money to-day, and the same is true of the Suffolk Bank, although these banks are, as tar as known, solvent to the last degree.

5. March 17, 1878 The New York Herald New York, NY
Article from The New York Herald, March 17, 1878

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BOSTON'S MONEY PANIC. BOSTON, Mass, March 16, 1878. The panic among savings bank depositors continued to-day, and the crowd in front of the Five Cent Bank was even greater than yesterday. Ninety thousand dollars was paid out by the bank yesterday, and about as much to-day. it has about seventy-two thousand depositors, and the small proportion at its doors are of the laboring class, and deaf to all guarantees of the reliability of the institution. A meeting of the directors resolved not to take advantage of the sixty days' notice. The Provident Savings Institution had a considerable number of visitors, mostly ladies, waiting to withdraw their funds. This bank paid out about $80,000 yesterday and probably an equal amount today. The officers think the run was caused by the passage of the bill empowering commissioners to regulate payments by savings banks, which it IS leared may operate against depositors who wish to withdraw funds. There was no run on the Suffolk Bank, but there were a number ot withdrawais, evidently influenced by the prevailing uneasiness of the public mind. Yesterday the bank paid out $27,000 and received $5,000 on deposit. A meeting of the trustees of the Franklin Savings Bank, on Boylston street, this morning approved the action of the officers in requiring sixty days' notice. Everything was very quiet at this bank.

6. March 18, 1878 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, March 18, 1878

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THE PANIC AMONG THE BOSTON SAVINGS BANKS. The Excitement at the Five Cent Savings Bank. THE PROBABLE CAUSE OF THE UNEASINESS. BOSTON, March 16. The panic among Savings Bank depositors continued to-day, and the crowd in front of the Five Cent Savings Bank was even greater than yesterday. At this bank 90,000 was paid out yesterday, and about as much more today. It has about 72,000 depositors, and the small proportion of this number around its doors are of the laboring class, and deaf to all guarantees of the reliability of the institution. Atthe Provident Savings Institution there was a considerable number of persons, mostly ladies, waiting to withdraw their funds. The bank paid out yesterday about $80,000. and will probably pay out an equal amount to-day. The officers say that they think the run has been caused by the passage of the bill relating to the regulating of payments by Savings Banks by the Commissioners, which it is feared will operate against depositors who may wish to withdraw. At the Suffolk there was no run, but there was quite a number of withdrawals, evidently influenced by the prevailing feeling of uneasiness in the public mind. At a meeting of the trustees of the Franklin Savings Bank, on Boylston St., held this morning, it was voted to approve the action of the officers in requiring 60 days' notice. Everything was very quiet at this bank.

7. March 18, 1878 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, March 18, 1878

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Massachusetis. THE SAVINGS BANK PANIC IN BOSTON. BOSTON, March 16.-The panic among the savings bank depositors continued today. The crowd in:front of the Five-Cent Savings Bank was even greater than yesterday-$90,000 being paid out yesterday and as much to-day. The Provident Savings Institution paid out about $80,000 yesterday, and an equal amount to-day. There is no run on the Suffolk.

8. March 18, 1878 New-York Tribune New York, NY
Article from New-York Tribune, March 18, 1878

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THE BOSTON BANK PANIC. BOSTON, Mass., March 17.-The panic among savings bank depositors continued yesterday. and the crowd in front of the Five-Cent Bank was even greater than on Friday. $90,000 was paid out by this bank Friday, and about as much yesterday. It has about 12,000 depositors, and the small proportion of this number around its doors are of the laboring class, and deaf to all guarantees of the solvency of the institution. A meeting of its directors resolved not to take advantage of the sixty days' notice. The Provident Savings Institution had a considerable number of visitors, mostly ladies, waiting to withdraw their funds. This bank "paid out about $80,000 on Friday, and probably an equal amount yesterday. There was a run on the Suffolk Bank, but there were a number of withdrawals evidently influenced by the prevailing uneasiness of the public mind. On Friday the bank paid out $27,000 and received $5,000 on deposit. A meeting of the trustees of the Franklin Savings Bank, on Boylston-st., yesterday morning, approved the action of the officers in requiring sixty days' notice. Everything was very quiet at this bank. The East Boston Savings Bank officials have notified depositors that sixty days' notice will be required before their funds can be withdrawn.

9. March 19, 1878 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, March 19, 1878

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HERE AND THERE. Habeas Corpus Refused the Swindling Officers of a Dinne Savings BankRan on the Boston Savings Banks Diminishing. FORTRESS MONROE, March 18.-Hons. R. H. Bland, George W. Adams, George C. Cabell, John F. Kelly and John Goode, members of congress, are here. READING, Pa., March 18 -A writ of habeas corpus in favor of the officers of the dime savings bank, which has suspended, was refused, and, the culprits held in forty thousand dollars ball. BOSTON, March 18 -Bank Examiner Needham states that the actual loss to the Lichmer bank, at East Cambridge, by the robbery last Saturday was $3,038, leaving a surplus of $113,000 balance. The loss falls upon the president and outside parties. The run on the savings banks to-day continues, but the excitement has greatly diminished. The crowd at the five cents savings bank is about one hundred. At the Providentand Suffolk savings banks few depositors are calling for their money. The Hyde Park savings bank i+ enforcing the sixty days rule on all sums over twen ty-five dollars.

10. March 19, 1878 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, March 19, 1878

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Banksand Bankers. MONTREAL, CAN., March 18.-In asuit against the ex-directors of the Metropolitan Bank to recover damages for their mismanagement, it is alleged in the proceedings that the statements of the bank, from four to six years ago, were false; that the directors borrowed over a half a million dollars, and need the money for stock speculations. BOSTON, March 18-Bank Examiner Needham states that the actual loss to the Leichmere Bank, at East Cambridge, by robbery last Saturday, amounts to $3,038, leaving a surplus of $113,000. The balance of the loss falls upon the President and outside parties. The run on the Savings Banks to day continues, but the excitement is greatly diminished, and the crowd in the Five Cent Savings Bank did not number over one hundred. At the Provident and Soffolk Savings Banks there were few if any depositors calling for their money. REQUIRES THE BIXTY DAY NOTICE. The Hyde Park Savings bank requires sixty days notice before paying sums over twenly. five dollars.