Chelsea Savings Bank (Chelsea, MA)

Episode Information

Episode UID
53021971193
Episode Type
Run Only
Bank Type
savings
Bank ID
5302197 routing
Routing Number
53-0219
Start Date
May 5, 1899
Location
Chelsea, Massachusetts (42.392, -71.033)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4db195f543f2f7a9

Response Measures

None

Events (1)
1. May 5, 1899 Run
Cause
Rumor Or Misinformation
Cause Details
Confusion of names and a false report that an official was embarrassed in business led depositors to withdraw funds.
Random Run
Yes
Random Run Snippet
confusion of names; false report an official was embarrassed
Measures
Paid out withdrawals promptly to depositors; no interruption of business and small amounts given as called for.
Newspaper Excerpt
A Chelsea man of the same name as the President of the Chelsea Savings Bank filed a petition in bankruptcy and the confusion in names caused a run on the bank.
Source
newspapers

Newspaper Articles (2)
1. May 5, 1899 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, May 5, 1899

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Article Text

Run on a Bank. Boston, May 5.-A Chelsea man of the same name as the President of the Chelsea Savings Bank filed a petition in bankruptcy and the confusion in names caused a run on the bank. Over $30,000 was paid out and when the doors closed a hundred depositors were waiting. One woman who drew out over $1,000 was given the amount in silver, but she took it away.

2. May 5, 1899 The Providence News Providence, RI
Article from The Providence News, May 5, 1899

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Article Text

Run on a Chelsea Bank. Chelsea, Mass., May 5.-The run which started on the Chelsea Savings Bank yesterday afternoon through a false report that one of the officials of that institution was embarrassed in a business way, was continued early today, but there was every indication that soon it would come to an end. About 100 depositors were waiting at the opening of the bank and were given their money as fast as they could call for it. The amounts drawn were small. There was no excitement and no interruption of business.