Rumors of a shortage after the unexplained absence of teller John Garlick; alleged shortage later said to be small and covered by bond.
Measures
Offices kept open after usual hours; sent to Boston for currency; auditing of books in progress.
Newspaper Excerpt
the run at the Maynard Trust Company at Maynard by depositors of foreign birth, due to rumors of a shortage resulting from the unexplained absence of the bank teller.
Source
newspapers
Newspaper Articles (10)
1.June 8, 1923The Morning UnionSpringfield, MA
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State Banking Officials Are Undisturbed.
BOSTON, June 7—The office of the State Commissioner of Banks was notified today of the run at the Maynard Trust Company at Maynard by depositors of foreign birth, due to rumors of a shortage resulting from the unexplained absence of the bank teller. The incident was not regarded as serious, the cash withdrawals being small in comparison with the resources of the institution.
The information transmitted to the commissioner was that the shortage found after the departure of the teller, who left Maynard last Saturday, was small and covered by bonds.
2.June 8, 1923New Britain HeraldNew Britain, CT
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BANK TELLER LEAVES TOWN In Consequence, Many Depositors Ask Maynard, Mass.. Institution to Turn Over Their Funds-Run Is Ended. Maynard Mass., June 8.-A few depositors called for their money at the Maynard Trust Co. soon after the bank opened for business today but the run which led the officials to keep open after the usual hours yesterday and to send to Boston for currency, appeared to be over. President George H. Creighton said that examination of the books to determine the alleged shortage in the accounts of the teller, John Garlick. who has left town. probably would not be completed before tomorrow. He said that any shortage would be covered by bond and that the bank would suffer no loss.
3.June 8, 1923The Berkshire EaglePittsfield, MA
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RUN ON MAYNARD BANK APPEARED TO BE OVER
MAYNARD, Mass., June 8.—A few depositors called for their money at the Maynard Trust company soon after the bank was opened for business today, but the run which led the officials to keep after the usual hours yesterday and to send to Boston for currency appeared to be over.
President George H. Creighton said that examination of the books to determine the alleged shortage in the accounts of the teller, John Garlick who has left town probably would not be completed before tomorrow. He said that any shortage would be covered by bond and that the bank would suffer no loss. Garlick has not been located. He was last seen in Boston early in the week.
4.June 8, 1923The North Adams TranscriptNorth Adams, MA
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Run on Maynard Bank Appears to be Ended
Maynard, Mass., June 8.—A few depositors called for their money at the Maynard Trust Company soon after the bank was opened for business today, but the run which led the officials to keep open after the usual hours yesterday and to send to Boston for currency appeared to be over.
President George H. Creighton said that examination of the books to determine the alleged shortage in the accounts of the teller, John Garlick, who has left town, probably would not be completed before tomorrow. He said that any shortage would be covered by bonds and depositors would suffer no losses. Garlick has not been located. He was last seen in Boston early in the week.
5.June 8, 1923Fitchburg SentinelFitchburg, MA
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Run On Maynard Bank Appears To Be Over
MAYNARD, June 8—A few depositors called for their money at the Maynard Trust Co. soon after the bank was opened for business today, but the run which led the bank to keep open after the usual hours yesterday and to send to Boston for currency appeared to be over.
President George H. Creighton said that examination of the books to determine the alleged shortage in the accounts of the teller, John Garlick, who has left town, probably would not be completed before tomorrow. He said that any shortage would be covered by bond and that the bank would suffer no loss.
Garlick has not been located. He was last seen in Boston early in the week.
6.June 8, 1923Record-JournalMeriden, CT
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Rumored Shortage Causes Bank Run
Mass. Bank Beset On Rumor That Missing Teller's Accounts Were Short
Maynard, Mass., June 7. — The unexplained absence since Saturday of the teller of the bank and a rumor that there was a large shortage in his accounts led to a run on the Maynard Trust company today. Throughout the day depositors, largely of foreign birth, crowded the banking room demanding their money, and the offices were kept open until six o'clock to accom-
7.June 8, 1923The Buffalo NewsBuffalo, NY
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TELLER'S ABSENCE CAUSES RUN ON BANK
MAYNARD, Mass., June 8.—The unexplained absence since Saturday of the teller of the bank and a rumor that there was a large shortage in his accounts led to a run on the Maynard Trust company Throughout yesterday depositors, largely of foreign birth, crowded the banking room demanding their money and the offices were kept open until 6 o'clock to accommodate the frightened customers. President George H. Creighton of the trust company said that investigation of the teller's accounts revealed a possible shortage of $5000, covered by bond. Deposits withdrawn today were estimated at about $75,000. The bank has savings deposits aggregating $700,000 and commercial deposits of $400,000.
8.June 8, 1923Morning SentinelWaterville, ME
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BOSTON, June 7.—The office of state commissioner of banks was notified today of a run on the Maynard Trust Co., at Maynard by depositors of foreign birth, due to rumors of a shortage resulting from the unexplained absence of the bank teller. The incident was not regarded as serious, the cash withdrawals being small in comparison with the resources of the institution.
9.June 9, 1923Springfield Evening UnionSpringfield, MA
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Ask Warrant for Bank Teller.
MAYNARD, June 9—Officials of the Maynard Trust Company today asked for a warrant in the District Court at Concord for the arrest of John Garlick, teller, who has been missing since June 2. A run on the bank occurred on Thursday when it was reported that there was shortage of between $2000 and $5000. Auditing of the bank's books is now in progress.
10.June 10, 1923Hartford CourantHartford, CT
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WARRANT FOR TELLER WHOSE BOOKS ARE OFF
Maynard, Mass., June 9.—Officials of the Maynard Trust Co. today asked for a warrant in the district court at Concord for the arrest of John Garlick, teller, who has been missing since June 2. A run on the bank occurred on Thursday when it was reported there was a shortage of between $2,000 and $5,000. Auditing of the bank's books is now in progress. George H. Creighton, president of the bank, has stated that he did not believe a shortage of more than $5,000 existed. The bank is protected by a bond.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
