Institution For Savings (Woonsocket, RI)

Episode Information

Episode UID
5596035691559
Episode Type
Run Only
Bank Type
savings
Bank ID
559603569 hash
Start Date
November 26, 1929
Location
Woonsocket, Rhode Island (42.003, -71.515)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5ff04f69f43f8a9a

Response Measures

None

Events (1)
1. November 26, 1929 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors of losses in the recent stock market decline prompted depositors to withdraw funds.
Measures
Bank denied rumors, announced it was sound, closed at day's end but said it would open as usual next morning and have plenty of money on hand; nearby banks offered to buy deposit books to assist depositors.
Newspaper Excerpt
Rumors that the Institution for Savings had suffered losses in the recent stock market decline started a run on the institution here today.
Source
newspapers

Newspaper Articles (2)
1. November 27, 1929 The Owensboro Messenger Owensboro, KY
Article from The Owensboro Messenger, November 27, 1929

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Article Text

Run Starts On Bank Said to Have Lost in Stock Crash Woonsocket, R. I., Nov. 26. Rumors that the Institution for savings had suffered losses in the recent stock market decline started a run on the institution here today. Although officials of the bank denied the reports and the state bank commissioner said the bank was sound financially, the run continued up to closing When the bank closed it was amnounced that it would be open as usual in the morning and those who wished withdraw their funds would be able to do SO. Bank officials said they would have plenty of money on hand to meet the demands.

2. November 27, 1929 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, November 27, 1929

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Article Text

RUMORS OF LOSSES START RUN ON BANK Institution in Woonsocket Sound, Says State Two Providence Banks Offer to Buy Deposit Books at Face WOONSOCKET R I. Nov 26 (A. P.) -Rumors that the Institution for Savings had suffered losses in the recent stock market decline started run on the institution here today. Although officials of the bank denied the rumors and the State Bank Commissioner said the bank was sound financially, the run continued up to the closing time. Hundreds formed line into the bank seeking to withdraw their savings, but was an orderly crowd. When the bank closed it was announced that it would be open as usual in the morning and those who wished to withdraw their would be able to do so. Bank officials said they would have plenty of money on hand to meet the Most those who withdrew their money went to the branches of the Rhode Island Hospital Trust Company and the Industrial Trust Company deposit their withdrawals Officials of both refused to take the money, telling the depositors to return their funds to Woonsocket Institution. The headquarters of the Hospital Trust and the Industrial Trust, in Providence, also offered purchase all deposit books of the bank their They said that they would the books for 30 days or less, and that if the depositors wanted to repurchase them, they could do so without loss of interest.