6861. Powow River National Bank (Amesbury, MA)

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
1049
Charter Number
1049
Start Date
July 29, 1926
Location
Amesbury, Massachusetts (42.858, -70.930)

Metadata

Model
gpt-5-mini
Short Digest
cefce7fe4c086cc4

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Newspapers (July 29–30, 1926) describe a railway payroll robbery en route to the Powow River National Bank that sparked rumors and a near-riot/withdrawal attempt by factory employees. Bank officials and police intervened and the president publicly stated the bank could meet the payroll; there is no mention of suspension or closure.

Events (2)

1. April 24, 1865 Chartered
Source
historical_nic
2. July 29, 1926 Run
Cause
Rumor Or Misinformation
Cause Details
Reports of a robbery of the payroll consignment from the Federal Reserve led employees to fear funds were lost and to storm the bank; rumors of a run circulated but were denied by bank president.
Measures
Bank president publicly announced the bank could meet the payroll; police maintained order and controlled the crowd.
Newspaper Excerpt
Causes Run on Bank In Amesbury the report of the robbery caused near riot about the Powow bank when employes ... stormed the institution out of fear that their weekly pay would be held up. ... President Frank Sargent announced that the bank could meet the payroll with other resources.
Source
newspapers

Newspaper Articles (2)

Article from The Boston Daily Globe, July 30, 1926

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Article Text

Thursday morning the payroll for the Amesbury from the through Portsmouth train with regular car on the eastern division the Boston & Maine to the small train the branch with only a baggage car and with a Until the & Maine entered upon its period of there been train directly from Boston to Amesbury on this train was carried regular mail car with armed clerk But that train was discontinued time ago, and the transfer of the mail to the baggage on the Newburyport branch noted today that the baggage afthe last car on the run Newburyport Amesbury, since the train, after reaching Amesbury. through train to Boston on the return trip an engine is simply hooked to baggage for that trip Hence the conductor fireman ignorant of the robbery. oney Cannot Be Traced Among the firms for which the money destined were the Biddle & Smart Company, builders of automobile bodies, the Merrimac Hat Company The money was consigned to the River National Bank of from the Federal Reserve Bank in Boston. completely covered by according to Gov W. P. G. Harding of the Federal Reserve Bank, who stated that all of currency are such shipments ered by blanket insurance policy Gov that his bank had no way of tracing the in the mail be physical impossibility for the bank to keep a record of the serial numbers and other identification marks of all the bills distributed stated that the payroll was largely in bills $5, $10 and $20 although some of it was in larger bills. Run on Bank Is Denied The former practice of the Ames to pay their employes in currency but there have so many payroll robberies that practice has been discontinued and payments are made by check by the bank The bearing payroll yesterday morning as usual by Samuel Porter of Amesbury, his driver. Herbert White and John Ryan Fred Reid. who guard the truck from the station to bank. happened that Chief of Police Scott was also on to meet the train and its payroll, but instead heard of its theft There were rumors abroad. the that of the had started run on the River National Bank and police called to control the crowd. These rumors proved to be false, and the statement of Pres of the bank that there was plenty of money on hand meet the payroll and that the lost money wholly covered insurance seemed to satisfy Beach "Gang" Suspected Promptly Jor. dan the alarm from the there on the scene large detachment. not only of Amesbury and Newburyport police but State patrolmen under the command of Sergt Daniel Murphy Sergt others the group the way from the came from Rowley and other nearer head quarters. Park Colvin postoffice inspector in charge of the New Eng land district. assigned inspectors Thomas Thomas Guiney and Carl Nelson the and they too, were making a. thorough checkup of the Late the afternoon conference was held at the Amesbury Police Head. quarters the inspectors. the railway police, Chief Scott and Lieut Griffin, who conducting the in. for the State. Plans were laid for the night search. From sev eral sources came the statement particular Salisbury Beach 'gang is suspected of being implicated, and Lieut Griffin's long search in that region with baggagemaster Jordan seems to bear out that statement. Sev- officers expressed the opinion that the next to be will be the abandoned mail pouch and, very likely, an abandoned car. $2000 Reward Already In any event, the net spread wide for the bandits, who, according to Inspector Colvin, have perpetrated the first railway holdup of which there any record in New England The fact postal authorities standing reward $2000 for the apprehension of each implicated in such holdup, and the fact that it is thought the and the will offer further rewards. led the police to feel confident that the will be caught, especially both baggagemaster Jordan and excellent descriptions of the men and could readily identify them. One aspect of the case that has caused much of such large of money in baggage no protection for the baggagemaster Mr Jordan, in his statement in Boston yesterday pointed out that he has repeatedly complained of situation to the authorities. It is deemed probable that the rule will be changed hereafter


Article from Reading Times, July 30, 1926

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Article Text

FEARS MARRIAGE BANDITS ROB TRAIN ON SHIP CLOUDS OF BANKER'S SACK HER NATIONALITY CONTAINING $65,000 British Wife of American Wed On U. S. Ship Asks Her Status of Shipping Board WASHINGTON, July 29. That serious legal complicati may grow out of the shipping board's ruling that no law exists for ship masters to perform marriages at sea was sug gested in letter received by Chairman O'Çonnor today from a woman in The writer said she was a British subject and had married an American on board an American vessel bound for the United States. The board's ruling that no authority exists for ship masters to perform said by the writer to place cloud not only on her marriage but also on her nationality She contended that in marrying an American she presumed she acquired American citizenship. Board Points to Law The California sought the opinion of the board as to whether past marriages at sea were regarded as legal by General Counsel Chauncey B. Parker, whose recent ruling specifically said that the board did not attempt to pass on the legality of marriages already performed It was indicated at the .board today that reply will be sent to the California woman saying that the board's general counsel merely held that under law masters were and that hereafter such ceremonies cannot be performed on board government -operated ships. Pass the Buck The board will express no opinion on the question of the nationality or the status of her marriage, but probably will suggest the question be taken up with the state department, which originally opened the question of sea marriages. While three agencies, the state department, department and shipping board, have held that government masters cannot perform marriages aboard ship. the attorney general has not finally ruled on the matter, nor has any request been made have the legality of marriages already performed passed upon. Carefully Planned Robbery Is Executed Quickly and Robbers Escape BOSTON July 29 carefully planned course of action. two bandits today held up two men on Boston & Maine branch train in Salisbury, selected small pouch containing 000 consigned to Amesbury bank, leaped from the moving car and escaped in a waiting automobile small army of state and local police and citizens had found no trace of the robbers tonight. The loot was money consignment from the Federal Reserve Bank in Boston the Powow River National Bank in Amesbury, designed as cash balance against which checks for several factories were to be drawn At Newburyport the money sack was placed on the small branch line train which runs six through Salisbury to Amesbury With other mail, the cash was combination baggage and smoking car, the last of the three-car Baggage Master Escapes The two robbers rode as gers from Newbury Just as the train was drawing out of the Salisbury station, they rose from their seats. drew revolvers and forced Baggagemaster William Jordan and brakeman off duty, Harry O. Babcock, into the baggage end of the car. Jordan fell or jumped from the rear platform, ran quarter of mile back to the Salisbury station and gave the alarm Keeping Babcock the two robbers found the sack, from the train and leaped after it. They sent one shot whistling after the train to frighten off pursuit. Find Many Cartridges The investigators found a large white handkerchief fastened to the fence bordering the railroad, apparently to Indicate to the robbers where to jump off. The barbed wire Reduced Prices fence at this point had been freshly cut and the tree to afford path to the nearby Rabbitt road About 50 cartridges .32 caliber were found by the tracks and scat OFFICE EQUIPMENT tered through the woods, evidently fallen from the pockets of the two men as they Neighbors reported seeing an automobile waiting on the by-road. Desks Chairs The state highway is a mile away and It was believed by the police that the robbers escaped by the route. Filing Cabinets Causes Run on Bank In Amesbury the report of the robbery caused near riot about the Powow bank when employes of the Biddle & Smart Automobile Body factory stormed the institution out of fear that their weekly pay would be held up. Police the crowd until President Frank Sargent announced that the bank could meet the payroll with other resources. older robber, who took the lead. had ridden on the train several times the baggage master said. The younger, about 20, ap. peared highly nervous, but pointed out the desired sack to his com-