7066. Chelsea Savings Bank (Chelsea, MA)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
May 5, 1899
Location
Chelsea, Massachusetts (42.392, -71.033)

Metadata

Model
gpt-5-mini
Short Digest
4619d193ed3f9278

Response Measures

None

Description

Newspaper accounts (May 5, 1899) describe a run triggered by a false report/confusion of names; the bank paid out depositors and continued business with no suspension reported.

Events (1)
1. May 5, 1899 Run
Cause
Rumor Or Misinformation
Cause Details
False report/confusion of names (namesake filed bankruptcy) and false report that an official was 'embarrassed in a business way' triggered withdrawals.
Random Run
Yes
Random Run Snippet
false report that a namesake filed bankruptcy; report proven false
Measures
Paid out depositors promptly; cashiered funds (including giving a large withdrawal in silver) and served about 100 depositors at opening without interruption of business.
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

Click image to open full size in new tab

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

Click image to open full size in new tab

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.