7093. Gloucester Bank (Gloucester, MA)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
December 15, 1931
Location
Gloucester, Massachusetts (42.616, -70.662)

Metadata

Model
gpt-5-mini
Short Digest
9f31dcef0d73bacc

Response Measures

None

Description

Newspapers from Dec 15–16, 1931 report depositors gathered and heavy withdrawals at Gloucester Bank, and that the bank 'temporarily' closed on advice of the bank examiner. Multiple Massachusetts banks were being shut at the same time, suggesting a local wave of distress. No article states a reopening or permanent closure, so outcome is unsure.

Events (2)
1. December 15, 1931 Run
Cause
Local Banks
Cause Details
Depositors gathered and heavy withdrawals amid a broader set of Massachusetts bank closings and runs; withdrawals large enough to exhaust available cash.
Measures
Depositors assembled; bank subsequently closed doors and consulted the bank examiner.
Newspaper Excerpt
a group about depositors were gathered in the demand for...called run large amount which cannot be immediately
Source
newspapers
2. December 15, 1931 Suspension
Cause
Government Action
Cause Details
Bank closed temporarily on the advice of the bank examiner after heavy withdrawals and perceived liquidity shortfall.
Newspaper Excerpt
By advice of the bank examiner, this bank temporarily ... closed its doors to the public for today
Source
newspapers

Newspaper Articles (2)
1. December 15, 1931 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, December 15, 1931

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Article Text

GLOUCESTER BANK SUSPENDS TEMPORARILY GLOUCESTER, Dec the first time in its history of 135 of dobusiness the closed doors to the public for today exact to say it closed its were opened. group about depositors were gathered in the demand for Snortly Thomas Carroll, president of the appeared addressed the group substantially as follows: Gentlemen: By advice of the bank examiner, this bank temporarily. me you that But this solvent. be in progress called run large amount which cannot be immediately me that the affairs of this all largest are we depositors been minded we could had withdrawn our balances week ago, that there loss we stand the meantime bank examiner thorough of the condition this will make report in short time. done conserve of the bank in of hope be for business in

2. December 16, 1931 The Mercury Manhattan, KS
Article from The Mercury, December 16, 1931

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Article Text

NINE MASSACHUSETTS ARE SHUT DOWN BANKS Includes Four National and List Five State Banks With Deposits Boston. Dec. 15 Massachusetts banking institutions, with aggregate deposits, according to the latest were closed today. The list included four national banks and five state banks. central figure in the closings The Federal National bank the which has five city branchwith which all the other inand stitutions were affiliated. Federal National whose The directors voted to ask the comptrolto take charge after ler currency the bank and its branches runs had deposits, Septemof other banks and their latest The available statements of deposit The Middlesex National bank. Lothe State National well. the Gloucesbank. Lynn. National bank. the Bancroft ter Worcester, $5,876,Trust 474: the Lawrence Trust company, Lawrence, the Inman Trust company, Cambridge,