7839. Boston Five Cent Savings Bank (Boston, MA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
July 29, 1921
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
3d9f8244

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Multiple contemporary articles (July 30–Aug 2, 1921) describe a run provoked by malicious propaganda/rumors among immigrant depositors. The bank continued to pay withdrawals, received offers of assistance, and never suspended operations in these reports — so classify as run_only.

Events (1)
1. July 29, 1921 Run
Cause
Rumor Or Misinformation
Cause Details
Malicious propaganda/rumors circulated among foreign/immigrant depositors; police and officials attributed withdrawals to systematic propaganda.
Measures
Bank paid out large withdrawals (reported $700,000 in one day; $700,000+ paid overall), officials publicly reassured depositors, police and mounted officers guarded the bank, offers of financial assistance from other banks; continued normal hours and accepted deposits.
Newspaper Excerpt
The run on the bank began yesterday following circulation of a rumor that the bank was in difficulty.
Source
newspapers

Newspaper Articles (10)
1. July 30, 1921 The Washington Times Washington, DC
Article from The Washington Times, July 30, 1921

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Article Text

RIOTING MOB STORMS DOORS OF BOSTON BANK BOSTON, July 30.-In probably the most riotous scene witnessed here since Charles Ponzi's crash, depositors of the Boston Five Cent Savings Bank today ran wild in the streets outside the institution. Screams, curses and demands in broken English and several foreign tongues rent the air as hundreds of frenzied men and women struggled to enter the bank to withdraw their savings. The "run" on the bank began yesterday following circulation of a rumor that the bank was in difficulty. This has been denied both by bank and Government officials.

2. July 30, 1921 The Caledonian-Record Saint Johnsbury, VT
Article from The Caledonian-Record, July 30, 1921

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in persons waiting to withdraw their savings, according to Deputy Superintendent Thomas C. Evans of the Boston Police. Deputy Evans said, "Some malicious secret force is at work spreading propaganda among the foreign element and getting them to withdraw their savings, thus causing the run on the bank." Five women fainted and others became hysterical when police officers dashed into the crowd outside the bank to stop the rush into the building. The trouble started when a score of persons rushed the police guard at the bank door and broke through. Mounted officers turned their horses onto the sidewalk and the crowd broke. Bank Commisisoner Joseph C. Allen issued this statement during the morning. "If I could only make clear to the people of Boston in what strong condition the Boston Five Cent Savings Bank is those who have withdrawn their money would be ashamed of themselves. A bank with $25,000,000 in quick assets that can be converted into cash almost immediately does not have to worry." President Wilmot R. Evans today declared that it would be regular banking hours and the bank would continue to meet demands as fast as the money could be turned out.

3. July 30, 1921 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, July 30, 1921

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Article Text

n MALICIOUS PROPA. GANDA CAUSING RUN Boston Five Cent Savings Bank Becomes Victim of "Some Malicious Secret Force." Boston, July 30.-"Malicious propa ganda" against the Boston Five Cent Savings bank caused the run against the institution which began yesterday and was continuing to-day with crowds of persons waiting in line to withdraw their savings, according to Deputy Superintendent Thomas C. Evans of Boston police. Deputy Evans said: "Some malicious secret force is at work spreading propaganda among the foreign element and getting them to withdraw their savings, thus causing the run on the bank. Among the crowd outside the bank persons are dropping out of line every minute. convinced that their savings are safe. A squad of police, together with a mounted officer and several traffic officers, kept the streets outside the bank open this morning. Officials of the bank said they were not disturbed by the prospect of a run as there was $2,000,000 in cash in the vaults and $22,000,000 in securities which could be converted into cash within 24 hours. Five women fainted and others became hysterical when police officers dashed into the crowd outside the bank to stop the rush into the building. The trouble started when a score of persons rushed the police guard at the bank door and broke through. Mounted officers turned their horses onto the sidewalk and the crowd broke. After this incident officers were stationed at both ends of School street and at alley ways leading into it with orders to keep out all persons having no special business in that neighborhood. Plans were also made to divert trucks and other heavy traffic from School street. Bank Commissioner Joseph C. Allen issued this statement during the morning: "If I could only make clear to the people of Boston in what strong condition the Boston Five Cent Savings bank is, those who have withdrawn their money would be ashamed of themselves. A bank with $25,000,000 in quick assets that can be converted into cash almost immediately does not have to worry." je

4. July 31, 1921 The New York Herald New York, NY
Article from The New York Herald, July 31, 1921

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RUNS ON TWO BANKS EASILY WEATHERED Savings Institution in Boston and Trust Company in Philadelphia Safe. BOSTON, July 30.-One hundred and fifteen deposits, aggregating $3,500, were received at the Boston Five Cent Savings Bank this afternoon, its president, Wilmot R. Evans, announced late to-day. The fact that there were from old depositors, together with an easing off in demands noticed before the bank closed at its regular hour, 2 o'clock, led officials of the institution to believe the end of the run, which caused much excitement to-day, was in sight. The bank, as usual on Saturdays, was open from 3 to 5 and from 6 to 8 P. M. to receive deposits. Mr. Evans said that $700,000 had been paid to depositors and that the bank was prepared to meet all demands without outside assistance. Offers of $5,000,000 had been received, in addition to tenders of aid from many banks. Policemen were stationed at each end of School street, in which, almost opposite City Hall. the bank is located, with orders to keep a strict lookout for any persons spreading malicious propaganda regarding the financial condition of the institution. It is to such rumors that the police and bank officers attribute the run. The depositors who withdrew their money were principally of foreign origin. Bank Commissioner Joseph C. Allen reiterated his assurances of the bank's integrity and added: "It has been reported to me that the withdrawals in the Five-cent Savings Bank are the result of propaganda circulated systematically. This report is being investigated by the State authorities and if it is found to be true the public may rest assured that every effort will be made to bring the perpetrators to justice." Mounted police and patrolmen were needed to-day to control the crowds that filled the narrow streets. Fainting women and rushes of men on the cue of anxious depositors caused great difficulty in keeping order. The street was finally closed to those having no definite business there and after the bank's closing hour normal conditions returned.

5. August 1, 1921 New Britain Herald New Britain, CT
Article from New Britain Herald, August 1, 1921

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Article Text

RUN ON BANK CONTINUES Despite Reassurances, Long Line of Depositors Seek Their Savings Today -Police Maintain Order. Boston, Aug. 1.-Despite reassuring statements by bank officials and the state bank commissioner, the run on the Boston Five Cent Savings Bank which began Friday, continued unabated today. A big squad of patrolmen and mounted police kept the crowd of anxious depositors in a line which extended from the bank entrance on School street for a considerable distance. W. R. Evans, president of the bank, said that the institution would continue to pay indefinitely. "We have in quick assets more than $30,000,000 which can be converted within three days," he said, adding that the bank was absolutely sound and there was no reas for the run. valid

6. August 1, 1921 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, August 1, 1921

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Article Text

POLICE GUARDING SCARED DEPOSITORS As Run on Boston Five Cent Savings Bank Continued To-day. Boston, Aug. 1.-Despite reassuring statements issued by bank officials and the state bank commissioner, a run on the Boston Five Cent Savings bank, which began Friday, continued unabated to-day. A big squad of patrolmen and mounted police kept the crowd of depositors in line. W. R. Evans, president of the bank, said that the institution would continue to pay indefinitely. "We have in quick assets more than $30,000,000, which can be converted within three days," he said. "We have not asked for assistance and do not intend to do so. Prominent Boston banking houses have offered to anticipate our notes to the amount of millions. The bank is absolutely sound and there is no valid reason for the run." Depositors, mostly of foreign extraction, gathered near the bank entrance on School street long before the time for opening. The police formed them in a single line extending from School street through Bosworth street, Chapman place. Tremont street and Bromfield street, a distance of about eight blocks.

7. August 1, 1921 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, August 1, 1921

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Heavy Run on a Bank Due to False Rumors NLY the financial strength of the Boston Five Cent Savings bank and the confidence of its depositors who were not panicstricken apparently saved that institution from being forced out of business by a run which was started

8. August 2, 1921 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, August 2, 1921

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Run on Boston Bank Believed Now to Be Nearing an End By Associated Press Boston, August 1.-Belief that the run on the Boston Five Cent Savings bank, which began Friday, was nearing an end, was expressed tonight by officials of the company. When the bank closed at the regular hour only 250 persons were in line waiting to make withdrawals. Joseph Holmes treasurer of the bank said the total withdrawals for today were less than those of Saturday, when nearly $700.000 was paid out and that deposits were approximately $25,000, a considerable increase over Saturday. There was no excitement among the waiting depositors today and traffic was not impeded by the crowd. It was learned from postal authoritles tonight that since the bank run started postal savings deposits in this city had amounted to nearly $500,000. breaking all records for so short a period. Nearly $80,000 was deposited today at the Central post office where the daily average for some time is said to have been about $1,500.

9. August 2, 1921 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, August 2, 1921

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RUN ON BANK NEARING END. Boston, Aug. 2.-Belief - that the run on the Boston Five Cent Savings Bank, which began Friday, was enaring an end was expressed last night by officials of the company. When the bank closed at the regular hour only 25 persons were in line to make withdrawals. Joseph Holmes, treasurer of the bank, said the total withdrawals today were less than those of Saturday, when nearly $700,000 was paid out, and that deposits were ap proximately ($25,000 a considerable increase over Saturday.

10. August 2, 1921 The New York Herald New York, NY
Article from The New York Herald, August 2, 1921

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BANK RUN CONTINUES. Boston Institution Keeps on Paying All Depositors. BOSTON, Aug. 1.-Despite reassuring statements by bank officials and the State Bank Commissioner, the run on the Boston Five Cent Savings Bank, which began Friday, continued unabated today. A big squad of patrolmen and mounted police kept the crowd of depositors in a line which extended for eight blocks. W. R. Evans, president of the bank, said the institution would continue to pay indefinitely. "We have in quick assets more than $50,000,000. which can be converted within three days." he said, adding that the bank was absolutely sound and there was no valid reason for the run.