Boston Five Cents Savings Bank

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: December 18, 1931
Location: Boston, Massachusetts (42.358, -71.060)

Metadata

Model: gpt-5-mini
Short Digest: 1e175b76

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected

Description

Multiple December 1931 articles describe a two-day run on the Boston Five Cents Savings Bank. The bank continued to pay depositors, refused to invoke the 90-day rule, and there is no mention of a suspension, receivership, or permanent closure. Cause appears to be part of broader banking unrest in the state (systemic/macro news) rather than a specific misinformation event or bank insolvency.

Events (1)

1. December 18, 1931 Run

Cause: Macro News
Cause Details: Run occurred during broader banking unrest in Massachusetts; articles reference clearing banking situation and general depositor nervousness rather than a specific misstatement or scandal affecting this bank.
Measures: Bank publicly reassured depositors; president Wilmot R. Evans stated bank would pay every depositor in full and would not invoke the 90-day law; prominent businessmen opened accounts to show confidence.
Newspaper Excerpt: following two-day run on the bank and No matter how long the run continues the bank has plenty of money on hand to meet all demands.
Source: newspapers

Newspaper Articles (5)

1. December 18, 1931 The Boston Daily Globe Boston, MA

Article from The Boston Daily Globe, December 18, 1931

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Article Text

'PLENTY OF MONEY TO MEET ALL DEMANDS" Pres Evans of Boston Five Cents Savings Bank Reassures Depositors The Boston Five Cents Savings Bank will not close its doors and will not invoke the 90-day law affecting savings deposits. This statement was made this afternoon by Wilmot R. Evans, president of the institution, following two-day run on the bank. The statement of Pres Evans today to reassure all depositors was as follows: "No matter how long the run continues the bank has plenty of money on hand to meet all demands. We are paying the depositors as fast as they come. Conditions which have prevailed for some time have not affected the Boston Five Cents Savings Bank. We are ready and willing to pay every depositor every cent of their. money. "For 77 years this bank has met promptly every demand upon it. We have always recognized that the moneys intrusted to us are the property of the depositors and that they were entitled to have it paid to them on demand. "We shall not invoke the 90-day law for holding back in an emergency; we do not need its protection and haven't the least intention of seeking it." Backfire of Deposits Shortly after Pres Evans' statement was issued eight of Boston's prominent business and professional leaders opened savings accounts in the Boston Five Cents Savings Bank, School st, as a concrete expression of their confidence in the stability of this institution and banks in general in the city Arriving in a body at the bank they included: Frederic S. Snyder, newly elected president of the Boston Chamber of Commerce. P. A. O'Connell, president of E. T. George R. Nutter, prominent Boston attorney Carl Dreyfus, director of the Chamber of Commerce and publishing exec. utive. Victor M. Cutter, president of the United Fruit Company Melville D. Liming, secretary of the Boston Chamber of Commerce. Eugene McSweeney, Boston publishing Carl P. Dennett, vice president of Continued on Page Thirty-Nine

2. December 18, 1931 Fitchburg Sentinel Fitchburg, MA

Article from Fitchburg Sentinel, December 18, 1931

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Article Text

Boston Bank Ready to Meet Demands BOSTON. Dec. 18 (P:The Boston Five Cents Savings bank. which has been meeting steady demands for withdrawals by depositors for two days, today announced that it was ready and willing to pay every positor every cent and that under circumstance the 90-day notice law invoked. Wilmot R. Evans. president. said: "No matter how long the run continues. the bank has plenty of money hand to meet are paying the depositors as fast "Conditions which have prevailed for some time have not affected the Boston Five Cents Savings bank. ready and willing to pay depositor every cent "For 77 years this bank has met promptly every demand upon have always recognized that the money entrusted the propof the depositors and that they erty are entitled to payment on demand Student's Magic Pays Dec. 18 John Waestner, sophomore at Ripon lege. earns his way through school He has pulled enough rabbits of hats to enable him to stay in college. Police Buy Band Uniforms Dec. 11 (AP) So that the police band in of ormay properly all policemen will assessed monthly until the musician's attire paid House Work Buffalo News) Schooling isn't to success You early. Edison and study at home. for 68 years

3. December 19, 1931 The Springfield Daily Republican Springfield, MA

Article from The Springfield Daily Republican, December 19, 1931

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Article Text

this morning, the commissioner said the prospects that the situation had were promising. The run on the Boston Five Cents Savings bank is giving no worry. The bank is considered to so strong flnancially, with so much quick assets on hand, that its financial cannot be upset by the run and that the will come this in a day or SO and confidence will be

4. December 19, 1931 The Boston Daily Globe Boston, MA

Article from The Boston Daily Globe, December 19, 1931

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Article Text

BANKING SITUATION CLEARING, GUY SAYS Steps to Prevent Freezing of Assets Taken The banking situation in the State seemed to be clearing yesterday in opinion of Bank Arthur Guy and he appeared quite sanguine to the outcome of the recent happenings. Steps have been taken to secure the position of banking Institutions where there has been an frozen assets according to Mr Guy, the general banking looked promising night. It is believed the peak of present conditions has been reached stable condition result yesterday's improvement will reached the Boston Five Cents Savings of all the savings banks the State, with resources appeared to have been checked afterwhen Pres nounced that the bank neither close doors invoke the 90-day clause. He said bank the every depositor deWithout the knowledge of Pres Evans Boston men visited the bank the afternoon and opened savings counts in their names savings banks. Many had stood waiting back into the bank they that there was danger of loss to them. Withdrawals Lose Interest their from the Boston Cents Saving Bank losing amounts three months' interest their paid are April Oct While only terest deposits put back interest until

5. December 19, 1931 The Boston Daily Globe Boston, MA

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Article Text

The statement of Pres Evans yesterday follows: matter how the tinues the bank has plenty money on hand to meet all demands. We paying the fast as they vailed for some time not Cents Bank. are ready and willing to pay every depositor every their money years this has recognized moneys intrusted to are the property the that they entitled to have It paid to them demand. not invoke the 90-day law for do not need its haven't the least intention of seeking Backfire of Deposits Shortly was issued eight of Boston's prominent business leaders in the Boston Five Cents School expression their fidence stability of this instituand banks the Arriving body at the bank they included Snyder, newly elected president the Commerce O'Connell, president of E. Slattery George R. Nutter, promient Boston Carl Dreyfus, director of the Cham. ber Commerce and utive. Victor M. Cutter, president of the United Company of the Boston Boston publishCarl Dennett, vice president of the Boston president of the Griffin Wheel ComTheir arrival wholly unexpected officers bank. Their deposits the bank plenty hand all mands appreciation the which these walked stabilize ditions All the accounts opened size, their psychotheir monetary worth the bank execuO'Connell said, after opening his account: "The banking situation Boston reason for fear on the one for deposits banks in Boston. matter fact, savings deposits bring greater returns today than seplace for money today said Carl Dreyfus. has lost penny savings banks. absolute confidence in the Liming, "and had wish put 'There not the slightest question stability of the banks Boston, Pres Snyder the for depositors take their unless they really They place money sounder bank than the Boston Cents with for his personal country retain small of sanity in said Eugene McSweeney 'and not Our ton are sound and deserving of every 'From all the investigations that made, George Nutter, former head the Boston and Massachusetts Associations, 'the banking Boston solutely that extremely wants money foolish can draw but out and lose the interest. the bank wasn't money. would not deposited my Trustees of Bank Among the trustees of the Boston Cents Savings Bank Daniel Wing, president the First National Bank of Boston local representative the National Credit Corporation created by President Hoover with to assist any bank in need. The Boston Five Cents Savings Bank has for this Channing Jesse Alfred Francis Robert Holmes. Albert Lyon, Frederic Charles SubStockton. E. LeRoy VanHuysen, Charles W. Whittier.