7894. Five Cents Savings Bank (Boston, MA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
March 15, 1878
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
2f463eeb

Response Measures

Accommodated withdrawals

Description

Multiple newspaper reports from March 15–18, 1878 describe an ongoing run on the Five Cents Savings Bank in Boston. The bank paid large sums (reports: $90,000 on a day; total drawn since run began $1,300,000) and directors decided to pay on demand. There is no statement that this bank suspended or was closed; some other savings banks enforced sixty days' notice, but Five Cents continued paying. Cause appears to be a broader panic among savings bank depositors (financial troubles and failures elsewhere).

Events (1)
1. March 15, 1878 Run
Cause
Macro News
Cause Details
Panic among savings bank depositors triggered by broader financial troubles and failures elsewhere (general savings-bank panic in Boston and reports of failures).
Measures
Directors decided to pay on demand; bank paid large daily sums (reports of $90,000 paid one day; $1,300,000 drawn since run began) and stated it could continue paying without endangering depositors' funds.
Newspaper Excerpt
BOSTON, March 15.-A run on the Five Cents Savings bank here in in progress.
Source
newspapers

Newspaper Articles (8)
1. March 16, 1878 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, March 16, 1878

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Article Text

HERE AND THERE Nix children on Trial for the Murder of " Negro Acquitted-A Moily Maguire Arrested-Rus on a Savings Bank-Polygamists Arrested. COLUMBIA, 8. C,, March 15.-The jury in the case of the six children on trial here for the murder of a negro youth returned a verdict of not guilty, and the children were restored to their parents. POTTSVILLE, Pa., March 15-Martin Bergen, a Molly Maguire and one of the alleged murderers of Patrick Burns, arrived here this morning from Canada, in charge of Pinkerton's detectives, Burns Was mine clerk, and was shot and instantly killed at Tus. carora, April 15, 1870, it is supposed, by members of the Molly Maguire soclety. BOSTON, March 15.-A run on the Five Cents Savings bank here in in progress. It is rumored the institution will enforce the sixty days notice. It is one of the largest savings banks in the state. There is no reason at present to doubt its soundness. The state detectives made a raid yesterday on the town of Shutesbury, in this state, where they arrested a number of men living in open polygamy. They are held for trial in the superior criminal court for Franklin county. It is alleged many others will be are rested for the same offense, an attempt evidently having been made to establish a Morgan settlement of Tewksbury.

2. March 18, 1878 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, March 18, 1878

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Article Text

Boston Bank Panic. BOSTON, March 16.-The panic among the savings bank depositors continued to. day, and the crowd in front of the Five Cents Savings Bank was even greater than yesterday. It paid to-day another $90,000. A small proportion of the depositors around the doors were of the laboring class. They were desf to all statements of the safety of the institution. TRUE TAXIST SHT

3. March 18, 1878 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, March 18, 1878

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Article Text

MASSACHUSETTS. BOSTON, March 16.-The Fall River manufacturers voted a fifteen per cent. reduction of wages. beginning April 1. The panic among the savings bank depositors continued to day and the crowd in front of the Five Cents savings bank was even greater than yesterday. It paid today another $90,000. A small proportion

4. March 19, 1878 Daily Globe Saint Paul, MN
Article from Daily Globe, March 19, 1878

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Article Text

FINANCIAL TROUBLES. John Sherman's Victims Yield to the InInevitable--Failures in Chicago and Elsewhere. FAILURES IN CHICAGO. CHICAGO, March 18.-Stearns, Dana & Co., wholesale grocers, 42 Lake street, who have been in financial difficulty for some time, filed a petition in bankruptcy to-day. Secured debts $14,000;unsecured $60,000 other liabilities, making a total of $81,000. Assets, open accounts, stock, real estate, etc., $70,000. George F. Work, picture frame manufacturer, filed a petition in bankruptcy. Secured debts $56,000; unsecured $110,000. All assets exempt. NOVA SCOTIA, TOO. HALIFAX, N. S., March 18.-McIntosh, & Co., bankers and brokers, suspended payments today. It is feared it will lead to more failures. Liabilities not known, but will exceed $100,000. The bank of Nova Scotia is a large creditor. Assets nominally exceed liabilities. DOMINION FAILURES. MONTREAL, March 18.-C. L. Baker, of Lindsay, wholesale grocer, has failed. Liabilities $300,000; assets large. The Beaver Stamping company is attached. Liabilities $70,000; assets unknown. A LITTLE RELIEF. WILKESBARRE, Pa., March 18.-The Lehigh & Wilkesbarre coal company resumed work this morning in eleven collieries on threequarter time, giving work to 2,000 men and boys. BOSTON SAVINGS BANK RUN. BOSTON, March 18.-The run on the savings banks to day continues, but the excitement is greatly diminished and the crowd in e the Five Cents savings bank did not number Is over one hundred. At the Provident and e Suffolk savings banks there were few, if any, Zdepositors calling for their money. STRIKE OF ENGLISH WEAVERS. LONDON, March 18.-Between five and six -1 thousand Oldham weavers are engaged in the strike and lock-out. Numbers of operatives in other departments are kept idle in c, consequence of the stoppage of work by the weavers, and great distress prevails. SWINDLING BANK OFFICERS HELD. READING, Pa., March 18.-The habeas corpus hearing of A. L. Boyer and Col. Sellers, officers of the suspended Dime savings bank, charged with conspiracy to defraud, was concluded to day and the prisoners held in $5,000 each to appear at the April term. Id

5. March 19, 1878 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, March 19, 1878

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Article Text

HERE AND THERE. Habeas Corpus Refused the Swindling Officers of a Dinne Savings BankRan on the Boston Savings Banks Diminishing. FORTRESS MONROE, March 18.-Hons. R. H. Bland, George W. Adams, George C. Cabell, John F. Kelly and John Goode, members of congress, are here. READING, Pa., March 18 -A writ of habeas corpus in favor of the officers of the dime savings bank, which has suspended, was refused, and, the culprits held in forty thousand dollars ball. BOSTON, March 18 -Bank Examiner Needham states that the actual loss to the Lichmer bank, at East Cambridge, by the robbery last Saturday was $3,038, leaving a surplus of $113,000 balance. The loss falls upon the president and outside parties. The run on the savings banks to-day continues, but the excitement has greatly diminished. The crowd at the five cents savings bank is about one hundred. At the Providentand Suffolk savings banks few depositors are calling for their money. The Hyde Park savings bank i+ enforcing the sixty days rule on all sums over twen ty-five dollars.

6. March 19, 1878 The New Orleans Daily Democrat New Orleans, LA
Article from The New Orleans Daily Democrat, March 19, 1878

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Article Text

The Run on the Five Cents Savings Bank. BOSTON, March 18.-A Globe reporter interviewed the president of the Five Cents Savings Bank this morning and was informed that last week's drafts exceeded the deposits, and that the amount drawn out since the run began is $1,300,000, but the bank can afford to pay out $3,400,000 without weaking it or endangering the money of their depositors. The crowd this morning is less than any of the days of last week.

7. March 20, 1878 Smyrna Times Smyrna, DE
Article from Smyrna Times, March 20, 1878

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Article Text

The panic continues in Boston. The directors of the Five Cents Savings Bank decided to pay on demand. The depositors number seventyone thousand, and the deposits amount to nearly $12.000,000. The East Boston and Franklin Savings Banks will require sixty days' notice. 100

8. March 23, 1878 The Dallas Weekly Herald Dallas, TX
Article from The Dallas Weekly Herald, March 23, 1878

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Article Text

HERE AND THERE. COLUMBIA, S. C,, March 15.-The jury in the case of the six children on trial here for the murder of a negro youth returned a verdict of not guilty, and the children were restored to their parents. POTTSVILLE, Pa., March 15.-Martin Bergen, a Molly Maguire and one of the alleged murderers of Patrick Burna, arrived here this morning from Canada, in charge of Pinkerton's de tectives. Burns was mine clerk, and was shot and instantly killed at Tuscarora, April 15, 1870, it is supposed, by members of the Molly Maguire society. BOSTON, March 15.-A run on the Five Cents Savings bank here is in progress. It is rumored the institution will enforce the sixty days notice. It is one of the largest savings banks in the state. There is no reason at present to doubt its soundness. The state detectives made a raid yesterday on the town of Shutesbury, in this state, where they arrested a number of men living in open polygamy. They are held for trial in the superior criminal court for Franklin county. It is alleged many others will be arrested for the same offense, an attempt evidently having been made to establish a Morgan settlement of Tewksbury. FORTRESS MONROE, March 18.-Hons. R. H. Bland, George W.Adams, George C. Cabell, John F. Kelly and John Goode, members of congress, are here. READING, PA., March 18.-A writ of habeas corpus in favor of the officers of the dime savings bank, which has suspended, was refused, the culprite held in forty thousand dollars ball. BOSTON, March 18 -Bank Examiner Needham states that the actual loss to the Lichmer bank, at East Cambridge, by the robbery last Saturday was $3,038, leaving a surplus of $113,000 balance. The loss falls upon the presIdent and outside parties. The run on thesavings banks to-day continues, but the excitement has greatly diminished. The crowd at the five cents savings bank is about one hundred. At the Provident and Suffolk savings banks few depositors are calling for their money. The Hyde Park savings bank is enforcing the sixty days rule on all sums over twenty-five dollars.