7897. Five-Cent 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
0e5cd410

Response Measures

Accommodated withdrawals, Books examined

Description

Articles (Mar 15–18, 1878) describe a run on the Five-Cent Savings Bank in Boston triggered by a rumor that the bank would enforce the sixty-days notice. Examiners found the bank solvent with a large surplus; no suspension, reopening, or receivership is mentioned. OCR corrected 'FiveCent' to 'Five-Cent'.

Events (2)

1. March 15, 1878 Run
Cause
Rumor Or Misinformation
Cause Details
Rumor that the bank intended to enforce the sixty-days notice, provoking depositors to withdraw funds.
Measures
Committee examined securities; examiners reported sufficient surplus after deducting depreciated assets and interest; bank paid out large sums to depositors.
Newspaper Excerpt
A run on the FiveCent Savings Bank is in progress here, caused by a rumor that it intended to enforce the.sixty-days notice. ... School street, where the Five-Cent Bank is located, has been blockaded by a crowd today, and the excitement has been intense.
Source
newspapers
2. March 16, 1878 Run
Cause
Rumor Or Misinformation
Cause Details
Continued withdrawals driven by the same rumor about enforcing the sixty-days notice; heavy daily payouts reported.
Measures
Large cash payments made to depositors ($90,000 on Mar 15 and similar on Mar 16); examination of securities by committee to reassure public.
Newspaper Excerpt
The panic among the savings bank depositors continued today. The crowd in:front of the Five-Cent Savings Bank was even greater than yesterday-$90,000 being paid out yesterday and as much to-day.
Source
newspapers

Newspaper Articles (3)

Article from The Daily Dispatch, March 16, 1878

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Article Text

Crimes and Casualties. CONVICTION OF A MURDERER IN CAROLINE. [Special télegram to the Dispatch.] MILFORD, Va., March 13.-William Robinson (colored), charged with the murder of Ellen Rov (colored), near Sparta, some two years ago, and recently arrested in Richmond, has been tried at Caroline Circuit Court, in Bowling Green, and convicted of murder in the first degree and sentenced to suffer the extreme penalty of the law on the 2d of May next. EXECUTION OF À MURDERER. ATLANTA, March 15.-Gus. Johnson, the murderer of the negro ferryman Alfred, was banged at Rome, Ga., to-day. The execution was public and a large crowd was present. Johnson showed no sign of fear, and ascended the scaffold with a cigar in his mouth. He confessed to four murders and died in seventeen minutes of strangulation. ANOTHER MURRDEER HANGED. CONCORD, March 15.-Joseph Lepage was hung here to-day for the murder, several years ago, of Josie Langmaid, a school-girl whom he waylaid. He confessed. RESPITED. AUGUSTA, Ga., March 15.-Robert McEvoy, convicted of the murder of J. J. Gregg, of this city, at Grantville, S. c., and sentenced to be hung to-day at Aiken, S. C., has been respited by Governor Hampton until the 29th instant on two grounds: The invalidity of his sentence and his statement that he knew about the murder of Sawyer, at Ridge's Springs, S. C., in 1874. He declared that be did not want a respite. BANK TREASURER INDICTED. POUGHKEEPSIE, March 15.-Four indictments were brought into court to-day against Alexander Barlow, treasurer of the Fishkill Savings Bank; two for embezzlement of $61,000 and two for grand larceny. in taking $8,000. Massachusetts. RUN ON A SAVINGS BANK-ARREST OF POLYGAMISTS, &C. BOSTON, March 15.-A run on the FiveCent Savings Bank is in progress here, caused by a rumor that it intended to enforce the.sixty-days notice. It is one of the largest savings banks in the State, and there is no reason to doubt its soundness. The State detectives made a raid yesterday on the town of Sheetsburg, in this State, where they arrested a number of men, charged with living in open polygamy. They were held in bonds for trial before the Superior Criminal Court for Franklin county. It is alleged that many others will be arrested for the same offence, an attempt evidently having been made to establish a Mormon settlement at Tewksbury. The run on the savings bank which commenced yesterday has developed a general panic among savings-bank depositors. School street, where the Five-Cent Bank is located, has been blockaded by a crowd today, and the excitement has been intense. The committee which has been engaged in examining the securities of the bank for the past two weeks state that after deducting all depreciated assets. embracing stocks, bonds, &c., which the bank has suffered since the last statement was made, and allowing $162,000 to pay April interest, the bank will still have a surplus of $420,000. The uncasiness still continues, and is spreading to other banks.


Article from The Daily Dispatch, March 18, 1878

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Article Text

Massachusetis. THE SAVINGS BANK PANIC IN BOSTON. BOSTON, March 16.-The panic among the savings bank depositors continued today. The crowd in:front of the Five-Cent Savings Bank was even greater than yesterday-$90,000 being paid out yesterday and as much to-day. The Provident Savings Institution paid out about $80,000 yesterday, and an equal amount to-day. There is no run on the Suffolk.


Article from The Daily Dispatch, March 19, 1878

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Article Text

Massacusetts. THE ROBBERY OF THE LECHMERE BANK, &C. BOSTON, March 18.-Bank Examiner Needham states that the actual loss to the Lechmere Bank at East Cambridge by the robbery last Saturday is $3,033, leaving a surplus of $113,000. The balance of the loss falls upon the president and outside parties. The run on the Boston Savings banks continues to-day, but the excitement is greatly diminished. There is a crowd at the Five-Cent Savings Bank of about one hundred. At the Providence Savings Bank and Suffolk Savings Bank few depositors are calling for their money. The Hyde-Park Savings Bank is enforcing the sixty-days rule for sums over twenty-five dollars.