7902. Franklin Savings Bank (Boston, MA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
savings bank
Start Date
March 15, 1878
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
83a2ae73

Response Measures

None

Description

Multiple articles (Mar 15–17, 1878) report panic at the Five Cent Savings Bank spreading uneasiness to other Boston savings banks. Franklin Savings Bank managers limited immediate payments (to $25) and required 60 days' notice for larger sums; trustees approved this action and the bank remained quiet (no reported closure or receivership). Cause attributed to runs on other local savings banks (local_banks) and public panic. Date of measure reported Mar 15–16, 1878.

Events (1)
1. March 15, 1878 Suspension
Cause
Local Banks
Cause Details
Uneasiness and panic spread from a run on the Five Cent Savings Bank and other Boston savings banks, prompting Franklin to require 60 days' notice for larger withdrawals.
Newspaper Excerpt
the managers have given notice that the amount paid to the depositors on demand has been limited to $25, and 60 days' notice are required for larger sums.
Source
newspapers

Newspaper Articles (10)
1. March 16, 1878 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, March 16, 1878

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Article Text

IN A PANIC. Runs on Boston Savings Banks. BOSTON, March 15.-The run on the Five Cent Savings Bank, which commenced yesterday, has developed to a general panic among the depositors. School street, where the bank is located, has been blockaded by a crowd today, and the excitement is intense. A committee engaged in examining the securities of this bank the past two weeks, stat that after deducting all depreciation which the quick assets embracing the stock, bonds, etc., have suffered since the last statement of the bank, and allowing $167,000 with which to pay interest falling due April 1, the bank will still have a surplus of upward of $429,000. The uneasiness has spread to the Franklin Savings Bank, Boylston street, one of the strongest institutions in the bountry, and the managers have given notice that the amount paid to the depositors on demand has been limited to $25, and 60 days' notice are required for larger sums. This reduced the number of banks in Boston, which are paying in full on demand, to three. An unusually large number of depositors in the Provident Institution for savings partaking of general and foolish scare applied for and obtained their money today, and the same is true of the Suffolk, although these banks, as far as known, are solvent to the last degree.

2. March 16, 1878 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, March 16, 1878

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Article Text

A RUN ON MASSACHUSETTS SAVINGS BANKS. A Groundless and Dangerous Panic at the Five Cent Savings Bank. THE UNEASINESS SPREADING TO OTHER BANKS. BOSTON, March 15. A run on the Boston Five Cent Savings Bank, which commenced yesterday, has developed in a general panic among bank depositors. School street, where the bank is located, has been blockaded by the crowd to-day, and the excitement has been intense. The commi tee which has been engaged in examining the securities of the bank the past two weeks, states that after reducing all depreciation which the quick assets, embracing stock, bonds, etc., have suffered since the last statement of the bank was made, and allowing $197,000 with which to pay the interest falling due on the first of April, the bank will still have a surplus of upwards of $429. The uneasiness has spread to the Franklin Savings Band, Boylston St., one of the strongest institutions in the country, and the managers have given notice that the amount paid to depositors on demand, has been limited to $25, and sixty days' notice is required for large sums. This reduces the number of banks in Bostom which are paying in full on demand, to three. Au unusually large number of depositors in the Provident Institution for Savings, partaking of the general and foolish scare, applied for and ubtained their money to-day, and the same is true of the Suffolk, although these banks as far as known are solvent to the last degree.

3. March 17, 1878 The New York Herald New York, NY
Article from The New York Herald, March 17, 1878

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BOSTON'S MONEY PANIC. BOSTON, Mass, March 16, 1878. The panic among savings bank depositors continued to-day, and the crowd in front of the Five Cent Bank was even greater than yesterday. Ninety thousand dollars was paid out by the bank yesterday, and about as much to-day. it has about seventy-two thousand depositors, and the small proportion at its doors are of the laboring class, and deaf to all guarantees of the reliability of the institution. A meeting of the directors resolved not to take advantage of the sixty days' notice. The Provident Savings Institution had a considerable number of visitors, mostly ladies, waiting to withdraw their funds. This bank paid out about $80,000 yesterday and probably an equal amount today. The officers think the run was caused by the passage of the bill empowering commissioners to regulate payments by savings banks, which it IS leared may operate against depositors who wish to withdraw funds. There was no run on the Suffolk Bank, but there were a number ot withdrawais, evidently influenced by the prevailing uneasiness of the public mind. Yesterday the bank paid out $27,000 and received $5,000 on deposit. A meeting of the trustees of the Franklin Savings Bank, on Boylston street, this morning approved the action of the officers in requiring sixty days' notice. Everything was very quiet at this bank.

4. March 17, 1878 Daily Globe Saint Paul, MN
Article from Daily Globe, March 17, 1878

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Article Text

DOUBTING PETERS. Continuation of the Run Upon the Boston Savings Institutions Demands of Depositors Promptly Met---Failures, Etc. BOSTON, March 16.-The panic among the savings bank depositors continued to-day, and the crowd in front of the Five Cent savings bank was even greater than yesterday. It paid to-day altogether $90,000. A small proportion of the depositors around the door were of the laboring class, deaf to all statements of the safety of the institution. The directors resolved not to take advantage of the sixty days notice. At the Provident savings institution there was a considerable number of persons, mostly women. The bank paid out yesterday probably about $80,000, and probably an equal amount to-day. The officers say they think the run has been caused by the passage of the bill regulating payments by savings banks by commissioners, which it is apprehended will operate against depositors who may wish to withdraw. At the Suffulk bank, while there was no run, there were a number of withdrawals. Yesterday the bank paid out $27,000 and received $5,000. The trustees of the Franklin Savings bank approved the action of the officers requiring sixty day's notice. Everything quiet at this bank. NEW YORK, March 16.-The schedules of Warren A. Ransom, Aaron P. Ransom and Robert Boyd, members of the firm of W. A. Ransom & Co., Broadway, New York, were filed yesterday. The liabilities are $550,000; assets $897,000. CINCINNATI, March 16.-S. Trimble, banker and large dealer in grain at Gilead, Ohio, failed yesterday. Liabilities'not known, but are probably heavy.

5. March 18, 1878 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, March 18, 1878

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Article Text

MASSACHUSETTS. The Boston Savings Bank Panic. BOSTON, March 16.-The panic among the savings bank depositors continued today and the crowd in front of the Five Cent Savings Bank was even greater than yesterday. At this bank $90,000 was paid out yesterday and about as much today. It has about 72,000 depositors and a small proportion of this number around its doors are laboring classes and are deaf to all guarantees of the reliability of the institution. At the Provident Savings Institution there was a considerable number of persons, mostly ladies, waiting to withdraw with their funds. The bank paid out yesterday about $80,000 and will probably pay out an equal amount today. The officers say they think the run has been caused by the passage of a bill relating to the regulating of payments by savings banks by the commissioners, which it is feared will operate against depositors who may wish to withdraw. At the Suffolk there was no run but there was quite a number of withdrawals, evidently influenced by the prevailing feeling of uneasiness in the public mind. At a meeting of the trustees of the Franklin Savings Bank on Boylston street, held this morning, it was voted to approve the action of the officers on requiring 60 days notice. Everything was very quiet at this bank. A Bold Push for Liberty. BOSTON, March .-Daniel Dwyer and Wm. Haywood, each under 10 years sentence in state prison, broke from the guards while passing through the yard this morning, and running up to the third story of the workshop fastened the door behind them. Before the officers could reach them they ran a long plank out of the window (the inner end being fastened under the steam pipe and forming a spring board) and running out upon it, Haywood made a desperate leap clean over the wall under the fire of the two guards and alighted safely on the ground. Dwyer missed his footing and fell 30 feet to the ground, breaking his leg and receiving other injuries. Hot pursuit was made on horseback and Haywood was shortly after recaptured in Someraille and returned to his quarters. His running leap from the third story over the wall to the street beyoud without injury is one of the most remarkable in the list of prison escapes.

6. March 18, 1878 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, March 18, 1878

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THE PANIC AMONG THE BOSTON SAVINGS BANKS. The Excitement at the Five Cent Savings Bank. THE PROBABLE CAUSE OF THE UNEASINESS. BOSTON, March 16. The panic among Savings Bank depositors continued to-day, and the crowd in front of the Five Cent Savings Bank was even greater than yesterday. At this bank 90,000 was paid out yesterday, and about as much more today. It has about 72,000 depositors, and the small proportion of this number around its doors are of the laboring class, and deaf to all guarantees of the reliability of the institution. Atthe Provident Savings Institution there was a considerable number of persons, mostly ladies, waiting to withdraw their funds. The bank paid out yesterday about $80,000. and will probably pay out an equal amount to-day. The officers say that they think the run has been caused by the passage of the bill relating to the regulating of payments by Savings Banks by the Commissioners, which it is feared will operate against depositors who may wish to withdraw. At the Suffolk there was no run, but there was quite a number of withdrawals, evidently influenced by the prevailing feeling of uneasiness in the public mind. At a meeting of the trustees of the Franklin Savings Bank, on Boylston St., held this morning, it was voted to approve the action of the officers in requiring 60 days' notice. Everything was very quiet at this bank.

7. March 18, 1878 New-York Tribune New York, NY
Article from New-York Tribune, March 18, 1878

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THE BOSTON BANK PANIC. BOSTON, Mass., March 17.-The panic among savings bank depositors continued yesterday. and the crowd in front of the Five-Cent Bank was even greater than on Friday. $90,000 was paid out by this bank Friday, and about as much yesterday. It has about 12,000 depositors, and the small proportion of this number around its doors are of the laboring class, and deaf to all guarantees of the solvency of the institution. A meeting of its directors resolved not to take advantage of the sixty days' notice. The Provident Savings Institution had a considerable number of visitors, mostly ladies, waiting to withdraw their funds. This bank "paid out about $80,000 on Friday, and probably an equal amount yesterday. There was a run on the Suffolk Bank, but there were a number of withdrawals evidently influenced by the prevailing uneasiness of the public mind. On Friday the bank paid out $27,000 and received $5,000 on deposit. A meeting of the trustees of the Franklin Savings Bank, on Boylston-st., yesterday morning, approved the action of the officers in requiring sixty days' notice. Everything was very quiet at this bank. The East Boston Savings Bank officials have notified depositors that sixty days' notice will be required before their funds can be withdrawn.

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

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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

9. March 21, 1878 Rocky Mountain Husbandman Great Falls, Diamond City, White Sulphur Springs, MT
Article from Rocky Mountain Husbandman, March 21, 1878

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feet long, for which she nas refused $2,00 THE Rural Press says six feet of wat has fallen in some parts of Calitornia sin last October. THE schooner, Carrie P. Morton, a crew of fourteen men, not having been hea from since January 3d, it is believed th are lost. THEY have rumors at Winnepeg of trou le with Sitting Bull. He is said to be ma ing efforts to embroil the Canadian India with the Mounted Poliece. THE recent storms extended over to t upper Missouri valley, lasting three da: and the snow on the stage road to Fort B ford being from one to fifteen feet deep. THE Secretary of State has addressed 1 ters to the foreign ministers, requesti that they invite the government to a eo ference for fixing the rates of gold and $ ver. THE Illinois State Agricultural Depa ment reports that there at e 342,682 acres orchard in the State, and that the produ last year was worth $3,589,672, or $10,47 I acre. AN American firm has just made a con tract to build a grain elevator at St. Pete burg. Notwithstanding there is a lar grain trade there, it has all been hand an elevator. STEPS are about to be taken to obtain quantity of good tobacco seed from 1 United States for cultivation in the nor western provinces of India, in time for t year's sewing. THE celebrated Eddystone Lighthouse the British channel, which has buffeted 1 waves of a century, will probably soon ( appear, owing to the undermining of reet below it by the waters. IN Lockport, N. Y., the experiment heating up the town for three miles exte has recently proven highly successi Dwellings over a mile from the steam g erator have been kept warm all winter. ON the 15th inst. there was a run on Boston Savings Bank. The committee w examined the securities stated that after dues are paid the bank would have a su lus of 429,000. The run on this bank cau a rush on the Franklin Savings instituti CLARA LOUISE KELLOGG said to a Louis Globe reporter: You may say, you please, that there never will be a truth in, reported engagement of Miss I logg to,marry anybody. 1 am in love w myself, and I do not think I shall ever married." IN Edgefield county. South Carolina, the Court of General Sessions, during past two days, four children named Di were on trial for the murder of a colo youth. The jury returned a verdict of guilty, and the sleepy children were res ed to their parents. THE Inter-Ocean's Washington spe says, Nicholls will not pardon Ander while he is Collector, and that Ander says he will not resign. The stock men the vicinity of Cheyenne estimate that loss by the late storm will be 2 per cent and non cont. ef cheeu

10. March 21, 1878 The Elk County Advocate Ridgway, PA
Article from The Elk County Advocate, March 21, 1878

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of prison escapes. Boston, March 16.-The panic among saving bank depositors continued today, and the crowd in front of the Five Cent Bank was even greater than yesterday. $90,000 was paid out yesterday, and about as much to.day. The Provident Savings Institution paid out about $80,000 yesterday and an equal amount to-day. There was no run on the Suffolk Bank, but there were a number of withdrawals. Yesterday the bank paid out $27,000 and received $5,000 on deposit. A meeting of the trustees of the Franklin Savings Bank, on Boylston street, this morning, approved the action of the officers in requiring sixty days' notice, Everything was very quiet at this bank.