Franklin Savings Bank

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: August 1, 1893
Location: Boston, Massachusetts (42.358, -71.060)

Metadata

Model: gpt-5-mini
Short Digest: 19492444

Response Measures

None

Description

Article (The Sun, 1893-08-02) reports the Danbury and the Union savings banks now require ninety days' notice for withdrawals — this is an invocation of the time rule (a partial suspension of immediate payments). No run is mentioned and the bank remains operating. Date taken from article text (Aug. 1, 1893).

Events (1)

1. August 1, 1893 Suspension

Cause Details: Directors invoked the ninety-day time rule requiring notice for withdrawals (policy change); article does not state a specific trigger such as a run or government action.
Newspaper Excerpt: DANBURY. Conn., Aug. 1.-The Danbury and the Union savings banks of this city now require ninety days' notice from depositors.
Source: newspapers

Newspaper Articles (1)

1. August 2, 1893 The Sun New York, NY

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Article Text

Banks and the Time Rule, PROVIDENCE, R. L. Aug. 1.-The People's. Merchants'. and Mechanics' savings banks have decided to enforce the ninety-day rule. The three savings banks in Pawtucket posted notices to-day that they would enforce the ninety-day rule. DANBURY. Conn.. Aug. 1.-The Danbury and the Union savings banks of this city now require ninety days' notice from depositors. BOSTON, Aug. 1.-The Franklin Savings Bank now requires sixty days time for the withdrawal of more than $50. PORTSMOUTH. N. H.. Aug. 1.-The directors of the savings banks have availed themselves of the right to insist on a ninety days' notice before paying out larger sums than $50 to any depositor. OMAHA. Aug. 1.-At a meeting of the Presidents of the Omaha savings banks this morning it was resolved to require sixty days' notice for the withdrawal of deposits. AUBURN. N. Y., Aug. 1.-The two savings banks of this city have decided to demand sixty days' notice. BRIDGEPORT. Conn., Aug. 1.-The four savings banks in this city have decided to take advantage of the ninety days' clause.