7917. Grove Hall Savings Bank (Boston, MA)

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
c936d740

Response Measures

Accommodated withdrawals, Partial suspension

Description

Articles (Dec 18, 1931) describe an all-day run and the bank closed before opening one day but reopened the same day and paid depositors, with president stating they would not invoke the 90-day notice law. The run appears driven by runs/distress at other local banks in the region rather than a discrete misinformation event.

Events (1)
1. December 18, 1931 Run
Cause
Local Banks
Cause Details
Widespread heavy withdrawals and closures of several New England banks on Dec 18, 1931, produced runs on regional institutions including Grove Hall.
Measures
Bank remained open and paid depositors; did not invoke the 90-day notice law; reopened after having closed briefly before usual opening time.
Newspaper Excerpt
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.
Source
newspapers

Newspaper Articles (3)
1. December 18, 1931 The Springfield Daily Republican Springfield, MA
Article from The Springfield Daily Republican, December 18, 1931

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Article Text

HAMDEN (CT.) BANK ALSO CLOSES DOORS 90-Day Clause Invoked in State ton Bank Stockholder Promises Pay in Full Boston, Dec. banks New England closed their doors day as the result of heavy withdraw- The institutions which either did not open for business which closed late the the nental National Boston: the Hamden Bank and Trust company of Hamden, Ct., the Arlington Trust company and the Plymouth County Trust company of Brockton. The financial status the banks at time official statements tinental, capital stock $1,000,000, surplus, ArlingTrust, deposits County, deposits of $3,816,Another Boston bank, the Grove Hall that bank open again meet The after all-day run the advice Bank Arthur Guy. Invoke Clause The banks Lowell the saving department the Trust company Boston the Millbury Savings bank 90-day banks require notice of intent funds. The officials dinarily heavy caused by general order the assets the bank, orderly pay full. the the Bostonbank the troller currency to take possesthe president the bank, Terrell and youngest in would the ordinary on dollar would be paid depositors. We

2. December 18, 1931 The Springfield Daily Republican Springfield, MA
Article from The Springfield Daily Republican, December 18, 1931

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Article Text

FOUR BANKS CLOSE IN MASSACHUSETTS AND CONNECTICUT Lawrence and Boston, Brockton Institutions Affected by Runs HAMDEN (CT.) BANK ALSO CLOSES DOORS Clause Invoked in State Bank Stockholder ton Promises Pay in Full Boston. Dec. banks in New England closed their doors tothe result of heavy withdrawday als. The institutions which either did not open for business which closed the day the nental National bank of Boston: the Hamden Bank and Trust of Hamden, company and County Trust financial status the banks at The the time their last official statements capital tinental, stock surplus, assets ArlingTrust deposits County, deposits of $3,816,Boston the Grove Another Hall Savings closed the bank would again meet action was taken after all-day and upon Arthur Guy. Bank Invoke Clause bank at Lowell The the department Trust company Boston the Millbury Savings bank the Millbury banks 90-day clause notice of intent require funds. The officials withdrawals caused dinarily heavy uneasiness and order general public conserve the assets of the bank. which. in course orderly liquidation, should pay all full, the Bostonbank the troller currency to take possesthe The president the bank, Terrell M. Ragan, 37 years old and reported the youngest president in said, would expected that through the ordinary cents on dollar would be paid depositors. We (Continued on Second Page)

3. December 18, 1931 The Berkshire Eagle Pittsfield, MA
Article from The Berkshire Eagle, December 18, 1931

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Article Text

BOSTON BANK READY TO MEET ALL DEMANDS Has Plenty of Money and Will Pay Every Depositor, President Says BOSTON, Dec. 18 Boston Bank, which meeting steady demands for withdrawal by depositors for two days, today it was ready and willing to pay every depositor every cent and that under no circumstance would the 90-day notice law be invoked. Wilmot Evans, president, said: "No matter how long the run continues, the bank has plenty of monhand to meet all demands. We are paying the depositors as fast as they come. Conditions which have prevailed some have affected the Boston Five Cents Savings We ready and willing to pay ery every cent. 77 years bank has met promptly every demand upon We have always that the entrusted to us the property the and that they to payment on demand. shall not invoke the 90-day law for holding back any We do not need its protection and have not the least intention of seeking The Grove Hall Savings Bank, which closed before its hour yesterday, was opened for business this with the requirement for 90 days' notice for withdrawal Four banks in New England closed their yesterday as the result withdrawals. The institutions which either did not open for business which closed in the were the National Bank the Hamden Bank Trust Company of Hamden, Conn., the Arlington Trust Company of the Plymouth CounTrust Company of Brockton. The financial status of the banks at the time of their last official statements weer as BostonContinental, of capital stock Hamden, assets of 683; Arlington Trust, deposits Plymouth County, deposits of The Lawrence and Brockton banks closed shortly their usual closing time while the other institutions did not open for business The state had on deposit in the Arlington Trust and in the Plymouth County. Conn. Bank Closes DANIELSON, Conn., Dec. 18 (AP). Danielson Trust Company remained closed today by order of the Board of Arthur Atwood, president, said accounts and trust funds were and would not be affected by the bank's difficulties. Continued on 33rd Page