Provident Institution For Savings

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: December 16, 1854
Location: Boston, Massachusetts (42.358, -71.060)

Metadata

Model: gpt-5-mini
Short Digest: 80648a2f

Response Measures

Accommodated withdrawals

Description

Newspapers (Dec 16–18, 1854) report a severe run withdrawing about $100,000 from the Provident Institution for Savings in Boston. The articles state the bank remained solvent; no suspension, closure, or reopening is mentioned. Cause not explicitly described as a specific false report (another bank's run is attributed to false rumors), so classify Provident's run as likely rumor/unspecified panic but set cause to rumor_or_misinformation given context.

Events (1)

1. December 16, 1854 Run

Cause: Rumor Or Misinformation
Cause Details: Newspapers note heavy withdrawals (~$100,000) though the bank was perfectly solvent; nearby runs attributed to false rumors, suggesting depositor panic rather than insolvency.
Newspaper Excerpt: There has been a severe run upon the Provident Institution for Savings in this city, to-day, and in all about one hundred thousand dollars were withdrawn from it, principally by the Irish and German depositors. The bank, however, is perfectly solvent.
Source: newspapers

Newspaper Articles (2)

1. December 17, 1854 The New York Herald New York, NY

Article from The New York Herald, December 17, 1854

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Article Text

Business Failures and Savings Banks Panic. BOSTON, Dec. 16, 1854. The failure of the Glendon Iron Mill Company was announced here to-day, and it was soon afterwards ascertained that on Monday last the superintendent, Mr Brevoort, who is well known in the cities of New York and Philadelphia, had left for parts unknown. On the Wednesday following the company had received a letter from him, in which he state that he was a defaulter, and added that it was useless to pursue him, as he would not be taken alive. The defalcation is estimated at two hundred and fifty thousand dollars. The failure of Messrs. Cutler, Brodhead & Clapp, extensive stock and exchange brokers of this city, doing business in State street, was announced to-day. Their liabilities are not supposed to be very large. There has been a severe run upon the "Provident Institution for Savings" in this city, to-day, and in all about one hundred thousand dollars were withdrawn from it, principally by the Irish and German depositors. The bank, however, is perfectly solvent. There was a run, also, upon another bañk, principally by small bill holders, owing to the circulation of false rumors of trouble in its finencial affairs.

2. December 18, 1854 Evening Star Washington, DC

Article from Evening Star, December 18, 1854

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Article Text

Opinion of Judge Dean on Naturalization. Poughkzepsie, Dec. 16.-Judge Dean, of the Supreme Court in this place, has forbidden his clerk to take proofs of citizenship and grant naturalization papers, and has directed that all those who wish to become citisens hereafter must apply to the Court. After hearing the proofs from numbers of applicants to. day, he rejected nearly all of them. He has given a written opinion, holding that admitting an alien to the rights of citizenship is a judicial act, and requires an examination by the Court in each case. Smuggling-Fire-Death of a Physician, &o. BOSTON, Dec. 16.-The Custom House authorities of this city seized last night about twelve hundred dollars worth of segars, smug. gled into port by a bark from Havana. The depot of the Boston and Maine Railroad at Lawrence was destroyed by fire last even ing. The loss on the building is $5,000-on freight not yet ascertained. The depot also contained a large amount of inward freight, including a eonsiderable quantity of flour, but the loss will not fall upon the company. Dr. Samuel Parkman, an eminent surgeon, died in this city this morning. The failure of the Glendon Iron Mill Com pany was announced here to-day, and it was soon afterwards ascertained that on Monday last the superintendent, Mr. Brevoort, who is well known in the cities of New York and Philadelphio, had left for parts unknown. On the Wednesday following the company had received a letter from him, in which he stated that he was a defaulter, and added that it was useless to pursue him, as he would not be taken alive. The defalcation is estimated at two hundred and fifty thousand dollars. The failure of Messrs. Cutler, Brodhead & Clapp, extensive stock and exchange brokers of this city, was announced to day Their 11abilities are not supposed to be large. There has been a severe run upon the Prov. ident Savings institution in this city, to-day, and in all about $100,000 were withdrawn from it, principally by the Irish and German depositors. The bank, however, is perfectly solvent. There was a run, also, upon another bank, principally by small bill holders, owing to the circulation of false rumors.