7988. Provident Institution For Savings (Boston, MA)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
March 15, 1878
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
9587b063

Response Measures

Accommodated withdrawals, Books examined

Description

Multiple articles (Mar 15–18, 1878) describe depositors at the Provident Institution for Savings withdrawing funds in a panic triggered by a run on the Five Cent Savings Bank and spreading uneasiness; the Provident paid out large sums but no suspension or closure is reported.

Events (2)
1. March 15, 1878 Run
Cause
Local Banks
Cause Details
Panic originated with a run on the Five Cent Savings Bank on School Street; uneasiness spread to other Boston savings banks including the Provident.
Measures
Paid out large sums (about $80,000 per day reported Mar 16–17); no suspension or 60-day notice invoked at Provident in reports.
Newspaper Excerpt
An unusually large number of depositors in the Provident Institution for Savings, partaking of the general scare, applied for and obtained their money to-day
Source
newspapers
2. March 17, 1878 Other
Newspaper Excerpt
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.
Source
newspapers

Newspaper Articles (10)
1. March 16, 1878 New-York Tribune New York, NY
Article from New-York Tribune, March 16, 1878

Click image to open full size in new tab

Article Text

BANK TROUBLES. RUN ON BOSTON SAVINGS BANKS. A PANIC AMONG DEPOSITORS-THE FIVE CENT BANK pronounced SOLVENT-ONLY THREE BANKS PAYING ON DEMAND-ACTION OF THE STATE SENATE. BOSTON, March 15.-The run on the Boston Five Cent Savings Bank, which begun yesterday, has developed to a general panic among savings banks depositors. School-st., where the Five Cent Bank is situated, has been blockaded by a crowd to-day, and the excitement has been intense. The committee, which have been engaged in examining the securities of this bank for the past two weeks, say that after deducting all the depreciation which the assets, embracing stocks, bonds, etc., have suffered since the last statement of the bank was made. and allowing $167,000 with which to pay interest falling due on the 1st of April, the bank will still have a surplus of $429,000. The uneasiness has spread to the Franklin Bank on Boylston-st., one of the strongest savings institutions in the country, the managers of which have applied the brakes in season to prevent the calamity which has overtaken some other banks. The amount paid to dopositors on demand has been limited to $25, and sixty days' notice is required for all sums over that amount. This reduces 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 the general scare, applied for and obtained their money to-day, and the same is true of the Suffolk Bank; although these banks are, as far as is known, solvent to the last degree. The bill enlarging the powers of Savings Bank commissioners passed the Senate to day. It empowers commissioners, when the security of depositors requires limitation of payments, to direct any savings bank as to the time and amount of payments, and any person aggrieved by such Order shall have the right to uppeal within thirty days to the Supreme Judicial Court.

2. March 16, 1878 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, March 16, 1878

Click image to open full size in new tab

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.

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

Click image to open full size in new tab

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.

4. March 16, 1878 The New York Herald New York, NY
Article from The New York Herald, March 16, 1878

Click image to open full size in new tab

Article Text

RUN ON SAVINGS BANKS. BOSTON, Mass., March 15, 1878. The run on the Boston Five Cent Savings Bank, which commenced yesterday, has developed to a general panic among savings bank depositors. School street, where the Five Cent Bank is located, bas been blockaded by a crowd to-day, and the excitement has been intense. The committee, which have been engaged in examining the securities of this bank for the past two weeks, state that the bank, after making all proper deductions, will still have a surplus of $429,000. The uneasiness has spread to the Franklin Bank in Boylston street, one of the strongest savings institutions in the country, the managers of which have applied the brakes in season to prevent the calamity which has overtaken some other banks. The amount paid to depositors on demand has been limited to $25, and sixty days' notice is required for all sums over that amount. An unusually large number of depositors in the Provident Institution for Savings, partaking of the general scare, applied for and obtained their money to-day, and the same is true of the Suffolk Bank, although these banks are, as tar as known, solvent to the last degree.

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

Click image to open full size in new tab

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 The Silver State Unionville, Winnemucca, NV
Article from The Silver State, March 18, 1878

Click image to open full size in new tab

Article Text

TELECRAPHIC. EASTERN DISPATCHES Run on Boston Savings Banks. BOSTON, March 17. The panic among savings banks depositors continued Saturday, and the crowd in front of the Five Cent Savings Bank was even greater than Friday. It paid to day another $90,000. A small portion of depositors around the doors were ot the laboring class, deaf to all statements of Safety of the institution. The Directors resolved not to take advantage of sixty days' notice. At the Provident Savings Institution there was a considerable number of persons, mostly women. The bank paid out Saturday about $80,000, and probably an equal amount to-day. The officers say they think the run bas been caused by the passage ot a bill regu. lating payments by savings bluks by commissioners, which, It is apprehended, would operate against depositors who may wish to withdraw. Death of a Famous Naval Officer. Newburg, N. Y, March 17. Commodore Jonn Hodges Grabam, United States Navy, died of apoplexy last evening, aged 81. The Commodore Was one of the twelve officers who took part in the midnight expedition against the British stroughold opposite Black Rock. Nine officers were killed or severely wounded, Graham receiving a wound in the ankle, which caused an amputation of the imb/afterward. Socialist Demonstration at St. Louis. ST. LOUIS, March 17. The Socialistic workingmen held a large demonstration in Masonic Hall celebrating the 16th of March anni versary of the Paris Commune. The hall was thronged. Addresses were made in German, English and French. The colors of various nationalities were displayed, also the red flags of the So. cial Labor Union. Silver Certificates, WASHINGTON March 17. Designs for the back and face of the $10 and $20 silver certificates have been completed; and are now in the engraver's hands. The Bureau will be able to turn out the certificates of these denominations by Wednesday next. Other denominations will scon be ready. Orders from the Navy Department. WASHINGTON, arch 17. The Secretary of the Navy has ordered that steam launches and entters fur. nished uaval vessels will hereafter be employed principally for towing and other ship's purposes, and not for the exclusive use of officers. Another order provides that Assistant Surgeons shall not b, eximined hereafter for promotion until they have served two years on United States vessels. Purchase of Bullion by the Government. WASHINGTON, March 17. The Secretary of the Treasury the past week purchased enough silver bul!ion to run the Mints about five weeks. The price paid was not as great as was expected by bullion holders. Heavy Bank Robbery. Bosron, March 17. A heavy robbery was committed this afternoon at the Lachmere National

7. March 18, 1878 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, March 18, 1878

Click image to open full size in new tab

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.

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

Click image to open full size in new tab

Article Text

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.

9. March 19, 1878 Daily Globe Saint Paul, MN
Article from Daily Globe, March 19, 1878

Click image to open full size in new tab

Article Text

FINANCIAL TROUBLES. John Sherman's Victims Yield to the InInevitable--Failures in Chicago and Elsewhere. FAILURES IN CHICAGO. CHICAGO, March 18.-Stearns, Dana & Co., wholesale grocers, 42 Lake street, who have been in financial difficulty for some time, filed a petition in bankruptcy to-day. Secured debts $14,000;unsecured $60,000 other liabilities, making a total of $81,000. Assets, open accounts, stock, real estate, etc., $70,000. George F. Work, picture frame manufacturer, filed a petition in bankruptcy. Secured debts $56,000; unsecured $110,000. All assets exempt. NOVA SCOTIA, TOO. HALIFAX, N. S., March 18.-McIntosh, & Co., bankers and brokers, suspended payments today. It is feared it will lead to more failures. Liabilities not known, but will exceed $100,000. The bank of Nova Scotia is a large creditor. Assets nominally exceed liabilities. DOMINION FAILURES. MONTREAL, March 18.-C. L. Baker, of Lindsay, wholesale grocer, has failed. Liabilities $300,000; assets large. The Beaver Stamping company is attached. Liabilities $70,000; assets unknown. A LITTLE RELIEF. WILKESBARRE, Pa., March 18.-The Lehigh & Wilkesbarre coal company resumed work this morning in eleven collieries on threequarter time, giving work to 2,000 men and boys. BOSTON SAVINGS BANK RUN. BOSTON, March 18.-The run on the savings banks to day continues, but the excitement is greatly diminished and the crowd in e the Five Cents savings bank did not number Is over one hundred. At the Provident and e Suffolk savings banks there were few, if any, Zdepositors calling for their money. STRIKE OF ENGLISH WEAVERS. LONDON, March 18.-Between five and six -1 thousand Oldham weavers are engaged in the strike and lock-out. Numbers of operatives in other departments are kept idle in c, consequence of the stoppage of work by the weavers, and great distress prevails. SWINDLING BANK OFFICERS HELD. READING, Pa., March 18.-The habeas corpus hearing of A. L. Boyer and Col. Sellers, officers of the suspended Dime savings bank, charged with conspiracy to defraud, was concluded to day and the prisoners held in $5,000 each to appear at the April term. Id

10. March 19, 1878 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, March 19, 1878

Click image to open full size in new tab

Article Text

Banksand Bankers. MONTREAL, CAN., March 18.-In asuit against the ex-directors of the Metropolitan Bank to recover damages for their mismanagement, it is alleged in the proceedings that the statements of the bank, from four to six years ago, were false; that the directors borrowed over a half a million dollars, and need the money for stock speculations. BOSTON, March 18-Bank Examiner Needham states that the actual loss to the Leichmere Bank, at East Cambridge, by robbery last Saturday, amounts to $3,038, leaving a surplus of $113,000. The balance of the loss falls upon the President and outside parties. The run on the Savings Banks to day continues, but the excitement is greatly diminished, and the crowd in the Five Cent Savings Bank did not number over one hundred. At the Provident and Soffolk Savings Banks there were few if any depositors calling for their money. REQUIRES THE BIXTY DAY NOTICE. The Hyde Park Savings bank requires sixty days notice before paying sums over twenly. five dollars.