8017. Suffolk Bank (Boston, MA)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
88fce3df

Response Measures

Accommodated withdrawals

Description

Newspaper accounts from March 15–17, 1878 describe withdrawals and some reports call it a 'run' or 'withdrawals' on the Suffolk Bank but show the bank continued paying (paid out about $27,000 and received deposits), with no suspension or closure reported. The panic was triggered by a run on the Five Cent Savings Bank and general depositor panic, so this is treated as a run-only spillover event.

Events (1)

1. March 15, 1878 Run
Cause
Local Banks
Cause Details
Withdrawals at Suffolk Bank were prompted by a general panic among savings bank depositors triggered by the run on the Five Cent Savings Bank and related contagion.
Measures
Paid out withdrawals (reported ~$27,000 on March 15 and similar on March 16); no suspension or special restriction reported.
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, and the same is true of the Suffolk Bank; although these banks are, as far as is known, solvent to the last degree.
Source
newspapers

Newspaper Articles (7)

Article from New-York Tribune, March 16, 1878

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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.


Article from The New York Herald, March 16, 1878

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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.


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.


Article from Daily Globe, March 17, 1878

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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.


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.


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.


Article from The Democratic Advocate, March 23, 1878

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News of the Week. Boston. Counterfeit trade dollars are circulating in Canon Farrar calls Scotland the most drunken country in the world. A bill has been introduced in the Pennsyl vania House making cremation a crime. Tennessee's illicit distillers are reported to be officials. preparing for a battle with the revenue Henry Disston, the great saw manufacturer of Philadelphia, died of paralysis or Saturday evening last. Captain Crapo will shorten his dory six feet and eross the Atlantic again if somebody will guarantee him $5,000. Mr. Samuel W. Small ("Old Si,") of the Atlanta Constitution, will to Paris as member of Commissioner McCormick's staff. Dr. Edward Tallman, convicted of malpraetice, was sentenced at Poughkeepsie, on Sat urday, Sing. to four years' imprisonment at Sing Mr. Bayard Taylor, the new minister to Germany, his daughter and "Mark Twain' and family will sail for Europe on the 11th prox. Mining has been resumed by the principal companies in the coal regions. Ifthey could only resume the old prices they would be happy. Lynchburg, Va., has nearly one hundred tobacco factories in operation, giving not less than 5,000 persons constant and lucrative employment. A colored man, named Taylor, detected in attempting to commit felonious assault upon a little girl, at Pilot. Grove, Mo., on Sunday, was shot dead. The manufacturers of Fall River, Mass. voted on Saturday to reduce the wages of their operatives 15 per cent., commeneing on the 1st of April. Michael La Rose, "a notorious burglar,' was shot and seriously wounded while trying to break into a house at Charlesburg, near Quebec, early on Saturday morning. The wool hat manufactory of Bollman, Hendel & Co., at Adamstown, Pa., wasburned OR Saturday. Loss $25,000. Over 100 fire. men are thrown out of employment by this Our exports of animal products during February -bacon and hams, pork, pickled and fresh beef, lard, tallow, butter and $13,655,218. cheese-were valued in the aggregate, at The announcement is madethat Mr. Charles Stowe, a son of Harriet Beecher Stowe, is to marry next May Miss Laura Pratt, a daugh ter of the Collector of Newport, R. I. The Secretary of the Treasury last week purchased enough silver bullion to run the mints about five weeks. It is said the price paid for the bullion is less than was expected by the sellers. Thirty-three firemen were discharged from the Chicago fire department, recently, and eighty five policemen. Reductions in other departments will continue until the expenditures come within the resources. There are now seventy two postmistresses in the United States, one of whom, Miss Nina Hodges, in the Des Moines postoffice, is said to have handled and paid out four million dollars and cent has fallen short. The run on the Savings Banks in Boston continued on Saturday During Friday and Saturday the Five Cent Savings Bank paid out $180,000, the Provident Savings Institu about $160,000, and the Suffolk Bank $27, 000. The Franklin Bank enforced the sixty days rule. Hayti manages to keep pace with St. Do mingo in the revolution business. The arse nal and fort in Port au Prince are now in the hands of the insurgents, and are being bom barded by the navy, which remains loyal to the government, if there is anything there worth the name. Dates from Rio Janiero to the 22d of Feb ruary state that the yellow fever was quite severe there, fatalities among the shipping reaching twenty five to thirty daily. Strin gent quarantine regulations are being enforced. Other fevers prevail in the city, where the mortality averages fifty daily. Major Robert P. Archer, an Honorary Commissioner from Virginia to the Paris Exposition, died suddenly in Richmond, on Monday, at the age of 60. He exhibited a process of manufacturing tobacco at the Centennial Exhibition, and was perfecting arrangements to exhibit the same process in Paris. A Connecticut Yankee named Ritchel, is said to have solved the problem of serial lo comotion. He uses lindrical balloon that is propelled by fans that make 3,500 revolutions a minute, and in a closed room the machine seems to work. How it would an swer in an adverse gale, is a very different matter. St. Patrick's Day parades took place on Monday in Philadelphia, New York, Wash ington, San Francisco, Richmond, Va., Albany, Quebec, and various other cities. In Washington, the parade was unusually fine, and included two societies from Baltimore. In passing the White House the procession was reviewed by the President and Secretary Schurz. On Saturday, City Treasurer Kilgore, of Pittsburg, secured a brass band, seated the members in a huge wagon, and had the ve hicle conveyed through the streets by a team of six horses. The wagon was decorated with flags and banners, and on the sides was printed the announcement, "Pay your taxes before the 1st of April if you desire to save 10 per cent. A meeting of Cubans opposed to surrender to the Spanish Government was held in New York on Saturday. President Juan Arnao presided, and General Cespedes, Senor Aguil era and others made addresses urging the continuance of the struggle in Cuba, and sug gesting the fitting out of an expedition for that island. A committee of fifteen was ap pointed to select a revolutionary committee of five to look after the Cuban interest. The Louisiana Supreme Court on Monday rendered decision in the appeal case of Thomas C. Anderson for new trial, setting aside the verdict of the inferior court on the ground that the returns of Vernon parish were not susceptible of forgery, and ordering his discharge. This ends the prosecution of members of the Returning Board. The Su preme Court ordered the release of Ander son, but this has not been obeyed, the State having five days to ask for rehearing Joseph Lapage, the murderer of Josie Langmaid, young school girl, was hanged at Concord, N. H., on the 15th. He con fessed the deed, and also to the murder of Miss Ball, school teacher. Gus Johnson, the murderer of a colored ferryman, was hanged in Rome, Ga. Thursday The exe cution was public, and a large crowd was present. Johnson showed no sign of fear and ascended the scaffold with cigar in his mouth. He confessed to four murders. He died in seventeen minutes of strangulation. A singular affair recently occurred at Mad ison, Ind. A lot of little colored boys were playing court, and sentenced one of their number to be hung He was accordingly strung up by his heels to door knob and left there, while one of the executioners went down stairs and told his mother of the affair. She went up stairs and found the boy terrible condition, with blood gushing from his nose and mouth. He had lost his eye sight, and on the next day he died. William Hayward and Daniel Dwyer, con victs in the Massachusetts Penitentiary, at Boston, broke from the guards Sunday morn ing, while passing through the yard, ran to the third story of the workshop, and fastened the door behind them. They then ran along a plank projecting from a window The inner end of this plank being fastened under steam pipe it formed spring board. From this Hayward leaped up over the wall and alighted safely on the ground outside Dwy er missed his footing and fell to the ground, breaking a leg and receiving other injuries. Hayward was subsequently recaptured in Somerville. The steamers for Europe from New York, on Saturday last, were six in number, all with full cargoes. In some instances the