Chelsea Savings Bank - Chelsea, MA

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: May 5, 1899
Location: Chelsea, Massachusetts (42.392, -71.033)

Metadata

Model: gpt-5-mini
Short Digest: 5c3aa02e

Response Measures

Accommodated withdrawals

Description

Two contemporaneous newspaper reports (May 5, 1899) describe a short-lived run on Chelsea Savings Bank triggered by a false report/confusion of names; bank paid depositors and continued business with no suspension mentioned.

Events (1)

1. May 5, 1899 Run

Cause: Rumor Or Misinformation
Cause Details: False report/confusion of names (a Chelsea man shared the president's name; false report that an official was embarrassed financially) triggered deposit withdrawals.
Random Run: Yes
Random Run Snippet: False report/confused name claimed official was embarrassed; triggered withdrawals.
Measures: Bank paid depositors promptly as they called; large withdrawals (over $30,000 reported) and payments in coin to some customers.
Newspaper Excerpt: The run which started on the Chelsea Savings Bank yesterday afternoon through a false report that one of the officials of that institution was embarrassed in a business way... About 100 depositors were waiting at the opening of the bank and were given their money as fast as they could call for it.
Source: newspapers

Newspaper Articles (2)

1. May 5, 1899 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, May 5, 1899

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Article Text

Run on a Bank. Boston, May 5.-A Chelsea man of the same name as the President of the Chelsea Savings Bank filed a petition in bankruptcy and the confusion in names caused a run on the bank. Over $30,000 was paid out and when the doors closed a hundred depositors were waiting. One woman who drew out over $1,000 was given the amount in silver, but she took it away.

2. May 5, 1899 The Providence News Providence, RI

Article from The Providence News, May 5, 1899

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Article Text

Run on a Chelsea Bank. Chelsea, Mass., May 5.-The run which started on the Chelsea Savings Bank yesterday afternoon through a false report that one of the officials of that institution was embarrassed in a business way, was continued early today, but there was every indication that soon it would come to an end. About 100 depositors were waiting at the opening of the bank and were given their money as fast as they could call for it. The amounts drawn were small. There was no excitement and no interruption of business.